Latest Ratios: P/E Ratio 97.9x · EV/EBITDA 65.9x · ROE 7.2%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $732.2B | $351.7B | $204.9B | $239.5B | $101.8B | $179.6B | $110.8B | $51.7B | $19.0B | $10.7B | $9.5B |
| Enterprise Value | $731.1B | $350.7B | $203.4B | $238.6B | $99.8B | $177.7B | $109.8B | $51.0B | $19.1B | $10.9B | $9.6B |
| P/E Ratio → | 97.89 | 81.13 | 125.19 | 278.13 | 77.11 | 56.86 | 44.57 | 153.93 | 55.69 | — | — |
| P/S Ratio | 16.12 | 10.15 | 7.95 | 10.56 | 4.31 | 10.93 | 11.35 | 7.68 | 2.93 | 2.03 | 2.19 |
| P/B Ratio | 11.66 | 5.58 | 3.56 | 4.29 | 1.86 | 23.96 | 18.98 | 18.30 | 14.98 | 17.92 | 22.76 |
| P/FCF | 103.77 | 52.22 | 85.21 | 213.69 | 32.67 | 55.78 | 142.62 | 187.40 | — | — | 728.38 |
| P/OCF | 94.98 | 45.63 | 67.39 | 143.70 | 28.54 | 51.01 | 103.47 | 104.91 | 557.66 | 157.07 | 105.21 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 10.12 | 7.89 | 10.52 | 4.23 | 10.81 | 11.24 | 7.57 | 2.95 | 2.07 | 2.23 |
| EV / EBITDA | 65.89 | 52.35 | 40.06 | 60.38 | 18.06 | 43.23 | 63.70 | 57.35 | 30.81 | 40.19 | — |
| EV / EBIT | 197.93 | 82.10 | 97.72 | 399.02 | 78.44 | 48.00 | 83.02 | 109.41 | 42.42 | 92.30 | — |
| EV / FCF | — | 52.06 | 84.56 | 212.86 | 32.03 | 55.20 | 141.25 | 184.72 | — | — | 741.53 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 49.5% | 49.5% | 49.4% | 46.1% | 44.9% | 48.2% | 44.5% | 42.6% | 37.8% | 34.0% | 23.2% |
| Operating Margin | 10.7% | 10.7% | 7.4% | 1.8% | 5.4% | 22.2% | 14.0% | 9.4% | 7.0% | 2.4% | -8.6% |
| Net Profit Margin | 12.5% | 12.5% | 6.4% | 3.8% | 5.6% | 19.2% | 25.5% | 5.1% | 5.2% | -0.6% | -11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.2% | 7.2% | 2.9% | 1.5% | 4.2% | 47.4% | 57.5% | 16.7% | 36.2% | -6.5% | -24900.0% |
| ROA | 5.9% | 5.9% | 2.4% | 1.3% | 3.3% | 29.6% | 33.2% | 6.4% | 8.3% | -1.0% | -15.6% |
| ROIC | 4.7% | 4.7% | 2.6% | 0.6% | 3.2% | 52.6% | 29.9% | 26.8% | 30.1% | 13.7% | -34.4% |
| ROCE | 5.7% | 5.7% | 3.1% | 0.7% | 3.6% | 49.6% | 26.8% | 20.2% | 19.6% | 6.3% | -20.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.07 | 0.07 | 0.04 | 0.05 | 0.05 | 0.09 | 0.09 | 0.26 | 0.99 | 2.34 | 3.45 |
| Debt / EBITDA | 0.67 | 0.67 | 0.44 | 0.76 | 0.52 | 0.16 | 0.31 | 0.82 | 2.01 | 5.15 | — |
| Net Debt / Equity | — | -0.02 | -0.03 | -0.02 | -0.04 | -0.25 | -0.18 | -0.26 | 0.14 | 0.35 | 0.41 |
| Net Debt / EBITDA | -0.16 | -0.16 | -0.31 | -0.24 | -0.36 | -0.46 | -0.62 | -0.83 | 0.28 | 0.77 | — |
| Debt / FCF | — | -0.16 | -0.65 | -0.83 | -0.63 | -0.58 | -1.37 | -2.67 | — | — | 13.15 |
| Interest Coverage | 32.60 | 32.60 | 22.62 | 5.64 | 14.45 | 108.91 | 28.13 | 4.96 | 3.73 | 0.94 | -1.88 |
Net cash position: cash ($5.5B) exceeds total debt ($4.5B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.85 | 2.85 | 2.62 | 2.51 | 2.36 | 2.02 | 2.54 | 1.95 | 1.78 | 1.74 | 1.88 |
| Quick Ratio | 2.01 | 2.01 | 1.83 | 1.86 | 1.77 | 1.56 | 1.96 | 1.53 | 1.36 | 1.28 | 1.32 |
| Cash Ratio | 1.12 | 1.12 | 0.70 | 0.86 | 0.92 | 0.85 | 0.95 | 0.64 | 0.58 | 0.78 | 0.94 |
| Asset Turnover | — | 0.45 | 0.37 | 0.33 | 0.35 | 1.32 | 1.09 | 1.12 | 1.42 | 1.48 | 1.30 |
| Inventory Turnover | 2.21 | 2.21 | 2.28 | 2.81 | 3.45 | 4.35 | 3.87 | 3.93 | 4.77 | 4.99 | 4.42 |
| Days Sales Outstanding | — | 66.54 | 98.14 | 86.66 | 63.84 | 60.14 | 77.61 | 101.89 | 71.53 | 33.84 | 28.99 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.0% | 1.2% | 0.8% | 0.4% | 1.3% | 1.8% | 2.2% | 0.6% | 1.8% | — | — |
| FCF Yield | 1.0% | 1.9% | 1.2% | 0.5% | 3.1% | 1.8% | 0.7% | 0.5% | — | — | 0.1% |
| Buyback Yield | 0.2% | 0.4% | 0.8% | 0.6% | 4.0% | 1.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.2% | 0.4% | 0.8% | 0.6% | 4.0% | 1.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $1.6B | $1.6B | $1.6B | $1.6B | $1.2B | $1.2B | $1.1B | $1.1B | $1.0B | $835M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AMD stock.
