AMGEN INC (AMGN) Stock Analysis

Analysis from 10-Q filed 2025-11-05. Data as of Q2 2026.

Overall Grade: F (Concerning)

Grade F (Concerning). ROIC 14.9%. FCF margin 26.7%. D/E 4.9x. Source: 10-Q filed 2025-11-05.

Metric	Value	Context
ROIC	14.9%	Solid returns
FCF Margin	26.7%	Strong cash generation
Debt/Equity	4.9x	Elevated debt

ROIC 14.9% — Top 25% of sector peers. FCF margin 26.7% — Top 5%.

Explore AMGEN INC: Earnings History | Filings

Programmatic access: Available via MCP at mcp.metricduck.com. Tools for AMGN: get_company_overview, get_filing_index (lens: debt_stress, management_outlook, risk_trajectory), get_filing_changes, get_metric_history, compare_companies, screen_filing_signals.

---

Profitability: AMGEN INC earns 14.9% ROIC, Top 25% in Healthcare

ROIC TTM 14.9%, sector median -6.3%, Top 25%. DuPont: NOPAT margin 25.5% × asset turnover 0.4x. Gross margin 69.5%. Operating margin 30.0%. Source: 10-Q filed 2025-11-05.

Metric	AMGN	Rating	Context
Return on Invested Capital (ROIC)	14.9%	Good	Above sector median of -6.3%
Return on Equity (ROE)	94.5%	Excellent	Efficient use of shareholder equity
Gross Margin	69.5%	Excellent	Strong pricing power
Operating Margin	30.0%	Excellent	Efficient operations

---

Cash Flow: AMGEN INC generates $10.2B FCF at 26.7% margin, positive NaN/8 quarters

FCF TTM $10.2B. FCF margin 26.7%, Top 5%. OCF/Net income 1.4x. Positive FCF in NaN/8 trailing quarters. Source: 10-Q filed 2025-11-05.

Metric	AMGN	Rating	Context
Free Cash Flow Margin	26.7%	Excellent	Excellent cash conversion
Free Cash Flow (TTM)	$10.2B	Good	Positive cash generation
OCF/Net Income	1.4x	Excellent	High earnings quality
FCF Consistency (8Q)	N/A	Warning	Variable cash flow

---

Balance Sheet: AMGEN INC at 4.9x leverage

Debt/Equity 4.9x. Total debt $57.3B, cash & investments $14.0B. Source: 10-Q filed 2025-11-05.

Metric	AMGN	Rating	Context
Debt to Equity	4.9x	Red flag	Elevated leverage
Net Cash Position	$-43.3B	Warning	Net debt position

---

Valuation: AMGEN INC trades at 22.3x earnings

P/E 22.3x. EV/Sales 5.7x. FCF yield 5.2%. Dividend yield 2.7%. Source: 10-Q filed 2025-11-05.

Metric	AMGN	Rating	Context
P/E Ratio	22.3x	Adequate	Premium valuation
EV/Sales	5.7x	Adequate	Growth premium priced in
FCF Yield	5.2%	Good	Attractive cash return
Dividend Yield	2.7%	Adequate	Growth focus over income

---

Capital Allocation: AMGEN INC returns 2.7% shareholder yield

Total shareholder yield 2.7% (div 2.7%). Capital returned $5.3B TTM. Source: 10-Q filed 2025-11-05.

Metric	AMGN	Rating	Context
Total Shareholder Yield	2.7%	Adequate	Dividend + buyback yield combined
Total Capital Returned (TTM)	$5.3B	Good	Dividends + buybacks returned to shareholders

---

Sector Rankings

Metric	Value	Percentile	vs Median
Return on Invested Capital (ROIC)	14.9%	Top 25%	-
Free Cash Flow Margin	26.7%	Top 5%	-
Gross Margin	69.5%	Top 50%	1.1x above
Operating Margin	30.0%	Top 25%	60.6x above
Return on Equity (ROE)	94.5%	Top 5%	-
P/E Ratio	22.3x	N/A	-

---

Financial Scorecard

Metric	AMGN	Rating	Sector Context
Return on Invested Capital (ROIC)	14.9%	Good	Top 25% of sector (median: -6.3%)
Free Cash Flow Margin	26.7%	Excellent	Top 5% of sector (median: 0.0%)
Gross Margin	69.5%	Excellent	Top 50% of sector (median: 64.0%)
Debt to Equity Ratio	490.3%	Red flag	High financial leverage
P/E Ratio (Price-to-Earnings)	22.3x	Adequate	Fair value
Free Cash Flow Yield	5.2%	Good	Solid cash yield

---

Frequently Asked Questions

Q: What is AMGEN INC's Return on Invested Capital (ROIC)?

AMGEN INC (AMGN) has a trailing twelve-month Return on Invested Capital (ROIC) of 14.9%. Sector median -6.3%. Source: 10-Q filed 2025-11-05.

Q: What is AMGEN INC's Free Cash Flow Margin?

AMGEN INC (AMGN) has a free cash flow margin of 26.7%, generating $10.2 billion in free cash flow over the trailing twelve months. Source: 10-Q filed 2025-11-05.

Q: What is AMGEN INC's P/E ratio and how does it compare to peers?

AMGEN INC (AMGN) trades at a P/E ratio of 22.3x, which is above the sector median of N/A. EV/Sales 5.7x. FCF yield 5.2%. Source: 10-Q filed 2025-11-05.

Q: Does AMGEN INC pay a dividend?

AMGEN INC (AMGN) currently pays a dividend yield of 2.7%. Total shareholder yield (dividend + buybacks) 2.7%. Source: 10-Q filed 2025-11-05.

Q: How much debt does AMGEN INC have?

AMGEN INC (AMGN) has a debt-to-equity ratio of 4.9x with total debt of $57.3 billion. Net debt $43.3 billion. Source: 10-Q filed 2025-11-05.

Q: What is AMGEN INC's revenue and earnings growth?

AMGEN INC (AMGN) grew revenue by 9.1% year-over-year. EPS +31.7% YoY. Source: 10-Q filed 2025-11-05.

Q: How does AMGEN INC compare to competitors in Healthcare?

Compared to other companies in Healthcare, AMGEN INC (AMGN) shows: ROIC 14.9%, sector median -6.3% (Top 25%). FCF margin 26.7%, sector median 0.0% (Top 5%). Gross margin 69.5%, 5.5pp above sector median. These rankings are based on MetricDuck's analysis of all Healthcare companies with available SEC filings.

Q: What warning signs should I watch for with AMGEN INC?

Quantitative warning flags for AMGEN INC (AMGN): 1) debt/equity 4.9x (above 1.5x threshold). Source: 10-Q filed 2025-11-05.

---

Data Source: Data sourced from 10-Q filed 2025-11-05. TTM metrics as of Q2 2026.

Methodology: Financial metrics calculated from SEC 10-K and 10-Q filings using standardized formulas. Sector comparisons use peer group based on SIC code.

Scope: This analysis covers SEC filing fundamentals — profitability, cash flow, balance sheet, and valuation metrics. For analyst estimates and price targets, consult sell-side research.

This analysis is for informational purposes only and does not constitute investment advice.