Applied Materials, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Oct 2025, China was 30% and Taiwan was 24% of revenue; United States fell from 15% in the fiscal year to Oct 2023.

Quarters: Applied Materials, Inc.'s SEC filings, named by the month they end. Fiscal years: Applied Materials, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $24.7 ends up as net income. Net margin was roughly flat over the past 3 years.

Circled: Jan 2025 (net 16.5%, operating 30.4%). Net margin is usually about 4 points below operating margin; in that quarter something below operating income (a tax charge or benefit, a gain or loss on investments, a write-down) moved it, not the business itself.

Each margin is that line of the income statement divided by revenue. Fiscal year: Applied Materials, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 50.3%, up 1.5 points from a year earlier; inventory at 148 days, up from 139 a year earlier; capital spending 9.0% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

Applied Materials's latest annual report names none of its suppliers or customers, but two customers it does not name account for 19% and 15% of its revenue. Micron Technology’s supplier awards page for 2024 to 2026 names Applied Materials as a supplier.

Suppliers

Celestica CLS

 

AMATApplied Materials

Customers

Unnamed customer 19%

Unnamed customer 15%

Micron Technology MU

Their customers

Fortinet FTNTfrom Micron Technology

NVIDIA NVDAfrom Micron Technology

Penguin Solutions PENGfrom Micron Technology

Show 3

Applied Materials's 10-Q for the quarter to Jan 2026 gives two customers' shares of its revenue: Customer One (19%) and Customer Two (16%).

From Applied Materials, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Dec 13, 2024)

SamsungNo longer named (was a customer)

TSMC TSMNo longer named (was a customer)

Named in other companies’ filings

Xanadu Quantum Technologies XNDUco-develops with it · Co-develops superconducting sensor wafer process

Only the companies Applied Materials names in its 10-K filed Dec 12, 2025 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Applied Materials. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Micron Technology’s supplier awards page for 2024 to 2026, published Oct 22, 2026 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 32.9x, below the peer median of 39.4x, with earnings still growing.

Priced 17% below the peer median of 39.4x.

AMAT has no trailing P/E on its latest close from SEC filings; over five years the median was 20.7×, the middle half 17.8×–26.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits. The P/E in the key figures is Yahoo Finance's: the latest close over its trailing earnings.

What analysts expect

The average analyst price target is $608, 60% above the current price; 85% of 40 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 34 analysts (85%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $219.89 to $661.35 (+201%), while AMAT went from $223.23 to $380.95 (+71%). In the past three months targets were raised 6 times and cut 10 times. 5 upgrades and 3 downgrades over the year; the latest: Erste Group moved it to Hold from Buy on Aug 5, 2026.

The day after each of these reports the stock moved +4.4% (Jan 2026, beat); 0.0% (Apr 2026, beat); −7.5% (Jul 2026, beat).

For the quarter ending Jan 2027, analysts expect adjusted earnings of $4.30 a share, 81% more than the $2.38 of a year earlier, and revenue of $10.9B, up 56% on a year earlier. For the fiscal year ending Oct 2027, they expect adjusted earnings of $18.87 a share, 46% more than the $12.90 of the year before, and revenue of $47.1B.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $5.6B in free cash flow over the year, of which $3.5B went back to shareholders (dividends plus buybacks), leaving $2.1B in the company.

Applied Materials had 800M diluted shares in the quarter ended Jul 2026, 0.2% fewer than a year earlier, and 2.3% fewer each year on average since Apr 2020. It spent $2.0B on buybacks over the last four quarters.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.6, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 2 members of Congress and 13 funds whose copy leaves AMAT out (on the exchange, not in the app yet): Blue Whale Capital, Coatue Management, Tiger Global Management, CloudAlpha Capital Management Limited/Hong Kong, Altimeter Capital Management, Canada Pension Plan Investment Board and 9 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 21 held AMAT at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 9 cut, 3 bought new, 1 sold all and 3 held the same. The largest of them is Norges Bank, 11.31M shares worth $8.2B at Jun 30, 2026, 1.6% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of AMAT at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $181M of AMAT on the open market in the 12 months to Nov 10, 2026; none bought. The largest was Gary E Dickerson (President and CEO; director), who sold $105M in 15 sales.

From the Form 4s filed with the SEC about Applied Materials, Inc. (53 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 50 other transactions (grants, shares withheld for tax and gifts).