— Know what they know.
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Not Investment Advice

AMAT

NASDAQ · USD
Applied Materials, Inc.
Technology · Semiconductors
CEO Gary E. Dickerson Employees 36,500 R&D / revenue 12.6%
Last price
$409.29−4.82%last session
Market cap
$324.8B
P/E (TTM)
35.1x
From 52w high
−44.7%
From 52w low
+101.2%
1-year return
+80.1%
RSI 14 · vs SMA200
29.2 · −6.7%
IS score
69.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AMAT   SPY   XLK (sector ETF) · weekly closes
100150200250300Jan 26Apr 26Jul 26Oct 26AMAT 180XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
95
Profitability
66
Growth
38
Value
79
Momentum
100
Risk (safety)
83
Quality
92
Balance sheet
61
Earnings quality

Flags

Strengths
✓ Net cash✓ Congress buying
Warnings
None of the computed warning flags fires for AMAT (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 18.3Beta 1.603 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
37 open-market sales, $174.1M
Form 144 notices (12m): 13, $143.7M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
14
Last disclosed purchase 2026-08-06
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+572
715 new holders, 113 closed
3,526 filers hold 84.3% · 1,085 added, 1,361 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+423
2,153 funds adding shares
1,730 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
20.8%
20-day avg 38.0%, 50-day avg 35.4%
Latest 17.2 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$28.4B
Revenue growth YoY+4.4%
Gross margin48.7%
Operating income$8.3B
Operating margin29.2%
Net income$7.0B
Net margin24.7%
EPS (diluted)$8.66
Cash flow
Operating cash flow$8.0B
Capital expenditure$2.3B
Free cash flow$5.7B
FCF conversion (FCF / OCF)71.6%
Stock-based compensation$653.0M
FCF less SBC$5.0B
Buybacks$4.9B
Dividends$1.4B
Balance sheet & returns
Cash & short-term investments$8.6B
Total debt$6.6B
Net cash$2.0B
Shareholders' equity$20.4B
Goodwill & intangibles$3.9B
Debt / equity0.29
ROE (TTM)40.4%
ROIC (TTM)23.5%
Operating margin by fiscal year
29.9%FY202130.2%FY202228.9%FY202328.9%FY202429.2%FY2025
Revenue $23.1B (FY2021) to $28.4B (FY2025), a 5.3% CAGR.

Valuation

P/E (TTM)35.1x
EV / EBITDA28.2x
Price / sales10.53x
Price / FCF57.8x
FCF yield1.73%
Buyback yield1.51%
SBC / revenue2.2%
Price / book12.68x
Forward P/E FY202631.9x
Forward P/E FY202721.8x
Forward P/E FY202816.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $639.87 across 15 analysts last quarter is theirs, not ours.

AMAT vs industry median

196 companies in Semiconductors
Gross margin 49.4% 45.0% Operating margin 30.5% 5.8% Net margin 30.1% 5.7% ROIC 23.5% 6.2%
AMAT (TTM)Industry median Asset turnover 0.71 vs industry 0.52 · financial leverage 1.70

Earnings delivery

Next report 2026-11-12 · consensus EPS $4.06
100%
beat rate, 12 of 12 quarters
+5.1%
median EPS surprise
12
longest beat streak
+6+12+5+5+6+4+3+5+3+8+7+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-16 to 2026-08-13. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AMAT Applied Materials, Inc. $324.8B35.1x40.4%30.1%+4.4% +80.1%
LRCX Lam Research Corporation $330.3B45.6x65.1%33.9%+26.0% +85.7%
TXN Texas Instruments Incorporat $252.5B41.8x35.2%36.2%+16.7% +61.6%
ARM Arm Holdings plc American De $243.3B234.8x13.4%20.9%+25.1% +33.1%
INTC Intel Corp. $475.0Bn/m-12.2%-68.4%+7.5% +143.9%
KLAC KLA Corporation $216.3B45.0x87.5%37.3%+11.7% —
MRVL Marvell Technology, Inc. $199.5B74.7x16.5%11.2%+30.6% —
ADI Analog Devices, Inc. $191.6B46.7x12.2%33.3%+33.6% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-08-27Officer/Director Change; Regulation FD; Exhibits
2026-08-13Earnings Release; Exhibits
2026-03-13Submission of Matters to a Vote of Security Holders
2026-02-12Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
2026-02-12Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-11-13Results of Operations and Financial Condition; Financial Statements and Exhibits

