AbbVie Inc.
$295.03
+0.58 (+0.20%) · delayed · Nov 13, 2026
Five-year price
52w $190.75 to $302.93
- Market cap
- $521.5B
- Enterprise value
- $583.3B
- P/E
- 125.0×
- 118.5× on 3y avg EPS
- EV / EBIT
- 38.7×
- FCF yield
- 3.4%
- ROIC
- 16.7%
- Debt / equity
- —
- Piotroski F
- 7/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ●ROIC > 12% (5y avg)5y avg ROIC 18.1%
- ●ROE > 15% (5y avg)5y avg ROE 79.8%
- ○Stable operating marginsMargin volatility 5.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 337% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.0%
- ○Shrinking share countDiluted shares 6.0% over 5y
Value
0
- ○P/E below 15P/E 125.0
- ○EV/EBIT below 12EV/EBIT 38.7
- ○FCF yield above 6%FCF yield 3.4%
- –Price below Graham NumberGraham Number n/a
- –P/B below 3P/B n/a
Safety
25
- –Debt / equity below 0.5D/E n/a
- ○Debt payable in < 4 yrs of earningsNet debt $61.8B
- ○Interest coverage > 8xCoverage 5.2x
- ○Current ratio > 1.5Current ratio 0.67
- ●Piotroski F-score ≥ 6F-score 7/9
Graham Defensive
50
- ●Adequate size (revenue > $2B)Revenue $61.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.67
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ○Earnings growth ≥ 33% (10y, 3y avgs)EPS growth -29%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 118.5
- –P/E × P/B ≤ 22.5Product n/a
Valuation lab
What do you have to believe?
At $295.03, the market is pricing in about 12.2% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $61.8B · 1768M shares · 5y revenue CAGR 6.0%
Intrinsic value
$172.01
Price
$295.03
Premium paid
72%
What the price implies
The market is paying for 12.2% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 25,638 | 28,216 | 32,753 | 33,266 | 45,804 | 56,197 | 58,054 | 54,318 | 56,334 | 61,160 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 9,340 | 9,545 | 6,383 | 12,983 | 11,363 | 17,924 | 18,117 | 12,757 | 9,137 | 15,075 |
| Operating margin | 36.4% | 33.8% | 19.5% | 39.0% | 24.8% | 31.9% | 31.2% | 23.5% | 16.2% | 24.6% |
| Pre-tax income | 7,884 | 7,727 | 5,197 | 8,426 | 3,398 | 12,989 | 13,477 | 6,250 | 3,716 | 6,597 |
| Income tax | 1,931 | 2,418 | (490) | 544 | (1,224) | 1,440 | 1,632 | 1,377 | (570) | 2,364 |
| Net income | 5,953 | 5,309 | 5,687 | 7,882 | 4,616 | 11,542 | 11,836 | 4,863 | 4,278 | 4,226 |
| EPS (diluted) | 3.63 | 3.30 | 3.66 | 5.28 | 2.72 | 6.45 | 6.63 | 2.72 | 2.39 | 2.36 |
| Diluted shares | 1,631 | 1,603 | 1,546 | 1,484 | 1,673 | 1,777 | 1,778 | 1,773 | 1,773 | 1,773 |
Who owns it