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Applied Materials

AMAT Nasdaq Semiconductor Materials & Equipment Financials FY2016–FY2025

Applied Materials' revenue rose 4.4% to $28.4 billion in fiscal 2025. Its operating margin was 29.2%, up from 28.9% a year earlier. Free cash flow was $5.7 billion, down 23.9%. It paid out $6.3 billion in dividends and buybacks, 110% of free cash flow. The diluted share count fell 3.1%.

Last close · Oct 23, 2026

$377.24

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$28.4B
4.4% vs prior year
Operating margin Operating income as a share of revenue.
29.2%
0.3 pts
Net income Profit after all expenses, interest and tax.
$7.0B
2.5%
Free cash flow Cash from operations minus capital spending.
$5.7B
23.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
35.9%
7.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$301.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
32.6x
On $11.59 EPS (TTM)

What Applied Materials does

Applied Materials designs and sells the machines that chipmakers use to build semiconductors, plus the services and spare parts to keep them running. Its tools deposit thin films, shape patterns and transistors, inspect wafers for defects and package finished chips. Its customers make chips for phones, computers, data center servers, cars and other electronics.

It reports two segments. Semiconductor Systems sells the equipment, mainly to makers of foundry and logic chips, DRAM memory and flash memory, and is the larger contributor to revenue. Applied Global Services sells services, spare parts and factory software to customers that already run its equipment. A smaller display business is reported separately. Sales are made almost entirely through its own direct sales force. During fiscal 2025, two customers accounted for approximately 19% and 15% of net revenue. Applied says its customers cut or delay spending when chip demand weakens.

Applied competes with companies that range from single-product makers to global firms, and says export controls on sales to China could shift business to rivals. At the end of fiscal 2025 it had about 36,500 full-time employees in 25 countries and more than 23,500 active patents.

Legal name
APPLIED MATERIALS INC /DE
Fiscal year ends
October 26, 2025
Latest annual report
10-K · Dec 12, 2025
Accession · CIK
0001628280-25-056742
0000006951

Revenue and margins

Applied Materials had $28.4B of revenue in fiscal 2025, up 4.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 21.2% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.7B in fiscal 2025, 20.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Applied Materials returned $6.3B to shareholders in fiscal 2025, 110% of free cash flow. The diluted share count fell 3.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Applied Materials yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $2.0B and divides by 808.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.5x · peers 33.8x · sector 33.5x.

Balance sheet

Cash, debt and the ratios that show how comfortably Applied Materials can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $5.5B$2.6B$6.9B$9.5B$8.6B
Debt incl. finance leases $5.5B$5.5B$5.7B$7.0B$6.6B
Net debt / EBITDA 0.0x0.4x−0.2x−0.3x−0.2x
Debt / equity 0.5x0.5x0.4x0.4x0.3x
Interest coverage 29.2x34.2x32.2x31.9x30.8x
Current ratio 2.5x2.2x2.6x2.5x2.6x
Quick ratio 1.9x1.4x1.8x1.9x1.9x
Total assets $25.8B$26.7B$30.7B$34.4B$36.3B
Total liabilities $13.6B$14.5B$14.4B$15.4B$15.9B
Shareholders' equity $12.2B$12.2B$16.3B$19.0B$20.4B
Net debt (− = net cash) −$7.0M$2.9B−$1.2B−$2.5B−$2.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$147M

8 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Oct 2, 2026 Adam SandersCorp. Controller & CAO Sold 725 $544.56 $0.4M Form 4
Sep 8, 2026 Judy BrunerDirector Sold 1,000 $465.00 $0.5M Form 4
Aug 25, 2026 Brice HillSVP, CFO Sold 7,500 $479.25 $3.6M Form 4
Jun 30, 2026 Gary E DickersonPresident and CEO, Director Sold 20,000 $735.22 $14.7M Form 4
Jun 29, 2026 Gary E DickersonPresident and CEO, Director Sold 58,321 $700.36 $40.8M Form 4
Jun 18, 2026 Prabu G. RajaPresident, Semi. Products Grp. Sold 10,000 $633.53 $6.3M Form 4
Jun 16, 2026 Gary E DickersonPresident and CEO, Director Sold 71,727 $593.75 $42.6M Form 4
Jun 16, 2026 Omkaram NalamasuSenior Vice President, CTO Sold 24,263 $593.43 $14.4M Form 4
Jun 16, 2026 Thomas J IannottiDirector Sold 9,250 $599.77 $5.5M Form 4
Jun 15, 2026 Gary E DickersonPresident and CEO, Director Sold 11,273 $590.03 $6.7M Form 4
Jun 15, 2026 Omkaram NalamasuSenior Vice President, CTO Sold 10,737 $591.95 $6.4M Form 4
Jun 15, 2026 Timothy M DeaneSVP, Applied Global Services Sold 8,621 $590.76 $5.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✕ ✕ ✕
F-score 8 / 95 / 97 / 9
Accruals ratio −6.4%−4.6%−2.7%
Altman Z'' 10.029.9710.17

