NYSE · Healthcare

AstraZeneca PLC

AZN · Drug Manufacturers - General

$183.34

▼ -1.4 (-0.76%)

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Mr. Market is currently offering AstraZeneca PLC at $183.34.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 81.9%

Operating Margin 22.7%

Net Income Margin 17.4%

Fin. Health D

Years to Pay Off Debt 2.9 yrs

Working Capital vs Long-Term Debt -$26.6B

Working Capital -$1.9B

Valuation F

Margin of Safety 0.0%

Price-to-Book 5.84x

Cash Flow C

Free Cash Flow $8.7B

CapEx % of Net Income 57.8%

Owner Earnings $21.6B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $284.2B

Enterprise Value $312.6B

P/E (TTM) 27.65

Dividend Yield 1.73%

Exchange NYSE

Key Margins

Gross Profit 81.9%

Operating Margin 22.7%

Net Margin 17.4%

Company Info

Sector Healthcare

Industry Drug Manufacturers - General

Employees 96100

Country United Kingdom

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering AstraZeneca PLC at $183.34.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $183.34, the stock trades at a 170% premium to its Graham Number of $67.97. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About AstraZeneca PLC

AstraZeneca PLC, a biopharmaceutical company, focuses on the discovery, development, manufacture, and commercialization of prescription medicines. The company offers Imjudo, Datroway, Iressa, Tagrisso, Imfinzi, Lynparza, Calquence, Enhertu, Orpathys, Truqap, Zoladex, Faslodex, Crestor, Andexxa, Onglyza, Symlin, XIGDUO XR, Atacand, Atacand HCT, Atacand Plus, Farxiga/Forxiga, Plendil, Modip, Splendil, Munobal, Flodil, Tenormin, Tenormine, Prenormine, Atenol, Zestril, Brilinta/Brilique, Komboglyze, Qtern, Wainua, Byetta, Lokelma, Seloken ZOK, Toprol-XL, Betaloc ZOK, XIGDUO, Accolate, Accoleit, Vanticon, Bricanyl Respules, Eklira Genuair/Tudorza/Bretaris, Pulmicort Turbuhaler, Symbicort Turbuhaler, Airsupra, Bricanyl Turbuhaler, Fasenra, Rhinocort, Tezspire, Bevespi Aerosphere, Daliresp/Daxas, Oxis Turbuhaler, Saphnelo, Breztri Aerosphere, Duaklir Genuair, Pulmicort Respules, and Symbicort pMDI. It also provides Beyfortus, Kavigale, Evusheld, Fluenz/FluMist, Synagis, Kanuma, Ultomiris, Koselugo, Voydeya, Soliris, Strensiq, Nexium, and other medicines. The company offers its products for ocology, cardiovascular, renal and metabolism, respiratory & immunology, vaccines and immune, and therapies rare diseases. It serves primary and specialty care physicians through distributors and local representative offices in the United Kingdom, the Americas, rest of Europe, Asia, Africa, and Australasia. It has a strategic agreement with Tempus and Pathos to develop the largest multimodal foundation model in oncology; and a strategic research collaboration with CSPC Pharmaceutical Group Limited to advance the discovery and development of novel oral candidates, with the potential to treat diseases across multiple indications. The company was formerly known as Zeneca Group PLC and changed its name to AstraZeneca PLC in April 1999. AstraZeneca PLC was incorporated in 1992 and is headquartered in Cambridge, the United Kingdom.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	81.9% ▲	81.1%	82.0%	72.1%	N/A
Operating Margin %	22.7% ▲	19.0%	19.0%	10.2%	N/A
Net Income %	17.4% ▲	13.0%	13.0%	7.4%	N/A
Diluted EPS	6.54 ▲	4.50	3.81	2.11	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$114.1B	$104.0B	$101.1B	$96.5B	N/A
Total Debt	$29.1B ↓	$30.1B	$28.4B	$29.1B	N/A
Working Capital	-$1.9B ▲	-$2.0B	-$5.5B	-$3.7B	N/A
Years to Pay Debt	2.85	4.28	4.77	8.86	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$8.7B ▲	$7.3B	$6.6B	$7.2B	N/A
Owner Earnings	$21.6B	$16.7B	$14.7B	$11.1B	N/A