Context

Shares outstanding793,597,443
Free float99.6%
Institutional ownership84.3%
Beta1.60
Dividend yield0.48%
Last dividend$0.53 on 2026-11-19
50 / 200-day average$484.58 / $438.28
Mega-cap Technology median P/E33.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AMAT sits among 76 scored companies in Semiconductors (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAMATIndustry medianIndustry percentileSector median
P/E (TTM) 35.1x 45.9x
24th		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 2.36 2.30
56th		 1.36
Price / sales 10.5x 8.1x
57th		 3.9x
Price / book 12.7x 5.5x
76th		 4.4x
Price / tangible book 20.0x 10.3x
72nd		 8.8x
Price / free cash flow 57.8x 57.4x
52nd		 20.3x
Price / operating cash flow 38.7x 38.7x
50th		 17.9x
Enterprise value $322.9B $6.8B
92nd		 $5.5B
EV / sales 10.5x 8.4x
60th		 4.1x
EV / EBITDA 28.0x 28.1x
49th		 18.9x
EV / EBIT 29.3x 38.4x
32nd		 26.7x
EV / free cash flow 57.4x 57.4x
50th		 21.9x
Earnings yield 2.9% 1.2%
84th		 2.0%
FCF yield 1.7% 1.4%
63rd		 3.3%
Operating cash flow yield 2.6% 2.0%
61st		 4.4%
Graham number (per share) $91.37 $34.80
88th		 $28.08

Profitability (TTM)

MeasureAMATIndustry medianIndustry percentileSector median
Gross margin 49.4% 48.5%
52nd		 55.7%
EBITDA margin 37.4% 18.7%
85th		 13.7%
Operating margin 30.5% 10.1%
85th		 8.2%
EBIT margin 35.7% 12.1%
88th		 8.6%
Net margin 30.1% 9.4%
87th		 5.7%
NOPAT margin 26.4% 9.3%
83rd		 7.0%
FCF margin 18.2% 12.0%
68th		 15.0%
Operating cash flow margin 27.2% 18.3%
76th		 18.4%
R&D / revenue 12.9% 17.5%
35th		 12.9%
SG&A / revenue 5.4% 14.9%
9th		 25.6%
Stock comp / revenue 2.2% 3.9%
31st		 4.4%
Effective tax rate 13.6% 17.4%
29th		 21.0%

Returns on capital

MeasureAMATIndustry medianIndustry percentileSector median
ROE (on average equity) 41.1% 6.8%
93rd		 9.4%
ROA 23.8% 4.2%
91st		 4.1%
ROIC 34.2% 7.9%
87th		 9.0%
ROCE 33.2% 6.6%
92nd		 8.6%
Return on tangible assets 28.3% 5.7%
91st		 5.9%
Cash ROIC (OCF / invested capital) 35.4% 14.1%
81st		 20.7%
Gross profitability (GP / assets) 35.0% 21.5%
73rd		 30.0%
ROIC, 3-yr average 37.0% 6.8%
89th		 7.4%
ROIC, 5-yr average 51.3% 16.5%
86th		 7.9%
ROE, 5-yr average 41.7% 10.9%
94th		 6.9%
Incremental ROIC 33.2% 13.4%
63rd		 15.3%

