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Applied Materials (AMAT) stock

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NASDAQ: AMAT Nasdaq Semiconductor Materials & Equipment Next results ~November 12, 2026

C+ Fundamentals grade

Applied Materials is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in October.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$240

Cash-flow model

Base case. Range ~$190–$320 across our lower- and higher-growth cases (1.4%–11.4% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 36% below it.

Price used: $380.69, November 3, 2026

Applied Materials valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Applied Materials files

Where Applied Materials stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $30.8bn, up 7.8% on a year earlier, faster than 3.3% a quarter earlier. Free-cash-flow margin fell to 18.2% from 20.4% a year earlier. The diluted share count is down 2.0% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 7 of our 7 financial-health checks. Our cash-flow model value is $156 a share, against a share price of $405. At that price, our model says the market is pricing in about 24.0% a year of cash-flow growth for five years, faster than the 6.0% a year revenue growth it has delivered.

Source: 10-Q filed August 20, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Applied Materials's trailing-twelve-month revenue grew 7.8% year on year, with a free-cash-flow margin of 18.2%. Where it stands out: net margin of 30.1% ranks 3 of 20 semiconductor materials & equipment companies we cover. Where it lags: days sales outstanding of 91 days ranks 13 of 16 semiconductor materials & equipment companies we cover.

Our discounted-cash-flow model values the business at ~$240 per share in the base case (~$190–$320 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 3.4% while net income grew 35.6%: a 39pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 4.4 points higher than a quarter earlier.
  • High operating margin. 29.6% of revenue is left as operating profit, against a median of 13.2% for semiconductor materials & equipment companies we cover.
  • Shrinking share count. Diluted shares fell 2.0% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 9.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $374.53 is 35% above our value per share of $240.
  • Volatile shares. Over the past year the shares showed annualised volatility of 61% and a beta of 2.8 against the S&P 500.
  • Insiders selling. 9 insiders sold $181M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 61% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 91 days ranks 13 of 16 semiconductor materials & equipment companies we cover (median 79 days).

Latest results: FY2026 Q3

Filed August 20, 2026
Earnings per share
$3.50 against an average estimate of $3.39: beat by 3.1%
Revenue
$9.12bn, up 24.8% on a year earlier
Share reaction
-7.5% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Guidance given
total revenue $10,250m (fourth quarter of fiscal 2026); non-GAAP diluted EPS $4.02 (fourth quarter of fiscal 2026)
Next report
November 12, 2026; average EPS estimate $4.06

Applied Materials' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.6%
  • 1 week-3.8%
  • 1 month-29.5%
  • This year+46.3%
  • 1 year+61.0%
  • 5 years+164.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$30.8B
Operating margin
29.6%
Net margin
30.1%
EPS (TTM, diluted)
$11.59

Growth

Revenue growth
+7.8%
Change in growth rate
+4.4 pts
Share count change
−2.0%

Cash

Free cash flow (TTM)
$5.6B
FCF margin
18.2%
Stock pay % of revenue
2.3%

Earnings

Last results
August 13, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Leadership
  3. Insider trade
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Applied Materials valuation models and calculator

What the price is pricing in

The share price implies about 22.1% a year of cash-flow growth for five years.That is faster than the 6.0% a year revenue growth Applied Materials has delivered.

  • Priced in22.1%
  • Last 12 months7.8%
  • 3 years a year5.1%
  • 5 years a year6.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($380.56, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$240
Price used
$380.56close November 3, 2026
Implied change
▼ 36%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Applied Materials's free cash flow after stock-based pay with after-tax interest added back ($6B, FY2026 Q3 TTM), growing 34.1% and 17.4% in the next two years (forecasts, guidance and its record), then back to 6.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$190–~$320 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Applied Materials's free cash flow after stock-based pay ( $6B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Applied Materials as an operating company, with every model that fits that kind of business. Cost of equity 12%: the 10-year Treasury yield (4.9%) plus a beta of 1.56 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$240 ~$190–$320 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$210 ~$140–$280 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$300 ~$260–$400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$95 ~$86–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$220 ~$95–$300 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Applied Materials with Semiconductor Materials & Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −5%
  • Last year's free-cash-flow margin change, if it persists ▼ −10%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $110$148$199$266$354$468
8.5% $84$112$149$197$260$340
10% $69$91$119$156$203$264

