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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. In the quarter to June 2026, revenue grew 9.53%, EPS grew 65.4%, free cash flow grew 82.6% and total debt rose 1.96%, each against the same quarter a year earlier. Member of the S&P 500, Nasdaq 100 and Dow Jones; dividend growth for ten consecutive years, revenue growth for five.

414.87 7.43 +1.82%

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Market cap: $220.3B
P/E: 25.6×
Fwd P/E: 22.7×
Dividend yield: 2.40%
F-score: 7/9
Altman Z: 1.69
Beneish M: −2.27
Dividend safety: 56/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 29.33

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	3	—	—	2	—	—	1	—	—	3	—	—

Insider Ownership 0.11%

Capital & Financial Ratios $m

Market Cap 220,280.00

Revenue 38,095.00

Net Income 8,743.00

Free Cash Flow 10,175.00

Net Debt 43,315.00

Current Ratio 1.37

Debt/Equity 4.90

P/E ratio 25.58

Fwd P/E 22.70

P/S ratio 5.88

P/B ratio 19.17

Past 5Y EPS Growth 2.94%

This Y EPS Growth 5.67%

Next Y EPS Growth 6.11%

Next Y revenue growth 5.99%

Next 5Y EPS Growth 5.77%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 77.95%

10-year low 10-year high

P/S against its own 10 years 92.73%

10-year low 10-year high

P/B against its own 10 years 63.37%

10-year low 10-year high

EV/Sales against its own 10 years 91.91%

10-year low 10-year high

EV/FCF against its own 10 years 85.75%

10-year low 10-year high

Dividends

Payout Ratio 0.62

Annual Dividend Rate 9.94

Annual Dividend Yield 2.40%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	10.09	2.52 2.52 2.52
2025	9.52	2.38 2.38 2.38 2.38
2024	9.00	2.25 2.25 2.25 2.25
2023	8.52	2.13 2.13 2.13 2.13
2022	7.76	1.94 1.94 1.94 1.94
2021	7.04	1.76 1.76 1.76 1.76
2020	6.40	1.60 1.60 1.60 1.60
2019	5.80	1.45 1.45 1.45 1.45
2018	5.28	1.32 1.32 1.32 1.32
2017	4.60	1.15 1.15 1.15 1.15
2016	4.00	1.00 1.00 1.00 1.00

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	10,944	11,973	9,129	13,989
Receivables	7,268	6,782	9,570	10,227
Inventory	9,518	6,998	6,225	6,220
Other	2,602	3,277	4,133	4,525
	30,332	29,030	29,057	34,961

	2023	2024	2025	Q'26
Payables	1,590	1,908	2,367	2,865
ST’ Debt	1,443	3,550	4,599	5,445
Other	—	—	—	—
	18,392	23,099	25,489	25,502

Compound Annual Growth %

	10y	5y	3y
Sales	5.43%	7.65%	11.77%
Cash Flow	0.23%	(1.05%)	0.81%
Earnings	1.06%	1.20%	5.58%
Book Value	(11.10%)	(1.65%)	33.23%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	8,618	10,054	—	—	—
’25	8,149	9,179	9,557	9,866	36,751
’24	7,447	8,388	8,503	9,086	33,424
’23	6,105	6,986	6,903	8,196	28,190
’22	6,238	6,594	6,652	6,839	26,323
’21	5,901	6,526	6,706	6,846	25,979
’20	6,161	6,206	6,423	6,634	25,424

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,189	4,002	—	—	—
’25	1,391	2,280	4,684	1,603	9,958
’24	689	2,459	3,571	4,771	11,490
’23	1,064	4,109	2,760	538	8,471
’22	2,164	1,930	2,978	2,649	9,721
’21	2,104	1,931	2,418	2,808	9,261
’20	2,134	2,842	3,368	2,153	10,497

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,477	3,489	—	—	—
’25	980	1,911	4,248	961	8,100
’24	459	2,221	3,314	4,400	10,394
’23	720	3,838	2,512	289	7,359
’22	1,974	1,684	2,818	2,309	8,785
’21	1,938	1,746	2,176	2,521	8,381
’20	1,992	2,684	3,233	1,980	9,889

