Friday 6 November 2026 Export AMGN’s income statement to Excel — free account

Amgen Inc.

AMGN Healthcare Drug Manufacturers General

Amgen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $36.8 billion, up 9.95% from fiscal 2024.

Revenue: +8.45%
EPS: +19.4%
Free cash flow: −0.16%
Total debt: −1.06%

Quarter to September 2026, against a year earlier

457.07 3.21 −0.70%

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Market cap: $248.8B
P/E: 26.6×
Fwd P/E: 29.6×
Dividend yield: 2.15%
F-score: 7/9
Altman Z: 1.69
Beneish M: −2.27
Dividend safety: 56/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Amgen Inc. (AMGN) valuation and DCF model

What the price implies · reverse DCF

At $457.07 the price implies free cash flow after share-based pay growing 11.8% a year for ten years.

Free cash flow after share-based pay grew −0.6% a year over the last ten years, −0.2% over the last five. The price asks for 12.4 points a year more than its ten-year rate. The industry’s median company is priced for 11.2%.

In December 2017 the price assumed −1.0% a year; Amgen Inc. went on to grow free cash flow after share-based pay −3.6% a year to FY2025.

Price implies: 11.8%
Last 5 years, reported: −0.2%
Last 10 years, reported: −0.6%
Industry median implies: 11.2%

The headline discounts the last twelve months’ free cash flow after share-based pay at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF

The price needs: 11.8% a year for ten years; $457.07; today’s price
Its base case: −0.6% a year for five years, then −0.3%; $135.85; 70.3% below today’s price

Both are growth in free cash flow after share-based pay, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Amgen Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

1 · Cash flow to equity

Free cash flow (TTM, $ billions)the four quarters to September 2026, from the 10-Q and 10-K filings, before share-based pay

Subtract share-based pay ($0.49 billion)

Growth, yrs 1–5 (%)

Growth, yrs 6–10 (%)

Yearly growth in cash flow. It usually slows as the company matures.

Today’s price implies free cash flow after share-based pay growing 11.8% a year for ten years.

2 · Rates

Cost of equity (%)

Terminal growth (%)

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

Shares (billions)

Current price ($)

Diluted shares outstanding. Net debt, under Advanced inputs, is taken off before dividing.

Advanced inputs

Free cash flow Revenue and margin

Value per share Expected return

Use the analysts’ consensus for years 1–3 (41.9%, 30.7%, 5.4%)

How the model ends

Net debt ($ billions)negative is net cash

Dilution a year (%)new shares the cash flow does not pay for

Margin of safety (%)

Against Amgen Inc.’s own cost of capital: risk-free 4.3% + beta 0.42 × equity premium 4.5% = 6.2% cost of equity; weighted, 6.2%.

Use 6.2%

Equity value $73.90b ▼ below market cap $248.65b

Base case value per share $135.85 equity value ÷ 544.00m shares

Current price $457.07 market price per share

Below today’s price 70.3% downside at the base case’s assumptions

How we got there$56.89b 10 years of cash to equity+$57.83b terminal value−$40.82b net debt=$73.90b equity value÷544.00m shares=$135.85 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Drug Manufacturers General).

Multiple	Current	5Y avg	10Y avg	vs 10Y avg	Industry median	vs industry
P/E	26.57×	25.76×	27.03×	2% below	26.57×	0% above
P/FCF	27.32×	20.83×	17.81×	53% above	21.34×	28% above
P/B	21.38×	25.90×	19.35×	11% above	5.20×	311% above
EV/EBITDA	17.63×	15.23×	13.77×	28% above	14.80×	19% above
EV/Sales	7.47×	6.63×	6.34×	18% above	4.09×	83% above

P/E P/FCF P/B EV/EBITDA EV/Sales

AMGN trades at 7.47× EV/Sales, against a 10-year average of 6.34× (range 5.39×–7.55×). That is dearer than 89% of the last 9 year-end readings; re-rating to the average implies $376.29 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.