Amgen Inc (AMGN)
Health Care · Biotechnology · US stock · S&P 500 component
$447.28
▲ +8.94 (2.04%)
Fair valueFair
$391 −12.6% to fair value
$195fair band $333–$474$586
Day's range
$437.19 – $450.98
52-week range
$288.00 – $450.98
About Amgen Inc
Amgen is a biotechnology company that discovers, develops and manufactures medicines for serious illnesses, including cancer, heart disease, bone disorders and inflammatory conditions. It sells its products to wholesalers, hospitals and pharmacies, and revenue is driven by a portfolio of established drugs and some newer ones. Earnings depend on patent protection, competition from biosimilars, pricing and the success of its research pipeline.
Revenue over the last twelve months came to $38.1 billion, and sales grew by 11.8% a year on average across the past three years. Operating margin is 30.0% and return on invested capital is 18%. Net debt to EBITDA is 3.1 times. It pays a dividend with a yield of 2.2%. The X-Ray Score is 48 out of 100. Taken together, these numbers give a factual snapshot of the business.
Price chart
52-wk range $288.00 – $450.98Volume 3,103,849Daily, split-adjusted
Vitals
Market cap$243.3B
52-week range$288.00 – $450.98
Volume (last day)3,103,849
P/E (TTM)27.8
EBIT / EV yield4.0%
Free-cash-flow yield4.2%
Dividend yield2.2%
Revenue (TTM)$38.1B
Net income (TTM)$8.7B
Operating margin30.0%
Return on capital17.7%
Debt incl. leases$57.3B
Cash & securities$14.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$391middle half of models $324 – $461
Fair
−12.6% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $447
Undervalued < $333Fair $333 – $474Overvalued > $474
P/E multiple
$435
P/B multiple
$468
P/S multiple
$428
EV/EBITDA multiple
$458
EV/EBIT multiple
$421
EV/revenue multiple
$433
10-year DCF, EBITDA exit
$464
5-year DCF, EBITDA exit
$483
10-year DCF, revenue exit
$455
5-year DCF, revenue exit
$476
10-year DCF, growth exit
$244
5-year DCF, growth exit
$218
Dividend discount, stable
$233
Dividend discount, multi-stage
$397
Earnings power value
$251
Growth the price implies
18.8%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
36/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.0%
Free-cash-flow yield4.2%
Fair value vs price0.9×
Growth
Fair
61/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)11.8%
EPS growth (3y)5.5%
Growth consistency100%
Profitability
Fair
55/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital17.7%
Operating margin30.0%
Gross profitability27.7%
Financial health
Weak
36/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA3.1×
Interest cover4.3×
Dividends
Fair
57/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.2%
Dividends vs free cash flow53%
Dividend growth6.9%
Quarterly results: last 6 quarters
+9.4%
Mar '25
+9.4%
Jun '25
+12.4%
Sep '25
+8.6%
Dec '25
+5.8%
Mar '26
+9.5%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $10.1B, diluted EPS $4.37.
Compare with peers
INCY Incyte Corp80 VRTX Vertex Pharmaceuticals...50 REGN Regeneron Pharmaceutic...47 BIIB Biogen Inc.44Other Biotechnology companies by X-Ray Score.
SWOT analysis: Amgen Inc
Strengthsinside the company
- Return on invested capital is 17.7%, against a median of 12.5% for industry peers.
- Revenue has grown 11.8% a year over three years (median 2.6% for industry peers).
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Altman Z-score of 0.8 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AMGN with peers and sector
Medians of 7 Biotechnology peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): ABBV 41, GILD 37, VRTX 50, REGN 47, MRNA 12, BIIB 44.
