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Amgen AMGN Free cash flow margin

Free cash flow margin at other companies

Eli Lilly logo
Eli LillyLLY
16.4%+8.7pp
Pfizer logo
PfizerPFE
18%+8.8pp
Regeneron Pharmaceuticals logo
Regeneron PharmaceuticalsREGN
27.6%+5.5pp
Revolution Medicines, Inc. logo
Revolution Medicines, Inc.RVMD
-74,273.9%-75,457pp
Roivant Sciences logo
Roivant SciencesROIV
-9,183.5%-17,093pp
Merck & Co. logo
Merck & Co.MRK
21.5%-5.2pp

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$182.21B+13.3%
Enterprise value$238.97B+9.9%
P/E23.4×-3.7×
P/S4.9×+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
Debt / equity6.2×-3.0×
Current ratio1.3×+0.1×

Where this comes from

Calculated from Amgen’s reported figures.

Based on trailing twelve months.

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 free cash flow margin?
Amgen (AMGN) reported free cash flow margin of 23.1% in Q1 2026.
How has Amgen's free cash flow margin changed year-over-year?
Amgen's free cash flow margin decreased by 27.8% year-over-year, from 32% to 23.1%.
What is the long-term trend for Amgen's free cash flow margin?
Over 4 years (2021 to 2025), Amgen's free cash flow margin has grown at a -3.9% compound annual growth rate (CAGR), from 136.7% to 116.5%.
What does free cash flow margin mean?
How much real, spendable cash each sales dollar generates after reinvestment.
How do you interpret free cash flow margin?
A high and rising FCF margin is the hallmark of a cash-generative business. Persistent gaps between net margin and FCF margin warrant a look at working capital or capital intensity.
How does free cash flow margin compare across companies?
Strong cross-company quality signal; capital-light compounders post structurally higher FCF margins than asset-heavy peers.