Amgen
Amgen returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | — | 16.61% | — | 91.47% | 9.53% | — |
| FY 2026 Q1 | Mar 31, 2026 | — | 15.78% | — | 101.32% | 8.58% | — |
| FY 2025 Q4 | Dec 31, 2025 | 14.43% | 13.57% | 1,045.87% | 106.1% | 8.45% | 6.5 pp |
| FY 2025 Q3 | Sep 30, 2025 | 12.96% | 12.48% | — | 81.71% | 7.74% | 5.1 pp |
| FY 2025 Q2 | Jun 30, 2025 | 12.72% | 11.98% | — | 99.14% | 7.4% | 4.8 pp |
| FY 2025 Q1 | Mar 31, 2025 | 11.64% | 10.66% | — | 105.67% | 6.51% | 3.7 pp |
| FY 2024 Q4 | Dec 31, 2024 | 11.31% | 9.84% | — | 67.55% | 4.33% | 3.4 pp |
| FY 2024 Q3 | Sep 30, 2024 | 12.18% | 8.63% | -7.97% | 55.72% | 4.66% | 4.3 pp |
| FY 2024 Q2 | Jun 30, 2024 | 11.78% | 8.69% | -10.88% | 49.27% | 3.46% | 3.9 pp |
| FY 2024 Q1 | Mar 31, 2024 | 12.74% | 9.43% | -7.41% | 72.57% | 4.14% | 4.8 pp |
| FY 2023 Q4 | Dec 31, 2023 | 14.23% | 12.32% | -7.14% | 135.79% | 8.28% | 6.3 pp |
| FY 2023 Q3 | Sep 30, 2023 | 23.12% | 14.41% | -164.43% | 133.8% | 9.81% | 15.2 pp |
| FY 2023 Q2 | Jun 30, 2023 | 24.3% | 15.85% | 7.25% | 173.46% | 10.67% | 16.4 pp |
| FY 2023 Q1 | Mar 31, 2023 | 23.44% | 14.88% | 18.73% | 252.78% | 10.7% | 15.5 pp |
| FY 2022 Q4 | Dec 31, 2022 | 25.47% | 19.44% | 61.35% | 126.47% | 10.38% | 17.6 pp |
| FY 2022 Q3 | Sep 30, 2022 | 25.57% | 19.37% | — | 115.16% | 10.62% | 17.7 pp |
| FY 2022 Q2 | Jun 30, 2022 | 24.11% | 20.37% | — | 123.31% | 11.05% | 16.2 pp |
| FY 2022 Q1 | Mar 31, 2022 | 20.94% | 16.69% | — | 111.67% | 9.4% | 13 pp |
| FY 2021 Q4 | Dec 31, 2021 | 19.72% | 15.24% | — | 73.16% | 9.5% | 11.8 pp |
| FY 2021 Q3 | Sep 30, 2021 | 18.26% | 14.01% | — | 58.5% | 8.65% | 10.4 pp |
| FY 2021 Q2 | Jun 30, 2021 | 18.7% | 14.88% | — | 60.78% | 9.21% | 10.8 pp |
| FY 2021 Q1 | Mar 31, 2021 | 22.78% | 17.91% | -16.39% | 75.3% | 11.41% | 14.9 pp |
| FY 2020 Q4 | Dec 31, 2020 | 23.43% | 18.62% | -5.38% | 76.13% | 11.84% | 15.5 pp |
| FY 2020 Q3 | Sep 30, 2020 | 25.02% | 17.74% | -6.61% | 67.18% | 11.84% | 17.1 pp |
| FY 2020 Q2 | Jun 30, 2020 | 22.57% | 17.83% | — | 68.05% | 11.74% | 14.7 pp |
| FY 2020 Q1 | Mar 31, 2020 | 23.65% | 18.9% | — | 75.55% | 12.21% | 15.7 pp |
| FY 2019 Q4 | Dec 31, 2019 | 22.74% | 19.39% | — | 70.73% | 12.44% | 14.8 pp |
| FY 2019 Q3 | Sep 30, 2019 | 26.15% | 19.3% | — | 63.83% | 12.72% | 18.2 pp |
| FY 2019 Q2 | Jun 30, 2019 | 22.79% | 18.73% | — | 61.92% | 12.53% | 14.9 pp |
| FY 2019 Q1 | Mar 31, 2019 | 22.45% | 17.88% | — | 61.05% | 11.95% | 14.6 pp |
| FY 2018 Q4 | Dec 31, 2018 | 18.75% | 16.57% | — | 44.48% | 11.47% | 10.9 pp |
| FY 2018 Q3 | Sep 30, 2018 | 4.57% | 15.94% | — | 9.46% | 2.98% | -3.3 pp |
| FY 2018 Q2 | Jun 30, 2018 | 4.75% | 15.97% | — | 10.14% | 3.21% | -3.2 pp |
| FY 2018 Q1 | Mar 31, 2018 | 4.47% | 15.79% | — | 9.59% | 2.98% | -3.4 pp |
