Applied Materials, Inc. (AMAT) 10-Year Financial Performance & Capital Metrics

AMAT •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

AboutApplied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits. This segment also offers various technologies, including epitaxy, ion implantation, oxidation/nitridation, rapid thermal processing, physical vapor deposition, chemical vapor deposition, chemical mechanical planarization, electrochemical deposition, atomic layer deposition, etching, and selective deposition and removal, as well as metrology and inspection tools. The Applied Global Services segment provides integrated solutions to optimize equipment and fab performance and productivity comprising spares, upgrades, services, remanufactured earlier generation equipment, and factory automation software for semiconductor, display, and other products. The Display and Adjacent Markets segment offers products for manufacturing liquid crystal displays; organic light-emitting diodes; and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices. The company operates in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. Applied Materials, Inc. was incorporated in 1967 and is headquartered in Santa Clara, California.Show more

Revenue $28.37B +4.4%
EBITDA $8.4B +1.7%
Net Income $7B -2.5%
EPS (Diluted) 8.66 +0.6%
Gross Margin 48.67% +2.6%
EBITDA Margin 29.61% -2.6%
Operating Margin 29.22% +0.9%
Net Margin 24.67% -6.6%
ROE 35.51% -12.6%
ROIC 33.32% -4.6%
Debt/Equity 0.32 -7.6%
Interest Coverage 30.81 -3.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 41.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 20.1% free cash flow margin
✓Momentum leader: RS Rating 94 (top 6%)
✓Strong 5Y sales CAGR of 10.5%
✓Share count reduced 3.1% through buybacks

✗Weaknesses

✗Expensive at 14.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.38%

5Y10.52%

3Y3.23%

TTM4.39%

Profit (Net Income) CAGR

10Y17.65%

5Y14.1%

3Y2.36%

TTM-2.49%

EPS CAGR

10Y22.7%

5Y17.18%

3Y5.19%

TTM0.7%

ROCE

10Y Avg30.59%

5Y Avg35.06%

3Y Avg32.78%

Latest30.56%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Sales/Revenue+	10.82B	14.7B	16.7B	14.61B	17.2B	23.06B	25.79B	26.52B	27.18B	28.37B
Revenue Growth %	12.07%	35.78%	13.65%	-12.55%	17.76%	34.07%	11.8%	2.84%	2.49%	4.39%
Cost of Goods Sold+	6.31B	8.09B	9.19B	8.22B	9.51B	12.15B	13.79B	14.13B	14.28B	14.56B
COGS % of Revenue	58.33%	55.01%	55%	56.28%	55.28%	52.68%	53.49%	53.3%	52.54%	51.33%
Gross Profit+	4.51B	6.61B	7.52B	6.39B	7.69B	10.91B	11.99B	12.38B	12.9B	13.81B
Gross Margin %	41.67%	44.99%	45%	43.72%	44.72%	47.32%	46.51%	46.7%	47.46%	48.67%
Gross Profit Growth %	14.14%	46.58%	13.69%	-15.05%	20.45%	41.89%	9.89%	3.26%	4.14%	7.06%
Operating Expenses+	2.36B	2.66B	3.02B	3.04B	3.33B	4.03B	4.21B	4.73B	5.03B	5.52B
OpEx % of Revenue	21.79%	18.12%	18.08%	20.78%	19.34%	17.45%	16.32%	17.84%	18.51%	19.45%
Selling, General & Admin	819M	890M	999M	982M	1.09B	1.23B	1.44B	1.63B	1.8B	1.77B
SG&A % of Revenue	7.57%	6.06%	5.98%	6.72%	6.35%	5.33%	5.58%	6.14%	6.61%	6.23%
Research & Development	1.54B	1.77B	2.02B	2.05B	2.23B	2.48B	2.77B	3.1B	3.23B	3.57B
R&D % of Revenue	14.23%	12.07%	12.09%	14.06%	12.99%	10.77%	10.75%	11.7%	11.9%	12.58%
Other Operating Expenses	0	0	3M	0	0	311M	0	0	0	181M
Operating Income+	2.15B	3.94B	4.49B	3.35B	4.37B	6.89B	7.79B	7.65B	7.87B	8.29B
Operating Margin %	19.88%	26.78%	26.88%	22.93%	25.37%	29.87%	30.2%	28.86%	28.95%	29.22%
Operating Income Growth %	27.11%	82.9%	14.1%	-25.41%	30.3%	57.82%	13.05%	-1.72%	2.78%	5.36%
EBITDA+	2.54B	4.34B	4.95B	3.71B	4.74B	7.28B	8.23B	8.17B	8.26B	8.4B
EBITDA Margin %	23.47%	29.55%	29.62%	25.42%	27.56%	31.58%	31.93%	30.81%	30.39%	29.61%
EBITDA Growth %	23.11%	70.92%	13.93%	-24.96%	27.69%	53.62%	13.03%	-0.77%	1.1%	1.7%
D&A (Non-Cash Add-back)	389M	407M	457M	363M	376M	394M	444M	515M	392M	110M
EBIT	2.17B	4.01B	4.63B	3.51B	4.41B	7.01B	7.83B	7.95B	8.4B	9.54B
Net Interest Income+	-139M	-120M	-95M	-81M	-199M	-118M	-189M	62M	285M	-269M
Interest Income	16M	78M	139M	156M	41M	118M	39M	300M	532M	1.25B
Interest Expense	155M	198M	234M	237M	240M	236M	228M	238M	247M	269M
Other Income/Expense	-139M	-120M	-95M	-81M	-199M	-118M	-189M	62M	285M	982M
Pretax Income+	2.01B	3.82B	4.4B	3.27B	4.17B	6.77B	7.6B	7.72B	8.15B	9.27B
Pretax Margin %	18.6%	25.96%	26.32%	22.38%	24.22%	29.36%	29.47%	29.1%	30%	32.68%
Income Tax+	292M	297M	1.36B	563M	547M	883M	1.07B	860M	975M	2.27B
Effective Tax Rate %	85.49%	92.22%	69.11%	82.78%	86.87%	86.96%	85.87%	88.85%	88.04%	75.48%
Net Income+	1.72B	3.52B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Net Margin %	15.9%	23.94%	18.19%	18.52%	21.04%	25.53%	25.31%	25.86%	26.41%	24.67%
Net Income Growth %	24.98%	104.47%	-13.67%	-10.93%	33.74%	62.7%	10.82%	5.07%	4.68%	-2.49%
Net Income (Continuing)	1.72B	3.52B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.54	3.17	2.96	2.86	3.92	6.40	7.44	8.11	8.61	8.66
EPS Growth %	37.5%	105.84%	-6.62%	-3.38%	37.06%	63.27%	16.25%	9.01%	6.17%	0.58%
EPS (Basic)	1.56	3.20	3.00	2.89	3.95	6.47	7.49	8.16	8.68	8.71
Diluted Shares Outstanding	1.12B	1.08B	1.03B	945M	923M	919M	877M	845M	834M	808M
Basic Shares Outstanding	1.11B	1.07B	1.01B	937M	916M	910M	871M	840M	827M	804M
Dividend Payout Ratio	25.8%	12.22%	19.91%	28.49%	21.75%	14.23%	13.38%	14.22%	16.61%	19.78%

