AMAT Applied Materials, Inc. - Common Stock
NASDAQ · Semiconductors · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 20, 2026AMAT Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| April 17, 2002 | 2-for-1 | Forward |
| March 16, 2000 | 2-for-1 | Forward |
| Oct. 14, 1997 | 2-for-1 | Forward |
| Oct. 13, 1995 | 2-for-1 | Forward |
| Oct. 6, 1993 | 2-for-1 | Forward |
| April 7, 1992 | 2-for-1 | Forward |
| May 16, 1986 | 2-for-1 | Forward |
| Feb. 6, 1981 | 3-for-2 | Forward |
| April 2, 1980 | 3-for-2 | Forward |
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 (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.
In September 2026, Applied Materials announced plans to invest $5 billion in India over the following decade under an initiative it described as "India Vision 2035", unveiled at SEMICON India 2026 in New Delhi as Indian Prime Minister Narendra Modi inaugurated the conference. The plan centers on research, supply-chain expansion and workforce development, and includes a proposed 140-acre semiconductor research park and a plan to expand the company's India-based supply-chain capacity roughly tenfold by 2035.
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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AMAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 46.65Y avg ≈19.5 | ≈19.5 | 68.4 | Undervalued | |
| P/S (TTM) | 13.95Y avg ≈4.9 | ≈4.9 | 13.8 | Fair value | |
| P/B (MRQ) | 16.75Y avg ≈8.0 | ≈8.0 | 10.1 | Overvalued | |
| EV / EBITDA | 51.55Y avg ≈16.2 | ≈16.2 | 31.6 | Undervalued | |
| Price / FCF (TTM) | 76.35Y avg ≈21.7 | ≈21.7 | · | · | |
| Price / Cash Flow (TTM) | 51.15Y avg ≈17.9 | ≈17.9 | 25.1 | Fair value | |
| EV / Revenue (TTM) | 13.95Y avg ≈4.9 | ≈4.9 | · | · | |
| EV / FCF (TTM) | 76.05Y avg ≈21.7 | ≈21.7 | · | · | |
| Price / Tangible Book (MRQ) | 16.95Y avg ≈10.7 | ≈10.7 | · | · | |
| PEG Ratio | ≈2.7 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AMAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Gross Margin (TTM) | 49.4%5Y avg ≈47.3% | ≈47.3% | 50.4% | In line | |
| Operating Margin (TTM) | 29.6%5Y avg ≈29.4% | ≈29.4% | 21.2% | Top tier | |
| EBITDA Margin | 29.2%5Y avg ≈30.1% | ≈30.1% | 21.2% | Top tier | |
| Pretax Margin (TTM) | 34.8%5Y avg ≈30.1% | ≈30.1% | 21.7% | Top tier | |
| Net Profit Margin (TTM) | 30.1%5Y avg ≈25.6% | ≈25.6% | 19.7% | Top tier | |
| ROA (TTM) | 23.8%5Y avg ≈23.0% | ≈23.0% | 5.8% | Top tier | |
| ROE (TTM) | 41.1%5Y avg ≈43.9% | ≈43.9% | 9.9% | Top tier | |
| ROIC | 23.2%5Y avg ≈30.5% | ≈30.5% | 12.7% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AMAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.35Y avg ≈0.4 | ≈0.4 | 0.3 | In line | |
| Current Ratio (MRQ) | 2.45Y avg ≈2.5 | ≈2.5 | 2.5 | In line | |
| Quick Ratio (MRQ) | 1.65Y avg ≈1.6 | ≈1.6 | 1.6 | In line | |
| Long-Term Debt / Equity (MRQ) | 0.25Y avg ≈0.4 | ≈0.4 | 0.4 | Low debt |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | AMAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 4.4%5Y avg ≈11.1% | ≈11.1% | · | · | |
| Revenue CAGR 3Y | 3.2%5Y avg ≈8.1% | ≈8.1% | · | · | |
| Revenue CAGR 5Y | 10.5% | · | · | · | |
| EPS YoY | 0.58%5Y avg ≈19.1% | ≈19.1% | · | · | |
| Net Income YoY | -2.5%5Y avg ≈16.2% | ≈16.2% | · | · | |
| EPS CAGR 3Y | 5.2%5Y avg ≈14.3% | ≈14.3% | · | · | |
| EPS CAGR 5Y | 17.2% | · | · | · | |
| Net Income CAGR 3Y | 2.4%5Y avg ≈11.0% | ≈11.0% | · | · | |
| Net Income CAGR 5Y | 14.1% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AMAT | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.9 | ≈0.9 | 0.7 | In line | |
| Inventory Turnover | 2.65Y avg ≈2.6 | ≈2.6 | 2.8 | Weak | |
| Receivables Turnover | 5.15Y avg ≈5.1 | ≈5.1 | 5.3 | Weak | |
| Revenue / Employee | ≈$729.3K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 20, 2026 | $0.53 | USD | ≈0.40% |
| May 21, 2026 | $0.53 | USD | ≈0.45% |
| Feb 19, 2026 | $0.46 | USD | ≈0.51% |
| Nov 20, 2025 | $0.46 | USD | ≈0.81% |
| Aug 21, 2025 | $0.46 | USD | ≈1.1% |
| May 22, 2025 | $0.46 | USD | ≈1.0% |
| Feb 20, 2025 | $0.40 | USD | ≈0.91% |
| Nov 21, 2024 | $0.40 | USD | ≈0.86% |
| Aug 22, 2024 | $0.40 | USD | ≈0.72% |
| May 22, 2024 | $0.40 | USD | ≈0.62% |
| Feb 21, 2024 | $0.32 | USD | ≈0.67% |
| Nov 22, 2023 | $0.32 | USD | ≈0.82% |
| Aug 23, 2023 | $0.32 | USD | ≈0.78% |
| May 24, 2023 | $0.32 | USD | ≈0.90% |
| Feb 22, 2023 | $0.26 | USD | ≈0.94% |
| Nov 23, 2022 | $0.26 | USD | ≈0.95% |
| Aug 24, 2022 | $0.26 | USD | ≈0.99% |
| May 25, 2022 | $0.26 | USD | ≈0.90% |
| Feb 22, 2022 | $0.24 | USD | ≈0.74% |
| Nov 24, 2021 | $0.24 | USD | ≈0.63% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| Sept. 30, 2026 | Nov 12, 2026 | $3.50 | $4.14 | -15.4% |
| June 30, 2026 | Aug 13, 2026 | $2.86 | $2.72 | 5.2% |
| March 31, 2026 | May 14, 2026 | $2.38 | $2.25 | 5.9% |
| Dec. 31, 2025 | $2.17 | $2.14 | 1.6% | |
| Sept. 30, 2025 | $2.48 | $2.41 | 3.0% | |
| June 30, 2025 | $2.39 | $2.36 | 1.3% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $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 | $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 | $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 | $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 | $1.77B | $1.80B | $1.63B | $735M | $620M | $567M | $461M | $483M | $438M | $390M | $469M | $502M | |
| Operating Expenses | $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 | $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 | · | · | $238M | $228M | $236M | $240M | $237M | $234M | $198M | $155M | $103M | $95M | |
| Interest Income | $406M | $486M | $262M | · | · | · | · | · | · | · | · | · | |
| Other Non-op | $1.25B | $532M | $300M | $39M | $118M | $41M | $156M | $139M | $78M | $16M | $8M | $23M | |
| Pretax Income | $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 | $2.27B | $975M | $860M | $1.07B | $883M | $547M | $563M | $1.36B | $297M | $292M | $221M | $376M | |
| Net Income | $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) | $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) | $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) | 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) | 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 | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $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 | $1.33B | $1.45B | $737M | $586M | $464M | $387M | $489M | $590M | $2.27B | $343M | $168M | $160M | |
