# Applied Materials, Inc. (AMAT)

> Source: Nexqual · https://nexqual.com/AMAT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Applied Materials, Inc. (AMAT), nexqual.com/AMAT" · informational, not investment advice.

**Price:** USD 375.58 (-8.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 408.94 · day 375.2–389.82 · 52w 203.4–739.67 · market cap $298B · NMS

## Key facts
- Last four reported quarters (through Jul 26, 2026): revenue $30.8B, net income $9.27B (30.1% margin), free cash flow $5.62B (SEC filings).
- Valuation: P/E 32.2x (avg 21.4x at the last 3 fiscal year-ends), EV/EBITDA 30.5x, net cash $2.79B.
- 11 of 80 tracked superinvestors hold AMAT (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 0 added, 8 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 13 Form 4 filings, $174M; 13 not under a Rule 10b5-1 plan ($174M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +65.3% vs S&P 500 +14.9%; 5Y +188.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-12, EPS estimate USD 4.06, revenue estimate $10.3B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $23.1B | $25.8B | $26.5B | $27.2B | $28.4B | $30.8B |
| Gross profit | $10.9B | $12.0B | $12.4B | $12.9B | $13.8B | — |
| Operating income | $6.89B | $7.79B | $7.65B | $7.87B | $8.29B | $9.14B |
| Net income | $5.89B | $6.53B | $6.86B | $7.18B | $7.00B | $9.27B |
| EPS (diluted) | $6.40 | $7.44 | $8.11 | $8.61 | $8.66 | — |
| Free cash flow | $4.77B | $4.61B | $7.59B | $7.49B | $5.70B | $5.62B |
| Gross margin | 47.3% | 46.5% | 46.7% | 47.5% | 48.7% | — |
| Operating margin | 29.9% | 30.2% | 28.9% | 28.9% | 29.2% | 29.6% |
| Net margin | 25.5% | 25.3% | 25.9% | 26.4% | 24.7% | 30.1% |
| Revenue growth | +34.1% | +11.8% | +2.8% | +2.5% | +4.4% | — |
| Cash + short-term investments | $5.46B | $2.58B | $6.87B | $9.47B | $8.57B | — |
| Total debt | $5.45B | $5.46B | $5.46B | $6.16B | $6.46B | — |
Fiscal years end Oct. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 26, 2026)
P/E 32.2x · P/S 9.7x · EV/EBITDA 30.5x · EV/Sales 9.6x · P/FCF 53.0x · P/B 11.6x · FCF yield 1.89% · Earnings yield 3.11% · Dividend yield (paid, TTM) 0.51% · Buyback yield (TTM) 0.68% · Net cash $2.79B · EV $295B
P/E at fiscal year-ends: Oct 2025 26.9x, Oct 2024 21.1x, Oct 2023 16.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
11 of 80 tracked investors hold AMAT (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Abrams Bison Investments, LLC |  | 19.48% | $399M | Reduced -21.6% | Q2 2026 |
| William Von Mueffling | Cantillon Capital Management | 5.45% | $36.3M | Reduced -96.7% | Q2 2026 |
| Stephen Mandel | Lone Pine Capital | 5.34% | $873M | New position | Q2 2026 |
| Chase Coleman | Tiger Global Management | 4.92% | $1.18B | Reduced -1.5% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 2.02% | $24.5M | Reduced -0.4% | Q3 2026 |
| Christopher Davis | Davis Advisors | 0.32% | $74.1M | Reduced -91.4% | Q2 2026 |