CapEx % of Net Income	57.8%	65.2%	63.4%	78.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	66,060	-29,047	-66,485	-140,790
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	19,139,000	15,591,000	13,911,000	9,826,000
Total Unusual Items	367,000	-153,000	-489,000	-741,000
Total Unusual Items Excluding Goodwill	367,000	-153,000	-489,000	-741,000
Net Income From Continuing Operation Net Minority Interest	10,225,000	7,035,000	5,955,000	3,288,000
Reconciled Depreciation	5,490,000	5,065,000	4,934,000	5,254,000
Reconciled Cost Of Revenue	10,633,000	10,207,000	8,268,000	12,391,000
EBITDA	19,506,000	15,438,000	13,422,000	9,085,000
EBIT	14,016,000	10,373,000	8,488,000	3,831,000
Net Interest Income	-1,254,000	-1,337,000	-1,288,000	-1,249,000
Interest Expense	1,614,000	1,682,000	1,589,000	1,330,000
Interest Income	360,000	345,000	301,000	81,000
Normalized Income	9,924,060	7,158,953	6,377,515	3,888,210
Net Income From Continuing And Discontinued Operation	10,225,000	7,035,000	5,955,000	3,288,000
Total Expenses	45,412,000	43,822,000	37,089,000	39,839,000
Rent Expense Supplemental	452,000	377,000	301,000	268,000
Total Operating Income As Reported	13,743,000	10,003,000	8,193,000	3,757,000
Diluted Average Shares	1,562,000	1,563,000	1,562,000	1,560,000
Basic Average Shares	1,550,000	1,550,000	1,549,000	1,548,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	10,225,000	7,035,000	5,955,000	3,288,000
Net Income Common Stockholders	10,225,000	7,035,000	5,955,000	3,288,000
Net Income	10,225,000	7,035,000	5,955,000	3,288,000
Minority Interests	-8,000	-6,000	-6,000	-5,000
Net Income Including Noncontrolling Interests	10,233,000	7,041,000	5,961,000	3,293,000
Net Income Continuous Operations	10,233,000	7,041,000	5,961,000	3,293,000
Tax Provision	2,169,000	1,650,000	938,000	-792,000
Pretax Income	12,402,000	8,691,000	6,899,000	2,501,000
Special Income Charges	416,000	-248,000	-529,000	-755,000
Other Special Charges	-372,000	-12,000	9,000	573,000
Restructuring And Mergern Acquisition	-44,000	260,000	520,000	182,000
Net Non Operating Interest Income Expense	-1,254,000	-1,337,000	-1,288,000	-1,249,000
Interest Expense Non Operating	1,614,000	1,682,000	1,589,000	1,330,000
Interest Income Non Operating	360,000	345,000	301,000	81,000
Operating Income	13,327,000	10,251,000	8,722,000	4,512,000
Operating Expense	34,779,000	33,615,000	28,821,000	27,448,000
Other Operating Expenses	134,000	121,000	164,000	200,000
Amortization					1,000
Research And Development	14,232,000	13,583,000	10,935,000	9,762,000
Selling General And Administration	20,774,000	20,224,000	18,222,000	17,984,000
Selling And Marketing Expense	579,000	555,000	539,000	536,000
General And Administrative Expense	20,195,000	19,669,000	17,683,000	17,448,000
Gross Profit	48,106,000	43,866,000	37,543,000	31,960,000
Cost Of Revenue	10,633,000	10,207,000	8,268,000	12,391,000
Total Revenue	58,739,000	54,073,000	45,811,000	44,351,000
Operating Revenue	58,739,000	54,073,000	45,811,000	44,351,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	148	442	0	0
Preferred Shares Number					50
Ordinary Shares Number	1,550,760	1,550,104	1,550,163	1,549,800
Share Issued	1,550,908	1,550,546	1,550,163	1,549,800
Net Debt	21,635,000	23,174,000	21,439,000	22,024,000
Total Debt	29,149,000	30,114,000	28,407,000	29,143,000
Tangible Book Value	-10,421,000	-17,416,000	-18,994,000	-22,090,000
Invested Capital	76,013,000	69,448,000	66,422,000	65,227,000
Working Capital	-1,894,000	-2,039,000	-5,488,000	-3,700,000
Net Tangible Assets	-10,421,000	-17,416,000	-18,994,000	-22,090,000
Capital Lease Obligations	1,803,000	1,452,000	1,128,000	953,000
Common Stock Equity	48,667,000	40,786,000	39,143,000	37,037,000
Total Capitalization	73,382,000	67,292,000	61,508,000	60,002,000