| Receivables | $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 | $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 | $1.06B | $974M | $976M | $883M | $793M | $602M | $485M | $490M | $317M | $188M | $194M | $257M | |
| Other Current Assets | $1.21B | $1.09B | $1.39B | $1.34B | $1.39B | $764M | $581M | $530M | $374M | $275M | · | · | |
| Current Assets | $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) | $4.61B | $3.34B | $2.72B | $2.31B | $1.93B | $1.60B | $1.53B | $1.41B | $1.07B | $937M | $892M | $861M | |
| PP&E (Gross) | $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 | $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 | $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 | $226M | $249M | $294M | $339M | $104M | $153M | $156M | $213M | $412M | $575M | $762M | $951M | |
| Other Non-current Assets | $806M | $314M | $345M | $691M | $229M | $260M | $265M | $248M | · | · | · | · | |
| Total Assets | $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 | $1.98B | $1.57B | $1.48B | $1.75B | $1.47B | $1.12B | $958M | $996M | $945M | $813M | $658M | $613M | |
| Short-term Debt | $100M | $799M | $100M | $0 | · | · | $600M | $0 | · | $200M | $1.20B | $0 | |
| Current Liabilities | $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 | $404M | $259M | $252M | $287M | $228M | $195M | $0 | · | · | · | · | · | |
| Deferred Tax | · | · | · | · | · | · | $11M | $12M | $5M | $1M | $56M | $32M | |
| Other Non-current Liabilities | $1.07B | $810M | $714M | $732M | $692M | $662M | $163M | $126M | $99M | $77M | $85M | $71M | |
| Total Liabilities | $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 | $6.46B | $6.16B | $5.46B | · | · | $5.45B | $5.31B | $5.31B | $5.30B | $3.12B | $3.34B | $1.95B | |
| Total Debt | $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 | $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 | $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 | $-110M | $-168M | $-217M | $-202M | $-260M | $-299M | $-180M | $-125M | $-64M | $-115M | $-92M | $-76M | |
| Stockholders' Equity | $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 | $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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $435M | $392M | $515M | $444M | $394M | $376M | $363M | $457M | $407M | $389M | $371M | $375M | |
| Stock-based Comp | $668M | $577M | $490M | $413M | $346M | $307M | $263M | $258M | $220M | $201M | $187M | $177M | |
| Deferred Tax | $1.15B | $-678M | $-358M | $195M | $60M | $68M | $51M | $198M | $-12M | $-21M | $-130M | $-18M | |
| Amort. of Intangibles | · | · | $44M | $40M | $49M | $56M | $57M | $199M | $193M | $189M | $186M | $184M | |
| Restructuring | $181M | $0 | $0 | $-4M | $157M | $0 | $0 | · | · | · | $9M | $7M | |
| Other Non-cash | · | · | · | $-2.18B | $-1.25B | · | · | · | · | · | · | · | |
| Operating Cash Flow | $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 | $2.26B | $1.19B | $1.11B | $787M | $668M | $422M | $441M | $622M | $345M | $253M | $215M | $241M | |
| Investing Cash Flow | $-2.78B | $-2.33B | $-1.53B | $-1.36B | $-1.22B | $-130M | $-443M | $571M | $-2.53B | $-425M | $-281M | $-161M | |
| Debt Issued | $991M | $694M | $0 | $0 | $0 | $2.98B | $0 | $0 | $2.18B | $0 | $2.58B | · | |
| Net Debt Issued | $291M | $694M | · | $0 | $0 | $97M | $0 | $0 | $1.97B | · | · | · | |
| Stock Issued | $261M | $243M | $227M | $199M | $175M | $174M | $145M | $124M | $97M | $88M | $88M | $107M | |
| Stock Repurchased | $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 | $-4.63B | $-3.58B | $-1.96B | $-5.90B | $-3.58B | $-475M | $-2.26B | $-5.16B | $-1.07B | $-1.80B | $-1.32B | $0 | |
| Dividends Paid | $1.38B | $1.19B | $975M | $873M | $838M | $787M | $771M | $605M | $430M | $444M | $487M | $485M | |
| Financing Cash Flow | $-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 | $-801M | $1.88B | $4.13B | $-3.00B | $-365M | $2.34B | $-311M | $-1.57B | $1.60B | $-1.39B | $1.79B | $1.29B | |
| Free Cash Flow | $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 | · | · | $7.38B | $4.42B | $4.57B | $3.17B | $2.61B | $3.00B | $3.08B | $2.08B | $859M | $1.49B |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 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 | 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 | 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 | 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 | · | · | 32.2 | 34.2 | 29.2 | 18.2 | 14.1 | 20.5 | 19.5 | 13.9 | 16.4 | 16.0 |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 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 | 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 | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $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 | $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 | $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 | $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 | $1.78 | $1.52 | $1.22 | $1.02 | $0.94 | $0.87 | $0.83 | $0.70 | $0.10 | $0.10 | $0.10 | $0.10 | |
| EPS (TTM) | $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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 4.4% | 2.5% | 2.8% | 11.8% | 34.1% | · | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 3.2% | 5.6% | 15.5% | · | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 10.5% | · | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 0.58% | 6.2% | 9.0% | 16.2% | 63.3% | · | · | · | · | · | · | · | |
| EPS CAGR 3Y | 5.2% | 10.4% | 27.4% | · | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 17.2% | · | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | -2.5% | 4.7% | 5.1% | 10.8% | 62.7% | · | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 2.4% | 6.8% | 23.7% | · | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 14.1% | · | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 11.9% | · | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $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 | $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 | $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 | $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 | 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 | 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 | 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 | 11.0 | 10.2 | 8.9 | 9.3 | 14.1 | 8.0 | · | · | · | · | · | · | |
