AMATApplied Materials

Technology · Semiconductors · Nasdaq

Applied Materials, Inc. is the leader in the materials engineering solutions used to produce virtually every semiconductor in the world. 10-K, Item 1

Headquarters: Santa Clara, CA
CEO: Gary E. Dickerson
Next results: around Nov 12, 2026

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AMAT and 9 peers, year by year

The 9 Technology companies closest to AMAT in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
AMAT Applied Materials	FY2025	$28.4B	+4.4%	48.7%	29.2%	24.7%	20.1%	34.3%	0.32
FLEX Flex Ltd.	FY2026	$27.9B	+8.1%	9.2%	4.9%	3.2%	3.8%	17.1%	0.73
SNDK Sandisk	FY2026	$20.2B	+175%	71.5%	61.2%	56.5%	56.8%	72.7%	0.00
APH Amphenol	FY2025	$23.1B	+51.7%	36.9%	25.4%	18.5%	19.0%	31.8%	1.16
LRCX Lam Research	FY2026	$23.2B	+26.0%	50.5%	35.3%	31.3%	21.1%	58.3%	0.30
ADBE Adobe Inc.	FY2025	$23.8B	+10.5%	89.3%	36.6%	30.0%	41.4%	61.3%	0.53
JBL Jabil	FY2026	$36.0B	+20.6%	9.2%	4.7%	2.9%	3.8%	64.6%	2.09
CDW CDW Corporation	FY2025	$22.4B	+6.8%	21.7%	7.4%	4.8%	4.9%	40.9%	2.16
CTSH Cognizant	FY2025	$21.1B	+7.0%	-	16.1%	10.6%	12.3%	14.9%	0.04
INTU Intuit	FY2026	$21.4B	+13.9%	-	27.4%	21.3%	40.4%	24.0%	0.40

