SURVYR

AMAT

Applied Materials, Inc.
$395.93
+$8.34 (2.15%)Oct 27 close
Information TechnologyS&P 500 CompareTechnicals
Model valuationLeans expensiveDCF base $164
1M3M6M1Y2Y
-12%+47%+105%+163%+222%Oct 2025Oct 2026Apr 202652w high $739.6752w low $203.40
AMATSPY
Wall St. Highest PT $900.00 (+127.3%) Wall St. Avg PT $627.83 (+58.6%)
$219$413$607$801$995POC $345Hi $900Avg $628
Underwater Drawdown %Max DD -48.0%Current -45.2%
0.0%-48.0%
Relative Strength vs SPY+58.6% vs SPYOutperforming
+235%0%-235%
1W
−$9.05 (2.23%)
1M
−$89.07 (18.36%)
3M
−$80.02 (16.81%)
6M
+$15.70 (4.13%)
YTD
+$139.85 (54.61%)
1Y
+$165.87 (72.10%)

Chart

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Ratings & dials

1m · 5m · 15m · 1h · 4h · 1D

Analyst & Morningstar ratings

Consensus · Targets · Morningstar
Wall Street analyst consensus
SellHoldStrong Buy
Strong Buy
40 analysts · mean score 1.43
1 = Strong Buy · 5 = Sell
Strong Buy512%
Buy2972%
Hold615%
Underperform00%
Sell00%
Wall Street consensus
Analyst price targets
Current price$395.93
Average target$627.83
+$231.90 (+58.6%) upsideaverage target vs current price
CurrentAverageMedian
Low$358.00
Median$607.50
High$900.00
12-month Wall Street target range
Recent analyst rating changes · 30
Reiterated
2026-10-16 · Needham reiterated Buy on AMAT
Reiterated
2026-10-15 · Evercore ISI Group reiterated Outperform on AMAT
Reiterated
2026-10-14 · RBC Capital reiterated Outperform on AMAT
Reiterated
2026-09-28 · Morgan Stanley reiterated Equal-Weight on AMAT
Reiterated
2026-09-01 · UBS reiterated Buy on AMAT
Reiterated
2026-08-25 · Mizuho reiterated Outperform on AMAT
All analyst rating changes ›

Third-party ratings, not SURVYR.'s views.

Health check

Financial health
DistressGrey zoneSafe
Safe zone
Altman Z-score 14.3
Above 2.99 is the safe zone, below 1.81 the distress zone.
Quality
WeakAverageStrong
Average
Piotroski F-score 6 of 9
See the tests
  • ✓Positive net income
  • ✓Positive operating cash flow
  • ✗Return on assets improved
  • ✓Cash flow above net income
  • ✗Long-term debt / assets fell
  • ✓Current ratio improved
  • ✓No share dilution
  • ✓Gross margin improved
  • ✗Asset turnover improved

Computed by SURVYR. from the company's SEC filings (latest balance sheet Jul 26, 2026). Descriptive, not a forecast.

Key stats & company

Market value$314.2B
P/E (last 12 months)34.2
P/E (next 12 months, estimated)21.4
52-week range$203.40 – $739.67
Revenue growth (latest quarter vs a year ago)+24.8%
Dividend yield0.55%
Analyst consensusStrong Buy (36)
Average analyst price target$627.83 (+59%)

What they do

Applied Materials, Inc. provides materials engineering solutions, equipment, services, and software to the semiconductor and related industries in the United States, China, Korea, Taiwan, Japan, Southeast Asia, Europe, and internationally. The company operates through Semiconductor Systems and Applied Global Services (AGS) segments. The Semiconductor Systems segment includes semiconductor capital equipment to enable materials engineering steps.

Technology · Semiconductor Equipment & Materials
Valuation and fundamentals

Valuation & fundamentals

Bottom line
Leans expensive
Model read-out from the numbers below, not advice. Score -2 (DCF counts double).
▼DCF (base case)below the price by 58%
▼Forward P/E vs sector21.4x vs median 17.3x
•Piotroski F-score6/9
▲Altman Z14.3 (safe)
▲Net debt / EBITDA-0.2x
▲Analyst target+59% (36 analysts)

Discounted cash flow

CyclicalValued on average-cycle margins
Bear
$108
-73%
growth 8% · disc. 13.2% · term. 2.0%
Base
$164
-58%
growth 14% · disc. 12.2% · term. 2.5%
Bull
$232
-41%
growth 18% · disc. 11.2% · term. 3.0%

Starting cash flow is mid-cycle: 21.7% average margin × current revenue = 6.7B (last 12 months: 5.6B at a 18% margin). On trailing cash flow the base case would be $138.

Reverse DCFfor context, not a signal
Today's price assumes free cash flow grows about 24% a year for 10 years.
Implied
+24%/yr
FCF, last 3 yrs
+7%/yr
FCF, last 5 yrs
+11%/yr
Revenue, last 3 yrs
+3%/yr
Revenue, last 5 yrs
+11%/yr
Same inputs as the DCF above: mid-cycle free cash flow 6.7B, 12.2% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.
Edit assumptions · recalculates instantly
Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-07-26). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 1.59 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Information Technology

P/E (trailing)
sector median 35.4× · 49th pct
 34.2×
cheaper
Forward P/E
sector median 17.3× · 63rd pct
 21.4×
pricier
EV / EBITDA
sector median 20.3× · 72nd pct
 32.3×
pricier
Price / sales
sector median 4.8× · 78th pct
 10.2×
pricier
Price / book
sector median 5.2× · 79th pct
 12.3×
pricier
FCF yield
sector median 3.6% · 24th pct
 1.8%
pricier

Forward EPS $18.49 vs trailing $11.59 (+60% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin
49.4%
Operating margin
29.6%
FCF margin
18.2%
Net margin
30.1%
Return on equity
36.2%
Return on invested capital
32.7%
Net debt / EBITDA
-0.2×
Current ratio
2.4×
Interest cover
33.0×
Cash conversion (OCF/NI)
0.9×
Piotroski F-score 6/9 · last two fiscal years
✓ Positive net income✓ Positive operating cash flow✗ Return on assets improved✓ Cash flow above net income✗ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✗ Asset turnover improved

Altman Z-score 14.3 (safe zone; above 3.0 = safe, below 1.8 = distress). Not meaningful for banks and insurers.

