Applied Materials (AMAT)

Information Technology · $294B market cap · SEC CIK 0000006951

Next reports on Nov 12, 2026, after the close, with analysts expecting $4.13 in earnings per share.

52-week range $203.40 to $739.67. 50% below its 52-week high and 83% above its low.

The case for AMAT

• Earns 40% back on shareholder equity.
• Generated $5.7B of free cash flow in FY2025, 20% of revenue.
• 30% of revenue drops through to net profit.
• Holds more cash ($7.2B) than long-term debt ($6.5B).
• Earnings per share up 38.4%.
• Has compounded revenue at 10.5% a year over five years.

The case against

• Priced at 9.5× sales with revenue growing only 7.8%.
• Swings harder than the market (beta 1.67).

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.

The financials

The financials, five years deep

Pulled from Applied Materials's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Applied Materials says it does

Applied Materials, Inc. is the leader in the materials engineering solutions used to produce virtually every semiconductor in the world. Semiconductors provide the foundation for advances in technology that are reshaping the global economy, including artificial intelligence, the internet of things, robotics, electric and autonomous vehicles, and clean energy. We are experts in the design, development, production, and servicing of the critical wafer fabrication tools our customers need to manufacture semiconductors. Our customers’ products are used across personal computing devices, mobile phones, artificial intelligence (AI) and data center servers, automobiles, connected devices, industrial applications and consumer electronics. We are well positioned to address the increasing complexity in manufacturing semiconductors, by leveraging the semiconductor capital equipment industry’s most comprehensive portfolio of products to connect and…

Risk factors AMAT lists in its 10-K

• The industries we serve can be volatile and difficult to predict
• We are exposed to risks associated with an uncertain global economy
• We are exposed to the risks of operating a global business
• We are exposed to risks and uncertainty related to changes in trade policies, and increased tariffs and trade disputes
• We are exposed to risks associated with a highly concentrated customer base
• We are exposed to various factors that impact the industries in which we operate, including factors specific to the semiconductor industry
• The industries in which we operate are highly competitive and subject to rapid technological and market changes
• We are exposed to risks related to government incentives and other agreements that may involve government entities
• We are exposed to factors specific to the display industry
• We are exposed to risks associated with expanding into new and related markets and industries
• We are exposed to risks related to the use of AI by us and our competitors
• We are exposed to risks related to protection and enforcement of intellectual property rights
• We are exposed to cybersecurity threats and incidents
• We are exposed to risks associated with business combinations, acquisitions, strategic investments and divestitures
• The ability to attract, retain and motivate key employees is vital to our success
• We operate in jurisdictions with complex and changing tax laws
• Our indebtedness and debt covenants could adversely affect our financial condition and business
• Our business depends on the successful implementation and proper functioning of information systems we use
• We may incur impairment charges related to goodwill or long-lived assets
• We may not continue to declare cash dividends or repurchase our shares
• We are exposed to risks related to legal proceedings, claims and investigations
• We are exposed to risks related to the global regulatory environment
• Implementation and reporting on our sustainability strategies and targets could result in additional costs, and our inability to achieve them could have an adverse impact on our reputation and performance
• We are subject to risks associated with environmental, health and safety regulations

Filings

Other Information Technology companies