Balance Sheet

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Total Current Assets+	8.35B	12.92B	10.6B	10.21B	13.37B	16.11B	15.93B	19.15B	21.22B	20.88B
Cash & Short-Term Investments	3.75B	7.28B	4.03B	3.62B	5.74B	5.46B	2.58B	6.87B	9.47B	8.57B
Cash Only	3.41B	5.01B	3.44B	3.13B	5.35B	5B	2B	6.13B	8.02B	7.24B
Short-Term Investments	343M	2.27B	590M	489M	387M	464M	586M	737M	1.45B	1.33B
Accounts Receivable	2.28B	2.34B	2.42B	2.64B	3.11B	5.55B	6.53B	5.58B	5.35B	5.18B
Days Sales Outstanding	76.84	58.06	52.92	65.99	66.01	87.77	92.42	76.77	71.91	66.71
Inventory	2.05B	2.93B	3.72B	3.47B	3.9B	4.31B	5.93B	5.72B	5.42B	5.92B
Days Inventory Outstanding	118.51	132.26	147.82	154.22	149.84	129.46	156.99	147.85	138.57	148.28
Other Current Assets	275M	374M	431M	473M	616M	200M	422M	976M	974M	1.21B
Total Non-Current Assets+	6.22B	6.51B	7.04B	8.83B	8.98B	9.72B	10.8B	11.58B	13.19B	15.42B
Property, Plant & Equipment	937M	1.07B	1.41B	1.53B	1.86B	2.23B	2.7B	3.2B	3.71B	4.61B
Fixed Asset Turnover	11.55x	13.79x	11.87x	9.55x	9.27x	10.35x	9.56x	8.28x	7.32x	6.15x
Goodwill	3.32B	3.37B	3.37B	3.4B	3.47B	3.48B	3.7B	3.73B	3.73B	3.71B
Intangible Assets	575M	412M	213M	156M	153M	104M	339M	294M	249M	226M
Long-Term Investments	929M	1.14B	1.57B	1.7B	1.54B	2.06B	1.98B	2.28B	2.79B	4.4B
Other Non-Current Assets	89M	132M	260M	276M	260M	229M	691M	345M	314M	0
Total Assets+	14.57B	19.42B	17.64B	19.04B	22.35B	25.82B	26.73B	30.73B	34.41B	36.3B
Asset Turnover	0.74x	0.76x	0.95x	0.77x	0.77x	0.89x	0.96x	0.86x	0.79x	0.78x
Asset Growth %	-4.81%	33.31%	-9.16%	7.88%	17.43%	15.53%	3.49%	14.98%	11.98%	5.49%
Total Current Liabilities+	3.63B	4.12B	3.92B	4.45B	4.46B	6.34B	7.38B	7.37B	8.47B	8B
Accounts Payable	813M	945M	996M	958M	1.12B	1.47B	1.75B	1.48B	1.57B	5.33B
Days Payables Outstanding	47	42.66	39.57	42.53	43.14	44.22	46.45	38.17	40.13	133.69
Short-Term Debt	200M	0	0	600M	64M	0	0	100M	800M	100M
Deferred Revenue (Current)	905M	1.28B	1.2B	1.34B	1.32B	2.08B	3.14B	2.98B	2.85B	2.57B
Other Current Liabilities	1.1B	1.11B	950M	834M	928M	924M	905M	1.02B	1.44B	0
Current Ratio	2.30x	3.14x	2.70x	2.30x	3.00x	2.54x	2.16x	2.60x	2.51x	2.61x
Quick Ratio	1.74x	2.43x	1.75x	1.51x	2.12x	1.86x	1.35x	1.82x	1.87x	1.87x
Cash Conversion Cycle	148.35	147.66	161.17	177.68	172.71	173.01	202.96	186.45	170.35	81.3
Total Non-Current Liabilities+	3.74B	5.96B	6.87B	6.36B	7.32B	7.23B	7.15B	7.01B	6.94B	7.88B
Long-Term Debt	3.13B	5.3B	5.31B	4.71B	5.45B	5.45B	5.46B	5.46B	5.46B	6.46B
Capital Lease Obligations	0	0	0	0	195M	228M	287M	252M	259M	0
Deferred Tax Liabilities	1M	5M	12M	11M	0	0	0	0	0	0
Other Non-Current Liabilities	596M	651M	1.56B	1.65B	1.67B	1.55B	1.41B	1.29B	1.22B	1.43B
Total Liabilities	7.37B	10.07B	10.79B	10.81B	11.78B	13.58B	14.53B	14.38B	15.41B	15.88B
Total Debt+	3.33B	5.3B	5.31B	5.31B	5.71B	5.75B	5.83B	6B	6.61B	6.55B
Net Debt	-81M	294M	1.87B	2.18B	356M	758M	3.83B	-133M	-1.42B	-686M
Debt / Equity	0.46x	0.57x	0.78x	0.65x	0.54x	0.47x	0.48x	0.37x	0.35x	0.32x
Debt / EBITDA	1.31x	1.22x	1.07x	1.43x	1.20x	0.79x	0.71x	0.73x	0.80x	0.78x
Net Debt / EBITDA	-0.03x	0.07x	0.38x	0.59x	0.08x	0.10x	0.47x	-0.02x	-0.17x	-0.08x
Interest Coverage	13.88x	19.88x	19.19x	14.14x	18.19x	29.19x	34.16x	32.16x	31.85x	30.81x
Total Equity+	7.22B	9.35B	6.84B	8.21B	10.58B	12.25B	12.19B	16.35B	19B	20.41B
Equity Growth %	-5.2%	29.54%	-26.78%	20%	28.78%	15.78%	-0.43%	34.07%	16.22%	7.44%
Book Value per Share	6.47	8.62	6.67	8.69	11.46	13.33	13.90	19.35	22.78	25.27
