Amgen Inc. (AMGN) intrinsic value & 10-year financials
Amgen Inc. (AMGN) has a Graham intrinsic value of $195.69 per share. At $432.49 on Oct 17, 2026, the stock trades 121% above that value. Over the last 10 fiscal years revenue grew 5.3% a year to $36.8B, with an average return on invested capital of 17.1%.
- Graham intrinsic value
- $195.69
- Share price (Oct 17, 2026)
- $432.49
- Price vs Graham value
- 121% above
- Market cap
- $234.4B
- Revenue (FY2025)
- $36.8B
- Revenue growth (10-yr CAGR)
- 5.3%
- ROIC (10-yr avg)
- 17.1%
- Free cash flow (FY2025)
- $8.1B
AMGN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $36.8B | $7.7B | $14.23 | $8.1B | 24.7% | 14.2% |
| FY2024 | $33.4B | $4.1B | $7.56 | $10.4B | 21.7% | 11.2% |
| FY2023 | $28.2B | $6.7B | $12.49 | $7.4B | 28.0% | 14.1% |
| FY2022 | $26.3B | $6.6B | $12.11 | $8.8B | 36.3% | 25.1% |
| FY2021 | $26.0B | $5.9B | $10.28 | $8.4B | 29.4% | 19.5% |
| FY2020 | $25.4B | $7.3B | $12.31 | $9.9B | 35.9% | 23.2% |
| FY2019 | $23.4B | $7.8B | $12.88 | $8.5B | 41.4% | 22.6% |
| FY2018 | $23.7B | $8.4B | $12.62 | $10.6B | 43.2% | 18.8% |
| FY2017 | $22.8B | $2.0B | $2.69 | $10.5B | 43.6% | 8.5% |
| FY2016 | $23.0B | $7.7B | $10.24 | $9.6B | 42.6% | 13.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Amgen has demonstrated mature, steady growth, with revenue compounding at 5.4% annually over the past decade.
Amgen has earned high returns on invested capital, averaging 17.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Amgen shows that management has aggressively returned capital to shareholders by retiring 28.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Amgen is modeled at 3.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $195.69 per share.