Applied Materials AMAT

Nasdaq · Semiconductors & Related Devices · $293.2B

Every report since 2022 →

No closes on file for AMAT yet.

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$293.2B

EV / True FCF58.1x

Revenue$28.4B +4.4%

True FCF (ex-SBC)$5.0B −23.9%

Rule of 4024.5%

ROIC32.0%

True FCF Yield1.7%

EPS, diluted$8.66 +0.6%

Modern Valuation (EOD)

Market Cap$293.2B

Enterprise Value$292.3B

EV / True FCF58.11

EV / FCF51.30

EV / Gross Profit21.17

EV / EBIT35.26

EV / Sales10.30

P / E (GAAP)41.89

P / FCF51.45

P / Oper. CF36.84

P / Book14.36

Owner & Cash Yields

True FCF Yield1.7%

FCF Yield1.9%

Owner Earn. Yield1.5%

Earnings Yield2.4%

Shareholder Yield+1.9%

Buyback Yield1.7%

Dividend Yield—

Dividend / sh$1.78

Payout Ratio20%

FCF / sh$7.18

EPS (diluted)$8.66

Compounder & Returns

Rule of 4024.5%

ROIC32.0%

Cash ROIC (CROIC)29.1%

GP / Assets38.0%

ROE34.3%

ROA19.3%

Gross Margin48.7%

Oper. Margin29.2%

Net Margin24.7%

FCF Margin20.1%

True FCF Margin17.7%

Quality & Dilution

Cash Conversion81%

Accrual Ratio−2.6%

SBC % of FCF11.7%

SBC % of Rev2.4%

Reinvest. Rate73%

Sales Growth Y/Y+4.4%

Sales 3Y CAGR+3.2%

EPS Growth Y/Y+0.6%

FCF Growth Y/Y−23.9%

FCF 3Y CAGR+7.3%

Share Change Y/Y−3.1%

Balance Sheet & Scale

Revenue (FY)$28.4B

Gross Profit (FY)$13.8B

Oper. Income (FY)$8.3B

GAAP Net Income$7.0B

True FCF (ex-SBC)$5.0B

Cash & Equiv$7.3B

Total Debt$6.5B

Net Cash (Debt)$857.0M

Net Cash % MCap+0.3%

Debt / FCF (yrs)1.1y

Current Ratio2.61793.60M sh

Price & Technicals (EOD)

Perf Week—

Perf Month—

Perf Quarter—

Perf Half Y—

Perf YTD—

SMA 20 Dist—

SMA 50 Dist—

SMA 100 Dist—

Window High—

Window Low—

RSI (14) · Vol—

Income Distribution & Cash Flow ConversionHow every dollar of AMAT revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$14.6B ($51.3 / $100)

R&D Reinvestment$3.6B ($12.6 / $100)

SG&A & Other OpEx$1.9B ($6.9 / $100)

Tax & Non-Operating$1.3B ($4.6 / $100)

Net Profit Kept$7.0B ($24.7 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$7.0B (24.7% margin)

Operating Cash Flow (OCF)$8.0B(28.1% of rev)

Less: Capital Expenditures−$2.3B(8.0% of rev)

Standard Free Cash Flow (FCF)$5.7B(20.1% margin)

Less: Stock-Based Comp (SBC)−$668.0M(11.7% of FCF)