| P / Cash Flow | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | $1.38B | $1.19B | $975M | $873M | $838M | $787M | $771M | $605M | $430M | $444M | $487M | $485M |
Income Statement
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.12B | $7.91B | $7.01B | $6.80B | $7.30B | $7.10B | $7.17B | $7.04B | $6.78B | $6.65B | $6.71B | $6.72B | $6.42B | $6.63B | $6.74B | $6.75B | |
| Cost of Revenue | $4.53B | $3.96B | $3.58B | $3.54B | $3.74B | $3.62B | $3.67B | $3.71B | $3.57B | $3.49B | $3.50B | $3.55B | $3.45B | $3.54B | $3.59B | $3.65B | |
| Gross Profit | $4.59B | $3.95B | $3.44B | $3.27B | $3.56B | $3.48B | $3.50B | $3.33B | $3.21B | $3.15B | $3.20B | $3.17B | $2.98B | $3.09B | $3.15B | $3.10B | |
| R&D Expense | $1.10B | $1.03B | $928M | $917M | $901M | $893M | $859M | $858M | $836M | $785M | $754M | $789M | $767M | $775M | $771M | $726M | |
| SG&A Expense | $411M | $397M | $411M | $895M | $428M | $423M | $462M | $1.05B | $222M | $247M | $276M | $993M | $214M | $214M | $207M | $198M | |
| Operating Expenses | $1.51B | $1.42B | $1.60B | $1.55B | $1.33B | $1.32B | $1.32B | $1.29B | $1.26B | $1.24B | $1.24B | $1.20B | $1.17B | $1.18B | $1.18B | $1.11B | |
| Operating Income | $3.08B | $2.52B | $1.83B | $1.71B | $2.23B | $2.17B | $2.17B | $2.05B | $1.94B | $1.91B | $1.97B | $1.97B | $1.80B | $1.91B | $1.97B | $1.99B | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $59M | $59M | · | $60M | $61M | $59M | · | |
| Interest Income | $104M | $96M | $97M | $97M | $92M | $101M | $116M | $141M | $124M | $118M | $103M | · | · | · | · | · | |
| Other Non-op | $-100M | $771M | $566M | $626M | $396M | $221M | $8M | $-85M | $81M | $141M | $395M | $259M | $64M | $-73M | $50M | $12M | |
| Pretax Income | $2.91B | $3.23B | $2.33B | $2.27B | $2.56B | $2.32B | $2.12B | $1.90B | $1.96B | $1.99B | $2.30B | $2.17B | $1.81B | $1.78B | $1.96B | $1.95B | |
| Income Tax | $369M | $419M | $302M | $370M | $784M | $185M | $934M | $164M | $255M | $272M | $284M | $168M | $246M | $202M | $244M | $358M | |
| Net Income | $2.54B | $2.81B | $2.03B | $1.90B | $1.78B | $2.14B | $1.19B | $1.73B | $1.71B | $1.72B | $2.02B | $2.00B | $1.56B | $1.57B | $1.72B | $1.59B | |
| EPS (Basic) | $3.20 | $3.53 | $2.55 | $2.38 | $2.23 | $2.64 | $1.46 | $2.11 | $2.06 | $2.08 | $2.43 | $2.40 | $1.86 | $1.87 | $2.03 | $1.86 | |
| EPS (Diluted) | $3.17 | $3.51 | $2.54 | $2.36 | $2.22 | $2.63 | $1.45 | $2.09 | $2.05 | $2.06 | $2.41 | $2.38 | $1.85 | $1.86 | $2.02 | $1.85 | |
| Shares (Basic) | 794,000,000 | 794,000,000 | 793,000,000 | · | 798,000,000 | 809,000,000 | 814,000,000 | · | 826,000,000 | 830,000,000 | 831,000,000 | · | 838,000,000 | 843,000,000 | 845,000,000 | · | |
| Shares (Diluted) | 800,000,000 | 799,000,000 | 799,000,000 | · | 802,000,000 | 812,000,000 | 819,000,000 | · | 833,000,000 | 836,000,000 | 837,000,000 | · | 843,000,000 | 847,000,000 | 849,000,000 | · | |
| EBITDA | $3.08B | $2.52B | $1.83B | · | $2.23B | $2.17B | $2.17B | · | $1.94B | $1.91B | $1.97B | · | $1.80B | $1.91B | $1.97B | · |
Balance Sheet
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.04B | $6.30B | $7.22B | $7.24B | $5.38B | $6.17B | $6.26B | $8.02B | $8.29B | $7.08B | $6.85B | $6.13B | $6.03B | $4.59B | $3.55B | $2.00B | |
| Short-term Investments | $2.20B | $1.94B | $1.29B | $1.33B | $1.63B | $578M | $1.95B | $1.45B | $815M | $472M | $638M | · | $510M | $510M | $500M | · | |
| Receivables | $7.69B | $6.37B | $4.98B | $5.18B | $5.77B | $6.19B | $6.00B | $5.23B | $4.97B | $4.78B | $4.70B | $5.17B | $5.23B | $5.52B | $5.38B | $6.07B | |
| Inventory | $6.56B | $6.34B | $6.00B | $5.92B | $5.81B | $5.66B | $5.50B | $5.42B | $5.57B | $5.69B | $5.65B | $5.72B | $5.81B | $5.94B | $6.05B | $5.93B | |
| Prepaid Expense | $1.27B | $1.18B | $1.02B | $1.06B | $1.07B | $1.06B | $928M | $974M | $979M | $1.02B | $1.03B | · | $887M | $802M | $767M | · | |
| Other Current Assets | $1.61B | $1.61B | $1.56B | $1.21B | $1.12B | $1.12B | $982M | $1.09B | $1.03B | $1.24B | $1.34B | · | $1.30B | $1.22B | $1.23B | · | |
| Current Assets | $25.09B | $22.57B | $21.05B | $20.88B | $19.72B | $19.71B | $20.69B | $21.22B | $20.67B | $19.27B | $19.18B | · | $18.88B | $17.77B | $16.71B | · | |
| PP&E (Net) | $5.61B | $5.25B | $4.95B | $4.61B | $4.12B | $3.83B | $3.56B | $3.34B | $3.10B | $2.96B | $2.83B | · | $2.60B | $2.56B | $2.49B | · | |
| PP&E (Gross) | $9.79B | $9.35B | $8.95B | $8.51B | $8.11B | $7.73B | $7.41B | $7.11B | $6.96B | $6.74B | $6.54B | · | $6.22B | $6.06B | $5.92B | · | |
| Accum. Depreciation | $4.18B | $4.09B | $4.00B | $3.90B | $3.99B | $3.89B | $3.85B | $3.77B | $3.86B | $3.78B | $3.71B | · | $3.62B | $3.50B | $3.42B | · | |
| Goodwill | $3.87B | $3.82B | $3.71B | $3.71B | $3.75B | $3.75B | $3.77B | $3.73B | $3.73B | $3.73B | $3.73B | $3.73B | $3.73B | $3.71B | $3.72B | · | |
| Intangibles | $315M | $330M | $215M | $226M | $238M | $249M | $237M | $249M | $262M | $273M | $283M | · | $305M | $328M | $332M | · | |
| Other Non-current Assets | $1.45B | $1.30B | $929M | $806M | $443M | $300M | $312M | $314M | $348M | $340M | $351M | · | $421M | $521M | $606M | · | |
| Total Assets | $43.52B | $40.29B | $37.64B | $36.30B | $34.21B | $33.63B | $33.34B | $34.41B | $33.65B | $31.95B | $31.54B | · | $30.41B | $29.09B | $27.96B | · | |
| Accounts Payable | $2.39B | $2.20B | $1.92B | $1.98B | $1.77B | $1.80B | $1.74B | $1.57B | $1.47B | $1.46B | $1.42B | · | $1.43B | $1.47B | $1.61B | · | |
| Short-term Debt | $1.30B | $1.20B | $100M | $100M | $799M | $799M | $799M | $799M | $99M | $99M | $100M | · | $199M | $199M | $199M | · | |
| Current Liabilities | $10.36B | $9.00B | $7.75B | $8.00B | $7.88B | $8.00B | $7.74B | $8.47B | $7.23B | $6.88B | $7.08B | · | $8.22B | $7.87B | $7.25B | · | |
| Capital Leases | $682M | $699M | $536M | $404M | $412M | $328M | $247M | $259M | $239M | $260M | $240M | · | $255M | $273M | $287M | · | |
| Other Non-current Liabilities | $1.41B | $1.42B | $1.21B | $1.07B | $1.03B | $892M | $832M | $810M | $750M | $747M | $723M | · | $815M | $811M | $856M | · | |
| Total Liabilities | $17.90B | $16.38B | $15.93B | $15.88B | $14.71B | $14.67B | $14.71B | $15.41B | $14.81B | $13.75B | $14.11B | · | $15.32B | $14.96B | $14.54B | · | |