Total Equity Gross Minority Interest	48,719,000	40,871,000	39,166,000	37,058,000
Minority Interest	52,000	85,000	23,000	21,000
Stockholders Equity	48,667,000	40,786,000	39,143,000	37,037,000
Retained Earnings	10,972,000	3,160,000	1,502,000	-574,000
Additional Paid In Capital	35,419,000	35,379,000	35,341,000	35,308,000
Capital Stock	388,000	388,000	388,000	387,000
Common Stock	388,000	388,000	388,000	387,000
Total Liabilities Net Minority Interest	65,355,000	63,164,000	61,953,000	59,425,000
Total Non Current Liabilities Net Minority Interest	34,738,000	35,298,000	31,411,000	33,132,000
Derivative Product Liabilities	0	115,000	38,000	943,000
Non Current Pension And Other Postretirement Benefit Plans	1,105,000	1,330,000	1,520,000	1,168,000
Non Current Accrued Expenses	85,000	65,000	36,000	37,000
Tradeand Other Payables Non Current	2,939,000	1,943,000	2,617,000	3,440,000
Non Current Deferred Revenue	55,000	0	7,000	14,000
Non Current Deferred Taxes Liabilities	3,500,000	3,305,000	2,844,000	2,944,000
Long Term Debt And Capital Lease Obligation	26,136,000	27,619,000	23,222,000	23,690,000
Long Term Capital Lease Obligation	1,421,000	1,113,000	857,000	725,000
Long Term Debt	24,715,000	26,506,000	22,365,000	22,965,000
Long Term Provisions	918,000	921,000	1,127,000	896,000
Current Liabilities	30,617,000	27,866,000	30,542,000	26,293,000
Current Debt And Capital Lease Obligation	3,013,000	2,495,000	5,185,000	5,453,000
Current Capital Lease Obligation	382,000	339,000	271,000	228,000
Current Debt	2,631,000	2,156,000	4,914,000	5,225,000
Current Provisions	686,000	1,269,000	1,028,000	722,000
Payables	7,501,000	8,058,000	7,623,000	5,841,000
Other Payable	2,017,000	2,611,000	2,280,000	1,927,000
Total Tax Payable	1,664,000	1,807,000	2,076,000	1,364,000
Accounts Payable	3,820,000	3,640,000	3,267,000	2,550,000
Total Assets	114,074,000	104,035,000	101,119,000	96,483,000
Total Non Current Assets	85,351,000	78,208,000	76,065,000	73,890,000
Defined Pension Benefit	106,000	99,000	92,000	90,000
Non Current Prepaid Assets	559,000	356,000	274,000	243,000
Non Current Deferred Taxes Assets	5,819,000	5,347,000	4,718,000	3,263,000
Financial Assets	498,000	182,000	228,000	74,000
Other Investments	2,223,000	1,632,000	1,530,000
Investmentin Financial Assets	2,223,000	1,632,000	1,530,000	1,066,000
Available For Sale Securities	2,212,000	1,632,000	1,530,000	1,056,000
Financial Assets Designatedas Fair Value Through Profitor Loss Total	11,000	0	0	10,000
Long Term Equity Investment	302,000	268,000	147,000	76,000
Goodwill And Other Intangible Assets	59,088,000	58,202,000	58,137,000	59,127,000
Other Intangible Assets	37,846,000	37,177,000	38,089,000	39,307,000
Goodwill	21,242,000	21,025,000	20,048,000	19,820,000
Net PPE	14,703,000	11,647,000	10,502,000	9,449,000
Accumulated Depreciation	-10,542,000	-8,875,000	-8,599,000	-7,743,000
Gross PPE	25,245,000	20,522,000	19,101,000	17,192,000
Construction In Progress	4,740,000	2,789,000	2,045,000	2,653,000
Other Properties	61,000	47,000	36,000	32,000
Machinery Furniture Equipment	11,156,000	9,518,000	9,199,000	7,885,000
Buildings And Improvements	2,048,000	1,588,000	1,352,000	1,182,000
Land And Improvements	7,240,000	6,580,000	6,469,000	5,440,000
Current Assets	28,723,000	25,827,000	25,054,000	22,593,000
Other Current Assets					105,000
Hedging Assets Current	90,000	54,000	116,000	87,000
Assets Held For Sale Current		0	0	150,000	368,000
Restricted Cash	22,000	129,000	102,000	162,000
Prepaid Assets	2,034,000	1,737,000	1,617,000	1,329,000
Inventory	6,557,000	5,288,000	5,424,000	4,699,000
Finished Goods	1,923,000	1,517,000	1,568,000	1,413,000
Work In Process	2,777,000	2,282,000	2,325,000	1,864,000
Raw Materials	1,857,000	1,489,000	1,531,000	1,422,000