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$25.76$51.50$29.75$52.28$57.99$131.11$86.81$128.26$183.58$227.49$374.53
Market value$28.7bn$55.8bn$30.5bn$49.4bn$53.5bn$120.5bn$76.1bn$108.4bn$153.1bn$183.8bn$299.3bn
+ Net debt (− = net cash)$119m$390m$2.0bn$2.8bn$97m$457m$3.5bn−$571m−$1.1bn−$686m$706m
Enterprise value$28.9bn$56.2bn$32.5bn$52.2bn$53.6bn$120.9bn$79.6bn$107.8bn$152.0bn$183.1bn$300.0bn
Multiples
Price / sales 2.7x3.8x1.8x3.4x3.1x5.2x3.0x4.1x5.6x6.5x9.7x
Price / earnings 16.7x15.9x10.0x18.3x14.8x20.5x11.7x15.8x21.3x26.3x32.3x
Price / free cash flow 12.4x16.2x9.6x17.6x15.8x25.2x16.5x14.3x20.4x32.3x53.2x
EV / EBITDA 11.4x12.9x6.6x14.1x11.3x16.6x9.7x13.2x18.4x21.0x31.0x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

96 /100

Strong moat

How hard Applied Materials's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 20.6% of total assets over 10 years.

  • Pricing power 16 / 20

    Gross margin has been a median 46.5%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 28.7%; its worst year was 23.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 20.4% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.4% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $10.3bn and EPS of $4.06 (range $4.02 to $4.19) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $12.79 +36% $34.3bn +21%
Next $18.49 +45% $46.4bn +35%

Next year's EPS estimate has moved +9.4% in 90 days, across 35 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.1% on 90 days ago. In the last 30 days, 0 analysts raised Applied Materials's forecast and 1 cut it.

Consensus EPS forecast Applied Materials, last 90 days
$12.00 $14.00 $16.00 $18.00 $20.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $12.28 Current fiscal year, 60 days ago: $12.79 Current fiscal year, 30 days ago: $12.79 Current fiscal year, 7 days ago: $12.79 Current fiscal year, Now: $12.79 $12.79 Next fiscal year, 90 days ago: $16.90 Next fiscal year, 60 days ago: $18.39 Next fiscal year, 30 days ago: $18.45 Next fiscal year, 7 days ago: $18.46 Next fiscal year, Now: $18.49 $18.49

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $12.28$16.90
60 days ago $12.79$18.39
30 days ago $12.79$18.45
7 days ago $12.79$18.46
Now $12.79$18.49

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $3.39 $3.50 +3.1%
Apr 2026 $2.69 $2.86 +6.5%
Jan 2026 $2.21 $2.38 +7.9%
Oct 2025 $2.09 $2.17 +3.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 13, 2026
  • Total revenue fourth quarter of fiscal 2026 about $10,250m
    “Total revenue $ 10,250 +/- $ 500” source
  • Non-GAAP diluted EPS fourth quarter of fiscal 2026 about $4.02 Non-GAAP
    “Non-GAAP diluted EPS $ 4.02 +/- $ 0.20” source

How earlier guidance turned out

  • Total revenue, third quarter of fiscal 2026 guided about $8,950m Above range: $9,115m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Applied Materials's revenue by +34.1% next year and +17.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+40.5%, weight 57%) , management guidance (+50.7%, weight 18%) and the company's own record (+6.4%, weight 24%) . How the weights are set.

