Financials Applied Materials, Inc.

Equities

AMAT

US0382221051

Semiconductor Equipment & Testing

Real-time Estimate Cboe BZX Other stock markets 01:37:26 2024-05-17 pm EDT			5-day change	1st Jan Change
212.5 ^USD	-0.73%		+1.39%	+31.21%

07:15pm	News Highlights : Top Company News of the Day - Friday at 1 PM ET	DJ
05:56pm	Applied Materials Faces China Hurdles, 'Strong Offsetting Tailwinds' After Fiscal Q2 Tops Consensus, Morgan Stanley Says	MT

Valuation

Fiscal Period: October	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,287	54,340	123,385	77,187	109,837	177,837	-	-
Enterprise Value (EV) ¹	52,982	54,050	123,378	80,063	108,529	176,192	174,234	171,839
P/E ratio	19.4 x	15.2 x	21.4 x	12.1 x	16.2 x	25.3 x	22.5 x	20.4 x
Yield	1.49%	1.46%	0.69%	1.14%	-	0.61%	0.7%	0.75%
Capitalization / Revenue	3.51 x	3.16 x	5.35 x	2.99 x	4.14 x	6.62 x	5.94 x	5.46 x
EV / Revenue	3.63 x	3.14 x	5.35 x	3.11 x	4.09 x	6.56 x	5.82 x	5.27 x
EV / EBITDA	14 x	11 x	16 x	9.64 x	13.2 x	21.4 x	18.5 x	16.5 x
EV / FCF	18.9 x	16 x	25.8 x	17.4 x	14.3 x	25.7 x	25.3 x	22.3 x
FCF Yield	5.3%	6.26%	3.87%	5.76%	7%	3.9%	3.95%	4.49%
Price to Book	6.19 x	5.14 x	10 x	6.41 x	6.75 x	9.71 x	8.74 x	7.66 x
Nbr of stocks (in thousands)	923,754	913,283	902,929	860,309	836,534	830,897	-	-
Reference price ²	55.52	59.50	136.6	89.72	131.3	214.0	214.0	214.0
Announcement Date	11/14/19	11/12/20	11/18/21	11/17/22	11/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: oktober	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	14,608	17,202	23,063	25,785	26,517	26,873	29,914	32,583
EBITDA ¹	3,790	4,905	7,716	8,305	8,234	8,247	9,442	10,431
EBIT ¹	3,427	4,529	7,322	7,861	7,719	7,795	8,977	10,116
Operating Margin	23.46%	26.33%	31.75%	30.49%	29.11%	29.01%	30.01%	31.05%
Earnings before Tax (EBT) ¹	3,269	4,166	6,771	7,599	7,716	8,080	9,108	9,772
Net income ¹	2,706	3,619	5,888	6,525	6,856	7,056	7,847	8,811
Net margin	18.52%	21.04%	25.53%	25.31%	25.86%	26.26%	26.23%	27.04%
EPS ²	2.860	3.920	6.400	7.440	8.110	8.461	9.519	10.50
Free Cash Flow ¹	2,806	3,382	4,774	4,612	7,594	6,868	6,890	7,718
FCF margin	19.21%	19.66%	20.7%	17.89%	28.64%	25.56%	23.03%	23.69%
FCF Conversion (EBITDA)	74.04%	68.95%	61.87%	55.53%	92.23%	83.28%	72.98%	74%
FCF Conversion (Net income)	103.7%	93.45%	81.08%	70.68%	110.76%	97.33%	87.81%	87.6%
Dividend per Share ²	0.8300	0.8700	0.9400	1.020	-	1.300	1.499	1.602
Announcement Date	11/14/19	11/12/20	11/18/21	11/17/22	11/16/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: Octubre	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	6,123	6,271	6,245	6,520	6,749	6,739	6,630	6,425	6,723	6,707	6,646	6,651	6,925	7,141	7,384
