Applied Materials
AMAT Nasdaq· Semiconductor Materials & Equipment
Last close · Oct 26, 2026
$387.59
KIRA · Stoqly’s AI analyst, in plain words
- Applied Materials had $28.4B of revenue in fiscal 2025, up 4.4% on the year before. Over five years, revenue changed +10.5% a year on average.
- Its operating margin was 29.2%, up 0.3 pts: of every 100 in sales, about 29 is left after running the business.
- Applied Materials made $7.0B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 21.2% a year.
- Free cash flow was $5.7B in fiscal 2025, 20.1% of revenue.
- Applied Materials returned $6.3B to shareholders in fiscal 2025, 110% of free cash flow. The diluted share count fell 3.1%.
- Applied Materials has $2.0B more cash than debt.
Market cap
$310.1B
P/E
33.4x
Revenue
$28.4B
Net income
$7.0B
Free cash flow
$5.7B
Operating margin
29.2%
Applied Materials in 30 seconds · fiscal 2025
Are sales growing?
+4.4%
Only a little. Sales grew 4.4% last year.
Does it make a profit?
24.7%
Yes. It keeps 24.7% of every sale as profit.
Does profit turn into cash?
20.1%
Yes. 20.1% of sales ends up as free cash.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
7 / 9
Solid. It passes 7 of 9 health tests.
How is the share priced?
33.4x
One share costs 33.4 times its yearly profit per share. Typical for its sector: 33.5x.
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.
Biggest risks, in its own words
- Swings in demand for chips, since customers' equipment spending changes sharply and orders can be delayed or cancelled.
- Tariffs, export controls and other trade rules, especially for sales to customers in China.
- Depending on a few large customers for much of its revenue.
- Supply chain or factory disruptions, including parts that come from a single supplier or a few suppliers.
- Fiscal year ends
- October 26, 2025
- Latest annual report
- 10-K · Dec 12, 2025
- Legal name
- APPLIED MATERIALS INC /DE
- CIK
- 0000006951
Applied Materials · AMAT
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $23.1B | $25.8B | $26.5B | $27.2B | $28.4B |
| Revenue growth | 34.1% | 11.8% | 2.8% | 2.5% | 4.4% |
| Gross margin | 47.3% | 46.5% | 46.7% | 47.5% | 48.7% |
| Operating margin | 29.9% | 30.2% | 28.9% | 29.0% | 29.2% |
| Net income | $5.9B | $6.5B | $6.9B | $7.2B | $7.0B |
| Net margin | 25.5% | 25.3% | 25.9% | 26.4% | 24.7% |
| Diluted EPS | $6.40 | $7.44 | $8.11 | $8.61 | $8.66 |
| Cash | |||||
| Cash from operations | $5.4B | $5.4B | $8.7B | $8.7B | $8.0B |
| Capital expenditure | $668M | $787M | $1.1B | $1.2B | $2.3B |
| Free cash flow | $4.8B | $4.6B | $7.6B | $7.5B | $5.7B |
| FCF margin | 20.7% | 17.9% | 28.6% | 27.6% | 20.1% |
| Dividends paid | $838M | $873M | $975M | $1.2B | $1.4B |
| Share buybacks | $3.8B | $6.1B | $2.2B | $3.8B | $4.9B |
| Share count change | −0.4% | −4.6% | −3.7% | −1.3% | −3.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $12.2B | $12.2B | $16.3B | $19.0B | $20.4B |
| Net debt / EBITDA | 0.0x | 0.4x | −0.2x | −0.3x | −0.2x |
| Current ratio | 2.5x | 2.2x | 2.6x | 2.5x | 2.6x |
| Interest coverage | 29.2x | 34.2x | 32.2x | 31.9x | 30.8x |
| Returns and quality | |||||
| Return on capital | — | 49.0% | 45.0% | 43.8% | 35.9% |
| Return on equity | 51.6% | 53.4% | 48.0% | 40.6% | 35.5% |
| Piotroski F-score | — | 4 | 8 | 5 | 7 |
| Altman Z'' | 9.3 | 9.6 | 10.0 | 10.0 | 10.2 |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$181M
9 insiders
Of sales under plans
0%
$0.0M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Applied Materials · AMAT
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Applied Materials AMAT | $310.1B | 4.4% | 29.2% | 20.1% | 35.9% | 33.4x | 7 |
| Lam Research LRCX | $298.3B | 26.0% | 35.3% | 21.1% | 77.7% | 35.4x | 8 |
| KLA KLAC | $196.9B | 11.7% | — | 27.7% | 75.3% | — | 8 |
| Qnity Electronics Q | $24.0B | 9.7% | — | 20.8% | 7.3% | — | — |
| MKS Instruments MKSI | $14.7B | 9.6% | 13.4% | 12.6% | 7.9% | 32.2x | 6 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $387.59 a share, the company is worth $310.1B: 33.4 times its earnings of the last four quarters.
Applied Materials grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 2.
Source: SEC EDGAR XBRL filings (CIK 0000006951). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.
