Amgen Inc.

AMGN · Healthcare · $195.2B mkt cap · FY2025 filings · Narrow moat

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Narrow moat

The four filters

Pricing power93

Median gross margin 75.7% over 10y, stable.

Returns on capital90

Median ROIC 17.7%, above the 9% hurdle in 100% of years.

Balance-sheet safety14

Net debt/EBITDA 3.2x, interest coverage 3x.

Capital discipline65

Owner earnings +2.2%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

20% above value

Owner earnings (normalized): $9.0B
Est. intrinsic value / share: $301.77
Recent price: $362.24
Discount to value: 20% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell AMGN. See the disclaimer.