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APPLIED MATERIALS INC /DE

AMAT· Nasdaq· Semiconductors & Related Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
20.1%
ROIC, 5 yr avg
42.9%
Revenue, 5 yr CAGR
+10.5%
We record prices for the companies we cover; AMAT is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
808.0M
Revenue
$28.4B
Free cash flow
$5.7B
Owner earnings
$5.0B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
48.7%
Operating
29.2%
Net
24.7%
Free cash flow
20.1%
Owner earnings
17.7%
Stock pay
2.4%

Returns

ROIC, FY2025
34.0%
ROIC, 5 yr avg
42.9%
ROE, FY2025
34.3%
ROE, 5 yr avg
43.1%

Growth (CAGR)

Revenue, 3 yr
3.2%
Revenue, 5 yr
10.5%
Revenue, 9 yr
11.3%
Diluted EPS, 3 yr
5.2%
Diluted EPS, 5 yr
17.2%
Diluted EPS, 9 yr
21.2%
Free cash flow, 3 yr
7.3%
Free cash flow, 5 yr
11.0%
Free cash flow, 9 yr
10.5%

Financial health · FY2025

Cash and investments
$8.6B
Total debt
$6.6B
Net cash
$2.0B
Debt/Equity
0.3x
Debt/FCF
1.2x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
19.8%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-2.6%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$28.4B

+11.3% a year over 9 years

FY2016: Revenue $10.8BFY2017: Revenue $14.7BFY2018: Revenue $16.7BFY2019: Revenue $14.6BFY2020: Revenue $17.2BFY2021: Revenue $23.1BFY2022: Revenue $25.8BFY2023: Revenue $26.5BFY2024: Revenue $27.2BFY2025: Revenue $28.4B
FY2016FY2025

Margins

Gross48.7%Operating29.2%Net24.7%

FY2025

FY2016: Gross 41.7%, Operating 19.9%, Net 15.9%FY2017: Gross 45.0%, Operating 26.8%, Net 23.9%FY2018: Gross 45.0%, Operating 26.9%, Net 18.2%FY2019: Gross 43.7%, Operating 22.9%, Net 18.5%FY2020: Gross 44.7%, Operating 25.4%, Net 21.0%FY2021: Gross 47.3%, Operating 29.9%, Net 25.5%FY2022: Gross 46.5%, Operating 30.2%, Net 25.3%FY2023: Gross 46.7%, Operating 28.9%, Net 25.9%FY2024: Gross 47.5%, Operating 28.9%, Net 26.4%FY2025: Gross 48.7%, Operating 29.2%, Net 24.7%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$5.7BOwner earnings$5.0B

Free cash flow +10.5% a year

FY2016: Free cash flow $2.3B, Owner earnings $2.1BFY2017: Free cash flow $3.4B, Owner earnings $3.2BFY2018: Free cash flow $3.2B, Owner earnings $2.9BFY2019: Free cash flow $2.8B, Owner earnings $2.5BFY2020: Free cash flow $3.4B, Owner earnings $3.1BFY2021: Free cash flow $4.8B, Owner earnings $4.4BFY2022: Free cash flow $4.6B, Owner earnings $4.2BFY2023: Free cash flow $7.6B, Owner earnings $7.1BFY2024: Free cash flow $7.5B, Owner earnings $6.9BFY2025: Free cash flow $5.7B, Owner earnings $5.0B
FY2016FY2025

Diluted shares

808.0M

-27.6% over 9 years, net buybacks

FY2016: Diluted shares 1.12BFY2017: Diluted shares 1.08BFY2018: Diluted shares 1.03BFY2019: Diluted shares 945.0MFY2020: Diluted shares 923.0MFY2021: Diluted shares 919.0MFY2022: Diluted shares 877.0MFY2023: Diluted shares 845.0MFY2024: Diluted shares 834.0MFY2025: Diluted shares 808.0M
FY2016FY2025

Return on invested capital

34.0%

FY2025

FY2016: ROIC 25.6%FY2017: ROIC 47.4%FY2018: ROIC 38.2%FY2019: ROIC 26.4%FY2020: ROIC 36.9%FY2021: ROIC 48.9%FY2022: ROIC 44.4%FY2023: ROIC 45.2%FY2024: ROIC 42.0%FY2025: ROIC 34.0%
FY2016FY2025

