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Held by 3,070 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $407.44 today, the market must believe free cash flow compounds 8.5%/yr for a decade (off $8.62B on the 3-yr avg basis).
On the basis ($8.13B) the requirement is 9.3%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 8.5% is more optimistic than its 9-yr track record.
Default is 7.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.54B shares (market data) · net debt $45.48B
mean -0.1% · volatility σ 21% · implied rate exceeded in 3/9 yrs
Central path = implied 8.5%/yr growth; shaded band = ±1σ (21%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 63% of free cash flow, leaving room to grow it and fund buybacks. Last year: $5.12B dividends + $0 buybacks = $5.12B returned on $8.10B FCF.
9 consecutive years of dividend increases · 10%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: 12%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $9.13B covers the $4.57B due within a year 2.0× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Coverage is adequate but not comfortable. Effective rate ~5.0% on $54.60B of debt.
Cash of $9.13B fully covers short-term debt of $4.60B.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-08
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $36.75B 100.0% | $33.42B 100.0% | $28.19B 100.0% | $26.32B 100.0% | $25.98B 100.0% | $25.42B 100.0% | $23.36B 100.0% | $23.75B 100.0% | $22.85B 100.0% | $22.99B 100.0% |
| Cost of Revenue | $12.04B 32.8% | $12.86B 38.5% | $8.45B 30.0% | $6.41B 24.3% | $6.45B 24.8% | $6.16B 24.2% | $4.36B 18.6% | $4.10B 17.3% | $4.07B 17.8% | $4.16B 18.1% |
| Cost of Products | — | — | — | — | — | — | — | — | $4.07B 17.8% | $4.16B 18.1% |
| Selling, General & Admin | $7.05B 19.2% | $7.10B 21.2% | $6.18B 21.9% | $5.41B 20.6% | $5.37B 20.7% | $5.73B 22.5% | $5.15B 22.0% | $5.33B 22.5% | $4.87B 21.3% | $5.06B 22.0% |
| Total Operating Expenses | $27.67B 75.3% | $26.17B 78.3% | $20.29B 72.0% | $16.76B 63.7% | $18.34B 70.6% | $16.29B 64.1% | $13.69B 58.6% | $13.48B 56.8% | $12.88B 56.4% | $13.20B 57.4% |
| Operating Income | $9.08B 24.7% | $7.26B 21.7% | $7.90B 28.0% | $9.57B 36.3% | $7.64B 29.4% | $9.14B 35.9% | $9.67B 41.4% | $10.26B 43.2% | $9.97B 43.6% | $9.79B 42.6% |
| Interest Expense | $2.75B 7.5% | $3.15B 9.4% | $2.88B 10.2% | $1.41B 5.3% | $1.20B 4.6% | $1.26B 5.0% | $1.29B 5.5% | $1.39B 5.9% | $1.30B 5.7% | $1.26B 5.5% |
| Interest & Investment Income | $408.0M 1.1% | $510.0M 1.5% | $1.20B 4.3% | $127.0M 0.5% | $11.0M 0.0% | — | — | — | — | — |
| Other Income (Expense), net | $2.65B 7.2% | $506.0M 1.5% | $2.83B 10.0% | -$814.0M -3.1% | $259.0M 1.0% | $256.0M 1.0% | $753.0M 3.2% | $674.0M 2.8% | $928.0M 4.1% | $629.0M 2.7% |
| Pretax Income | $8.98B 24.4% | $4.61B 13.8% | $7.86B 27.9% | $7.35B 27.9% | $6.70B 25.8% | $8.13B 32.0% | $9.14B 39.1% | $9.54B 40.2% | $9.60B 42.0% | $9.16B 39.9% |
| Income Tax Expense | $1.26B 3.4% | $519.0M 1.6% | $1.14B 4.0% | $794.0M 3.0% | $808.0M 3.1% | $869.0M 3.4% | $1.30B 5.5% | $1.15B 4.8% | $7.62B 33.3% | $1.44B 6.3% |
| Net Income | $7.71B 21.0% | $4.09B 12.2% | $6.72B 23.8% | $6.55B 24.9% | $5.89B 22.7% | $7.26B 28.6% | $7.84B 33.6% | $8.39B 35.3% | $1.98B 8.7% | $7.72B 33.6% |
| Per Share | ||||||||||
| EPS (Basic) | $14.33 | $7.62 | $12.56 | $12.18 | $10.34 | $12.40 | $12.96 | $12.70 | $2.71 | $10.32 |
| EPS (Diluted) | $14.23 | $7.56 | $12.49 | $12.11 | $10.28 | $12.31 | $12.88 | $12.62 | $2.69 | $10.24 |
