AMGEN INC (AMGN) Fundamental Analysis & Valuation

NASDAQ:AMGN • US0311621009

367.79 USD
-9.85 (-2.61%)
At close: Mar 12, 2026
368.01 USD
+0.22 (+0.06%)
After Hours: 3/12/2026, 5:22:29 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This AMGN fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to AMGN. AMGN was compared to 519 industry peers in the Biotechnology industry. AMGN scores excellent on profitability, but there are concerns on its financial health. AMGN has a correct valuation and a medium growth rate. AMGN also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

8

1. AMGN Profitability Analysis

1.1 Basic Checks

  • AMGN had positive earnings in the past year.
  • AMGN had a positive operating cash flow in the past year.
  • Each year in the past 5 years AMGN has been profitable.
  • Each year in the past 5 years AMGN had a positive operating cash flow.
AMGN Yearly Net Income VS EBIT VS OCF VS FCFAMGN Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B

1.2 Ratios

  • AMGN has a Return On Assets of 8.51%. This is amongst the best in the industry. AMGN outperforms 93.06% of its industry peers.
  • Looking at the Return On Equity, with a value of 89.06%, AMGN belongs to the top of the industry, outperforming 99.23% of the companies in the same industry.
  • AMGN has a Return On Invested Capital of 16.85%. This is amongst the best in the industry. AMGN outperforms 97.11% of its industry peers.
  • AMGN had an Average Return On Invested Capital over the past 3 years of 14.35%. This is significantly below the industry average of 19.44%.
  • The last Return On Invested Capital (16.85%) for AMGN is above the 3 year average (14.35%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 8.51%
ROE 89.06%
ROIC 16.85%
ROA(3y)6.63%
ROA(5y)7.92%
ROE(3y)88.81%
ROE(5y)106.67%
ROIC(3y)14.35%
ROIC(5y)15.45%
AMGN Yearly ROA, ROE, ROICAMGN Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 50 100 150

1.3 Margins

  • With an excellent Profit Margin value of 20.98%, AMGN belongs to the best of the industry, outperforming 94.03% of the companies in the same industry.
  • In the last couple of years the Profit Margin of AMGN has declined.
  • AMGN has a Operating Margin of 34.19%. This is amongst the best in the industry. AMGN outperforms 96.72% of its industry peers.
  • AMGN's Operating Margin has improved in the last couple of years.
  • AMGN's Gross Margin of 73.30% is amongst the best of the industry. AMGN outperforms 82.47% of its industry peers.
  • In the last couple of years the Gross Margin of AMGN has grown nicely.
Industry RankSector Rank
OM 34.19%
PM (TTM) 20.98%
GM 73.3%
OM growth 3Y4.6%
OM growth 5Y4.15%
PM growth 3Y-5.54%
PM growth 5Y-5.99%
GM growth 3Y2.93%
GM growth 5Y1.72%
AMGN Yearly Profit, Operating, Gross MarginsAMGN Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. AMGN Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) well above the Cost of Capital (WACC), AMGN is creating value.
  • AMGN has more shares outstanding than it did 1 year ago.
  • AMGN has less shares outstanding than it did 5 years ago.
  • AMGN has a better debt/assets ratio than last year.
AMGN Yearly Shares OutstandingAMGN Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200M 400M 600M
AMGN Yearly Total Debt VS Total AssetsAMGN Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B 80B

2.2 Solvency

  • The Debt to FCF ratio of AMGN is 6.74, which is on the high side as it means it would take AMGN, 6.74 years of fcf income to pay off all of its debts.
  • AMGN has a better Debt to FCF ratio (6.74) than 91.33% of its industry peers.
  • AMGN has a Debt/Equity ratio of 5.78. This is a high value indicating a heavy dependency on external financing.
  • AMGN's Debt to Equity ratio of 5.78 is on the low side compared to the rest of the industry. AMGN is outperformed by 81.70% of its industry peers.
Industry RankSector Rank
Debt/Equity 5.78
Debt/FCF 6.74
Altman-Z N/A
ROIC/WACC1.96
WACC8.59%
AMGN Yearly LT Debt VS Equity VS FCFAMGN Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20B 40B 60B

2.3 Liquidity

  • A Current Ratio of 1.14 indicates that AMGN should not have too much problems paying its short term obligations.
  • AMGN has a Current ratio of 1.14. This is amonst the worse of the industry: AMGN underperforms 84.97% of its industry peers.
  • A Quick Ratio of 0.90 indicates that AMGN may have some problems paying its short term obligations.
  • With a Quick ratio value of 0.90, AMGN is not doing good in the industry: 86.32% of the companies in the same industry are doing better.
Industry RankSector Rank
Current Ratio 1.14
Quick Ratio 0.9
AMGN Yearly Current Assets VS Current LiabilitesAMGN Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. AMGN Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 10.24% over the past year.
  • AMGN shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 5.65% yearly.
  • The Revenue has grown by 9.95% in the past year. This is quite good.
  • AMGN shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.65% yearly.
EPS 1Y (TTM)10.24%
EPS 3Y7.29%
EPS 5Y5.65%
EPS Q2Q%-0.38%
Revenue 1Y (TTM)9.95%
Revenue growth 3Y11.77%
Revenue growth 5Y7.65%
Sales Q2Q%8.58%

