AMAT Applied Materials, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$507.36
Price · Aug 18, 2026
Fundamentals as of May 21, 2026
52W Range
$154–$740
60% of range
Analyst Rating
BUY
45 analysts
Price Target
$641
+26% upside
P/E (TTM)
58.6
ROE
35.5%
Net Profit Margin
24.7%

About Applied Materials, Inc. - Common Stock Company overview from Wikipedia

Applied Materials, Inc. is an American corporation that supplies equipment, services and software for the manufacture of semiconductor chips for electronics, flat panel displays for computers, smartphones, televisions, and solar products. The company also supplies equipment to produce coatings for flexible electronics, packaging and other applications. The company is headquartered in Santa Clara, California, and is the second largest supplier of semiconductor equipment in the world based on revenue behind Dutch company ASML.

Read more

Applied Materials, Inc. is an American corporation that supplies equipment, services and software for the manufacture of semiconductor (integrated circuit) chips for electronics, flat panel displays for computers, smartphones, televisions, and solar products. The company also supplies equipment to produce coatings for flexible electronics, packaging and other applications. The company is headquartered in Santa Clara, California, and is the second largest supplier of semiconductor equipment in the world based on revenue behind Dutch company ASML.

History

Founded in 1967 by Michael A. McNeilly and others, Applied Materials went public in 1972 on the National Association of Securities Dealers Automated Quotations (NASDAQ), a then-recently established stock exchange. In subsequent years, the company diversified, until James C. Morgan became CEO in 1976 and returned the company's focus to its core business of semiconductor manufacturing equipment. By 1978, sales increased by 17%.

In 1984, Applied Materials became the first U.S. semiconductor equipment manufacturer to open its own technology center in Japan, and the first semiconductor equipment company to operate a service center in China. In 1987, Applied introduced a chemical vapor deposition (CVD) machine called the Precision 5000, which differed from existing machines by incorporating diverse processes into a single machine that had multiple process chambers.

In 1992, the corporation settled a lawsuit with three former employees for an estimated $600,000. The suit complained that the employees had been driven out of the company after complaining about the courses Applied Scholastics had been hired to teach there.

In 1993, the Applied Materials' Precision 5000 was inducted into the Smithsonian Institution's permanent collection of Information Age technology.

In November 1996, Applied Materials acquired two Israeli companies for an aggregate amount of $285 million: Opal Technologies and Orbot Instruments for $175 million and $110 million in cash, respectively. Orbot produces systems for inspecting patterned silicon wafers for yield enhancement during the semiconductor manufacturing process, as well as systems for inspecting masks used during the patterning process. Opal develops and manufactures high-speed metrology systems used by semiconductor manufacturers to verify critical dimensions during the production of integrated circuits.

In 2000, Etec Systems, Inc. was purchased. On June 27, 2001, Applied Materials acquired Israeli company Oramir Semiconductor Equipment Ltd., a supplier of laser cleaning technologies for semiconductor wafers, in a purchase business combination for $21 million in cash.

In January 2008, Applied Materials purchased Baccini, an Italian company and designer of tools used in manufacturing solar cells.

In 2009, Applied Materials opened its Solar Technology Center, the world's largest commercial solar energy research and development facility, in Xi'an, China.

Applied Materials acquired Semitool Inc. in December 2009, and announced its acquisition of Varian Semiconductor in May 2011. Applied Materials then announced a planned merger with Tokyo Electron on September 24, 2013. If it had been approved by government regulators, the proposed combined company, to be called Eteris, would have been the world's largest supplier of semiconductor processing equipment, with a total market value of $29 billion. However, on April 27, 2015, Applied Materials announced that its merger with Tokyo Electron has been scrapped due to antitrust concerns and fears of dominating the semiconductor equipment industry.

In 2015, Applied Materials left the solar wafer sawing and the solar ion implantation businesses.

Applied Materials was named among FORTUNE World's Most Admired Companies in 2018.

In 2019, Applied Materials announced its intention to buy semiconductor equipment manufacturer (and former Hitachi group member) Kokusai Electric Corporation from private equity firm KKR for $2.2 billion, but terminated the deal in March 2021 citing delays in getting approval from China's regulator.

In November 2023, Applied Materials was reported to be under criminal investigation by the United States Department of Justice (DOJ) for routing equipment to Semiconductor Manufacturing International Corporation via South Korea in violation of US sanctions. The company settled with the DOJ, paying a penalty of 252 million dollars in February 2026. The settlement was the largest of its kind to date. The US government recovered the largest fine possible, which is twice the value of the illegal transaction.

On August 15, 2025, Applied Materials shares tumbled 12% after issuing weak sales and profit forecasts, with U.S.-China trade tensions weighing heavily on demand and visibility.

Finances

For the fiscal year 2021, Applied Materials reported earnings of US$5.888 billion, with an annual revenue of US$23.063 billion, a 34% increase over the previous fiscal. Applied Materials market capitalization was valued at over US$36.6 billion in November 2018.

Organization

Applied is organized into three major business sectors: Semiconductor Products, Applied Global Services, and Display and Adjacent Markets. Applied Materials also operates a venture investing arm called Applied Ventures.

Semiconductor Products

The company develops and manufactures equipment used in the wafer fabrication steps of creating a semiconductor device, including atomic layer deposition (ALD), chemical vapor deposition (CVD), physical vapor deposition (PVD), rapid thermal processing (RTP), chemical mechanical polishing (CMP), etch, ion implantation and wafer inspection. The company acquired Semitool for this group in late 2009. In 2019, Applied Materials agreed to buy semiconductor manufacturer Kokusai for $2.2 Billion.

Applied Global Services

The Applied Global Services (AGS) group offers equipment installation support and warranty extended support, as well as maintenance support. AGS also offers new and refurbished equipment, as well as upgrades and enhancements for installed base equipment. This sector also includes automation software for manufacturing environments.

Display and Adjacent Markets

AGS combined an existing business unit with the display business of Applied Films Corporation, acquired in mid-2006.

The manufacturing process for TFT LCDs (thin film transistor liquid crystal displays), commonly employed in computer monitors and televisions, is similar to that employed for integrated circuits. In cleanroom environments both TFT-LCD and integrated circuit production use photolithography, chemical and physical vapor deposition, and testing.

Energy and Environmental Solutions (former sector)

In 2006, the company acquired Applied Films, a glass coating and web coating business. Also in 2006, Applied announced it was entering the solar manufacturing equipment business. The solar, glass and web businesses were organized into the company's Energy and Environmental Solutions (EES) sector.

In 2007, Applied Materials announced the Applied SunFab thin film photovoltaic module production line, with single or tandem junction capability. SunFab applies silicon thin film layers to glass substrate that then produce electricity when exposed to sunlight. In 2009, the company's SunFab line was certified by the International Electrotechnical Commission (IEC). In 2010, Applied announced that it was abandoning the thin film market and closing down their SunFab division. Also in 2007, the company acquired privately held, Switzerland-based HCT Shaping Systems SA, a specialist in wafer sawing tools for both solar and semiconductor wafer manufacture, paying approximately $475 million.

In 2008, Applied acquired privately held, Italy-based Baccini SpA for $330M, company that worked in the metallization steps of solar cell manufacturing. The company was listed at the top of VLSI Research's list of supplier of photovoltaic manufacturing equipment for 2008, with sales of $797M.

Since July 2016 the Energy and Environmental Solutions sector is no longer reported separately. Remaining solar business activities have been included in "Corporate and Others".

Locations

Applied moved into its Bowers Avenue headquarters in Santa Clara, California, in 1974 and operates in Europe, Japan, Canada, the United States, Israel, China, Italy, India, Korea, Southeast Asia, Singapore and Taiwan.