Growth

MeasureAMATIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 7.8% 17.8%
29th		 14.3%
Revenue growth (QoQ) 15.2% 13.2%
60th		 6.6%
Revenue CAGR, 3 yr 5.1% 3.5%
56th		 9.6%
Revenue CAGR, 5 yr 7.4% 6.5%
52nd		 11.5%
Gross profit CAGR, 3 yr 7.3% 2.6%
59th		 10.9%
Operating income CAGR, 3 yr 7.0% -2.2%
62nd		 11.3%
Net income growth (TTM YoY) 35.6% 35.4%
54th		 21.6%
Net income CAGR, 3 yr 12.9% 1.9%
69th		 9.9%
EPS growth (TTM YoY) 37.5% 37.4%
51st		 22.3%
EPS CAGR, 3 yr 14.8% -0.5%
69th		 11.2%
EPS CAGR, 5 yr 14.9% 7.5%
59th		 12.0%
FCF growth (TTM YoY) -3.4% 31.5%
33rd		 24.6%
FCF CAGR, 3 yr -7.0% 2.9%
34th		 19.3%
Operating cash flow CAGR, 3 yr 1.6% 4.1%
44th		 17.9%
Book value CAGR, 3 yr 21.4% 7.2%
81st		 6.8%
Dividend CAGR, 3 yr 5.8% 1.9%
74th		 3.1%
Sustainable growth rate 34.4% 10.7%
92nd		 14.2%

Margin history & stability

MeasureAMATIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 48.4% 47.6%
54th		 53.2%
Operating margin, 3-yr average 29.9% 8.0%
89th		 6.6%
Net margin, 3-yr average 27.2% 7.9%
86th		 5.2%
FCF margin, 3-yr average 21.0% 11.5%
72nd		 12.7%
Revenue stability (0-1) 0.97 0.58
96th		 0.87
Earnings stability (0-1) 0.75 0.36
83rd		 0.45
Margin stability (0-1) 0.97 0.93
83rd		 0.95

Liquidity (latest quarter)

MeasureAMATIndustry medianIndustry percentileSector median
Cash & short-term investments $9.2B $667.9M
93rd		 $494.1M
Net cash (− = net debt) $1.9B $201.8M
93rd		 $49.8M
Working capital $14.7B $953.3M
93rd		 $391.0M
Current ratio 2.42 3.45
25th		 1.92
Quick ratio 1.79 2.56
27th		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.89 1.60
23rd		 0.95
Defensive interval (days) 1,060 days 778 days
65th		 521 days

Leverage & solvency (latest quarter)

MeasureAMATIndustry medianIndustry percentileSector median
Total debt $7.3B $307.1M
91st		 $349.3M
Debt / equity 0.29 0.17
60th		 0.29
Net debt / equity −0.07 −0.19
64th		 −0.13
Debt / assets 16.9% 11.2%
55th		 16.9%
Debt / capital 22.3% 14.8%
60th		 22.3%
Debt / EBITDA 0.64 1.14
39th		 1.78
Net debt / EBITDA −0.16 −0.82
66th		 −0.18
Interest coverage (EBIT / interest) 39.7x 12.4x
74th		 5.8x
Cash interest coverage 30.3x 15.4x
67th		 12.8x
Debt payback (years of OCF) 0.9 yrs 1.2 yrs
43rd		 1.6 yrs
Liabilities / assets 41.1% 30.8%
63rd		 48.7%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 125
0th		 175

Efficiency

MeasureAMATIndustry medianIndustry percentileSector median
Asset turnover 0.79 0.52
84th		 0.62
Fixed asset turnover 4.80 4.69
53rd		 9.25
Inventory turnover 2.5 2.7
41st		 3.8
Receivables turnover 4.6 6.3
23rd		 6.2
Days sales outstanding 80 days 58 days
77th		 59 days
Days inventory outstanding 145 days 137 days
59th		 94 days
Days payables outstanding 49 days 50 days
48th		 46 days
Cash conversion cycle (days) 176 days 129 days
68th		 50 days
Capex / revenue 9.0% 4.5%
74th		 2.3%
Capex / depreciation 5.30 0.94
99th		 0.56
Operating expense ratio 16.6% 32.6%
16th		 44.3%