Total Shareholders' Equity	7.22B	9.35B	6.84B	8.21B	10.58B	12.25B	12.19B	16.35B	19B	20.41B
Common Stock	11M	11M	10M	9M	9M	9M	8M	8M	8M	0
Retained Earnings	15.25B	18.26B	20.88B	24.39B	27.21B	32.25B	37.89B	43.73B	49.65B	0
Treasury Stock	-14.74B	-15.91B	-21.19B	-23.6B	-24.25B	-28B	-34.1B	-36.3B	-40.15B	0
Accumulated OCI	-115M	-64M	-125M	-180M	-299M	-260M	-202M	-217M	-168M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Cash from Operations+	2.47B	3.61B	3.79B	3.25B	3.8B	5.44B	5.4B	8.7B	8.68B	7.96B
Operating CF Margin %	22.78%	24.55%	22.67%	22.23%	22.11%	23.6%	20.94%	32.81%	31.93%	28.05%
Operating CF Growth %	112.04%	46.35%	4.93%	-14.26%	17.15%	43.06%	-0.79%	61.14%	-0.26%	-8.29%
Net Income	1.72B	3.43B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Depreciation & Amortization	389M	407M	457M	363M	376M	394M	444M	515M	392M	435M
Stock-Based Compensation	201M	220M	258M	263M	307M	346M	413M	490M	577M	653M
Deferred Taxes	21M	-12M	71M	49M	80M	80M	-223M	24M	-633M	639M
Other Non-Cash Items	15M	-63M	4M	-19M	60M	78M	32M	40M	47M	305M
Working Capital Changes	119M	-377M	-41M	-115M	-638M	-1.34B	-1.79B	775M	1.12B	-1.07B
Change in Receivables	-542M	-37M	16M	-207M	-427M	-1.99B	-1.11B	903M	-69M	-538M
Change in Inventory	-216M	-879M	-1.01B	248M	-421M	-405M	-1.59B	207M	304M	-494M
Change in Payables	107M	245M	170M	-247M	327M	465M	390M	-138M	281M	135M
Cash from Investing+	-425M	-2.53B	571M	-443M	-130M	-1.22B	-1.36B	-1.53B	-2.33B	-2.78B
Capital Expenditures	-253M	-345M	-622M	-441M	-422M	-668M	-787M	-1.11B	-1.19B	-2.26B
CapEx % of Revenue	2.34%	2.35%	3.72%	3.02%	2.45%	2.9%	3.05%	4.17%	4.38%	7.97%
Acquisitions	-16M	-68M	-6M	-28M	-107M	-12M	-441M	-25M	0	4M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-3.43B	521M	-5.93B	-3.12B	-1.34B	-4.59B	-7.04B	-3.03B	-4.47B	-5.98B
Debt Issued (Net)	-1.21B	1.97B	0	0	97M	0	0	84M	593M	289M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-444M	-430M	-605M	-771M	-787M	-838M	-873M	-975M	-1.19B	-1.38B
Share Repurchases	-1.89B	-1.17B	-5.28B	-2.4B	-649M	-3.75B	-6.1B	-2.19B	-3.82B	-4.89B
Other Financing	23M	277M	-164M	-86M	174M	-178M	-266M	-179M	243M	-248M
Net Change in Cash	-1.39B	1.6B	-1.57B	-311M	2.34B	-365M	-3B	4.13B	1.88B	-781M
Free Cash Flow+	2.21B	3.26B	3.17B	2.81B	3.38B	4.77B	4.61B	7.59B	7.49B	5.7B
FCF Margin %	20.44%	22.21%	18.95%	19.21%	19.66%	20.7%	17.89%	28.64%	27.55%	20.09%
FCF Growth %	133.44%	47.49%	-3.03%	-11.34%	20.53%	41.16%	-3.39%	64.66%	-1.41%	-23.89%
FCF per Share	1.98	3.01	3.08	2.97	3.66	5.19	5.26	8.99	8.98	7.05
FCF Conversion (FCF/Net Income)	1.43x	1.03x	1.25x	1.20x	1.05x	0.92x	0.83x	1.27x	1.21x	1.14x
Interest Paid	151M	186M	219M	219M	219M	205M	205M	205M	205M	239M
Taxes Paid	-157M	194M	300M	522M	542M	851M	1.87B	1.01B	957M	1.5B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	23.21%	42.48%	37.52%	35.94%	38.52%	51.59%	53.39%	48.04%	40.61%	35.51%
Return on Invested Capital (ROIC)	22.27%	35.19%	36.7%	26.29%	30.69%	43.17%	40.24%	35.61%	34.91%	33.32%
Gross Margin	41.67%	44.99%	45%	43.72%	44.72%	47.32%	46.51%	46.7%	47.46%	48.67%
Net Margin	15.9%	23.94%	18.19%	18.52%	21.04%	25.53%	25.31%	25.86%	26.41%	24.67%
Debt / Equity	0.46x	0.57x	0.78x	0.65x	0.54x	0.47x	0.48x	0.37x	0.35x	0.32x
Interest Coverage	13.88x	19.88x	19.19x	14.14x	18.19x	29.19x	34.16x	32.16x	31.85x	30.81x
FCF Conversion	1.43x	1.03x	1.25x	1.20x	1.05x	0.92x	0.83x	1.27x	1.21x	1.14x
Revenue Growth	12.07%	35.78%	13.65%	-12.55%	17.76%	34.07%	11.8%	2.84%	2.49%	4.39%