Key people

Management

Chairman of the Board of Directors: Thomas J. Iannotti

President and chief executive officer: Gary E. Dickerson

Chief Financial Officer: Brice Hill

Chief Technology Officer: Omkaram Nalamasu

Notable staff members

Gary E. Dickerson – President and CEO

James C. Morgan – former CEO

Michael R. Splinter – former CEO

Gerald Yin – former employee and founder of Advanced Micro-Fabrication Equipment (AMEC)

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

AMAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$507.36
Market Cap
$402.34B
P/E (TTM)
58.6
EPS (TTM)
$8.66
Revenue (TTM)
$28.37B
Div Yield
0.34%
ROE
35.5%
Debt/Equity
0.3
52W Range
$154 – $740

AMAT Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $28.37B
10-point trend, +162.1%
2016-10-30 → 2025-10-26
EPS $8.66
10-point trend, +462.3%
2016-10-30 → 2025-10-26
Free Cash Flow $5.70B
10-point trend, +157.5%
2016-10-30 → 2025-10-26
Margins 24.7%
10-point trend, +16.8%
2016-10-30 → 2025-10-26

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
AMAT
Peer Median
P/E (TTM)
5-point trend, +23.7%
58.6
61.0
P/S (TTM)
5-point trend, +21.0%
14.2
10.3
P/B
5-point trend, -10.7%
19.7
4.3
EV / EBITDA
5-point trend, +29.3%
48.3
—
Price / FCF
5-point trend, +24.7%
70.6
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
AMAT
Peer Median
Gross Margin
5-point trend, +2.9%
48.7%
47.8%
Operating Margin
5-point trend, -2.2%
29.2%
—
Net Profit Margin
5-point trend, -3.4%
24.7%
12.2%
ROA
5-point trend, -19.0%
19.8%
5.6%
ROE
5-point trend, -26.6%
35.5%
12.2%
ROIC
5-point trend, -31.5%
23.2%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
AMAT
Peer Median
Debt / Equity
5-point trend, -27.9%
0.3
81.0
Current Ratio
5-point trend, +2.8%
2.6
2.4
Quick Ratio
5-point trend, +4.8%
1.7
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
AMAT
Peer Median
Revenue YoY
5-point trend, +23.0%
4.4%
—
Revenue CAGR 3Y
5-point trend, +23.0%
3.2%
—
Revenue CAGR 5Y
5-point trend, +23.0%
10.5%
—
EPS YoY
5-point trend, +35.3%
0.58%
—
Net Income YoY
5-point trend, +18.9%
-2.5%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
AMAT
Peer Median
EPS (Diluted)
5-point trend, +35.3%
$8.66
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
AMAT
Peer Median
Payout Ratio
5-point trend, +39.0%
19.8%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
0.34%
Payout Ratio
19.8%
5Y Div CAGR
—
Ex-dateAmount
May 21, 2026$0.5300
Feb. 19, 2026$0.4600
Nov. 20, 2025$0.4600
Aug. 21, 2025$0.4600
May 22, 2025$0.4600
Feb. 20, 2025$0.4000
Nov. 21, 2024$0.4000
Aug. 22, 2024$0.4000
May 22, 2024$0.4000
Feb. 21, 2024$0.3200
Nov. 22, 2023$0.3200
Aug. 23, 2023$0.3200
May 24, 2023$0.3200
Feb. 22, 2023$0.2600
Nov. 23, 2022$0.2600
Aug. 24, 2022$0.2600
May 25, 2022$0.2600
Feb. 22, 2022$0.2400
Nov. 24, 2021$0.2400
Aug. 25, 2021$0.2400

AMAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 45 analysts
  • Strong Buy 12 26.7%
  • Buy 27 60.0%
  • Hold 6 13.3%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

