Question 1

What is Amgen's EV/EBITDA ratio?

Accepted Answer

Amgen (AMGN) EV/EBITDA ratio is 14.6× as of July 22, 2026. The ratio is calculated by dividing enterprise value by trailing twelve-month EBITDA, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the EV/EBITDA ratio calculated?

Accepted Answer

EV/EBITDA = Enterprise Value ÷ Trailing Twelve-Month (TTM) EBITDA, where Enterprise Value = Market Capitalisation + Total Debt − Cash & Short-Term Investments. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the EV/EBITDA ratio?

Accepted Answer

The EV/EBITDA ratio (the enterprise multiple) compares enterprise value (EV) to trailing twelve-month (TTM) EBITDA. EV is calculated as market capitalisation + total debt − cash & short-term investments. Because EV/EBITDA is capital-structure-neutral and ignores non-cash depreciation and amortisation, it is the standard multiple used in M&A and for cross-company or cross-border comparisons. Note: this calculation uses a simplified EV (minority interest and preferred equity excluded due to data availability), consistent with most public financial-data providers.

Question 4

What is a good EV/EBITDA ratio for Amgen?

Accepted Answer

Mature, cash-generative businesses commonly trade in the 8–12× EV/EBITDA range; higher-growth, asset-light companies often trade at 15–25×+. EV/EBITDA is most useful for comparing companies with different capital structures (debt levels) or tax regimes. For Amgen specifically, the relevant sector benchmark is the current sector median of 14.2×.

Question 5

Is Amgen's EV/EBITDA ratio high or low?

Accepted Answer

Amgen's EV/EBITDA ratio of 14.6× is above its own 5-year average of 13.7× and above the sector median of 14.2×. That places the current reading at the 74th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Amgen's historical EV/EBITDA ratio range?

Accepted Answer

In the available daily series, Amgen (AMGN) EV/EBITDA ratio has ranged from a low of 6.2× in 2002 to a high of 33.7× in 2002. The 5-year average is 13.7× and the 5-year median is 13.7×.

Question 7

What was Amgen's EV/EBITDA ratio in 2025?

Accepted Answer

Amgen (AMGN) EV/EBITDA ratio at the end of 2025 was 13.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month EBITDA figure available at that date.

Question 8

Why does Amgen's EV/EBITDA ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (enterprise value, which tracks share price plus net debt) and the denominator (EBITDA). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$176B	$16.9B	13.1×	-1.0×	Dec 31, 2025
2024	$141B	$13.4B	14.2×	+0.1×	Dec 31, 2024
2023	$154B	$14.8B	14.0×	+0.1×	Dec 31, 2023
2022	$141B	$12.2B	14.0×	+0.6×	Dec 31, 2022
2021	$126B	$11.3B	13.4×	+1.4×	Dec 31, 2021
2020	$134B	$13B	12.0×	-1.0×	Dec 31, 2020
2019	$143B	$12.6B	13.0×	+3.0×	Dec 31, 2019
2018	$124B	$12.9B	10.0×	+0.7×	Dec 31, 2018
2017	$126B	$12.9B	9.3×	+0.9×	Dec 31, 2017
2016	$108B	$12.5B	8.4×	-2.6×	Dec 31, 2016
2015	$122B	$11.2B	11.0×	-3.3×	Dec 31, 2015
2014	$121B	$8.75B	14.3×	+1.2×	Dec 31, 2014
2013	$86B	$7.57B	13.0×	+3.5×	Dec 31, 2013
2012	$65.8B	$7.15B	9.5×	+0.7×	Dec 31, 2012
2011	$50.8B	$5.82B	8.9×	+2.0×	Dec 31, 2011
2010	$51.2B	$6.85B	6.9×	-0.8×	Dec 31, 2010
2009	$55.6B	$6.83B	7.7×	-1.9×	Dec 31, 2009
2008	$59.6B	$6.29B	9.6×	+0.5×	Dec 31, 2008
2007	$50.6B	$5.98B	9.1×	-2.4×	Dec 31, 2007
2006	$79.7B	$7.14B	11.6×	-4.9×	Dec 31, 2006
2005	$94.8B	$5.69B	16.4×	-0.7×	Dec 31, 2005
2004	$80.1B	$4.64B	17.1×	-3.3×	Dec 31, 2004
2003	$79.1B	$3.78B	20.4×	+14.1×	Dec 31, 2003
2002	$62.4B	$9.75B	6.2×	—	Dec 31, 2002


Gilead Sciences (GILD)	13.2×
Becton, Dickinson and (BDX)	12.9×
Regeneron Pharmaceuticals (REGN)	12.9×
Medtronic (MDT)	12.9×
STERIS (STE)	12.8×
Pfizer (PFE)	12.5×
Align Technology (ALGN)	12.4×
IQVIA (IQV)	12.2×
GE HealthCare (GEHC)	12.0×
Henry Schein (HSIC)	11.9×
Bristol-Myers Squibb (BMY)	11.5×
Zimmer Biomet Holdings (ZBH)	11.2×
AptarGroup (ATR)	11.1×
Viatris (VTRS)	11.0×
Biogen (BIIB)	10.8×
HCA Healthcare (HCA)	10.0×
Elevance Health (ELV)	9.7×
AstraZeneca (AZN)	8.7×
DaVita (DVA)	8.5×
Incyte (INCY)	7.9×
Cigna (CI)	7.6×
Novo Nordisk (NVO)	6.3×
Solventum (SOLV)	5.8×
Universal Health Services (UHS)	5.7×
Humana (HUM)	4.5×

EV/EBITDA for Amgen (AMGN) 2002-2026

EV/EBITDA daily chart for Amgen (AMGN)

Historical EV/EBITDA for Amgen (AMGN) from 2002 to 2025

About EV/EBITDA at Amgen (AMGN)

Amgen EV/EBITDA by Year

Amgen EV/EBITDA 2025: 13.1×

Amgen EV/EBITDA 2024: 14.2×

Amgen EV/EBITDA 2023: 14.0×

Amgen EV/EBITDA 2022: 14.0×

Amgen EV/EBITDA 2021: 13.4×

Sector peers by EV/EBITDA — chart

Sector peers by EV/EBITDA — table

Frequently asked questions

Amgen (AMGN) Key Financials