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Amgen Inc.

AMGN · Healthcare · $202.6B mkt cap · FY2025 filings · · not refreshed in 35 days · Narrow moat ·

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Narrow moat
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The five investor questions

90

2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $26.0B to $36.8B, increasing; diluted EPS 10.28 to 14.23, increasing.

93

Median gross margin 75.7% over 10y, stable.

80

Median ROIC 17.7%, above the 12% hurdle in 70% of years.

14

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

65

Owner earnings changed +2.2%/yr over up to the ten most recent annual observations.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
102% above value if growth stopped today
$9.0B
$186.28
$276.71
$376.04
102% above value if growth stopped today

What today’s price assumes: owner earnings growing ~15%/yr over 5 years. The zero-growth estimate assumes owner earnings stay flat (0% growth).

How to read this

We solve for the constant annual change in owner earnings that would make the five-year zero-growth estimate equal today’s price. This keeps the existing model inputs and calculation unchanged; it is an expectations lens, not a forecast.

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 239% above the zero-growth estimate across 48 of the current top 50 companies by Moat Score with both values.

Score records captured Jul 26, 2026.

Exactly which 50 companies?

FTNT, META, MEDP, IBEX, MSFT, GOOGL, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, VEEV, GRMN, SSD, MNST, DOCS, MCO, CPRT, NTAP, LRCX, NVDA, CORT, SFM, MPTI, ULTA, SN, RMD, ROL, PAYC, IRMD, INTU, DECK, MORN, LGCY, DAL, GWW, ISRG, MPWR, CTAS, LOPE, MRK, CMG, FAST, BKNG, ORLY

Missing a usable price or zero-growth estimate: ANF, BKNG.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 3% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

20 years of fundamentals

The business, in plain English

Amgen Inc. booked $36.8B of revenue in FY2025 in the Healthcare sector and kept 67.2% of it as gross profit — a high-margin business by that measure. After every other cost, 21.0% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $14.8B (FY2007) to $36.8B (FY2025) — about 5.2% a year compounded over 18 years.

It earned 14.4% on invested capital in the latest filed year, FY2025. Across the full 19-year measurable filed record, median ROIC was 14.4%. Over the v3 recent window (10 measurable filed years), median ROIC was 17.7%. The Returns on Capital filter above scores it 80/100.

The balance sheet carried $54.6B of total debt in FY2025 against $11.0B of owner earnings — roughly 5.0 years of owner earnings to retire it all. Balance-Sheet Safety scores it 14/100.

Put together: Pricing Power is the strongest of the five filters (93/100) and Balance-Sheet Safety the weakest (14/100), which is how AMGN lands at 68/100 — a Narrow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2006–FY2025 · 20 fiscal years, normalized from AMGN’s SEC filings

Sales, as filed$36.8B FY2025
$0$20B2006201320202025
Revenue kept after cost of goods67.2% FY2025
0%50%2006201320202025
Standard ROIC or separately labeled Operating ROICROIC 14.4% FY2025
0%10%20%2006201320202025
Cash an owner could take out$11.0B FY2025
$0$5B$10B2006201320202025

Gaps in a line mean that item isn’t in AMGN’s filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How Amgen Inc. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$36.8B · 100%Cost of revenue$12.0B · 33%Gross profit$24.7B · 67%Operating income$9.1B · 25%Income before tax$9.0B · 24%Income tax$1.3B · 3%Net income$7.7B · 21%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$36.8B100%
Cost of revenue$12.0B33%
$24.7B67%
$9.1B25%
Income before tax$9.0B24%
Income tax$1.3B3%
$7.7B21%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

What Amgen Inc. owns — and owes

Amgen Inc.'s filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$90.6B100%
Cash and equivalents$9.1B10%
$54.6B60%
Stockholders’ equity$8.7B10%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Flagship explainer

What drives Amgen Inc.’s return on equity?

ROE is five filed business factors multiplied together.

