Advanced Micro Devices Inc. (AMD) intrinsic value & 10-year financials
Advanced Micro Devices Inc. (AMD) has a Graham intrinsic value of $88.02 per share. At $528.75 on Oct 17, 2026, the stock trades 501% above that value. Over the last 10 fiscal years revenue grew 26.0% a year to $34.6B, with an average return on invested capital of 15.1%.
- Graham intrinsic value
- $88.02
- Share price (Oct 17, 2026)
- $528.75
- Price vs Graham value
- 501% above
- Market cap
- $865.0B
- Revenue (FY2025)
- $34.6B
- Revenue growth (10-yr CAGR)
- 26.0%
- ROIC (10-yr avg)
- 15.1%
- Free cash flow (FY2025)
- $6.7B
AMD 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $34.6B | $4.3B | $2.65 | $6.7B | 10.7% | 6.3% |
| FY2024 | $25.8B | $1.6B | $1.00 | $2.4B | 7.4% | 2.8% |
| FY2023 | $22.7B | $854.0M | $0.53 | $1.1B | 1.8% | 0.7% |
| FY2022 | $23.6B | $1.3B | $0.84 | $3.1B | 5.4% | 4.3% |
| FY2021 | $16.4B | $3.2B | $2.57 | $3.2B | 22.2% | 60.4% |
| FY2020 | $9.8B | $2.5B | $2.06 | $777.0M | 14.0% | 40.2% |
| FY2019 | $6.7B | $341.0M | $0.30 | $276.0M | 9.4% | 34.6% |
| FY2018 | $6.5B | $337.0M | $0.32 | -$129.0M | 7.0% | 43.9% |
| FY2017 | $5.3B | $43.0M | $0.04 | -$45.0M | 3.9% | 21.1% |
| FY2016 | $4.3B | -$497.0M | -$0.60 | $13.0M | -8.6% | -63.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Advanced Micro Devices is a consistent compounder, expanding top-line revenue at 26.0% annually over the past decade.
Advanced Micro Devices has earned high returns on invested capital, averaging 15.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Advanced Micro Devices has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Advanced Micro Devices is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $88.02 per share.