Amgen Inc. (AMGN) Key Metrics
AMGN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $233.82B
- Enterprise value
- $262.86B
- P/E (TTM)
- 26.9 10-yr median 21.8
- Forward P/E
- 16.7
- PEG ratio
- 2.45
- Price / sales
- 6.1 10-yr median 5.4
- Price / book
- 18.8 10-yr median 17.2
- EV / EBITDA
- 14.9 10-yr median 13.2
- Dividend yield
- 2.33% $10.08 a year
- Beta
- 0.41
AMGN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAMGN valuation Price multiples at each fiscal year-end price.
AMGN returns How much profit the business earns on the capital it uses.
AMGN per-share figures Results divided by the shares outstanding at year-end.
AMGN financial health Debt, liquidity and how easily interest is covered.
AMGN efficiency & capital use Working capital cycle and where the cash goes.
AMGN valuation history
AMGN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AMGN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AMGN cash returned to shareholders
AMGN price vs earnings per share
AMGN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $177.40B | $141.01B | $154.95B | $142.09B | $128.91B | $135.65B | $146.81B | $129.46B | $127.82B | $110.24B |
| Enterprise value | $222.88B | $189.13B | $208.62B | $171.73B | $154.18B | $157.99B | $167.80B | $134.08B | $121.48B | $106.75B |
| P/E ratio | 23.0 | 34.5 | 23.1 | 21.7 | 21.9 | 18.7 | 18.7 | 15.4 | 64.6 | 14.3 |
| Price / sales | 4.8 | 4.2 | 5.5 | 5.4 | 5.0 | 5.3 | 6.3 | 5.5 | 5.6 | 4.8 |
| Price / book | 20.5 | 24.0 | 24.9 | 38.8 | 19.2 | 14.4 | 15.2 | 10.4 | 5.1 | 3.7 |
| Price / free cash flow | 21.9 | 13.6 | 21.1 | 16.2 | 15.4 | 13.7 | 17.2 | 12.3 | 12.2 | 11.6 |
| Price / operating cash flow | 17.8 | 12.3 | 18.3 | 14.6 | 13.9 | 12.9 | 16.0 | 11.5 | 11.4 | 10.6 |
| EV / sales | 6.1 | 5.7 | 7.4 | 6.5 | 5.9 | 6.2 | 7.2 | 5.6 | 5.3 | 4.6 |
| EV / EBITDA | 13.2 | 14.2 | 26.4 | 14.1 | 13.6 | 12.2 | 13.3 | 10.4 | 9.4 | 8.5 |
| EV / free cash flow | 27.5 | 18.2 | 28.3 | 19.5 | 18.4 | 16.0 | 19.7 | 12.7 | 11.6 | 11.2 |
| Earnings yield | 4.3% | 2.9% | 4.3% | 4.6% | 4.6% | 5.4% | 5.3% | 6.5% | 1.5% | 7.0% |
| Free cash flow yield | 4.6% | 7.4% | 4.7% | 6.2% | 6.5% | 7.3% | 5.8% | 8.2% | 8.2% | 8.6% |
| Dividend yield | 2.9% | 3.4% | 2.9% | 3.0% | 3.1% | 2.8% | 2.4% | 2.7% | 2.6% | 2.7% |
| Shareholder yield (dividends + buybacks) | 2.9% | 3.6% | 2.9% | 7.4% | 7.0% | 5.3% | 7.6% | 16.5% | 5.1% | 5.4% |
| Share price at fiscal year-end | $327.31 | $260.64 | $288.02 | $262.64 | $224.97 | $229.92 | $241.07 | $194.67 | $173.90 | $146.21 |
| Per share | ||||||||||
| Revenue per share | $67.79 | $61.78 | $52.40 | $48.66 | $45.34 | $43.09 | $38.36 | $35.71 | $31.09 | $30.49 |
