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Held by 3,408 of 6,047 reporting institutions (100th percentile) — extremely crowded.
Data as of Q2 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Ranked against 19 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-06-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| NVDA | $5.65T | 47.7× | 42.4× | 26.2× | 65.5% | 71.1% | 55.6% | 76.3% | 72.4% | -0.0× | 5,775 |
| AVGO | $1.70T | 74.5× | 66.9× | 26.5× | 23.9% | 67.8% | 36.2% | 28.4% | 15.8% | 1.9× | 4,645 |
| MU | $1.21T | 141.6× | 67.1× | 32.5× | 48.9% | 39.8% | 22.8% | 15.8% | 12.9% | 0.1× | 3,808 |
| AMD | $1.03T | 239.2× | — | 29.9× | 34.3% | 49.5% | 12.5% | 6.9% | 6.5% | -0.6× | 3,909 |
| INTC | $627.0B | — | 77.2× | 11.9× | -0.5% | 34.8% | -0.5% | -0.2% | -0.2% | 3.8× | 3,481 |
| AMAT | $428.6B | 62.4× | 49.3× | 15.1× | 4.4% | 48.7% | 24.7% | 34.3% | 25.9% | -0.1× | 3,408 |
| ARM | $328.4B | 361.8× | — | 66.8× | 22.8% | 97.5% | 18.4% | 10.9% | 10.9% | -2.4× | 957 |
| TXN | $268.3B | 53.9× | 35.1× | 15.2× | 13.0% | 57.0% | 28.3% | 30.7% | 16.5% | 1.4× | 2,767 |
| MRVL | $244.7B | 88.7× | 159.6× | 29.9× | 42.1% | 51.0% | 32.6% | 18.7% | 14.2% | 1.2× | 2,168 |
| ADI | $202.1B | 91.5× | 62.4× | 18.3× | 16.9% | 61.5% | 20.6% | 6.7% | 5.3% | 1.8× | 2,212 |
| MPWR | $70.8B | 112.0× | 89.2× | 25.4× | 26.4% | 55.2% | 22.3% | 17.6% | 17.6% | -1.4× | 1,194 |
| NXPI | $61.4B | 30.6× | 18.1× | 5.0× | -2.7% | 54.7% | 16.5% | 20.1% | 9.1% | 2.3× | 1,210 |
| ALAB | $60.8B | 287.2× | — | 71.3× | 115% | 75.7% | 25.7% | 16.1% | 16.1% | — | 965 |
| STM | $51.1B | 318.1× | 26.1× | 4.3× | -11.1% | 33.9% | 1.4% | 0.9% | 0.8% | -0.4× | 594 |
| MCHP | $44.2B | 369.6× | 41.9× | 9.4× | 7.1% | 57.7% | 4.9% | 3.6% | 1.9% | 4.5× | 1,254 |
| CRDO | $41.1B | 87.1× | 83.3× | 30.8× | 206% | 68.0% | 35.4% | 22.9% | 22.9% | -2.4× | 945 |
| ON | $33.0B | 292.7× | 44.0× | 5.5× | -15.3% | 33.1% | 2.0% | 1.6% | 1.1% | 1.1× | 969 |
| Q | $27.5B | 39.8× | 23.1× | 5.8× | 9.7% | 46.2% | 15.3% | 10.3% | 6.5% | 2.4× | 1,273 |
| TSEM | $27.2B | 124.2× | 54.6× | 17.4× | 9.1% | 23.2% | 14.1% | 7.6% | 7.2% | -0.1× | 424 |
| MTSI | $24.6B | — | 129.3× | 25.4× | 32.6% | 54.7% | -5.6% | -4.1% | -3.0% | 2.0× | 620 |
Peers = companies sharing AMAT's sector (Semiconductors & Related Devices) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 24% of free cash flow, leaving room to grow it and fund buybacks. Last year: $1.38B dividends + $4.89B buybacks = $6.28B returned on $5.70B FCF.