| Long-term Debt | $6.44B | $6.46B | · | $6.46B | $6.16B | $6.16B | $6.16B | $6.16B | · | · | · | · | · | · | · | · | |
| Total Debt | $7.74B | $7.65B | $6.55B | · | $6.96B | $6.96B | $6.96B | · | $6.26B | $5.56B | $5.56B | · | $5.66B | $5.66B | $5.66B | · | |
| Retained Earnings | $61.39B | $59.27B | $56.89B | $55.23B | $53.69B | $52.28B | $50.51B | $49.65B | $48.25B | $46.87B | $45.48B | · | $41.99B | $40.70B | $39.39B | · | |
| Treasury Stock | $46.18B | $45.78B | $45.38B | $45.04B | $44.19B | $43.15B | $41.46B | $40.15B | $38.70B | $37.83B | $37.00B | · | $35.59B | $35.15B | $34.35B | · | |
| AOCI | $-165M | $-124M | $-110M | $-110M | $-102M | $-144M | $-143M | $-168M | $-146M | $-172M | $-166M | · | $-223M | $-235M | $-235M | · | |
| Stockholders' Equity | $25.63B | $23.91B | $21.72B | $20.41B | $19.50B | $18.96B | $18.62B | $19.00B | $18.84B | $18.20B | $17.43B | $16.35B | $15.09B | $14.13B | $13.42B | $12.19B | |
| Liabilities + Equity | $43.52B | $40.29B | $37.64B | $36.30B | $34.21B | $33.63B | $33.34B | $34.41B | $33.65B | $31.95B | $31.54B | · | $30.41B | $29.09B | $27.96B | · | |
| Shares Outstanding | 794,000,000 | 794,000,000 | 793,000,000 | 793,000,000 | 797,000,000 | 802,000,000 | 812,000,000 | 818,000,000 | 824,000,000 | 828,000,000 | 831,000,000 | 833,000,000 | 836,000,000 | 840,000,000 | 845,000,000 | 844,000,000 |
Cash Flow
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $151M | $135M | $127M | $114M | $113M | $103M | $105M | $110M | $95M | $96M | $91M | $130M | $136M | $129M | $120M | $123M | |
| Stock-based Comp | $169M | $169M | $207M | $156M | $158M | $159M | $195M | $141M | $132M | $134M | $170M | $115M | $114M | $113M | $148M | $99M | |
| Amort. of Intangibles | · | · | · | · | · | · | · | · | $11M | $11M | $11M | · | $11M | $12M | $11M | · | |
| Restructuring | · | · | · | · | · | · | · | · | · | · | · | · | $0 | $0 | $0 | $0 | |
| Operating Cash Flow | $3.04B | $845M | $1.69B | $2.83B | $2.63B | $1.57B | $925M | $2.58B | $2.38B | $1.39B | $2.33B | $1.55B | $2.58B | $2.29B | $2.27B | $857M | |
| CapEx | $707M | $635M | $646M | $785M | $584M | $510M | $381M | $407M | $297M | $257M | $229M | $309M | $255M | $255M | $287M | $223M | |
| Investing Cash Flow | $-1.41B | $-959M | $-780M | $-139M | $-1.97B | $221M | $-897M | $-1.07B | $-660M | $-149M | $-447M | $-489M | $-425M | $-322M | $-299M | $-190M | |
| Debt Issued | · | · | · | $991M | · | · | · | $0 | · | · | · | $0 | · | · | · | · | |
| Stock Issued | $0 | · | · | $132M | $0 | · | · | $124M | $0 | · | · | $116M | $0 | · | · | $103M | |
| Stock Repurchased | $440M | $400M | $337M | $851M | $1.06B | $1.67B | $1.32B | $1.44B | $861M | $820M | $700M | $700M | $439M | $800M | $250M | $1.50B | |
| Net Stock Activity | · | · | $-337M | · | · | · | $-1.32B | · | · | · | $-700M | · | · | · | $-250M | · | |
| Dividends Paid | $420M | $365M | $365M | $365M | $368M | $325M | $326M | $329M | $331M | $266M | $266M | $268M | $268M | $219M | $220M | $223M | |
| Financing Cash Flow | $-889M | $-814M | $-931M | $-831M | $-1.46B | $-1.90B | $-1.79B | $-1.77B | $-522M | $-1.02B | $-1.16B | $-966M | $-720M | $-928M | $-418M | $-1.63B | |
| Net Change in Cash | $735M | $-928M | $-25M | $1.86B | $-790M | $-111M | $-1.76B | $-265M | $1.20B | $221M | $721M | $100M | $1.44B | $1.04B | $1.55B | $-960M | |
| Free Cash Flow | · | · | $1.04B | · | · | · | $544M | · | · | · | $2.10B | · | · | · | $1.98B | · | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | $2.04B | · | · | · | $1.93B | · |
Profitability
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.3% | 49.9% | 49.0% | · | 48.8% | 49.1% | 48.8% | · | 47.3% | 47.4% | 47.8% | · | 46.3% | 46.7% | 46.7% | · | |
| Operating Margin | 33.7% | 31.9% | 26.1% | · | 30.6% | 30.6% | 30.3% | · | 28.6% | 28.8% | 29.3% | · | 28.1% | 28.8% | 29.2% | · | |
| Net Margin | 27.8% | 35.5% | 28.9% | · | 24.4% | 30.1% | 16.5% | · | 25.1% | 25.9% | 30.1% | · | 24.3% | 23.8% | 25.5% | · | |
| Pretax Margin | 31.9% | 40.8% | 33.2% | · | 35.1% | 32.7% | 29.6% | · | 28.9% | 30.0% | 34.3% | · | 28.1% | 26.8% | 29.1% | · | |
| EBITDA Margin | 33.7% | 31.9% | 26.1% | · | 30.6% | 30.6% | 30.3% | · | 28.6% | 28.8% | 29.3% | · | 28.1% | 28.8% | 29.2% | · | |
| ROA | 6.5% | 7.6% | 5.7% | · | 5.2% | 6.5% | 3.6% | · | 5.3% | 5.6% | 6.8% | · | 5.5% | 5.8% | 6.4% | · | |
| ROE | 11.2% | 13.1% | 10.0% | · | 9.3% | 11.5% | 6.6% | · | 10.1% | 10.7% | 13.1% | · | 11.5% | 12.2% | 13.6% | · | |
| ROIC | 8.1% | 7.0% | 5.6% | · | 5.9% | 7.7% | 4.8% | · | 6.7% | 7.0% | 7.5% | · | 7.5% | 8.6% | 9.0% | · |
Liquidity & Solvency
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.4 | 2.5 | 2.7 | · | 2.5 | 2.5 | 2.7 | · | 2.9 | 2.8 | 2.7 | · | 2.3 | 2.3 | 2.3 | · | |
| Quick Ratio | 1.6 | 1.6 | 1.7 | · | 1.6 | 1.6 | 1.8 | · | 1.9 | 1.8 | 1.7 | · | 1.4 | 1.3 | 1.3 | · | |
| Debt / Equity | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | |
| LT Debt / Equity | 0.2 | 0.2 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.3 | 0.3 | 0.3 | · | 0.4 | 0.4 | 0.4 | · | |
| Interest Coverage | · | · | · | · | · | · | · | · | · | 32.4 | 33.3 | · | 30.0 | 31.3 | 33.4 | · |
Efficiency
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.3 | · | |
| Inventory Turnover | 0.7 | 0.7 | 0.6 | · | 0.7 | 0.6 | 0.7 | · | 0.6 | 0.6 | 0.6 | · | 0.6 | 0.6 | 0.7 | · | |
| Receivables Turnover | 1.4 | 1.3 | 1.3 | · | 1.4 | 1.3 | 1.3 | · | 1.3 | 1.3 | 1.3 | · | 1.3 | 1.3 | 1.4 | · |
Per Share
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $32.27 | $30.11 | $27.39 | · | $24.47 | $23.64 | $22.94 | · | $22.86 | $21.98 | $20.97 | · | $18.05 | $16.82 | $15.88 | · | |
| Revenue / Share | $11.39 | $9.90 | $8.78 | · | $9.10 | $8.74 | $8.75 | · | $8.14 | $7.95 | $8.01 | · | $7.62 | $7.83 | $7.94 | · | |
| Cash Flow / Share | · | · | $2.11 | · | · | · | $1.13 | · | · | · | $2.78 | · | · | · | $2.67 | · | |
| Cash / Share | $8.86 | $7.94 | $9.10 | · | $6.76 | $7.69 | $7.71 | · | $10.06 | $8.56 | $8.25 | · | $7.21 | $5.46 | $4.20 | · | |
| Dividend / Share | $0.53 | $0.53 | $0.46 | $0.46 | $0.46 | $0.46 | $0.46 | $0.40 | $0.40 | $0.40 | $0.32 | $0.32 | $0.32 | $0.32 | $0.26 | $0.26 | |
| EPS (TTM) | $11.58 | $10.63 | $9.75 | · | $8.39 | $8.22 | $7.65 | · | $8.90 | $8.70 | $8.50 | · | $7.58 | $7.58 | $7.46 | · |
Valuation (TTM)
| Metric | Trend | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $30.84B | $29.02B | $28.21B | · | $28.61B | $28.09B | $27.64B | · | $26.85B | $26.50B | $26.48B | · | $26.54B | $26.64B | $26.25B | · | |