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Applied Materials, Inc. (AMAT) 10-Year Financial Performance & Capital Metrics

AMAT •

TechnologySemiconductorsSemiconductor Manufacturing Equipment

Revenue $28.37B +4.4%
EBITDA $8.4B +1.7%
Net Income $7B -2.5%
EPS (Diluted) 8.66 +0.6%
Gross Margin 48.67% +2.6%
EBITDA Margin 29.61% -2.6%
Operating Margin 29.22% +0.9%
Net Margin 24.67% -6.6%
ROE 35.51% -12.6%
ROIC 33.32% -4.6%
Debt/Equity 0.32 -7.6%
Interest Coverage 30.81 -3.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 41.4%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 20.1% free cash flow margin
✓Momentum leader: RS Rating 94 (top 6%)
✓Strong 5Y sales CAGR of 10.5%
✓Share count reduced 3.1% through buybacks

✗Weaknesses

✗Expensive at 14.7x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y11.38%

5Y10.52%

3Y3.23%

TTM4.39%

Profit (Net Income) CAGR

10Y17.65%

5Y14.1%

3Y2.36%

TTM-2.49%

EPS CAGR

10Y22.7%

5Y17.18%

3Y5.19%

TTM0.7%

ROCE

10Y Avg30.59%

5Y Avg35.06%

3Y Avg32.78%

Latest30.56%

Peer Comparison

Semiconductor Manufacturing Equipment

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LRCXLam Research Corporation	292.64B	233.89	56.36	23.68%	30.22%	61.24%	1.85%	0.48
ASMLASML Holding N.V.	563.03B	1450.56	51.82	11.02%	29.42%	47.08%	2.23%	0.14
VECOVeeco Instruments Inc.	1.85B	30.56	51.80	-7.39%	5.33%	4%	2.48%	0.29
AMATApplied Materials, Inc.	295.23B	372.30	42.99	4.39%	24.67%	34.28%	1.93%	0.32
ACMRACM Research, Inc.	3.33B	55.68	36.39	40.23%	13.3%	6.21%	2.1%	0.17
ACLSAxcelis Technologies, Inc.	2.68B	82.61	21.74	-17.57%	14.33%	11.62%	4%	0.04
ASYSAmtech Systems, Inc.	187.79M	13.05	-6.16	-21.59%	-41.28%	-56.44%	3.69%	0.37

Profit & Loss

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Sales/Revenue+	10.82B	14.7B	16.7B	14.61B	17.2B	23.06B	25.79B	26.52B	27.18B	28.37B
Revenue Growth %	12.07%	35.78%	13.65%	-12.55%	17.76%	34.07%	11.8%	2.84%	2.49%	4.39%
Cost of Goods Sold+	6.31B	8.09B	9.19B	8.22B	9.51B	12.15B	13.79B	14.13B	14.28B	14.56B
COGS % of Revenue	58.33%	55.01%	55%	56.28%	55.28%	52.68%	53.49%	53.3%	52.54%	51.33%
Gross Profit+	4.51B	6.61B	7.52B	6.39B	7.69B	10.91B	11.99B	12.38B	12.9B	13.81B
Gross Margin %	41.67%	44.99%	45%	43.72%	44.72%	47.32%	46.51%	46.7%	47.46%	48.67%
Gross Profit Growth %	14.14%	46.58%	13.69%	-15.05%	20.45%	41.89%	9.89%	3.26%	4.14%	7.06%
Operating Expenses+	2.36B	2.66B	3.02B	3.04B	3.33B	4.03B	4.21B	4.73B	5.03B	5.52B
