| Intrinsic Valuation of: AMGN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 11 | Market Cap | $156B | |||||
| 2021 | - | - (-) | P/E Ratio | 26 | Total Asset | $92B | |||||
| 2022 | $8B | - (-) | Net Income | $4B | Total Debt | $57B | |||||
| 2023 | $9B | 4.8% (3.5%) | EBITDA | $13B | Total Liab | $86B | |||||
| 2024 | $7B | -16.2% (-21.8%) | Opr Margin | 0.22 | Debt/Equity | 9.62 | |||||
| 2025 | $10B | 41.2% (19.1%) | PreTax Margin | 12.28 | BV/Share | -75 | |||||
| 5Y Average FCF | $9B | 9.9% (0.3%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (9.9%) | ||||||||||
| 2026 | $11B | MBG Intrinsic Value | $98 | ||||||||
| 2027 | $13B | ||||||||||
| 2028 | $14B | ||||||||||
| 2029 | $15B | ||||||||||
| 2030 | $17B | ||||||||||
| 2031 | $18B | ||||||||||
| Terminal Value | $382B | Net Worth/Share | $11 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $316B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $12B | $505 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $57B | WACC | 7.3% | 432 | 471 | 517 | 575 | 647 | |||
| Equity Value | $271B | 7.4% | 428 | 465 | 511 | 567 | 637 | ||||
| Shares Outstanding | 537,705,984 | 7.4% | 423 | 460 | 505 | 559 | 628 | ||||
| 7.9% | 382 | 412 | 449 | 492 | 545 | ||||||
| DCF Intrinsic Value | $505 | 8.4% | 347 | 372 | 402 | 437 | 480 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||