True FCF (Owner Cash ex-SBC)$5.0B(17.7% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2021	FY2022	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$23.1B	$25.8B	$26.5B	$27.2B	$28.4B	+4.4%	+5.3%
Cost of Revenue (COGS)	$12.1B	$13.8B	$14.1B	$14.3B	$14.6B	+2.0%	+4.6%
Gross Profit	$10.9B	$12.0B	$12.4B	$12.9B	$13.8B	+7.1%	+6.1%
Research & Development (R&D)	$2.5B	$2.8B	$3.1B	$3.2B	$3.6B	+10.4%	+9.5%
Selling, General & Admin (SG&A)	—	—	$1.6B	$1.8B	$1.8B	−1.6%	+4.2%
Total Operating Expenses	$4.0B	$4.2B	$4.7B	$5.0B	$5.5B	+9.7%	+8.2%
Operating Income (EBIT)	$6.9B	$7.8B	$7.7B	$7.9B	$8.3B	+5.4%	+4.7%
Interest Expense	$236.0M	$228.0M	$238.0M	$247.0M	$269.0M	+8.9%	+3.3%
Income Tax Expense	$883.0M	$1.1B	$860.0M	$975.0M	$2.3B	+133.1%	+26.7%
GAAP Net Income	$5.9B	$6.5B	$6.9B	$7.2B	$7.0B	−2.5%	+4.4%
Diluted EPS	$6.40	$7.44	$8.11	$8.61	$8.66	+0.6%	+7.9%
Diluted Shares	919.0M	877.0M	845.0M	834.0M	808.0M	−3.1%	−3.2%
Balance Sheet
Cash & Equivalents	$5.1B	$2.1B	$6.2B	$8.1B	$7.3B	−9.9%	+9.4%
Inventory	$4.3B	$5.9B	$5.7B	$5.4B	$5.9B	+9.1%	+8.2%
Total Current Assets	$16.1B	$15.9B	$19.1B	$21.2B	$20.9B	−1.6%	+6.7%
Total Assets	$25.8B	$26.7B	$30.7B	$34.4B	$36.3B	+5.5%	+8.9%
Total Current Liabilities	$6.3B	$7.4B	$7.4B	$8.5B	$8.0B	−5.5%	+6.0%
Total Debt (Short + Long Term)	$5.5B	$5.5B	$5.5B	$6.2B	$6.5B	+4.8%	+4.3%
Total Liabilities	$13.6B	$14.5B	$14.4B	$15.4B	$15.9B	+3.1%	+4.0%
Stockholders' Equity	$12.2B	$12.2B	$16.3B	$19.0B	$20.4B	+7.4%	+13.6%
Net Cash / (Net Debt)	$-351.0M	$-3.4B	$772.0M	$2.0B	$857.0M	−56.1%	—
Invested Capital	$12.6B	$15.6B	$15.6B	$17.0B	$19.6B	+14.7%	+11.6%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$5.4B	$5.4B	$8.7B	$8.7B	$8.0B	−8.3%	+10.0%
Depreciation & Amortization (D&A)	$394.0M	$444.0M	$515.0M	$392.0M	$435.0M	+11.0%	+2.5%
Stock-Based Compensation (SBC)	$346.0M	$413.0M	$490.0M	$577.0M	$668.0M	+15.8%	+17.9%
Capital Expenditures (CapEx)	$668.0M	$787.0M	$1.1B	$1.2B	$2.3B	+89.9%	+35.6%
Free Cash Flow (FCF)	$4.8B	$4.6B	$7.6B	$7.5B	$5.7B	−23.9%	+4.5%
True FCF (ex-SBC Owner Cash)	$4.4B	$4.2B	$7.1B	$6.9B	$5.0B	−27.2%	+3.2%
Share Repurchases (Buybacks)	$3.8B	$6.1B	$2.2B	$3.8B	$4.9B	+28.0%	+6.9%
Dividends Paid	$838.0M	$873.0M	$975.0M	$1.2B	$1.4B	+16.1%	+13.4%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what AMAT did at the next close after each story

Aug 14

Stock Market Today: Dow Steady After Surprise Retail Sales; Applied Materials Dives On Earnings (Live Coverage)

Yahoo Finance · 10:20 AM ET

−5.12%

Aug 10

Taiwan Semiconductor revenue surges 45%, lifting chip-equipment stocks including AMAT

Yahoo Finance · 9:38 AM ET

—

Jul 13

TSMC reports record $13.2 billion June revenue, up 67% year-over-year

MarketWatch · 7:50 AM ET

—

Jun 26

Micron posts 48.9% revenue growth, 39.8% gross margins on AI memory demand surge

MarketWatch · 1:26 PM ET

—

Jun 25

Micron reports $37.4B FY2025 revenue, +48.9% YoY, with $7.59 EPS on AI memory demand

