Amgen (AMGN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Amgen

NasdaqGS•Healthcare•Drug Manufacturers - General

$379.78+3.43(0.01%)After hours

Market Cap

$205.08B

P/E

23.5x

P/S

5.4x

P/B

17.5x

Amgen Inc. discovers, develops, manufactures, and delivers human therapeutics worldwide. The company's principal products include Enbrel for the treatment of rheumatoid arthritis, plaque psoriasis, and psoriatic arthritis; Otezla for the treatment of adult patients with plaque psoriasis, psoriatic arthritis, and oral ulcers associated with Behçet's disease; Prolia to treat postmenopausal women with osteoporosis; XGEVA for skeletal-related events prevention; Repatha, which reduces the risks of myocardial infarction, stroke, and coronary revascularization; Nplate for the treatment of patients with immune thrombocytopenia; KYPROLIS to treat patients with relapsed or refractory multiple myeloma; Aranesp to treat a lower-than-normal number of red blood cells and anemia; EVENITY for the treatment of osteoporosis in postmenopausal for women; Vectibix to treat patients with wild-type RAS metastatic colorectal cancer; BLINCYTO for the treatment of patients with acute lymphoblastic leukemia; TEPEZZA to treat thyroid eye disease; and KRYSTEXXA for the treatment of chronic refractory gout. It also markets other products, including PROLIA, REPATHA, OTEZLA, ENBREL, EVENITY, XGEVA, TEPEZZA, BLINCYTO, NPLATE, TEZSPIRE, KYPROLIS, ARANESP, KRYSTEXXA AND VECTIBIX, MVASI, PAVBLU, UPLIZNA, IMDELLTRA/IMDYLLTRA, AMJEVITA/AMGEVITA, TAVNEOS, NEULASTA, LUMAKRAS/LUMYKRAS, RAVICTI, PARSABIV, AIMOVIG, WEZLANA/WEZENLA, AND PROCYSBI. The company serves healthcare providers, including physicians or their clinics, dialysis centers, hospitals, and pharmacies. It distributes its products through pharmaceutical wholesale distributors. The company has collaboration agreements with AstraZeneca plc for the development and commercialization of TEZSPIRE; BEONE MEDICINES LTD. to develop and commercialize Aimovig; UCB for the development and commercialization of EVENITY; Kyowa Kirin Co., Ltd. for rocatinlimab development and commercialization; and BeiGene, Ltd. for oncology products expansion and development. The company was incorporated in 1980 and is headquartered in Thousand Oaks, California.

How this company scores

GoodMetricSide Score: 76/100

Strongest: Profitability (25/25); weakest: Balance Sheet & Red Flags (13/25).

Profitability25/25

Growth20/25

Balance Sheet & Red Flags13/25

Cash & Earnings Quality18/25

Strengths

Strong marginsHigh ROERising earningsCash-backed earnings

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 23.5x5y range 14.8x – 53.6x

Currently near its 20-quarter median.

P/S · 5.4x5y range 4.1x – 5.5x

Currently near its 20-quarter median.

P/B · 17.5x5y range 14.8x – 145.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Leverage Risk

Red Flag

D/E ratio is 4.4 — heavily leveraged and vulnerable to rising rates or cash flow dips.

Price & Volume

Market Cap $205.08B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $38.09B
Q. Revenue: $10.05B
TTM EBITDA: $16.11B
TTM Op. Income: $11.43B
Q. Op. Income: $3.51B
TTM Net Income: $8.74B
Q. Net Income: $2.38B
EPS: $4.4
Shares Out.: $540.00M

$38.09B in TTM revenue grew 9.1% YoY, reaching $10.05B last quarter. TTM EBITDA of $16.11B and TTM operating income of $11.43B show growth is flowing through to the bottom line. TTM net income of $8.74B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 43.8%
Op. Margin: 35.0%
Net Margin: 23.6%

Op. margin of 35.0% is up 6.0% YoY — cost efficiency is improving. Net margin at 23.6% Across the last 8 quarters, operating margin has risen for 3 consecutive quarters — an improving trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 23.5x
P/S Ratio: 5.4x
P/B Ratio: 17.5x

At 23.5x P/E, the stock trades within typical market levels. P/S of 5.4x and P/B of 17.5x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 3% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $95.64B
Cash: $13.99B
Long-Term Debt: $51.86B
Book Value: $11.69B
D/E Ratio: 4.4
Debt/EBITDA: 11.8

With $95.64B in assets and $51.86B in long-term debt, D/E is 4.4and book value is $11.69B — elevated leverage, meaning significant financial risk in a downturn. Across the last 8 quarters, debt/equity has fallen for 2 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $4.00B
TTM Free Cash Flow: $10.18B
FCF Margin: 26.7%
FCF / Net Income: 1.2

TTM FCF of $10.18B on $4.00B in operating cash flow. The FCF / Net Income ratio of 1.2x means free cash flow covers net income — earnings are backed by cash. Across the last 8 quarters, free cash flow has risen for 2 consecutive quarters — an improving trend.