| Earnings per share | $14.23 | $7.56 | $12.49 | $12.11 | $10.28 | $12.31 | $12.88 | $12.62 | $2.69 | $10.24 |
| Operating cash flow per share | $18.37 | $21.24 | $15.75 | $17.97 | $16.16 | $17.79 | $15.02 | $16.99 | $15.21 | $13.73 |
| Free cash flow per share | $14.94 | $19.21 | $13.68 | $16.24 | $14.63 | $16.76 | $14.01 | $15.88 | $14.30 | $12.62 |
| Cash per share | $16.84 | $22.13 | $20.34 | $17.20 | $14.03 | $18.05 | $14.63 | $44.07 | $56.70 | $50.51 |
| Book value per share | $15.97 | $10.86 | $11.58 | $6.77 | $11.69 | $15.95 | $15.88 | $18.80 | $34.34 | $39.62 |
| Tangible book value per share | −$59.59 | −$74.79 | −$83.71 | −$51.66 | −$40.79 | −$37.06 | −$40.14 | −$14.50 | $2.55 | $6.43 |
| Dividends per share | $9.45 | $8.93 | $8.47 | $7.76 | $7.00 | $6.36 | $5.76 | $5.27 | $4.58 | $3.98 |
| Capex per share | $3.43 | $2.03 | $2.07 | $1.73 | $1.54 | $1.03 | $1.01 | $1.11 | $0.90 | $1.11 |
| Debt per share | $100.75 | $111.09 | $120.10 | $71.99 | $58.13 | $55.91 | $49.10 | $51.02 | $48.08 | $45.88 |
| Shares outstanding | 542.0M | 541.0M | 538.0M | 541.0M | 573.0M | 590.0M | 609.0M | 665.0M | 735.0M | 754.0M |
| Change in shares outstanding | +0.2% | +0.6% | −0.6% | −5.6% | −2.9% | −3.1% | −8.4% | −9.5% | −2.5% | −1.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 106.1% | 67.6% | 135.8% | 126.5% | 73.2% | 76.1% | 70.7% | 44.5% | 7.2% | 26.6% |
| Return on invested capital (ROIC) | 17.0% | 11.3% | 14.5% | 26.1% | 21.1% | 26.2% | 34.7% | 50.1% | 22.0% | 30.3% |
| Return on assets (ROA) | 8.5% | 4.3% | 8.3% | 10.4% | 9.5% | 11.8% | 12.4% | 11.5% | 2.5% | 10.4% |
| Return on tangible assets | 15.5% | 9.0% | 14.6% | 19.6% | 19.0% | 22.9% | 30.6% | 19.0% | 3.5% | 14.7% |
| Free cash flow margin | 22.0% | 31.1% | 26.1% | 33.4% | 32.3% | 38.9% | 36.5% | 44.5% | 46.0% | 41.4% |
| Income quality (OCF / net income) | 1.29 | 2.81 | 1.26 | 1.48 | 1.57 | 1.45 | 1.17 | 1.35 | 5.65 | 1.34 |
| Financial health | ||||||||||
| Total debt | $54.60B | $60.10B | $64.61B | $38.95B | $33.31B | $32.99B | $29.90B | $33.93B | $35.34B | $34.60B |
| Cash & short-term investments | $9.13B | $11.97B | $10.94B | $9.30B | $8.04B | $10.65B | $8.91B | $29.30B | $41.68B | $38.09B |
| Net debt | $45.48B | $48.13B | $53.67B | $29.64B | $25.27B | $22.34B | $20.99B | $4.62B | −$6.34B | −$3.49B |
| Debt / equity | 6.31 | 10.23 | 10.37 | 10.64 | 4.97 | 3.51 | 3.09 | 2.71 | 1.40 | 1.16 |
| Debt / assets | 0.60 | 0.65 | 0.67 | 0.60 | 0.54 | 0.52 | 0.50 | 0.51 | 0.44 | 0.45 |
| Net debt / EBITDA | 2.69 | 3.60 | 6.80 | 2.44 | 2.24 | 1.72 | 1.66 | 0.36 | −0.49 | −0.28 |
| Current ratio | 1.14 | 1.26 | 1.65 | 1.41 | 1.59 | 1.81 | 1.44 | 2.79 | 5.49 | 4.11 |
| Quick ratio | 0.90 | 0.95 | 1.13 | 1.10 | 1.26 | 1.48 | 1.16 | 2.57 | 5.17 | 3.86 |
