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Tuesday 20 October 2026 Export AMAT’s income statement to Excel — free account

Applied Materials, Inc.

AMAT Technology Semiconductor Equipment & Materials

Applied Materials, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $28.4 billion, up 4.39% from fiscal 2024. In the quarter to July 2026, revenue grew 24.8%, EPS grew 43.5%, free cash flow grew 13.7% and total debt rose 4.50%, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years, revenue growth for five.

406.05 7.06 −1.71%
Market cap
$327.8B
P/E
35.4×
Fwd P/E
12.4×
Dividend yield
0.00%
F-score
6/9
Altman Z
11.17
Beneish M
−2.57
Dividend safety
96/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K
Impairment
All filings →

Insider Decisions trades per month

Total sells 180.64
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 1 — 4 — — 2 8 — 1 1 1
Insider Ownership 0.55%

Capital & Financial Ratios $m

Market Cap 327,840.00
Revenue 30,837.00
Net Income 9,267.00
Free Cash Flow 5,629.00
Net Debt (2,689.00)
Current Ratio 2.42 (at or above 1.5: strong)
Debt/Equity 0.26 (at or below 0.5: strong)
P/E ratio 35.42 (above 35: high)
Fwd P/E 12.40
P/S ratio 10.64 (above 10: high)
P/B ratio 12.81 (above 6: high)
Past 5Y EPS Growth 17.18% (at or above 15%: strong)
This Y EPS Growth 36.19% (at or above 15%: strong)
Next Y EPS Growth 46.27% (at or above 15%: strong)
Next Y revenue growth (16.76%) (below 0%: weak)
Next 5Y EPS Growth 37.68% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 10.6×, against a ten-year median of 3.9×; over the ten years it ranged from 2.1× in 2018 to 19.7× in 2026.
P/E against its own 10 years 93.77%
10-year low 10-year high
P/S against its own 10 years 95.06%
10-year low 10-year high
P/B against its own 10 years 94.07%
10-year low 10-year high
EV/Sales against its own 10 years 95.06%
10-year low 10-year high
EV/FCF against its own 10 years 95.76%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.00
Annual Dividend Yield 0.00%
total individual payouts
2024 0.32
0.32
2023 1.22
0.26
0.32
0.32
0.32
2022 1.02
0.24
0.26
0.26
0.26
2021 0.94
0.22
0.24
0.24
0.24
2020 0.87
0.21
0.22
0.22
0.22
2019 0.83
0.20
0.21
0.21
0.21
2018 0.70
0.10
0.20
0.20
0.20
2017 0.40
0.10
0.10
0.10
0.10
2016 0.40
0.10
0.10
0.10
0.10
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 6,869 9,471 8,573 9,233
Receivables 5,165 5,234 5,185 7,691
Inventory 5,725 5,421 5,915 6,564
Other 1,388 1,094 1,208 1,607
19,147 21,220 20,881 25,095
2023 2024 2025 Q'26
Payables 4,297 4,820 5,333 5,787
ST’ Debt 100 799 100 1,299
Other 2,975 2,849 2,566 3,271
7,372 8,468 7,999 10,357

Compound Annual Growth %

10y 5y 3y
Sales 11.38% 10.52% 3.23%
Cash Flow 21.21% 15.91% 13.81%
Earnings 17.65% 14.10% 2.36%
Book Value 10.37% 14.05% 18.74%

Revenue $m

Jan Apr Jul Oct Year
’26 7,012 7,910 9,115 — —
’25 7,166 7,100 7,302 6,800 28,368
’24 6,707 6,646 6,778 7,045 27,176
’23 6,739 6,630 6,425 6,723 26,517
’22 6,271 6,245 6,520 6,749 25,785
’21 5,162 5,582 6,196 6,123 23,063
’20 4,162 3,957 4,395 4,688 17,202
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 1,686 845 3,037 — —
’25 925 1,571 2,634 2,828 7,958
’24 2,325 1,392 2,385 2,575 8,677
’23 2,270 2,292 2,583 1,555 8,700
’22 2,658 415 1,469 857 5,399
’21 1,421 1,187 1,686 1,148 5,442
’20 987 635 867 1,315 3,804
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 1,040 216 2,330 — —
’25 544 1,094 2,050 2,043 5,731
’24 2,096 1,135 2,088 2,168 7,487
’23 1,983 2,037 2,328 1,246 7,594
’22 2,514 205 1,259 634 4,612
’21 1,300 983 1,549 942 4,774
’20 885 564 780 1,153 3,382
Fiscal quarters ending in the months shown.

