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Held by 3,909 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 AMD'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.
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 $631.75 today, the market must believe free cash flow compounds 54.0%/yr for a decade (off $3.42B on the 3-yr avg basis).
On the basis ($1.94B) the requirement is 63.5%/yr. Shares issued to employees are added back in operating cash flow, so this basis treats them as free.
The market's 54.0% is more conservative than its 9-yr track record.
Default is 12.9% — this company's computed cost of capital (computed WACC), the same rate the Analysis tab discounts at.
2-stage DCF · 1.63B shares (market data) · net debt -$2.32B
mean -271.7% · volatility σ 1045% · implied rate exceeded in 4/7 yrs
Central path = implied 54.0%/yr growth; shaded band = ±1σ (1045%) 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.
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.
No dividend to cover. Last year: $0 dividends + $1.32B buybacks = $1.32B returned on $6.74B FCF.
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: 7%. 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.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $5.54B covers all $3.25B of scheduled principal — no refinancing pressure. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-27 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest is easily covered by operating profit. Effective rate ~4.1% on $3.22B of debt.
Cash of $5.54B fully covers short-term debt of $874.0M.
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 | $34.64B 100.0% | $25.79B 100.0% | $22.68B 100.0% | $23.60B 100.0% | $16.43B 100.0% | $9.76B 100.0% | $6.73B 100.0% | $6.47B 100.0% | $5.25B 100.0% | $4.32B 100.0% |
| Cost of Revenue | $17.49B 50.5% | $13.06B 50.6% | $12.22B 53.9% | $13.00B 55.1% | $8.51B 51.8% | $5.42B 55.5% | $3.86B 57.4% | $4.03B 62.2% | $3.47B 66.0% | $3.32B 76.8% |
| Cost of Products | — | — | — | — | — | — | — | — | $3.51B 66.7% | $3.27B 75.8% |
| Gross Profit | $17.15B 49.5% | $12.72B 49.4% | $10.46B 46.1% | $10.60B 44.9% | $7.93B 48.2% | $4.35B 44.5% | $2.87B 42.6% | $2.45B 37.8% | $1.79B 34.0% | $1.00B 23.2% |
| Research & Development | $8.09B 23.4% | $6.46B 25.0% | $5.87B 25.9% | $5.00B 21.2% | $2.85B 17.3% | $1.98B 20.3% | $1.55B 23.0% | $1.43B 22.1% | $1.20B 22.8% | $1.01B 23.3% |
| Selling, General & Admin | $4.14B 12.0% | $2.73B 10.6% | $2.32B 10.2% | $2.34B 9.9% | $1.45B 8.8% | $995.0M 10.2% | $750.0M 11.1% | $562.0M 8.7% | $516.0M 9.8% | $466.0M 10.8% |
| Total Operating Expenses | $13.46B 38.9% | $10.82B 42.0% | $10.06B 44.4% | — | — | — | — | — | — | — |
| Operating Income | $3.69B 10.7% | $1.90B 7.4% | $401.0M 1.8% | $1.26B 5.4% | $3.65B 22.2% | $1.37B 14.0% | $631.0M 9.4% | $451.0M 7.0% | $127.0M 2.4% | -$373.0M -8.6% |
| Interest Expense | $131.0M 0.4% | $92.0M 0.4% | $106.0M 0.5% | $88.0M 0.4% | $34.0M 0.2% | $47.0M 0.5% | $94.0M 1.4% | $121.0M 1.9% | $126.0M 2.4% | $156.0M 3.6% |
| Other Income (Expense), net | $577.0M 1.7% | $181.0M 0.7% | $197.0M 0.9% | $8.0M 0.0% | $55.0M 0.3% | -$47.0M -0.5% | -$165.0M -2.5% | $0 0.0% | -$9.0M -0.2% | $80.0M 1.9% |
| Pretax Income | $4.17B 12.0% | $2.02B 7.8% | $508.0M 2.2% | $1.20B 5.1% | $3.67B 22.4% | $1.28B 13.1% | $372.0M 5.5% | $328.0M 5.1% | -$15.0M -0.3% | -$459.0M -10.6% |
| Income Tax Expense | -$103.0M -0.3% | $381.0M 1.5% | -$346.0M -1.5% | -$122.0M -0.5% | $513.0M 3.1% | -$1.21B -12.4% | $31.0M 0.5% | -$9.0M -0.1% | $18.0M 0.3% | $39.0M 0.9% |
| Net Income | $4.33B 12.5% | $1.64B 6.4% | $854.0M 3.8% | $1.32B 5.6% | $3.16B 19.2% | $2.49B 25.5% | $341.0M 5.1% | $337.0M 5.2% | -$33.0M -0.6% | -$498.0M -11.5% |
| Per Share | ||||||||||
| EPS (Basic) | $2.67 | $1.01 | $0.53 | $0.85 | $2.61 | $2.10 | $0.31 | $0.34 | -$0.03 | -$0.60 |
| EPS (Diluted) | $2.65 | $1.00 | $0.53 | $0.84 | $2.57 | $2.06 | $0.30 | $0.32 | -$0.03 | -$0.60 |
| Weighted Avg Shares (Basic) | 1.62B | 1.62B | 1.61B | 1.56B | 1.21B | 1.18B | 1.09B | 982.0M | 952.0M | 835.0M |
| Weighted Avg Shares (Diluted) | 1.64B | 1.64B | 1.63B | 1.57B | 1.23B | 1.21B | 1.12B | 1.06B | 952.0M | 835.0M |
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.
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.
