Question 1

What is AstraZeneca's P/FCF ratio?

Accepted Answer

AstraZeneca (AZN) P/FCF ratio is 16.4× 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 AstraZeneca?

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 AstraZeneca specifically, the relevant sector benchmark is the current sector median of 19.1×.

Question 5

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

Accepted Answer

AstraZeneca's P/FCF ratio of 16.4× is below its own 5-year average of 16.7× and below the sector median of 19.1×. That places the current reading at the 47th 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 AstraZeneca's historical P/FCF ratio range?

Accepted Answer

In the available daily series, AstraZeneca (AZN) P/FCF ratio has ranged from a low of 3.4× in 2011 to a high of 130.2× in 2019. The 5-year average is 16.7× and the 5-year median is 17.3×.

Question 7

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

Accepted Answer

AstraZeneca (AZN) P/FCF ratio at the end of 2025 was 15.1×. 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 AstraZeneca'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	$136B	$8.99B	15.1×	+1.3×	Dec 31, 2025
2024	$101B	$7.28B	13.8×	-1.8×	Dec 31, 2024
2023	$103B	$6.57B	15.7×	+1.1×	Dec 31, 2023
2022	$106B	$7.24B	14.6×	-8.8×	Dec 31, 2022
2021	$89.6B	$3.83B	23.4×	-6.8×	Dec 31, 2021
2020	$66.3B	$2.19B	30.2×	-100.0×	Dec 31, 2020
2019	$66.3B	$509M	130.2×	+91.6×	Dec 31, 2019
2018	$48.1B	$1.25B	38.6×	+16.4×	Dec 31, 2018
2017	$43.4B	$1.96B	22.2×	+3.6×	Dec 31, 2017
2016	$34.1B	$1.83B	18.6×	-61.2×	Dec 31, 2016
2015	$42.8B	$536M	79.8×	+69.4×	Dec 31, 2015
2014	$44.4B	$4.31B	10.3×	+3.4×	Dec 31, 2014
2013	$36.9B	$5.34B	6.9×	-5.7×	Dec 31, 2013
2012	$29.4B	$2.33B	12.6×	+8.0×	Dec 31, 2012
2011	$30.4B	$6.52B	4.7×	+0.8×	Dec 31, 2011
2010	$32.7B	$8.57B	3.8×	-0.1×	Dec 31, 2010
2009	$34B	$8.78B	3.9×	-2.4×	Dec 31, 2009
2008	$29.7B	$4.7B	6.3×	+1.0×	Dec 31, 2008
2007	$31.2B	$5.83B	5.3×	-1.0×	Dec 31, 2007
2006	$40.7B	$6.35B	6.4×	-0.1×	Dec 31, 2006
2005	$38.4B	$5.93B	6.5×	-1.4×	Dec 31, 2005
2004	$30.1B	$3.81B	7.9×	-3.8×	Dec 31, 2004
2003	$40.1B	$3.42B	11.7×	+4.6×	Dec 31, 2003
2002	$30.1B	$4.2B	7.2×	—	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 AstraZeneca (AZN) 2002-2026

P/FCF Ratio daily chart for AstraZeneca (AZN)

Historical P/FCF Ratio for AstraZeneca (AZN) from 2002 to 2025

About P/FCF Ratio at AstraZeneca (AZN)

AstraZeneca P/FCF Ratio by Year

AstraZeneca P/FCF Ratio 2025: 15.1×

AstraZeneca P/FCF Ratio 2024: 13.8×

AstraZeneca P/FCF Ratio 2023: 15.7×

AstraZeneca P/FCF Ratio 2022: 14.6×

AstraZeneca P/FCF Ratio 2021: 23.4×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

AstraZeneca (AZN) Key Financials