Question 1

What is Amgen's P/FCF ratio?

Accepted Answer

Amgen (AMGN) P/FCF ratio is 23.2× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. 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 P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Amgen?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Amgen specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

Is Amgen's P/FCF ratio high or low?

Accepted Answer

Amgen's P/FCF ratio of 23.2× is above its own 5-year average of 17.6× and above the sector median of 19.1×. That places the current reading at the 83th 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 P/FCF ratio range?

Accepted Answer

In the available daily series, Amgen (AMGN) P/FCF ratio has ranged from a low of 8.8× in 2010 to a high of 52.7× in 2002. The 5-year average is 17.6× and the 5-year median is 15.6×.

Question 7

What was Amgen's P/FCF ratio in 2025?

Accepted Answer

Amgen (AMGN) P/FCF ratio at the end of 2025 was 21.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Amgen's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). 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	$8.1B	21.8×	+8.2×	Dec 31, 2025
2024	$141B	$10.4B	13.6×	-7.4×	Dec 31, 2024
2023	$154B	$7.36B	20.9×	+4.9×	Dec 31, 2023
2022	$141B	$8.79B	16.0×	+0.9×	Dec 31, 2022
2021	$126B	$8.38B	15.1×	+1.6×	Dec 31, 2021
2020	$134B	$9.89B	13.5×	-3.2×	Dec 31, 2020
2019	$143B	$8.53B	16.8×	+5.0×	Dec 31, 2019
2018	$124B	$10.6B	11.7×	-0.3×	Dec 31, 2018
2017	$126B	$10.5B	12.0×	+0.6×	Dec 31, 2017
2016	$108B	$9.52B	11.4×	-3.1×	Dec 31, 2016
2015	$122B	$8.43B	14.5×	-1.5×	Dec 31, 2015
2014	$121B	$7.55B	16.1×	+0.7×	Dec 31, 2014
2013	$86B	$5.6B	15.4×	+2.7×	Dec 31, 2013
2012	$65.8B	$5.19B	12.7×	+1.5×	Dec 31, 2012
2011	$50.8B	$4.55B	11.2×	+1.3×	Dec 31, 2011
2010	$51.2B	$5.21B	9.8×	+0.3×	Dec 31, 2010
2009	$55.6B	$5.81B	9.6×	-1.6×	Dec 31, 2009
2008	$59.6B	$5.32B	11.2×	-1.0×	Dec 31, 2008
2007	$50.6B	$4.13B	12.2×	-6.9×	Dec 31, 2007
2006	$79.7B	$4.17B	19.1×	-4.3×	Dec 31, 2006
2005	$94.8B	$4.04B	23.4×	-10.5×	Dec 31, 2005
2004	$80.1B	$2.36B	33.9×	-1.8×	Dec 31, 2004
2003	$79.1B	$2.21B	35.8×	-3.5×	Dec 31, 2003
2002	$62.4B	$1.59B	39.2×	—	Dec 31, 2002


McKesson (MCK)	17.8×
Gilead Sciences (GILD)	16.9×
DexCom (DXCM)	16.9×
Pfizer (PFE)	16.7×
Humana (HUM)	16.4×
Quest Diagnostics (DGX)	16.3×
UnitedHealth Group (UNH)	15.9×
Labcorp Holdings (LH)	15.9×
Becton, Dickinson and (BDX)	14.0×
HCA Healthcare (HCA)	13.5×
Elevance Health (ELV)	13.4×
Incyte (INCY)	12.9×
CVS Health (CVS)	12.4×
Universal Health Services (UHS)	12.2×
Baxter International (BAX)	12.1×
Cardinal Health (CAH)	11.3×
IQVIA (IQV)	11.3×
Bristol-Myers Squibb (BMY)	10.4×
Biogen (BIIB)	10.3×
Zimmer Biomet Holdings (ZBH)	9.6×
Cigna (CI)	9.1×
Viatris (VTRS)	9.1×
DaVita (DVA)	6.9×
Teladoc Health (TDOC)	3.9×
Centene (CNC)	2.5×

P/FCF Ratio for Amgen (AMGN) 2002-2026

P/FCF Ratio daily chart for Amgen (AMGN)

Historical P/FCF Ratio for Amgen (AMGN) from 2002 to 2025

About P/FCF Ratio at Amgen (AMGN)

Amgen P/FCF Ratio by Year

Amgen P/FCF Ratio 2025: 21.8×

Amgen P/FCF Ratio 2024: 13.6×

Amgen P/FCF Ratio 2023: 20.9×

Amgen P/FCF Ratio 2022: 16.0×

Amgen P/FCF Ratio 2021: 15.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Amgen (AMGN) Key Financials