DuPont return on equity factor treeReturn on equity branches into tax burden, interest burden, operating margin, asset turnover, and the equity multiplier.Return on equity106%Tax burden86%net income ÷ pretax incomeInterest burden99%pretax ÷ operating incomeOperating margin25%operating income ÷ revenueAsset turnover0.40×revenue ÷ average assetsEquity multiplier12.55×average assets ÷ average equityAs of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com
DuPont source inputs
InputValueFiscal yearSource
$7.7BFY2025
Income before tax$9.0BFY2025
Operating income$9.1BFY2025
$36.8BFY2025
Ending assets$90.6BFY2025
Beginning assets$91.8BFY2024
$8.7BFY2025
$5.9BFY2024
Source:
  • SEC filingFiling detailsAccession 0000318154-26-000010
· event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set
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Flagship explainer

Where Amgen Inc.'s cash went

Amgen Inc.’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$10.0B100%
Depreciation and amortization$5.2B52%
Source: · event Dec 31, 2025 · retrieved Jul 26, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding Amgen Inc.

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited1 not holding1/19 resolved18 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Markel / Markel-GaynerNo position reportedNo position reported
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: · event Jun 30, 2026 · retrieved Jul 26, 2026

Flagship explainer

What Amgen Inc. insiders reported

Records still being gathered — partial as of retrieval Aug 30, 2026.

Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.

Moat Score history

16 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale68.4 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026Jul 26, 2026

Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

  1. Normalizer upgraded unstamped (version unknown)moat-xbrl-normalizer@1.1.0 — readings across versions aren’t comparedJul 26, 2026
  2. Methodology upgraded moat-index@2.0.0moat-index@3.0.0 — readings across versions aren’t comparedJul 23, 2026
  3. Methodology upgraded moat-index@1.2.0moat-index@2.0.0 — readings across versions aren’t comparedJul 20, 2026

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

Records still being gathered — partial as of retrieval Aug 30, 2026.

217 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.

Among the rows shown, A/F/M acquisition, payment or withholding, and exercise or conversion rows outnumber S sale rows (14 versus 6). The filing codes alone do not establish that every such row arose from a compensation plan.

Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.