35 analysts · 2026-08-18
Median target $650.00 +28.1%
Mean target $641.03 +26.3%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.08%
Period EPS Actual EPS Est Surprise
Sept. 30, 2026 $3.50 $3.45 0.05%
June 30, 2026 $3.50 $3.45 0.14%
March 31, 2026 $2.38 $2.25 0.13%
Dec. 31, 2025 $2.17 $2.14 0.03%
Sept. 30, 2025 $2.48 $2.41 0.07%
June 30, 2025 $2.39 $2.36 0.03%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
AMAT $181.40B 26.4 4.4% 24.7% 35.5% 48.7%
LRCX $474.35B 65.8 26.0% 31.3% 64.2% 50.5%
KLAC $394.33B 82.4 11.7% 35.6% 81.8% —
TER $30.21B 55.8 13.1% 17.4% 19.7% 58.2%
Q — 24.7 9.7% 15.3% 8.2% —
ENTG $12.80B 54.4 -1.4% 7.4% 6.1% 44.4%
MKSI $10.74B 36.6 9.6% 7.5% 11.2% 46.7%
ONTO $8.24B 59.7 1.8% 13.6% 6.7% 49.7%
AMKR $9.76B 26.3 6.2% 5.6% 8.7% 14.0%
FORM $4.51B 84.1 2.8% 6.9% 5.4% 39.3%
AXTI $905M -33.4 -11.1% -24.1% -9.1% 12.7%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18
Annual Income Statement data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +212.7% $28.37B $27.18B $26.52B $25.79B $23.06B $17.20B $14.61B $16.70B $14.70B $10.82B $9.66B $9.07B
Cost of Revenue 12-point trend, +178.4% $14.56B $14.28B $14.13B $13.79B $12.15B $9.51B $8.22B $9.19B $8.09B $6.31B $5.71B $5.23B
Gross Profit 12-point trend, +259.3% $13.81B $12.90B $12.38B $11.99B $10.91B $7.69B $6.39B $7.52B $6.61B $4.51B $3.95B $3.84B
R&D Expense 12-point trend, +150.0% $3.57B $3.23B $3.10B $2.77B $2.48B $2.23B $2.05B $2.02B $1.78B $1.54B $1.45B $1.43B
SG&A Expense 12-point trend, +252.2% $1.77B $1.80B $1.63B $735M $620M $567M $461M $483M $438M $390M $469M $502M
Operating Expenses 12-point trend, +137.6% $5.52B $5.03B $4.73B $4.21B $4.03B $3.33B $3.04B $3.03B $2.68B $2.36B $2.26B $2.32B
Operating Income 12-point trend, +445.3% $8.29B $7.87B $7.65B $7.79B $6.89B $4.37B $3.35B $4.49B $3.94B $2.15B $1.69B $1.52B
Interest Expense 10-point trend, +150.5% · · $238M $228M $236M $240M $237M $234M $198M $155M $103M $95M
Interest Income 3-point trend, +55.0% $406M $486M $262M · · · · · · · · ·
Other Non-op 12-point trend, +5339.1% $1.25B $532M $300M $39M $118M $41M $156M $139M $78M $16M $8M $23M
Pretax Income 12-point trend, +540.3% $9.27B $8.15B $7.72B $7.60B $6.77B $4.17B $3.27B $4.40B $3.82B $2.01B $1.60B $1.45B
Income Tax 12-point trend, +504.5% $2.27B $975M $860M $1.07B $883M $547M $563M $1.36B $297M $292M $221M $376M
Net Income 12-point trend, +552.8% $7.00B $7.18B $6.86B $6.53B $5.89B $3.62B $2.71B $3.04B $3.52B $1.72B $1.38B $1.07B
EPS (Basic) 12-point trend, +889.8% $8.71 $8.68 $8.16 $7.49 $6.47 $3.95 $2.89 $3.00 $3.28 $1.56 $1.13 $0.88
EPS (Diluted) 12-point trend, +895.4% $8.66 $8.61 $8.11 $7.44 $6.40 $3.92 $2.86 $2.96 $3.25 $1.54 $1.12 $0.87
Shares (Basic) 12-point trend, -33.8% 804,000,000 827,000,000 840,000,000 871,000,000 910,000,000 916,000,000 937,000,000 1,013,000,000 1,073,000,000 1,107,000,000 1,214,000,000 1,215,000,000
Shares (Diluted) 12-point trend, -34.4% 808,000,000 834,000,000 845,000,000 877,000,000 919,000,000 923,000,000 945,000,000 1,026,000,000 1,084,000,000 1,116,000,000 1,226,000,000 1,231,000,000
EBITDA 12-point trend, +445.3% $8.29B $7.87B $7.65B $8.23B $7.28B $4.37B $3.35B $4.80B $3.87B $2.15B $1.69B $1.52B
Balance Sheet 29
Annual Balance Sheet data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +141.2% $7.24B $8.02B $6.13B $2.00B $5.00B $5.35B $3.13B $3.44B $5.01B $3.41B $4.80B $3.00B
Short-term Investments 12-point trend, +732.5% $1.33B $1.45B $737M $586M $464M $387M $489M $590M $2.27B $343M $168M $160M
Receivables 12-point trend, +210.5% $5.18B $5.23B $5.17B $6.07B $4.95B $2.96B $2.53B $2.32B $2.34B $2.28B $1.74B $1.67B
Inventory 12-point trend, +277.5% $5.92B $5.42B $5.72B $5.93B $4.31B $3.90B $3.47B $3.72B $2.71B $2.05B $1.83B $1.57B
Prepaid Expense 12-point trend, +312.5% $1.06B $974M $976M $883M $793M $602M $485M $490M $317M $188M $194M $257M
Other Current Assets 10-point trend, +339.3% $1.21B $1.09B $1.39B $1.34B $1.39B $764M $581M $530M $374M $275M · ·
Current Assets 12-point trend, +199.7% $20.88B $21.22B $19.15B $15.93B $16.11B $13.37B $10.21B $10.60B $12.92B $8.35B $9.26B $6.97B
PP&E (Net) 12-point trend, +435.4% $4.61B $3.34B $2.72B $2.31B $1.93B $1.60B $1.53B $1.41B $1.07B $937M $892M $861M
PP&E (Gross) 12-point trend, +198.8% $8.51B $7.11B $6.37B $5.63B $4.98B $4.38B $4.07B $3.81B $3.31B $3.04B $2.95B $2.85B
Accum. Depreciation 12-point trend, +96.3% $3.90B $3.77B $3.65B $3.32B $3.05B $2.78B $2.54B $2.40B $2.25B $2.11B $2.05B $1.99B
Goodwill 12-point trend, +12.2% $3.71B $3.73B $3.73B $3.70B $3.48B $3.47B $3.40B $3.37B $3.37B $3.32B $3.30B $3.30B
Intangibles 12-point trend, -76.2% $226M $249M $294M $339M $104M $153M $156M $213M $412M $575M $762M $951M
Other Non-current Assets 8-point trend, +225.0% $806M $314M $345M $691M $229M $260M $265M $248M · · · ·
Total Assets 12-point trend, +175.5% $36.30B $34.41B $30.73B $26.73B $25.82B $22.35B $19.02B $17.63B $19.42B $14.57B $15.31B $13.17B
Accounts Payable 12-point trend, +222.7% $1.98B $1.57B $1.48B $1.75B $1.47B $1.12B $958M $996M $945M $813M $658M $613M
Short-term Debt 9-point trend, +100000000.00 $100M $799M $100M $0 · · $600M $0 · $200M $1.20B $0
Current Liabilities 12-point trend, +183.4% $8.00B $8.47B $7.37B $7.38B $6.34B $4.46B $4.45B $3.92B $4.12B $3.63B $3.80B $2.82B
Capital Leases 7-point trend, +404000000.00 $404M $259M $252M $287M $228M $195M $0 · · · · ·
Deferred Tax 6-point trend, -65.6% · · · · · · $11M $12M $5M $1M $56M $32M
Other Non-current Liabilities 12-point trend, +1412.7% $1.07B $810M $714M $732M $692M $662M $163M $126M $99M $77M $85M $71M
Total Liabilities 12-point trend, +199.4% $15.88B $15.41B $14.38B $14.53B $13.58B $11.78B $10.81B $10.79B $10.07B $7.35B $7.70B $5.31B
Long-term Debt 10-point trend, +231.5% $6.46B $6.16B $5.46B · · $5.45B $5.31B $5.31B $5.30B $3.12B $3.34B $1.95B
Total Debt 12-point trend, +236.7% $6.55B $6.96B $5.56B $5.46B $5.45B $5.45B $5.91B $5.31B $5.30B $3.54B $4.54B $1.95B
Retained Earnings 12-point trend, +322.5% $55.23B $49.65B $43.73B $37.89B $32.25B $27.21B $24.39B $20.88B $18.26B $15.25B $13.97B $13.07B
Treasury Stock 12-point trend, +290.9% $45.04B $40.15B $36.30B $34.10B $28.00B $24.25B $23.60B $21.19B $15.91B $14.74B $12.85B $11.52B
AOCI 12-point trend, -44.7% $-110M $-168M $-217M $-202M $-260M $-299M $-180M $-125M $-64M $-115M $-92M $-76M
Stockholders' Equity 12-point trend, +159.5% $20.41B $19.00B $16.35B $12.19B $12.25B $10.58B $8.21B $6.84B $9.63B $7.41B $7.61B $7.87B
Liabilities + Equity 12-point trend, +175.5% $36.30B $34.41B $30.73B $26.73B $25.82B $22.35B $19.02B $17.63B $19.42B $14.57B $15.31B $13.17B
Shares Outstanding 12-point trend, -35.1% 793,000,000 818,000,000 833,000,000 844,000,000 892,000,000 914,000,000 916,000,000 967,000,000 1,060,000,000 1,078,000,000 1,160,000,000 1,221,000,000
Cash Flow 19
Annual Cash Flow data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, +16.0% $435M $392M $515M $444M $394M $376M $363M $457M $407M $389M $371M $375M
Stock-based Comp 12-point trend, +277.4% $668M $577M $490M $413M $346M $307M $263M $258M $220M $201M $187M $177M
Deferred Tax 12-point trend, +6505.6% $1.15B $-678M $-358M $195M $60M $68M $51M $198M $-12M $-21M $-130M $-18M
