Amgen Inc. (AMGN) Financial Ratios
30 years of historical data (1996–2025) · Healthcare · Drug Manufacturers - General
EV/EBITDA
↑
14.15
-4% vs avg
5yr avg: 14.71
30Y Low9.6·High44.0
P/FCF
↑
22.06
↑+25% vs avg
5yr avg: 17.62
30Y Low9.9·High84.0
P/B Ratio
↑
20.73
↓-19% vs avg
5yr avg: 25.48
30Y Low2.2·High38.8
ROE
↑
106.1%
↓+4% vs avg
5yr avg: 101.8%
30Y Low-12%·High136%
Debt/EBITDA
↑
3.45
↓-12% vs avg
5yr avg: 3.91
30Y Low0.2·High5.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AMGN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Amgen Inc. trades at 23.3x earnings, 6% below its 5-year average of 24.8x, sitting at the 62nd percentile of its historical range. Compared to the Healthcare sector median P/E of 22.2x, the stock trades at a premium of 5%. On a free-cash-flow basis, the stock trades at 22.1x P/FCF, 25% above the 5-year average of 17.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $178.7B | $177.4B | $141.0B | $155.0B | $142.1B | $128.9B | $135.7B | $146.8B | $129.5B | $127.8B | $110.2B |
| Enterprise Value | $224.2B | $222.9B | $189.1B | $208.6B | $173.4B | $154.2B | $162.4B | $170.7B | $156.4B | $159.4B | $141.6B |
| P/E Ratio → | 23.27 | 23.00 | 34.48 | 23.06 | 21.69 | 21.88 | 18.68 | 18.72 | 15.43 | 64.65 | 14.28 |
| P/S Ratio | 4.86 | 4.83 | 4.22 | 5.50 | 5.40 | 4.96 | 5.34 | 6.28 | 5.45 | 5.59 | 4.80 |
| P/B Ratio | 20.73 | 20.49 | 23.99 | 24.86 | 38.81 | 19.24 | 14.42 | 15.18 | 10.36 | 5.06 | 3.69 |
| P/FCF | 22.06 | 21.90 | 13.57 | 21.06 | 16.17 | 15.38 | 13.72 | 17.21 | 12.26 | 12.16 | 11.58 |
| P/OCF | 17.94 | 17.82 | 12.27 | 18.29 | 14.62 | 13.92 | 12.92 | 16.04 | 11.46 | 11.44 | 10.65 |
P/E links to full P/E history page with 30-year chart
AMGN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Amgen Inc.'s enterprise value stands at 14.1x EBITDA, roughly in line with its 5-year average of 14.7x. This is roughly in line with the Healthcare sector median of 14.1x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.07 | 5.66 | 7.40 | 6.59 | 5.94 | 6.39 | 7.31 | 6.59 | 6.97 | 6.16 |
| EV / EBITDA | 14.15 | 14.07 | 14.72 | 17.43 | 13.36 | 13.97 | 12.75 | 14.37 | 12.81 | 13.36 | 11.90 |
| EV / EBIT | 21.00 | 20.88 | 24.36 | 19.44 | 19.81 | 19.53 | 17.28 | 16.37 | 14.30 | 14.62 | 13.59 |
| EV / FCF | — | 27.52 | 18.20 | 28.35 | 19.74 | 18.40 | 16.42 | 20.00 | 14.82 | 15.16 | 14.88 |
AMGN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Amgen Inc. earns an operating margin of 29.1%. Operating margins have expanded from 28.0% to 29.1% over the past 3 years, signaling improving operational efficiency. Return on equity of 106.1% is exceptionally high, though this is partly amplified by negative book value driven by aggressive share buybacks. ROIC of 14.8% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 70.8% | 70.8% | 61.5% | 70.1% | 75.7% | 75.2% | 75.8% | 81.4% | 82.7% | 82.2% | 81.9% |
| Operating Margin | 29.1% | 29.1% | 21.7% | 28.0% | 36.3% | 29.4% | 35.9% | 41.4% | 43.2% | 43.6% | 42.6% |