OpEx % of Revenue	21.79%	18.12%	18.08%	20.78%	19.34%	17.45%	16.32%	17.84%	18.51%	19.45%
Selling, General & Admin	819M	890M	999M	982M	1.09B	1.23B	1.44B	1.63B	1.8B	1.77B
SG&A % of Revenue	7.57%	6.06%	5.98%	6.72%	6.35%	5.33%	5.58%	6.14%	6.61%	6.23%
Research & Development	1.54B	1.77B	2.02B	2.05B	2.23B	2.48B	2.77B	3.1B	3.23B	3.57B
R&D % of Revenue	14.23%	12.07%	12.09%	14.06%	12.99%	10.77%	10.75%	11.7%	11.9%	12.58%
Other Operating Expenses	0	0	3M	0	0	311M	0	0	0	181M
Operating Income+	2.15B	3.94B	4.49B	3.35B	4.37B	6.89B	7.79B	7.65B	7.87B	8.29B
Operating Margin %	19.88%	26.78%	26.88%	22.93%	25.37%	29.87%	30.2%	28.86%	28.95%	29.22%
Operating Income Growth %	27.11%	82.9%	14.1%	-25.41%	30.3%	57.82%	13.05%	-1.72%	2.78%	5.36%
EBITDA+	2.54B	4.34B	4.95B	3.71B	4.74B	7.28B	8.23B	8.17B	8.26B	8.4B
EBITDA Margin %	23.47%	29.55%	29.62%	25.42%	27.56%	31.58%	31.93%	30.81%	30.39%	29.61%
EBITDA Growth %	23.11%	70.92%	13.93%	-24.96%	27.69%	53.62%	13.03%	-0.77%	1.1%	1.7%
D&A (Non-Cash Add-back)	389M	407M	457M	363M	376M	394M	444M	515M	392M	110M
EBIT	2.17B	4.01B	4.63B	3.51B	4.41B	7.01B	7.83B	7.95B	8.4B	9.54B
Net Interest Income+	-139M	-120M	-95M	-81M	-199M	-118M	-189M	62M	285M	-269M
Interest Income	16M	78M	139M	156M	41M	118M	39M	300M	532M	1.25B
Interest Expense	155M	198M	234M	237M	240M	236M	228M	238M	247M	269M
Other Income/Expense	-139M	-120M	-95M	-81M	-199M	-118M	-189M	62M	285M	982M
Pretax Income+	2.01B	3.82B	4.4B	3.27B	4.17B	6.77B	7.6B	7.72B	8.15B	9.27B
Pretax Margin %	18.6%	25.96%	26.32%	22.38%	24.22%	29.36%	29.47%	29.1%	30%	32.68%
Income Tax+	292M	297M	1.36B	563M	547M	883M	1.07B	860M	975M	2.27B
Effective Tax Rate %	85.49%	92.22%	69.11%	82.78%	86.87%	86.96%	85.87%	88.85%	88.04%	75.48%
Net Income+	1.72B	3.52B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Net Margin %	15.9%	23.94%	18.19%	18.52%	21.04%	25.53%	25.31%	25.86%	26.41%	24.67%
Net Income Growth %	24.98%	104.47%	-13.67%	-10.93%	33.74%	62.7%	10.82%	5.07%	4.68%	-2.49%
Net Income (Continuing)	1.72B	3.52B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.54	3.17	2.96	2.86	3.92	6.40	7.44	8.11	8.61	8.66
EPS Growth %	37.5%	105.84%	-6.62%	-3.38%	37.06%	63.27%	16.25%	9.01%	6.17%	0.58%
EPS (Basic)	1.56	3.20	3.00	2.89	3.95	6.47	7.49	8.16	8.68	8.71
Diluted Shares Outstanding	1.12B	1.08B	1.03B	945M	923M	919M	877M	845M	834M	808M
Basic Shares Outstanding	1.11B	1.07B	1.01B	937M	916M	910M	871M	840M	827M	804M
Dividend Payout Ratio	25.8%	12.22%	19.91%	28.49%	21.75%	14.23%	13.38%	14.22%	16.61%	19.78%