| Thomas Gayner | Markel Group | 0.20% | $26.3M | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.07% | $8.0M | Reduced -2.8% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 0.02% | $1.8M | Reduced -99.7% | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | 0.02% | $695K | Unchanged | Q2 2026 |
| Bill Nygren | Oakmark Funds | <0.01% | $1.4M | Reduced -11.6% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 13 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-02 | Sanders Adam | Corp. Controller & CAO | 725 | $395K | 18.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08 | Bruner Judy | Director | 1,000 | $465K | 3.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-25 | Hill Brice | SVP, CFO | 7,500 | $3.6M | 5.5% | No | Too little history (no open-market trades in 2025) |
| 2026-06-29…2026-06-30 | Dickerson Gary E | President and CEO | 78,321 | $55.6M | 4.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-18 | Raja Prabu G. | President, Semi. Products Grp. | 10,000 | $6.3M | 2.2% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-16 | Iannotti Thomas J | Director | 9,250 | $5.5M | 18.3% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-15…2026-06-16 | Nalamasu Omkaram | Senior Vice President, CTO | 35,000 | $20.8M | 19.2% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-15…2026-06-16 | Dickerson Gary E | President and CEO | 83,000 | $49.2M | 4.7% | No | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Deane Timothy M | SVP, Applied Global Services | 8,621 | $5.1M | 6.1% | No | Too little history (no open-market trades in 2024 or 2025) |
| 2026-06-04 | Raja Prabu G. | President, Semi. Products Grp. | 50,000 | $25.3M | 9.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-03 | Hill Brice | SVP, CFO | 2,500 | $1.2M | 1.8% | No | Too little history (no open-market trades in 2025) |
| 2026-05-26 | Bruner Judy | Director | 1,128 | $508K | 4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Sanders Adam | Corp. Controller & CAO | 268 | $116K | 5.9% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Needham | Target lowered | Buy | $740 → $580 |
| 2026-10-15 | Evercore ISI Group | Target lowered | Outperform | $700 → $590 |
| 2026-10-14 | RBC Capital | Reiterated | Outperform | $600 |
| 2026-09-28 | Morgan Stanley | Target lowered | Equal-Weight | $642 → $563 |
| 2026-09-01 | UBS | Target raised | Buy | $675 → $695 |
| 2026-08-25 | Mizuho | Target lowered | Outperform | $650 → $590 |
| 2026-08-18 | Argus Research | Target raised | Buy | $500 → $600 |
| 2026-08-14 | UBS | Target lowered | Buy | $705 → $675 |
| 2026-08-14 | Craig-Hallum | Target raised | Buy | $530 → $585 |
| 2026-08-14 | Morgan Stanley | Target lowered | Equal-Weight | $646 → $642 |
| 2026-08-14 | Bernstein | Target raised | Outperform | $675 → $700 |
| 2026-08-14 | TD Cowen | Reiterated | Buy | $700 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +65.3% | +188.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +65.6% | +23.5% |
| Volatility (annualized) | 60.3% | 44.7% |
| Max drawdown | -48.0% (Jun 2026→Oct 2026) | -54.9% (Jan 2022→Oct 2022) |

