Latest Ratios: P/E Ratio 235.4x · EV/EBITDA 151.7x · 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 | $1.02T | $351.7B | $204.9B | $239.5B | $101.8B | $179.6B | $110.8B | $51.7B | $19.0B | $10.7B | $9.5B |
| Enterprise Value | $1.02T | $350.7B | $203.4B | $238.6B | $99.8B | $177.7B | $109.8B | $51.0B | $19.1B | $10.9B | $9.6B |
| P/E Ratio → | 235.38 | 81.13 | 125.19 | 278.13 | 77.11 | 56.86 | 44.57 | 153.93 | 55.69 | — | — |
| P/S Ratio | 29.36 | 10.15 | 7.95 | 10.56 | 4.31 | 10.93 | 11.35 | 7.68 | 2.93 | 2.03 | 2.19 |
| P/B Ratio | 16.20 | 5.58 | 3.56 | 4.29 | 1.86 | 23.96 | 18.98 | 18.30 | 14.98 | 17.92 | 22.76 |
| P/FCF | 151.02 | 52.22 | 85.21 | 213.69 | 32.67 | 55.78 | 142.62 | 187.40 | — | — | 728.38 |
| P/OCF | 131.94 | 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 | 151.69 | 52.35 | 40.06 | 60.38 | 18.06 | 43.23 | 63.70 | 57.35 | 30.81 | 40.19 | — |
| EV / EBIT | 275.05 | 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 | 0.4% | 1.2% | 0.8% | 0.4% | 1.3% | 1.8% | 2.2% | 0.6% | 1.8% | — | — |
| FCF Yield | 0.7% | 1.9% | 1.2% | 0.5% | 3.1% | 1.8% | 0.7% | 0.5% | — | — | 0.1% |
| Buyback Yield | 0.1% | 0.4% | 0.8% | 0.6% | 4.0% | 1.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 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 235.4x. The historical average is 62.1x. This places it at the 100th percentile of its historical range.
Advanced Micro Devices, Inc.'s current EV/EBITDA is 151.7x. 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 235.4x. This is at the 100th 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.
Margin Expansion Driven by Mix Shift
Gross margin climbed from 46.8% in 2024Q1 to 53.8% in 2026Q2, according to financial statements, reflecting a favorable shift toward high-margin data center products. Operating margin expanded to 17.3% as revenue scaled.
The sequential improvement in gross margin from 39.8% in 2025Q2 to 53.8% in 2026Q2 suggests a strong recovery from a temporary trough, likely due to inventory clearing and a richer product mix. Operating margin of 17.3% in 2026Q2, up from 0.7% in 2024Q1, indicates significant operating leverage as R&D and SG&A grew slower than revenue. However, net margin of 19.9% in 2026Q2 exceeds operating margin, implying non-operating gains or tax benefits that may not be sustainable; investors should focus on operating margin as the cleaner measure of core profitability.
ROIC Inflection Signals Value Creation
ROIC turned positive from -0.2% in 2025Q2 to 2.3% in 2026Q2, as per reported figures, indicating that investments in AI and data center are beginning to generate returns. ROE also improved to 3.5% from 0.2% in 2024Q1.
The sharp recovery in ROIC from negative territory in 2025Q2 to 2.3% in 2026Q2 suggests that the company's heavy R&D and capital investments are starting to pay off, though the absolute level remains low relative to peers like NVIDIA (ROIC 81.8%). The improvement is driven by margin expansion rather than asset turnover, which has remained stable around 0.13-0.14. This implies that AMD is still in the early stages of compounding returns on capital, and sustained growth in data center revenue will be critical to further ROIC improvement.
Working Capital Efficiency Improves
Cash conversion cycle shortened from 184 days in 2024Q2 to 122 days in 2026Q2, according to financial statements, driven by faster collections and lower inventory days. DSO fell from 87 to 53 days over the same period.
The reduction in DSO from 87 days in 2024Q1 to 53 days in 2026Q2 suggests improved collection efficiency, possibly due to a shift toward hyperscale customers with stronger payment terms. DIO has remained elevated around 141 days, reflecting the need to hold inventory for complex chip products, but the overall CCC improvement indicates better working capital management. The increase in DPO from 54 to 71 days over the period suggests AMD is taking longer to pay suppliers, which may indicate improved bargaining power with foundry partners, though this could also strain supplier relationships if extended further.
Minimal Leverage Masks Strategic Flexibility
Debt-to-equity remains negligible at 0.06, with interest coverage of 69.95 in 2026Q2, as per balance sheet data, indicating a fortress-like balance sheet. D/EBITDA improved to 1.55 from 6.24 in 2025Q2.
AMD's debt-to-equity of 0.06 is far below peers like Intel (0.37) and Qualcomm (0.77), suggesting minimal financial risk and ample capacity for strategic investments or acquisitions. Interest coverage of 69.95 in 2026Q2, up from -0.95 in 2025Q2, reflects a dramatic improvement in earnings relative to interest expense, making debt service highly comfortable. The low leverage also provides a buffer against cyclical downturns, as the company can sustain losses without distress, but it also implies that management is not using debt to amplify returns, which may be appropriate given the cyclicality of the semiconductor industry.
Liquidity Position Remains Robust
Current ratio improved to 2.61 in 2026Q2 from 2.64 in 2024Q1, with quick ratio at 1.91, as reported in financial statements, indicating ample short-term coverage. Cash of $5.1B provides a strong buffer.
The current ratio of 2.61 and quick ratio of 1.91 suggest that AMD can comfortably meet its short-term obligations even if revenue were to decline sharply. The quick ratio, which excludes inventory, remains above 1.5, indicating that even without selling inventory, the company has sufficient liquid assets to cover current liabilities. This liquidity buffer is critical given the cyclicality of the PC and gaming segments, and it supports the company's ability to continue investing in R&D during downturns. However, the high inventory levels (DIO of 141 days) could become a drag if demand weakens, potentially leading to write-downs that would pressure margins.
P/E Misleads on AMD's Growth Trajectory
The trailing P/E of 182.27 is distorted by low trailing earnings, while forward P/E of 63.53 better reflects expected growth, as per valuation data. EV/EBITDA of 117.43 also appears elevated but may normalize as EBITDA expands.
The most commonly misapplied ratio for AMD is the trailing P/E, which at 182.27 appears extreme but is inflated by the fact that earnings have only recently inflected upward from a low base. Investors should instead use forward P/E (63.53) or EV/EBITDA (71.06 forward) to gauge valuation, as these incorporate the expected earnings growth from the data center ramp. Even so, the forward multiples remain rich relative to peers like NVIDIA (forward P/E ~45.98), implying the market is pricing in sustained high growth. A more appropriate metric may be EV/Sales (22.74) or P/FCF (116.94), but these also reflect the market's optimism about AMD's ability to capture AI market share. The key is to focus on the trajectory of margins and cash flow rather than a single static multiple.