Amgen Inc. (AMGN) 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

+92.1%

$895.08

vs $466.06 price

Levered DCF

$741.05

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.44

Grey zone

Rating

B+

Overall 3 / 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	22.84×	34.2×	22.93×	21.56×	21.76×	18.54×	18.6×	15.33×
P/B	20.34×	23.99×	24.73×	38.6×	19.14×	14.32×	15.08×	10.29×
P/S	4.79×	4.22×	5.47×	5.37×	4.94×	5.3×	6.24×	5.42×
EV / EBITDA	13.11×	14.16×	14.04×	14.18×	13.59×	12.42×	13.43×	12.08×
Gross margin	70.8%	61.5%	70.1%	75.7%	75.2%	75.8%	81.4%	82.7%
Operating margin	29.1%	21.7%	28.0%	36.3%	29.4%	35.9%	41.4%	43.2%
Net margin	21.0%	12.2%	23.8%	24.9%	22.7%	28.6%	33.6%	35.3%
Current ratio	1.14×	1.26×	1.65×	1.41×	1.59×	1.81×	1.44×	2.79×
Debt / equity	6.31×	10.23×	10.37×	10.64×	4.97×	3.51×	3.09×	2.71×
Interest coverage	3.88×	2.3×	2.75×	6.8×	6.38×	7.24×	7.51×	7.37×
Dividend yield	2.9%	3.4%	3.0%	3.0%	3.1%	2.8%	2.4%	2.7%
Payout ratio	66.5%	118.1%	67.8%	64.0%	68.1%	51.7%	44.7%	41.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	89.1%	69.6%	107.8%	179.0%	88.0%	77.2%	81.1%	67.2%
Return on invested capital	13.2%	8.9%	8.4%	16.7%	13.7%	15.9%	16.7%	15.7%
Return on assets	8.5%	4.5%	6.9%	10.1%	9.6%	11.5%	13.1%	12.6%
Free cash flow yield	4.6%	7.4%	4.8%	6.2%	6.5%	7.3%	5.8%	8.2%
Earnings yield	4.4%	2.9%	4.4%	4.6%	4.6%	5.4%	5.4%	6.5%
Enterprise value	$221.6B	$189.1B	$207.8B	$172.6B	$153.6B	$161.5B	$169.7B	$155.7B
Net debt / EBITDA	2.69×	3.6×	3.63×	2.57×	2.24×	2.06×	1.89×	2.09×
Cash conversion cycle (days)	226	226	447	280	236	211	249	209