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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.

Revenue
+24.8%
EPS
+43.5%
Free cash flow
+13.7%
Total debt
+4.50%

Quarter to July 2026, against a year earlier

370.55 37.83 +11.37%
Market cap
$264.0B
P/E
31.8×
Fwd P/E
25.3×
Dividend yield
0.53%
F-score
6/9
ROIC
24.9%
Net debt / EBITDA
−0.2×
Dividend safety
96/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Semiconductor Systems
  • Applied Global Services
  • Other, not broken out

Every year since 2009 →

Insider Decisions last twelve months

Net sold
$178.6M
Trades
17 sells · 0 buys
Ownership
0.55%

Capital & Financial Ratios $m

Size
Market Cap 264,040
Revenue ttm 30,837
Net income ttm 9,267
Free cash flow ttm 5,629
Net debt Q (2,689)
Valuation
P/E 31.8
Forward P/E 25.3
Price / sales 9.5
Forward P/S Powerpack
Price / FCF 51.2
Price / book 11.5 (above 6: high)
Financial health
Current ratio Q 2.4 (at or above 1.5: strong)
Debt / equity Q 0.3 (at or below 0.5: strong)
Interest coverage Q 45.2
Growth
Revenue growth Q +24.8% (above 0%: growing)
Operating income growth Q +37.7% (above 0%: growing)
EPS, this year +36.1% (at or above 15%: strong)
EPS, next year A +46.5% (at or above 15%: strong)
Revenue, next year A +20.7% (at or above 10%: strong)
EPS, past 5 yrs +17.2% (at or above 15%: strong)
EPS, next 5 yrs A +37.8% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 9.5×, against a ten-year median of 4.0×; over the ten years it ranged from 2.1× in 2018 to 19.7× in 2026.
P/E against its own 10 years 91.76%
10-year low 10-year high
P/S against its own 10 years 93.44%
10-year low 10-year high
P/B against its own 10 years 91.68%
10-year low 10-year high
EV/Sales against its own 10 years 93.40%
10-year low 10-year high
EV/FCF against its own 10 years 95.20%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.53%
Annual rate
1.98
Payout ratio
17.1%
Growth, 2018–26
+14.4%/yr
  1. 0.70 ’18
  2. 0.83 ’19 +19
  3. 0.87 ’20 +5
  4. 0.94 ’21 +8
  5. 1.02 ’22 +9
  6. 1.22 ’23 +20
  7. 1.52 ’24 +25
  8. 1.78 ’25 +17
  9. 2.05 ’26 +15
paid change on the year, % Powerpack

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%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.38 Actual 3.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.11 2.17 Beat by 0.06
Q1 FY26 2.19 2.38 Beat by 0.19
Q2 FY26 2.68 2.86 Beat by 0.18
Q3 FY26 3.38 3.50 Beat by 0.12
Q4 FY26 4.06 — Reports 12 November 2026

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.

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.

Valuation

The price implies free cash flow after share-based pay growing 20.2% a year for ten years. It grew 17.2% a year over the last ten.

Implied
20.2%
10 years, reported
17.2%
Open the model

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 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
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 30,837 +11.3% 34,247 46,376 56,138 +25.5%
Gross margin, % 41.67 44.99 45.00 43.72 44.72 47.32 46.51 46.70 47.46 48.67 49.40 +7.0 pt
EBT 2,013 3,816 4,396 3,269 4,166 6,771 7,599 7,716 8,152 9,271 10,727 +18.5%
EBT margin, % 18.60 25.96 26.32 22.38 24.22 29.36 29.47 29.10 30.00 32.68 34.79 +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 9,267 +16.9%
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 38.84 +15.3%
Earnings 1.56 3.20 3.27 2.89 3.95 6.47 7.49 8.16 8.68 8.71 11.67 +21.1%
Cash flow 2.32 3.53 3.74 3.47 4.15 5.98 6.20 10.36 10.49 9.90 10.57 +17.5%
Capex (0.23) (0.32) (0.61) (0.47) (0.46) (0.73) (0.90) (1.32) (1.44) (2.77) (3.48) +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 7.09 +14.6%
Book value 6.52 8.71 6.76 8.77 11.55 13.46 14.00 19.46 22.98 25.39 32.27 +16.3%
Shares, m 1,107 1,073 1,013 937 916 910 871 840 827 804 796 (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 31.75 17.7
P/S 2.97 4.12 1.99 3.48 3.21 5.50 2.98 4.19 5.53 6.61 9.54 4.1
P/B 4.46 6.48 4.87 6.19 5.22 10.37 6.31 6.80 7.90 9.18 11.48 6.8
EV/Sales 3.03 4.07 2.14 3.60 3.20 5.51 3.10 4.14 5.41 6.54 9.45 4.1
EV/FCF 13.45 16.76 10.88 17.94 15.70 25.94 16.87 14.24 19.31 31.67 50.68 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 8,396 +13.4%
Capex (253) (345) (622) (441) (422) (668) (787) (1,106) (1,190) (2,227) (2,767) +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 5,629 +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 14,738 +11.8%
Net debt (424) (1,972) 1,279 1,695 (226) 66 2,961 (1,308) (3,212) (2,018) (2,689) +18.9%
Shareholders’ equity 7,217 9,349 6,845 8,214 10,578 12,247 12,194 16,349 19,001 20,415 25,626 +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 23.84 +8.3 pt
ROIC 19.80 33.35 34.55 21.13 26.35 34.97 32.12 31.80 31.14 28.16 24.91 +8.4 pt
ROE 23.21 42.48 37.52 35.94 38.52 51.59 53.39 48.04 40.61 35.51 41.07 +12.3 pt
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%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Business profile

Updated

Applied Materials, Inc. was founded in 1967 and is headquartered in Santa Clara. Gary E. Dickerson is its President and Chief Executive Officer. The company designs, builds and services the equipment used in semiconductor fabrication plants, or fabs, where manufacturers turn silicon wafers into chips.

