# Advanced Micro Devices, Inc. (AMD)

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

**Price:** USD 507.93 (-8.10% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 552.72 · day 502.6–529.98 · 52w 188.22–658.52 · market cap $829B · NMS

## Key facts
- Last four reported quarters (through Jun 27, 2026): revenue $41.3B, net income $6.43B (15.6% margin), free cash flow $8.40B (SEC filings).
- Valuation: P/E 128.9x (avg 160.6x at the last 3 fiscal year-ends), net cash $9.88B.
- 6 of 80 tracked superinvestors hold AMD (13F, Q2 2026): 3 new, 1 added, 2 reduced, 0 unchanged.
- Analysts: Buy (mean 2.11 on a 1–5 scale) (55 analysts), mean target USD 637.61 (range 365–1,250).
- Total return with dividends: 1Y +116.2% vs S&P 500 +14.9%; 5Y +323.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.93, revenue estimate $13.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B | $41.3B |
| Gross profit | $7.93B | $10.6B | $10.5B | $12.7B | $17.2B | — |
| Operating income | $3.65B | $1.26B | $401M | $1.90B | $3.69B | $6.49B |
| Net income | $3.16B | $1.32B | $854M | $1.64B | $4.33B | $6.43B |
| EPS (diluted) | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 | — |
| Free cash flow | $3.22B | $3.12B | $1.12B | $2.40B | $6.74B | $8.40B |
| Gross margin | 48.2% | 44.9% | 46.1% | 49.4% | 49.5% | — |
| Operating margin | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% | 15.7% |
| Net margin | 19.2% | 5.6% | 3.8% | 6.4% | 12.5% | 15.6% |
| Revenue growth | +68.3% | +43.6% | -3.9% | +13.7% | +34.3% | — |
| Cash + short-term investments | $3.61B | $5.86B | $5.77B | $5.13B | $10.6B | — |
| Total debt | $313M | $2.47B | $2.47B | $1.72B | $3.22B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 27, 2026)
P/E 128.9x · P/S 20.1x · EV/Sales 19.8x · P/FCF 98.7x · P/B 12.3x · FCF yield 1.01% · Earnings yield 0.78% · Buyback yield (TTM) 0.04% · Net cash $9.88B · EV $819B
P/E at fiscal year-ends: Dec 2025 80.8x, Dec 2024 120.5x, Dec 2023 280.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
6 of 80 tracked investors hold AMD. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 5.12% | $567M | Added +44.3% |
| Chase Coleman | Tiger Global Management | 1.63% | $392M | New position |
| David Tepper | Appaloosa Management | 1.54% | $115M | Reduced -10.8% |
| Mairs & Power | Mairs & Power Funds | 0.01% | $957K | Reduced -14.6% |
| Polen Capital | Polen Capital Management | <0.01% | $242K | New position |
| Bill Nygren | Oakmark Funds | <0.01% | $508K | New position |

## Analysts
Consensus Buy (mean 2.11 on a 1–5 scale), 55 analysts; mean target USD 637.61 (low 365, high 1,250).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Susquehanna | Target raised | Positive | $550 → $620 |
| 2026-10-20 | Wedbush | Reiterated | Outperform | $600 |
| 2026-10-06 | Citigroup | Target raised | Buy | $575 → $800 |
| 2026-10-06 | Mizuho | Target raised | Outperform | $580 → $705 |
| 2026-10-05 | Stifel | Target raised | Buy | $635 → $700 |
| 2026-09-29 | StoneX | Reiterated | Buy | $685 |
| 2026-09-29 | Rosenblatt | Maintained | Buy | $700 |
| 2026-09-25 | B of A Securities | Target raised | Buy | $620 → $720 |
| 2026-09-10 | Piper Sandler | Initiated | Overweight | $600 |
| 2026-08-25 | Raymond James | Upgrade | Outperform → Strong Buy | $565 → $641 |
| 2026-08-21 | BMO Capital | Initiated | Outperform | $550 |
| 2026-08-06 | Argus Research | Target raised | Buy | $450 → $625 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +116.2% | +323.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +116.7% | +33.4% |
| Volatility (annualized) | 68.0% | 54.3% |
| Max drawdown | -27.8% (Oct 2025→Mar 2026) | -64.0% (Nov 2021→Oct 2022) |

## Peers (Semiconductors)
MU (Micron Technology, Inc.) USD 856.49 -6.26% · SKHY (SK hynix Inc.) USD 131.69 -8.07% · AVGO (Broadcom Inc.) USD 323.24 -4.31% · INTC (Intel Corporation) USD 85.49 -8.04% · TSM (Taiwan Semiconductor Manufactur) USD 412.35 -4.52% · TXN (Texas Instruments Incorporated) USD 279.5 -1.81%