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Applied Materials AMAT $301.8B 4.4% 29.2% 20.1% 35.9% 32.6x 7
Lam Research LRCX $289.0B 26.0% 35.3% 21.1% 77.7% 34.3x 8 Compare →
KLA KLAC $192.1B 11.7% — 27.7% 75.3% 39.8x 8 Compare →
Qnity Electronics Q $23.1B 9.7% — 20.8% 7.3% 33.3x — Compare →
MKS Instruments MKSI $14.3B 9.6% 13.4% 12.6% 7.9% 31.3x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.8B $14.7B $16.7B $14.6B $17.2B $23.1B $25.8B $26.5B $27.2B $28.4B
Gross profit $4.5B $6.6B $7.5B $6.4B $7.7B $10.9B $12.0B $12.4B $12.9B $13.8B
Research and development $1.5B $1.8B $2.0B $2.1B $2.2B $2.5B $2.8B $3.1B $3.2B $3.6B
Operating income $2.2B $3.9B $4.5B $3.4B $4.4B $6.9B $7.8B $7.7B $7.9B $8.3B
Interest expense $155M $198M $234M $237M $240M $236M $228M $238M $247M $269M
Pretax income $2.0B $3.8B $4.4B $3.3B $4.2B $6.8B $7.6B $7.7B $8.2B $9.3B
Income tax $292M $297M $1.4B $563M $547M $883M $1.1B $860M $975M $2.3B
Net income $1.7B $3.5B $3.0B $2.7B $3.6B $5.9B $6.5B $6.9B $7.2B $7.0B
Diluted EPS $1.54 $3.25 $2.96 $2.86 $3.92 $6.40 $7.44 $8.11 $8.61 $8.66
Diluted shares 1.12B 1.08B 1.03B 0.95B 0.92B 0.92B 0.88B 0.85B 0.83B 0.81B
Cash flow
Cash from operations $2.6B $3.8B $3.8B $3.2B $3.8B $5.4B $5.4B $8.7B $8.7B $8.0B
Capital expenditure $253M $345M $622M $441M $422M $668M $787M $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
Depreciation and amortization $389M $407M $457M $363M $376M $394M $444M $515M $392M $435M
Stock-based compensation $201M $220M $258M $263M $307M $346M $413M $490M $577M $668M
Acquisitions $16.0M $68.0M $6.0M $28.0M $107M $12.0M $441M $25.0M $0.0M $29.0M
Share buybacks $1.9B $1.2B $5.3B $2.4B $649M $3.8B $6.1B $2.2B $3.8B $4.9B
Dividends paid $444M $430M $605M $771M $787M $838M $873M $975M $1.2B $1.4B
Dividends and buybacks $2.3B $1.6B $5.9B $3.2B $1.4B $4.6B $7.0B $3.2B $5.0B $6.3B
Balance sheet
Cash and short-term investments $3.7B $7.3B $4.0B $3.6B $5.7B $5.5B $2.6B $6.9B $9.5B $8.6B
Total debt $3.3B — $5.3B $5.9B — $5.5B $5.5B $5.6B $7.0B $6.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $102M $0.0M $0.0M
Current assets $8.4B $12.9B $10.6B $10.2B $13.4B $16.1B $15.9B $19.1B $21.2B $20.9B
Current liabilities $3.6B $4.1B $3.9B $4.4B $4.5B $6.3B $7.4B $7.4B $8.5B $8.0B
Inventory $2.1B $2.7B $3.7B $3.5B $3.9B $4.3B $5.9B $5.7B $5.4B $5.9B