Balance Sheet

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Total Current Assets+	8.35B	12.92B	10.6B	10.21B	13.37B	16.11B	15.93B	19.15B	21.22B	20.88B
Cash & Short-Term Investments	3.75B	7.28B	4.03B	3.62B	5.74B	5.46B	2.58B	6.87B	9.47B	8.57B
Cash Only	3.41B	5.01B	3.44B	3.13B	5.35B	5B	2B	6.13B	8.02B	7.24B
Short-Term Investments	343M	2.27B	590M	489M	387M	464M	586M	737M	1.45B	1.33B
Accounts Receivable	2.28B	2.34B	2.42B	2.64B	3.11B	5.55B	6.53B	5.58B	5.35B	5.18B
Days Sales Outstanding	76.84	58.06	52.92	65.99	66.01	87.77	92.42	76.77	71.91	66.71
Inventory	2.05B	2.93B	3.72B	3.47B	3.9B	4.31B	5.93B	5.72B	5.42B	5.92B
Days Inventory Outstanding	118.51	132.26	147.82	154.22	149.84	129.46	156.99	147.85	138.57	148.28
Other Current Assets	275M	374M	431M	473M	616M	200M	422M	976M	974M	1.21B
Total Non-Current Assets+	6.22B	6.51B	7.04B	8.83B	8.98B	9.72B	10.8B	11.58B	13.19B	15.42B
Property, Plant & Equipment	937M	1.07B	1.41B	1.53B	1.86B	2.23B	2.7B	3.2B	3.71B	4.61B
Fixed Asset Turnover	11.55x	13.79x	11.87x	9.55x	9.27x	10.35x	9.56x	8.28x	7.32x	6.15x
Goodwill	3.32B	3.37B	3.37B	3.4B	3.47B	3.48B	3.7B	3.73B	3.73B	3.71B
Intangible Assets	575M	412M	213M	156M	153M	104M	339M	294M	249M	226M
Long-Term Investments	929M	1.14B	1.57B	1.7B	1.54B	2.06B	1.98B	2.28B	2.79B	4.4B
Other Non-Current Assets	89M	132M	260M	276M	260M	229M	691M	345M	314M	0
Total Assets+	14.57B	19.42B	17.64B	19.04B	22.35B	25.82B	26.73B	30.73B	34.41B	36.3B
Asset Turnover	0.74x	0.76x	0.95x	0.77x	0.77x	0.89x	0.96x	0.86x	0.79x	0.78x
Asset Growth %	-4.81%	33.31%	-9.16%	7.88%	17.43%	15.53%	3.49%	14.98%	11.98%	5.49%
Total Current Liabilities+	3.63B	4.12B	3.92B	4.45B	4.46B	6.34B	7.38B	7.37B	8.47B	8B
Accounts Payable	813M	945M	996M	958M	1.12B	1.47B	1.75B	1.48B	1.57B	5.33B
Days Payables Outstanding	47	42.66	39.57	42.53	43.14	44.22	46.45	38.17	40.13	133.69
Short-Term Debt	200M	0	0	600M	64M	0	0	100M	800M	100M
Deferred Revenue (Current)	905M	1.28B	1.2B	1.34B	1.32B	2.08B	3.14B	2.98B	2.85B	2.57B
Other Current Liabilities	1.1B	1.11B	950M	834M	928M	924M	905M	1.02B	1.44B	0
Current Ratio	2.30x	3.14x	2.70x	2.30x	3.00x	2.54x	2.16x	2.60x	2.51x	2.61x
Quick Ratio	1.74x	2.43x	1.75x	1.51x	2.12x	1.86x	1.35x	1.82x	1.87x	1.87x
Cash Conversion Cycle	148.35	147.66	161.17	177.68	172.71	173.01	202.96	186.45	170.35	81.3
Total Non-Current Liabilities+	3.74B	5.96B	6.87B	6.36B	7.32B	7.23B	7.15B	7.01B	6.94B	7.88B
Long-Term Debt	3.13B	5.3B	5.31B	4.71B	5.45B	5.45B	5.46B	5.46B	5.46B	6.46B
Capital Lease Obligations	0	0	0	0	195M	228M	287M	252M	259M	0
Deferred Tax Liabilities	1M	5M	12M	11M	0	0	0	0	0	0
Other Non-Current Liabilities	596M	651M	1.56B	1.65B	1.67B	1.55B	1.41B	1.29B	1.22B	1.43B
Total Liabilities	7.37B	10.07B	10.79B	10.81B	11.78B	13.58B	14.53B	14.38B	15.41B	15.88B
Total Debt+	3.33B	5.3B	5.31B	5.31B	5.71B	5.75B	5.83B	6B	6.61B	6.55B
Net Debt	-81M	294M	1.87B	2.18B	356M	758M	3.83B	-133M	-1.42B	-686M
Debt / Equity	0.46x	0.57x	0.78x	0.65x	0.54x	0.47x	0.48x	0.37x	0.35x	0.32x
Debt / EBITDA	1.31x	1.22x	1.07x	1.43x	1.20x	0.79x	0.71x	0.73x	0.80x	0.78x
Net Debt / EBITDA	-0.03x	0.07x	0.38x	0.59x	0.08x	0.10x	0.47x	-0.02x	-0.17x	-0.08x