## More
Full page: https://nexqual.com/AMD · 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)

Named in AMD's own 10-K filed 2026-02-04 (https://www.sec.gov/Archives/edgar/data/2488/000000248826000018/amd-20251227.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "We utilize Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of wafers for our HPC, FPGA and adaptive SoC products and GLOBALFOUNDRIES Inc. (GF), with respect to wafer purchases for our HPC pro…" |
| Supplier | GlobalFoundries (GFS) | "We utilize Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of wafers for our HPC, FPGA and adaptive SoC products and GLOBALFOUNDRIES Inc. (GF), with respect to wafer purchases for our HPC pro…" |
| Supplier | United Microelectronics (UMC) | "Additionally, we utilize TSMC, United Microelectronics Corporation (UMC) and Samsung Electronics Co., Ltd. for the production of our ICs in the form of programmable logic devices." |
| Supplier | Samsung Electronics | "Additionally, we utilize TSMC, United Microelectronics Corporation (UMC) and Samsung Electronics Co., Ltd. for the production of our ICs in the form of programmable logic devices." |
| Supplier | Tongfu Microelectronics | "We are party to two ATMP joint ventures (collectively, the ATMP JVs) with Tongfu Microelectronics Co., Ltd. The ATMP JVs, Siliconware Precision Industries Ltd. (SPIL) and King Yuan Electronics Company (KYEC) provide ATMP…" |
| Supplier | SPIL | "We are party to two ATMP joint ventures (collectively, the ATMP JVs) with Tongfu Microelectronics Co., Ltd. The ATMP JVs, Siliconware Precision Industries Ltd. (SPIL) and King Yuan Electronics Company (KYEC) provide ATMP…" |
| Supplier | King Yuan Electronics | "We are party to two ATMP joint ventures (collectively, the ATMP JVs) with Tongfu Microelectronics Co., Ltd. The ATMP JVs, Siliconware Precision Industries Ltd. (SPIL) and King Yuan Electronics Company (KYEC) provide ATMP…" |
| Customer | OpenAI | "In October 2025, we entered into a product purchase agreement with OpenAI OpCo, LLC, (OpenAI) to deploy 6 gigawatts of AMD GPUs, with the deployment of the first gigawatt of capacity powered by our AMD Instinct MI450 ser…" |
| Customer | Microsoft (MSFT) | "The success of our semi-custom SoC products in our Client and Gaming segment is dependent on securing customers for our semi-custom design pipeline and consumer market conditions, including the success of game console sy…" |
| Customer | Sony (SONY) | "The success of our semi-custom SoC products in our Client and Gaming segment is dependent on securing customers for our semi-custom design pipeline and consumer market conditions, including the success of game console sy…" |
| Partner | Sanmina (SANM) | "Sanmina will also be our preferred partner for manufacturing capabilities in building complex AI solutions." |
| Partner | Higon Information Technology | "We have equity interests in two joint ventures (collectively, the THATIC JV) with Higon Information Technology Co., Ltd. (THATIC), a third-party Chinese entity." |
| Competitor | Intel (INTC) | "In the Data Center segment, we compete primarily against Intel Corporation (Intel) and Nvidia Corporation (Nvidia with our CPU, GPU DPU and AI NIC server products." |
| Competitor | NVIDIA (NVDA) | "In the Data Center segment, we compete primarily against Intel Corporation (Intel) and Nvidia Corporation (Nvidia with our CPU, GPU DPU and AI NIC server products." |
| Competitor | Broadcom (AVGO) | "We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marvell Technology Group,…" |
| Competitor | Analog Devices (ADI) | "We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marvell Technology Group,…" |
| Competitor | Texas Instruments (TXN) | "We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marvell Technology Group,…" |
| Competitor | Qualcomm (QCOM) | "We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marvell Technology Group,…" |