| Interest coverage | 3.9 | 2.3 | 2.7 | 6.8 | 6.4 | 7.2 | 7.5 | 7.4 | 7.6 | 7.8 |
| Working capital | $3.57B | $5.93B | $11.94B | $6.50B | $7.20B | $9.49B | $5.61B | $24.13B | $40.46B | $34.81B |
| Invested capital | $54.13B | $54.00B | $59.90B | $33.30B | $31.97B | $31.75B | $30.66B | $17.12B | $18.91B | $26.39B |
| Tangible asset value | −$32.30B | −$40.46B | −$45.04B | −$27.95B | −$23.37B | −$21.87B | −$24.44B | −$9.64B | $1.87B | $4.84B |
| Net current asset value | −$52.87B | −$56.93B | −$60.59B | −$39.27B | −$35.08B | −$32.40B | −$31.59B | −$16.30B | −$5.24B | −$1.74B |
| Graham number | $71.51 | $42.99 | $57.04 | $42.94 | $52.02 | $66.47 | $67.84 | $73.06 | $45.61 | $95.55 |
| Graham net-net per share | −$115.33 | −$119.90 | −$128.74 | −$82.99 | −$69.82 | −$63.65 | −$59.59 | −$30.76 | −$12.50 | −$7.85 |
| Capital allocation | ||||||||||
| Dividends paid | $5.12B | $4.83B | $4.56B | $4.20B | $4.01B | $3.75B | $3.51B | $3.51B | $3.37B | $3.00B |
| Share buybacks (net) | $0 | $200.0M | $0 | $6.36B | $4.97B | $3.49B | $7.70B | $17.79B | $3.16B | $2.96B |
| Dividend payout ratio | 66.5% | 118.1% | 67.8% | 64.0% | 68.1% | 51.7% | 44.7% | 41.8% | 170.0% | 38.8% |
| Dividends + buybacks / free cash flow | 63.3% | 48.4% | 61.9% | 120.2% | 107.2% | 73.2% | 131.4% | 201.8% | 62.1% | 62.7% |
| Capex / revenue | 5.1% | 3.3% | 3.9% | 3.6% | 3.4% | 2.4% | 2.6% | 3.1% | 2.9% | 3.6% |
| Capex / operating cash flow | 18.7% | 9.5% | 13.1% | 9.6% | 9.5% | 5.8% | 6.8% | 6.5% | 5.9% | 8.1% |
| Capex / depreciation | 0.36 | 0.20 | 0.27 | 0.27 | 0.26 | 0.17 | 0.28 | 0.38 | 0.34 | 0.40 |
| Stock-based compensation / revenue | 1.3% | 1.6% | 1.5% | 1.5% | 1.3% | 1.3% | 1.3% | 1.3% | 1.4% | 1.4% |
| R&D / revenue | 19.0% | 17.8% | 17.0% | 16.8% | 24.3% | 16.5% | 17.6% | 15.7% | 15.6% | 16.7% |
| SG&A / revenue | 19.2% | 21.2% | 21.7% | 20.6% | 20.7% | 22.5% | 22.0% | 22.5% | 21.3% | 22.3% |
| Efficiency | ||||||||||
| Days sales outstanding | 84.8 | 84.3 | 92.8 | 84.8 | 72.8 | 61.6 | 59.7 | 52.4 | 51.1 | 48.9 |
| Days of inventory on hand | 224.9 | 234.4 | 312.0 | 256.9 | 225.6 | 221.6 | 273.3 | 257.0 | 250.2 | 227.1 |
| Days payables outstanding | 72.7 | 49.6 | 68.3 | 83.7 | 78.8 | 82.7 | 108.0 | 113.9 | 101.8 | 82.5 |
| Cash conversion cycle (days) | 237.0 | 269.1 | 336.5 | 258.0 | 219.6 | 200.4 | 225.0 | 195.5 | 199.6 | 193.5 |
| Receivables turnover | 4.30 | 4.33 | 3.93 | 4.30 | 5.01 | 5.92 | 6.12 | 6.97 | 7.14 | 7.46 |
| Payables turnover | 5.02 | 7.35 | 5.35 | 4.36 | 4.63 | 4.41 | 3.38 | 3.21 | 3.59 | 4.42 |
| Inventory turnover | 1.62 | 1.56 | 1.17 | 1.42 | 1.62 | 1.65 | 1.34 | 1.42 | 1.46 | 1.61 |
| Asset turnover | 0.40 | 0.35 | 0.35 | 0.42 | 0.42 | 0.41 | 0.37 | 0.32 | 0.29 | 0.31 |