Amort. of Intangibles 10-point trend, -76.1% · · $44M $40M $49M $56M $57M $199M $193M $189M $186M $184M
Restructuring 9-point trend, +2485.7% $181M $0 $0 $-4M $157M $0 $0 · · · $9M $7M
Other Non-cash 2-point trend, -74.8% · · · $-2.18B $-1.25B · · · · · · ·
Operating Cash Flow 12-point trend, +342.1% $7.96B $8.68B $8.70B $5.40B $5.44B $3.80B $3.25B $3.79B $3.79B $2.57B $1.16B $1.80B
CapEx 12-point trend, +837.8% $2.26B $1.19B $1.11B $787M $668M $422M $441M $622M $345M $253M $215M $241M
Investing Cash Flow 12-point trend, -1628.0% $-2.78B $-2.33B $-1.53B $-1.36B $-1.22B $-130M $-443M $571M $-2.53B $-425M $-281M $-161M
Debt Issued 11-point trend, -61.6% $991M $694M $0 $0 $0 $2.98B $0 $0 $2.18B $0 $2.58B ·
Net Debt Issued 8-point trend, -85.2% $291M $694M · $0 $0 $97M $0 $0 $1.97B · · ·
Stock Issued 12-point trend, +143.9% $261M $243M $227M $199M $175M $174M $145M $124M $97M $88M $88M $107M
Stock Repurchased 12-point trend, +4895000000.00 $4.89B $3.82B $2.19B $6.10B $3.75B $649M $2.40B $5.28B $1.17B $1.89B $1.32B $0
Net Stock Activity 12-point trend, -4634000000.00 $-4.63B $-3.58B $-1.96B $-5.90B $-3.58B $-475M $-2.26B $-5.16B $-1.07B $-1.80B $-1.32B $0
Dividends Paid 12-point trend, +185.4% $1.38B $1.19B $975M $873M $838M $787M $771M $605M $430M $444M $487M $485M
Financing Cash Flow 12-point trend, -1617.5% $-5.98B $-4.47B $-3.03B $-7.04B $-4.59B $-1.34B $-3.12B $-5.93B $341M $-3.53B $913M $-348M
Net Change in Cash 12-point trend, -162.0% $-801M $1.88B $4.13B $-3.00B $-365M $2.34B $-311M $-1.57B $1.60B $-1.39B $1.79B $1.29B
Free Cash Flow 12-point trend, +265.5% $5.70B $7.49B $7.59B $4.61B $4.77B $3.38B $2.81B $3.17B $3.26B $2.21B $948M $1.56B
Levered FCF 10-point trend, +395.9% · · $7.38B $4.42B $4.57B $3.17B $2.61B $3.00B $3.08B $2.08B $859M $1.49B
Profitability 8
Annual Profitability data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, +14.9% 48.7% 47.5% 46.7% 46.5% 47.3% 44.7% 43.7% 45.3% 44.9% 41.7% 40.9% 42.4%
Operating Margin 12-point trend, +74.4% 29.2% 28.9% 28.9% 30.2% 29.9% 25.4% 22.9% 27.8% 26.6% 19.9% 17.5% 16.8%
Net Margin 12-point trend, +108.7% 24.7% 26.4% 25.9% 25.3% 25.5% 21.0% 18.5% 19.2% 23.6% 15.9% 14.3% 11.8%
Pretax Margin 12-point trend, +104.8% 32.7% 30.0% 29.1% 29.5% 29.4% 24.2% 22.4% 27.2% 25.7% 18.6% 16.5% 16.0%
EBITDA Margin 12-point trend, +74.4% 29.2% 28.9% 28.9% 31.9% 31.6% 25.4% 22.9% 27.8% 26.6% 19.9% 17.5% 16.8%
ROA 12-point trend, +132.8% 19.8% 22.0% 23.9% 24.8% 24.4% 17.5% 14.8% 17.8% 20.2% 11.5% 9.7% 8.5%
ROE 12-point trend, +157.7% 35.5% 37.9% 43.6% 53.8% 48.4% 35.9% 33.1% 48.0% 38.0% 24.5% 17.7% 13.8%
ROIC 12-point trend, +102.3% 23.2% 26.7% 31.0% 37.9% 33.9% 23.7% 19.6% 27.9% 24.3% 17.1% 12.0% 11.5%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, +5.8% 2.6 2.5 2.6 2.2 2.5 3.0 2.3 2.6 3.1 2.3 2.4 2.5
Quick Ratio 12-point trend, +0.5% 1.7 1.7 1.6 1.2 1.6 2.0 1.4 1.6 2.3 1.7 1.8 1.7
Debt / Equity 12-point trend, +29.7% 0.3 0.4 0.3 0.4 0.4 0.5 0.7 0.8 0.6 0.5 0.6 0.2
LT Debt / Equity 12-point trend, +27.8% 0.3 0.3 0.3 0.4 0.4 0.5 0.6 0.8 0.6 0.4 0.4 0.2
Interest Coverage 10-point trend, +101.0% · · 32.2 34.2 29.2 18.2 14.1 20.5 19.5 13.9 16.4 16.0
Efficiency 3
Annual Efficiency data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, +11.5% 0.8 0.8 0.9 1.0 1.0 0.8 0.8 0.9 0.9 0.7 0.7 0.7
Inventory Turnover 12-point trend, -27.3% 2.6 2.6 2.4 2.7 3.0 2.6 2.3 2.9 3.2 3.3 3.4 3.5
Receivables Turnover 12-point trend, -7.6% 5.1 5.2 4.7 4.7 5.8 6.3 6.0 7.0 6.3 5.4 5.7 5.5
Per Share 6
Annual Per Share data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +299.5% $25.74 $23.23 $19.63 $14.45 $13.73 $11.57 $8.97 $7.07 $8.82 $6.69 $6.56 $6.44
Revenue / Share 12-point trend, +376.4% $35.11 $32.59 $31.38 $29.40 $25.10 $18.64 $15.46 $16.82 $13.41 $9.70 $7.88 $7.37
Cash Flow / Share 12-point trend, +573.6% $9.85 $10.40 $10.30 $6.16 $5.92 $4.12 $3.44 $3.69 $3.33 $2.21 $0.95 $1.46
Cash / Share 12-point trend, +271.4% $9.13 $9.81 $7.36 $2.36 $5.60 $5.85 $3.42 $3.56 $4.73 $3.16 $4.14 $2.46
Dividend / Share 12-point trend, +1680.0% $2 $2 $1 $1 $1 $1 $1 $1 $0 $0 $0 $0
EPS (TTM) 12-point trend, +895.4% $8.66 $8.61 $8.11 $7.44 $6.40 $3.92 $2.86 $2.96 $3.25 $1.54 $1.12 $0.87
Growth Rates 10
Annual Growth Rates data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -87.1% 4.4% 2.5% 2.8% 11.8% 34.1% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -79.2% 3.2% 5.6% 15.5% · · · · · · · · ·
Revenue CAGR 5Y 10.5% · · · · · · · · · · ·
EPS YoY 5-point trend, -99.1% 0.58% 6.2% 9.0% 16.2% 63.3% · · · · · · ·
EPS CAGR 3Y 3-point trend, -81.1% 5.2% 10.4% 27.4% · · · · · · · · ·
EPS CAGR 5Y 17.2% · · · · · · · · · · ·
Net Income YoY 5-point trend, -104.0% -2.5% 4.7% 5.1% 10.8% 62.7% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -90.1% 2.4% 6.8% 23.7% · · · · · · · · ·
Net Income CAGR 5Y 14.1% · · · · · · · · · · ·
Dividend CAGR 5Y 11.9% · · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for AMAT
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +212.7% $28.37B $27.18B $26.52B $25.79B $23.06B $17.20B $14.61B $16.70B $14.70B $10.82B $9.66B $9.07B
Net Income TTM 12-point trend, +552.8% $7.00B $7.18B $6.86B $6.53B $5.89B $3.62B $2.71B $3.04B $3.52B $1.72B $1.38B $1.07B
Market Cap 12-point trend, +607.8% $181.40B $152.57B $109.37B $75.72B $121.89B $55.71B $51.04B $31.29B $60.09B $30.90B $19.07B $25.63B
Enterprise Value 12-point trend, +634.8% $179.38B $150.06B $108.06B $78.60B $121.88B $55.42B $53.33B $32.57B $58.12B $30.69B $18.65B $24.41B
P/E 12-point trend, +9.5% 26.4 21.7 16.2 12.1 21.4 15.5 19.5 10.9 17.4 18.6 14.7 24.1
P/S 12-point trend, +126.4% 6.4 5.6 4.1 2.9 5.3 3.2 3.5 1.9 4.1 2.9 2.0 2.8
P/B 12-point trend, +172.8% 8.9 8.0 6.7 6.2 10.0 5.3 6.2 4.6 6.4 4.3 2.5 3.3
P / Tangible Book 6-point trend, +37.5% 11.0 10.2 8.9 9.3 14.1 8.0 · · · · · ·
P / Cash Flow 12-point trend, +60.1% 22.8 17.6 12.6 14.0 22.4 14.6 15.7 8.3 16.7 12.5 16.4 14.2
P / FCF 12-point trend, +93.7% 31.8 20.4 14.4 16.4 25.5 16.5 18.2 9.9 18.4 14.0 20.1 16.4
EV / EBITDA 12-point trend, +34.7% 21.6 19.1 14.1 9.5 16.7 12.7 15.9 6.8 15.0 14.3 11.0 16.1
EV / FCF 12-point trend, +101.0% 31.5 20.0 14.2 17.0 25.5 16.4 19.0 10.3 17.8 13.9 19.7 15.7
EV / Revenue 12-point trend, +135.0% 6.3 5.5 4.1 3.0 5.3 3.2 3.7 1.9 4.0 2.8 1.9 2.7
Dividend Yield 12-point trend, -59.8% 0.76% 0.78% 0.89% 1.1% 0.69% 1.4% 1.5% 1.9% 0.72% 1.4% 2.5% 1.9%
Earnings Yield 12-point trend, -8.5% 3.8% 4.6% 6.2% 8.3% 4.7% 6.4% 5.1% 9.2% 5.7% 5.4% 6.8% 4.1%
Payout Ratio 12-point trend, -56.3% 19.8% 16.6% 14.2% 13.4% 14.2% 21.8% 28.5% 18.3% 12.5% 25.8% 35.4% 45.2%
Annual Payout 12-point trend, +185.4% $1.38B $1.19B $975M $873M $838M $787M $771M $605M $430M $444M $487M $485M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-10-262024-10-272023-10-292022-10-302021-10-31
Revenue $28.37B$27.18B$26.52B$25.79B$23.06B
Gross Margin % 48.7%47.5%46.7%46.5%47.3%
Operating Margin % 29.2%28.9%28.9%30.2%29.9%
Net Income $7.00B$7.18B$6.86B$6.53B$5.89B
Diluted EPS $8.66$8.61$8.11$7.44$6.40
Balance Sheet
2025-10-262024-10-272023-10-292022-10-302021-10-31
Debt / Equity 0.30.40.30.40.4
Current Ratio 2.62.52.62.22.5
Quick Ratio 1.71.71.61.21.6
Cash Flow
2025-10-262024-10-272023-10-292022-10-302021-10-31
Free Cash Flow $5.70B$7.49B$7.59B$4.61B$4.77B

