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AMGEN INC

AMGN· Nasdaq· Biological Products, (No Diagnostic Substances)

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
22.0%
ROIC, 5 yr avg
16.8%
Revenue, 5 yr CAGR
+7.6%
We record prices for the companies we cover; AMGN is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
542.0M
Revenue
$36.8B
Free cash flow
$8.1B
Owner earnings
$7.6B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
–
Operating
24.7%
Net
21.0%
Free cash flow
22.0%
Owner earnings
20.7%
Stock pay
1.3%

Returns

ROIC, FY2025
14.4%
ROIC, 5 yr avg
16.8%
ROE, FY2025
89.1%
ROE, 5 yr avg
106.7%

Growth (CAGR)

Revenue, 3 yr
11.8%
Revenue, 5 yr
7.6%
Revenue, 9 yr
5.4%
Diluted EPS, 3 yr
5.5%
Diluted EPS, 5 yr
2.9%
Diluted EPS, 9 yr
3.7%
Free cash flow, 3 yr
-2.7%
Free cash flow, 5 yr
-3.9%
Free cash flow, 9 yr
-1.9%

Financial health · FY2025

Cash and investments
$9.1B
Total debt
$54.6B
Net debt
$45.5B
Debt/Equity
6.3x
Debt/FCF
6.7x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
66.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.7%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$36.8B

+5.4% a year over 9 years

FY2016: Revenue $23.0BFY2017: Revenue $22.8BFY2018: Revenue $23.7BFY2019: Revenue $23.4BFY2020: Revenue $25.4BFY2021: Revenue $26.0BFY2022: Revenue $26.3BFY2023: Revenue $28.2BFY2024: Revenue $33.4BFY2025: Revenue $36.8B
FY2016FY2025

Margins

Operating24.7%Net21.0%

FY2025

FY2016: Operating 42.6%, Net 33.6%FY2017: Operating 43.6%, Net 8.7%FY2018: Operating 43.2%, Net 35.3%FY2019: Operating 41.4%, Net 33.6%FY2020: Operating 35.9%, Net 28.6%FY2021: Operating 29.4%, Net 22.7%FY2022: Operating 36.3%, Net 24.9%FY2023: Operating 28.0%, Net 23.8%FY2024: Operating 21.7%, Net 12.2%FY2025: Operating 24.7%, Net 21.0%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$8.1BOwner earnings$7.6B

Free cash flow -1.9% a year

FY2016: Free cash flow $9.6B, Owner earnings $9.3BFY2017: Free cash flow $10.5B, Owner earnings $10.2BFY2018: Free cash flow $10.6B, Owner earnings $10.2BFY2019: Free cash flow $8.5B, Owner earnings $8.2BFY2020: Free cash flow $9.9B, Owner earnings $9.6BFY2021: Free cash flow $8.4B, Owner earnings $8.0BFY2022: Free cash flow $8.8B, Owner earnings $8.4BFY2023: Free cash flow $7.4B, Owner earnings $6.9BFY2024: Free cash flow $10.4B, Owner earnings $9.9BFY2025: Free cash flow $8.1B, Owner earnings $7.6B
FY2016FY2025

Diluted shares

542.0M

-28.1% over 9 years, net buybacks

FY2016: Diluted shares 754.0MFY2017: Diluted shares 735.0MFY2018: Diluted shares 665.0MFY2019: Diluted shares 609.0MFY2020: Diluted shares 590.0MFY2021: Diluted shares 573.0MFY2022: Diluted shares 541.0MFY2023: Diluted shares 538.0MFY2024: Diluted shares 541.0MFY2025: Diluted shares 542.0M
FY2016FY2025

Return on invested capital

14.4%

FY2025

FY2016: ROIC 13.5%FY2017: ROIC 10.9%FY2018: ROIC 52.7%FY2019: ROIC 27.1%FY2020: ROIC 25.7%FY2021: ROIC 21.0%FY2022: ROIC 25.6%FY2023: ROIC 11.3%FY2024: ROIC 11.9%FY2025: ROIC 14.4%
FY2016FY2025