Cash flow & earnings quality

MeasureAMATIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.91 1.34
25th		 1.61
FCF / net income 0.61 0.88
17th		 1.33
FCF / operating cash flow 67.0% 75.0%
35th		 88.0%
Capex / operating cash flow 33.0% 25.0%
65th		 12.0%
Accruals ratio 2.2% -4.4%
85th		 -6.3%
Sloan accruals ratio 6.1% 2.2%
59th		 -1.8%
Earnings quality score (0-1) 0.75 0.75
15th		 0.75

Dividends & buybacks

MeasureAMATIndustry medianIndustry percentileSector median
Dividend yield 0.5% 0.0%
75th		 0.0%
Dividend per share (TTM) $1.98 $0.00
87th		 $0.00
Payout ratio (dividends / net income) 16.3% 5.0%
62nd		 0.0%
Dividends / FCF 26.9% 0.0%
72nd		 0.0%
Dividend growth (YoY) 13.9% 3.6%
74th		 4.1%
Buyback yield 0.6% 0.1%
72nd		 1.2%
Shareholder yield (dividends + buybacks) 1.1% 0.3%
64th		 1.7%
Share count change (YoY) -1.4% 1.6%
11th		 0.1%
Buybacks, last 5 years $19.0B $67.3M
95th		 $215.3M

Scores & forensic checks

MeasureAMATIndustry medianIndustry percentileSector median
IS score 69 59
69th		 56
IS profitability 95 43
89th		 40
IS growth 66 69
45th		 65
IS value 38 36
59th		 39
IS momentum 79 79
49th		 78
IS risk (safety) 100 100
12th		 100
IS quality 83 70
79th		 67
IS balance sheet 92 84
76th		 72
IS earnings quality 61 65
39th		 61
IS cash flow 58 58
48th		 66
Piotroski F-score (0-9) 6 6
43rd		 6
Altman Z-score 18.3 12.3
65th		 4.0
Beneish M-score −2.04 −2.45
68th		 −2.58
Ohlson O-score −10.71 −9.33
25th		 −8.00
IS credit score 91 78
83rd		 69

Per share

MeasureAMATIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.58 $1.49
95th		 $0.84
Book value per share $32.03 $17.90
76th		 $9.77
Tangible book per share $27.00 $11.01
81st		 $3.22
Revenue per share $38.55 $13.47
89th		 $13.00
FCF per share $7.03 $1.50
89th		 $1.78
Operating cash flow per share $10.49 $2.35
91st		 $2.40
Cash per share $11.54 $6.31
79th		 $4.50

Size (TTM)

MeasureAMATIndustry medianIndustry percentileSector median
Market cap $324.8B $6.8B
92nd		 $4.7B
Revenue $30.8B $1.1B
92nd		 $1.2B
EBITDA $11.5B $207.9M
95th		 $185.8M
Net income $9.3B $119.3M
96th		 $84.9M
Free cash flow $5.6B $114.6M
93rd		 $170.6M
Total assets $43.5B $2.3B
91st		 $2.4B
Shareholders' equity $25.6B $1.4B
91st		 $1.1B
Employees 36,500 2,286
92nd		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-02Sanders Adam
Corp. Controller & CAO
 Open-market sale 725$544.56$394,8073,181
2026-10-01Sanders Adam
Corp. Controller & CAO
 Tax withholding 269$529.30$142,3823,906
2026-10-01Deane Timothy M
SVP, Applied Global Services
 Tax withholding 2,644$529.30$1.4M130,462
2026-09-08Bruner Judy
Director
 Open-market sale 1,000$465.00$465,00025,544
2026-08-27Palkhiwala Akash J.
Director
 Award / grant 279——279
2026-08-25Hill Brice
SVP, CFO
 Open-market sale 7,500$479.25$3.6M128,613
2026-07-01Sanders Adam
Corp. Controller & CAO
 Tax withholding 125$650.91$81,3644,155
2026-06-30Dickerson Gary E
Director, President and CEO
 Open-market sale 19,970$735.22$14.7M1,599,873
2026-06-30Dickerson Gary E
Director, President and CEO
 Open-market sale 30$736.05$22,0821,599,843
2026-06-29Dickerson Gary E
Director, President and CEO
 Open-market sale 50,332$700.21$35.2M1,627,832
2026-06-29Dickerson Gary E
Director, President and CEO
 Open-market sale 7,989$701.33$5.6M1,619,843
2026-06-18Raja Prabu G.
President, Semi. Products Grp.
 Open-market sale 10,000$633.53$6.3M346,642