AMAT AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.80
↑ Bullish

I see Applied Materials perfectly positioned to capture the explosive growth in AI chip fabrication, with improving profitability underscoring its pricing power in a supply-constrained market. Market cap doubled to $307 billion from $204 billion in 2026Q1, signaling strong investor buy-in to the AI tailwinds. EPS TTM rose to $9.76 from $8.67, proving the company is delivering real earnings acceleration amid surging demand. Net margin climbed to 27.78%, a standout for semi equipment that means they're converting sales into profits more effectively than ever.

↓ Bearish

The biggest risk for AMAT is a potential slowdown in wafer-fab equipment spending if AI hype cools, leaving its elevated multiples exposed in a cyclical sector. P/E TTM at 39.2 edges above peers like LRCX at 37, baking in aggressive growth expectations with slim room for misses. ROE TTM of 38.9% lags leaders such as KLAC's 98%, highlighting they're not the top dog on capital efficiency. Shares surged 47% from $135 to $198 in four months, a classic setup for profit-taking after such a steep climb.

Claude NEUTRAL 0.68
↑ Bullish

Applied Materials is riding genuine structural tailwinds in AI chip manufacturing, and the valuation is not yet pricing in the full cycle. The stock is up 130% in a year, yes, but the fundamentals are accelerating faster than the price. EPS grew to 9.76 from 8.67 in a single quarter — that's 12.6% growth quarter-over-quarter. Net margin expanded to 27.78% from 24.67%, showing pricing power is real, not borrowed. At 39.2 times trailing earnings, AMAT trades in line with LRCX at 37x, but AMAT's ROE of 38.9% is sustainable given the secular demand for wafer-fab equipment. If AI capex cycles extend into 2027, this stock has room.

↓ Bearish

The market has already priced in years of AI upside, and AMAT is now vulnerable to any stumble in wafer-fab spending visibility. The P/E jumped from 29.1 to 39.2 in one quarter — a 35% multiple expansion in 90 days is not gradual repricing, it's euphoria. Market cap doubled from 203 billion to 307 billion in the same window. Gross margin is flat at 48.72%, which means the company is not expanding unit economics, only riding volume. If semiconductor capex normalizes or AI demand softens, the multiple compresses hard, and there is no margin expansion cushion to catch the stock.

Gemini NEUTRAL 0.75
↑ Bullish

Applied Materials is successfully translating the relentless demand for AI infrastructure into superior operational efficiency. The company is generating a 38.9% return on equity. This means for every dollar shareholders have invested, the company is generating nearly 39 cents in profit, proving their equipment is essential to the current semiconductor supercycle. Furthermore, their net profit margin has expanded to 27.78%. This indicates that the company is keeping more of every sales dollar as actual bottom-line earnings, showcasing strong pricing power as they roll out their latest advanced chipmaking systems.

↓ Bearish

The valuation has reached a point where the market is pricing in perfection, leaving zero room for execution errors or a cyclical slowdown. The stock is currently trading at a P/E of 39.15. This multiple suggests investors are paying a significant premium for future earnings, which is risky if the semiconductor capital expenditure cycle cools down. Additionally, the P/S ratio has climbed to 10.87. This elevated level implies that the market is valuing the company's revenue at a historic high, creating a fragile setup if growth expectations shift even slightly in the coming quarters.

Chatgpt NEUTRAL 0.65
↑ Bullish

I think the strongest bullish case is that AMAT sits at the center of a durable AI-driven wafer-fab upgrade cycle with strong profitability. ROE TTM: 38.9%. That means AMAT converts a large share of equity into profits, supporting ongoing buybacks and earnings growth. Gross margin TTM: 48.72%. That implies pricing power and durable gross profitability in a capital-intensive but high-visibility market. EPS TTM: 9.7629. That shows earnings momentum that can power multiple expansion if AI demand remains robust.

↓ Bearish

My bear case is that AMAT trades at a rich multiple and faces cyclical risk if AI capex slows. P/E TTM: 39.16. That valuation implies high growth expectations and leaves little cushion if demand slows. P/S TTM: 10.8792. That premium on sales suggests the market is pricing in outsized top-line leverage; any deceleration hurts multiples. Debt/equity Q1'26: 32.11. That leverage raises financial risk in a downturn and could pressure equity if cash flow falters.

Round 2 — Responses & Rebuttals

Grok

ChatGPT, I push back on your bearish flag on debt/equity at 32.11% as a financial risk – that's actually low leverage for semi equipment, meaning AMAT relies mostly on equity to fund growth and has ample dry powder for buybacks or acquisitions without straining cash flows. With current ratio at 2.71, short-term liquidity is robust, buffering any capex slowdown better than higher-debt peers like LRCX.

Claude

I need to push back on Grok's ROE comparison. Grok says AMAT's 38.9% ROE lags KLAC's 98%, implying KLAC is more capital-efficient. That's backwards. KLAC's 98% ROE is a red flag, not a badge of honor — it signals extreme leverage or aggressive buybacks artificially inflating returns on a shrinking equity base. AMAT's 38.9% is actually the healthier number: it's sustainable, it comes from real operational performance, and it doesn't require financial engineering to look good. When you see ROE that high in a capital-intensive business, ask what's propping it up. KLAC's answer is probably debt and share count reduction, not superior business quality.

Gemini

Grok, your point about the valuation gap between AMAT and KLA Corporation is the most critical factor for investors to weigh right now. While you noted KLAC's 98% ROE, it is important to remember that Applied Materials operates a much broader, more capital-intensive business model that naturally dilutes that specific metric. A 38.9% ROE is still exceptional for a company of this scale, showing they are highly efficient at deploying capital. However, I agree that paying a premium multiple for AMAT while its capital efficiency lags behind smaller, specialized peers creates real downside risk.

Chatgpt

Claude, your point about valuation assuming limited upside misses the durability of AMAT's AI-driven capex cycle. P/E TTM around 39 indicates investors are pricing in several years of above-trend earnings, which means the stock's return profile hinges on continued wafer-fab spending. AMAT's profitability is supported by strong margins and cash flow, giving at least some cushion if the cycle cools. But if AI demand stalls, multiples could compress despite the earnings; the key is visibility on capex spend.

