30 years of historical data (1996–2025) · Healthcare · Drug Manufacturers - General
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Amgen Inc. trades at 27.3x earnings, 10% above its 5-year average of 24.8x, sitting at the 69th percentile of its historical range. Compared to the Healthcare sector median P/E of 23.7x, the stock trades at a premium of 15%. On a free-cash-flow basis, the stock trades at 25.8x P/FCF, 47% 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 | $209.2B | $177.4B | $141.0B | $155.0B | $142.1B | $128.9B | $135.7B | $146.8B | $129.5B | $127.8B | $110.2B |
| Enterprise Value | $254.7B | $222.9B | $189.1B | $208.6B | $173.4B | $154.2B | $162.4B | $170.7B | $156.4B | $159.4B | $141.6B |
| P/E Ratio → | 27.28 | 23.00 | 34.48 | 23.06 | 21.69 | 21.88 | 18.68 | 18.72 | 15.43 | 64.65 | 14.28 |
| P/S Ratio | 5.69 | 4.83 | 4.22 | 5.50 | 5.40 | 4.96 | 5.34 | 6.28 | 5.45 | 5.59 | 4.80 |
| P/B Ratio | 24.30 | 20.49 | 23.99 | 24.86 | 38.81 | 19.24 | 14.42 | 15.18 | 10.36 | 5.06 | 3.69 |
| P/FCF | 25.83 | 21.90 | 13.57 | 21.06 | 16.17 | 15.38 | 13.72 | 17.21 | 12.26 | 12.16 | 11.58 |
| P/OCF | 21.01 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
Amgen Inc.'s enterprise value stands at 12.6x EBITDA, 11% below its 5-year average of 14.1x. The Healthcare sector median is 13.8x, placing the stock at a 9% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.06 | 5.66 | 7.40 | 6.59 | 5.94 | 6.39 | 7.31 | 6.59 | 6.97 | 6.16 |
| EV / EBITDA | 12.56 | 10.99 | 14.72 | 17.43 | 13.36 | 13.97 | 12.75 | 14.37 | 12.81 | 13.36 | 11.90 |
| EV / EBIT | 17.10 | 18.96 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
Amgen Inc. earns an operating margin of 40.5%. Operating margins have expanded from 28.0% to 40.5% 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 20.7% represents excellent returns on invested capital.
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 | 82.5% | 82.5% | 61.5% | 70.1% | 75.7% | 75.2% | 75.8% | 81.4% | 82.7% | 82.2% | 81.9% |
| Operating Margin | 40.5% | 40.5% | 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% |
| 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 | 20.7% | 20.7% | 9.6% | 12.5% | 21.4% | 16.8% | 19.7% | 19.9% | 16.0% | 12.7% | 12.6% |
| ROCE | 22.3% | 22.3% | 9.8% | 12.3% | 19.4% | 15.2% | 18.6% | 19.4% | 16.6% | 14.5% | 15.1% |
Solvency and debt-coverage ratios — lower is generally safer
Amgen Inc. carries a Debt/EBITDA ratio of 2.7x, which is moderately leveraged (13% below the sector average of 3.1x). Net debt stands at $45.5B ($54.6B total debt minus $9.1B cash). Interest coverage of 5.4x 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 | 2.69 | 2.69 | 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 | 2.24 | 2.24 | 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 | 5.41 | 5.41 | 2.30 | 2.75 | 6.80 | 6.38 | 7.24 | 7.51 | 7.37 | 7.65 | 7.77 |
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 | 1.03 | 1.03 | 1.84 | 0.88 | 1.30 | 1.58 | 1.58 | 1.22 | 1.39 | 1.44 | 1.52 |
| Days Sales Outstanding | — | 95.05 | 81.91 | 102.83 | 88.63 | 82.04 | 64.96 | 63.39 | 55.03 | 51.71 | 50.25 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Amgen Inc. does not currently pay a dividend and has no material buyback yield, reinvesting earnings back into the business. The earnings yield of 3.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
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 | — | — | 3.4% | 2.9% | 3.0% | 3.1% | 2.8% | 2.4% | 2.7% | 2.6% | 2.7% |
| Payout Ratio | — | — | 118.1% | 67.8% | 64.0% | 68.1% | 51.7% | 44.7% | 41.8% | 170.0% | 38.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.3% | 2.9% | 4.3% | 4.6% | 4.6% | 5.4% | 5.3% | 6.5% | 1.5% | 7.0% |
| FCF Yield | 3.9% | 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 | 0.0% | 0.0% | 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 |
Compare AMGN with 5 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| AMGNYou | $209B | 27.3 | 12.6 | 25.8 | 82.5% | 40.5% | 106.1% | 20.7% | 2.7 |
| ABBV | $410B | 97.1 | 27.0 | 23.0 | 70.0% | 16.2% | 62.2% | 11.1% | 3.9 |
| GILD | $186B | 392.0 | 45.7 | 18.0 | 78.3% | 5.8% | 2.3% | 3.2% | 6.0 |
| NVO | $126B | 10.3 | 6.3 | 14.1 | 81.0% | 41.4% | 58.4% | 34.9% | 0.9 |
| BIIB | $28B | 21.7 | 11.4 | 13.7 | 70.5% | 19.1% | 7.4% | 6.5% | 2.5 |
| SCLX | $2B | -0.4 | — | 77.8 | 70.5% | -147.4% | — | — | — |
| Healthcare Median | — | 23.7 | 13.8 | 18.8 | 65.8% | -6.3% | -37.3% | -15.0% | 3.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 30 years · Updated daily
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Start ComparisonAmgen Inc.'s current P/E ratio is 27.3x. The historical average is 26.9x. This places it at the 69th percentile of its historical range.
Amgen Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 17.5x.
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%.
Based on historical data, Amgen Inc. is trading at a P/E of 27.3x. This is at the 69th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Amgen Inc. has 82.5% gross margin and 40.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Amgen Inc.'s Debt/EBITDA ratio is 2.7x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.