Health Care · Biotechnology · US stock · price as of 16 Oct 2026
Key indicators
Price
$432.49
52-week range
$280.23 – $447.03
Market cap
$235.3B
P/E (trailing)
26.9×
EV / EBITDA
19.7×
Free-cash-flow yield
4.3%
Dividend yield
2.3%
Revenue (last 12 months)
$38.1B
Revenue growth (3y a year)
11.8%
Operating margin
30.0%
Return on invested capital
17.7%
Net debt / EBITDA
3.1×
Fair value
Blended fair value$376.16 range $359 – $393
Versus priceFair−13% to fair value
Peer multiples
$432.49
Fundamentals-adjusted multiple
$401.90
10-year DCF (market-scaled)
$294.08
Earnings power value (floor, not blended)
$95.10
Model uncertainty
Medium
X-Ray Score
51/ 100 · High confidence · ahead of 52% of sector peers
Valuation49
Growth61
Profitability55
Financial health36
Dividends56
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Amgen is a biotechnology company that discovers, develops and manufactures medicines for serious illnesses, including cancer, heart disease, bone disorders and inflammatory conditions. It sells its products to wholesalers, hospitals and pharmacies, and revenue is driven by a portfolio of established drugs and some newer ones. Earnings depend on patent protection, competition from biosimilars, pricing and the success of its research pipeline.
Revenue over the last twelve months came to $38.1 billion, and sales grew by 11.8% a year on average across the past three years. Operating margin is 30.0% and return on invested capital is 18%. Net debt to EBITDA is 3.1 times. It pays a dividend with a yield of 2.3%. Taken together, these numbers give a factual snapshot of the business.
StocksXray gives Amgen Inc an X-Ray Score of 51 out of 100 (high confidence), ahead of 52% of the S&P 500 stocks in its sector. Its strongest lens is growth (61) and its weakest is financial health (36).
Our fair value blend is $376.16 (range $359.27 to $392.97). At $432.49 the stock trades 15% above that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Amgen Inc (AMGN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$194.17
$233.84
$265.33
$247.36
$320.75
$432.49
Market cap
$111.3B
$126.5B
$142.7B
$133.8B
$173.8B
$235.3B
P/E
18.9×
19.3×
21.2×
32.7×
22.5×
26.9×
EV / revenue
5.3×
5.9×
7.0×
5.4×
6.0×
7.3×
EV / EBITDA
12.4×
12.0×
16.4×
14.2×
15.4×
19.7×
Price / free cash flow
13.3×
14.4×
19.4×
12.9×
21.5×
23.1×
Free-cash-flow yield
7.5%
6.9%
5.2%
7.8%
4.7%
4.3%
Price / book
16.6×
34.6×
22.9×
22.8×
20.1×
20.1×
Dividend yield
3.72%
3.40%
3.26%
3.69%
3.01%
2.30%
Fundamentals checklist ● 3 Good · ● 9 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.9%Average
Free-cash-flow yield4.3%Average
Risk models
Altman Z score0.8×Bad
Piotroski F-Score7 of 9Average
Growth
EPS growth (3y)5.5%Average
Free-cash-flow growth (3y)−2.7%Bad
Revenue growth (3y)11.8%Good
Growth consistency100%Good
Balance sheet
Current ratio1.4×Average
Net debt / EBITDA3.1×Bad
Interest cover4.3×Bad
Valuation
Fair value vs price0.9×Average
EBIT / EV yield4.1%Average
Profitability
Return on invested capital17.7%Average
Operating margin30.0%Good
Gross profitability27.7%Average
XStocksXray
Amgen Inc (AMGN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
25,979
26,323
28,190
33,424
36,751
38,095
Gross profit
19,525
19,917
19,739
20,566
24,714
26,482
Operating income
7,639
9,566
7,897
7,258
9,080
11,426
Net income
5,893
6,552
6,717
4,090
7,711
8,743
Diluted EPS ($)
10.28
12.11
12.49
7.56
14.23
16.10
Free cash flow
8,381
8,785
7,359
10,394
8,100
10,175
Gross margin
75.2%
75.7%
70.0%
61.5%
67.2%
69.5%
Operating margin
29.4%
36.3%
28.0%
21.7%
24.7%
30.0%
Net margin
22.7%
24.9%
23.8%
12.2%
21.0%
23.0%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
61,165
65,121
97,154
91,839
90,586
95,639
Cash
7,989
7,629
10,944
11,973
9,129
13,989
Total debt
33,309
38,945
64,613
60,099
54,604
57,304
Equity
6,700
3,661
6,232
5,877
8,658
11,688
Dividend per share ($)
7.22
7.95
8.64
9.13
9.66
7.42
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.