EBITDA ¹	2,134	2,087	2,024	2,061	2,133	2,107	2,059	1,954	2,114	2,072	2,023	2,030	2,173	2,205	2,314
EBIT ¹	2,029	1,985	1,913	1,953	2,010	1,987	1,930	1,818	1,984	1,981	1,927	1,884	1,991	2,089	2,195
Operating Margin	33.14%	31.65%	30.63%	29.95%	29.78%	29.49%	29.11%	28.3%	29.51%	29.54%	28.99%	28.32%	28.75%	29.25%	29.73%
Earnings before Tax (EBT) ¹	2,006	1,925	1,864	1,861	1,949	1,961	1,777	1,806	2,172	2,303	1,994	1,898	2,040	2,194	2,369
Net income ¹	1,712	1,792	1,536	1,606	1,591	1,717	1,575	1,560	2,004	2,019	1,722	1,675	1,763	1,848	1,964
Net margin	27.96%	28.58%	24.6%	24.63%	23.57%	25.48%	23.76%	24.28%	29.81%	30.1%	25.91%	25.19%	25.46%	25.88%	26.6%
EPS ²	1.890	2.000	1.740	1.850	1.850	2.020	1.860	1.850	2.380	2.410	2.060	1.999	2.139	2.253	2.423
Dividend per Share ²	0.2400	0.2400	0.2600	0.2600	0.2600	-	0.3200	-	0.3200	0.3200	0.2980	0.3450	0.3450	0.3600	0.3933
Announcement Date	11/18/21	2/16/22	5/19/22	8/18/22	11/17/22	2/16/23	5/18/23	8/17/23	11/16/23	2/15/24	5/16/24	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: Octubre	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,695	-	-	2,876	-	-	-	-
Net Cash position ¹	-	290	7	-	1,308	1,645	3,603	5,998
Leverage (Debt/EBITDA)	0.4472 x	-	-	0.3463 x	-	-	-	-
Free Cash Flow ¹	2,806	3,382	4,774	4,612	7,594	6,868	6,890	7,718
ROE (net income / shareholders' equity)	38.2%	40.9%	55.1%	55.3%	48%	40.2%	38.1%	37%
ROA (Net income/ Total Assets)	15.7%	18.6%	26.1%	25.7%	23.9%	22.7%	22.6%	23.9%
Assets ¹	17,251	19,473	22,560	25,377	28,728	31,104	34,667	36,935
Book Value Per Share ²	8.970	11.60	13.60	14.00	19.50	22.00	24.50	27.90
Cash Flow per Share ²	3.440	4.120	5.920	6.160	10.30	8.230	9.370	10.10
Capex ¹	441	422	668	787	1,106	1,022	1,136	1,307
Capex / Sales	3.02%	2.45%	2.9%	3.05%	4.17%	3.8%	3.8%	4.01%
Announcement Date	11/14/19	11/12/20	11/18/21	11/17/22	11/16/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Applied Materials, Inc.

Trading Rating

Investor Rating

ESG Refinitiv

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

214 USD

Average target price

227 USD

Spread / Average Target

+6.07%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Semiconductor Machinery Manufacturing

	1st Jan change	Capi.
APPLIED MATERIALS, INC.	+31.21%	178B
DISCO CORPORATION	+60.26%	39.18B
ASM INTERNATIONAL N.V.	+38.27%	34.71B
GLOBALFOUNDRIES, INC.	-11.20%	29.99B
NAURA TECHNOLOGY GROUP CO., LTD.	+18.43%	21.46B
BE SEMICONDUCTOR INDUSTRIES N.V.	-0.95%	11.27B
ADVANCED MICRO-FABRICATION EQUIPMENT INC. CHINA	-14.90%	11.09B
HANMI SEMICONDUCTOR CO., LTD.	+126.74%	10.32B
KOKUSAI ELECTRIC CORPORATION	+25.61%	5.6B
ACM RESEARCH (SHANGHAI), INC.	-24.31%	4.7B

Semiconductor Machinery Manufacturing