| Net Income TTM | $9.27B | $8.51B | $7.84B | · | $6.83B | $6.76B | $6.34B | · | $7.45B | $7.30B | $7.16B | · | $6.44B | $6.49B | $6.45B | · | |
| Market Cap | $425.78B | $331.13B | $254.16B | · | $147.99B | $121.54B | $151.64B | · | $170.13B | $168.40B | $138.69B | · | $127.01B | $94.95B | $95.06B | · | |
| Enterprise Value | $424.29B | $330.54B | $252.21B | · | $147.94B | $121.76B | $150.39B | · | $167.29B | $166.40B | $136.76B | · | $126.14B | $95.51B | $96.67B | · | |
| P/E | 46.3 | 39.2 | 32.9 | · | 22.1 | 18.4 | 24.4 | · | 23.2 | 23.4 | 19.6 | · | 20.0 | 14.9 | 15.1 | · | |
| P/S | 13.8 | 11.4 | 9.0 | · | 5.2 | 4.3 | 5.5 | · | 6.3 | 6.4 | 5.2 | · | 4.8 | 3.6 | 3.6 | · | |
| P/B | 16.6 | 13.8 | 11.7 | · | 7.6 | 6.4 | 8.1 | · | 9.0 | 9.3 | 8.0 | · | 8.4 | 6.7 | 7.1 | · | |
| P / Tangible Book | 19.9 | 16.8 | 14.3 | · | 9.5 | 8.1 | 10.4 | · | 11.5 | 11.9 | 10.3 | · | 11.5 | 9.4 | 10.1 | · | |
| P / Cash Flow | · | · | 150.8 | · | · | · | 163.9 | · | · | · | 59.7 | · | · | · | 41.9 | · | |
| EV / Revenue | 13.8 | 11.4 | 8.9 | · | 5.2 | 4.3 | 5.4 | · | 6.2 | 6.3 | 5.2 | · | 4.8 | 3.6 | 3.7 | · | |
| Dividend Yield | 0.36% | 0.44% | 0.56% | · | 0.91% | 1.1% | 0.83% | · | 0.66% | 0.63% | 0.74% | · | 0.73% | 0.93% | 0.92% | · | |
| Earnings Yield | 2.2% | 2.5% | 3.0% | · | 4.5% | 5.4% | 4.1% | · | 4.3% | 4.3% | 5.1% | · | 5.0% | 6.7% | 6.6% | · | |
| Payout Ratio | · | · | 18.0% | · | · | · | 27.5% | · | · | · | 13.2% | · | · | · | 12.8% | · | |
| Annual Payout | $1.51B | $1.46B | $1.42B | · | $1.35B | $1.31B | $1.25B | · | $1.13B | $1.07B | $1.02B | · | $930M | $887M | $879M | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-10-26 | 2024-10-27 | 2023-10-29 | 2022-10-30 | 2021-10-31 |
|---|---|---|---|---|---|
| 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 |
| Metric | 2025-10-26 | 2024-10-27 | 2023-10-29 | 2022-10-30 | 2021-10-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.3 | 0.4 | 0.3 | 0.4 | 0.4 |
| Current Ratio | 2.6 | 2.5 | 2.6 | 2.2 | 2.5 |
| Quick Ratio | 1.7 | 1.7 | 1.6 | 1.2 | 1.6 |
| Metric | 2025-10-26 | 2024-10-27 | 2023-10-29 | 2022-10-30 | 2021-10-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $5.70B | $7.49B | $7.59B | $4.61B | $4.77B |
Institutional owners (13F) 3,769 filers · $496.5B total · As of Sept. 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 698 (+188 vs prior Q) | 104 (-3 vs prior Q) | 1,109 (+140 vs prior Q) | 1,367 (+162 vs prior Q) | +37.2M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $57,993,650,239 | 80,212,518 | 11.68% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $37,486,362,834 | 51,848,358 | 7.55% | Shares |
| STATE STREET CORP | $27,647,533,737 | 38,240,019 | 5.57% | Shares |
| Invesco Ltd. | $20,436,205,443 | 28,265,844 | 4.12% | Shares |
| VANGUARD GROUP INC | $19,731,522,587 | 76,779,340 | 3.97% | Shares |
| Capital Research Global Investors | $16,020,269,437 | 22,159,097 | 3.23% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $15,881,523,216 | 22,007,983 | 3.20% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $13,414,040,961 | 18,553,307 | 2.70% | Shares |
| MORGAN STANLEY | $9,777,732,798 | 13,523,832 | 1.97% | Shares |
| JPMORGAN CHASE & CO | $9,645,810,109 | 13,886,053 | 1.94% | Shares |
| NORGES BANK | $8,174,084,724 | 11,305,788 | 1.65% | Shares |
| FMR LLC | $6,705,343,763 | 9,274,335 | 1.35% | Shares |
| GOLDMAN SACHS GROUP INC | $6,437,873,607 | 8,904,389 | 1.30% | Shares |
| NORTHERN TRUST CORP | $6,410,949,450 | 8,867,150 | 1.29% | Shares |
| Amundi | $5,645,344,073 | 7,808,207 | 1.14% | Shares |
| VAN ECK ASSOCIATES CORP | $5,576,932,077 | 7,713,599 | 1.12% | Shares |
| BANK OF AMERICA CORP /DE/ | $5,252,863,028 | 7,265,371 | 1.06% | Shares |
| Bank of New York Mellon Corp | $5,076,329,164 | 7,021,201 | 1.02% | Shares |
| AMERIPRISE FINANCIAL INC | $4,622,583,020 | 6,397,369 | 0.93% | Shares |
| Nuveen, LLC | $4,419,644,964 | 6,112,926 | 0.89% | Shares |
| Sanders Capital, LLC | $4,406,230,956 | 6,094,372 | 0.89% | Shares |
| Legal & General Group Plc | $4,404,481,296 | 6,091,952 | 0.89% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $4,311,104,400 | 5,962,800 | 0.87% | Put option |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,593,094,546 | 4,969,702 | 0.72% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $3,582,248,100 | 4,954,700 | 0.72% | Call option |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $3,416,945,724 | 9,997,208 | 0.69% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $3,297,344,166 | 4,560,642 | 0.66% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $3,087,124,355 | 4,269,862 | 0.62% | Shares |
| COATUE MANAGEMENT LLC | $3,046,348,209 | 4,213,483 | 0.61% | Shares |
| DEUTSCHE BANK AG\ | $2,890,327,701 | 3,997,687 | 0.58% | Shares |
| UBS Group AG | $2,688,659,142 | 3,718,754 | 0.54% | Shares |
| JANE STREET GROUP, LLC | $2,585,158,800 | 3,575,600 | 0.52% | Put option |
| BARCLAYS PLC | $2,489,588,322 | 3,443,414 | 0.50% | Shares |
| FRANKLIN RESOURCES INC | $2,435,501,198 | 3,368,605 | 0.49% | Shares |
| PeakShares LLC | $2,414,820,000 | 3,340 | 0.49% | Shares |
| AMERICAN CENTURY COMPANIES INC | $2,172,039,477 | 3,004,203 | 0.44% | Shares |
| CITADEL ADVISORS LLC | $2,144,128,800 | 2,965,600 | 0.43% | Put option |
| CITIGROUP INC | $2,094,150,030 | 2,896,473 | 0.42% | Shares |
| Swedbank AB | $2,091,785,046 | 2,893,202 | 0.42% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,945,720,521 | 2,691,332 | 0.39% | Shares |
| Capital World Investors | $1,940,409,869 | 2,683,846 | 0.39% | Shares |
| Boston Partners | $1,885,948,213 | 2,636,446 | 0.38% | Shares |
| ALLIANCEBERNSTEIN L.P. | $1,854,815,718 | 5,426,770 | 0.37% | Shares |
| PARNASSUS INVESTMENTS, LLC | $1,830,453,081 | 2,531,747 | 0.37% | Shares |
| FIRST TRUST ADVISORS LP | $1,780,116,122 | 2,462,125 | 0.36% | Shares |
| CITADEL ADVISORS LLC | $1,759,059,000 | 2,433,000 | 0.35% | Call option |
| JANE STREET GROUP, LLC | $1,720,378,500 | 2,379,500 | 0.35% | Call option |
| Swiss National Bank | $1,618,348,740 | 2,238,380 | 0.33% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $1,615,513,134 | 2,234,458 | 0.33% | Shares |
| HSBC HOLDINGS PLC | $1,558,025,438 | 2,151,066 | 0.31% | Shares |
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.