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

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | Penguin Solutions, Inc. (PENG) | 10-K 2026-10-20 | "They also include some of the world's largest providers of computing, communications and graphics processors, including Intel Corporation ("Intel"), Advanced Micro Devices, Inc. and TD SYNNEX Corporat…" |
| customer | DRDGOLD LTD (DRD) | 20-F 2026-10-02 | "from licensed regional water sources and treated AMD supplied by the Trans-Caledon Tunnel Authority ("TCTA")." |
| partner | Nutanix, Inc. (NTNX) | 10-K 2026-09-18 | "We have also developed and announced strategic technology partnerships that bring together best-in-class solutions across the ecosystem into integrated offerings and demonstrated interoperability and …" |
| partner | Super Micro Computer, Inc. (SMCI) | 10-K 2026-08-31 | "We work closely with NVIDIA, Intel and AMD, among others, to develop products that are compatible with the latest generation of industry-standard technologies under development." |
| customer | IREN Ltd (IREN) | 10-K 2026-08-27 | "We maintain relationships with semiconductor manufacturers, original equipment manufacturers ("OEMs"), original design manufacturers ("ODMs"), and other infrastructure suppliers, including NVIDIA, AMD…" |
| customer | ChronoScale Holdings Corp (CHRN) | 10-K 2026-08-19 | "We currently rely on one major supplier, Nvidia, for the GPU chips we offer, and plan to rely on another major supplier, AMD." |
| supplier | VIAVI SOLUTIONS INC. (VIAV) | 10-K 2026-08-13 | "Examples of our customers include Advanced Micro Devices, Inc., América Móvil, AT&T Inc., British Telecom Openreach, Ciena, Cisco Systems, Inc., Deutsche Telekom AG, Ericsson, Lumen Technologies, Inc.…" |
| customer | HIVE Digital Technologies Ltd. (HIVE) | 10-K 2026-06-02 | "The Company has purchased GPU cards manufactured by Nvidia and AMD, while GPU server cases are manufactured by Dell or Supermicro." |
| supplier | PERUSAHAAN PERSEROAN PERSERO PT TELEKOMUNIKASI INDONESIA TBK (TLK) | 20-F 2026-05-15 | "NeutraDC has also entered into agreements with Advanced Micro Devices and Cirrascale Cloud Services in 2024 to deliver accelerator infrastructure and GPU-as-a-Service capabilities for regional custome…" |
| competitor | SILICOM LTD. (SILC) | 20-F 2026-04-28 | "In some cases of FPGA based cards, AMD also compete with our Smart Cards," |
| competitor | NovaBridge Biosciences (NBP) | 20-F 2026-04-07 | "The treatment landscape for retinal vascular diseases such as Wet AMD, DME, and RVO is highly competitive and dominated by two established VEGF-targeting therapies, specifically aflibercept (Eylea® an…" |
| supplier | SolarMax Technology, Inc. (SMXT) | 10-K 2026-04-06 | "We have not generated any revenue from AMD since 2019." |
| customer | ASE Technology Holding Co., Ltd. (ASX) | 20-F 2026-04-01 | "Examples of mergers and acquisitions by and among semiconductor packaging and testing companies include Jiangsu Changjiang Electronics Technology's acquisition of STATS ChipPAC, Nantong Fujitsu Microe…" |
| competitor | Kodiak Sciences Inc. (KOD) | 10-K 2026-03-31 | "The objectives for Zenkuda in DAYBREAK are to assess its durability potential, strengthen its competitive position in wet AMD and bolster the possible regulatory application package for the program." |
| partner | MeiraGTx Holdings plc (MGTX) | 10-K 2026-03-30 | "The First UCLB License Agreement had also included an option to the dry AMD gene therapy program." |

## Revenue by business segment (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Data Center | $6.72B | 58.2% | +107.3% | $2.10B | 31.3% |
| Client and Gaming | $3.84B | 33.3% | +6.1% | $582.0M | 15.2% |
| Embedded | $977.0M | 8.5% | +18.6% | $386.0M | 39.5% |
| Total revenue | $11.54B | 100% | — | $1.99B | 17.3% |

## Revenue by product line (quarter ended 2026-06-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Client | $3.06B | 26.5% | +22.5% |
| Gaming | $779.0M | 6.8% | -30.6% |
| Total revenue | $11.54B | 100% | — |
The lines above cover 33.3% of total revenue.

## Revenue by region (fiscal year ended 2025-12-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $11.36B | 32.8% | +30.7% |
| China | $7.75B | 22.4% | +24.4% |
| Other Countries | $6.05B | 17.5% | +53.4% |
| Taiwan | $5.19B | 15.0% | +57.1% |
| Singapore | $4.28B | 12.4% | +18.5% |
| Total revenue | $34.64B | 100% | — |

## Customer concentration

Period ended 2023-12-30: 18% of revenue from unnamed direct customers (10-K, filed 2026-02-04).

## Company outlook (8-K filed 2026-08-04)

- "For the third quarter of 2026, AMD expects revenue to be approximately $13 billion, plus or minus $300 million."
- "Non-GAAP gross margin is expected to be approximately 56%."

Analysts expect $13.08B for the current quarter, +0.6% vs the guidance midpoint $13.00B. Source: https://www.sec.gov/Archives/edgar/data/2488/000000248826000121/q22026991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.93 | $1.84 | +5.3% | $13.08B | 40 |
| Next quarter (ends 2026-12-31) | $2.65 | $2.61 | +1.6% | $16.14B | 40 |
| Current fiscal year (ends 2026-12-31) | $7.59 | $7.42 | +2.3% | $50.97B | 49 |
| Next fiscal year (ends 2027-12-31) | $15.76 | $13.49 | +16.8% | $89.17B | 50 |