Amgen (AMGN)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $216.3B, Amgen's free cash flow of $8.1B (fiscal 2025) would need to grow about 9% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Amgen's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AMGN's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Amgen's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $26.0B | $26.3B | $28.2B | $33.4B | $36.8B |
| Net income | $5.9B | $6.6B | $6.7B | $4.1B | $7.7B |
| Free cash flow | $8.4B | $8.8B | $7.4B | $10.4B | $8.1B |
| EPS (diluted) | $10.28 | $12.11 | $12.49 | $7.56 | $14.23 |
| Operating margin | 29.4% | 36.3% | 28.0% | 21.7% | 24.7% |
Where the revenue comes from
Revenue by products, fiscal 2025.
Superinvestors who own AMGN
From each investor's latest 13F filing (what a 13F shows). 10 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $2.4B | 1.4% | Q2 2026 |
| Bill Smead Smead Capital Management |
Trimmed | $239M | 5.1% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $108M | 0.04% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $25M | 0.02% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $17M | 0.04% | Q2 2026 |
| Dodge & Cox Dodge & Cox |
Trimmed | $5M | 0.00% | Q2 2026 |
| Eric Marshall Hodges Capital Management |
Trimmed | $3M | 0.18% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $2M | 0.02% | Q2 2026 |
| Murray Stahl Horizon Kinetics LLC |
Trimmed | $832,876 | 0.01% | Q2 2026 |
| David Iben Kopernik Global Investors |
Held | $38,010 | 0.00% | Q2 2026 |
Insider buying
Open-market purchases by Amgen's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 24, 2026 | Maria Elvira Salazar |
0 | $348.43 | — |
| Mar 24, 2026 | Maria Elvira Salazar |
0 | $348.43 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $382.87 | — |
| Feb 24, 2026 | Ro Khanna |
0 | $382.87 | — |
| Jan 16, 2026 | David Taylor |
0 | $330.41 | — |
| Jan 16, 2026 | David Taylor |
0 | $330.41 | — |
| Oct 24, 2025 | Marjorie Taylor Greene |
0 | $291.76 | — |
| Oct 24, 2025 | Marjorie Taylor Greene |
0 | $291.76 | — |
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In the full deep dive
Questions
What growth does Amgen's stock price imply?
At a market value of $216.3B, Amgen would need its free cash flow to grow about 9% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew -2% a year.
Are Amgen insiders buying the stock?
8 open-market insider purchases of AMGN in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Amgen?
10 of the superinvestors Investingly tracks hold AMGN in their latest 13F, including PRIMECAP Management, Bill Smead, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.