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Amgen AMGN Debt-to-equity

Debt-to-equity at other companies

Eli Lilly logo
Eli LillyLLY
1.4×-1.1×
Pfizer logo
PfizerPFE
0.7×0.0×
Regeneron Pharmaceuticals logo
Regeneron PharmaceuticalsREGN
0.1×0.0×
Revolution Medicines, Inc. logo
Revolution Medicines, Inc.RVMD
0.1×0.0×
Roivant Sciences logo
Roivant SciencesROIV
0.0×
Merck & Co. logo
Merck & Co.MRK
1.1×+0.3×

Other financials

Income statement

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Revenue$8.6B+5.8%
Gross profit$5.9B+13.4%
Operating income$2.7B+126%
Net income$1.8B+5.1%
EPS (diluted)$3.34+4.4%

Balance sheet

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Cash & equivalents$559.0M+10.0%
Total debt$57.3B-0.1%
Total equity$9.2B+48.1%
Total assets$92.5B+3.5%

Cash flow

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Operating cash flow$2.2B+57.4%
CapEx$712.0M+73.2%
Free cash flow$1.5B+50.7%

Valuation

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Market cap$184.4B+13.3%
Enterprise value$241.16B+9.9%
P/E23.6×-3.8×
P/S+0.2×

Profitability

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Gross margin68.3%+5.3pp
Operating margin28.4%+6.6pp
Net margin21%+3.6pp

Returns & leverage

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Return on equity101.3%-4.4pp
Current ratio1.3×+0.1×

Where this comes from

Calculated from Amgen’s reported figures.

Based on the most recent quarter.

The official record: Amgen’s 10-Q, filed April 30, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Amgen's debt-to-equity?
Amgen (AMGN) reported debt-to-equity of 6.2× in Q1 2026.
How has Amgen's debt-to-equity changed year-over-year?
Amgen's debt-to-equity decreased by 32.5% year-over-year, from 9.2× to 6.2×.
What is the long-term trend for Amgen's debt-to-equity?
Over 4 years (2021 to 2025), Amgen's debt-to-equity has grown at a 14.0% compound annual growth rate (CAGR), from 17.1× to 28.9×.
What does debt-to-equity mean?
How much debt the company carries for every dollar of shareholder equity.
How do you interpret debt-to-equity?
Lower is generally safer, but moderate leverage can boost returns. Read in the context of cash-flow stability — a utility tolerates more debt than a cyclical. Negative equity makes the ratio meaningless and it is suppressed there.
How does debt-to-equity compare across companies?
Comparable within an industry; capital structures differ sharply across sectors. Not meaningful for banks.