| Weighted Avg Shares (Basic) | 538.0M | 537.0M | 535.0M | 538.0M | 570.0M | 586.0M | 605.0M | 661.0M | 731.0M | 748.0M |
| Weighted Avg Shares (Diluted) | 542.0M | 541.0M | 538.0M | 541.0M | 573.0M | 590.0M | 609.0M | 665.0M | 735.0M | 754.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-08
Where each multiple sits in its own 14-yr range · 95th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 89% against ROIC 12% — 77% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 106.1% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
High operating leverage: profit moved 2.5× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 17.3 | 18.6 | 24.2 | 24.8 | 24.3 | 30.0 | 38.5 | 32.8 |
| SG&A | 22.5 | 22.0 | 22.5 | 20.7 | 20.6 | 21.9 | 21.2 | 19.2 |
| Operating Income | 43.2 | 41.4 | 35.9 | 29.4 | 36.3 | 28.0 | 21.7 | 24.7 |
| Income Tax | 4.8 | 5.5 | 3.4 | 3.1 | 3.0 | 4.0 | 1.6 | 3.4 |
| Net Income | 35.3 | 33.6 | 28.6 | 22.7 | 24.9 | 23.8 | 12.2 | 21.0 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AMGN: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Ranked against 26 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| AMGN | $220.3B | 28.6× | 18.6× | 6.0× | 10.0% | 67.2% | 21.0% | 89.1% | 12.2% | 3.2× | 3,070 |
| GILD | $182.4B | 21.7× | 19.9× | 6.2× | 2.4% | 78.8% | 28.9% | 37.5% | 17.9% | 2.4× | 2,216 |
| MRNA | $78.6B | — | — | 40.5× | -39.9% | 55.3% | -145% | -32.6% | -30.5% | — | 774 |
| BIIB | $32.3B | 24.9× | 14.6× | 3.3× | 2.2% | 75.7% | 13.1% | 7.1% | 5.3% | 2.4× | 1,010 |
| EXEL | $14.6B | 21.2× | 15.7× | 6.3× | 7.0% | 96.4% | 33.7% | 36.2% | 36.2% | -0.5× | 722 |
| NBIX | $14.4B | 30.3× | 21.1× | 5.0× | 21.4% | 98.2% | 16.7% | 14.7% | 14.7% | -1.1× | 747 |
| HALO | $12.5B | 42.9× | 30.1× | 8.9× | 37.6% | 83.6% | 22.7% | 649% | 14.5% | 4.2× | 640 |
| TECH | $11.4B | 62.5× | 31.8× | 9.3× | -0.4% | 65.8% | 15.0% | 8.6% | 8.6% | -0.8× | 572 |
| RGEN | $10.4B | 190.5× | 109.4× | 14.1× | 16.4% | 52.3% | 6.6% | 2.3% | 1.8% | -0.3× | 465 |
| TWST | $10.1B | — | — | 26.8× | 20.3% | 50.7% | -20.6% | -16.4% | -16.4% | — | 322 |
| KRYS | $9.7B | 47.9× | 55.0× | 24.9× | 33.9% | — | 52.6% | 16.8% | 16.8% | -3.0× | 409 |
| QGEN | $9.2B | 22.9× | 15.2× | 4.4× | 5.7% | 62.2% | 20.3% | 11.2% | 7.8% | 1.2× | — |
| IOVA | $6.0B | — | — | 22.9× | 60.6% | 34.3% | -148% | -56.0% | -56.0% | — | 288 |
| ADPT | $4.2B | — | — | 15.0× | 54.8% | 74.2% | -21.5% | -27.2% | -17.0% | — | 283 |
| ADMA | $2.3B | 17.2× | 11.5× | 4.5× | 19.6% | 57.4% | 28.8% | 30.8% | 26.7% | -0.1× | 317 |
| BCRX | $2.1B | 6.8× | 5.9× | 2.4× | 94.1% | 97.8% | 30.2% | -221% | -221% | -0.3× | 312 |
| RXRX | $2.1B | — | — | 28.4× | 26.9% | 5.0% | -863% | -57.0% | -56.1% | — | 341 |
| VCEL | $2.1B | 125.2× | 86.4× | 7.4× | 16.5% | 74.4% | 6.0% | 4.7% | 4.7% | -4.4× | 307 |
| VIR | $1.9B | — | — | 27.4× | -7.6% | 100.0% | -639% | -57.2% | -57.2% | — | 233 |
| NVAX | $1.8B | 4.3× | 3.8× | 1.6× | 64.7% | 93.5% | 39.2% | -345% | 378% | 0.0× | 263 |
| IMCR | $1.5B | — | — | 3.8× | 29.0% | 98.7% | -8.9% | -9.3% | -9.3% | — | 132 |
| AUTL | $471M | — | — | 6.3× | 645% | -27.8% | -381% | -161% | -161% | — | 82 |
| PLX | $218M | — | — | 4.1× | -1.2% | 48.8% | -12.5% | -13.7% | -13.7% | — | 103 |
| CGEN | $201M | 5.6× | 3.5× | 2.8× | 161% | 87.3% | 48.6% | 34.4% | 34.4% | -2.9× | 83 |
| CHRS | $165M | 0.8× | — | 3.9× | 59.8% | 67.2% | — | 275% | 275% | — | 147 |