Analyst recommendations

40 analysts, Oct 2026
Buy3485%
Hold615%
Sell00%

Monthly trend

  1. Oct 2026529640
  2. Sep 2026429740
  3. Aug 2026428739
  4. Jul 2026428739

Counts of recommendations published by analysts covering Applied Materials, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.8%
of tradable shares
Days to cover
2.14
at average volume
Short interest, 1 month
+1%
to October 15, 2026
Held by institutions
86%
of shares
Held by insiders
0.3%
of shares
Employees
38,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +61.6%

$231.82 on October 31, 2025 to $374.53

ThenNowEffect
Revenue (last 12 months) $28.6bn $30.8bn +7.8%
Net margin 23.9% 30.1% +25.9%
P/E multiple 27.7x 32.3x +16.7%
Share count 816m 799m +2.1%

Biggest factor: net margin.

Last 3 years +174.4%

$136.51 on November 3, 2023 to $374.53

ThenNowEffect
Revenue (last 12 months) $26.5bn $30.8bn +16.2%
Net margin 24.3% 30.1% +23.8%
P/E multiple 18.0x 32.3x +79.5%
Share count 850m 799m +6.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AMAT+84%−38%+68%+1%+60%+46%
Industry peers (median)+65%−38%+29%−4%+27%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AMAT67%33%75%50%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AMAT−20%−55%−16%−36%−35%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 55% from January 14, 2022 to October 17, 2022. Getting back needed a 123% gain, reached on December 26, 2023, 435 days after the low.

Price behaviour

52-week range
$219.45 – $722.23
From 52-week high
−48.1%
vs 50-day average
−17.7%
vs 200-day average
−15.7%
Volatility (1 year)
61%
Beta vs S&P 500
2.83

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±5.5%
After a week
3 up, 9 down
typical move ±5.9%
After a month
7 up, 5 down
typical move ±10.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 −7.5% +0.5% −9.4% −22.5%
May 14, 2026 0.0% −0.4% −2.0% +34.3%
February 12, 2026 +4.4% −1.5% +10.6% +2.0%
November 13, 2025 −2.0% −1.7% −4.4% +13.5%
August 14, 2025 −14.9% −0.2% −15.6% −9.8%
May 15, 2025 −4.9% +1.1% −7.6% +1.7%
February 13, 2025 −6.5% +1.1% −4.7% −13.9%
November 14, 2024 −7.6% −1.9% −3.6% −7.1%
August 15, 2024 +3.1% +1.9% −0.5% −6.8%
February 15, 2024 +7.2% +0.2% +6.1% +8.0%
November 16, 2023 −4.4% +0.2% −3.0% +3.4%
August 17, 2023 +3.2% −0.7% +3.3% +1.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Applied Materials’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.22× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AMAT Applied Materials Grade C+ $381.49

Own 100 shares, sell the $450 call expiring December 18, 2026 (45 days) for $10.55 a share — $1,055 per contract.

Bid $10.55, ask $13.00, quoted Tue 3 Nov, 14:16 New York time with AMAT at $381.49. Option prices move with the shares: check the live chain at your broker before trading.

  • If AMAT ends below $450: you keep your shares and the $1,055 — 2.8% extra on the position, 22.4% a year at that pace.
  • If it ends above $450: your shares are sold at $450, a total return of 20.7% including the premium — at or above our value of ~$240.
$7.9k $0 −$7.4k Break-even $370.94 Price $381.49 ← Our value ~$240
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,055
Annualised
22.4%
Break-even
$370.94
Max gain
$7,906.5
Chance of selling
~27%

Results are expected around November 12, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $340 put and sell the $450 call, both expiring December 18, 2026 (45 days).

