AM
Applied Materials Inc
AMAT—
Applied Materials Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin TTM 30.1% vs industry median 2.4% - 12x advantage from semiconductor equipment pricing power[Operating Margin TTM]
- ROIC TTM 26.4% vs industry median -0.3% - exceptional capital efficiency despite 5.8B inventory build[ROIC TTM]
- R&D at 3.5B (12% of revenue) funds technology moat while still generating 5.8B FCF TTM[Free Cash Flow TTM]
Watch Triggers
- Inventory: Exceeds 25% of TTM revenue or grows >15% QoQ — Signals demand weakness or customer pushouts - leading indicator of revenue miss
- Operating Margin TTM: Falls below 25% — Would indicate pricing pressure or mix shift undermining premium thesis
- Free Cash Flow TTM: Drops below 4B or FCF margin under 15% — Threatens dividend sustainability and R&D investment capacity
Bull Case
Dominant market position with 30% operating margins generates 5.8B FCF TTM at only 0.35 debt/equity - fortress balance sheet enables R&D investment through cycles
Operating Margin TTMFree Cash Flow TTMDebt to Equity
ROIC of 26% vs negative industry median demonstrates structural competitive advantage in capital-intensive equipment market
ROIC TTMROE TTM
Bear Case
P/E 32x at industry median with P/B 13.9x - premium valuation leaves no margin of safety if capex cycle slows
PE RatioPB Ratio
Inventory up to 5.8B (20% of revenue) risks write-downs if fab customers delay orders amid macro weakness
InventoryWorking Capital
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
AI/HBM capex cycle to sustain premium margins through 2027 as fabs expand globally
1-3ymed
- Leading-edge node transitions require AMAT deposition/etch tools
- HBM packaging demand accelerating from AI chip requirements
- CHIPS Act subsidies unlocking US/EU fab construction
Operating margin 30% sustained despite cycleR&D 12% of revenue maintains tech leadInventory 5.8B signals backlog confidence
Valuation Context
Caveats
Public Strategies Rankings
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AMAT Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$262.39B | — | ||
$262.2B | — | ||
37 | — | ||
$28.37B | +4.4% | — | |
$8.83 | +2.5% | — | |
29.9% | +0.9% | — | |
24.7% | -1.7% | — | |
$5.7B | -23.9% | — | |
0.36 | -5.1% | — | |
Beta 5Y (Monthly) | unknown | — |
AMAT Dividend History
84 dividends
2026
$0.460002/19/26$0.4600
2025
$1.780011/20/25$0.4600
08/21/25$0.4600
05/22/25$0.4600
02/20/25$0.4000
2024
$1.520011/21/24$0.4000
08/22/24$0.4000
05/22/24$0.4000
02/21/24$0.3200
2023
$1.220011/22/23$0.3200
08/23/23$0.3200
05/24/23$0.3200
02/22/23$0.2600
2022
$1.020011/23/22$0.2600
08/24/22$0.2600
05/25/22$0.2600
02/22/22$0.2400
2021
$0.940011/24/21$0.2400
08/25/21$0.2400
05/26/21$0.2400
02/24/21$0.2200
2020
$0.870011/18/20$0.2200
08/19/20$0.2200
05/20/20$0.2200
02/18/20$0.2100
2019
$0.830011/20/19$0.2100
08/21/19$0.2100
05/22/19$0.2100
02/20/19$0.2000
2018
$0.700011/21/18$0.2000
08/22/18$0.2000
05/23/18$0.2000
02/20/18$0.1000
2017
$0.400011/22/17$0.1000
08/22/17$0.1000
05/23/17$0.1000
02/17/17$0.1000
2016
$0.400011/22/16$0.1000
08/23/16$0.1000
05/24/16$0.1000
02/23/16$0.1000
2015
$0.400011/17/15$0.1000
08/18/15$0.1000
05/19/15$0.1000
02/13/15$0.1000
2014
$0.400011/18/14$0.1000
08/19/14$0.1000
05/20/14$0.1000
02/14/14$0.1000
2013
$0.390011/19/13$0.1000
08/20/13$0.1000
05/21/13$0.1000
02/15/13$0.0900
2012
$0.350011/19/12$0.0900
08/21/12$0.0900
05/22/12$0.0900
02/21/12$0.0800
2011
$0.310011/21/11$0.0800
08/29/11$0.0800
05/27/11$0.0800
02/28/11$0.0700
2010
$0.270011/22/10$0.0700
08/23/10$0.0700
05/24/10$0.0700
02/22/10$0.0600
2009
$0.240011/09/09$0.0600
08/11/09$0.0600
05/12/09$0.0600
02/10/09$0.0600
2008
$0.240011/10/08$0.0600
08/12/08$0.0600
05/13/08$0.0600
02/12/08$0.0600