Property and equipment, net $937M $1.1B $1.4B $1.5B $1.6B $1.9B $2.3B $2.7B $3.3B $4.6B
Total assets $14.6B $19.4B $17.6B $19.0B $22.4B $25.8B $26.7B $30.7B $34.4B $36.3B
Total liabilities $7.4B $10.1B $10.8B $10.8B $11.8B $13.6B $14.5B $14.4B $15.4B $15.9B
Shareholders' equity $7.4B $9.6B $6.8B $8.2B $10.6B $12.2B $12.2B $16.3B $19.0B $20.4B
Margins
Gross margin 41.7% 45.0% 45.0% 43.7% 44.7% 47.3% 46.5% 46.7% 47.5% 48.7%
Operating margin 19.9% 26.8% 26.9% 22.9% 25.4% 29.9% 30.2% 28.9% 29.0% 29.2%
EBITDA margin 23.5% 29.6% 29.6% 25.4% 27.6% 31.6% 31.9% 30.8% 30.4% 30.8%
Net margin 15.9% 23.9% 18.2% 18.5% 21.0% 25.5% 25.3% 25.9% 26.4% 24.7%
FCF margin 21.4% 23.4% 19.0% 19.2% 19.7% 20.7% 17.9% 28.6% 27.6% 20.1%
Returns
Return on capital 26.0% — — 29.8% — — 49.0% 45.0% 43.8% 35.9%
Return on capital employed 19.2% 30.0% 31.0% 23.7% 26.9% 36.9% 40.1% 35.9% 31.9% 30.6%
Return on equity 22.9% 41.3% 36.9% 35.9% 38.5% 51.6% 53.4% 48.0% 40.6% 35.5%
Return on assets 11.5% 20.7% 16.4% 14.8% 17.5% 24.4% 24.8% 23.9% 22.0% 19.8%
Growth
Revenue growth 12.1% 35.8% 13.7% −12.6% 17.8% 34.1% 11.8% 2.8% 2.5% 4.4%
Net income growth 25.0% 104.5% −13.7% −10.9% 33.7% 62.7% 10.8% 5.1% 4.7% −2.5%
EPS growth 37.5% 111.0% −8.9% −3.4% 37.1% 63.3% 16.3% 9.0% 6.2% 0.6%
FCF growth 144.0% 48.9% −8.1% −11.3% 20.5% 41.2% −3.4% 64.7% −1.4% −23.9%
Share count change −9.0% −2.9% −5.4% −7.9% −2.3% −0.4% −4.6% −3.7% −1.3% −3.1%
Financial health
Net debt / EBITDA −0.2x — 0.3x 0.6x — 0.0x 0.4x −0.2x −0.3x −0.2x
Debt / equity 0.5x — 0.8x 0.7x — 0.5x 0.5x 0.4x 0.4x 0.3x
Interest coverage 13.9x 19.9x 19.2x 14.1x 18.2x 29.2x 34.2x 32.2x 31.9x 30.8x
Current ratio 2.3x 3.1x 2.7x 2.3x 3.0x 2.5x 2.2x 2.6x 2.5x 2.6x
Quick ratio 1.7x 2.5x 1.8x 1.5x 2.1x 1.9x 1.4x 1.8x 1.9x 1.9x
Capital allocation
Capex / revenue 2.3% 2.4% 3.7% 3.0% 2.5% 2.9% 3.1% 4.2% 4.4% 8.0%
Stock comp / revenue 1.9% 1.5% 1.5% 1.8% 1.8% 1.5% 1.6% 1.9% 2.1% 2.4%
Payouts / FCF 101.0% 46.5% 186.0% 113.1% 42.5% 96.1% 151.3% 41.7% 67.0% 110.2%
Quality scores
Piotroski F-score 7.0 — — 4.0 — — 4.0 8.0 5.0 7.0
Altman Z'' 7.6 8.4 8.7 8.2 8.8 9.3 9.6 10.0 10.0 10.2
Accruals ratio −5.7% −1.6% −4.0% −3.0% −0.9% 1.9% 4.3% −6.4% −4.6% −2.7%

Source: SEC EDGAR XBRL filings (CIK 0000006951). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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