  • Net cost of $5.15 a share ($515 per contract of 100 shares).
  • Worst case at expiry: -12.2%, if the shares fall below $340 (-10.9% from today).
  • Best case at expiry: +16.6%, if the shares rise above $450 (+18.0%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $240: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Applied Materials in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Applied Materials
$26B $28B $30B $32B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $26.5B Revenue (TTM), FY24 Q1: $26.5B Revenue (TTM), FY24 Q2: $26.5B Revenue (TTM), FY24 Q3: $26.9B Revenue (TTM), FY24 Q4: $27.2B Revenue (TTM), FY25 Q1: $27.6B Revenue (TTM), FY25 Q2: $28.1B Revenue (TTM), FY25 Q3: $28.6B Revenue (TTM), FY25 Q4: $28.4B Revenue (TTM), FY26 Q1: $28.2B Revenue (TTM), FY26 Q2: $29B Revenue (TTM), FY26 Q3: $30.8B $30.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $26.5B
FY24 Q1 $26.5B
FY24 Q2 $26.5B
FY24 Q3 $26.9B
FY24 Q4 $27.2B
FY25 Q1 $27.6B
FY25 Q2 $28.1B
FY25 Q3 $28.6B
FY25 Q4 $28.4B
FY26 Q1 $28.2B
FY26 Q2 $29B
FY26 Q3 $30.8B
Revenue growth, TTM YoY Applied Materials
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 2.8% Revenue growth, TTM YoY, FY24 Q1: 0.9% Revenue growth, TTM YoY, FY24 Q2: -0.5% Revenue growth, TTM YoY, FY24 Q3: 1.2% Revenue growth, TTM YoY, FY24 Q4: 2.5% Revenue growth, TTM YoY, FY25 Q1: 4.3% Revenue growth, TTM YoY, FY25 Q2: 6.0% Revenue growth, TTM YoY, FY25 Q3: 6.6% Revenue growth, TTM YoY, FY25 Q4: 4.4% Revenue growth, TTM YoY, FY26 Q1: 2.1% Revenue growth, TTM YoY, FY26 Q2: 3.3% Revenue growth, TTM YoY, FY26 Q3: 7.8% 7.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 2.8%
FY24 Q1 0.9%
FY24 Q2 -0.5%
FY24 Q3 1.2%
FY24 Q4 2.5%
FY25 Q1 4.3%
FY25 Q2 6.0%
FY25 Q3 6.6%
FY25 Q4 4.4%
FY26 Q1 2.1%
FY26 Q2 3.3%
FY26 Q3 7.8%
Operating margin (TTM) Applied Materials
28% 28.5% 29% 29.5% 30% 30.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 28.9% Operating margin (TTM), FY24 Q1: 28.9% Operating margin (TTM), FY24 Q2: 28.9% Operating margin (TTM), FY24 Q3: 29.0% Operating margin (TTM), FY24 Q4: 28.9% Operating margin (TTM), FY25 Q1: 29.2% Operating margin (TTM), FY25 Q2: 29.7% Operating margin (TTM), FY25 Q3: 30.1% Operating margin (TTM), FY25 Q4: 29.2% Operating margin (TTM), FY26 Q1: 28.2% Operating margin (TTM), FY26 Q2: 28.6% Operating margin (TTM), FY26 Q3: 29.6% 29.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 28.9%
FY24 Q1 28.9%
FY24 Q2 28.9%
FY24 Q3 29.0%
FY24 Q4 28.9%
FY25 Q1 29.2%
FY25 Q2 29.7%
FY25 Q3 30.1%
FY25 Q4 29.2%
FY26 Q1 28.2%
FY26 Q2 28.6%
FY26 Q3 29.6%
FCF margin (TTM) Applied Materials
15% 20% 25% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 28.6% FCF margin (TTM), FY24 Q1: 29.1% FCF margin (TTM), FY24 Q2: 25.7% FCF margin (TTM), FY24 Q3: 24.4% FCF margin (TTM), FY24 Q4: 27.6% FCF margin (TTM), FY25 Q1: 21.5% FCF margin (TTM), FY25 Q2: 20.9% FCF margin (TTM), FY25 Q3: 20.4% FCF margin (TTM), FY25 Q4: 20.1% FCF margin (TTM), FY26 Q1: 22.0% FCF margin (TTM), FY26 Q2: 18.4% FCF margin (TTM), FY26 Q3: 18.2% 18.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 28.6%
FY24 Q1 29.1%
FY24 Q2 25.7%
FY24 Q3 24.4%
FY24 Q4 27.6%
FY25 Q1 21.5%
FY25 Q2 20.9%
FY25 Q3 20.4%
FY25 Q4 20.1%
FY26 Q1 22.0%
FY26 Q2 18.4%
FY26 Q3 18.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Applied Materials took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $28.4B
  2. Other income $982M · 3.5%
  3. Cost of revenue $14.6B · 51.3%
  4. Gross profit $13.8B · 48.7%
  5. Research and development $3.6B · 12.6%
  6. Selling, general and admin $1.8B · 6.2%
  7. Other operating costs $181M · 0.6%
  8. Operating income $8.3B · 29.2%
  9. Income tax $2.3B · 8.0%
  10. Net income $7B · 24.7%