Advanced Micro Devices, Inc.'s current P/E ratio is 97.9x. The historical average is 62.1x. This places it at the 85th percentile of its historical range.
Advanced Micro Devices, Inc.'s current EV/EBITDA is 65.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.7x.
Advanced Micro Devices, Inc.'s return on equity (ROE) is 7.2%. The historical average is -8.4%.
Based on historical data, Advanced Micro Devices, Inc. is trading at a P/E of 97.9x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Advanced Micro Devices, Inc. has 49.5% gross margin and 10.7% operating margin. Operating margin between 10-20% is typical for established companies.
Advanced Micro Devices, Inc.'s Debt/EBITDA ratio is 0.7x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
NVIDIA competition and export controls
Metrics are mathematically derived from official filings.
Premium Multiples Price in Sustained AI Share Gains
AMD trades at a trailing P/E of 152.60 and a forward P/E of 52.83 against a PEG of 29.54, according to the supplied valuation data, a level that prices in growth well beyond what current earnings alone justify. Compared with NVIDIA's trailing P/E of 37.06, the premium appears to reflect expectations for sustained Data Center share capture rather than current operating margins.
The gap between the trailing P/E of 152.60 and the forward P/E of 52.83 indicates that the market expects earnings to roughly triple as the recent Data Center acceleration flows through the income statement. A PEG near 30 suggests the growth expectation embedded in the price is far more aggressive than the reported growth rate, which leaves little margin for execution slippage. Investors should monitor whether quarterly EPS growth can sustain the trajectory needed to compress the forward multiple.
Margin Recovery Clouded by Acquisition Amortization
Reported gross margin rose from 49.1% in 2024Q2 to 53.9% in 2026Q3 and operating margin from 4.6% to 21.2%, though the 2025Q2 operating loss shows the expansion has not been linear. The figures suggest a mix shift toward higher-margin products, but amortization from the Xilinx acquisition likely compresses GAAP operating results relative to underlying economics.
The 2026Q3 operating margin of 21.2% versus a net margin of 18.2% implies that below-the-line items are contributing modestly, though net margin in 2025Q2 at 11.3% against an operating loss highlights how non-operating and tax effects can distort the picture. Gross margin stability in the low-to-mid 50s suggests pricing discipline, yet this may warrant further investigation into whether the mix improvement is durable. Investors should monitor whether operating margin can hold above 17% through quarters with heavier R&D spend.
Returns Recovering From a Low Base
ROIC rose from negative territory in 2025Q2 to 3.1% in 2026Q3, and ROE reached 3.6% over the same period, according to reported figures. These levels remain low in absolute terms and compare unfavorably with NVIDIA's ROIC of 81.8%, suggesting AMD's capital base is still being built out relative to its earnings power.
A ROIC of 3.1% against an enterprise valuation implying roughly 98x trailing EBITDA indicates the market is capitalizing future returns that have not yet appeared in reported capital efficiency. The rise from 1.6% in 2025Q3 to 3.1% in 2026Q3 is encouraging, but the denominator includes roughly $25.5B of goodwill, which may depress ROIC mechanically. Investors should monitor whether returns on tangible capital improve as acquisition-related goodwill becomes a smaller share of invested capital.
Debt Rising From a Minimal Base
Debt-to-equity rose to 0.13 in 2026Q3 from roughly 0.04 in 2024, and interest coverage stood at 31.21 in the latest quarter, based on AMD's reported figures. Debt service appears comfortable in absolute terms, though the directional increase in leverage warrants monitoring.
The move in D/E from 0.04 to 0.13 over eight quarters suggests the company is taking on more borrowing to fund expansion, even as coverage remains strong. The D/EBITDA reading of 2.47 in 2026Q3 is the highest in the window, which may indicate that leverage is growing faster than cash earnings in the most recent period. Investors should monitor whether debt growth continues to outpace EBITDA generation.
Liquidity Buffer Strong Against Stress
The current ratio stood at 2.72 and the quick ratio at 1.93 in 2026Q3, with cash of $7.4B against current obligations, according to reported figures. These levels suggest the company could meet near-term obligations even if inventory were impaired, though the buffer is less generous than the headline current ratio implies given goodwill-heavy assets.
A quick ratio of 1.93 indicates that receivables and cash alone cover current liabilities nearly twice, which points to limited dependence on inventory for short-term solvency. The inventory days figure of 56 versus payable days of 147 suggests supplier financing is currently a meaningful source of working capital support. Investors should monitor whether payable stretch reverses, as that could compress liquidity more quickly than the current ratio alone suggests.
Misapplied Metric: Trailing P/E Overstates Risk
Trailing P/E of 152.60 is the ratio most often misapplied to AMD, because GAAP earnings carry Xilinx intangible amortization and stock-based compensation that depress reported EPS, based on the supplied figures. Non-GAAP or forward-based earnings would present a materially different valuation picture.
Using trailing GAAP P/E as the anchor treats acquisition amortization and $523M of quarterly stock-based compensation as recurring operating costs, which may overstate the multiple relative to cash-generating capacity. Operating cash flow of $3.0B in 2026Q1 against net income of $1.4B suggests cash earnings run well ahead of reported profit. Investors should weigh forward P/E of 52.83 and FCF-based multiples alongside trailing P/E, while recognizing that P/FCF of 97.91 still signals a demanding price.