Company insiders 72 insiders · 40 officers · 32 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 | Aug. 25, 2026 S | 128,613 | 0 | 3 | $-6,647,575 |
| 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 | 5 | $-31,599,496 |
| Adam Sanders | Corp. Controller & CAO | July 1, 2026 F | 4,155 | 0 | 3 | $-474,460 |
| 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, 2025 F | 91,949 | 0 | 2 | $-1,889,280 |
| 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 |
| Judy Bruner | Director | Sept. 8, 2026 S | 25,544 | 0 | 5 | $-3,448,279 |
| Akash J. Palkhiwala | Director | Aug. 27, 2026 A | 279 | 0 | 0 | $0 |
| Thomas J Iannotti | Director | June 16, 2026 G | 39,809 | 0 | 1 | $-5,547,872 |
| Aart De Geus | Director | May 21, 2026 G | 93,928 | 0 | 0 | $0 |
| Rani Borkar | Director | March 12, 2026 A | 741 | 0 | 0 | $0 |
| James Robert Anderson | Director | March 12, 2026 A | 1,547 | 0 | 0 | $0 |
| Alexander Karsner | Director | March 12, 2026 A | 16,849 | 0 | 0 | $0 |
| Xun Chen | Director | March 12, 2026 A | 45,970 | 0 | 0 | $0 |
| Kevin P March | Director | March 12, 2026 A | 2,324 | 0 | 0 | $0 |
| Scott A Mcgregor | Director | March 12, 2026 A | 24,577 | 0 | 0 | $0 |
| Yvonne Mcgill | Director | March 6, 2025 A | 16,581 | 0 | 0 | $0 |
| Adrianna Ma | Director | Dec. 31, 2022 A | 38,801 | 0 | 0 | $0 |
| Stephen R Forrest | Director | March 12, 2020 A | 75,942 | 0 | 0 | $0 |
| Dennis D Powell | Director | Dec. 31, 2019 A | 70,247 | 0 | 0 | $0 |
| Susan M. James | Director | Dec. 30, 2016 A | 74,367 | 0 | 0 | $0 |
| Willem P Roelandts | Director | Dec. 30, 2016 A | 143,550 | 0 | 0 | $0 |
| Robert Holmes Swan | Director | March 10, 2016 A | 142,376 | 0 | 0 | $0 |
| Michael R Splinter | Director | May 27, 2015 S | 926,158 | 0 | 0 | $0 |
| Gerhard H Parker | Director | March 4, 2014 A | 195,260 | 0 | 0 | $0 |
| James E Rogers | Director | March 4, 2014 A | 141,391 | 0 | 0 | $0 |
| Charles Ys Liu | Director | March 10, 2009 A | 29,191 | 0 | 0 | $0 |
| Philip V Gerdine | Director | March 10, 2009 A | 55,691 | 0 | 0 | $0 |
| Deborah A Coleman | Director | Dec. 20, 2007 G | 18,200 | 0 | 0 | $0 |
| Robert H Brust | Director | Oct. 29, 2007 A | 10,000 | 0 | 0 | $0 |
| Micheal H Armacost | Director | Oct. 29, 2007 A | 210,162 | 0 | 0 | $0 |
| Dan Maydan | Director | Dec. 1, 2005 M | 21,366 | 0 | 0 | $0 |
| Herbert M Dwight JR | Director | Dec. 1, 2005 G | 195,508 | 0 | 0 | $0 |
| Paul Low | Director | Oct. 28, 2005 A | 24,000 | 0 | 0 | $0 |
| Steven L Miller | Director | April 8, 2005 A | 4,824 | 0 | 0 | $0 |
| Sasson Somekh | Director | Nov. 25, 2003 M | 2,373,345 | 0 | 0 | $0 |
| Stan Shih | Director | Oct. 24, 2003 A | · | 0 | 0 | $0 |
| James C Morgan | · | Feb. 25, 2009 G | 136,388 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 206 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 |
|---|---|---|---|---|
| BULD · Pacer Funds Trust | 7.99% | 2,338 NS | July 31, 2026 | N-PORT |
| PWRD · TCW ETF Trust | 5.42% | 155,270 NS | July 31, 2026 | N-PORT |
| PSI · Invesco Exchange-Traded Fund Trust | 4.75% | 268,164 SH | Oct. 1, 2026 | Daily |
| SOXX · iShares Trust | 4.50% | 4,291,249 SH | Sept. 11, 2026 | Daily |
| QQQG · Pacer Funds Trust | 4.37% | 1,754 NS | July 31, 2026 | N-PORT |
| SOXY · Tidal Trust II | 4.27% | 5,387 NS | July 31, 2026 | N-PORT |
| SOXQ · Invesco Exchange-Traded Fund Trust … | 4.08% | 253,703 SH | Oct. 1, 2026 | Daily |
| CHPY · Tidal Trust II | 3.77% | 75,883 NS | July 31, 2026 | N-PORT |
| SEMI · Columbia ETF Trust I | 3.58% | 2,655 NS | July 31, 2026 | N-PORT |
| SOXL · Direxion Shares ETF Trust | 3.56% | 1,361,891 NS | July 31, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 3.41% | 180,718 SH | Oct. 1, 2026 | Daily |
| PEXL · Pacer Funds Trust | 3.31% | 3,298 NS | July 31, 2026 | N-PORT |
| RDVI · First Trust Exchange-Traded Fund IV | 3.29% | 233,089 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 3.04% | 10,621 NS | July 31, 2026 | N-PORT |
| QUSA · Tidal Trust III | 2.98% | 1,259 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 2.87% | 1,538,914 SH | Sept. 11, 2026 | Daily |
| NUGO · Nushares ETF Trust | 2.82% | 135,424 NS | July 31, 2026 | N-PORT |
| QUAL · iShares Trust | 2.81% | 2,879,950 SH | Sept. 11, 2026 | Daily |
| SEMG · EA Series Trust | 2.80% | 3,446 NS | July 31, 2026 | N-PORT |
| SPMO · Invesco Exchange-Traded Fund Trust … | 2.77% | 1,250,774 SH | Oct. 1, 2026 | Daily |
| NULG · Nushares ETF Trust | 2.69% | 141,501 NS | July 31, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 2.68% | 976,481 SH | Oct. 1, 2026 | Daily |
| STNC · Hennessy Funds Trust | 2.61% | 4,770 NS | July 31, 2026 | N-PORT |
| TDVI · First Trust Exchange-Traded Fund IV | 2.59% | 26,752 NS | July 31, 2026 | N-PORT |
| RGEF · Tidal Trust III | 2.50% | 40,130 NS | July 31, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 2.48% | 141 NS | July 31, 2026 | N-PORT |
| PTF · Invesco Exchange-Traded Fund Trust | 2.46% | 29,681 SH | Oct. 1, 2026 | Daily |
| AMOM · Exchange Listed Funds Trust | 2.44% | 1,147 NS | July 31, 2026 | N-PORT |
| EPMB · Harbor ETF Trust | 2.37% | 213 NS | July 31, 2026 | N-PORT |
| GARP · iShares Trust | 2.33% | 157,208 SH | Sept. 11, 2026 | Daily |
| QFLR · Innovator ETFs Trust | 2.30% | 23,777 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 2.26% | 5,318,522 SH | Aug. 19, 2026 | Daily |
| EPMV · Harbor ETF Trust | 2.20% | 203 NS | July 31, 2026 | N-PORT |
| QTOP · iShares Trust | 2.14% | 13,319 SH | Sept. 11, 2026 | Daily |
| EQTY · Valued Advisers Trust | 2.03% | 56,993 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 1.99% | 1,013 NS | July 31, 2026 | N-PORT |
| TECL · Direxion Shares ETF Trust | 1.93% | 193,880 NS | July 31, 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 1.85% | 43,423 NS | July 31, 2026 | N-PORT |
| GRZZ · Tidal Trust II | 1.84% | 1,209 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 1.83% | 1,829 NS | July 31, 2026 | N-PORT |
| LRND · New York Life Investments ETF Trust | 1.82% | 14,256 NS | July 31, 2026 | N-PORT |
| PALC · Pacer Funds Trust | 1.80% | 7,450 NS | July 31, 2026 | N-PORT |
| IYW · iShares Trust | 1.78% | 982,491 SH | Sept. 11, 2026 | Daily |
| FDMO · FIDELITY COVINGTON TRUST | 1.78% | 31,634 NS | July 31, 2026 | N-PORT |
| PDP · Invesco Exchange-Traded Fund Trust | 1.77% | 50,967 SH | Oct. 1, 2026 | Daily |
| HGRO · ETF Opportunities Trust | 1.71% | 4,242 NS | July 31, 2026 | N-PORT |
| VONG · VANGUARD SCOTTSDALE FUNDS | 1.70% | 1,255,108 SH | Aug. 19, 2026 | Daily |
| QQQM · Invesco Exchange-Traded Fund Trust … | 1.70% | 3,648,405 SH | Oct. 1, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 1.70% | 16,576,367 SH | Oct. 1, 2026 | Daily |