| Net Profit Margin | 21.0% | 21.0% | 12.2% | 23.8% | 24.9% | 22.7% | 28.6% | 33.6% | 35.3% | 8.7% | 33.6% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 106.1% | 106.1% | 67.6% | 135.8% | 126.5% | 73.2% | 76.1% | 70.7% | 44.5% | 7.2% | 26.6% |
| ROA | 8.5% | 8.5% | 4.3% | 8.3% | 10.4% | 9.5% | 11.8% | 12.4% | 11.5% | 2.5% | 10.4% |
| ROIC | 14.8% | 14.8% | 9.6% | 12.5% | 21.4% | 16.8% | 19.7% | 19.9% | 16.0% | 12.7% | 12.6% |
| ROCE | 16.0% | 16.0% | 9.8% | 12.3% | 19.4% | 15.2% | 18.6% | 19.4% | 16.6% | 14.5% | 15.1% |
AMGN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Amgen Inc. carries a Debt/EBITDA ratio of 3.4x, which is moderately leveraged (10% above the sector average of 3.1x). Net debt stands at $45.5B ($54.6B total debt minus $9.1B cash). Interest coverage of 3.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.31 | 6.31 | 10.23 | 10.37 | 10.64 | 4.97 | 3.51 | 3.09 | 2.71 | 1.40 | 1.16 |
| Debt / EBITDA | 3.45 | 3.45 | 4.68 | 5.40 | 3.00 | 3.02 | 2.59 | 2.52 | 2.78 | 2.96 | 2.91 |
| Net Debt / Equity | — | 5.25 | 8.19 | 8.61 | 8.55 | 3.78 | 2.84 | 2.47 | 2.16 | 1.25 | 1.05 |
| Net Debt / EBITDA | 2.87 | 2.87 | 3.75 | 4.48 | 2.41 | 2.29 | 2.10 | 2.01 | 2.21 | 2.64 | 2.64 |
| Debt / FCF | — | 5.61 | 4.63 | 7.29 | 3.56 | 3.02 | 2.70 | 2.80 | 2.56 | 3.00 | 3.29 |
| Interest Coverage | 3.88 | 3.88 | 2.46 | 3.73 | 6.22 | 6.60 | 7.44 | 8.09 | 7.86 | 8.36 | 8.27 |
AMGN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.14x means Amgen Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has declined from 1.65x to 1.14x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.14 | 1.14 | 1.26 | 1.65 | 1.41 | 1.59 | 1.81 | 1.44 | 2.79 | 5.49 | 4.11 |
| Quick Ratio | 0.90 | 0.90 | 0.95 | 1.13 | 1.10 | 1.26 | 1.48 | 1.16 | 2.57 | 5.17 | 3.86 |
| Cash Ratio | 0.36 | 0.36 | 0.52 | 0.60 | 0.59 | 0.66 | 0.91 | 0.69 | 2.17 | 4.62 | 3.40 |
| Asset Turnover | — | 0.41 | 0.36 | 0.29 | 0.40 | 0.42 | 0.40 | 0.39 | 0.36 | 0.29 | 0.30 |
| Inventory Turnover | 1.72 | 1.72 | 1.84 | 0.88 | 1.30 | 1.58 | 1.58 | 1.22 | 1.39 | 1.44 | 1.52 |
| Days Sales Outstanding | — | 95.07 | 81.91 | 102.83 | 88.63 | 82.04 | 64.96 | 63.39 | 55.03 | 51.71 | 50.25 |
AMGN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Amgen Inc. returns 2.9% to shareholders annually primarily through dividends. A payout ratio of 66.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.9% | 2.9% | 3.4% | 2.9% | 3.0% | 3.1% | 2.8% | 2.4% | 2.7% | 2.6% | 2.7% |
| Payout Ratio | 66.5% | 66.5% | 118.1% | 67.8% | 64.0% | 68.1% | 51.7% | 44.7% | 41.8% | 170.0% | 38.8% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.3% | 2.9% | 4.3% | 4.6% | 4.6% | 5.4% | 5.3% | 6.5% | 1.5% | 7.0% |
| FCF Yield | 4.5% | 4.6% | 7.4% | 4.7% | 6.2% | 6.5% | 7.3% | 5.8% | 8.2% | 8.2% | 8.6% |
| Buyback Yield | 0.0% | 0.0% | 0.1% | 0.0% | 4.5% | 3.9% | 2.6% | 5.2% | 13.7% | 2.5% | 2.7% |
