Aureus
BGood

Amgen Inc.(AMGN)

B

Financial data as of Dec 31, 2025Declining · Healthcare

FCF Margin22.0%Free Cash Flow / Revenue
Cash Conversion129.1%Operating CF / Net Income
Free Cash Flow$8.1B
Revenue$36.8B
Net Cash-$45.5BNet debt position
Debt / FCF6.7xElevated debt burden
Current Ratio1.14Adequate short-term liquidity
YoY FCF Growth-78.2%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-0.5Elevated debt-to-FCF ratio (6.7x)
→
+0.5Healthy FCF margin with manageable debt (22.0%, 6.7x)
→
-1Significant YoY FCF decline (-78.2%)
→
FinalB

Analysis Summary

Strengths

  • Exceptional FCF margin (22.0%)
  • Excellent cash conversion (129%)

Concerns

  • Heavy debt position ($45.5B net debt, 6.7x FCF)
  • High debt-to-FCF ratio (6.7x)
  • Significant YoY FCF decline (-78.2%)

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin22.0%
Net Margin21.0%
Operating CF Margin27.1%
CapEx Ratio5.1%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$45.5BNet debt position
Debt / FCF6.7xElevated debt burden
Current Ratio1.14Adequate liquidity
Debt / Equity6.31High leverage

Quarterly FCF Trend

-78.2% YoYDeclining (-78.2%)

Free cash flow per quarter

Sector Comparison — Healthcare

FCF Margin ranked against sector peers

View all →

Detailed Metrics

Company NameAmgen Inc.
SectorHealthcare
Free Cash Flow$8.1B
Revenue$36.8B
Net Income$7.7B
Operating Cash Flow$10.0B
Capital Expenditure$1.9B
FCF Margin22.0%
Cash Conversion Rate129.1%
Net Margin21.0%
Total Debt$54.6B
Total Cash$9.1B
Net Cash-$45.5B
Current Ratio1.14
Debt / Equity6.31
Debt / FCF6.7x
YoY FCF Growth-78.2%
Positive Quarters5 of 5
Trend DirectionDeclining
Report DateDec 31, 2025
GradeB
Data SourceYahoo Finance