AbbVie Inc. (ABBV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-55.6%

$127.82

vs $288.18 price

Levered DCF

$168.84

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.9

Grey zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	96.41×	74.04×	56.77×	24.3×	20.9×	39.25×	16.71×	24.98×
P/B	-123.96×	94.54×	26.45×	16.59×	15.55×	13.66×	-16.05×	-16.82×
P/S	6.63×	5.58×	5.04×	4.93×	4.26×	3.9×	3.94×	4.34×
EV / EBITDA	26.61×	25.26×	18.71×	14.11×	12.85×	20.87×	12.95×	21.07×
Gross margin	70.2%	70.0%	62.4%	70.0%	69.0%	66.4%	77.6%	76.4%
Operating margin	32.8%	16.2%	23.5%	31.2%	31.9%	24.8%	39.0%	19.5%
Net margin	6.9%	7.6%	9.0%	20.4%	20.5%	10.1%	23.7%	17.4%
Current ratio	0.67×	0.66×	0.87×	0.96×	0.79×	0.84×	3.18×	0.98×
Debt / equity	-21.12×	20.4×	5.8×	3.72×	5.03×	6.66×	-8.21×	-4.77×
Interest coverage	6.94×	3.25×	5.74×	8.12×	7.4×	4.63×	7.28×	4.74×
Dividend yield	2.9%	3.5%	3.8%	3.5%	3.9%	4.3%	4.9%	3.9%
Payout ratio	275.8%	257.7%	216.7%	84.9%	80.2%	167.2%	80.8%	98.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-129.2%	128.7%	46.9%	68.6%	74.9%	35.3%	-96.5%	-67.3%
Return on invested capital	13.0%	8.9%	9.6%	14.0%	12.9%	8.7%	15.7%	13.5%
Return on assets	3.2%	3.2%	3.6%	8.5%	7.9%	3.1%	8.8%	9.6%
Free cash flow yield	4.4%	5.7%	8.1%	8.5%	9.2%	9.4%	9.7%	9.0%
Earnings yield	1.0%	1.4%	1.8%	4.1%	4.8%	2.6%	6.0%	4.0%
Enterprise value	$469.2B	$376.7B	$321.3B	$341.2B	$307.5B	$257.2B	$158.3B	$175.1B
Net debt / EBITDA	3.62×	4.18×	2.75×	2.27×	2.83×	6.38×	2.22×	3.97×
Cash conversion cycle (days)	102	97	82	84	70	95	77	63