Applied Materials vs Qnity Electronics
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The short version
- Applied Materials is the larger business, with $28.4B of revenue in fiscal 2025 against $4.8B for Qnity Electronics, about 6.0 times as much.
- Qnity Electronics grew revenue faster (9.7%, against 4.4%).
- Qnity Electronics turned more of its sales into free cash flow (20.8% FCF margin, against 20.1%).
- Applied Materials earned a higher return on the capital invested in it (35.9%, against 7.3%).
| Latest fiscal year | AMAT · FY25 | Q · FY25 |
|---|---|---|
| Size | ||
| Market cap | $301.8B | $23.1B |
| Revenue | $28.4B | $4.8B |
| Free cash flow | $5.7B | $988M |
| Net income | $7.0B | $729M |
| Growth | ||
| Revenue growth | 4.4% | 9.7% |
| 5-year growth | 10.5% | — |
| Share count change | −3.1% | 0.2% |
| Profitability | ||
| Gross margin | 48.7% | 46.2% |
| Operating margin | 29.2% | — |
| Net margin | 24.7% | 15.3% |
| FCF margin | 20.1% | 20.8% |
| Return on capital | 35.9% | 7.3% |
| Return on equity | 35.5% | 8.2% |
| Balance sheet | ||
| Net debt | −$2.0B | $3.2B |
| Net debt / EBITDA | −0.2x | 2.3x |
| Dividends and buybacks | $6.3B | $13.0M |
| Valuation & quality | ||
| P/E | 32.5x | — |
| Piotroski F-score | 7 | — |
Revenue
FY16
AMAT $10.8B
Q —
FY17
AMAT $14.7B
Q —
FY18
AMAT $16.7B
Q —
FY19
AMAT $14.6B
Q —
FY20
AMAT $17.2B
Q —
FY21
AMAT $23.1B
Q —
FY22
AMAT $25.8B
Q —
FY23
AMAT $26.5B
Q $4.0B
FY24
AMAT $27.2B
Q $4.3B
FY25
AMAT $28.4B
Q $4.8B
AMAT
Q
Operating margin
FY16
AMAT 19.9%
Q —
FY17
AMAT 26.8%
Q —
FY18
AMAT 26.9%
Q —
FY19
AMAT 22.9%
Q —
FY20
AMAT 25.4%
Q —
FY21
AMAT 29.9%
Q —
FY22
AMAT 30.2%
Q —
FY23
AMAT 28.9%
Q —
FY24
AMAT 29.0%
Q —
FY25
AMAT 29.2%
Q —
AMAT
Q
Free cash flow
FY16
AMAT $2.3B
Q —
FY17
AMAT $3.4B
Q —
FY18
AMAT $3.2B
Q —
FY19
AMAT $2.8B
Q —
FY20
AMAT $3.4B
Q —
FY21
AMAT $4.8B
Q —
FY22
AMAT $4.6B
Q —
FY23
AMAT $7.6B
Q $651M
FY24
AMAT $7.5B
Q $861M
FY25
AMAT $5.7B
Q $988M
AMAT
Q
Return on capital
FY16
AMAT 26.0%
Q —
FY17
AMAT —
Q —
FY18
AMAT —
Q —
FY19
AMAT 29.8%
Q —
FY20
AMAT —
Q —
FY21
AMAT —
Q —
FY22
AMAT 49.0%
Q —
FY23
AMAT 45.0%
Q —
FY24
AMAT 43.8%
Q —
FY25
AMAT 35.9%
Q 7.3%
AMAT
Q
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.