AMAT
Applied Materials, Inc.

Applied Materials, Inc.AMAT

Technology · Semiconductor Equipment & Materials
332.72USD
+4.22%
Nov 08, 2026
AMAT overview ready
Major supplier of wafer fabrication equipment and materials engineering tools
Applied Materials is a major wafer-fab-equipment and materials-engineering supplier, selling deposition, etch, CMP, implantation, process-control-related tools, and lifecycle services/software used to manufacture leading-edge logic, memory, and other semiconductors.
Primary theme is lagging
Wafer Fab Equipment is lagging (-27.1pp vs SPY over 21 sessions; 0 of 7 members ahead of SPY).
Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Unremarkable fundamentals
Primary risk
Cyclical semiconductor capital spending fluctuations.
Market Nov 6Filing Jul 26Price action Nov 7Research Sep 28

Conviction Level

PriceAction1.4BusinessPerformance9.0BusinessQuality9.2Valuation3.1ThemeMomentum1.0Accelerating — Revenue growth has accelerated across 4 consecutive quarters, rising from -3.5% to +25% year over year. Diluted EPS growth has strengthened to +43% year over year ($3.17), up from +34%. — Accelerating describes growth momentum measured in recent filed quarters. It is not proof that the acceleration will continue.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
vs SPY
−27.1pp
Theme return
−32.1%
Beating SPY
0 of 7
21 sessions to Nov 6, 2026 · Theme Leadership V2
Price
Loading price history…

Price Action

Price trend is broken
Longer-term context reads trend under pressure, with a near-term setup of distribution pressure.
The tactical setup reads distribution pressure, but the weekly structure is broken.
EntryDamaged / breakdown

The technical structure itself is broken across timeframes — the weakest entry profile.

Key Financials

Market Cap
$264.0B
Avg Volume (60D)
7.1M
60 sessions
Revenue Growth YoY
+4.4%
FY2025 vs FY2024
Gross Margin
+49.4%
Trailing twelve months
Operating Margin
+29.6%
Trailing twelve months
Free Cash Flow Yield
+2.1%
Distance from 200DMA
-25.2%
Next Earnings
2026-11-12
P/E
28.5x
EV / EBITDA
27.0x
EV / Sales
8.5x
Market metrics as of Nov 6, 2026
Financial results for the period ended Jul 26, 2026
Filed balance-sheet data as of Jul 26, 2026

Business Performance

Accelerating

Revenue growth has accelerated across 4 consecutive quarters, rising from -3.5% to +25% year over year. Diluted EPS growth has strengthened to +43% year over year ($3.17), up from +34%.

Latest reported: Q3 FY2026, ended Jul 26
Revenue growthAccelerating
+25%
$9.12B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. -3.5%
  2. -2.1%
  3. +11%
  4. +25%
Earnings growthAccelerating
+43%
Diluted EPS $3.17 vs $2.22 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. +14%
  2. +75%
  3. +34%
  4. +43%
Operating marginExpanding
33.7%
+3.2 pp YoY · gross margin 50.3% (+1.5 pp)

Business Quality

9.2 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; peers is the dissenting view.
Applied Materials, Inc. has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces.

Company Research

Thesis
Applied Materials is a major wafer-fab-equipment and materials-engineering supplier, selling deposition, etch, CMP, implantation, process-control-related tools, and lifecycle services/software used to manufacture leading-edge logic, memory, and other semiconductors.
Opportunity
Moderate opportunity
US semiconductor-capacity investment requiring process equipment and specialty manufacturing capability.
Key risk
Cyclical semiconductor capital spending fluctuations.

Economic classification

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Business & Markets

Technology · Semiconductor Equipment & Materials
What they do

Applied Materials designs, manufactures, and services equipment and software used in semiconductor fabrication and related industries globally, operating through Semiconductor Systems and Applied Global Services segments.

How it earns

Primarily transactional sales of capital equipment and lifecycle services including software and maintenance.

Products & services
Deposition equipment
Etch systems
Chemical mechanical planarization (CMP) tools
Ion implantation systems
Metrology and inspection tools
Process control software
Lifecycle services
Customers & end markets
Semiconductor manufacturers
Wafer fabrication facilities
Memory and logic chip producers
Market position

Market leader in semiconductor capital equipment and materials engineering solutions.

Demand drivers
High cyclicality

Semiconductor capital equipment demand is closely tied to cyclical semiconductor industry capital expenditure patterns.