8 consecutive years of dividend increases · 17%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A cash-return story — far more went to shareholders than back into the business (mature, low-reinvestment).
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 26%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-05
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 34% against ROIC 26% — 8% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is 35.5% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 55.0 | 56.3 | 55.3 | 52.7 | 53.5 | 53.3 | 52.5 | 51.3 |
| Gross Profit | 45.0 | 43.7 | 44.7 | 47.3 | 46.5 | 46.7 | 47.5 | 48.7 |
| R&D | 12.1 | 14.1 | 13.0 | 10.8 | 10.7 | 11.7 | 11.9 | 12.6 |
| SG&A | 2.9 | 3.2 | 3.3 | 2.7 | 2.9 | 6.1 | 6.6 | 6.2 |
| Operating Income | 26.9 | 22.9 | 25.4 | 29.9 | 30.2 | 28.9 | 28.9 | 29.2 |
| Income Tax | 8.1 | 3.9 | 3.2 | 3.8 | 4.2 | 3.2 | 3.6 | 8.0 |
| Net Income | 18.2 | 18.5 | 21.0 | 25.5 | 25.3 | 25.9 | 26.4 | 24.7 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AMAT: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $542.28 today, the market must believe free cash flow compounds 27.3%/yr for a decade (off $6.93B on the 3-yr avg basis).
On the basis ($6.35B) the requirement is 28.6%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 27.3% is more optimistic than its 9-yr track record.
Default is 11.8% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 0.79B shares (market data) · net debt -$686.0M
mean 14.1% · volatility σ 31% · implied rate exceeded in 3/9 yrs
Central path = implied 27.3%/yr growth; shaded band = ±1σ (31%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $7.24B (at 2025-10-26) covers all $205.0M of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2010-10-31 (10-K). The cash figure is from 2025-10-26, so the two are not the same balance-sheet date — the schedule has not been refiled since.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.1% on $6.55B of debt.
Cash of $7.24B fully covers short-term debt of $100.0M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-05
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $28.37B 100.0% | $27.18B 100.0% | $26.52B 100.0% | $25.79B 100.0% | $23.06B 100.0% | $17.20B 100.0% | $14.61B 100.0% | $16.70B 100.0% | $14.70B 100.0% | $10.82B 100.0% |
| Cost of Revenue | $14.56B 51.3% | $14.28B 52.5% | $14.13B 53.3% | $13.79B 53.5% | $12.15B 52.7% | $9.51B 55.3% | $8.22B 56.3% | $9.19B 55.0% | $8.09B 55.0% | $6.31B 58.3% |
| Gross Profit | $13.81B 48.7% | $12.90B 47.5% | $12.38B 46.7% | $11.99B 46.5% | $10.91B 47.3% | $7.69B 44.7% | $6.39B 43.7% | $7.52B 45.0% | $6.61B 45.0% | $4.51B 41.7% |
| Research & Development | $3.57B 12.6% | $3.23B 11.9% | $3.10B 11.7% | $2.77B 10.7% | $2.48B 10.8% | $2.23B 13.0% | $2.05B 14.1% | $2.02B 12.1% | $1.78B 12.1% | $1.54B 14.2% |
| Selling, General & Admin | $1.77B 6.2% | $1.80B 6.6% | $1.63B 6.1% | $735.0M 2.9% | $620.0M 2.7% | $567.0M 3.3% | $461.0M 3.2% | $483.0M 2.9% | $438.0M 3.0% | $390.0M 3.6% |
