Enterprise Value (EV)
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Amgen Inc. pages available for free this week:
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Current Enterprise Value (EV)
Amgen Inc., current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Total equity | |
| Add: Current portion of long-term debt (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Less: Marketable securities | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2024-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Amgen Inc., EV calculation
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Amgen Inc. Annual Report.
3 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The financial data reveals several key trends over the five-year period ending December 31, 2024. The company's common equity, which is also reflected as total equity in this dataset, exhibited fluctuations with an initial decline followed by a recovery and subsequent plateauing. Specifically, common equity decreased from $136,681 million in 2020 to $124,028 million in 2021, then modestly increased to $128,154 million by 2022. A notable rise occurred in 2023, with equity reaching $155,454 million and slightly increasing again to $156,413 million in 2024.
- Common Equity and Total Equity
- The decrease in equity between 2020 and 2021 may suggest pressures on shareholder value or equity restructuring during that time. However, the significant rebound and growth from 2022 to 2024 indicate a strengthening equity base, potentially driven by retained earnings or capital injections.
- Total Equity and Debt
- The combined total of equity and debt followed a similar period of decline from 2020 ($169,667 million) to 2021 ($157,337 million). Subsequently, it increased substantially, peaking at $220,067 million in 2023, before a slight reduction to $216,512 million in 2024. This pattern implies increased leverage or debt issuance, especially between 2022 and 2023, contributing to a larger capital base.
- Enterprise Value (EV)
- Enterprise value trends mirrored those of total equity and debt but at lower absolute amounts. EV decreased from $159,020 million in 2020 to $149,300 million in 2021, rose to $157,794 million in 2022, climbed sharply to $209,123 million in 2023, and then declined slightly to $204,539 million in 2024. This suggests that market perceptions of the company’s total value experienced volatility, with significant appreciation coinciding with the growth in equity and debt during 2023.
Overall, the financial data indicates a period of contraction in 2021 followed by a strong recovery and expansion phase through 2023. The growth in both equity and debt components of the capital structure suggests strategic financial activities, including potential leveraging to fuel expansion or other corporate initiatives. The slight reductions in 2024 across total equity and enterprise value hint at stabilization or cautious market adjustments after the rapid growth phase.