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired1279—
GiftDisposed437,150—
Open-market saleDisposed37287,313$174.1M
Tax withholdingDisposed33,038$1.6M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 13 notices · 247,968 shares · $143.7M
FiledFilerShares proposedEst. proceeds
2026-09-08Bruner Judy1,000$465,000
2026-08-25Brice Hill10,000$3.6M
2026-06-29Gary Dickerson100,000$70.0M
2026-06-16Iannotti Thomas J9,250$5.5M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 18 trades (14 purchases) · Senate 3 (2 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-15Josh GottheimerHouseSale$1,001 - $15,0002026-10-08
2026-08-06Josh GottheimerHousePurchase$1,001 - $15,0002026-09-15
2026-07-15John McGuireHousePurchase$1,001 - $15,0002026-08-11
2026-07-14John J. McGuireHousePurchase$1,001 - $15,0002026-08-11
2026-02-27John BoozmanSenateSale$1,001 - $15,0002026-03-06
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-16
2025-12-29Markwayne MullinSenatePurchase$15,001 - $50,0002026-01-15
2025-07-21Angus KingSenatePurchase$1,001 - $15,0002025-08-18
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.80,212,518$58.0B10.11%
VANGUARD CAPITAL MANAGEMENT LLC51,848,358$37.5B6.53%
STATE STREET CORP38,240,019$27.6B4.82%
Invesco Ltd.28,265,844$20.4B3.56%
Capital Research Global Investors22,159,097$16.0B2.79%
GEODE CAPITAL MANAGEMENT, LLC22,007,983$15.9B2.77%
VANGUARD PORTFOLIO MANAGEMENT LLC18,553,307$13.4B2.34%
MORGAN STANLEY12,724,907$9.2B1.60%
PRICE T ROWE ASSOCIATES INC /MD/12,627,555$9.1B1.59%
JPMORGAN CHASE & CO11,779,175$8.2B1.48%
NORGES BANK11,305,788$8.2B1.42%
FMR LLC9,274,335$6.7B1.17%
GOLDMAN SACHS GROUP INC8,904,389$6.4B1.12%
Amundi7,808,207$5.6B0.98%
VAN ECK ASSOCIATES CORP7,713,599$5.6B0.97%

Institutional ownership by quarter

2023-092026-0684.3%
% of shares held by 13F filers
2023-092026-063,526
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-303,52684.3%7151,0851,361113
2026-03-312,95479.8%4649731,164109
2025-12-312,64982.2%4418401,05596
2025-09-302,36279.6%229859918154
2025-06-302,32879.8%325939778133
2025-03-312,17080.1%171901793210
2024-12-312,24481.4%309831811240
2024-09-302,21481.9%153870858198
2024-06-302,29083.4%206878863107
2024-03-312,22582.1%325765846108
2023-12-312,03884.7%30274372283
2023-09-301,85284.4%157700704108

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.55%$12.9B
VTI0.55%$12.9B
VTSAX0.55%$12.9B
VSMPX0.55%$12.9B
VFFSX0.62%$10.7B
VFINX0.62%$10.7B