3.2 Future

  • AMGN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 4.89% yearly.
  • The Revenue is expected to grow by 3.17% on average over the next years.
EPS Next Y4.46%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
EPS Next 5Y4.89%
Revenue Next Year4.1%
Revenue Next 2Y3.29%
Revenue Next 3Y2.87%
Revenue Next 5Y3.17%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is stable.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
AMGN Yearly Revenue VS EstimatesAMGN Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10B 20B 30B 40B
AMGN Yearly EPS VS EstimatesAMGN Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2017 2019 2021 2023 2025 2027 2029 2031 2033 10 20 30

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6

4. AMGN Valuation Analysis

4.1 Price/Earnings Ratio

  • AMGN is valuated correctly with a Price/Earnings ratio of 16.83.
  • Compared to the rest of the industry, the Price/Earnings ratio of AMGN indicates a rather cheap valuation: AMGN is cheaper than 94.41% of the companies listed in the same industry.
  • When comparing the Price/Earnings ratio of AMGN to the average of the S&P500 Index (26.15), we can say AMGN is valued slightly cheaper.
  • Based on the Price/Forward Earnings ratio of 16.11, the valuation of AMGN can be described as correct.
  • AMGN's Price/Forward Earnings ratio is rather cheap when compared to the industry. AMGN is cheaper than 95.76% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.27, AMGN is valued a bit cheaper.
Industry RankSector Rank
PE 16.83
Fwd PE 16.11
AMGN Price Earnings VS Forward Price EarningsAMGN Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60

4.2 Price Multiples

  • 94.61% of the companies in the same industry are more expensive than AMGN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 24.48
EV/EBITDA N/A
AMGN Per share dataAMGN EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 -20 40 -40 60

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
  • The excellent profitability rating of AMGN may justify a higher PE ratio.
PEG (NY)3.78
PEG (5Y)2.98
EPS Next 2Y4.2%
EPS Next 3Y4.06%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. AMGN Dividend Analysis

5.1 Amount

  • AMGN has a Yearly Dividend Yield of 2.74%. Purely for dividend investing, there may be better candidates out there.
  • AMGN's Dividend Yield is rather good when compared to the industry average which is at 1.25. AMGN pays more dividend than 98.84% of the companies in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, AMGN pays a better dividend.
Industry RankSector Rank
Dividend Yield 2.74%

5.2 History

  • On average, the dividend of AMGN grows each year by 9.41%, which is quite nice.
  • AMGN has been paying a dividend for at least 10 years, so it has a reliable track record.
  • AMGN has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)9.41%
Div Incr Years13
Div Non Decr Years13
AMGN Yearly Dividends per shareAMGN Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2 4 6 8

5.3 Sustainability

  • The dividend of AMGN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP0%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
AMGN Yearly Income VS Free CF VS DividendAMGN Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B 10B

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AMGN Fundamentals: All Metrics, Ratios and Statistics

AMGEN INC

NASDAQ:AMGN (3/12/2026, 5:22:29 PM)

After market: 368.01 +0.22 (+0.06%)

367.79

-9.85 (-2.61%)