Round 3 — Final Rebuttals

G
Grok

Claude, I side with Gemini on KLAC's ROE — that 98% isn't a warning sign but evidence of superior capital allocation in a high-margin inspection niche. It means KLAC squeezes nearly a full dollar of profit from every dollar of equity, outpacing AMAT's broader equipment lines that require more scale to hit similar returns. AMAT's own 38.9% ROE is strong, yet it trades at a 39x P/E versus KLAC's 38x, paying up for catch-up potential in an AI fab boom that could narrow the gap if execution holds.

C
Claude

I want to challenge something Grok said that no one pushed back on: that AMAT's 32.11% debt-to-equity is 'low leverage for semi equipment.' That's not quite right. A D/E of 32% means AMAT is carrying about 32 cents of debt for every dollar of equity — which is moderate, not low. The real issue is that this ratio has been stable for three quarters, which tells me AMAT isn't using balance sheet capacity aggressively. If AI capex truly extends into 2027 as I argued, why isn't management deploying more debt to fund buybacks or M&A? The flat D/E suggests either confidence is softer than the stock price implies, or they're being cautious ahead of a potential cycle turn. That hesitation is worth watching.

G
Gemini

I want to challenge Claude’s dismissal of the valuation risk by bringing in the geopolitical reality of export controls. While we are debating margins, the real threat to AMAT’s 2026 outlook is the tightening of U.S. export restrictions on advanced chipmaking equipment to China. Roughly 30% of their revenue is tied to that region, and any further tightening creates a massive revenue cliff that current P/E multiples of 39.2 do not account for. That multiple is the price investors pay for one dollar of earnings, and it assumes a smooth, uninterrupted global supply chain that simply no longer exists.

C
Chatgpt

Claude, your point about durable AI tailwinds not yet priced in is the loud claim I challenge. My read is the market is already pricing several years of above-trend earnings, evidenced by a P/E TTM of about 39x. That multiple implies investors expect material growth to continue; any abrupt AI capex slowdown could compress multiple, even if margin stays healthy. Also, the stock has surged dramatically over the past year, suggesting limited upside surprise unless demand accelerates further.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $215.00 6M Target $245.00 Reasoning I expect AMAT to rally as AI chipmakers sustain aggressive wafer-fab equipment orders into late 2026, extending the current earnings momentum. The key catalyst is AMAT's Q3 2026 earnings in mid-October, where guidance for 20%+ order growth from AI hyperscalers could spark multiple expansion. The main risk is a surprise U.S. export control expansion targeting China announced by the Commerce Department, hitting 30% of revenue. At a forward P/E of 42 on $10.50 EPS, that means the market would reward flawless execution with a 10% premium over today's 39x, baking in two more years of 15% growth.
C Claude 3M Target $168.00 6M Target $182.00 Reasoning AMAT's AI tailwinds are real, but the stock has already priced in years of upside — a 39x P/E means the market is betting on flawless execution with zero margin for error. My thesis: the stock consolidates near current levels over three months as investors digest whether wafer-fab capex truly extends into 2027, then re-rates higher if 2026Q3 earnings confirm sustained demand. The catalyst I'm watching is AMAT's next earnings print — if management guides 2027 capex visibility above consensus, the multiple holds and the stock pushes toward 182 by year-end. The risk that breaks this: any China export control tightening (Gemini's point is valid — 30% China exposure at a 39x multiple leaves no cushion). At 39x trailing earnings, AMAT is paying roughly $3.80 per dollar of annual profit, which works only if AI spending doesn't stall. I'm holding my hold thesis — the risk-reward is balanced, not skewed bullish.
G Gemini 3M Target $165.00 6M Target $180.00 Reasoning My thesis is that Applied Materials will grind higher as AI infrastructure demand offsets geopolitical headwinds, though the valuation remains a ceiling on explosive growth. A specific catalyst for the six-month outlook is the fiscal 2026 third-quarter earnings report; if management demonstrates that new chipmaking systems are successfully capturing market share in high-bandwidth memory, the stock will likely re-rate. The primary risk is a sudden expansion of U.S. export controls on semiconductor equipment, which would immediately threaten a significant portion of revenue. The current P/E of 39.16 means investors are paying a steep premium for future earnings, leaving little room for error if growth expectations falter.
C Chatgpt 3M Target $165.00 6M Target $185.00 Reasoning I think AMAT can drift higher over the next few months on durable AI-driven wafer-fab capex and solid profitability. Catalyst: a stronger-than-expected 2026Q2 print with upbeat guidance on continued chipmaking spend. Risk: export controls to China or a cyclical slowdown in AI capex could crush multiples. Connect to reality: at about 151.55, with a 39x P/E and EPS near 9.76, the market is pricing years of growth; a miss could compress the multiple.

