AmgenCHIX:AMGD 90 EV-to-OCF is 22.97 as of Jul. 13, 2026, which is 43% above its 10-year median of 16.02. GuruFocus rates CHIX:AMGD with a GF Score™ of 90/100 and a GF Value™ of €325.97 (Modestly Undervalued). The stock has 8 warning signs investors should review. Among 1,008 Drug Manufacturers companies, Amgen ranks worse than 72.22% on this metric.
EV-to-OCF is calculated as enterprise value divided by its cash flow from operations. As of today, Amgen's Enterprise Value is €211,986 Mil.
Amgen's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 was €9,230 Mil. Therefore, Amgen's EV-to-OCF for today is 22.97.
The historical rank and industry rank for Amgen's EV-to-OCF or its related term are showing as below:
CHIX:AMGd'
s EV-to-OCF Range Over the Past 10 Years
Min: 10.21 Med: 16.02 Max: 36.59
Current: 22.44
During the past 13 years, the highest EV-to-OCF of Amgen was 36.59. The lowest was 10.21. And the median was 16.02.
CHIX:AMGd's EV-to-OCF is ranked worse than 72.22% of 1008
companies
in the Drug Manufacturers industry
Industry Median: 10.53
vs CHIX:AMGd: 22.44
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
As of today (2026-07-13), Amgen's stock price is €285.00.
Amgen's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 was €12.331. Therefore, Amgen's PE Ratio (TTM) for today is 23.11.
Amgen (CHIX:AMGd) EV-to-OCF Explanation
EV-to-OCF is a valuation multiple that allows analysts and investors to compare stocks, preferably in the same sector or industry. This important multiple is often used in conjunction with, or as an alternative to, the PE Ratio (TTM) to determine the fair market value of a company.
Amgen's share price for today is €285.00.
Amgen's Earnings per Share (Diluted) for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €12.331.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Enterprise Value is used because it is a more complete measure in reflecting how much an investor pays when buying a company. Cash Flow from Operations is an important financial metric because it represents the cash generated from operating activities at a company's disposal. Companies with a low EV-to-OCF ratio, combined with a strong balance sheet are generally considered as undervalued.
Amgen EV-to-OCF Related Terms
Amgen EV-to-OCF Historical Data
* Premium members only.
The historical data trend for Amgen's EV-to-OCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
For the Drug Manufacturers - General subindustry, Amgen's EV-to-OCF, along with its competitors' market caps and EV-to-OCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Amgen EV-to-OCF vs Drug Manufacturers Industry
For the Drug Manufacturers industry and Healthcare sector, Amgen's EV-to-OCF distribution charts can be found below:
* The bar in red indicates where Amgen's EV-to-OCF falls into.
Amgen's current Enterprise Value is €211,986 Mil.
Amgen's Cash Flow from Operations for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €9,230 Mil.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Amgen (CHIX:AMGD) has a EV-to-OCF of 22.97 as of Jul. 13, 2026. This is 43% above median its historical median of 16.02. Over the past decade, Amgen's EV-to-OCF has ranged from 10.21 to 36.59. According to the industry distribution chart, Amgen ranks #728 out of 1008 companies in the Drug Manufacturers industry, placing it in the top 72.2%.
Is Amgen's EV-to-OCF too high?
Amgen's current EV-to-OCF of 22.97 is 43% above median its 10-year median of 16.02. Over the past 10 years, this metric has ranged from a low of 10.21 to a high of 36.59. The Drug Manufacturers industry median EV-to-OCF is 10.53. Amgen's value of 22.97 is 118.1% above this industry median. Based on the distribution chart, Amgen ranks #728 out of 1008 companies in the Drug Manufacturers industry, which is below the industry midpoint. Overall, Amgen has a GF Score™ of 90/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Amgen's EV-to-OCF compare to GILD and PFE?
According to the Drug Manufacturers industry distribution chart, Amgen ranks #728 out of 1008 companies for EV-to-OCF. This places Amgen in the lower half of its industry. The industry median EV-to-OCF is 10.53. Amgen's value of 22.97 is 118.1% above this benchmark. Historically, Amgen's own EV-to-OCF has ranged from 10.21 to 36.59 over the past decade. While the company's 10-year median is 16.02 vs. the industry median of 10.53, Amgen has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EV-to-OCF for a Drug Manufacturers company?
The median EV-to-OCF among Drug Manufacturers companies is 10.53, based on 1,008 companies in the industry. Companies in the top quartile (top 25%) have a EV-to-OCF significantly above this median, while those in the bottom quartile fall well below. However, EV-to-OCF should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Amgen's current EV-to-OCF of 22.97 is 118.1% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EV-to-OCF mean?
A high EV-to-OCF can signal that a stock is expensive relative to its fundamentals. For the Drug Manufacturers industry, the median EV-to-OCF is 10.53 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Amgen's current EV-to-OCF is 22.97, which is 43% above median its own 10-year median of 16.02. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Amgen stock overvalued right now?
Based on GuruFocus' analysis, Amgen (CHIX:AMGD) is currently considered Modestly Undervalued. The stock's GF Value™ is €325.97, compared to a current price of €285.00 — trading 12.6% below its estimated fair value. The current EV-to-OCF is 22.97, which is 43% above median its 10-year median of 16.02 and 118.1% above the Drug Manufacturers industry median of 10.53. Amgen's overall GF Score™ is 90/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EV-to-OCF calculated?
EV-to-OCF is calculated from a company's financial statements. For Amgen (CHIX:AMGD), the current EV-to-OCF is 22.97 as of Jul. 13, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Amgen (CHIX:AMGD) Overvalued in 2026?
Based on GuruFocus' analysis, Amgen stock appears to be undervalued.
The current stock price of €285.00 is trading 12.6% below its estimated GF Value™ of €325.97.
GuruFocus considers Amgen to be Modestly Undervalued.
Key valuation signals for CHIX:AMGD:
EV-to-OCF: 22.97 (43% above median its 10-year median of 16.02)
GF Value™: €325.97 vs. price of €285.00 (12.6% below fair value)
Industry Position: 118.1% above the Drug Manufacturers median (#728 of 1008)
No single metric tells the full story. See the CHIX:AMGD stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Amgen is a leader in biotechnology-based human therapeutics. Flagship drugs include red blood cell boosters Epogen and Aranesp, immune system boosters Neupogen and Neulasta, and Enbrel and Otezla for inflammatory diseases. Amgen introduced its first cancer therapeutic, Vectibix, in 2006 and markets bone-strengthening drugs Prolia/Xgeva (approved 2010) and Evenity (2019). The acquisition of Onyx Pharmaceuticals bolstered the firm's therapeutic oncology portfolio with Kyprolis. Recent launches include Repatha (cholesterol-lowering), Aimovig (migraine), Lumakras (lung cancer), and Tezspire (asthma). The 2023 Horizon acquisition brought several rare-disease drugs, including thyroid eye disease drug Tepezza. Amgen also has a growing biosimilar portfolio.
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