Revenuepeer median $23.1B

Sales growthpeer median +13.9%

Gross marginpeer median 36.9%

Operating marginpeer median 25.4%

Net marginpeer median 18.5%

FCF marginpeer median 19.0%

Return on equitypeer median 40.9%

Debt / equitypeer median 0.53

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	$10.8B	$14.7B	$16.7B	$14.6B	$17.2B	$23.1B	$25.8B	$26.5B	$27.2B	$28.4B
FLEX Mar	$24.4B	$23.9B	$25.4B	$26.2B	$24.2B	$24.1B	$24.6B	$28.5B	$26.4B	$25.8B
SNDK Jul	-	-	-	-	-	-	-	$6.1B	$6.7B	$7.4B
APH Dec	$6.3B	$7.0B	$8.2B	$8.2B	$8.6B	$10.9B	$12.6B	$12.6B	$15.2B	$23.1B
LRCX Jun	$5.9B	$8.0B	$11.1B	$9.7B	$10.0B	$14.6B	$17.2B	$17.4B	$14.9B	$18.4B
ADBE Nov	$5.9B	$7.3B	$9.0B	$11.2B	$12.9B	$15.8B	$17.6B	$19.4B	$21.5B	$23.8B
JBL Aug	$18.4B	$19.1B	$22.1B	$25.3B	$27.3B	$29.3B	$33.5B	$34.7B	$28.9B	$29.8B
CDW Dec	$14.0B	$15.2B	$16.2B	$18.0B	$18.5B	$20.8B	$23.7B	$21.4B	$21.0B	$22.4B
CTSH Dec	$13.5B	$14.8B	$16.1B	$16.8B	$16.7B	$18.5B	$19.4B	$19.4B	$19.7B	$21.1B
INTU Jul	$4.7B	$5.2B	$6.0B	$6.8B	$7.7B	$9.6B	$12.7B	$14.4B	$16.3B	$18.8B
Peer median	$9.9B	$11.4B	$13.6B	$14.0B	$14.8B	$17.1B	$18.5B	$19.4B	$19.7B	$22.4B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	+12.1%	+34.3%	+13.7%	−12.6%	+17.8%	+34.1%	+11.8%	+2.8%	+2.5%	+4.4%
FLEX Mar	-	−2.3%	+6.6%	+3.0%	−7.6%	−0.4%	+7.9%	+15.7%	−7.3%	−2.3%
SNDK Jul	-	-	-	-	-	-	-	-	+9.5%	+10.4%
APH Dec	-	+11.5%	+17.0%	+0.3%	+4.5%	+26.5%	+16.1%	−0.5%	+21.3%	+51.7%
LRCX Jun	-	+36.1%	+38.2%	−12.9%	+4.1%	+45.6%	+17.8%	+1.2%	−14.5%	+23.7%
ADBE Nov	+22.1%	+24.7%	+23.7%	+23.7%	+15.2%	+22.7%	+11.5%	+10.2%	+10.8%	+10.5%
JBL Aug	-	+3.9%	+15.9%	+14.4%	+7.8%	+7.4%	+14.3%	+3.7%	−16.8%	+3.2%
CDW Dec	+7.6%	+8.5%	+9.5%	+11.0%	+2.4%	+12.7%	+14.1%	−10.0%	−1.8%	+6.8%
CTSH Dec	+8.6%	+9.8%	+8.9%	+4.1%	−0.8%	+11.1%	+5.0%	−0.4%	+2.0%	+7.0%
INTU Jul	-	+10.3%	+16.0%	+12.6%	+13.2%	+25.4%	+32.1%	+12.9%	+13.3%	+15.6%
Peer median	+8.6%	+10.0%	+15.9%	+7.6%	+4.3%	+17.7%	+14.2%	+2.4%	+2.0%	+10.4%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	41.7%	45.0%	45.0%	43.7%	44.7%	47.3%	46.5%	46.7%	47.5%	48.7%
FLEX Mar	6.6%	6.4%	6.3%	5.8%	5.5%	7.0%	7.2%	6.9%	7.1%	8.4%
SNDK Jul	-	-	-	-	-	-	-	7.1%	16.1%	30.1%
APH Dec	32.5%	32.9%	32.4%	31.8%	31.0%	31.3%	31.9%	32.5%	33.8%	36.9%
LRCX Jun	44.5%	45.0%	46.6%	45.1%	45.9%	46.5%	45.7%	44.6%	47.3%	48.7%
ADBE Nov	86.0%	86.2%	86.8%	85.0%	86.6%	88.2%	87.7%	87.9%	89.0%	89.3%
JBL Aug	8.3%	8.1%	7.7%	7.6%	7.1%	8.1%	7.9%	8.3%	9.3%	8.9%
CDW Dec	16.7%	16.1%	16.7%	16.9%	17.4%	17.1%	19.7%	21.8%	21.9%	21.7%
CTSH Dec	-	-	-	-	-	-	-	-	-	-
INTU Jul	-	-	-	-	-	-	-	-	-	-
Peer median	24.6%	24.5%	24.5%	24.3%	24.2%	24.2%	25.8%	21.8%	21.9%	30.1%