Interest Coverage	13.88x	19.88x	19.19x	14.14x	18.19x	29.19x	34.16x	32.16x	31.85x	30.81x
Total Equity+	7.22B	9.35B	6.84B	8.21B	10.58B	12.25B	12.19B	16.35B	19B	20.41B
Equity Growth %	-5.2%	29.54%	-26.78%	20%	28.78%	15.78%	-0.43%	34.07%	16.22%	7.44%
Book Value per Share	6.47	8.62	6.67	8.69	11.46	13.33	13.90	19.35	22.78	25.27
Total Shareholders' Equity	7.22B	9.35B	6.84B	8.21B	10.58B	12.25B	12.19B	16.35B	19B	20.41B
Common Stock	11M	11M	10M	9M	9M	9M	8M	8M	8M	0
Retained Earnings	15.25B	18.26B	20.88B	24.39B	27.21B	32.25B	37.89B	43.73B	49.65B	0
Treasury Stock	-14.74B	-15.91B	-21.19B	-23.6B	-24.25B	-28B	-34.1B	-36.3B	-40.15B	0
Accumulated OCI	-115M	-64M	-125M	-180M	-299M	-260M	-202M	-217M	-168M	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Oct 2016	Oct 2017	Oct 2018	Oct 2019	Oct 2020	Oct 2021	Oct 2022	Oct 2023	Oct 2024	Oct 2025
Cash from Operations+	2.47B	3.61B	3.79B	3.25B	3.8B	5.44B	5.4B	8.7B	8.68B	7.96B
Operating CF Margin %	22.78%	24.55%	22.67%	22.23%	22.11%	23.6%	20.94%	32.81%	31.93%	28.05%
Operating CF Growth %	112.04%	46.35%	4.93%	-14.26%	17.15%	43.06%	-0.79%	61.14%	-0.26%	-8.29%
Net Income	1.72B	3.43B	3.04B	2.71B	3.62B	5.89B	6.53B	6.86B	7.18B	7B
Depreciation & Amortization	389M	407M	457M	363M	376M	394M	444M	515M	392M	435M
Stock-Based Compensation	201M	220M	258M	263M	307M	346M	413M	490M	577M	653M
Deferred Taxes	21M	-12M	71M	49M	80M	80M	-223M	24M	-633M	639M
Other Non-Cash Items	15M	-63M	4M	-19M	60M	78M	32M	40M	47M	305M
Working Capital Changes	119M	-377M	-41M	-115M	-638M	-1.34B	-1.79B	775M	1.12B	-1.07B
Change in Receivables	-542M	-37M	16M	-207M	-427M	-1.99B	-1.11B	903M	-69M	-538M
Change in Inventory	-216M	-879M	-1.01B	248M	-421M	-405M	-1.59B	207M	304M	-494M
Change in Payables	107M	245M	170M	-247M	327M	465M	390M	-138M	281M	135M
Cash from Investing+	-425M	-2.53B	571M	-443M	-130M	-1.22B	-1.36B	-1.53B	-2.33B	-2.78B
Capital Expenditures	-253M	-345M	-622M	-441M	-422M	-668M	-787M	-1.11B	-1.19B	-2.26B
CapEx % of Revenue	2.34%	2.35%	3.72%	3.02%	2.45%	2.9%	3.05%	4.17%	4.38%	7.97%
Acquisitions	-16M	-68M	-6M	-28M	-107M	-12M	-441M	-25M	0	4M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	0	0	0	0	0	0	0	0	0	0
Cash from Financing+	-3.43B	521M	-5.93B	-3.12B	-1.34B	-4.59B	-7.04B	-3.03B	-4.47B	-5.98B
Debt Issued (Net)	-1.21B	1.97B	0	0	97M	0	0	84M	593M	289M
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-444M	-430M	-605M	-771M	-787M	-838M	-873M	-975M	-1.19B	-1.38B
Share Repurchases	-1.89B	-1.17B	-5.28B	-2.4B	-649M	-3.75B	-6.1B	-2.19B	-3.82B	-4.89B
Other Financing	23M	277M	-164M	-86M	174M	-178M	-266M	-179M	243M	-248M
Net Change in Cash	-1.39B	1.6B	-1.57B	-311M	2.34B	-365M	-3B	4.13B	1.88B	-781M
Free Cash Flow+	2.21B	3.26B	3.17B	2.81B	3.38B	4.77B	4.61B	7.59B	7.49B	5.7B
FCF Margin %	20.44%	22.21%	18.95%	19.21%	19.66%	20.7%	17.89%	28.64%	27.55%	20.09%
FCF Growth %	133.44%	47.49%	-3.03%	-11.34%	20.53%	41.16%	-3.39%	64.66%	-1.41%	-23.89%
FCF per Share	1.98	3.01	3.08	2.97	3.66	5.19	5.26	8.99	8.98	7.05
FCF Conversion (FCF/Net Income)	1.43x	1.03x	1.25x	1.20x	1.05x	0.92x	0.83x	1.27x	1.21x	1.14x
Interest Paid	151M	186M	219M	219M	219M	205M	205M	205M	205M	239M
Taxes Paid	-157M	194M	300M	522M	542M	851M	1.87B	1.01B	957M	1.5B