## Peers (Semiconductor Equipment & Materials)
LRCX (Lam Research Corporation) USD 230.15 -11.76% · KLAC (KLA Corporation) USD 147.83 -9.55% · ASML (ASML Holding N.V. - New York Re) USD 1,560.54 -6.93% · TER (Teradyne, Inc.) USD 308.75 -10.63% · Q (Qnity Electronics, Inc.) USD 108.78 -9.48% · ENTG (Entegris, Inc.) USD 128.31 -13.12%

## More
Full page: https://nexqual.com/AMAT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name AMAT in their own reports (relationship from AMAT's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | LAM RESEARCH CORP (LRCX) | 10-K 2026-08-07 | "Our primary competitor in the dielectric and metals deposition market is Applied Materials, Inc. For ALD and PECVD, we also compete against ASM International and Wonik IPS." |
| competitor | KLA CORP (KLAC) | 10-K 2026-08-06 | "In each of our product markets, we have many competitors, including companies such as Applied Materials, Inc., ASML Holding N.V., Hitachi High-Tech Corporation, Lasertec, Inc. and Onto Innovation, Inc…" |
| customer | Xanadu Quantum Technologies Ltd (XNDU) | 20-F 2026-04-09 | "A key collaboration with Applied Materials focuses on co-developing the first 300 mm wafer-compatible" |
| partner | CHEMUNG FINANCIAL CORP (CHMG) | 10-K 2026-03-13 | "Major partners in the initiative include Applied Materials, Micron, IBM, and Tokyo Electron, and the facility aims to complement the existing semiconductor supply chain presence of companies such as A…" |
| competitor | ACM Research, Inc. (ACMR) | 10-K 2026-03-02 | "Principal competitors for our PECVD and Track products also include Lam Research Corporation, Applied Materials, Inc., and Suzhou Jingtuo Semiconductor Technology Co., Ltd. We also face additional com…" |
| supplier | CELESTICA INC (CLS) | 10-K 2026-02-27 | "Our CCS segment customers include Amazon Fulfillment Services, Inc., Meta Platforms, Inc., Google Inc., Ciena Corporation, Dell Technologies, Hewlett-Packard Enterprise, and IBM Corporation, Inc. Our …" |
| competitor | AXCELIS TECHNOLOGIES INC (ACLS) | 10-K 2026-02-26 | "In the market for ion implantation systems, we mainly compete against Applied Materials, Inc. ("Applied Materials")." |
| supplier | BENCHMARK ELECTRONICS INC (BHE) | 10-K 2026-02-24 | "Sales to our largest customer, Applied Materials, Inc. and subsidiaries, represented 14% of our total sales in both 2025 and 2024 and 12% of our total sales in 2023." |
| supplier | Ultra Clean Holdings, Inc. (UCTT) | 10-K 2026-02-23 | "Our two largest revenue customers in fiscal years 2025, 2024 and 2023 were Applied Materials, Inc. and Lam Research Corporation, each of which accounted for more than 10% of our total revenues in thos…" |
| supplier | ICHOR HOLDINGS, LTD. (ICHR) | 10-K 2026-02-20 | "We have long standing relationships with top tier OEM customers, including Lam Research, Applied Materials, and ASML which were our largest customers by sales in 2025." |
| supplier | Enpro Inc. (NPO) | 10-K 2026-02-19 | "Representative customers include leading global manufacturers of semiconductor manufacturing equipment, such as Applied Materials and ASML, as well as manufacturers of equipment used in the life scien…" |

## Revenue by business segment (quarter ended 2026-07-26)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Semiconductor Systems | $7.04B | 77.2% | +26.5% | $2.66B | 37.7% |
| Applied Global Services | $1.78B | 19.5% | +21.7% | $536.0M | 30.1% |
| Total revenue | $9.12B | 100% | — | $3.08B | 33.7% |
The lines above cover 96.8% of total revenue.

## Revenue by region (quarter ended 2026-07-26)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Asia Pacific | $7.26B | 79.7% | +12.5% |
| — China (part of Asia Pacific) | $2.51B | 27.5% | -1.6% |
| — Taiwan (part of Asia Pacific) | $2.02B | 22.2% | +9.9% |
| — Korea (part of Asia Pacific) | $1.52B | 16.7% | +31.1% |
| — Japan (part of Asia Pacific) | $839.0M | 9.2% | +17.7% |
| — Southeast Asia (part of Asia Pacific) | $374.0M | 4.1% | +91.8% |
| United States | $1.37B | 15.0% | +100.1% |
| Europe | $483.0M | 5.3% | +201.9% |
| Total revenue | $9.12B | 100% | — |

## Customer concentration

Period ended 2026-07-26: 20%, 14% of revenue from unnamed direct customers (10-Q, filed 2026-08-20).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $4.06 | $3.64 | +11.6% | $10.30B | 25 |
| Next quarter (ends 2027-01-31) | $4.21 | $3.79 | +10.9% | $10.74B | 23 |
| Current fiscal year (ends 2026-10-31) | $12.79 | $12.27 | +4.2% | $34.26B | 31 |
| Next fiscal year (ends 2027-10-31) | $18.49 | $16.75 | +10.4% | $46.37B | 35 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-13 (includes earnings 2026-11-12): ±12.1%; earnings reaction alone ±4.2%; last 8 reports averaged ±6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 61.9% | ±7.3% |
| 2026-11-06 | 14 | 59.2% | ±9.6% |
| 2026-11-13 | 21 | 61.4% | ±12.1% |
| 2026-11-20 | 28 | 61.5% | ±13.8% |
| 2026-11-27 | 35 | 58.0% | ±14.5% |
| 2026-12-04 | 42 | 56.3% | ±15.4% |
| 2026-12-18 | 56 | 55.5% | ±17.6% |
| 2027-01-15 | 84 | 54.0% | ±20.9% |