Share structure

Shares outstanding793,597,443
Float790,478,605
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$23.1B$25.8B$26.5B$27.2B$28.4B
Cost of revenue$12.1B$13.8B$14.1B$14.3B$14.6B
Gross profit$10.9B$12.0B$12.4B$12.9B$13.8B
R&D$2.5B$2.8B$3.1B$3.2B$3.6B
SG&A$1.2B$1.4B$1.6B$1.8B$1.8B
Operating income$6.9B$7.8B$7.7B$7.9B$8.3B
EBITDA$7.4B$8.3B$8.5B$8.8B$9.7B
Pretax income$6.8B$7.6B$7.7B$8.2B$9.3B
Income tax$883.0M$1.1B$860.0M$975.0M$2.3B
Net income$5.9B$6.5B$6.9B$7.2B$7.0B
EPS, diluted$6.40$7.44$8.11$8.61$8.66
Diluted shares919.0M877.0M845.0M834.0M808.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$5.5B$2.6B$6.9B$9.5B$8.6B
Receivables$5.5B$6.5B$5.6B$5.4B$5.3B
Inventory$4.3B$5.9B$5.7B$5.4B$5.9B
Total current assets$16.1B$15.9B$19.1B$21.2B$20.9B
PP&E, net$2.2B$2.7B$3.2B$3.7B$5.1B
Goodwill & intangibles$3.6B$4.0B$4.0B$4.0B$3.9B
Total assets$25.8B$26.7B$30.7B$34.4B$36.3B
Accounts payable$1.5B$1.8B$1.5B$1.6B$2.0B
Total current liabilities$6.3B$7.4B$7.4B$8.5B$8.0B
Long-term debt$5.5B$5.5B$5.5B$5.5B$6.5B
Total liabilities$13.6B$14.5B$14.4B$15.4B$15.9B
Shareholders' equity$12.2B$12.2B$16.3B$19.0B$20.4B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$5.9B$6.5B$6.9B$7.2B$7.0B
Depreciation & amortization$394.0M$444.0M$515.0M$392.0M$435.0M
Stock-based compensation$346.0M$413.0M$490.0M$577.0M$653.0M
Change in working capital−$1.3B−$1.8B$775.0M$1.1B−$1.1B
Operating cash flow$5.4B$5.4B$8.7B$8.7B$8.0B
Capital expenditure−$668.0M−$787.0M−$1.1B−$1.2B−$2.3B
Free cash flow$4.8B$4.6B$7.6B$7.5B$5.7B
Investing cash flow−$1.2B−$1.4B−$1.5B−$2.3B−$2.8B
Net debt issued / repaid$0$0$84.0M$593.0M$289.0M
Buybacks−$3.8B−$6.1B−$2.2B−$3.8B−$4.9B
Dividends paid−$838.0M−$873.0M−$975.0M−$1.2B−$1.4B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin47.3%46.5%46.7%47.5%48.7%
Operating margin29.9%30.2%28.9%28.9%29.2%
Net margin25.5%25.3%25.9%26.4%24.7%
FCF margin20.7%17.9%28.6%27.6%20.1%
ROE51.6%53.4%48.0%40.6%35.5%
ROIC47.8%43.3%43.9%42.9%33.1%
ROA24.4%24.8%23.9%22.0%19.8%
Debt / equity0.470.480.370.350.35
Interest coverage29.7x33.3x33.7x34.0x35.5x
Current ratio2.542.162.602.512.61
Revenue growth+34.1%+11.8%+2.8%+2.5%+4.4%
EPS growth+65.2%+17.0%+7.2%+6.5%+1.2%
P/E at year end20.3x11.5x15.8x21.3x26.0x
EV / EBITDA at year end16.2x9.5x12.6x17.0x18.7x
FCF yield at year end4.00%6.16%7.01%4.91%3.13%
Dividend payout14.2%13.4%14.2%16.6%19.8%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Semiconductor Systems$16.3B$18.8B$19.7B$19.9B$20.8B
Applied Global Services$5.0B$5.5B$5.7B$6.2B$6.4B
Display and Adjacent Markets$1.6B$1.3B$868.0M$885.0M—
Corporate And Reconciling Items————$1.2B