Shares of revenue. Source: Applied Materials's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Oct 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Oct 2013 2014 Oct 2014 2015 Oct 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Jul 2026
Income
Revenue 5.0 9.5 10.5 8.7 7.5 9.1 9.7 10.8 14.7 16.7 14.6 17.2 23.1 25.8 26.5 27.2 28.4 30.8
Gross profit 1.4 3.7 4.4 3.3 3.0 3.8 4.0 4.5 6.6 7.5 6.4 7.7 10.9 12.0 12.4 12.9 13.8 15.2
EBITDA −0.1 1.7 2.6 0.8 0.8 1.9 2.1 2.5 4.3 4.9 3.7 4.7 7.3 8.2 8.2 8.3 8.7 9.7
Operating income −0.4 1.4 2.4 0.4 0.4 1.5 1.7 2.2 3.9 4.5 3.4 4.4 6.9 7.8 7.7 7.9 8.3 9.1
Net income −0.3 0.9 1.9 0.1 0.3 1.1 1.4 1.7 3.5 3.0 2.7 3.6 5.9 6.5 6.9 7.2 7.0 9.3
Diluted EPS −$0.23 $0.70 $1.45 $0.09 $0.21 $0.87 $1.12 $1.54 $3.25 $2.96 $2.86 $3.92 $6.40 $7.44 $8.11 $8.61 $8.66 $11.59
Growth (year on year)
Revenue −38.3% +90.4% +10.1% −17.1% −13.9% +20.8% +6.5% +12.1% +35.8% +13.7% −12.6% +17.8% +34.1% +11.8% +2.8% +2.5% +4.4% +7.8%
EBITDA −106.1% — +56.5% −68.5% +1.1% +125.1% +8.9% +23.1% +70.9% +13.9% −25.0% +27.7% +53.6% +13.0% −0.8% +1.1% +5.6% +6.8%
Operating income −129.1% — +73.3% −82.9% +5.1% +251.9% +11.4% +27.1% +82.9% +14.1% −25.4% +30.3% +57.8% +13.0% −1.7% +2.8% +5.4% +6.0%
Net income −131.7% — +105.3% −94.3% — +318.8% +28.5% +25.0% +104.5% −13.7% −10.9% +33.7% +62.7% +10.8% +5.1% +4.7% −2.5% +35.6%
Diluted EPS −132.9% — +107.1% −93.8% — +314.3% +28.7% +37.5% +111.0% −8.9% −3.4% +37.1% +63.3% +16.3% +9.0% +6.2% +0.6% +38.4%
Margins
Gross margin 28.5% 38.9% 41.5% 38.0% 39.8% 42.4% 40.9% 41.7% 45.0% 45.0% 43.7% 44.7% 47.3% 46.5% 46.7% 47.5% 48.7% 49.4%
EBITDA margin −2.1% 17.7% 25.1% 9.6% 11.2% 20.9% 21.4% 23.5% 29.5% 29.6% 25.4% 27.6% 31.6% 31.9% 30.8% 30.4% 30.8% 31.4%
Operating margin −7.9% 14.5% 22.8% 4.7% 5.8% 16.8% 17.5% 19.9% 26.8% 26.9% 22.9% 25.4% 29.9% 30.2% 28.9% 28.9% 29.2% 29.6%
Net margin −6.1% 9.8% 18.3% 1.3% 3.4% 11.8% 14.3% 15.9% 23.9% 18.2% 18.5% 21.0% 25.5% 25.3% 25.9% 26.4% 24.7% 30.1%
Free-cash-flow margin 1.7% 16.3% 21.1% 19.4% 5.7% 17.2% 9.8% 21.4% 23.4% 18.9% 19.2% 19.7% 20.7% 17.9% 28.6% 27.6% 20.1% 18.2%
Cash flow
Cash from operations 0.3 1.7 2.4 1.9 0.6 1.8 1.2 2.6 3.8 3.8 3.2 3.8 5.4 5.4 8.7 8.7 8.0 8.4
Capital spending 0.2 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.6 0.4 0.4 0.7 0.8 1.1 1.2 2.3 2.8
Free cash flow 0.1 1.6 2.2 1.7 0.4 1.6 0.9 2.3 3.4 3.2 2.8 3.4 4.8 4.6 7.6 7.5 5.7 5.6
Stock-based pay 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.3 0.4 0.5 0.6 0.7 0.7
Free cash flow after stock pay −0.1 1.4 2.1 1.5 0.3 1.4 0.8 2.1 3.2 2.9 2.5 3.1 4.4 4.2 7.1 6.9 5.0 4.9
Balance sheet
Cash 1.6 1.9 6.0 1.4 1.7 3.0 4.8 3.4 5.0 3.4 3.1 5.4 5.0 2.0 6.1 8.0 7.2 7.0
Total debt — 1.0 2.0 2.0 1.9 2.0 5.7 3.5 5.4 5.4 5.9 5.4 5.5 5.5 5.6 7.0 6.6 7.7
Net debt (negative = net cash) −1.6 −0.9 −4.0 0.6 0.2 −1.1 0.9 0.1 0.4 2.0 2.8 0.1 0.5 3.5 −0.6 −1.1 −0.7 0.7
Diluted shares 1,333m 1,349m 1,330m 1,277m 1,219m 1,231m 1,226m 1,116m 1,084m 1,026m 945m 923m 919m 877m 845m 834m 808m 799m
Returned to shareholders
Dividends 0.3 0.3 0.4 0.4 0.5 0.5 0.5 0.4 0.4 0.6 0.8 0.8 0.8 0.9 1.0 1.2 1.4 1.5
Buybacks 0.0 0.4 0.5 1.4 0.2 0.0 1.3 1.9 1.2 5.3 2.4 0.6 3.8 6.1 2.2 3.8 4.9 2.0
Total returned 0.3 0.7 0.9 1.9 0.7 0.5 1.8 2.3 1.6 5.9 3.2 1.4 4.6 7.0 3.2 5.0 6.3 3.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · July 26, 2026
What it owns · $43.5bn
Short-term assets $25.1bnLonger-term assets $18.4bn
What it owes, and who funded it · $43.5bn
Short-term liabilities $10.4bnLonger-term liabilities $7.5bnShareholders' equity $25.6bn
  • Short-term assets cover short-term liabilities $25.1bn of assets due within a year against $10.4bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $25.1bn short-term assets against $7.5bn of longer-dated liabilities.
  • More cash than debt $7.0bn of cash against $6.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 25% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 46% to 25% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.4bn of operating cash flow against $6.4bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.1bn against $277m of interest.