Peers = companies sharing AMGN's sector (Biological Products, (No Diagnostic Substances)) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Earns 6.29pts above its cost of capital, but net margin has stepped down from 2489.08% to 2098.17% over 3 years.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 24.3% | 7.8% (today's — no rate published for this year) | 16.4pts |
| FY2020 | 21.4% | 7.8% (today's — no rate published for this year) | 13.5pts |
| FY2021 | 19.9% | 4.7% | 15.2pts |
| FY2022 | 22.9% | 6.7% | 16.2pts |
| FY2023 | 11.2% | 7.3% | 3.8pts |
| FY2024 | 11.3% | 8.1% | 3.3pts |
| FY2025 | 14.1% | 7.0% | 7.2pts |
| Now | 12.2% | 7.8% | 4.3pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 81.9% | 42.6% | 33.6% |
| FY2017 | 82.2% | 43.6% | 8.7% |
| FY2018 | 82.7% | 43.2% | 35.3% |
| FY2019 | 81.4% | 41.4% | 33.6% |
| FY2020 | 75.8% | 35.9% | 28.6% |
| FY2021 | 75.2% | 29.4% | 22.7% |
| FY2022 | 75.7% | 36.3% | 24.9% |
| FY2023 | 70.0% | 28.0% | 23.8% |
| FY2024 | 61.5% | 21.7% | 12.2% |
| FY2025 | 67.2% | 24.7% | 21.0% |
Leverage and buybacks account for 77 points of the 89% return on equity in FY2025. The business earns 12% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$18.7B of goodwill — 34% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
ROIC ex-goodwill is 21.27% against 14.14% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Converts 1.49x of reported profit into cash — adequate, without much margin.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Covers interest 2.3x under stress — adequate, without much room.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 3.30x |
| 5% | 3.13x |
| 10% | 2.97x |
| 15% | 2.80x |
| 20% | 2.64x |
| 25% | 2.47x |
| 30% | 2.31x |
| 35% | 2.14x |
| 40% | 1.98x |
| 45% | 1.81x |
| 50% | 1.65x |
| 55% | 1.48x |
| 60% | 1.32x |
Ladder as of 2025-12-31 (10-K); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Net debt is 3.3x EBITDA, so coverage today depends on earnings holding up rather than on the balance sheet.
At $407.44, free cash flow must compound 8.58%/yr for 10 years. It has done -0.86%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 15.9% | 8.6% |
| FY2021 | −15.2% | 8.6% |
| FY2022 | 4.8% | 8.6% |
| FY2023 | −16.2% | 8.6% |
| FY2024 | 41.2% | 8.6% |
| FY2025 | −22.1% | 8.6% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7.71B | $7.71B |
| Share-based comp | $494M | $8.21B |
| Other non-cash & working capital | $1.75B | $9.96B |
| Operating cash flow | $9.96B | $9.96B |
| Capex | −$1.86B | $8.10B |
| Free cash flow | $8.10B | $8.10B |
| FCF after SBC | $7.61B | $7.61B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 8.8% | 11.5% | 2.7 points |
| FY2021 | 2.2% | 8.2% | 6.0 points |
| FY2022 | 1.3% | 13.7% | 12.3 points |
| FY2023 | 7.1% | 30.6% | 23.6 points |
| FY2024 | 18.6% | -6.7% | -25.3 points |
| FY2025 | 9.9% | 41.1% | 31.2 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 63.4 days | 300.3 days | 114.9 days | 248.8 days |
| FY2020 | 65 days | 230.7 days | 84.2 days | 211.5 days |
| FY2021 | 68.8 days | 231.1 days | 77.3 days | 222.6 days |
| FY2022 | 77.1 days | 280.9 days | 89.6 days | 268.5 days |
| FY2023 | 94.1 days | 411.1 days | 68.7 days | 436.5 days |
| FY2024 | 74.1 days | 198.7 days | 54.2 days | 218.6 days |
| FY2025 | 95 days | 188.8 days | 71.8 days | 212 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.2 percent |
| FY2020 | -5.1 percent |
| FY2021 | -5.5 percent |
| FY2022 | -4.9 percent |
| FY2023 | -1.8 percent |
| FY2024 | -8.1 percent |
| FY2025 | -2.5 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.