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Institutional owners (13F) 3,787 filers · $276.7B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
697 (+198 vs prior Q) 102 (-6 vs prior Q) 1,073 (+128 vs prior Q) 1,337 (+136 vs prior Q) +77.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $37,486,362,834 51,848,358 13.55% Shares
STATE STREET CORP $27,647,533,737 38,240,019 9.99% Shares
Capital Research Global Investors $16,020,269,437 22,159,097 5.79% Shares
GEODE CAPITAL MANAGEMENT, LLC $14,052,485,769 19,478,194 5.08% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $13,414,040,961 18,553,307 4.85% Shares
NORGES BANK $8,174,084,724 11,305,788 2.95% Shares
VAN ECK ASSOCIATES CORP $4,743,632,643 6,561,041 1.71% Shares
Sanders Capital, LLC $4,406,230,956 6,094,372 1.59% Shares
FMR LLC $3,792,710,766 5,245,797 1.37% Shares
VANGUARD FIDUCIARY TRUST CO $3,297,344,166 4,560,642 1.19% Shares
AMERIPRISE FINANCIAL INC $3,141,039,900 4,348,552 1.14% Shares
JANE STREET GROUP, LLC $2,461,092,000 3,404,000 0.89% Put option
PeakShares LLC $2,414,820,000 3,340 0.87% Shares
AMERICAN CENTURY COMPANIES INC $2,172,039,477 3,004,203 0.78% Shares
BANK OF AMERICA CORP /DE/ $2,072,685,555 2,866,785 0.75% Shares
Capital World Investors $1,940,409,869 2,683,846 0.70% Shares
BARCLAYS PLC $1,927,491,249 2,665,963 0.70% Shares
ALLIANCEBERNSTEIN L.P. $1,854,815,718 5,426,770 0.67% Shares
PARNASSUS INVESTMENTS, LLC $1,830,453,081 2,531,747 0.66% Shares
FIRST TRUST ADVISORS LP $1,780,116,122 2,462,125 0.64% Shares
GOLDMAN SACHS GROUP INC $1,747,104,304 2,416,465 0.63% Shares
JANE STREET GROUP, LLC $1,720,378,500 2,379,500 0.62% Call option
BlackRock, Inc. $1,638,725,772 2,266,564 0.59% Shares
Swiss National Bank $1,618,348,740 2,238,380 0.58% Shares
CANADA PENSION PLAN INVESTMENT BOARD $1,615,513,134 2,234,458 0.58% Shares
DIMENSIONAL FUND ADVISORS LP $1,589,637,507 2,198,668 0.57% Shares
California Public Employees Retirement System $1,546,807,890 2,139,430 0.56% Shares
Pictet Asset Management Holding SA $1,506,178,885 2,084,024 0.54% Shares
Legal & General Group Plc $1,484,288,633 2,052,958 0.54% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $1,469,697,832 2,034,179 0.53% Shares
Robeco Institutional Asset Management B.V. $1,419,399,384 1,963,208 0.51% Shares
National Pension Service $1,418,562,873 1,962,051 0.51% Shares
Rafferty Asset Management, LLC $1,396,237,356 1,931,172 0.50% Shares
Capital International Investors $1,371,142,150 1,898,077 0.50% Shares
Sumitomo Mitsui Trust Group, Inc. $1,362,295,398 1,884,226 0.49% Shares
Vanguard Global Advisers, LLC $1,240,467,729 1,715,723 0.45% Shares
BNP PARIBAS FINANCIAL MARKETS $1,216,088,892 1,682,004 0.44% Shares
TIGER GLOBAL MANAGEMENT LLC $1,180,087,830 1,632,210 0.43% Shares
UBS Group AG $1,157,428,287 1,600,869 0.42% Shares
VICTORY CAPITAL MANAGEMENT INC $1,134,946,235 1,569,763 0.41% Shares
VANGUARD ASSET MANAGEMENT, Ltd $1,118,944,443 1,547,641 0.40% Shares
Bank Julius Baer & Co. Ltd, Zurich $1,073,793,185 1,495,836 0.39% Shares
RHUMBLINE ADVISERS $1,026,506,724 1,419,788 0.37% Shares
ALKEON CAPITAL MANAGEMENT LLC $909,893,331 1,258,497 0.33% Shares
FIRST MANHATTAN CO. LLC. $896,848,073 1,240,454 0.32% Shares
Caisse de depot et placement du Quebec $885,535,461 1,224,807 0.32% Shares
LONE PINE CAPITAL LLC $873,193,851 1,207,737 0.32% Shares
NEUBERGER BERMAN GROUP LLC $811,317,163 1,125,557 0.29% Shares
CTC LLC $808,964,700 11,189 0.29% Call option
CTC LLC $793,781,700 10,979 0.29% Put option
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $784,042,457 1,084,857 0.28% Shares
NORDEA INVESTMENT MANAGEMENT AB $776,962,382 1,063,036 0.28% Shares
PRIMECAP MANAGEMENT CO/CA/ $754,035,498 1,042,926 0.27% Shares
Squarepoint Ops LLC $750,353,259 1,037,833 0.27% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $745,000,167 1,030,429 0.27% Shares
ENVESTNET ASSET MANAGEMENT INC $713,997,690 987,556 0.26% Shares
PRINCIPAL FINANCIAL GROUP INC $703,635,891 973,217 0.25% Shares
ProShare Advisors LLC $701,882,616 970,792 0.25% Shares
WELLINGTON MANAGEMENT GROUP LLP $683,855,334 945,858 0.25% Shares
Ensign Peak Advisors, Inc $672,494,835 930,145 0.24% Shares
RAYMOND JAMES FINANCIAL INC $665,816,545 920,908 0.24% Shares
LPL Financial LLC $662,634,662 916,507 0.24% Shares
PRUDENTIAL FINANCIAL INC $658,824,351 911,237 0.24% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $657,932,816 910,031 0.24% Shares
CITADEL ADVISORS LLC $657,274,239 909,093 0.24% Shares
Employees Provident Fund Board $635,374,569 878,803 0.23% Shares
TD Asset Management Inc $634,185,234 877,158 0.23% Shares
MENORA MIVTACHIM HOLDINGS LTD. $631,941,042 874,054 0.23% Shares
MILLENNIUM MANAGEMENT LLC $630,817,500 872,500 0.23% Put option
Universal- Beteiligungs- und Servicegesellschaft mbH $625,896,093 874,439 0.23% Shares
AGF MANAGEMENT LTD $616,154,337 852,219 0.22% Shares
AVIVA PLC $615,060,438 850,706 0.22% Shares
NEW YORK STATE COMMON RETIREMENT FUND $613,045,437 847,919 0.22% Shares
FIFTH THIRD BANCORP $544,732,843 753,434 0.20% Shares
ING GROEP NV $543,709,014 752,018 0.20% Shares
Alecta Tjanstepension Omsesidigt $531,766,500 735,500 0.19% Shares
MACKENZIE FINANCIAL CORP $515,625,525 713,175 0.19% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $493,655,724 682,788 0.18% Shares
Union Bancaire Privee, UBP SA $488,832,037 164,416 0.18% Shares
BROWN BROTHERS HARRIMAN & CO $482,466,576 667,312 0.17% Shares
Mariner, LLC $449,090,797 621,348 0.16% Shares
VANGUARD GROUP INC $446,471,297 1,737,310 0.16% Shares
APG Asset Management N.V. $439,655,838 695,240 0.16% Shares
NEOS Investment Management LLC $437,431,629 605,023 0.16% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $437,062,254 1,278,745 0.16% Shares
Point72 Asset Management, L.P. $433,788,432 599,984 0.16% Shares
Blue Whale Capital LLP $433,465,974 599,538 0.16% Shares
CIBC WORLD MARKET INC. $428,168,829 592,211 0.15% Shares
Nuveen, LLC $421,131,594 582,478 0.15% Shares
MILLENNIUM MANAGEMENT LLC $420,352,200 581,400 0.15% Call option
Korea Investment CORP $419,961,057 580,859 0.15% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $418,452,813 1,224,298 0.15% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $410,465,898 567,726 0.15% Shares
PFA Pension, Forsikringsaktieselskab $405,680,812 561,108 0.15% Shares
Jericho Capital Asset Management L.P. $400,489,221 553,927 0.14% Shares
ABRAMS BISON INVESTMENTS, LLC $399,096,000 552,000 0.14% Shares
Assenagon Asset Management S.A. $384,643,230 532,010 0.14% Shares
JONES FINANCIAL COMPANIES LLLP $376,762,677 601,051 0.14% Shares
Egerton Capital (UK) LLP $376,729,995 521,065 0.14% Shares
1832 Asset Management L.P. $374,964,429 518,623 0.14% Shares