Net cash

$2.0B

$2.0B more cash than debt

FY2016: Net cash $224.0MFY2017: Net cash $2.0BFY2018: Net cash -$1.3BFY2019: Net cash -$2.3BFY2020: Net cash $290.0MFY2021: Net cash $7.0MFY2022: Net cash -$2.9BFY2023: Net cash $1.3BFY2024: Net cash $2.5BFY2025: Net cash $2.0B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$10.8B$14.7B$16.7B$14.6B$17.2B$23.1B$25.8B$26.5B$27.2B$28.4B
Revenue growth12.1%35.8%13.7%-12.6%17.8%34.1%11.8%2.8%2.5%4.4%
Gross margin41.7%45.0%45.0%43.7%44.7%47.3%46.5%46.7%47.5%48.7%
Operating margin19.9%26.8%26.9%22.9%25.4%29.9%30.2%28.9%28.9%29.2%
Net income$1.7B$3.5B$3.0B$2.7B$3.6B$5.9B$6.5B$6.9B$7.2B$7.0B
Net margin15.9%23.9%18.2%18.5%21.0%25.5%25.3%25.9%26.4%24.7%
Diluted EPS$1.54$3.25$2.96$2.86$3.92$6.40$7.44$8.11$8.61$8.66
Return on invested capital?25.6%47.4%38.2%26.4%36.9%48.9%44.4%45.2%42.0%34.0%
Cash
Operating cash flow$2.6B$3.8B$3.8B$3.2B$3.8B$5.4B$5.4B$8.7B$8.7B$8.0B
Capital expenditure$253.0M$345.0M$622.0M$441.0M$422.0M$668.0M$787.0M$1.1B$1.2B$2.3B
Free cash flow$2.3B$3.4B$3.2B$2.8B$3.4B$4.8B$4.6B$7.6B$7.5B$5.7B
Stock-based compensation$201.0M$220.0M$258.0M$263.0M$307.0M$346.0M$413.0M$490.0M$577.0M$668.0M
Owner earnings?$2.1B$3.2B$2.9B$2.5B$3.1B$4.4B$4.2B$7.1B$6.9B$5.0B
Free cash flow per share$2.07$3.18$3.08$2.97$3.66$5.19$5.26$8.99$8.98$7.05
Capital allocation
Dividends paid$444.0M$430.0M$605.0M$771.0M$787.0M$838.0M$873.0M$975.0M$1.2B$1.4B
Share repurchases$1.9B$1.2B$5.3B$2.4B$649.0M$3.8B$6.1B$2.2B$3.8B$4.9B
Diluted shares1.12B1.08B1.03B945.0M923.0M919.0M877.0M845.0M834.0M808.0M
Share count change?-9.0%-2.9%-5.4%-7.9%-2.3%-0.4%-4.6%-3.6%-1.3%-3.1%
Balance sheet
Cash and equivalents$3.4B$5.0B$3.4B$3.1B$5.4B$5.0B$2.0B$6.1B$8.0B$7.2B
Short-term investments$343.0M$2.3B$590.0M$489.0M$387.0M$464.0M$586.0M$737.0M$1.4B$1.3B
Total debt$3.5B$5.3B$5.3B$5.9B$5.4B$5.5B$5.5B$5.6B$7.0B$6.6B
Net debt-$224.0M-$2.0B$1.3B$2.3B-$290.0M-$7.0M$2.9B-$1.3B-$2.5B-$2.0B
Shareholders' equity$7.4B$9.6B$6.8B$8.2B$10.6B$12.2B$12.2B$16.3B$19.0B$20.4B

Latest filings

All on EDGAR
2026-08-2010-QQuarterly report
2026-08-138-KEarnings release
2026-05-2110-QQuarterly report
2026-05-148-KEarnings release
2026-02-1910-QQuarterly report
2026-02-128-KEarnings release
2026-01-28DEF 14AProxy statement
2025-12-1210-KAnnual report
2025-11-138-KEarnings release
2025-08-2110-QQuarterly report

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