| Metric | AMGN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 48 | 44 | 49 |
| Valuation | 36 | 26 | 55 |
| Growth | 61 | 35 | 47 |
| Profitability | 55 | 39 | 49 |
| Financial health | 36 | 55 | 48 |
| Dividends | 56 | 50 | 50 |
Sector leaders: highest X-Ray Score in Health Care
AMGN ranks #33 of 60 in Health Care and #3 of 8 in Biotechnology by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AMGN
Each factor is rated by where AMGN stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 10 Average · 7 Bad of 23
Growth: 2 · 1 · 0
Profitability: 3 · 2 · 0
Financial strength: 0 · 2 · 2
Valuation: 0 · 3 · 2
Cash flow: 1 · 2 · 1
Efficiency: 0 · 0 · 2
| Factor | AMGN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +11.8% | Good beats 83% | +5.5% | – | – |
| Revenue growth, last year | +10.0% | Good beats 69% | +7.1% | +7.1% | ▲ Better |
| EPS growth, 3 years a year | +5.5% | Average beats 53% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 69.5% | Average beats 65% | 65.0% | 70.0% | ≈ In line |
| Operating margin | 30.0% | Good beats 88% | 16.4% | 28.0% | ≈ In line |
| Net margin | 23.0% | Good beats 84% | 11.1% | 22.7% | ≈ In line |
| Return on invested capital | 17.7% | Average beats 61% | 12.2% | – | – |
| Return on equity | 74.8% | Good beats 92% | 13.7% | 89.1% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 3.1x | Bad beats 32% | 2.0x | 3.2x | ≈ In line |
| Interest cover | 4.3x | Bad beats 25% | 9.4x | 3.3x | ≈ In line |
| Current ratio | 1.37 | Average beats 43% | 1.52 | 1.41 | ≈ In line |
| Piotroski F-score | 7 / 9 | Average beats 62% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 27.8x | Average beats 52% | 28.2x | 23.0x | ▼ Worse |
| Price / book | 20.8x | Bad beats 8% | 3.7x | 24.0x | ▲ Better |
| Price / sales | 6.4x | Bad beats 31% | 3.7x | 5.0x | ▼ Worse |
| EV / EBITDA | 20.3x | Average beats 36% | 17.6x | 14.7x | ▼ Worse |
| Free cash flow yield | 4.2% | Average beats 43% | 4.4% | 6.2% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 26.7% | Good beats 82% | 16.3% | 31.1% | ▼ Worse |
| Cash from operations / net income | 1.43 | Average beats 38% | 1.61 | 1.48 | ≈ In line |
| Free cash flow growth, 3 years a year | −2.7% | Bad beats 32% | +4.3% | – | – |
| Accruals (lower is better) | −3.9% | Average beats 51% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 1.9x | Bad beats 27% | 2.9x | 1.6x | ≈ In line |
| Days sales outstanding | 98 days | Bad beats 6% | 62 days | 77 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 3 Good · ● 8 Average · ● 5 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Average
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Good
Growth consistencyGood
Balance sheet
Current ratioAverage
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| Operating income | $7.6B | $9.6B | $7.9B | $7.3B | $9.1B |
| Net income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| Operating cash flow | $9.3B | $9.7B | $8.5B | $11.5B | $10.0B |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
| Free cash flow | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| Diluted EPS | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 428.7 | Bullish |
| EMA 10 | 430.6 | Bullish |
| SMA 20 | 420.1 | Bullish |
| EMA 20 | 422.5 | Bullish |
| SMA 50 | 416.5 | Bullish |
| EMA 50 | 411.1 | Bullish |
| SMA 100 | 390.6 | Bullish |
| EMA 100 | 395.0 | Bullish |
| SMA 200 | 368.0 | Bullish |
| EMA 200 | 371.5 | Bullish |
Oscillators (daily)
| RSI (14) | 66.68 | Neutral |
| MACD (12, 26) | 8.71 | Bullish |
| Momentum (12) | 11.10 | Bullish |
| Stochastic %K (14) | 93.27 | Bearish |
| Williams %R (14) | -6.73 | Bearish |
| CCI (20) | 159.2 | Bearish |
Pivot points (classic, last session)
S3 425.5 | S2 431.4 | S1 439.3 | Pivot 445.2 | R1 453.1 | R2 458.9 | R3 466.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
9.94 USD
Yield on today's price
2.22%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 2.5200 | |
| 2.5200 | |
| 2.5200 | |
| 2.3800 | |
| 2.3800 | |
| 2.3800 | |
| 2.3800 | |
| 2.2500 | |
| 2.2500 | |
| 2.2500 | |
| 2.2500 | |
| 2.1300 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AMGN
| ETF | Share of the fund |
|---|---|
| IBB iShares Biotechnology | 7.83% |
| DIVO Amplify CWP Enhanced Dividend Income | 4.19% |
| SCHD Schwab U.S. Dividend Equity | 3.47% |
| IYH iShares U.S. Healthcare | 3.42% |
| XLV Health Care Select Sector SPDR | 3.40% |
| FHLC Fidelity MSCI Health Care Index | 3.00% |
| DDM ProShares Ultra Dow30 | 2.92% |
| VHT Vanguard Health Care | 2.87% |
The eight funds with the largest weight in AMGN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AMGN stock splits
AMGN has split its stock 5 times since 1990. The latest was a 2-for-1 split on 22 Nov 1999.
Full AMGN stock split history →AMGN SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Director or officer change
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.