2007
$0.230011/13/07$0.0600
08/14/07$0.0600
05/15/07$0.0600
02/13/07$0.0500
2006
$0.180011/14/06$0.0500
08/15/06$0.0500
05/16/06$0.0500
02/14/06$0.0300
2005
$0.090011/15/05$0.0300
08/15/05$0.0300
05/16/05$0.0300
AMAT Stock Splits
2 stock splits
04/17/021:2 split
03/16/001:2 split
AMAT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
12/12/25 | 10/26/25 | Unknown | |
08/21/25 | 07/27/25 | 10-Q | |
05/22/25 | 04/27/25 | 10-Q | |
02/20/25 | 01/26/25 | 10-Q | |
12/13/24 | 10/27/24 | 10-K | |
08/22/24 | 07/28/24 | 10-Q | |
05/23/24 | 04/28/24 | 10-Q | |
02/27/24 | 01/28/24 | 10-Q | |
12/15/23 | 10/29/23 | 10-K | |
08/24/23 | 07/30/23 | 10-Q | |
05/26/23 | 04/30/23 | 10-Q | |
02/23/23 | 01/29/23 | 10-Q | |
12/16/22 | 10/30/22 | 10-K | |
08/25/22 | 07/31/22 | 10-Q | |
05/26/22 | 05/01/22 | 10-Q | |
02/24/22 | 01/30/22 | 10-Q | |
12/17/21 | 10/31/21 | 10-K | |
08/26/21 | 08/01/21 | 10-Q | |
05/27/21 | 05/02/21 | 10-Q | |
02/25/21 | 01/31/21 | 10-Q | |
12/11/20 | 10/25/20 | 10-K | |
08/20/20 | 07/26/20 | 10-Q | |
05/21/20 | 04/26/20 | 10-Q | |
02/20/20 | 01/26/20 | 10-Q | |
12/13/19 | 10/27/19 | 10-K | |
08/22/19 | 07/28/19 | 10-Q | |
05/23/19 | 04/28/19 | 10-Q | |
02/21/19 | 01/27/19 | 10-Q | |
12/13/18 | 10/28/18 | 10-K | |
08/23/18 | 07/29/18 | 10-Q | |
05/24/18 | 04/29/18 | 10-Q | |
02/22/18 | 01/28/18 | 10-Q | |
12/15/17 | 10/29/17 | 10-K | |
08/24/17 | 07/30/17 | 10-Q | |
05/25/17 | 04/30/17 | 10-Q | |
02/23/17 | 01/29/17 | 10-Q | |
12/15/16 | 10/30/16 | 10-K | |
08/25/16 | 07/31/16 | 10-Q | |
05/26/16 | 05/01/16 | 10-Q | |
02/25/16 | 01/31/16 | 10-Q | |
12/09/15 | 10/25/15 | 10-K | |
08/20/15 | 07/26/15 | 10-Q | |
05/21/15 | 04/26/15 | 10-Q | |
02/19/15 | 01/25/15 | 10-Q | |
12/17/14 | 10/26/14 | 10-K | |
08/21/14 | 07/27/14 | 10-Q | |
05/22/14 | 04/27/14 | 10-Q | |
02/20/14 | 01/26/14 | 10-Q | |
12/04/13 | 10/27/13 | 10-K | |
08/22/13 | 07/28/13 | 10-Q | |
05/23/13 | 04/28/13 | 10-Q | |
02/21/13 | 01/27/13 | 10-Q | |
12/05/12 | 10/31/12 | 10-K | |
08/23/12 | 07/29/12 | 10-Q | |
05/24/12 | 04/29/12 | 10-Q | |
02/27/12 | 01/29/12 | 10-Q | |
12/06/11 | 10/30/11 | 10-K | |
08/26/11 | 07/31/11 | 10-Q | |
05/31/11 | 05/01/11 | 10-Q | |
02/28/11 | 01/30/11 | 10-Q | |
12/10/10 | 10/31/10 | 10-K | |
09/03/10 | 08/01/10 | 10-Q | |
06/09/10 | 05/02/10 | 10-Q | |
03/09/10 | 01/31/10 | 10-Q | |
12/11/09 | 10/25/09 | 10-K | |
09/01/09 | 07/31/09 | 10-Q | |
06/03/09 | 04/30/09 | 10-Q | |
03/03/09 | 01/28/09 | Unknown | -- |
12/12/08 | 10/30/08 | Unknown | -- |
08/29/08 | 07/31/08 | Unknown | -- |
06/04/08 | 04/30/08 | Unknown | -- |
03/03/08 | 01/29/08 | Unknown | -- |
12/14/07 | 10/30/07 | Unknown | -- |
08/30/07 | 07/31/07 | Unknown | -- |
05/30/07 | 04/30/07 | Unknown | -- |
02/28/07 | 01/31/07 | 10-Q | |
12/14/06 | 10/30/06 | Unknown | -- |
08/31/06 | 07/31/06 | Unknown | -- |
05/30/06 | 04/30/06 | 10-Q | |
02/28/06 | 01/28/06 | Unknown | -- |
12/14/05 | 10/31/05 | 10-K | |
09/01/05 | 07/31/05 | 10-Q | |
05/31/05 | 04/30/05 | Unknown | -- |
03/01/05 | 01/28/05 | Unknown | -- |
12/15/04 | 10/30/04 | Unknown | -- |
08/31/04 | 07/31/04 | Unknown | -- |
06/10/04 | 04/30/04 | Unknown | -- |
03/12/04 | 01/29/04 | Unknown | -- |
01/13/04 | 10/30/03 | Unknown | -- |
09/09/03 | 07/31/03 | Unknown | -- |
06/09/03 | 04/30/03 | 8-K | |
03/11/03 | 01/31/03 | 4 | |
01/23/03 | 10/30/02 | Unknown | -- |
09/09/02 | 07/31/02 | Unknown | -- |
06/07/02 | 04/30/02 | Unknown | -- |
03/07/02 | 01/28/02 | Unknown | -- |
01/23/02 | 10/30/01 | Unknown | -- |
08/24/01 | 07/31/01 | Unknown | -- |
06/07/01 | 04/30/01 | Unknown | -- |
03/09/01 | 01/31/01 | 10-Q | |
01/24/01 | 10/30/00 | Unknown | -- |
09/07/00 | 07/31/00 | Unknown | -- |
06/08/00 | 04/30/00 | 10-Q | |
03/08/00 | 01/29/00 | Unknown | -- |