From Applied Materials's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$2B
Dividends (TTM)
$1.5B
Returned to shareholders
63%
of free cash flow
Buybacks, last 3 fiscal years
$10.9B
Diluted share count
−2.0%
year over year
Total shareholder yield
1.2%
dividends 0.5% + buybacks 0.7% of market value
Dividend payout ratio
16%
of net income paid out
R&D spending
12.9%
of revenue
Sales & admin spending
5.4%
of revenue
Days sales outstanding
91 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductor materials & equipment
Last 12 months unless stated AMAT LRCX ASML KLAC TER MKSI Median
Revenue, last 12 months $30.8bn $26.1bn $36.9bn $14.5bn $5.0bn $4.3bn $994m
Revenue growth, last 12 months 7.8% 33.4% 20.8% 15.8% 74.9% 16.3% 15.8%
Revenue growth, 3-year average 5.1% 18.2% 74.4% 12.6% 22.2% 4.2% 7.8%
Revenue growth, latest quarter 24.8% 54.4% — 28.9% 69.8% 28.3% 33.7%
Gross margin 49.4% 51.1% 52.8% 61.5% 59.3% 47.0% 47.7%
Operating margin 29.6% 37.0% 34.6% 22.6% 32.1% 15.7% 13.2%
Operating margin, 3-year average 29.6% 32.9% 32.7% 26.1% 23.5% 13.3% 16.0%
Net margin 30.1% 32.3% 29.4% 36.2% 27.5% 10.1% 10.9%
Cash from operations / revenue 27.2% 29.0% 38.7% 31.1% 26.6% 14.6% 18.6%
Free-cash-flow margin 18.2% 25.0% 33.8% 27.8% 20.5% 10.5% 15.0%
Free-cash-flow margin, 3-year average 21.0% 28.1% 34.4% 29.8% 17.7% 12.2% 11.9%
Stock pay / revenue 2.3% 1.5% 0.6% 2.2% 1.6% 1.3% 2.4%
Change in share count −2.0% −1.9% −1.2% −4.5% −2.2% 3.3% 0.8%