| QSIX · Pacer Funds Trust | 1.70% | 613 NS | July 31, 2026 | N-PORT |
| FTEC · FIDELITY COVINGTON TRUST | 1.69% | 661,838 NS | July 31, 2026 | N-PORT |
| VOOG · VANGUARD ADMIRAL FUNDS | 1.62% | 589,692 SH | Aug. 19, 2026 | Daily |
| IGM · iShares Trust | 1.61% | 374,519 SH | Sept. 11, 2026 | Daily |
| VUG · VANGUARD INDEX FUNDS | 1.59% | 8,360,594 SH | Aug. 19, 2026 | Daily |
| FQAL · FIDELITY COVINGTON TRUST | 1.54% | 42,836 NS | July 31, 2026 | N-PORT |
| IETC · iShares U.S. ETF Trust | 1.52% | 23,042 SH | Sept. 11, 2026 | Daily |
| EGUS · iShares Trust | 1.48% | 901 SH | Sept. 11, 2026 | Daily |
| USXF · iShares Trust | 1.45% | 47,168 SH | Sept. 11, 2026 | Daily |
| JHAI · Janus Detroit Street Trust | 1.45% | 668 NS | July 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 1.45% | 54,468 SH | Oct. 1, 2026 | Daily |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.43% | 169,070 SH | Oct. 1, 2026 | Daily |
| ALTL · Pacer Funds Trust | 1.41% | 2,565 NS | July 31, 2026 | N-PORT |
| ESMV · iShares Trust | 1.40% | 240 SH | Sept. 11, 2026 | Daily |
| MGV · VANGUARD WORLD FUND | 1.35% | 249,514 SH | Aug. 19, 2026 | Daily |
| IQSU · New York Life Investments ETF Trust | 1.33% | 8,561 NS | July 31, 2026 | N-PORT |
| IXN · iShares Trust | 1.31% | 270,524 SH | Sept. 11, 2026 | Daily |
| SPHB · Invesco Exchange-Traded Fund Trust … | 1.31% | 24,281 SH | Oct. 1, 2026 | Daily |
| AQLT · iShares Trust | 1.28% | 9,179 SH | Sept. 11, 2026 | Daily |
| IWY · iShares Trust | 1.27% | 435,565 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 1.23% | 3,685 NS | July 31, 2026 | N-PORT |
| VFMO · VANGUARD WELLINGTON FUND | 1.22% | 33,674 SH | Aug. 19, 2026 | Daily |
| DYNF · BlackRock ETF Trust | 1.20% | 1,092,628 SH | Sept. 11, 2026 | Daily |
| QQQE · Direxion Shares ETF Trust | 1.15% | 30,201 NS | July 31, 2026 | N-PORT |
| QLC · FlexShares Trust | 1.14% | 22,848 NS | July 31, 2026 | N-PORT |
| MGK · VANGUARD WORLD FUND | 1.13% | 520,831 SH | Aug. 19, 2026 | Daily |
| ILCG · iShares Trust | 1.13% | 77,264 SH | Sept. 11, 2026 | Daily |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.11% | 60,072 SH | Oct. 1, 2026 | Daily |
| IWF · iShares Trust | 1.09% | 2,979,543 SH | Sept. 11, 2026 | Daily |
| SPTE · SP Funds Trust | 1.08% | 4,503 NS | July 31, 2026 | N-PORT |
| IWFG · New York Life Investments Active ET… | 1.08% | 1,290 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 1.08% | 158,736 SH | Aug. 19, 2026 | Daily |
| DECO · SSGA Active Trust | 1.07% | 434 NS | July 31, 2026 | N-PORT |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 1.07% | 17,552 NS | July 31, 2026 | N-PORT |
| HECO · SSGA Active Trust | 1.06% | 1,706 NS | July 31, 2026 | N-PORT |
| ROUS · Lattice Strategies Trust | 1.06% | 14,699 NS | July 31, 2026 | N-PORT |
| SUSL · iShares Trust | 1.06% | 28,022 SH | Sept. 11, 2026 | Daily |
| PEVC · Pacer Funds Trust | 1.06% | 50 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 1.04% | 168,004 NS | July 31, 2026 | N-PORT |
| MPLY · Strategy Shares | 1.03% | 322 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 1.02% | 50,325 NS | July 31, 2026 | N-PORT |
| DSI · iShares Trust | 1.02% | 121,349 SH | Sept. 11, 2026 | Daily |
| IVW · iShares Trust | 1.01% | 1,692,634 SH | Sept. 11, 2026 | Daily |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.99% | 91,218 SH | Oct. 1, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.98% | 179,248 SH | Aug. 19, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.96% | 21 NS | July 31, 2026 | N-PORT |
| IUSG · iShares Trust | 0.96% | 698,739 SH | Sept. 11, 2026 | Daily |
| XLG · Invesco Exchange-Traded Fund Trust | 0.96% | 219,527 SH | Oct. 1, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.95% | 1,410 NS | July 31, 2026 | N-PORT |
| DUSA · Davis Fundamental ETF Trust | 0.94% | 23,624 NS | July 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.93% | 5,296 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.91% | 927,262 SH | Aug. 19, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 0.90% | 869 NS | July 31, 2026 | N-PORT |
| VOO · VANGUARD INDEX FUNDS | 0.89% | 20,615,568 SH | Aug. 19, 2026 | Daily |
| NULC · Nushares ETF Trust | 0.88% | 1,225 NS | July 31, 2026 | N-PORT |
| SUSA · iShares Trust | 0.84% | 74,624 SH | Sept. 11, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.84% | 4,030 NS | July 31, 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.82% | 131,070 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.79% | 25,209,849 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.79% | 66,753 SH | Aug. 19, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.78% | 90,105 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.77% | 3,080 NS | July 31, 2026 | N-PORT |
| OEF · iShares Trust | 0.76% | 335,509 SH | Sept. 11, 2026 | Daily |
| FCPI · FIDELITY COVINGTON TRUST | 0.74% | 3,962 NS | July 31, 2026 | N-PORT |
| FXL · First Trust Exchange-Traded AlphaDE… | 0.70% | 35,286 NS | July 31, 2026 | N-PORT |
| INFO · Harbor ETF Trust | 0.68% | 11,359 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.68% | 267,208 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.68% | 22,007 SH | Oct. 1, 2026 | Daily |
| TOPC · iShares Trust | 0.67% | 481 SH | Sept. 11, 2026 | Daily |
| WRND · New York Life Investments ETF Trust | 0.65% | 133 NS | July 31, 2026 | N-PORT |
| IWL · iShares Trust | 0.64% | 30,803 SH | Sept. 11, 2026 | Daily |
| TOV · EA Series Trust | 0.63% | 3,263 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.63% | 40,161 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.62% | 109,382 NS | July 31, 2026 | N-PORT |
| PBP · Invesco Exchange-Traded Fund Trust | 0.62% | 4,722 SH | Oct. 1, 2026 | Daily |
| VOTE · TCW ETF Trust | 0.62% | 13,414 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.62% | 66,848 NS | July 31, 2026 | N-PORT |
| XVV · iShares Trust | 0.62% | 9,131 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.62% | 137,010 SH | Oct. 1, 2026 | Daily |
| ACIO · ETF Series Solutions | 0.61% | 28,480 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.61% | 2,981 NS | July 31, 2026 | N-PORT |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.61% | 180,000 | Oct. 1, 2026 | Daily |
| ADME · ETF Series Solutions | 0.60% | 3,473 NS | July 31, 2026 | N-PORT |
| OEI · Listed Funds Trust | 0.60% | 545 NS | July 31, 2026 | N-PORT |
| VMAX · Lattice Strategies Trust | 0.59% | 573 NS | July 31, 2026 | N-PORT |
| DFUS · Dimensional ETF Trust | 0.58% | 238,689 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.58% | 66 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.58% | 301,527 SH | Sept. 11, 2026 | Daily |
| SPUU · Direxion Shares ETF Trust | 0.58% | 2,995 NS | July 31, 2026 | N-PORT |