| Total Shareholder Yield | 2.9% | 2.9% | 3.6% | 2.9% | 7.4% | 7.0% | 5.3% | 7.6% | 16.5% | 5.1% | 5.4% |
| Shares Outstanding | — | $542M | $541M | $538M | $541M | $573M | $590M | $609M | $665M | $735M | $754M |
Peer Comparison
Compare AMGN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AMGNYou | $179B | 23.3 | 14.1 | 22.1 | 70.8% | 29.1% | 106.1% | 14.8% | 3.4 |
 GILD | $170B | 358.7 | 42.1 | 16.5 | 78.3% | 5.8% | 2.3% | 3.2% | 6.0 |
 BIIB | $28B | 21.6 | 11.4 | 13.7 | 70.5% | 19.1% | 7.4% | 6.5% | 2.5 |
 REGN | $75B | 17.4 | 18.1 | 18.4 | 85.4% | 24.9% | 14.9% | 8.9% | 0.7 |
 VRTX | $109B | 27.9 | 21.7 | 34.1 | 85.0% | 39.4% | 22.5% | 23.0% | 0.8 |
 BMY | $115B | 16.4 | 9.2 | 9.0 | 67.6% | 26.3% | 40.4% | 16.9% | 2.8 |
 LLY | $933B | 43.0 | 31.0 | 104.0 | 83.8% | 45.6% | 101.2% | 41.8% | 1.4 |
 ABBV | $363B | 86.5 | 15.1 | 20.4 | 70.2% | 32.8% | 6214.7% | 23.9% | 2.4 |
 MRK | $280B | 15.6 | 10.8 | 22.7 | 72.0% | 36.2% | 36.9% | 22.0% | 1.7 |
 PFE | $151B | 19.5 | 10.7 | 16.6 | 70.3% | 24.7% | 8.9% | 7.5% | 3.3 |
 JNJ | $541B | 38.8 | 18.8 | 27.3 | 69.1% | 24.9% | 20.1% | 20.7% | 1.2 |
| Healthcare Median | — | 22.2 | 14.1 | 18.6 | 64.1% | -5.3% | -34.0% | -11.2% | 3.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 30 years · Updated daily
Full AMGN Stock Analysis
Analyst consensus, bull case, AI-generated risk factors, and peer comparison — all in one place.
Should I Buy AMGN Right Now?
Bull case, key risks, Wall St analyst verdict, and what council investors are saying — updated daily.
See AMGN's True Return
Price is only half the story. See total return with reinvested dividends.
Launch CalculatorIs AMGN Undervalued?
DCF intrinsic value, peer multiples, and analyst estimates — see what the stock is really worth.
View ValuationCompare AMGN vs GILD
Side-by-side business, growth, and profitability comparison vs Gilead Sciences, Inc..
Start ComparisonAMGN — Frequently Asked Questions
Quick answers to the most common questions about buying AMGN stock.
What is Amgen Inc.'s P/E ratio?
Amgen Inc.'s current P/E ratio is 23.3x. The historical average is 26.9x. This places it at the 62th percentile of its historical range.
What is Amgen Inc.'s EV/EBITDA?
Amgen Inc.'s current EV/EBITDA is 14.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.6x.
What is Amgen Inc.'s ROE?
Amgen Inc.'s return on equity (ROE) is 106.1%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 39.1%.
Is AMGN stock overvalued?
Based on historical data, Amgen Inc. is trading at a P/E of 23.3x. This is at the 62th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Amgen Inc.'s dividend yield?
Amgen Inc.'s current dividend yield is 2.86% with a payout ratio of 66.5%.
What are Amgen Inc.'s profit margins?
Amgen Inc. has 70.8% gross margin and 29.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Amgen Inc. have?
Amgen Inc.'s Debt/EBITDA ratio is 3.4x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.