FirmAtlas
Company handbook · AMAT · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
AMAT · CIK 6951 · LATEST FILING: 10-Q JUL '26 · FILED AUG 20, 2026
APPLIED MATERIALS INC /DE
$409.29
−20.72 (−4.82%)
Close, Oct 16, 2026 · 52-week $203–740
Applied Materials makes the machines chipmakers use to build chips on silicon wafers: tools that deposit, etch, implant and inspect materials. It also sells spare parts, service and upgrades for tools already installed, and equipment for making displays.
Business
- CustomersChipmakers — foundries, memory makers and logic chip makers — mostly in Asia and the U.S.; sold by its own sales force
- Cash useFY24–FY25: buybacks $8.7B · capex $3.5B · dividends $2.6B · acquisitions $29M
Reinvested 21% of operating cash flow · returned 86% of free cash flow
Last fiscal year
APPLIED MATERIALS INC /DE reported revenue of $28.4B for the year ended Oct 26, 2025 (FY25), up 4.4% from FY24. Net income was $7.0B, operating cash flow $8.0B and free cash flow $5.7B. Source: 10-K filed Dec 12, 2025.
Market cap
$324.6B
P/E
35.0
EV/EBITDA
37.0x
P/B
12.7
Div yield
0.48%
ROIC
36.8%
Revenue 1Y
4.4%/yr
EPS 1Y
0.6%/yr
Shares 1Y
−3%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGary Dickerson
HQSanta Clara, CA
AuditorKPMG LLP
Year endsOctober
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
30.7%
25.5%
42.6%
79.7%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$14.8B deployed
Capex
$3.5B
23.4%
Acquisitions
$29M
0.2%
Dividends
$2.6B
17.4%
Buybacks
$8.7B
59.0%
Operating cash flow over the period: $16.6B. Total debt changed by +$296M. R&D of $6.8B is already inside operating costs.
More cash than debt at the end of FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Oct 26, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
27,176
28,368+4.4%
30,837
YoY
+4.4%
Gross profit
12,897
13,808+7.1%
15,233
Gross margin
47.5%
48.7%+1.2 pp
—
Operating income
7,867
8,289+5.4%
9,141
Operating margin
28.9%
29.2%+0.3 pp
—
EBITDA
8,259
8,724+5.6%
—
EBITDA margin
30.4%
30.8%+0.4 pp
—
Interest expense
247
269+8.9%
—
Interest coverage
33.44x
32.43x−1.01x
—
Net income
7,177
6,998−2.5%
9,267
YoY
−2.5%
Net margin
26.4%
24.7%−1.7 pp
—
EPS (diluted, $)
8.61
8.66+0.6%
11.61
YoY
+0.6%
Balance sheet
Total assets
34,409
36,299+5.5%
43,522
Cash & short-term investments
9,562
8,644−9.6%
—
Accounts receivable
5,234
5,185−0.9%
—
Inventory
5,421
5,915+9.1%
—
Net PP&E
3,339
4,610+38.1%
—
Other assets
10,853
11,945+10.1%
—
Total liabilities
15,408
15,884+3.1%
17,896
Accounts payable
1,570
1,978+26.0%
—
Total debt
6,259
6,555+4.7%
6,544
Other liabilities
7,579
7,351−3.0%
—
Shareholders’ equity
19,001
20,415+7.4%
25,626
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
8,677
7,958−8.3%
8,396
Net income
7,177
6,998−2.5%
—
Depreciation & amortization
392
435+11.0%
—
Stock-based compensation
577
668+15.8%
—
Working capital & other
531
(143)−126.9%
—
Cash from investing
(2,327)
(2,782)n/m
—
Capex
(1,190)
(2,260)n/m
—
Acquisitions
0
(29)n/m
—
Investments bought
(3,588)
(6,054)n/m
—
Other investing
2,451
5,561+126.9%
—
Cash from financing
(4,470)
(5,977)n/m
—
Debt raised
694
991+42.8%
—
Debt repaid
0
(700)n/m
—
Dividends
(1,192)
(1,384)n/m
—
Buybacks
(3,823)
(4,895)n/m
—
Shares issued
243
261+7.4%
—
Other financing
(392)
(250)n/m
—
Net change in cash
1,880
(801)−142.6%
—
Free cash flow (OCF − capex)
7,487
5,698−23.9%
5,623
Where the cash went
Operating cash flow
8,677
7,958−8.3%
8,396
Reinvested in the business
1,190
2,289+92.4%
—
% of operating cash flow
13.7%
28.8%
Capex
1,190
2,260+89.9%
2,773
Acquisitions
0
29n/m
—
R&D (memo, already in costs)
3,233
3,570+10.4%
—
Free cash flow
7,487
5,698−23.9%
5,623
YoY
−23.9%
Returned to shareholders
5,015
6,279+25.2%
—
% of free cash flow
67.0%
110.2%
Dividends
1,192
1,384+16.1%
—
Buybacks
3,823
4,895+28.0%
—
Change in total debt
—
296
—
Cash left over
—
(314)
—
FCF conversion (FCF ÷ net income)
104.3%
81.4%−22.9 pp
—
Owner earnings
—
5,136
—
Owner earnings margin
—
18.1%
—
Buyback yield
2.5%
2.7%+0.2 pp
—
Returns & ratios
ROIC (all capital)
44.1%
36.8%−7.3 pp
—
ROIC (operating)
55.7%
47.8%−7.9 pp
—
Net debt / EBITDA
−0.40x
−0.24x+0.16x
—
Debt / equity
0.33x
0.32x−0.01x
—
Cash conversion cycle (days)
169
165−3 d
—
ROE
37.8%
34.3%−3.5 pp
—
ROA
20.9%
19.3%−1.6 pp
—
ROCE
30.3%
29.3%−1.0 pp
—
NOPAT
6,926
6,257−9.7%
—
Invested capital (operating)
12,424
13,732+10.5%
—
Invested capital (all)
15,698
18,326+16.7%
—
Reinvestment rate
—
20.9%
—
Debtor days
70
67−4 d
—
Inventory days
139
148+10 d
—
Days payable
40
50+9 d
—
Income
Oct '25
Jan '26
Apr '26
Jul '26
Revenue
6,800
7,012
7,910
9,115
vs year-ago quarter
Gross profit
3,265
3,435
3,947
4,586
Gross margin
48.0%
49.0%
49.9%
50.3%
Operating income
1,712
1,831
2,523
3,075
Net income
1,897
2,026
2,806
2,538
vs year-ago quarter
Net margin
27.9%
28.9%
35.5%
27.8%
EPS (diluted, $)
2.39
2.54
3.51
3.17
vs year-ago quarter
Balance sheet
Oct '25
Jan '26
Apr '26
Jul '26
Total assets
36,299
37,644
40,286
43,522
Cash & equivalents
8,644
7,287
6,359
7,094
Total debt
6,555
6,553
6,455
6,544
Shareholders’ equity
20,415
21,717
23,909
25,626
Cash flow
Oct '25
Jan '26
Apr '26
Jul '26
Operating cash flow
2,828
1,686
845
3,037
Capex
785
646
635
707
Free cash flow
2,043
1,040
210
2,330
vs year-ago quarter