Applied Materials Inc. (AMAT) intrinsic value & 10-year financials
Applied Materials Inc. (AMAT) has a Graham intrinsic value of $287.65 per share. At $409.29 on Oct 17, 2026, the stock trades 42% above that value. Over the last 10 fiscal years revenue grew 11.3% a year to $28.4B, with an average return on invested capital of 38.4%.
- Graham intrinsic value
- $287.65
- Share price (Oct 17, 2026)
- $409.29
- Price vs Graham value
- 42% above
- Market cap
- $330.7B
- Revenue (FY2025)
- $28.4B
- Revenue growth (10-yr CAGR)
- 11.3%
- ROIC (10-yr avg)
- 38.4%
- Free cash flow (FY2025)
- $5.7B
AMAT 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $28.4B | $7.0B | $8.66 | $5.7B | 29.2% | 33.4% |
| FY2024 | $27.2B | $7.2B | $8.61 | $7.5B | 28.9% | 41.6% |
| FY2023 | $26.5B | $6.9B | $8.11 | $7.6B | 28.9% | 42.7% |
| FY2022 | $25.8B | $6.5B | $7.44 | $4.6B | 30.2% | 46.3% |
| FY2021 | $23.1B | $5.9B | $6.40 | $4.8B | 29.9% | 50.3% |
| FY2020 | $17.2B | $3.6B | $3.92 | $3.4B | 25.4% | 35.7% |
| FY2019 | $14.6B | $2.7B | $2.86 | $2.8B | 22.9% | 29.0% |
| FY2018 | $16.7B | $3.3B | $3.23 | $3.2B | 28.7% | 36.9% |
| FY2017 | $14.7B | $3.4B | $3.17 | $3.3B | 26.3% | 42.4% |
| FY2016 | $10.8B | $1.7B | $1.54 | $2.2B | 19.9% | 25.7% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Applied Materials is a consistent compounder, expanding top-line revenue at 11.3% annually over the past decade.
Applied Materials has earned high returns on invested capital, averaging 38.4% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Applied Materials shows that management has aggressively returned capital to shareholders by retiring 27.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Applied Materials is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $287.65 per share.