Revenue by region · FY2025

CHINA$8.5B · 30%
TAIWAN, PROVINCE OF CHINA$6.9B · 24%
KOREA, REPUBLIC OF$5.6B · 20%
UNITED STATES$3.1B · 11%
JAPAN$2.3B · 8%
Southeast Asia$1.1B · 4%
Europe$962.0M · 3%

Street estimates by fiscal year

Next report 2026-11-12 · consensus EPS $4.06 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$34.3B$33.5B – $34.6B$12.81$12.77 – $12.992231.9x
2027$46.8B$43.5B – $49.6B$18.75$17.18 – $20.082421.8x
2028$57.1B$46.9B – $67.9B$24.51$19.95 – $30.731616.7x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-13$3.40$3.50+2.9%$9.0B$9.1B+1.3%
2026-05-14$2.68$2.86+6.7%$7.7B$7.9B+3.0%
2026-02-12$2.21$2.38+7.7%$6.9B$7.0B+2.1%
2025-12-12$2.11$2.17+2.8%$6.7B$6.8B+1.7%
2025-08-14$2.36$2.48+5.1%$7.2B$7.3B+1.1%
2025-05-15$2.31$2.39+3.5%$7.1B$7.1B−0.4%
2025-02-13$2.28$2.38+4.4%$7.1B$7.2B+0.3%
2024-11-14$2.19$2.32+5.9%$7.0B$7.0B+1.2%
2024-08-15$2.02$2.12+5.0%$6.7B$6.8B+1.5%
2024-05-16$1.99$2.09+5.0%$6.5B$6.6B+1.7%
2024-02-15$1.91$2.13+11.5%$6.5B$6.7B+3.4%
2023-11-16$2.00$2.12+6.0%$6.1B$6.7B+9.4%
2023-08-17$1.74$1.90+9.2%$6.2B$6.4B+4.3%
2023-05-18$1.84$2.00+8.7%$6.4B$6.6B+4.0%
2023-02-16$1.93$2.03+5.2%$6.7B$6.7B+0.7%
2022-11-17$1.73$2.03+17.3%$6.5B$6.7B+4.6%
2022-08-18$1.79$1.94+8.4%$6.3B$6.5B+4.0%
2022-05-19$1.90$1.85−2.6%$6.3B$6.2B−1.6%
2022-02-16$1.85$1.89+2.2%$6.2B$6.3B+1.3%
2021-11-18$1.95$1.94−0.5%$6.2B$6.1B−1.5%
2021-08-19$1.77$1.90+7.3%$6.4B$6.2B−2.9%
2021-05-20$1.51$1.63+7.9%$5.4B$5.6B+3.3%
2021-02-18$1.28$1.39+8.6%$5.0B$5.2B+3.9%
2020-11-12$1.17$1.25+6.8%$4.4B$4.7B+7.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
5.606-1510.206-229.706-296.807-065.607-133.907-205.807-273.308-034.908-104.008-173.308-243.308-31
Week ofNotionalSharesTrades
2026-08-31$3.3B7,423,486204,030
2026-08-24$3.3B6,870,678205,525
2026-08-17$4.0B7,836,758266,868
2026-08-10$4.9B9,226,266273,150
2026-08-03$3.3B6,267,992207,565
2026-07-27$5.8B11,820,270335,878