EOD close · as of 2026-10-05
Earns -6.99pts against its cost of capital — capital is being consumed, not created.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | 23.2% | -8.6% | -11.5% |
| FY2017 | 34.0% | 2.4% | -0.6% |
| FY2018 | 37.8% | 7.0% | 5.2% |
| FY2019 | 42.6% | 9.4% | 5.1% |
| FY2020 | 44.5% | 14.0% | 25.5% |
| FY2021 | 48.2% | 22.2% | 19.2% |
| FY2022 | 44.9% | 5.4% | 5.6% |
| FY2023 | 46.1% | 1.8% | 3.8% |
| FY2024 | 49.4% | 7.4% | 6.4% |
| FY2025 | 49.5% | 10.7% | 12.5% |
ROIC ex-goodwill is 9.95% against 5.9% reported — the return is earned on a capital base inflated by what was paid for acquisitions, not by the operating business alone.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 7% against ROIC 7% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
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
High operating leverage: profit moved 2.7× as fast as sales — great in an upturn, painful in a downturn.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 62.2 | 57.4 | 55.5 | 51.8 | 55.1 | 53.9 | 50.6 | 50.5 |
| Gross Profit | 37.8 | 42.6 | 44.5 | 48.2 | 44.9 | 46.1 | 49.4 | 49.5 |
| R&D | 22.1 | 23.0 | 20.3 | 17.3 | 21.2 | 25.9 | 25.0 | 23.4 |
| SG&A | 8.7 | 11.1 | 10.2 | 8.8 | 9.9 | 10.2 | 10.6 | 12.0 |
| Operating Income | 7.0 | 9.4 | 14.0 | 22.2 | 5.4 | 1.8 | 7.4 | 10.7 |
| Income Tax | -0.1 | 0.5 | -12.4 | 3.1 | -0.5 | -1.5 | 1.5 | -0.3 |
| Net Income | 5.2 | 5.1 | 25.5 | 19.2 | 5.6 | 3.8 | 6.4 | 12.5 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on AMD: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Return on equity (7%) and return on invested capital (7%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
$25.5B of goodwill — 41% 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.
| Period | ROIC | Cost of capital | Spread |
|---|---|---|---|
| FY2019 | 28.4% | 12.9% (today's — no rate published for this year) | 15.5pts |
| FY2020 | 27.3% | 12.9% (today's — no rate published for this year) | 14.4pts |
| FY2021 | 60.6% | 7.2% | 53.4pts |
| FY2022 | 2.4% | 11.5% | -9.1pts |
| FY2023 | 0.7% | 11.3% | -10.6pts |
| FY2024 | 3.4% | 12.8% | -9.5pts |
| FY2025 | 5.9% | 12.9% | -7.0pts |
| Now | 6.5% | 12.9% | -6.3pts |
Converts 1.54x of reported profit into cash — adequate, without much margin.
| Step | Amount | Running total |
|---|---|---|
| Net income | $4.33B | $4.33B |
| Share-based comp | $1.64B | $5.97B |
| Other non-cash & working capital | $1.74B | $7.71B |
| Operating cash flow | $7.71B | $7.71B |
| Capex | −$974M | $6.74B |
| Free cash flow | $6.74B | $6.74B |
| FCF after SBC | $5.10B | $5.10B |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | 45.0% | 11.1% | -33.9 points |
| FY2021 | 68.3% | 31.0% | -37.3 points |
| FY2022 | 43.6% | 52.5% | 8.9 points |
| FY2023 | -3.9% | 4.8% | 8.7 points |
| FY2024 | 13.7% | 43.2% | 29.5 points |
| FY2025 | 34.3% | 2.0% | -32.4 points |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 100.8 days | 92.8 days | 93.4 days | 100.2 days |
| FY2020 | 77.2 days | 94.3 days | 31.5 days | 140 days |
| FY2021 | 60.1 days | 83.9 days | 56.7 days | 87.3 days |
| FY2022 | 63.8 days | 105.9 days | 70 days | 99.7 days |
| FY2023 | 69.6 days | 130 days | 61.4 days | 138.2 days |
| FY2024 | 87.7 days | 160.3 days | 68.9 days | 179 days |
| FY2025 | 66.5 days | 165.3 days | 61.1 days | 170.7 days |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -2.5 percent |
| FY2020 | 15.8 percent |
| FY2021 | -2.9 percent |
| FY2022 | -3.3 percent |
| FY2023 | -1.2 percent |
| FY2024 | -2.0 percent |
| FY2025 | -4.4 percent |
Reported free cash flow is $6.74B; after share-based compensation it is $5.10B. The difference is a real cost that the cash flow statement adds back.
Covers interest 19.7x even after a 30% EBITDA decline.
| EBITDA decline | Interest coverage |
|---|---|
| 0% | 28.20x |
| 5% | 26.79x |
| 10% | 25.38x |
| 15% | 23.97x |
| 20% | 22.56x |
| 25% | 21.15x |
| 30% | 19.74x |
| 35% | 18.33x |
| 40% | 16.92x |
| 45% | 15.51x |
| 50% | 14.10x |
| 55% | 12.69x |
| 60% | 11.28x |
Ladder as of 2025-12-27 (10-K); cash from the 2025-12-27 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-27. 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 $633.91, free cash flow must compound 54.11%/yr for 10 years. It has done 70.31%/yr over 6 years.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2020 | 181.5% | 54.1% |
| FY2021 | 314.4% | 54.1% |
| FY2022 | −3.3% | 54.1% |
| FY2023 | −64.0% | 54.1% |
| FY2024 | 114.5% | 54.1% |
| FY2025 | 180.0% | 54.1% |
The implied rate has been matched or beaten in 4 of the last 6 years.
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.