| FY 2017 Q4 | Dec 31, 2017 | 3.49% | 14.52% | — | 7.18% | 2.51% | -4.4 pp |
| FY 2017 Q3 | Sep 30, 2017 | 13.54% | 14.62% | 24.23% | 25.96% | 10.32% | 5.6 pp |
| FY 2017 Q2 | Jun 30, 2017 | 13.9% | 15.1% | 21.44% | 26.43% | 10.54% | 6 pp |
| FY 2017 Q1 | Mar 31, 2017 | 13.85% | 14.91% | 60.63% | 26.61% | 10.32% | 6 pp |
| FY 2016 Q4 | Dec 31, 2016 | 14.14% | 15.15% | 15.46% | 26.65% | 10.35% | 6.2 pp |
| FY 2016 Q3 | Sep 30, 2016 | 13.53% | 14.12% | 18.84% | 25.83% | 10.11% | 5.6 pp |
| FY 2016 Q2 | Jun 30, 2016 | 13.65% | 14.2% | 32.59% | 25.8% | 10.13% | 5.8 pp |
| FY 2016 Q1 | Mar 31, 2016 | 13.39% | 13.7% | 22.76% | 26.15% | 10.02% | 5.5 pp |
| FY 2015 Q4 | Dec 31, 2015 | 13.61% | 13.56% | 60.35% | 25.77% | 9.87% | 5.7 pp |
| FY 2015 Q3 | Sep 30, 2015 | 12.44% | 12.44% | 78.32% | 24.14% | 9.02% | 4.5 pp |
| FY 2015 Q2 | Jun 30, 2015 | 11.53% | 11.15% | 29.41% | 22.42% | 8.26% | 3.6 pp |
| FY 2015 Q1 | Mar 31, 2015 | 11.89% | 11.28% | 31.59% | 23.18% | 8.4% | 4 pp |
| FY 2014 Q4 | Dec 31, 2014 | 11.08% | 10.3% | 2.38% | 21.55% | 7.63% | 3.2 pp |
| FY 2014 Q3 | Sep 30, 2014 | 11.43% | 10.34% | 0.27% | 20.76% | 7.64% | 3.5 pp |
| FY 2014 Q2 | Jun 30, 2014 | 12.2% | 11.22% | 3.4% | 22.27% | 8.2% | 4.3 pp |
| FY 2014 Q1 | Mar 31, 2014 | 11.6% | 11% | 2.18% | 22.35% | 7.96% | 3.7 pp |
| FY 2013 Q4 | Dec 31, 2013 | 12.21% | 11.25% | 10.19% | 24.69% | 8.44% | 4.3 pp |
| FY 2013 Q3 | Sep 30, 2013 | 13.31% | 11.62% | 587.61% | 23.29% | 8.62% | 5.4 pp |
| FY 2013 Q2 | Jun 30, 2013 | 13.38% | 11.96% | 96.37% | 23.03% | 8.75% | 5.5 pp |
| FY 2013 Q1 | Mar 31, 2013 | 13.28% | 12.67% | 23.26% | 23.95% | 9.11% | 5.4 pp |
| FY 2012 Q4 | Dec 31, 2012 | 12.76% | 12.5% | 11.46% | 22.81% | 8.42% | 4.9 pp |
| FY 2012 Q3 | Sep 30, 2012 | 13.27% | 12.91% | 15.97% | 20.67% | 8.87% | 5.4 pp |
| FY 2012 Q2 | Jun 30, 2012 | 11.82% | 10.98% | -10% | 17.11% | 7.74% | 3.9 pp |
| FY 2012 Q1 | Mar 31, 2012 | 11.3% | 11.32% | -49.93% | 17.06% | 8.14% | 3.4 pp |
| FY 2011 Q4 | Dec 31, 2011 | 11.33% | 10.78% | — | 17.14% | 7.98% | 3.4 pp |
| FY 2011 Q3 | Sep 30, 2011 | 11.36% | 10.85% | — | 15.84% | 8.45% | 3.5 pp |
| FY 2011 Q2 | Jun 30, 2011 | 13.9% | 13.41% | -68.02% | 18.67% | 10.38% | 6 pp |
| FY 2011 Q1 | Mar 31, 2011 | — | 14.83% | — | 19.38% | 11.04% | — |
| FY 2010 Q4 | Dec 31, 2010 | 14.99% | 15.26% | -1.29% | 19.85% | 11.13% | 7.1 pp |
| FY 2010 Q3 | Sep 30, 2010 | — | 15.28% | — | 19.33% | 10.74% | — |
| FY 2010 Q2 | Jun 30, 2010 | — | 16.57% | — | 21.05% | 11.77% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.9%, rounded from the Pharmaceuticals benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AMGN, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.