InsiderShares owned afterDateFiling detail
Khosla RachnaSVP, Business DevelopmentExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 1 paired event1,252$162.60$203,5757,656Aug 13, 2026
1 filed lot
  • Table I · Common Stock: 1,252 shares at $162.60 · code M · owned after 7,656 · Paired event: 1,252 Nqso (Right to Buy) → 1,252 Common Stock ·
Khosla RachnaSVP, Business DevelopmentOpen-market or private sale (S)Table I · Disposed · Common Stock1,252$416.4256$521,3656,404Aug 13, 2026
1 filed lot
  • Table I · Common Stock: 1,252 shares at $416.4256 · code S · owned after 6,404 ·
Khosla RachnaSVP, Business DevelopmentExercise or conversion of derivative security (M)Table II · Disposed · Nqso (Right to Buy) · 1 paired event1,252—Exercise or conversion of derivative security (M)—0Aug 13, 2026
1 filed lot
  • Table II · Nqso (Right to Buy): 1,252 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,252 Nqso (Right to Buy) → 1,252 Common Stock ·
Khosla RachnaSVP, Business DevelopmentOpen-market or private sale (S)Table I · Disposed · Common Stock2,000$412.567$825,1346,404Aug 11, 2026
1 filed lot
  • Table I · Common Stock: 2,000 shares at $412.567 · code S · owned after 6,404 ·
Busch Matthew C.VP, Finance & CAOGrant, award, or other acquisition (A)Table I · Acquired · Common Stock730—Grant, award, or other acquisition (A)—5,080Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 730 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 5,080 ·
ISHRAK OMARDirectorGrant, award, or other acquisition (A)Table I · Acquired · Common Stock85.1685—Grant, award, or other acquisition (A)—7,485.9046Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 85.1685 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 7,485.9046 ·
HOLLEY CHARLES MDirectorGrant, award, or other acquisition (A)Table I · Acquired · Common Stock103.4189—Grant, award, or other acquisition (A)—12,990.452Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 103.4189 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 12,990.452 ·
Drake Michael VDirectorGrant, award, or other acquisition (A)Table I · Acquired · Common Stock63.8764—Grant, award, or other acquisition (A)—5,876.1633Aug 7, 2026
1 filed lot
  • Table I · Common Stock: 63.8764 shares at — (Grant, award, or other acquisition (A)) · code A · owned after 5,876.1633 ·
Miller DerekSVP, Human ResourcesExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events3,890$169.5563$659,574See lot detailAug 6, 2026
2 filed lots
  • Table I · Common Stock: 2,069 shares at $162.60 · code M · owned after 14,531 · Paired event: 2,069 Nqso (Right to Buy) → 2,069 Common Stock ·
  • Table I · Common Stock: 1,821 shares at $177.46 · code M · owned after 14,283 · Paired event: 1,821 Nqso (Right to Buy) → 1,821 Common Stock ·
Miller DerekSVP, Human ResourcesOpen-market or private sale (S)Table I · Disposed · Common Stock3,890$402.5444$1,565,898See lot detailAug 6, 2026
2 filed lots
  • Table I · Common Stock: 2,069 shares at $402.5444 · code S · owned after 12,462 ·
  • Table I · Common Stock: 1,821 shares at $402.5444 · code S · owned after 12,462 ·
Miller DerekSVP, Human ResourcesExercise or conversion of derivative security (M)Table II · Disposed · Nqso (Right to Buy) · 2 paired events3,890—Exercise or conversion of derivative security (M)—See lot detailAug 6, 2026
2 filed lots
  • Table II · Nqso (Right to Buy): 2,069 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 2,069 Nqso (Right to Buy) → 2,069 Common Stock ·
  • Table II · Nqso (Right to Buy): 1,821 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,821 Nqso (Right to Buy) → 1,821 Common Stock ·
Grygiel Nancy A.SVP & CCOExercise or conversion of derivative security (M)Table I · Acquired · Common Stock · 2 paired events2,970$177.4095$526,906See lot detailAug 6, 2026
2 filed lots
  • Table I · Common Stock: 1,970 shares at $177.46 · code M · owned after 9,310 · Paired event: 1,970 Nqso (Right to Buy) → 1,970 Common Stock ·
  • Table I · Common Stock: 1,000 shares at $177.31 · code M · owned after 8,340 · Paired event: 1,000 Nqso (Right to Buy) → 1,000 Common Stock ·
Grygiel Nancy A.SVP & CCOOpen-market or private sale (S)Table I · Disposed · Common Stock2,970$402.1601$1,194,415See lot detailAug 6, 2026
2 filed lots
  • Table I · Common Stock: 1,970 shares at $402.1601 · code S · owned after 7,340 ·
  • Table I · Common Stock: 1,000 shares at $402.1601 · code S · owned after 7,340 ·
Grygiel Nancy A.SVP & CCOExercise or conversion of derivative security (M)Table II · Disposed · Nqso (Right to Buy) · 2 paired events2,970—Exercise or conversion of derivative security (M)—See lot detailAug 6, 2026
2 filed lots
  • Table II · Nqso (Right to Buy): 1,970 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 0 · Paired event: 1,970 Nqso (Right to Buy) → 1,970 Common Stock ·
  • Table II · Nqso (Right to Buy): 1,000 shares at — (Exercise or conversion of derivative security (M)) · code M · owned after 2,948 · Paired event: 1,000 Nqso (Right to Buy) → 1,000 Common Stock ·

Source-event as of . Retrieved .

Healthcare context

#61 of 710 scored Healthcare companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #59NOC NORTHROP GRUMMAN CORP /DE/68.6Narrow moat
  2. #60ILMN Illumina, Inc.68.5Narrow moat
  3. #62HALO HALOZYME THERAPEUTICS, INC.68.2Narrow moat
  4. #63ABT ABBOTT LABORATORIES67.7Narrow moat

Compare AMGN with its nearest peers →All Healthcare companies on the Index →

Common questions about AMGN

Does Amgen Inc. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores Amgen Inc. (AMGN) 68.4 out of 100 — a Narrow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 90, pricing power 93, returns on capital 80, balance-sheet safety 14, capital allocation 65.
Is AMGN trading below the conservative owner-earnings estimate?
The value if growth stopped today — a zero-growth baseline — is $186.28 per share. It capitalizes normalized owner earnings at a 9% rate and assumes 0% growth. Versus a recent price of $376.04, that is 102% above value if growth stopped today. The model also publishes a capped-growth comparison, but the zero-growth estimate is the cautious baseline. It assumes trailing owner earnings persist and is unreliable for declining businesses. This is an educational estimate from primary SEC filings, not intrinsic value as a fact or investment advice.
How has AMGN's Moat Score changed over time?
The record logs 16 readings since Jul 17, 2026; the latest reads 68.4 out of 100 (narrow moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.

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