Net debt (below zero)

-$45.5B

$45.5B more debt than cash

FY2016: Net cash -$31.4BFY2017: Net cash $6.3BFY2018: Net cash -$4.6BFY2019: Net cash -$21.0BFY2020: Net cash -$22.3BFY2021: Net cash -$25.3BFY2022: Net cash -$29.6BFY2023: Net cash -$53.7BFY2024: Net cash -$48.1BFY2025: Net cash -$45.5B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$23.0B$22.8B$23.7B$23.4B$25.4B$26.0B$26.3B$28.2B$33.4B$36.8B
Revenue growth6.1%-0.6%3.9%-1.6%8.8%2.2%1.3%7.1%18.6%10.0%
Gross margin––––––––––
Operating margin42.6%43.6%43.2%41.4%35.9%29.4%36.3%28.0%21.7%24.7%
Net income$7.7B$2.0B$8.4B$7.8B$7.3B$5.9B$6.6B$6.7B$4.1B$7.7B
Net margin33.6%8.7%35.3%33.6%28.6%22.7%24.9%23.8%12.2%21.0%
Diluted EPS$10.24$2.69$12.62$12.88$12.31$10.28$12.11$12.49$7.56$14.23
Return on invested capital?13.5%10.9%52.7%27.1%25.7%21.0%25.6%11.3%11.9%14.4%
Cash
Operating cash flow$10.4B$11.2B$11.3B$9.2B$10.5B$9.3B$9.7B$8.5B$11.5B$10.0B
Capital expenditure$738.0M$664.0M$738.0M$618.0M$608.0M$880.0M$936.0M$1.1B$1.1B$1.9B
Free cash flow$9.6B$10.5B$10.6B$8.5B$9.9B$8.4B$8.8B$7.4B$10.4B$8.1B
Stock-based compensation$311.0M$329.0M$311.0M$308.0M$330.0M$341.0M$401.0M$431.0M$530.0M$494.0M
Owner earnings?$9.3B$10.2B$10.2B$8.2B$9.6B$8.0B$8.4B$6.9B$9.9B$7.6B
Free cash flow per share$12.75$14.30$15.88$14.01$16.76$14.63$16.24$13.68$19.21$14.94
Capital allocation
Dividends paid$3.0B$3.4B$3.5B$3.5B$3.8B$4.0B$4.2B$4.6B$4.8B$5.1B
Share repurchases$3.0B$3.2B$17.8B$7.7B$3.5B$5.0B$6.4B$0$200.0M$0
Diluted shares754.0M735.0M665.0M609.0M590.0M573.0M541.0M538.0M541.0M542.0M
Share count change?-1.6%-2.5%-9.5%-8.4%-3.1%-2.9%-5.6%-0.6%0.6%0.2%
Balance sheet
Cash and equivalents$3.2B$3.8B$6.9B$6.0B$6.3B$8.0B$7.6B$10.9B$12.0B$9.1B
Short-term investments–$37.9B$22.4B$2.9B$4.4B$48.0M$1.7B$0––
Total debt$34.6B$35.3B$33.9B$29.9B$33.0B$33.3B$38.9B$64.6B$60.1B$54.6B
Net debt$31.4B-$6.3B$4.6B$21.0B$22.3B$25.3B$29.6B$53.7B$48.1B$45.5B
Shareholders' equity$29.9B$25.2B$12.5B$9.7B$9.4B$6.7B$3.7B$6.2B$5.9B$8.7B

Latest filings

All on EDGAR
2026-08-0510-QQuarterly report
2026-08-048-KEarnings release
2026-05-0110-QQuarterly report
2026-04-308-KEarnings release
2026-04-07DEF 14AProxy statement
2026-02-1310-KAnnual report
2026-02-038-KEarnings release
2025-11-0510-QQuarterly report
2025-11-048-KEarnings release
2025-08-0610-QQuarterly report

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