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	23.21%	42.48%	37.52%	35.94%	38.52%	51.59%	53.39%	48.04%	40.61%	35.51%
Return on Invested Capital (ROIC)	22.27%	35.19%	36.7%	26.29%	30.69%	43.17%	40.24%	35.61%	34.91%	33.32%
Gross Margin	41.67%	44.99%	45%	43.72%	44.72%	47.32%	46.51%	46.7%	47.46%	48.67%
Net Margin	15.9%	23.94%	18.19%	18.52%	21.04%	25.53%	25.31%	25.86%	26.41%	24.67%
Debt / Equity	0.46x	0.57x	0.78x	0.65x	0.54x	0.47x	0.48x	0.37x	0.35x	0.32x
Interest Coverage	13.88x	19.88x	19.19x	14.14x	18.19x	29.19x	34.16x	32.16x	31.85x	30.81x
FCF Conversion	1.43x	1.03x	1.25x	1.20x	1.05x	0.92x	0.83x	1.27x	1.21x	1.14x
Revenue Growth	12.07%	35.78%	13.65%	-12.55%	17.76%	34.07%	11.8%	2.84%	2.49%	4.39%

Applied Materials, Inc. (AMAT) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

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Applied Materials, Inc. (AMAT) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare AMAT vs Peers

vs ASML

vs LRCX

Compare Top 5

Profit & Loss

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Deep Dive Analysis

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Dividend History

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