AMGEN Inc (AMGN) is slightly overvalued and Astrazeneca plc (AZN) is slightly undervalued.
Against our estimates of intrinsic value, AZN trades at the wider discount: a margin of safety of +7%, against -11% for AMGN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.5% (average of 3 methods) values the shares at $369.87; the price of $410.24 is 11% above that value, and 81% of that value comes from beyond year five.
Leak Score 51/100 on 10 of 12 signals
Discounting its cash flows at 7.4% (average of 3 methods) values the shares at $180.20; the price of $168.37 is 7% below that value, and 82% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | AMGN | AZN |
|---|---|---|
| Verdict | Slightly overvalued | Slightly undervalued |
| Price | $410.24 | $168.37 |
| Intrinsic value | $369.87 | $180.20 |
| Margin of safety | -11% | +7% |
| Leak Score | 51/100 (10/12) | 59/100 (3/12) |
| Market cap | $221.8B | $261.1B |
| Revenue growth, 5 years | 7.8% | 16.3% |
| Operating margin | 33.3% | 22.4% |
| Net margin | 22.9% | 17.0% |
| Return on equity | 91.5% | 22.0% |
| Debt to equity | 4.90 | 0.64 |
| P/E | 25.5x | 25.2x |
| Forward P/E | 16.8x | 14.6x |
| P/B | 19.0x | 5.2x |
| Dividend yield | 2.5% | 2.0% |