Yahoo Finance · 8:48 AM ET

—

Jun 19

U.S. pushes for tighter limits on ASML's China chip tool access and servicing

Investing.com · 8:51 AM ET

—

What happened · big days

22 big days in a year, and what we hold on each

A big day is a close more than 6.55% from the one before, three times AMAT’s median day (2.18%). On 13 of the 22, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±6.55%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayAMATWhat we hold that dayGroup (median of 4) · each

1 Jan 9, 2026+6.94%
Before our storiesgroup +1.8%, did not move with it
1Jan 9, 2026+6.94%
Before our stories
+1.8% did not move with itMU +5.5 · AVGO +3.8 · NVDA −0.1 · AMD −0.7
2 Feb 4, 2026−6.61%
Before our storiesgroup −6.7%, moved with AMAT
2Feb 4, 2026−6.61%
Before our stories
−6.7% moved with AMATAMD −17.3 · MU −9.6 · AVGO −3.8 · NVDA −3.4
3 Feb 13, 2026+8.08%
Resultsgroup −1.2%, did not move with it
3Feb 13, 2026+8.08%
ResultsFirst close after the Feb 12 results filing
−1.2% did not move with itAMD +0.7 · MU −0.6 · AVGO −1.8 · NVDA −2.2
4 Mar 26, 2026−8.34%
Before our storiesgroup −5.6%, moved with AMAT
4Mar 26, 2026−8.34%
Before our stories
−5.6% moved with AMATAMD −7.5 · MU −7.0 · NVDA −4.2 · AVGO −3.0
5 Apr 8, 2026+8.87%
Before our storiesgroup +4.8%, moved with AMAT
5Apr 8, 2026+8.87%
Before our stories
+4.8% moved with AMATMU +7.7 · AVGO +5.0 · AMD +4.6 · NVDA +2.2
6 Jun 2, 2026+6.96%
Before our storiesgroup +2.5%, did not move with it
6Jun 2, 2026+6.96%
Before our stories
+2.5% did not move with itAVGO +4.7 · MU +2.8 · AMD +2.2 · NVDA −0.7
7 Jun 5, 2026−9.71%
Before our storiesgroup −9.4%, moved with AMAT
7Jun 5, 2026−9.71%
Before our stories
−9.4% moved with AMATMU −13.3 · AMD −10.9 · AVGO −7.9 · NVDA −6.2
8 Jun 8, 2026+8.64%
Before our storiesgroup +4.0%, did not move with it
8Jun 8, 2026+8.64%
Before our stories
+4.0% did not move with itMU +9.9 · AMD +5.1 · AVGO +2.8 · NVDA +1.7
9 Jun 11, 2026+11.19%
Nothing on AMATgroup +5.8%, moved with AMAT
9Jun 11, 2026+11.19%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+5.8% moved with AMATMU +11.7 · AMD +8.0 · AVGO +3.6 · NVDA +2.2
10 Jun 23, 2026−8.48%
Nothing on AMATgroup −5.0%, moved with AMAT
10Jun 23, 2026−8.48%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−5.0% moved with AMATMU −13.2 · AMD −5.8 · NVDA −4.1 · AVGO −3.1
11 Jun 25, 2026+13.42%
Nothing on AMATgroup +0.8%, did not move with it
11Jun 25, 2026+13.42%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+0.8% did not move with itMU +15.7 · AMD +2.5 · AVGO −0.8 · NVDA −1.6
12 Jun 29, 2026+10.82%
Nothing on AMATgroup +1.7%, did not move with it
12Jun 29, 2026+10.82%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+1.7% did not move with itAMD +3.4 · AVGO +2.0 · NVDA +1.3 · MU +1.1
13 Jul 1, 2026−9.97%
Nothing on AMATgroup −4.6%, did not move with it
13Jul 1, 2026−9.97%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−4.6% did not move with itMU −10.6 · AMD −6.9 · AVGO −2.2 · NVDA −1.3
14 Jul 2, 2026−7.35%
Nothing on AMATgroup −3.3%, did not move with it
14Jul 2, 2026−7.35%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−3.3% did not move with itMU −5.5 · AMD −4.3 · AVGO −2.4 · NVDA −1.4
15 Jul 21, 2026+7.39%
Nothing on AMATgroup +5.2%, moved with AMAT
15Jul 21, 2026+7.39%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+5.2% moved with AMATMU +12.2 · AMD +8.1 · AVGO +2.2 · NVDA +2.0
16 Jul 28, 2026−7.82%
Nothing on AMATgroup −4.4%, moved with AMAT
16Jul 28, 2026−7.82%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−4.4% moved with AMATMU −8.8 · AMD −8.2 · AVGO −0.6 · NVDA +0.3
17 Jul 29, 2026−8.40%
Nothing on AMATgroup −4.5%, moved with AMAT
17Jul 29, 2026−8.40%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−4.5% moved with AMATMU −9.9 · AMD −5.5 · NVDA −3.5 · AVGO −2.8
18 Jul 30, 2026+14.97%
Nothing on AMATgroup +8.9%, moved with AMAT
18Jul 30, 2026+14.97%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+8.9% moved with AMATMU +18.4 · AMD +13.0 · AVGO +4.7 · NVDA +2.6
19 Sep 14, 2026−7.07%
Nothing on AMATgroup −4.6%, moved with AMAT
19Sep 14, 2026−7.07%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−4.6% moved with AMATMU −5.3 · AVGO −4.8 · AMD −4.4 · NVDA −3.4
20 Oct 13, 2026−6.69%
Nothing on AMATgroup +0.8%, did not move with it
20Oct 13, 2026−6.69%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
+0.8% did not move with itMU −3.6 · AVGO +0.7 · NVDA +1.0 · AMD +1.9
21 Oct 22, 2026−8.16%
Nothing on AMATgroup −5.3%, moved with AMAT
21Oct 22, 2026−8.16%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−5.3% moved with AMATAMD −8.1 · MU −6.3 · NVDA −4.4 · AVGO −4.3
22 Oct 30, 2026−7.49%
Nothing on AMATgroup −5.4%, moved with AMAT
22Oct 30, 2026−7.49%
Nothing on AMATNo AMAT story, brief or results filing in our record that day
−5.4% moved with AMATAMD −10.9 · AVGO −5.5 · MU −5.3 · NVDA −4.2