Company insiders 71 insiders · 40 officers · 31 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Gary E Dickerson President and CEO June 30, 2026 S 1,599,843 0 15 $-104,789,404
Brice Hill SVP, CFO June 3, 2026 S 136,113 0 1 $-1,247,154
Charles Read Corp. VP, BU and Ops CFO Jan. 1, 2024 F 96,528 0 0 $0
Robert J Halliday Chief Financial Officer Dec. 28, 2021 G 98,104 0 0 $0
Daniel Durn Senior Vice President, CFO Sept. 1, 2021 S 340,571 0 0 $0
George S Davis Executive Vice President & CFO Dec. 19, 2012 F 1,164,743 0 0 $0
Joseph R Bronson Executive VP and CFO Nov. 17, 2003 S 0 0 0 $0
Prabu G. Raja President, Semi. Products Grp. June 18, 2026 S 346,642 0 2 $-19,107,740
Adam Sanders Corp. Controller & CAO July 1, 2026 F 4,155 0 1 $-116,370
Omkaram Nalamasu Senior Vice President, CTO June 16, 2026 S 146,916 0 9 $-20,754,197
Timothy M Deane SVP, Applied Global Services June 15, 2026 G 133,086 0 1 $-5,092,942
Teri A. Little SVP, CLO Dec. 19, 2024 F 92,253 0 0 $0
Jeff Bodner CVP, Corp. Controller & CAO Oct. 1, 2023 F 11,799 0 0 $0
Ginetto Addiego SVP, Operations & Quality Dec. 19, 2021 F 311,227 0 0 $0
Ali Salehpour SVP, Srv., Dspl. & Flex. Dec. 9, 2021 G 607,029 0 0 $0
Steve G. Ghanayem SVP, New Mrkts & Alliances Grp Dec. 19, 2019 F 457,855 0 0 $0
Thomas F Larkins Senior Vice President, GC Dec. 19, 2019 F 458,820 0 0 $0
Randhir Thakur EVP & GM, Silicon Systems Oct. 2, 2015 S 535,372 0 0 $0
Jay Kerley GVP, Chief Information Officer May 22, 2014 S 75,131 0 0 $0
Mary E Humiston Senior VP, Global HR Dec. 19, 2013 F 557,775 0 0 $0
Charles C Pappis Group VP, GM AGS July 1, 2013 M 411,835 0 0 $0
Thomas S Timko Corp. VP, Corp. Contrlr. & CAO March 5, 2013 S 108,250 0 0 $0
Joseph Gerard Flanagan SVP,Worldwide Ops & Sply Chain March 1, 2013 F 718,882 0 0 $0
Manfred Kerschbaum Senior Vice President Dec. 19, 2012 F 338,545 0 0 $0
Joseph J Sweeney Sr. VP, GC & Corp. Secretary Aug. 17, 2012 M 503,344 0 0 $0
Thomas T Edman Group VP & GM, Display July 1, 2012 F 281,181 0 0 $0
Ron Kifer Group VP & CIO Dec. 19, 2011 F 223,030 0 0 $0
Mark Pinto EVP & GM, EES Dec. 19, 2011 F 885,246 0 0 $0
Christopher P Bowers Group Vice President April 5, 2011 S 140,000 0 0 $0
Franz Janker Executive Vice President April 1, 2010 M 485,187 0 0 $0
Yvonne Weatherford VP, Corporate Controller March 1, 2010 M 197,290 0 0 $0
Thomas St Dennis Senior Vice President Aug. 31, 2009 F 267,938 0 0 $0
Gilad Almogy Senior Vice President Jan. 1, 2009 F 215,659 0 0 $0
Jeannette L Liebman Group VP, Global HR Dec. 10, 2008 S 149,343 0 0 $0
Menachem Erad Group VP Aug. 31, 2008 F 121,267 0 0 $0
Farhad Moghadam Senior Vice President Sept. 1, 2007 D 27,477 0 0 $0
Christopher P Belden Former Group VP Feb. 22, 2007 M 3,154 0 0 $0
Nancy H Handel Senior VP Dec. 20, 2006 G 87,223 0 0 $0
Ashok K Sinha Senior Vice President Dec. 8, 2005 I 155 0 0 $0
David N K Wang Executive Vice President Aug. 22, 2005 S 44,033 0 0 $0
Thomas J Iannotti Director June 16, 2026 G 39,809 0 1 $-5,547,872
Judy Bruner Director May 26, 2026 S 26,544 0 1 $-507,600
James Robert Anderson Director July 18, 2025 A 806 0 0 $0
Rani Borkar Director March 6, 2025 A 1,583 0 0 $0
Yvonne Mcgill Director March 6, 2025 A 16,581 0 0 $0
Alexander Karsner Director March 6, 2025 A 16,108 0 0 $0
Xun Chen Director March 6, 2025 A 45,042 0 0 $0
Kevin P March Director March 6, 2025 A 1,583 0 0 $0
Aart De Geus Director March 6, 2025 A 111,042 0 0 $0
Scott A Mcgregor Director March 6, 2025 A 23,836 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 2 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Applied Materials, Inc. 2) ×2 filings Dec. 21, 2009 — Initial filing — SEC
APPLIED MATERIALS, INC. ×3 filings Nov. 8, 2004 — Initial filing — SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 285 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
PRCS · Parnassus Funds II 12.45% 27,711 NS June 30, 2026 N-PORT
BULD · Pacer Funds Trust 8.28% 1,025 NS April 30, 2026 N-PORT
PSI · Invesco Exchange-Traded Fund Trust 6.48% 304,278 SH Aug. 8, 2026 Daily
SOXX · iShares Trust 5.07% 4,179,536 SH Aug. 8, 2026 Daily
SOXQ · Invesco Exchange-Traded Fund Trust … 5.02% 268,511 SH Aug. 8, 2026 Daily
QQQG · Pacer Funds Trust 4.68% 1,339 NS April 30, 2026 N-PORT
PRVS · Parnassus Funds II 4.60% 1,611 NS June 30, 2026 N-PORT
XPND · First Trust Exchange-Traded Fund VI… 4.55% 4,152 NS May 31, 2026 N-PORT
TINY · ProShares Trust 4.43% 817 NS May 31, 2026 N-PORT
PWRD · TCW ETF Trust 4.21% 157,280 NS April 30, 2026 N-PORT
ABIG · EA Series Trust 4.12% 5,098 NS May 29, 2026 N-PORT
QQQA · ProShares Trust 4.02% 4,059 NS May 31, 2026 N-PORT
PWB · Invesco Exchange-Traded Fund Trust 3.92% 176,430 SH Aug. 8, 2026 Daily
SOXY · Tidal Trust II 3.74% 4,723 NS April 30, 2026 N-PORT
CHPS · DBX ETF Trust 3.34% 6,652 NS May 29, 2026 N-PORT
RDVI · First Trust Exchange-Traded Fund IV 3.32% 258,499 NS April 30, 2026 N-PORT
CHPY · Tidal Trust II 3.25% 51,226 NS April 30, 2026 N-PORT
MAKX · ProShares Trust 3.17% 375 NS May 31, 2026 N-PORT
QUAL · iShares Trust 3.15% 2,862,883 SH Aug. 8, 2026 Daily
MTUM · iShares Trust 3.14% 1,510,606 SH Aug. 8, 2026 Daily
CGDV · Capital Group Dividend Value ETF 3.12% 2,438,061 NS May 31, 2026 N-PORT
CTEX · ProShares Trust 3.10% 507 NS May 31, 2026 N-PORT
STNC · Hennessy Funds Trust 3.09% 7,185 NS April 30, 2026 N-PORT
TOLL · Tema ETF Trust 2.97% 3,234 NS May 31, 2026 N-PORT
PJFV · PGIM ETF Trust 2.95% 5,660 NS May 29, 2026 N-PORT
PEXL · Pacer Funds Trust 2.94% 3,404 NS April 30, 2026 N-PORT
EQRR · ProShares Trust 2.89% 3,986 NS May 31, 2026 N-PORT
SNPG · DBX ETF Trust 2.86% 854 NS May 29, 2026 N-PORT
SEMI · Columbia ETF Trust I 2.83% 3,038 NS April 30, 2026 N-PORT
SPHQ · Invesco Exchange-Traded Fund Trust 2.76% 1,010,968 SH Aug. 8, 2026 Daily
TDV · ProShares Trust 2.75% 17,702 NS May 31, 2026 N-PORT
SOXL · Direxion Shares ETF Trust 2.73% 1,171,558 NS April 30, 2026 N-PORT
HECO · SSGA Active Trust 2.65% 5,488 NS April 30, 2026 N-PORT
DECO · SSGA Active Trust 2.63% 1,053 NS April 30, 2026 N-PORT
PTF · Invesco Exchange-Traded Fund Trust 2.61% 31,131 SH Aug. 8, 2026 Daily
CGUS · Capital Group Core Equity ETF 2.57% 617,903 NS May 31, 2026 N-PORT
QTOP · iShares Trust 2.47% 13,459 SH Aug. 8, 2026 Daily
QUSA · Tidal Trust III 2.39% 1,073 NS April 30, 2026 N-PORT
VGT · VANGUARD WORLD FUND 2.26% 5,318,522 SH Aug. 8, 2026 Daily
NUGO · Nushares ETF Trust 2.23% 160,287 NS April 30, 2026 N-PORT
EQTY · Valued Advisers Trust 2.22% 73,929 NS April 30, 2026 N-PORT
TIME · Tidal Trust II 2.20% 699 NS May 31, 2026 N-PORT
BKDV · BNY Mellon ETF Trust II 2.15% 75,140 NS April 30, 2026 N-PORT
SPMO · Invesco Exchange-Traded Fund Trust … 2.13% 864,026 SH Aug. 8, 2026 Daily
ZECP · Zacks Trust 2.08% 15,850 NS May 31, 2026 N-PORT
IYW · iShares Trust 2.07% 988,853 SH Aug. 8, 2026 Daily
RGEF · Tidal Trust III 2.03% 40,943 NS April 30, 2026 N-PORT
SAWG · ETF Series Solutions 2.02% 129 NS April 30, 2026 N-PORT
FMCX · Northern Lights Fund Trust IV 2.00% 5,226 NS May 31, 2026 N-PORT
GVIP · Goldman Sachs ETF Trust 1.97% 24,888 NS May 31, 2026 N-PORT