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	19.9%	26.8%	26.9%	22.9%	25.4%	29.9%	30.2%	28.9%	28.9%	29.2%
FLEX Mar	-	-	-	-	1.7%	3.3%	3.6%	3.6%	3.2%	4.5%
SNDK Jul	-	-	-	-	-	-	-	−33.4%	−7.0%	−18.7%
APH Dec	19.2%	20.4%	20.6%	19.7%	19.1%	19.4%	20.5%	20.4%	20.7%	25.4%
LRCX Jun	18.3%	23.7%	29.0%	25.5%	26.6%	30.6%	31.2%	29.7%	28.6%	32.0%
ADBE Nov	25.5%	29.7%	31.5%	29.3%	32.9%	36.8%	34.6%	34.3%	31.3%	36.6%
JBL Aug	2.8%	2.2%	2.5%	2.8%	1.8%	3.6%	4.2%	4.4%	7.0%	4.0%
CDW Dec	5.9%	5.7%	6.1%	6.3%	6.4%	6.8%	7.3%	7.9%	7.9%	7.4%
CTSH Dec	17.0%	16.8%	17.4%	14.6%	12.7%	15.3%	15.3%	13.9%	14.7%	16.1%
INTU Jul	26.5%	27.3%	25.9%	27.3%	28.3%	26.0%	20.2%	21.9%	22.3%	26.1%
Peer median	18.3%	20.4%	20.6%	19.7%	15.9%	17.3%	17.7%	13.9%	14.7%	16.1%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	15.9%	23.9%	18.2%	18.5%	21.0%	25.5%	25.3%	25.9%	26.4%	24.7%
FLEX Mar	1.8%	1.3%	1.7%	0.4%	0.4%	2.5%	3.8%	2.8%	3.8%	3.2%
SNDK Jul	-	-	-	-	-	-	-	−35.2%	−10.1%	−22.3%
APH Dec	13.1%	9.3%	14.7%	14.0%	14.0%	14.6%	15.1%	15.4%	15.9%	18.5%
LRCX Jun	15.5%	21.2%	21.5%	22.7%	22.4%	26.7%	26.7%	25.9%	25.7%	29.1%
ADBE Nov	20.0%	23.2%	28.7%	26.4%	40.9%	30.5%	27.0%	28.0%	25.9%	30.0%
JBL Aug	1.4%	0.7%	0.4%	1.1%	0.2%	2.4%	3.0%	2.4%	4.8%	2.2%
CDW Dec	3.0%	3.4%	4.0%	4.1%	4.3%	4.7%	4.7%	5.2%	5.1%	4.8%
CTSH Dec	11.5%	10.2%	13.0%	11.0%	8.4%	11.5%	11.8%	11.0%	11.3%	10.6%
INTU Jul	20.9%	19.0%	22.1%	23.0%	23.8%	21.4%	16.2%	16.6%	18.2%	20.5%
Peer median	12.3%	9.7%	13.9%	12.5%	11.2%	13.1%	13.4%	11.0%	11.3%	10.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	$2.3B	$3.4B	$3.2B	$2.8B	$3.4B	$4.8B	$4.6B	$7.6B	$7.5B	$5.7B
FLEX Mar	$625.8M	−$4.3B	−$4.4B	−$3.7B	−$2.0B	−$207.0M	$581.0M	$315.0M	$796.0M	$1.1B
SNDK Jul	-	-	-	-	-	-	-	−$932.0M	−$475.0M	−$120.0M
APH Dec	$886.8M	$917.6M	$802.1M	$1.2B	$1.3B	$1.2B	$1.8B	$2.2B	$2.1B	$4.4B
LRCX Jun	$1.2B	$1.9B	$2.4B	$2.9B	$1.9B	$3.2B	$2.6B	$4.7B	$4.3B	$5.4B
ADBE Nov	$2.0B	$2.7B	$3.8B	$4.0B	$5.3B	$6.9B	$7.4B	$6.9B	$7.9B	$9.9B
JBL Aug	−$8.0M	−$2.2B	−$2.1B	$188.0M	$274.0M	$274.0M	$266.0M	$704.0M	$932.0M	$1.2B
CDW Dec	$540.5M	$696.6M	$819.8M	$790.9M	$1.2B	$684.6M	$1.2B	$1.5B	$1.2B	$1.1B
CTSH Dec	$1.3B	$2.1B	$2.2B	$2.1B	$2.9B	$2.2B	$2.2B	$2.0B	$1.8B	$2.6B
INTU Jul	$1.0B	$1.5B	$2.1B	$2.2B	$2.4B	$3.2B	$3.7B	$4.8B	$4.7B	$6.1B
Peer median	$965.4M	$1.2B	$1.4B	$1.7B	$1.6B	$1.7B	$2.0B	$2.0B	$1.8B	$2.6B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	21.4%	23.4%	18.9%	19.2%	19.7%	20.7%	17.9%	28.6%	27.6%	20.1%
FLEX Mar	2.6%	−18.2%	−17.4%	−14.1%	−8.2%	−0.9%	2.4%	1.1%	3.0%	4.1%
SNDK Jul	-	-	-	-	-	-	-	−15.3%	−7.1%	−1.6%
APH Dec	14.1%	13.1%	9.8%	14.7%	15.3%	10.8%	14.2%	17.2%	14.1%	19.0%
LRCX Jun	20.0%	23.4%	21.5%	29.8%	19.1%	22.1%	14.8%	26.8%	28.6%	29.4%
ADBE Nov	34.1%	37.5%	41.7%	36.0%	41.2%	43.6%	42.0%	35.8%	36.6%	41.4%
JBL Aug	0.0%	−11.4%	−9.7%	0.7%	1.0%	0.9%	0.8%	2.0%	3.2%	3.9%
CDW Dec	3.9%	4.6%	5.0%	4.4%	6.3%	3.3%	5.1%	6.8%	5.5%	4.9%
CTSH Dec	10.0%	14.3%	13.7%	12.6%	17.4%	12.0%	11.5%	10.4%	9.3%	12.3%
INTU Jul	22.2%	28.8%	34.4%	33.1%	30.7%	33.2%	29.3%	33.7%	28.8%	32.5%
Peer median	12.0%	13.7%	11.8%	13.6%	16.4%	11.4%	12.8%	10.4%	9.3%	12.3%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	23.2%	36.5%	44.4%	32.9%	34.2%	48.1%	53.5%	41.9%	37.8%	34.3%
FLEX Mar	17.3%	12.1%	14.2%	3.1%	3.1%	17.8%	22.7%	14.8%	18.9%	16.8%
SNDK Jul	-	-	-	-	-	-	-	−18.7%	−6.1%	−17.8%
APH Dec	22.4%	16.3%	30.0%	25.5%	22.3%	25.2%	27.1%	23.1%	24.8%	31.8%
LRCX Jun	15.5%	24.9%	36.6%	46.9%	43.5%	64.8%	73.4%	54.9%	44.8%	54.3%
ADBE Nov	15.7%	20.0%	27.7%	28.0%	39.7%	32.6%	33.8%	32.9%	39.4%	61.3%
JBL Aug	10.4%	5.5%	4.4%	15.2%	3.0%	32.6%	40.6%	28.5%	79.9%	43.4%
CDW Dec	40.6%	53.1%	65.9%	76.7%	60.8%	140.1%	69.5%	54.1%	45.8%	40.9%
CTSH Dec	14.5%	14.1%	18.4%	16.7%	12.8%	17.8%	18.6%	16.1%	15.5%	14.9%
INTU Jul	65.6%	58.0%	47.2%	41.5%	35.8%	20.9%	12.6%	13.8%	16.1%	19.6%
Peer median	16.5%	18.2%	28.8%	26.8%	29.1%	28.9%	30.5%	23.1%	24.8%	31.8%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	0.45	0.55	0.78	0.72	0.52	0.45	0.45	0.34	0.37	0.32
FLEX Mar	1.09	1.12	0.98	1.03	1.01	1.11	1.02	0.69	0.61	0.74
SNDK Jul	-	-	-	-	-	-	-	-	0.00	0.20
APH Dec	0.82	0.89	0.89	0.80	0.72	0.76	0.65	0.52	0.70	1.16
LRCX Jun	0.73	0.39	0.36	0.95	1.12	0.82	0.79	0.60	0.58	0.45
ADBE Nov	0.25	0.22	0.44	0.39	0.31	0.28	0.29	0.22	0.29	0.53
JBL Aug	0.85	0.87	1.29	1.32	1.51	1.35	1.17	1.00	1.66	1.91
CDW Dec	3.09	3.28	3.29	3.45	3.03	9.72	3.69	2.76	2.48	2.16
CTSH Dec	0.09	0.09	0.07	0.07	0.06	0.06	0.05	0.05	0.06	0.04
INTU Jul	0.67	0.29	0.16	0.12	0.66	0.21	0.42	0.35	0.33	0.30
Peer median	0.78	0.63	0.66	0.87	0.86	0.79	0.72	0.56	0.58	0.53