EPS $

Jan Apr Jul Oct Year
’26 2.54 3.51 3.17 — —
’25 1.45 2.63 2.22 2.38 8.66
’24 2.41 2.06 2.05 2.09 8.61
’23 2.02 1.86 1.85 2.38 8.11
’22 2.00 1.74 1.85 1.85 7.44
’21 1.22 1.43 1.87 1.89 6.40
’20 0.96 0.82 0.91 1.23 3.92
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Price, $
Price, $ Low 15.44 31.66 28.79 31.48 36.64 86.15 71.12 96.12 148.05 123.74 +26.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
High 33.68 60.89 62.40 63.07 90.61 163.02 167.06 165.01 255.89 276.10 +26.3% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
People
People Employees 16,700 18,400 21,000 22,000 24,000 27,000 33,000 34,000 35,700 36,500 +9.1% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Revenue/emp, $m 0.65 0.80 0.80 0.66 0.72 0.85 0.78 0.78 0.76 0.78 +2.0% ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
Income, $m
Income, $m Revenue 10,825 14,698 16,705 14,608 17,202 23,063 25,785 26,517 27,176 28,368 +11.3% — — — —
Gross margin, % 41.67 44.99 45.00 43.72 44.72 47.32 46.51 46.70 47.46 48.67 +7.0 pt
EBT 2,013 3,816 4,396 3,269 4,166 6,771 7,599 7,716 8,152 9,271 +18.5%
EBT margin, % 18.60 25.96 26.32 22.38 24.22 29.36 29.47 29.10 30.00 32.68 +14.1 pt
Net income 1,721 3,519 3,038 2,706 3,619 5,888 6,525 6,856 7,177 6,998 +16.9%
Depreciation 389 407 457 363 376 394 444 515 392 435 +1.2%
Per share, $
Per share, $ Revenue 9.78 13.70 16.49 15.59 18.78 25.34 29.60 31.57 32.86 35.28 +15.3%
Earnings 1.56 3.20 3.27 2.89 3.95 6.47 7.49 8.16 8.68 8.71 +21.1%
Cash flow 2.32 3.53 3.74 3.47 4.15 5.98 6.20 10.36 10.49 9.90 +17.5%
Capex (0.23) (0.32) (0.61) (0.47) (0.46) (0.73) (0.90) (1.32) (1.44) (2.77) +31.9%
Free cash flow 2.09 3.21 3.12 2.99 3.69 5.25 5.30 9.04 9.05 7.13 +14.6%
Book value 6.52 8.71 6.76 8.77 11.55 13.46 14.00 19.46 22.98 25.39 +16.3%
Shares, m 1,107 1,073 1,013 937 916 910 871 840 827 804 (3.5%)
Valuation, ×
Valuation, × P/E 18.52 17.69 9.93 18.78 15.27 21.53 11.79 16.22 20.92 26.73 17.7
P/S 2.97 4.12 1.99 3.48 3.21 5.50 2.98 4.19 5.53 6.61 4.1
P/B 4.46 6.48 4.87 6.19 5.22 10.37 6.31 6.80 7.90 9.18 6.8
EV/Sales 3.03 4.07 2.14 3.60 3.20 5.51 3.10 4.14 5.41 6.54 4.1
EV/FCF 13.45 16.76 10.88 17.94 15.70 25.94 16.87 14.24 19.31 31.67 18.3
Cash, $m
Cash, $m Operating cash flow 2,566 3,789 3,787 3,247 3,804 5,442 5,399 8,700 8,677 7,958 +13.4%
Capex (253) (345) (622) (441) (422) (668) (787) (1,106) (1,190) (2,227) +27.3%
Free cash flow 2,313 3,444 3,165 2,806 3,382 4,774 4,612 7,594 7,487 5,731 +10.6%
Balance, $m
Balance, $m Working capital 4,721 8,803 6,682 5,759 8,910 9,763 8,546 11,775 12,752 12,882 +11.8%
Total debt 3,325 5,304 5,309 5,313 5,512 5,525 5,542 5,561 6,259 6,555 +7.8%
Net debt (424) (1,972) 1,279 1,695 (226) 66 2,961 (1,308) (3,212) (2,018) +18.9%
Shareholders’ equity 7,217 9,349 6,845 8,214 10,578 12,247 12,194 16,349 19,001 20,415 +12.2%
Returns, %
Returns, % ROA 11.52 20.71 16.40 14.76 17.49 24.44 24.83 23.87 22.04 19.79 +8.3 pt
ROIC 19.80 33.35 34.55 21.13 26.35 34.97 32.12 31.80 31.14 28.16 +8.4 pt
ROE 23.21 42.48 37.52 35.94 38.52 51.59 53.39 48.04 40.61 35.51 +12.3 pt
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Charts ten years each