Median of all 20 companies we cover in semiconductor materials & equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

20 semiconductor materials & equipment companies
Measure Company Peer median Rank
Revenue growth Growth 7.8% 15.8% 15 of 20
Change in growth rate Growth +4.4pp +7.5pp 15 of 20
Gross margin Profitability 49.4% 48.2% 9 of 19
Operating margin Profitability 29.6% 13.2% 4 of 19
Net margin Profitability 30.1% 11.1% 3 of 20
Free-cash-flow margin Cash generation 18.2% 17.5% 9 of 20
Stock pay as % of revenue Cash generation 2.3% 2.5% 10 of 20
Long-term debt as % of assets Balance sheet 12.1% 22.0% 4 of 13
Change in share count Balance sheet -2.0% 0.9% 3 of 19
Days sales outstanding Balance sheet 91 days 79 days 13 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 26, 2025
Geography
Region Revenue Share YoY
Outside North America $25.3B 89.2% ▲ 8.3%
China $8.5B 33.7% ▼ 15.7%
Taiwan $6.9B 27.1% ▲ 71.0%
South Korea $5.6B 22.2% ▲ 24.8%
Japan $2.3B 9.0% ▲ 5.5%
Southeast Asia $1.1B 4.3% ▼ 5.7%
Europe $962M 3.8% ▼ 33.3%
United States $3.1B 10.8% ▼ 19.8%

From Applied Materials's 10-K filed December 12, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$476B
Institutions reporting
3,486
Shares held vs prior quarter
▲ 3.2%
Positions opened / closed
665 / 114

Top buyers and sellers, Q2 2026: 1,740 institutions bought and 1,456 sold ; the biggest buyer was Jpmorgan Chase & Co (+9.0M shares) and the biggest seller Capital Research Global Investors (−7.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $58B 80.2M 12.2% ▲ 1.6%
Vanguard Capital Management LLC $37.5B 51.8M 7.9% ▲ 0.5%
State Street Corp $27.6B 38.2M 5.8% ▲ 2.0%
Invesco Ltd. $20.4B 28.3M 4.3% ▲ 7.2%
Capital Research Global Investors $16B 22.2M 3.4% ▼ 24.8%
Geode Capital Management, LLC $15.9B 22.0M 3.3% ▲ 0.4%
Vanguard Portfolio Management LLC $13.4B 18.6M 2.8% ▲ 7.5%
Morgan Stanley $9.8B 13.5M 2.1% ▲ 14.2%
Jpmorgan Chase & Co $9.6B 13.9M 2.0% ▲ 182.0%
Price T Rowe Associates Inc $9.1B 12.6M 1.9% ▲ 108.3%
Norges Bank $8.2B 11.3M 1.7% —
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $6.8B 9.4M 1.4% ▼ 5.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Applied Materials's complete shareholder register. Values are as reported by the filers ; 14 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $181M 45 trades by 9 insiders · 0% under pre-set plans
Net ▼ $181M net selling
Insider Date Trade Shares Price Value
Sanders Adam Corp. Controller & CAO October 2, 2026 Sell 725 $544.56 $394,807
Bruner Judy Director September 8, 2026 Sell 1,000 $465.00 $465,000
Hill Brice SVP, CFO August 25, 2026 Sell 7,500 $479.25 $3.6M
Dickerson Gary E President and CEO June 30, 2026 Sell 30 $736.05 $22,082
Dickerson Gary E President and CEO June 30, 2026 Sell 19,970 $735.22 $14.7M
Dickerson Gary E President and CEO June 29, 2026 Sell 7,989 $701.33 $5.6M
Dickerson Gary E President and CEO June 29, 2026 Sell 50,332 $700.21 $35.2M
Raja Prabu G. President, Semi. Products Grp. June 18, 2026 Sell 10,000 $633.53 $6.3M
Dickerson Gary E President and CEO June 16, 2026 Sell 837 $599.35 $501,656
Dickerson Gary E President and CEO June 16, 2026 Sell 2,426 $598.56 $1.5M
Dickerson Gary E President and CEO June 16, 2026 Sell 4,457 $597.45 $2.7M
Dickerson Gary E President and CEO June 16, 2026 Sell 13,505 $596.82 $8.1M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 64 trades and filings