Analysts

Mean target
$628
+59%
Analysts
36
Strong Buy
Range
$358–$900
low – high
● price · ◆ mean target

Annual history

FYRevenueNet incomeFree cash flow
2025$28.4B$7.0B$5.7B
2024$27.2B$7.2B$7.5B
2023$26.5B$6.9B$7.6B
2022$25.8B$6.5B$4.6B
2021$23.1B$5.9B$4.8B
2020$17.2B$3.6B$3.4B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +3.2%.

For information only · Important disclosures

Grades vs sector

Momentum
87th percentile in sector
A-
12-1 return: +120.6%
Percentile within its GICS sector across the S&P 1500.
Growth
68th percentile in sector
B
Revenue growth (YoY): +24.8%
Percentile within its GICS sector across the S&P 1500.
Value
33rd percentile in sector
C-
Forward E/P: 4.5% · EBITDA/EV: 3.1%
Percentile within its GICS sector across the S&P 1500.
Profitability
87th percentile in sector
A-
Profit margin: +30.1% · Return on equity: +41.1%
Percentile within its GICS sector across the S&P 1500.
Revisions
Not enough data yet
–
EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Systematic Models

Not held by any of our 7 live models right now.

Quality Growth
ranked 37 of 360 · Composite (0-1) 0.7
 Momentum Top 15
ranked 17 of 499 · 12-month momentum 125.1%
 Momentum Blend
Not in the current book
 New Highs Growth
Outside this model's universe or screens
 SURVYR. Barbell Momentum & T-Bill Shield
Outside this model's universe or screens
 SURVYR. Physical AI Grid & Power
Outside this model's universe or screens
 SURVYR. Long Book
Not in the current book

Earnings & events

AMAT earningsNext report in 16 days
Next report
Thu Nov 12, 2026Time not confirmed
EPS consensus$4.06 range $4.02–$4.19
Revenue consensus$10.3B 24 analysts
Last 4 quarters · EPS vs estimate
Aug 13, 2026$3.50est $3.39+3.1%Above estimates
May 14, 2026$2.86est $2.69+6.5%Above estimates
Feb 12, 2026$2.38est $2.21+7.9%Above estimates
Nov 13, 2025$2.17est $2.09+3.6%Above estimates

In line = within 1% of the estimate.

Source: Yahoo Finance · refreshed 2026-10-27 18:04:08 ET
24-1125-0225-0525-0825-1126-0226-0526-080.003.50
EstimateActual (beat)Actual (miss)

Quarterly revenue

QuarterRevenueYoY
2026-07-31$9.1B+24.8%
2026-04-30$7.9B–
2026-01-31$7.0B–
2025-10-31$6.8B–
2025-07-31$7.3B–

Recent dividends

2026-08-20: $0.530 · 2026-05-21: $0.530 · 2026-02-19: $0.460 · 2025-11-20: $0.460 · 2025-08-21: $0.460 · 2025-05-22: $0.460 · 2025-02-20: $0.400 · 2024-11-21: $0.400

News & catalysts

More news
See Which Recent 13F Filers Hold AMAT But Simplify Asset Management Exited
Nasdaq · 2h ago
Lam Research Stock Is 45% Below Its High. How Deep Have Past Drops Gone?
Trefis · 6h ago
Semiconductor Equipment Selloff Challenges Applied Materials (AMAT)
Insider Monkey · 11h ago
Applied Materials To Increase Stake In BE Semiconductor Industries To About 20%
Nasdaq · 17h ago
Jefferies Sees Chip Equipment Growth Through 2028
GuruFocus.com · Oct 26
Rating changes
Reiterated
2026-10-16 · Needham reiterated Buy on AMAT
Reiterated
2026-10-15 · Evercore ISI Group reiterated Outperform on AMAT
Reiterated
2026-10-14 · RBC Capital reiterated Outperform on AMAT
Reiterated
2026-09-28 · Morgan Stanley reiterated Equal-Weight on AMAT
Reiterated
2026-09-01 · UBS reiterated Buy on AMAT
Reiterated
2026-08-25 · Mizuho reiterated Outperform on AMAT

Third-party analyst actions, not SURVYR.'s views. All rating changes

Insider trades
Sanders Adam
Corp. Controller & CAO · 2026-10-02
Sell
$394.8K
Bruner Judy
Director · 2026-09-08
Sell
$465.0K
Hill Brice
SVP, CFO · 2026-08-25
Sell
$3.6M
None
None · None
Sell
–
None
None · None
Sell
–

Stats refreshed 2026-10-27 18:04:08 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

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Systematic research · Not investment advice · Hypothetical unless marked Live · Data: Yahoo Finance (15-min delayed), SEC EDGAR, House Clerk · Important disclosures · Contact desk@coteau.app

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Coteau 0.9 · Oct 21, 2026