Applied Materials, Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ASML ASML Holding N.V. $634.8B 40.6× 35.6× +52.79% (above 0%: growing) +132.14% (above 0%: growing) +4,578.01% (above 0%: growing) 57.45% 44.36% Compare
LRCX Lam Research Corporation $340.6B 47.1× 28.0× +29.99% (above 0%: growing) +34.81% (above 0%: growing) −46.75% (below 0%: shrinking) 51.75% 37.39% Compare
AMAT Applied Materials, Inc. $327.8B 35.4× 12.4× +24.83% (above 0%: growing) +43.50% (above 0%: growing) +13.66% (above 0%: growing) 50.31% 33.74%
KLAC KLA Corporation $217.2B 45.3× 30.8× +15.21% (above 0%: growing) +14.16% (above 0%: growing) −22.88% (below 0%: shrinking) 61.36% 42.49% Compare
TER Teradyne, Inc. $52.5B 46.0× 36.6× +103.90% (above 0%: growing) +387.76% (above 0%: growing) +187.39% (above 0%: growing) 59.79% 32.94% Compare
Q Qnity Electronics, Inc. $24.9B 42.6× 31.7× +22.14% (above 0%: growing) −37.61% (below 0%: shrinking) −29.91% (below 0%: shrinking) 46.61% 19.31% Compare
ENTG Entegris, Inc. $22.1B 72.4× 50.0× +11.46% (above 0%: growing) +74.29% (above 0%: growing) +148.72% (above 0%: growing) 47.55% 18.64% Compare
ONTO Onto Innovation Inc. $11.1B 84.4× 36.4× +35.30% (above 0%: growing) +76.81% (above 0%: growing) +30.97% (above 0%: growing) 53.41% 18.52% Compare
AMKR Amkor Technology, Inc. $10.4B 18.7× 16.4× +25.58% (above 0%: growing) +218.18% (above 0%: growing) −276.02% (below 0%: shrinking) 16.79% 10.53% Compare
Median of peers $38.7B 45.6× 33.7× +27.79% +75.55% +4.04% 52.58% 26.13%

All 29 Semiconductor Equipment & Materials stocks →

AMAT metrics, ten years each

Applied Materials, Inc. (AMAT) key facts

  • Concern: Net income was $7.0 billion, or $8.71 per share (basic), a net margin of 24.7%.
  • Strength: Applied Materials, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $28.4 billion, up 4.39% from fiscal 2024.
  • Applied Materials, Inc. (AMAT) is a Semiconductor Equipment & Materials company in the Technology sector, listed on Nasdaq.
  • As of October 20, 2026, AMAT traded at $407.16, a market capitalization of $327.8 billion.
  • At that price the stock trades at 35.4× trailing-twelve-month earnings and 10.6× sales; its P/E is higher than 94% of its own readings over the past ten years.
  • Applied Materials, Inc. does not currently pay a dividend.
  • Return on equity was 35.5% and debt-to-equity 0.26.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 11.17 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Applied Materials generated $28.4 billion of revenue in FY2025 and $7.0 billion of net income in FY2025. Revenue grew 4.39% in FY2025 against FY2024, while diluted EPS reached $8.66 in FY2025. Free cash flow was $5.7 billion in FY2025, following capital expenditure of $2.2 billion in FY2025.

In Q3 FY2026, revenue was $9.1 billion, operating income was $3.1 billion, and net income was $2.5 billion. Revenue rose 24.8% in Q3 FY2026 against Q3 FY2025, while the gross margin reached 50.3% in Q3 FY2026. Net debt was −$2.7 billion in Q3 FY2026, and the current ratio was 2.4× in Q3 FY2026.

Applied Materials, Inc. (AMAT) Latest News

20 Oct

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19 Oct

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18 Oct

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17 Oct

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16 Oct

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15 Oct

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14 Oct

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13 Oct

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stockrow.com/AMAT · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com