AMGNNasdaqBiological Products, (No Diagnostic Substances)Fiscal year ends December 31
AMGEN INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$424.94−7.55 (-1.75%)
Close on Oct 19, 2026
- Market cap
- $231.17B
- P/E (TTM)
- 26.4
- Dividend yield
- 2.27%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
67.2%−8.5 pts over 5 years
Operating margin
24.7%−11.2 pts over 5 years
Net margin
21.0%−7.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +10.0% | +11.8% | +7.6% | +5.4% | |
| Gross profit | +20.2% | +7.5% | +5.1% | +3.6% | |
| Operating income | +25.1% | -1.7% | -0.1% | +0.7% | |
| Net income | +88.5% | +5.6% | +1.2% | +1.1% | |
| EPS, diluted | +88.2% | +5.5% | +2.9% | +4.6% | |
| Free cash flow | -22.1% | -2.7% | -3.9% | -1.2% | |
| Dividend per share | +5.8% | +6.7% | +8.0% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 26.6% | 76.1% | 106.1% | |
| Return on assets | 10.4% | 11.8% | 8.5% | |
| Current ratio | 4.11 | 1.81 | 1.14 | |
| Debt to equity | 1.16 | 3.51 | 6.31 | |
| Net debt to EBITDA | 2.64× | 2.10× | 3.19× | |
| Interest coverage | 7.8× | 7.2× | 3.3× | |
| Inventory turnover | 1.6× | 1.6× | 1.8× | |
| Capex to revenue | 3.2% | 2.4% | 5.1% | |
| Diluted shares | 754M | 590M | 542M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Amgen generated $48.90B from operations and spent $40.14B on capital expenditure, dividends and share buybacks. 15% of that went back into the business.
Generated
$48.90B
Used
$40.14B
Capital expenditure$5.88B15%Dividends$22.72B57%Share buybacks$11.54B29%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin21.0%
×Asset turnover0.40×
×Equity multiplier12.55×
=Return on equity, FY2025106.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 21.0% | 0.40× | 12.55× | 106.1% |
| FY2024 | 12.2% | 0.35× | 15.61× | 67.6% |
| FY2023 | 23.8% | 0.35× | 16.40× | 135.8% |
| FY2022 | 24.9% | 0.42× | 12.19× | 126.5% |
| FY2021 | 22.7% | 0.42× | 7.70× | 73.2% |
| FY2020 | 28.6% | 0.41× | 6.43× | 76.1% |
| FY2019 | 33.6% | 0.37× | 5.69× | 70.7% |
| FY2018 | 35.3% | 0.32× | 3.88× | 44.5% |
| FY2017 | 8.7% | 0.29× | 2.86× | 7.2% |
| FY2016 | 33.6% | 0.31× | 2.57× | 26.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$7.71B
- Cash generatingOperating cash flow above zero$9.96B
- Return on assets improvedROA up on the prior year4.2% → 8.4%
- Earnings backed by cashOperating cash flow above net income$9.96B vs $7.71B
- Less leverageLong-term debt to assets fell61.6% → 55.2%
- Better liquidityCurrent ratio rose1.26 → 1.14
- No dilutionShare count did not rise541M → 542M
- Gross margin improvedGross margin up on the prior year61.53% → 67.25%
- More efficientAsset turnover rose0.34 → 0.40