Other Receivables	2,906,000	2,933,000	2,102,000	1,980,000
Taxes Receivable	1,158,000	1,859,000	1,426,000	731,000
Accounts Receivable	10,237,000	8,302,000	8,407,000	7,212,000
Allowance For Doubtful Accounts Receivable	-52,000	-33,000	-45,000	-59,000
Gross Accounts Receivable	10,289,000	8,335,000	8,452,000	7,271,000
Cash Cash Equivalents And Short Term Investments	5,719,000	5,525,000	5,860,000	6,243,000
Other Short Term Investments	8,000	37,000	20,000	77,000
Cash And Cash Equivalents	5,711,000	5,488,000	5,840,000	6,166,000
Cash Equivalents	4,379,000	4,273,000	4,515,000	4,755,000
Cash Financial	1,332,000	1,215,000	1,325,000	1,411,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	8,670,000	7,275,000	6,567,000	7,237,000
Repayment Of Debt	-2,029,000	-4,652,000	-4,942,000	-1,271,000
Issuance Of Debt	15,000	6,492,000	3,816,000	0
Issuance Of Capital Stock	-481,000	-43,000	33,000	29,000
Capital Expenditure	-5,905,000	-4,586,000	-3,778,000	-2,571,000
End Cash Position	5,698,000	5,429,000	5,637,000	5,983,000
Beginning Cash Position	5,429,000	5,637,000	5,983,000	6,038,000
Effect Of Exchange Rate Changes	46,000	-93,000	-60,000	-80,000
Changes In Cash	223,000	-115,000	-286,000	25,000
Financing Cash Flow	-7,544,000	-3,996,000	-6,567,000	-6,823,000
Net Other Financing Charges	-70,000	-817,000	-886,000	-1,047,000
Cash Dividends Paid	-4,971,000	-4,629,000	-4,481,000	-4,364,000
Common Stock Dividend Paid	-4,971,000	-4,629,000	-4,481,000	-4,364,000
Net Common Stock Issuance	-481,000	-43,000	33,000	29,000
Common Stock Issuance	-481,000	-43,000	33,000	29,000
Net Issuance Payments Of Debt	-1,650,000	1,809,000	-965,000	-1,197,000
Net Short Term Debt Issuance	364,000	-31,000	161,000	74,000
Net Long Term Debt Issuance	-2,014,000	1,840,000	-1,126,000	-1,271,000
Long Term Debt Payments	-2,029,000	-4,652,000	-4,942,000	-1,271,000
Long Term Debt Issuance	15,000	6,492,000	3,816,000	0
Investing Cash Flow	-6,808,000	-7,980,000	-4,064,000	-2,960,000
Net Other Investing Changes			190,000		20,000
Interest Received Cfi	286,000	343,000	287,000	60,000
Net Investment Purchase And Sale	-98,000	12,000	-7,000	-117,000
Sale Of Investment	131,000	108,000	129,000	42,000
Purchase Of Investment	-229,000	-96,000	-136,000	-159,000
Net Business Purchase And Sale	-1,240,000	-3,927,000	-1,179,000	-1,061,000
Sale Of Business	0	13,000	0	0
Purchase Of Business	-1,240,000	-3,940,000	-1,179,000	-1,061,000
Net Intangibles Purchase And Sale	-2,959,000	-2,539,000	-2,126,000	-1,033,000
Sale Of Intangibles	136,000	123,000	291,000	447,000
Purchase Of Intangibles	-3,095,000	-2,662,000	-2,417,000	-1,480,000
Net PPE Purchase And Sale	-2,797,000	-1,869,000	-1,229,000	-809,000
Sale Of PPE	13,000	55,000	132,000	282,000
Purchase Of PPE	-2,810,000	-1,924,000	-1,361,000	-1,091,000
Operating Cash Flow	14,575,000	11,861,000	10,345,000	9,808,000
Taxes Refund Paid	-2,845,000	-2,750,000	-2,366,000	-1,623,000
Interest Paid Cfo	-1,316,000	-1,313,000	-1,081,000	-849,000
Change In Working Capital	-1,137,000	-893,000	300,000	3,757,000
Change In Payable	1,346,000	862,000	2,394,000	1,165,000
Change In Inventory	-755,000	-131,000	-669,000	3,941,000
Change In Receivables	-1,728,000	-1,624,000	-1,425,000	-1,349,000
Other Non Cash Items	1,819,000	1,527,000	1,451,000	639,000
Depreciation And Amortization	5,490,000	5,065,000	4,934,000	5,254,000
Amortization Cash Flow	4,207,000	3,923,000	3,926,000	4,156,000
Depreciation	1,283,000	1,142,000	1,008,000	1,098,000
Gain Loss On Investment Securities	49,000	-95,000	-40,000	-14,000
Net Foreign Currency Exchange Gain Loss	31,000	42,000	34,000	16,000
Gain Loss On Sale Of PPE	-168,000	-64,000	-251,000	-104,000
Gain Loss On Sale Of Business			0	0	-776,000
Net Income From Continuing Operations	12,402,000	8,691,000	6,899,000	2,501,000