In the last 12 months, 4 members of Congress disclosed 6 purchases and 2 sales of Applied Materials shares.

  • Josh Gottheimer(D-NJ 5):Sale (full), $1,001 - $15,000, traded September 15, 2026, filed October 7, 2026
  • Josh Gottheimer(D-NJ 5):Purchase, $1,001 - $15,000, traded August 6, 2026, filed September 14, 2026
  • John J. McGuire III(R-VA 5):Purchase, $1,001 - $15,000, traded July 15, 2026, filed August 10, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 13, 2026
  • May 14, 2026
  • February 12, 2026
  • November 13, 2025
  • August 14, 2025
  • May 15, 2025

Recent SEC filings

Data status

When each part of this page on Applied Materials was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Applied Materials in brief

What does Applied Materials do?
Applied Materials is a US-listed company in the semiconductor materials & equipment industry. Its financial year ends in October.
What is Applied Materials's stock ticker?
Applied Materials trades under the ticker AMAT on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Applied Materials's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Applied Materials reported revenue of $30.8B, 7.8% higher than a year earlier, according to its SEC filings.
What is Applied Materials's free cash flow?
Applied Materials's free-cash-flow margin is 18.2% of revenue over the trailing twelve months, ranking 9 of the 20 semiconductor materials & equipment companies we cover.
What is Applied Materials's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Applied Materials's free cash flow after stock-based pay gives ~$240 per share in the base case, and ~$190–$320 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Applied Materials's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Applied Materials buying back stock, and does it pay a dividend?
Applied Materials spent $2B on share repurchases over the trailing twelve months, and its diluted share count fell 2.0% over the year.
What is Applied Materials's market cap?
On November 2, 2026, Applied Materials's market capitalisation was about $299B, with a price-to-earnings ratio of 32.3 and net debt of $706M. Market figures come from third-party market data and may be delayed.
Does Applied Materials pay a dividend?
Yes: Applied Materials paid $1.5B in dividends over the trailing twelve months, a dividend yield of 0.51% and a payout ratio of 16.3%.
How much debt does Applied Materials have?
Applied Materials's debt-to-equity ratio is 25.1%, from its latest balance sheet (45.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Applied Materials's competitors?
In our Semiconductor Materials & Equipment peer group, the companies closest to Applied Materials are Lam Research, Asml Holding NV, KLA Corporation, Teradyne and MKS Inc. The side-by-side comparison below sets their revenue, margins and growth against Applied Materials's.
Are insiders buying or selling Applied Materials stock?
Over the last 12 months, Applied Materials's directors and officers reported 0 open-market purchases and 45 sales on Form 4. The insider trading page charts every trade.
When is Applied Materials's next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Applied Materials announces its own schedule.