| Total Operating Expenses | $5.52B 19.5% | $5.03B 18.5% | $4.73B 17.8% | $4.21B 16.3% | $4.03B 17.5% | $3.33B 19.3% | $3.04B 20.8% | $3.03B 18.1% | $2.68B 18.2% | $2.36B 21.8% |
| Operating Income | $8.29B 29.2% | $7.87B 28.9% | $7.65B 28.9% | $7.79B 30.2% | $6.89B 29.9% | $4.37B 25.4% | $3.35B 22.9% | $4.49B 26.9% | $3.94B 26.8% | $2.15B 19.9% |
| Interest Expense | $269.0M 0.9% | $247.0M 0.9% | $238.0M 0.9% | $228.0M 0.9% | $236.0M 1.0% | $240.0M 1.4% | $237.0M 1.6% | $234.0M 1.4% | $198.0M 1.3% | $155.0M 1.4% |
| Interest & Investment Income | $406.0M 1.4% | $486.0M 1.8% | $262.0M 1.0% | — | — | — | — | — | — | — |
| Other Income (Expense), net | $1.25B 4.4% | $532.0M 2.0% | $300.0M 1.1% | $39.0M 0.2% | $118.0M 0.5% | $41.0M 0.2% | $156.0M 1.1% | $139.0M 0.8% | $78.0M 0.5% | $16.0M 0.1% |
| Pretax Income | $9.27B 32.7% | $8.15B 30.0% | $7.72B 29.1% | $7.60B 29.5% | $6.77B 29.4% | $4.17B 24.2% | $3.27B 22.4% | $4.40B 26.3% | $3.82B 26.0% | $2.01B 18.6% |
| Income Tax Expense | $2.27B 8.0% | $975.0M 3.6% | $860.0M 3.2% | $1.07B 4.2% | $883.0M 3.8% | $547.0M 3.2% | $563.0M 3.9% | $1.36B 8.1% | $297.0M 2.0% | $292.0M 2.7% |
| Net Income | $7.00B 24.7% | $7.18B 26.4% | $6.86B 25.9% | $6.53B 25.3% | $5.89B 25.5% | $3.62B 21.0% | $2.71B 18.5% | $3.04B 18.2% | $3.52B 23.9% | $1.72B 15.9% |
| Per Share | ||||||||||
| EPS (Basic) | $8.71 | $8.68 | $8.16 | $7.49 | $6.47 | $3.95 | $2.89 | $3.00 | $3.28 | $1.56 |
| EPS (Diluted) | $8.66 | $8.61 | $8.11 | $7.44 | $6.40 | $3.92 | $2.86 | $2.96 | $3.25 | $1.54 |
| Weighted Avg Shares (Basic) | 804.0M | 827.0M | 840.0M | 871.0M | 910.0M | 916.0M | 937.0M | 1.01B | 1.07B | 1.11B |
| Weighted Avg Shares (Diluted) | 808.0M | 834.0M | 845.0M | 877.0M | 919.0M | 923.0M | 945.0M | 1.03B | 1.08B | 1.12B |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
The spread has compressed 4 years running.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 26.4% | 11.8% (today's — no rate published for this year) | 14.5pts |
| FY2020 | 32.6% | 11.8% (today's — no rate published for this year) | 20.7pts |
| FY2021 | 43.0% | 8.3% | 34.7pts |
| FY2022 | 39.6% | 11.4% | 28.2pts |
| FY2023 | 38.5% | 12.3% | 26.2pts |
| FY2024 | 36.5% | 12.2% | 24.3pts |
| FY2025 | 33.5% | 11.5% | 22.1pts |
| Now | 25.9% | 11.8% | 14.1pts |
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 41.7% | 19.9% | 15.9% |
| FY2017 | 45.0% | 26.8% | 23.9% |
| FY2018 | 45.0% | 26.9% | 18.2% |
| FY2019 | 43.7% | 22.9% | 18.5% |
| FY2020 | 44.7% | 25.4% | 21.0% |
| FY2021 | 47.3% | 29.9% | 25.5% |
| FY2022 | 46.5% | 30.2% | 25.3% |
| FY2023 | 46.7% | 28.9% | 25.9% |
| FY2024 | 47.5% | 28.9% | 26.4% |
| FY2025 | 48.7% | 29.2% | 24.7% |
Leverage and buybacks account for 8 points of the 34% return on equity in FY2025. The business earns 26% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
$3.9B of goodwill — 17% of invested capital. The gap is what was paid above the fair value of what was bought; it is real capital shareholders provided, so neither bar is the whole answer.