| QDPL · Pacer Funds Trust | 0.57% | 19,118 NS | July 31, 2026 | N-PORT |
| BKDV · BNY Mellon ETF Trust II | 0.56% | 20,344 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.55% | 10,003,188 SH | Sept. 11, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.55% | 14,220 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.54% | 15,409 SH | Sept. 11, 2026 | Daily |
| FEUS · FlexShares Trust | 0.52% | 1,155 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.52% | 625 SH | Oct. 1, 2026 | Daily |
| IWB · iShares Trust | 0.51% | 548,767 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.51% | 34,014 SH | Sept. 11, 2026 | Daily |
| USCL · iShares Trust | 0.51% | 31,516 SH | Sept. 11, 2026 | Daily |
| FHEQ · Fidelity Greenwood Street Trust | 0.50% | 9,126 NS | July 31, 2026 | N-PORT |
| HCMT · Direxion Shares ETF Trust | 0.50% | 5,520 NS | July 31, 2026 | N-PORT |
| LRGF · iShares Trust | 0.49% | 39,998 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.49% | 218,583 SH | Sept. 11, 2026 | Daily |
| LGDX · Tidal Trust III | 0.49% | 1,376 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.49% | 1,033,227 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.49% | 663,846 SH | Aug. 19, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.47% | 114,838 NS | July 31, 2026 | N-PORT |
| GLOF · iShares Trust | 0.47% | 2,069 SH | Sept. 11, 2026 | Daily |
| SPXL · Direxion Shares ETF Trust | 0.47% | 62,043 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.45% | 4,694 NS | July 31, 2026 | N-PORT |
| DFSU · Dimensional ETF Trust | 0.45% | 20,217 NS | July 31, 2026 | N-PORT |
| ESUM · Strategy Shares | 0.44% | 1,587 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.42% | 2,216 SH | Sept. 11, 2026 | Daily |
| TILT · FlexShares Trust | 0.41% | 17,854 NS | July 31, 2026 | N-PORT |
| URTH · iShares, Inc. | 0.40% | 71,302 SH | Sept. 11, 2026 | Daily |
| FYEE · Fidelity Greenwood Street Trust | 0.39% | 1,692 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.39% | 73,800 SH | Oct. 1, 2026 | Daily |
| ESLV · Strategy Shares | 0.36% | 101 NS | July 31, 2026 | N-PORT |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.35% | 3,182 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.35% | 23,029 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.35% | 3,378 SH | Aug. 19, 2026 | Daily |
| PWS · Pacer Funds Trust | 0.35% | 165 NS | July 31, 2026 | N-PORT |
| ACWI · iShares Trust | 0.35% | 252,559 SH | Sept. 11, 2026 | Daily |
| FBUF · Fidelity Greenwood Street Trust | 0.34% | 159 NS | July 31, 2026 | N-PORT |
| DGRO · iShares Trust | 0.34% | 317,276 SH | Sept. 11, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.33% | 45,323 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.33% | 8,423 SH | Sept. 11, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.32% | 5,932 SH | Oct. 1, 2026 | Daily |
| BSCR · Invesco Exchange-Traded Self-Indexe… | 0.28% | 12,507,000 | Oct. 1, 2026 | Daily |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.27% | 3,090 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.27% | 254,848 NS | July 31, 2026 | N-PORT |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.25% | 7,796 NS | July 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.23% | 16,767 SH | Sept. 11, 2026 | Daily |
| DUHP · Dimensional ETF Trust | 0.22% | 54,292 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.22% | 417,235 SH | Oct. 1, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.22% | 300,000 | Oct. 1, 2026 | Daily |
| SIZE · iShares Trust | 0.19% | 1,820 SH | Sept. 11, 2026 | Daily |
| EUSA · iShares, Inc. | 0.19% | 7,862 SH | Sept. 11, 2026 | Daily |
| LQAI · Exchange Listed Funds Trust | 0.18% | 8 NS | July 31, 2026 | N-PORT |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.18% | 5,594,000 | Oct. 1, 2026 | Daily |
| HELO · J.P. Morgan Exchange-Traded Fund Tr… | 0.18% | 15,962 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.17% | 32,791 SH | Oct. 1, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.16% | 4,823,000 | Sept. 30, 2026 | Daily |
| FFLV · FIDELITY COVINGTON TRUST | 0.11% | 34 NS | July 31, 2026 | N-PORT |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 1,112 SH | Oct. 1, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.06% | 610 NS | July 31, 2026 | N-PORT |
| FTLS · First Trust Exchange-Traded Fund III | -0.19% | -9,428 NS | July 31, 2026 | N-PORT |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | · | · | July 30, 2026 | Daily |
AMAT Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
36 analysts · 2026-09-29Mean target $638.94 +18.3%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| 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% |
| ACMR | · | 28.8 | 15.2% | 10.4% | 7.9% | 44.4% |
Latest News Recent headlines mentioning this company
AMAT AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Applied Materials is a high-stakes bet on AI infrastructure that balances massive growth potential against significant geopolitical and valuation risks. Claude and Gemini highlighted that a 39x P/E leaves no room for error, especially with 30% of revenue tied to China. While Grok remains bullish on AI-driven order growth, the panel largely converged on a cautious outlook. Ultimately, the group remains split, weighing the company's operational efficiency against the threat of export controls.
Round 1 — Opening Takes
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.
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.
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.
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.
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.
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.
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.
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
Round 2 — Responses & Rebuttals
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.
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.
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.
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
Round 3 — Final Rebuttals
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.
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.
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.
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 |
|---|---|---|---|
| Grok | $215.00 | $245.00 | 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. |
| Claude | $168.00 | $182.00 | 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. |
| Gemini | $165.00 | $180.00 | 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. |
| Chatgpt | $165.00 | $185.00 | 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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