These metrics estimate what AstraZeneca PLC is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$67.97

Margin of Safety

Market Cap ÷ Company Value

1.51

P/B Ratio

5.84

Warren's Owner Earnings

$21.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$58.7B

vs > $1.5B revenue

❌ Strong Financial Condition

0.94x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.73%

vs Uninterrupted dividends

✅ Earnings Growth

+210.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

27.7x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

5.84x P/B (P/E×P/B: 161.5)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-23.63

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$95.52

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	57.8%	65.2%	63.4%	78.2%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	$8.7B ▲	$7.3B ▲	$6.6B ▼	$7.2B •	N/A •
Warren's Owner Earnings	$21.6B	$16.7B	$14.7B	$11.1B	N/A

Peers & Industry

No auto-detected peers for Drug Manufacturers - General. You can manually compare AZN against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.04%

Low — management has little skin in the game

Return on Equity (ROE)

21.0%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

9.0%

Strong — management uses assets efficiently

Debt Trend YoY

-3.2% YoY

Debt is declining — management is deleveraging

Leadership Team

Pascal Claude Roland Soriot ,

CEO & Executive Director

Age 66

Pay: $8,305,051

0.081% of net income

Aradhana Sarin

CFO & Executive Director

Age 51

Pay: $3,682,082

0.036% of net income

Ruud Dobber Ph.

Executive Vice-President of BioPharmaceuticals Business Unit

Susan Mary Galbraith , Ph.

Executive Vice President of Oncology R&D

Age 59

Iskra Reic

Executive Vice President of International

Top Institutional Holders

Institution	% Owned	Shares
Price (T.Rowe) Associates Inc	1.57%	24,321,914
Primecap Management Company	1.19%	18,457,631
Bank of America Corporation	0.85%	13,178,177
Wellington Management Group, LLP	0.74%	11,414,126
FMR, LLC	0.70%	10,924,430
Fisher Asset Management, LLC	0.70%	10,800,717
Royal London Asset Management Ltd	0.66%	10,299,563
Franklin Resources, Inc.	0.65%	10,078,876

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.22

Low volatility — more stable than the market

Short Interest

0.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.72x

Conservative balance sheet — low financial risk

Current Ratio

0.91x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $132.32 Current: $183.34 High: $212.71

Currently at 63% of 52-week range

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