AMGEN INC (AMGN) Stock Analysis

Analysis from 10-Q filed 2026-08-05. 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 2026-08-05.

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 10%.

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.

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

ROIC TTM 14.9%, sector median -7.4%, Top 25%. DuPont: NOPAT margin 25.5% × asset turnover 0.4x. Gross margin 69.5%. Operating margin 30.0%. Source: 10-Q filed 2026-08-05.

Metric	AMGN	Rating	Context
Return on Invested Capital (ROIC)	14.9%	Good	Above sector median of -7.4%
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

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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 10%. OCF/Net income 1.4x. Positive FCF in NaN/8 trailing quarters. Source: 10-Q filed 2026-08-05.

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

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Balance Sheet: AMGEN INC at 4.9x leverage, 4.3x interest coverage

Debt/Equity 4.9x. Total debt $57.3B, cash & investments $14.0B. Interest coverage 4.3x. Source: 10-Q filed 2026-08-05.

Metric	AMGN	Rating	Context
Debt to Equity	4.9x	Red flag	Elevated leverage
Net Cash Position	$-43.3B	Warning	Net debt position
Interest Coverage	4.3x	Adequate	Monitor debt obligations

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Valuation: AMGEN INC trades at 26.0x earnings

P/E 26.0x. EV/Sales 7.1x. FCF yield 4.5%. Dividend yield 1.8%. Source: 10-Q filed 2026-08-05.

Metric	AMGN	Rating	Context
P/E Ratio	26.0x	Adequate	Premium valuation
EV/Sales	7.1x	Adequate	Growth premium priced in
FCF Yield	4.5%	Good	Lower cash yield
Dividend Yield	1.8%	Adequate	Growth focus over income

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Capital Allocation: AMGEN INC returns 2.3% shareholder yield

Total shareholder yield 2.3% (div 1.8%). Share count +0.4% YoY. Capital returned $5.3B TTM. Source: 10-Q filed 2026-08-05.

Metric	AMGN	Rating	Context
Total Shareholder Yield	2.3%	Adequate	Dividend + buyback yield combined
Share Count Change (YoY)	0.4%	Adequate	Net dilution from issuance/SBC
Total Capital Returned (TTM)	$5.3B	Good	Dividends + buybacks returned to shareholders

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Sector Rankings

Metric	Value	Percentile	vs Median
Return on Invested Capital (ROIC)	14.9%	Top 25%	-
Free Cash Flow Margin	26.7%	Top 10%	40.8x above
Gross Margin	69.5%	Top 50%	1.1x above
Operating Margin	30.0%	Top 25%	-
Return on Equity (ROE)	94.5%	Top 5%	-
P/E Ratio	26.0x	N/A	-

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Financial Scorecard

Metric	AMGN	Rating	Sector Context
Return on Invested Capital (ROIC)	14.9%	Good	Top 25% of sector (median: -7.4%)
Free Cash Flow Margin	26.7%	Excellent	Top 10% of sector (median: 0.7%)
Gross Margin	69.5%	Excellent	Top 50% of sector (median: 63.7%)
Debt to Equity Ratio	490.3%	Red flag	High financial leverage
P/E Ratio (Price-to-Earnings)	26.0x	Adequate	Growth premium
Free Cash Flow Yield	4.5%	Adequate	Moderate yield

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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%. The 8-quarter median ROIC is 13.7% with a improving trend. Sector median -7.4%. Source: 10-Q filed 2026-08-05.

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 2026-08-05.

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 26.0x, which is above the sector median of N/A. EV/Sales 7.1x. FCF yield 4.5%. Source: 10-Q filed 2026-08-05.

Q: Does AMGEN INC pay a dividend?

AMGEN INC (AMGN) currently pays a dividend yield of 1.8%. Total shareholder yield (dividend + buybacks) 2.3%. Source: 10-Q filed 2026-08-05.

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. Interest coverage 4.3x. Net debt $43.3 billion. Source: 10-Q filed 2026-08-05.

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 2026-08-05.

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 -7.4% (Top 25%). FCF margin 26.7%, sector median 0.7% (Top 10%). Gross margin 69.5%, 5.8pp 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); 2) interest coverage 4.3x (below 5x). Source: 10-Q filed 2026-08-05.

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Data Source: Data sourced from 10-Q filed 2026-08-05. 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.