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	3.34	4.37	—	—	—
’25	3.20	2.65	5.93	2.45	14.23
’24	(0.21)	1.38	5.22	1.16	7.56
’23	5.28	2.57	3.22	1.42	12.49
’22	2.68	2.45	3.98	3.00	12.11
’21	2.83	0.81	3.31	3.36	10.28
’20	3.07	3.05	3.43	2.76	12.31

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	133.64	147.12	163.31	166.30	177.05	198.64	214.39	211.71	253.30	257.05	Analyst estimates 2026–2028 Powerpack
	High	176.85	191.10	210.19	244.99	264.97	276.69	296.67	289.04	346.85	346.38
People
People	Employees	19,200	20,800	21,500	23,400	24,300	24,200	25,200	26,700	28,000	31,500
	Revenue/emp, $m	1.20	1.10	1.10	1.00	1.05	1.07	1.04	1.06	1.19	1.17
Income, $m
Income, $m	Revenue	22,991	22,849	23,747	23,362	25,424	25,979	26,323	28,190	33,424	36,751
	Gross margin, %	81.90	82.19	82.73	81.35	75.77	75.16	75.66	70.02	61.53	67.25
	EBT	9,163	9,597	9,545	9,138	8,133	6,701	7,346	7,855	4,609	8,976
	EBT margin, %	39.85	42.00	40.19	39.11	31.99	25.79	27.91	27.86	13.79	24.42
	Net income	7,722	1,979	8,394	7,842	7,264	5,893	6,552	6,717	4,090	7,711
	Depreciation	2,105	1,955	1,946	2,206	3,601	3,398	3,417	4,922	5,751	6,367
Per share, $
Per share, $	Revenue	30.74	31.26	35.93	38.61	43.39	45.58	48.93	52.69	62.24	68.31
	Earnings	10.32	2.71	12.70	12.96	12.40	10.34	12.18	12.56	7.62	14.33
	Cash flow	13.84	15.29	17.09	15.12	17.91	16.25	18.07	15.83	21.40	18.51
	Capex	(0.99)	(0.91)	(1.12)	(1.02)	(1.04)	(1.54)	(1.74)	(2.08)	(2.04)	(3.45)
	Free cash flow	12.86	14.38	15.97	14.10	16.88	14.70	16.33	13.76	19.36	15.06
	Book value	39.94	34.53	18.91	15.99	16.06	11.75	6.80	11.65	10.94	16.09
	Shares, m	748	731	661	605	586	570	538	535	537	538
Valuation, ×
Valuation, ×	P/E	14.61	67.30	15.34	18.62	18.56	21.72	21.48	23.68	34.20	22.84
	P/S	4.90	5.66	5.42	6.24	5.30	4.94	5.35	5.64	4.19	4.79
	P/B	3.77	5.13	10.29	15.08	14.32	19.14	38.45	25.53	23.82	20.34
	EV/Sales	4.75	5.39	5.61	7.14	6.18	5.91	6.47	7.55	5.63	6.03
	EV/FCF	11.90	12.21	13.17	20.60	16.61	19.32	20.41	30.73	18.88	28.90
Cash, $m
Cash, $m	Operating cash flow	10,354	11,177	11,296	9,150	10,497	9,261	9,721	8,471	11,490	9,958
	Capex	(738)	(664)	(738)	(618)	(608)	(880)	(936)	(1,112)	(1,096)	(1,858)
	Free cash flow	9,616	10,513	10,558	8,532	9,889	8,381	8,785	7,359	10,394	8,100
Balance, $m
Balance, $m	Working capital	34,806	40,456	24,130	5,605	9,491	7,201	6,499	11,940	5,931	3,568
	Total debt	34,596	35,342	33,929	29,903	32,986	33,309	38,945	64,613	60,099	54,604
	Net debt	(3,489)	(6,336)	4,625	20,992	22,339	25,272	29,640	53,669	48,126	45,475
	Shareholders’ equity	29,875	25,241	12,500	9,673	9,409	6,700	3,661	6,232	5,877	8,658
Returns, %
Returns, %	ROA	10.36	2.51	11.47	12.44	11.84	9.50	10.38	8.28	4.33	8.45
	ROIC	23.20	32.97	37.46	19.72	17.99	14.93	17.95	8.24	8.40	10.48
	ROE	26.65	7.18	44.48	70.73	76.13	73.16	126.47	135.79	67.55	106.10