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
AMAT Oct	$1.54	$3.25	$2.96	$2.86	$3.92	$6.40	$7.44	$8.11	$8.61	$8.66
FLEX Mar	$0.79	$0.59	$0.80	$0.18	$0.17	$1.21	$1.94	$1.72	$2.28	$2.11
SNDK Jul	-	-	-	-	-	-	-	−$14.78	−$4.63	−$11.32
APH Dec	$0.33	$0.26	$0.48	$0.47	$0.49	$0.64	$0.77	$0.78	$0.96	$1.67
LRCX Jun	$0.52	$0.92	$1.32	$1.37	$1.51	$2.69	$3.27	$3.32	$2.90	$4.15
ADBE Nov	$2.32	$3.38	$5.20	$6.00	$10.83	$10.02	$10.10	$11.82	$12.36	$16.70
JBL Aug	$1.32	$0.69	$0.49	$1.81	$0.35	$4.58	$6.90	$6.02	$11.17	$5.92
CDW Dec	$2.56	$3.31	$4.19	$4.99	$5.45	$7.04	$8.13	$8.10	$7.97	$8.08
CTSH Dec	$2.55	$2.53	$3.60	$3.29	$2.57	$4.05	$4.41	$4.21	$4.51	$4.56
INTU Jul	$3.69	$3.78	$5.09	$5.89	$6.92	$7.56	$7.28	$8.42	$10.43	$13.67
Peer median	$1.82	$1.73	$2.46	$2.55	$2.04	$4.31	$5.66	$4.21	$4.51	$4.56

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out AMAT and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on AMAT in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/AMAT/export.csv") into a cell.