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1520.8%
DateShort shareShort volumeTotal volume
2026-10-1520.8%864,5494,165,492
2026-10-1419.5%506,8372,603,967
2026-10-1331.0%1,379,9914,457,309
2026-10-1222.8%331,2101,452,303
2026-10-0938.8%483,7291,245,312
2026-10-0835.8%857,3642,392,357
2026-10-0739.7%564,8681,424,056
2026-10-0634.2%631,2371,847,090
2026-10-0535.1%550,5011,566,597
2026-10-0233.0%736,4942,231,133
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+2.9Jan+4.0Feb+0.8Mar-0.6Apr+3.0May+0.7Jun+2.7Jul-1.9Aug+0.7Sep+0.9Oct+4.3Nov+1.9Dec
MonthAvg returnUp yearsYears
Jan+2.9%60%20
Feb+4.0%60%20
Mar+0.8%52%21
Apr−0.6%50%20
May+3.0%65%20
Jun+0.7%45%20
Jul+2.7%55%20
Aug−1.9%40%20
Sep+0.7%40%20
Oct+0.9%50%20
Nov+4.3%70%20
Dec+1.9%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1429.2
MFI29.4
ADX21.8
Stochastic %K / %D3.9 / 10.0
Williams %R-98.5
CCI-165
TSI / signal-9.7 / 4.0
Chaikin money flow0.15
ATR$20.92
Bollinger width28.9%
Volume vs 20-day avg1.32x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$490.37 (−16.5%)
SMA 50$482.11 (−15.1%)
SMA 200$438.90 (−6.7%)
EMA 21$478.09 (−14.4%)
EMA 50$486.04 (−15.8%)
EMA 200$435.43 (−6.0%)
Bollinger upper$561.31 (−27.1%)
Bollinger lower$419.42 (−2.4%)
Parabolic SAR$519.29 (−21.2%)
Open the live chart, 110+ indicators

About Applied Materials, Inc.

Applied Materials, Inc. engages in provision of materials engineering solutions used to produce semiconductors. The firm also focuses on design, development, production, and servicing of the critical wafer fabrication tools used for customers to manufacture semiconductors. It operates through the following segments: Semiconductor Systems and Applied Global Services (AGS). The Semiconductor Systems segment includes designing, development, manufacturing and sale of equipment used to fabricate semiconductor chips referred to as integrated circuits. The AGS segment engages in provision of services, spares, and factory automation software to customer fabrication plants globally. The company was founded on November 10, 1967 and is headquartered in Santa Clara, CA.

https://www.appliedmaterials.com

Key executives

NameTitlePayBorn
Gary E. DickersonPresident, Chief Executive Officer & Executive Director$2.7M1957
Teri A. LittleSenior Vice President, Chief Legal Officer & Corporate Secretary$2.7M1965
Prabu G. RajaPresident of Semiconductor Products Group$1.9M1963
Brice A. HillSenior VP, CFO & Global Information Services$1.8M1967
Timothy DeaneSenior Vice President of Applied Global Services$1.6M1966
Omkaram NalamasuSVP, CTO, President Applied Ventures, LLC & Chair of the Growth Technical Advisory Board$1.4M1958
Joji Sekhon GillSenior Vice President & Chief Human Resources Officer—1965
Joseph PonChief Public Affairs Officer and Corporate Vice President of Communications & Public Affairs——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Gary E. Dickerson President and Chief Executive Officer2025$1.0M$26.9M$1.5M$29.6M
Prabu G. Raja President, Semiconductor Products Group2025$800,000$7.6M$1.1M$9.5M
Brice Hill Senior Vice President, Chief Financial Officer and Global Information Services2025$750,000$6.7M$987,188$8.5M
Timothy M. Deane Senior Vice President, Applied Global Services2025$734,616$4.8M$859,219$6.4M
Omkaram Nalamasu Senior Vice President, Chief Technology Officer2025$665,000$4.6M$758,100$6.0M

Employees

21k201822k201924k202027k202133k202234k202336k202436k2025

Dividends

Ex-dateAmountPaid
2026-11-19$0.532026-12-10
2026-08-20$0.532026-09-10
2026-05-21$0.532026-06-11
2026-02-19$0.462026-03-12
2025-11-20$0.462025-12-11
2025-08-21$0.462025-09-11
2025-05-22$0.462025-06-12
2025-02-20$0.42025-03-13

Moat model

Narrow · Efficient Scale · 2026-07-26
Cost advantage67
Intangibles39
Switching costs60
Network effect60
Efficient scale88
Our component scores (0-100) and overall 60.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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