---
title: Amgen (AMGN) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/amgn
ticker: AMGN
as_of: 2026-10-17
sector: Healthcare
industry: Drug Manufacturers - General
---
# Amgen (AMGN)

Amgen (AMGN) closed at $432.49 on Oct 16, 2026, undervalued by 1% vs its model value of $437.39 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $432.49 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $437.39 |
| Price vs model | undervalued by 1% vs model |
| Range of that model | $242.03 – $1,067.97 |
| Market value | $233.8B |
| P/E (fiscal 2025) | 30.4 |
| Net margin (fiscal 2025) | 21.0% |
| Free cash flow (fiscal 2025) | $8.1B |
| Dividend yield (trailing twelve months) | 2.30% |
| Beta | 0.41 |
| Cost of capital (WACC) | 6.98% |
| Business classification | Dividend Payer (Moderate growth (~14% recent), High profitability (21% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 6.3x)) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Largest companies | #50 | $233.8B | https://sweetvaluelab.com/lists/largest-companies |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.30% |
| Dividends per share, last 12 months | $9.94 |
| Dividends / free cash flow (fiscal 2025) | 63.3% |
| Raised | 14+ years in a row |
| Growth over 5 years | 7.6% a year |
| Latest payment | $2.52, ex-date Aug 21, 2026, paid Sep 11, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 16, 2021 | $6.88 |
| To Aug 17, 2022 | $7.58 |
| To Aug 17, 2023 | $8.33 |
| To Aug 16, 2024 | $8.88 |
| To Aug 22, 2025 | $9.39 |
| Trailing twelve months (to Aug 21, 2026) | $9.94 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $437.39 | $242.03 | $1,067.97 |
| DCF · Perpetuity growth · 10y | cross check | $458.31 | $264.26 | $1,092.74 |
| DCF · EBITDA exit · 5y | cross check | $391.53 | $264.73 | $540.99 |
| DCF · EBITDA exit · 10y | cross check | $419.84 | $281.95 | $603.51 |
| P/E · peers | cross check | $424.81 | $360.81 | $800.31 |
| P/E · own history | cross check | $451.43 | $411.28 | $513.77 |
| PEG | sanity check | $414.46 | $414.46 | $414.46 |
| EV/EBITDA · peers | cross check | $373.30 | $256.22 | $653.26 |
| EV/Revenue · peers | cross check | $375.93 | $256.25 | $701.70 |
| Earnings power value | cross check | $193.17 | $144.14 | $269.05 |
| Dividend discount | cross check | $237.34 | $155.61 | $430.25 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 6 open-market sales ($4.1M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 11, 2026 | Khosla Rachna | SVP, Business Development | Open-market sell | 2,000 | $825,134 |
| Aug 13, 2026 | Khosla Rachna | SVP, Business Development | Option/RSU exercise | 1,252 | $203,575.2 |
| Aug 13, 2026 | Khosla Rachna | SVP, Business Development | Open-market sell | 1,252 | $521,364.9 |
| Aug 13, 2026 | Khosla Rachna | SVP, Business Development | Option/RSU exercise | 1,252 | $0 |
| Aug 7, 2026 | Busch Matthew C. | VP, Finance & CAO | Grant / award | 730 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Aug 5, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/318154/000031815426000126/amgn-20260630.htm |
| Aug 4, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/318154/000031815426000124/amgn-20260804.htm |
| Jul 31, 2026 | 8-K | 1.05 Material Cybersecurity Incident | https://www.sec.gov/Archives/edgar/data/318154/000031815426000119/amgn-20260729.htm |
| May 20, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote | https://www.sec.gov/Archives/edgar/data/318154/000119312526232786/amgn-20260519.htm |
| May 19, 2026 | 8-K | 5.02 Departure/Election of Directors or Officers | https://www.sec.gov/Archives/edgar/data/318154/000031815426000097/amgn-20260519.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| David Katz | 2026-09-30 | 83,919 | $35.4M |
| Torray | 2026-06-30 | 59,771 | $21.6M |
| Bridgewater | 2026-06-30 | 21,869 | $7.9M |
| Dodge & Cox | 2026-06-30 | 12,817 | $4.6M |

5 tracked managers in all.

## About

Amgen Inc., established in 1980 and headquartered in Thousand Oaks, California, is a global biotechnology leader focused on discovering, developing, manufacturing, and delivering groundbreaking human medicines. The company's scientific endeavors span several critical therapeutic categories, including inflammatory conditions, oncology and hematology, bone health, cardiovascular diseases, nephrology, and neuroscience. Its extensive portfolio features a range of significant pharmaceutical products. Notable examples include Enbrel, prescribed for conditions like plaque psoriasis, rheumatoid arthritis, and psoriatic arthritis; Neulasta, which helps cancer patients by reducing the risk of infection linked to a low white blood cell count; Prolia, utilized in postmenopausal women to combat osteoporosis; and Xgeva, designed to prevent skeletal-related complications. Otezla offers relief for adult…

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Source: https://sweetvaluelab.com/stocks/amgn (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.