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ABBV AbbVie Inc.	$481.4B	78.1×	27.8×	+10.16% (above 0%: growing)	+290.38% (above 0%: growing)	−36.24% (below 0%: shrinking)	74.74%	37.86%	Compare
MRK Merck & Co., Inc.	$351.3B	116×	53.9×	+5.07% (above 0%: growing)	n/m	+77.03% (above 0%: growing)	73.54%	(2.61%)	Compare
NVS Novartis AG	$262.0B	21.6×	20.6×	+0.78% (above 0%: growing)	−17.39% (below 0%: shrinking)	−15.53% (below 0%: shrinking)	75.19%	31.77%	Compare
AZN AstraZeneca PLC	$246.3B	23.6×	23.4×	+6.41% (above 0%: growing)	+1.90% (above 0%: growing)	−107.45% (below 0%: shrinking)	83.60%	20.57%	Compare
AMGN Amgen Inc.	$220.3B	25.6×	22.7×	+9.53% (above 0%: growing)	+65.41% (above 0%: growing)	+82.57% (above 0%: growing)	72.04%	34.95%
GILD Gilead Sciences, Inc.	$182.4B	— (loss-making)	— (loss-making)	+10.18% (above 0%: growing)	n/m	+376.81% (above 0%: growing)	79.76%	(133.21%)	Compare
PFE Pfizer Inc.	$158.6B	37.2×	12.2×	+2.60% (above 0%: growing)	n/m	+125.17% (above 0%: growing)	72.78%	20.38%	Compare
NVO Novo Nordisk A/S	$127.8B	9.4×	—	+4.47% (above 0%: growing)	−18.68% (below 0%: shrinking)	+71.57% (above 0%: growing)	78.21%	34.48%	Compare
BMY Bristol Myers Squibb Company	$121.7B	13.0×	11.2×	+5.74% (above 0%: growing)	+153.13% (above 0%: growing)	−13.16% (below 0%: shrinking)	71.28%	31.50%	Compare
Median of peers	$214.3B	23.6×	22.0×	+5.41%	+1.90%	+29.21%	74.96%	26.03%

All 21 Drug Manufacturers General stocks →

Amgen Inc. (AMGN) key facts

Strength: Amgen Inc.’s revenue for fiscal 2025 (year ended December 2025) was $36.8 billion, up 9.95% from fiscal 2024.
Strength: Net income was $7.7 billion, or $14.33 per share (basic), a net margin of 21.0%.
Amgen Inc. (AMGN) is a Drug Manufacturers General company in the Healthcare sector, listed on Nasdaq.
As of October 9, 2026, AMGN traded at $414.87, a market capitalization of $220.3 billion.
At that price the stock trades at 25.6× trailing-twelve-month earnings and 5.9× sales; its P/E is higher than 78% of its own readings over the past ten years.
Amgen Inc. pays an annual dividend of $9.94 per share, a yield of 2.40%, with a payout ratio of 61.8%.
Return on equity was 106.1% and debt-to-equity 4.90.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 1.69 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 29 September 2026

Amgen generated $36.8 billion of revenue, $9.1 billion of operating income and $7.7 billion of net income in FY2025. Revenue grew 9.95% in FY2025 against FY2024, while diluted EPS grew 88.2%. Free cash flow was $8.1 billion in FY2025, down 22.1% against FY2024.

In Q2 FY2026, revenue was $10.1 billion, operating income was $3.5 billion and net income was $2.4 billion. Revenue increased 9.53% in Q2 FY2026 against Q2 FY2025, while gross margin reached 72.0% and operating margin reached 35.0%. Net debt was $43.3 billion in Q2 FY2026.

Read the full analysis →