| Average receivables | $8.54B | $7.72B | $7.17B | $6.12B | $5.18B | $4.29B | $3.82B | $3.41B | $3.20B | $3.08B |
| Average payables | $2.14B | $1.75B | $1.58B | $1.47B | $1.39B | $1.40B | $1.29B | $1.28B | $1.13B | $941.0M |
| Average inventory | $6.61B | $8.26B | $7.22B | $4.51B | $3.99B | $3.74B | $3.26B | $2.89B | $2.79B | $2.59B |
| Intangibles / total assets | 45.2% | 50.5% | 52.8% | 48.5% | 49.2% | 49.7% | 57.1% | 33.3% | 29.2% | 32.2% |
Computed from AMGN's annual financial statements (latest annual report filed February 13, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AMGN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Amgen traded at 23.0 times earnings, against a 10-year median of 21.8. Based on the latest twelve months, the trailing P/E is 26.9 and the forward P/E is 16.7. Amgen earned a return on equity of 106.1% and a return on invested capital of 17.0% in fiscal 2025. It ended the year with $54.6 billion of debt and $9.1 billion in cash and short-term investments, net debt of $45.5 billion. It returned $5.1 billion to shareholders: $5.1 billion in dividends and $0 in share buybacks, 63% of free cash flow. The share count fell 28.1% from 754.0M to 542.0M over 9 years.
See the AMGN income statement, the AMGN chart for price history, or the AMGN stock overview for the latest quote and news.
AMGN key metrics FAQ
What is Amgen's P/E ratio?
Amgen's trailing P/E ratio is 26.9 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 16.7. At the end of fiscal 2025 it was 23.0, compared with a 10-year median of 21.8.
What is Amgen's EV/EBITDA?
Amgen's enterprise value was 13.2 times EBITDA at the end of fiscal 2025 (enterprise value $222.9 billion, EBITDA $16.9 billion); the current EV/EBITDA is 14.9.
What is Amgen's return on equity?
Amgen's return on equity (ROE) was 106.1% in fiscal 2025: net income of $7.7 billion on average shareholders' equity of $7.3 billion.
What is Amgen's ROIC?
Amgen's return on invested capital was 17.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Amgen have?
Amgen had total debt of $54.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 6.31 and $45.5 billion of net debt (2.69 times EBITDA).
What is Amgen's dividend yield?
Amgen's forward dividend yield is 2.33%. Amgen paid $5.1 billion in dividends in fiscal 2025 ($9.45 per share), a payout ratio of 66.5%.
What is Amgen's free cash flow yield?
Amgen generated $8.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.6% on its market value at year-end ($177.4 billion).
What is Amgen's current ratio?
Amgen's current ratio was 1.14 at the end of fiscal 2025: current assets were 1.14 times current liabilities.