Its Semiconductor Systems business sells equipment for many stages of chip production. These tools deposit and remove materials, form transistors and wiring, transfer patterns into device structures, measure and inspect production results, and support advanced packaging that connects multiple chips into a system. The equipment is used by foundry, logic and memory-chip manufacturers, including producers of DRAM and NAND memory.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Semiconductor Systems 20,798 73.32%
Applied Global Services 6,385 22.51%
Other, not broken out 1,185 4.18%
Gross margin 48.67%
Operating margin 29.22%
Pre-tax margin 32.68%

Revenue by segment since 2009

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. $549.1B 37.2× 34.0× +52.79% (above 0%: growing) +132.09% (above 0%: growing) +4,578.01% (above 0%: growing) 57.45% 44.36% Compare
AMAT Applied Materials, Inc. $264.0B 31.8× 25.3× +24.83% (above 0%: growing) +43.50% (above 0%: growing) +13.66% (above 0%: growing) 50.31% 33.74%
LRCX Lam Research Corporation $250.4B 32.7× 20.9× +54.38% (above 0%: growing) +77.42% (above 0%: growing) +103.28% (above 0%: growing) 52.30% 39.95% Compare
KLAC KLA Corporation $180.5B 37.7× 24.4× +28.86% (above 0%: growing) +39.41% (above 0%: growing) +25.38% (above 0%: growing) 61.85% 45.01% Compare
TER Teradyne, Inc. $34.1B 27.8× 23.6× +69.78% (above 0%: growing) +196.72% (above 0%: growing) +9,539.10% (above 0%: growing) 59.06% 30.78% Compare
Q Qnity Electronics, Inc. $24.5B 45.8× 31.8× +21.94% (above 0%: growing) −7.33% (below 0%: shrinking) −19.92% (below 0%: shrinking) 47.75% 21.53% Compare
ENTG Entegris, Inc. $19.6B 54.6× 38.8× +24.61% (above 0%: growing) +124.07% (above 0%: growing) +22.32% (above 0%: growing) 49.74% 22.93% Compare
NVMI Nova Ltd. $10.0B 35.2× 33.0× +28.15% (above 0%: growing) +37.91% (above 0%: growing) −10.48% (below 0%: shrinking) 57.71% 32.25% Compare
ONTO Onto Innovation Inc. $8.5B 72.1× 28.5× +35.30% (above 0%: growing) +76.81% (above 0%: growing) +30.97% (above 0%: growing) 53.41% 18.52% Compare
Median of peers $29.3B 37.5× 30.2× +32.08% +77.12% +28.18% 55.43% 31.52%

All 30 Semiconductor Equipment & Materials stocks →

From the latest earnings call

Updated

  • Gary Dickerson said customers’ longer-term commitments and rolling eight-quarter forecasts give Applied Materials confidence that demand will support growth into 2027.
  • Brice Hill said Applied Materials is expanding manufacturing and support capacity while customers provide more detailed visibility on future tool requirements.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Needham Oct 23, 2026 Target cut — 740.00 → 580.00
Cantor Fitzgerald Oct 16, 2026 Reiterated — 850.00
Evercore ISI Oct 16, 2026 Target cut Outperform 700.00 → 590.00
UBS Sep 30, 2026 Target raised Buy 675.00 → 695.00
Morgan Stanley Sep 29, 2026 Target cut Hold 642.00 → 563.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 81.55%
Held by the ten largest 41.27%
Holder Shares Stake Change
BlackRock 80.21m 10.11% +1.24m
Vanguard 78.78m 9.93% +1.78m
State Street 38.24m 4.82% +733.07k
Invesco 28.27m 3.56% +1.90m
Capital Group 26.81m 3.38% −6.68m
Geode Capital Management 22.01m 2.77% +86.19k
JPMorgan Chase 13.89m 1.75% +8.96m
Morgan Stanley 13.52m 1.70% +1.68m
UBS 13.13m 1.65% −81.87k
T. Rowe Price 12.63m 1.59% +6.56m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 28 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 29.65m 86.97m 392.09
2024 27.80m 86.08m 316.48
2023 26.85m 71.92m 221.11
2022 20.40m (22.06m) 149.67
2021 35.27m 144.86m 226.06

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 9.69%
The Vanguard Group 9.35%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Applied Materials, Inc. (AMAT) Latest News

9 Nov

Impact 3 · · Zacks

5 Nov

Impact 3 · · Zacks
Impact 3 · · Trefis

3 Nov

Impact 3 · · 24/7 Wall St.

2 Nov

Impact 3 · · TIKR

30 Oct

Impact 3 · · TIKR

29 Oct

Impact 4 · · Trefis
Impact 4 · · Trefis
Impact 3 · · Zacks
Impact 3 · · kiplinger.com
Impact 3 · · Trefis

28 Oct

Impact 4 · · TIKR
Impact 4 · · Barchart
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Trefis

27 Oct

Impact 4 · · euronews.com
Impact 4 · · Simply Wall St.
Impact 4 · · Investing.com
Impact 3 · · Trefis
Impact 3 · · Insider Monkey

26 Oct

Impact 4 · · GlobeNewswire
Impact 3 · · Insider Monkey
Impact 3 · · Trefis
Impact 3 · · Zacks
Impact 3 · · Insider Monkey

24 Oct

Impact 4 · · TIKR

23 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · TIKR
Impact 3 · · Zacks

AMAT metrics, ten years each

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