The spread has been narrowing over the last three years.
Converts 0.90x of reported profit into cash — adequate, without much margin.
Reported free cash flow is $5.70B; after share-based compensation it is $5.03B. The difference is a real cost that the cash flow statement adds back.
Covers interest 21.6x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 30.81x |
| 5% | 29.27x |
| 10% | 27.73x |
| 15% | 26.19x |
| 20% | 24.65x |
| 25% | 23.11x |
| 30% | 21.57x |
| 35% | 20.03x |
| 40% | 18.49x |
| 45% | 16.95x |
| 50% | 15.41x |
| 55% | 13.87x |
| 60% | 12.33x |
This schedule comes from a filing dated 2010-10-31, 5818 days old. Maturities are shown relative to that date, not to today.
Ladder as of 2010-10-31 (10-K); cash from the 2025-10-26 balance sheet; FCF from FY2025.
Balance sheet at 2025-10-26. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
The maturity schedule is not part of this verdict — its filing anchor is often older than the balance sheet it sits beside, so a wall inside 24 months may not be visible here.
At $540.04, free cash flow must compound 27.29%/yr for 10 years. It has done 12.53%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 20.5% | 27.3% |
| FY2021 | 41.2% | 27.3% |
| FY2022 | −3.4% | 27.3% |
| FY2023 | 64.7% | 27.3% |
| FY2024 | −1.4% | 27.3% |
| FY2025 | −23.9% | 27.3% |
The implied rate has been matched or beaten in 2 of the last 6 years.
| Step | Amount | Running total |
|---|---|---|
| Net income | $7.00B | $7.00B |
| Share-based comp | $668M | $7.67B |
| Other non-cash & working capital | $292M | $7.96B |
| Operating cash flow | $7.96B | $7.96B |
| Capex | −$2.26B | $5.70B |
| Free cash flow | $5.70B | $5.70B |
| FCF after SBC | $5.03B | $5.03B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 17.8% | 17.0% | -0.8 points |
| FY2021 | 34.1% | 67.2% | 33.1 points |
| FY2022 | 11.8% | 22.5% | 10.7 points |
| FY2023 | 2.8% | -14.9% | -17.7 points |
| FY2024 | 2.5% | 1.3% | -1.2 points |
| FY2025 | 4.4% | -0.9% | -5.3 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 63.3 days | 154.2 days | 42.5 days | 175 days |
| FY2020 | 62.9 days | 149.8 days | 43.1 days | 169.6 days |
| FY2021 | 78.4 days | 129.5 days | 44.2 days | 163.6 days |
| FY2022 | 85.9 days | 157 days | 46.4 days | 196.4 days |
| FY2023 | 71.1 days | 147.9 days | 38.2 days | 180.8 days |
| FY2024 | 70.3 days | 138.6 days | 40.1 days | 168.7 days |
| FY2025 | 66.7 days | 148.3 days | 49.6 days | 165.4 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.8 percent |
| FY2020 | -0.8 percent |
| FY2021 | 1.7 percent |
| FY2022 | 4.2 percent |
| FY2023 | -6.0 percent |
| FY2024 | -4.4 percent |
| FY2025 | -2.6 percent |
SBC is added back inside operating cash flow, so reported free cash flow treats shares issued to employees as free. Percent of revenue says how expensive the payroll is; percent of operating cash flow says how much of the cash exists only because the charge was added back. The buyback offset is buybacks over SBC — below 1.0 the repurchase does not cover the shares issued.
Figures are the latest fiscal year (FY2025) from the company's own filings, not a trailing-twelve-month window — Q2 reads fiscal years throughout so the cash-conversion ratios and these share one basis. A blank is a line the filer did not report; it is never read as zero.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.