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Amgen key statistics and ratios

In fiscal 2025, Amgen had return on equity of 106.1%, an operating margin of 24.7%, debt equal to 630.7% of equity and a current ratio of 1.14. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Gross margin———————81.9%82.2%82.7%81.4%75.8%75.2%75.7%70.0%61.5%67.2%69.5%
Operating margin37.6%36.8%27.7%32.3%31.4%30.9%39.1%42.6%43.6%43.2%41.4%35.9%29.4%36.3%28.0%21.7%24.7%30.0%
Net margin31.5%30.7%23.6%25.2%27.2%25.7%32.0%33.6%8.7%35.3%33.6%28.6%22.7%24.9%23.8%12.2%21.0%23.0%
Free-cash-flow margin39.7%34.6%29.2%30.1%30.0%41.0%42.2%41.8%46.0%44.5%36.5%38.9%32.3%33.4%26.1%31.1%22.0%26.7%
Return on equity20.3%19.9%17.1%22.8%24.7%21.5%25.8%26.6%7.2%44.5%70.7%76.1%73.2%126.5%135.8%67.6%106.1%85.9%
Return on assets11.6%11.1%8.0%8.4%8.4%7.6%9.9%10.4%2.5%11.5%12.4%11.8%9.5%10.4%8.3%4.3%8.5%9.4%
Asset turnover0.370.360.340.330.310.300.310.310.290.320.370.410.420.420.350.350.400.41
Current ratio4.893.524.803.813.444.954.454.115.492.791.441.811.591.411.651.261.141.37
Debt to equity46.8%66.2%113.0%152.3%156.7%119.2%111.9%115.8%140.0%271.4%309.1%350.6%497.1%>999%>999%>999%630.7%490.3%
Interest cover (operating income ÷ interest)9.5x9.2x7.1x5.3x5.7x5.8x7.7x7.8x7.6x7.4x7.5x7.2x6.4x6.8x2.7x2.3x3.3x4.3x
Effective tax rate11.5%13.0%11.3%13.3%3.5%7.6%13.0%15.7%79.4%12.1%14.2%10.7%12.1%10.8%14.5%11.3%14.1%15.0%
R&D as % of revenue19.6%19.2%20.3%19.6%21.9%21.4%18.8%16.7%15.6%15.7%17.6%16.5%18.5%16.8%17.0%17.8%19.8%20.0%
SG&A as % of revenue26.1%26.5%28.9%27.9%27.8%23.4%22.4%22.0%21.3%22.5%22.0%22.5%20.7%20.6%21.9%21.2%19.2%18.4%
Capital spending as % of revenue3.6%3.9%3.6%4.0%3.7%3.6%2.7%3.2%2.9%3.1%2.6%2.4%3.4%3.6%3.9%3.3%5.1%6.0%
Free cash flow ÷ net income126.1%112.5%123.6%119.5%110.2%159.6%131.7%124.5%531.2%125.8%108.8%136.1%142.2%134.1%109.6%254.1%105.0%116.4%
Dividends ÷ net income0.0%0.0%13.6%25.7%27.8%35.9%34.5%38.8%170.0%41.8%44.7%51.7%68.1%64.0%67.8%118.1%66.5%60.4%
Dividends and buybacks ÷ free cash flow55.3%72.7%193.7%110.2%40.1%24.2%46.7%62.0%62.1%201.8%131.4%73.2%107.2%120.2%61.9%48.4%63.3%51.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $95.6bn
Short-term assets $35.0bnLonger-term assets $60.7bn
What it owes, and who funded it · $37.2bn
Short-term liabilities $25.5bnShareholders' equity $11.7bn
  • Short-term assets cover short-term liabilities $35.0bn of assets due within a year against $25.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $14.0bn of cash against $57.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 490% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 496% to 490% over five years.
  • A year's operating cash flow covers at least 20% of debt $12.5bn of operating cash flow against $57.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $11.4bn against $2.7bn of interest.

From Amgen's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

89 /100

Strong moat

How hard Amgen's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 19.9% of total assets over 10 years.

  • Pricing power 17 / 20

    Gross margin has been a median 74.8%, moving by 5.2 percentage points (standard deviation) across 10 years.

  • Durability 18 / 20

    Operating margin has been a median 35.6%; its worst year was 20.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.7% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 6.7% over five years; stock-based pay has been a median 1.5% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (94 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

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Figures from Amgen's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Amgen.