A story on the same day is not a cause, and a group move is not proof either. Group: the median of NVDA, AVGO, MU and AMD that day, the largest companies in AMAT’s SEC industry; “moved with AMAT” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). AMAT reports after the close, so day 1 is the next close. Each time, day 6 ended on the same side as day 1.

Reported Nov 13, 2025

day 1+1.25%day 6+0.35%

Reported Feb 12, 2026

day 1+8.08%day 6+13.75%

Reported May 14, 2026

day 1−0.89%day 6−1.91%

Reported Aug 13, 2026

day 1−5.12%day 6−7.90%

Next report: expected mid NovemberEstimated from the dates of its last four results filings. Not announced. Since the Aug 13 report: −30.89%. Four reports is a small sample.

Every report since 2022 →

Each line is AMAT’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

AMAT against four chip peers, a year at 100

AMAT is up 60.6% in a year. Micron is up 3.3 times and Advanced Micro Devices 2.1. Of these four, NVIDIA (+6.4%) and Broadcom (−6.8%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale so a 3.3-fold rise and a 6.8% fall both read honestly.

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AMAT +60.6%. Micron ×3.3, Advanced Micro Devices ×2.1, NVIDIA +6.4%, Broadcom −6.8%. Weekly closes, Nov 7, 2025 = 100, log scale.

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End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in AMAT’s SEC industry (Semiconductors & Related Devices) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

NVDA	NVIDIA	$4.86T	−9.26%
AVGO	Broadcom	$1.55T	−10.43%
MU	Micron	$898.1B	−17.46%
AMD	Advanced Micro Devices	$797.9B	−17.26%
INTC	Intel	$293.9B	−10.33%
TXN	Texas Instruments	$284.5B	−10.70%
ARM	ARM Holdings	$204.1B	−13.08%
ADI	Analog Devices	$196.8B	−11.13%