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World's largest supplier of chipmaking equipment, spanning deposition, etch, ion implant and inspection.
World's largest supplier of chipmaking equipment, spanning deposition, etch, ion implant and inspection.
Sells chipmaking machines in big, lumpy orders, then earns a steadier flow from servicing, upgrading and supplying parts for machines already installed. A handful of the largest chipmakers account for much of the demand, and China is a significant market, so export rules matter.
Moat: wide (scale, process know-how, customer qualification). Broadest product line and deep customer co-development give it scale advantages few rivals match.
Headquarters: Santa Clara, California, US · Founded: 1967 · Employees: 36,500
Size Applied Materials (AMAT) is a United States Information Technology company (Industrial Machinery) with a market value of $264B, the 37th largest of 3,117 United States companies the cockpit tracks. Shares closed at $332.71 on 6 Nov 2026.
Performance Over six months the shares fell 23.5%, against -32.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +15.5%); the operating margin is 31.1% (peer median 16.3%).
Valuation It trades at 18.8× forward earnings against a peer median of 16.0× (8th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +15 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 18.9 points above its cost of capital (13.0% WACC).
Credit Applied Materials has 9 bonds outstanding ($6.50B), rated A by the agencies and trading like A at a weighted spread of 68 bp.
Short interest Short interest is 1.8% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $30.8B | $28.4B | $27.2B | $26.5B | $25.7B |
| Revenue growth | — | +4% | +3% | +3% | — |
| Gross profit | $15.2B | $13.8B | $12.9B | $12.3B | $11.9B |
| EBITDA | $10.1B | $8.90B | $8.26B | $8.13B | $8.16B |
| Net income | $9.27B | $7.00B | $7.18B | $6.86B | $6.53B |
| Free cash flow | $5.62B | $5.70B | $7.49B | $7.59B | $4.61B |
| Capital expenditure | $2.77B | $2.26B | $1.19B | $1.11B | $787M |
| Total debt | $7.35B | $7.05B | $6.61B | $6.00B | $5.83B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Applied Materials AMAT | $264B | -24% | +8% | 31% | 18.8× | 25.5% |
| Lam Research LRCX | $250B | -32% | +33% | 37% | 19.6× | 26.4% |
| Tokyo Electron 8035.T | $122B | +41% | +18% | 28% | 23.1× | 28.8% |
| KLA KLAC | $180B | -26% | +16% | 43% | 22.3× | 23.5% |
| ASML Holding N.V. - New York Re ASML | $574B | -11% | +29% | 39% | 22.4× | 26.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AMAT | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -34.7% | -33.3% | 11th highest of 21 |
| 6-month return | -23.5% | -32.2% | 7th highest of 21 |
| Distance from 52-week high | -55.0% | -54.4% | 10th lowest of 21 |
| Revenue growth (TTM) | +7.8% | +15.5% | 9th lowest of 21 |
| Operating margin | 31.1% | 16.3% | 4th highest of 20 |
| Forward P/E | 18.8× | 16.0× | 8th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 25.5% | 24.2% | 6th most demanding of 15 |
| Growth delivered (Del g) | +10.5% | +11.2% | 7th lowest of 15 |
| Hurdle (Req g minus delivered) | +15.0 pp | +14.8 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +18.9 pp | +4.9 pp | 5th highest of 21 |
| EV / EBITDA | 25.9× | 15.9× | 3rd most expensive of 20 |
| Net debt / EBITDA | -0.2× | -0.4× | 8th most indebted of 20 |
| Bond spread | 68 bp | 115 bp | 2nd tightest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Applied Materials AMAT | United States | $264B | -24% | +8% | 31% | 18.8× | 25.5% | +10.5% |
| Lam Research LRCX | United States | $250B | -32% | +33% | 37% | 19.6× | 26.4% | +9.7% |
| Tokyo Electron 8035.T | Japan | $122B | +41% | +18% | 28% | 23.1× | 28.8% | +11.8% |
| Disco 6146.T | Japan | $28.1B | -45% | +22% | 44% | 23.2× | 25.4% | +19.0% |
| Jabil JBL | United States | $24.6B | -33% | +21% | 5% | 13.5× | 8.3% | +4.2% |
| Entegris ENTG | United States | $19.6B | -14% | +9% | 19% | 23.7× | 26.3% | +11.4% |
| MKS MKSI | United States | $13.0B | -39% | +16% | 17% | 11.5× | 24.0% | +11.0% |
| HANMISemi 042700.KS | South Korea | $11.3B | -56% | -20% | 42% | 54.4× | 41.7% | +17.5% |
| Screen 7735.T | Japan | $9.20B | -24% | +3% | 20% | 12.4× | 17.3% | +13.6% |
| Omron 6645.T | Japan | $5.79B | -17% | -2% | 9% | 16.7× | 11.7% | +3.2% |
| Badger Meter BMI | United States | $4.52B | +33% | -2% | 19% | 32.5× | 10.9% | +16.6% |
| GPGI GPGI | United States | $4.12B | +2% | -100% | n/a | 14.2× | n/a | n/a |
| Sumco 3436.T | Japan | $3.96B | -28% | +4% | -4% | n/a | n/a | n/a |
| Kulicke and Soffa Industries, I KLIC | United States | $3.35B | -38% | +44% | 13% | 10.9× | 24.4% | +1.0% |
| Crane NXT CXT | United States | $3.31B | +27% | +17% | 16% | 12.6× | 7.8% | -9.7% |
| ACM Research ACMR | United States | $3.11B | -25% | +27% | 13% | 16.0× | n/a | n/a |
| Axcelis Technologies ACLS | United States | $3.06B | -39% | -3% | 10% | 17.8× | 31.2% | +12.1% |
| EO Technics 039030.KS | South Korea | $2.53B | -39% | +26% | 25% | 29.9× | 18.0% | +3.2% |
| Ultra Clean UCTT | United States | $1.97B | -53% | +16% | 4% | 7.2× | n/a | n/a |
| Ichor ICHR | United States | $1.16B | -58% | +15% | 3% | 9.9× | n/a | n/a |
| Shibaura Mechatronics 6590.T | Japan | $1.03B | -51% | +1% | 16% | 10.3× | n/a | n/a |
Applied Materials has 9 bonds outstanding with $6.50B face value. The agencies rate it A; its bonds trade like A. Weighted yield 5.58%, a spread of 68 bp over government bonds.