Chartmill FA Rating
GICS SectorHealth Care
GICS IndustryGroupPharmaceuticals, Biotechnology & Life Sciences
GICS IndustryBiotechnology
Earnings (Last)02-03
Earnings (Next)04-29
Inst Owners85.05%
Inst Owner Change2.62%
Ins Owners0.06%
Ins Owner Change6.01%
Market Cap198.26B
Revenue(TTM)36.75B
Net Income(TTM)7.71B
Analysts70.95
Price Target360.25 (-2.05%)
Short Float %2.69%
Short Ratio4.99
Dividend
Industry RankSector Rank
Dividend Yield 2.74%
Yearly Dividend9.01
Dividend Growth(5Y)9.41%
DP0%
Div Incr Years13
Div Non Decr Years13
Ex-Date02-13
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)9.92%
Min EPS beat(2)9.56%
Max EPS beat(2)10.28%
EPS beat(4)4
Avg EPS beat(4)10.8%
Min EPS beat(4)9.56%
Max EPS beat(4)11.73%
EPS beat(8)7
Avg EPS beat(8)6.29%
EPS beat(12)11
Avg EPS beat(12)5.41%
EPS beat(16)14
Avg EPS beat(16)4.51%
Revenue beat(2)2
Avg Revenue beat(2)3.3%
Min Revenue beat(2)2.11%
Max Revenue beat(2)4.49%
Revenue beat(4)3
Avg Revenue beat(4)1.61%
Min Revenue beat(4)-0.84%
Max Revenue beat(4)4.49%
Revenue beat(8)4
Avg Revenue beat(8)0.19%
Revenue beat(12)5
Avg Revenue beat(12)-0.22%
Revenue beat(16)6
Avg Revenue beat(16)-0.27%
PT rev (1m)5.39%
PT rev (3m)8.16%
EPS NQ rev (1m)-5.61%
EPS NQ rev (3m)-5.15%
EPS NY rev (1m)1.29%
EPS NY rev (3m)2.16%
Revenue NQ rev (1m)0.09%
Revenue NQ rev (3m)-0.11%
Revenue NY rev (1m)2.02%
Revenue NY rev (3m)2.39%
Valuation
Industry RankSector Rank
PE 16.83
Fwd PE 16.11
P/S 5.39
P/FCF 24.48
P/OCF 19.91
P/B 22.9
P/tB N/A
EV/EBITDA N/A
EPS(TTM)21.85
EY5.94%
EPS(NY)22.82
Fwd EY6.21%
FCF(TTM)15.03
FCFY4.09%
OCF(TTM)18.47
OCFY5.02%
SpS68.17
BVpS16.06
TBVpS-59.91
PEG (NY)3.78
PEG (5Y)2.98
Graham Number88.86
Profitability
Industry RankSector Rank
ROA 8.51%
ROE 89.06%
ROCE 19.3%
ROIC 16.85%
ROICexc 19.6%
ROICexgc 73.08%
OM 34.19%
PM (TTM) 20.98%
GM 73.3%
FCFM 22.04%
ROA(3y)6.63%
ROA(5y)7.92%
ROE(3y)88.81%
ROE(5y)106.67%
ROIC(3y)14.35%
ROIC(5y)15.45%
ROICexc(3y)16.88%
ROICexc(5y)18.44%
ROICexgc(3y)72.7%
ROICexgc(5y)79.08%
ROCE(3y)16.43%
ROCE(5y)17.69%
ROICexgc growth 3Y-3.21%
ROICexgc growth 5Y2.03%
ROICexc growth 3Y4.63%
ROICexc growth 5Y5.17%
OM growth 3Y4.6%
OM growth 5Y4.15%
PM growth 3Y-5.54%
PM growth 5Y-5.99%
GM growth 3Y2.93%
GM growth 5Y1.72%
F-Score7
Asset Turnover0.41
Health
Industry RankSector Rank
Debt/Equity 5.78
Debt/FCF 6.74
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales 5.06%
Interest Coverage 250
Cash Conversion N/A
Profit Quality 105.05%
Current Ratio 1.14
Quick Ratio 0.9
Altman-Z N/A
F-Score7
WACC8.59%
ROIC/WACC1.96
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)4.09%
Cap/Sales(5y)3.84%
Profit Quality(3y)156.25%
Profit Quality(5y)149.01%
High Growth Momentum
Growth
EPS 1Y (TTM)10.24%
EPS 3Y7.29%
EPS 5Y5.65%
EPS Q2Q%-0.38%
EPS Next Y4.46%
EPS Next 2Y4.2%
EPS Next 3Y4.06%
EPS Next 5Y4.89%
Revenue 1Y (TTM)9.95%
Revenue growth 3Y11.77%
Revenue growth 5Y7.65%
Sales Q2Q%8.58%
Revenue Next Year4.1%
Revenue Next 2Y3.29%
Revenue Next 3Y2.87%
Revenue Next 5Y3.17%
EBIT growth 1Y73.11%
EBIT growth 3Y16.9%
EBIT growth 5Y12.12%
EBIT Next Year31.85%
EBIT Next 3Y9.8%
EBIT Next 5Y8.55%
FCF growth 1Y-22.07%
FCF growth 3Y-2.67%
FCF growth 5Y-3.91%
OCF growth 1Y-13.33%
OCF growth 3Y0.81%
OCF growth 5Y-1.05%

AMGEN INC / AMGN FAQ

Can you provide the ChartMill fundamental rating for AMGEN INC?

ChartMill assigns a fundamental rating of 5 / 10 to AMGN.


What is the valuation status of AMGEN INC (AMGN) stock?

ChartMill assigns a valuation rating of 5 / 10 to AMGEN INC (AMGN). This can be considered as Fairly Valued.


What is the profitability of AMGN stock?

AMGEN INC (AMGN) has a profitability rating of 8 / 10.


How financially healthy is AMGEN INC?

The financial health rating of AMGEN INC (AMGN) is 3 / 10.


What is the earnings growth outlook for AMGEN INC?

The Earnings per Share (EPS) of AMGEN INC (AMGN) is expected to grow by 4.46% in the next year.