Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026
Basics
Sector
Healthcare
Industry
Drug Manufacturers - General
Country
United States
Market cap
249.4B USD
Enterprise value
277.1B USD
Full-time employees
31,500
Overall health
Strength:its shares are priced lower than most peers relative to what it earnspriced lower than peers for its earnings
Drawback:higher risk than most peers: less short-term liquidity (current ratio 1.37 vs a peer median of 2.59) and more debt relative to equity (4.90× vs a peer median of 0.22×)higher risk: less liquidity (current ratio 1.37 vs peers 2.59) and more debt vs equity (4.90× vs peers 0.22×)
Ranks #499 of 1,157 healthcare companies (top 44%)
Stock pay outran buybacks. Stock-based pay expense $1.5B vs $200M spent repurchasing shares over the 3 fiscal years to 2025. Shares outstanding changed +1.2% from December 2022 to July 2026.
Over three fiscal years Amgen recorded $1.5B of stock-based pay expense and spent $200M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years Amgen recorded $1.5B of stock-based pay expense and spent $200M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.
Much more borrowing than peers.Debt is 4.9× equity vs a peer median of 0.2×.Debt is 4.9× equity vs peers 0.2×.
Debt is 4.9× shareholders' equity, against a peer median of 0.2×, among the highest 10% of its peer group.Debt is 4.9× shareholders' equity, vs peers 0.2×, among the highest 10% of its peer group.
Annual revenue rose 5 years in a row. Fiscal-year revenue rose from $25.4B in 2020 to $36.8B in 2025.
Amgen's fiscal-year revenue rose in each of the five years to 2025, from $25.4B to $36.8B.
Profit is backed by cash. Free cash flow is 116% of reported profit.
Amgen's free cash flow is 116% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.
StockQuotient Score
55/ 100▼ 1 since Oct 27 closeOct 5 56 → Nov 4 55 (-1)
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 61 → 60
Share price +3.0%-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Amgen
Is Amgen getting weaker?
Its latest SEC filing (Aug 5, 2026) showed no major changes. Its overall score is 55/100, down 1 since Oct 28, 2026.
How is Amgen valued vs its peers?
Priced lower than most peers relative to what it earns. Valuation scores 60/100 against 1,393 healthcare peers.Earnings yield 3.5% vs a peer median of 1.5% (stronger than 66% of peers).Earnings yield 3.5% vs peers 1.5% (stronger than 66% of peers).
Is Amgen growing?
Yes, faster than most of its peers. Growth scores 63/100 against 1,393 healthcare peers.Earnings per share growth 31.5% vs a peer median of 9.8% (stronger than 74% of peers).Earnings per share growth 31.5% vs peers 9.8% (stronger than 74% of peers).
How profitable is Amgen?
More profitable than most of its peers. Profitability scores 90/100 against 1,393 healthcare peers.Operating margin 30.0% vs a peer median of 7.1% (stronger than 93% of peers).Operating margin 30.0% vs peers 7.1% (stronger than 93% of peers).
How risky is Amgen?
Higher risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings.Beta 0.41 vs a peer median of 0.63 (stronger than 68% of peers).Beta 0.41 vs peers 0.63 (stronger than 68% of peers).Debt / equity 4.90× vs a peer median of 0.22× (weaker than 100% of peers).Debt / equity 4.90× vs peers 0.22× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
No major changes
Previous quarter
Latest quarter
Change
Revenue (12 months)
37.2B USD
38.1B USD
+2.4%
Net income (12 months)
7.8B USD
8.7B USD
+12.1%
Operating margin
28.4%
30.0%
+1.6 pts
Free cash flow (12 months)
8.6B USD
10.2B USD
+18.4%
Debt
57.3B USD
57.3B USD
−0.0%
Cash
12.0B USD
14.0B USD
+16.2%
Shares outstanding
539.7M
540.6M
+0.2%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Healthcare · 301 companies
Valuations in Healthcare are within their usual range since 2016.
52% of months since 2016 were valued lower than now.
19% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +8% and earnings +24% (medians): earnings grew faster than prices.
Median price-to-sales is +63% vs the whole market, against a usual +119%.
2016Shaded: most expensive fifth of its range2026
Shown for Healthcare: too few Drug Manufacturers - General companies have a long enough history of their own.
Earnings-based measures are left out for now because many companies in Healthcare are losing money.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
75.2%
75.7%
70.0%
61.5%
67.2%
▲ 5.7 pts
Operating margin
29.4%
36.3%
28.0%
21.7%
24.7%
▲ 3.0 pts
Net margin
22.7%
24.9%
23.8%
12.2%
21.0%
▲ 8.7 pts
Return on assets (ROA)
9.6%
10.1%
6.9%
4.5%
8.5%
▲ 4.1 pts
Return on equity (ROE)
88.0%
179.0%
107.8%
69.6%
89.1%
▲ 19 pts
Free cash flow margin
32.3%
33.4%
26.1%
31.1%
22.0%
▼ 9.1 pts
Current ratio
1.59×
1.41×
1.65×
1.26×
1.14×
▼ 9.3%
Quick ratio
1.26×
1.10×
1.13×
0.95×
0.90×
▼ 6.1%
Debt to equity
4.97×
10.64×
10.37×
10.23×
6.31×
▼ 38%
Interest coverage
6.38×
6.80×
2.75×
2.30×
3.30×
▲ 43%
AMGN price history
Price history is added with the daily price update and will appear after the next one.