ADVANCED MICRO DEVICES INC
$534.06
−51.24 (−8.75%) · delayed · Nov 13, 2026
Five-year price
52w $188.22 to $658.52
- Market cap
- $875.9B
- Enterprise value
- $873.6B
- P/E
- 201.5×
- 383.3× on 3y avg EPS
- EV / EBIT
- 236.5×
- FCF yield
- 0.8%
- ROIC
- 6.1%
- Debt / equity
- 0.05
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ●ROIC > 12% (5y avg)5y avg ROIC 14.3%
- ○ROE > 15% (5y avg)5y avg ROE 11.2%
- ○Stable operating marginsMargin volatility 7.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 154% (5y avg)
- ●Growing revenueRevenue CAGR 5y 28.8%
- ○Shrinking share countDiluted shares 35.5% over 5y
Value
0
- ○P/E below 15P/E 201.5
- ○EV/EBIT below 12EV/EBIT 236.5
- ○FCF yield above 6%FCF yield 0.8%
- ○Price below Graham NumberGraham Number $47.86
- ○P/B below 3P/B 13.9
Safety
100
- ●Debt / equity below 0.5D/E 0.05
- ●Debt payable in < 4 yrs of earningsNet debt $-2.3B
- ●Interest coverage > 8xCoverage 28.2x
- ●Current ratio > 1.5Current ratio 2.85
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
33
- ●Adequate size (revenue > $2B)Revenue $34.6B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.85
- ○Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 383.3
- ○P/E × P/B ≤ 22.5Product 5329.2
Valuation lab
What do you have to believe?
At $534.06, the market is pricing in about 30.9% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$2.3B · 1640M shares · 5y revenue CAGR 28.8%
Intrinsic value
$243.15
Price
$534.06
Premium paid
120%
What the price implies
The market is paying for 30.9% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
70% of the value sits beyond year 10. That means the answer depends mostly on the long-run assumptions.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 4,319 | 5,253 | 6,475 | 6,731 | 9,763 | 16,434 | 23,601 | 22,680 | 25,785 | 34,639 |
| Gross profit | 1,003 | 1,787 | 2,447 | 2,868 | 4,347 | 7,929 | 10,603 | 10,460 | 12,725 | 17,152 |
| Operating income | (373) | 127 | 451 | 631 | 1,369 | 3,648 | 1,264 | 401 | 1,900 | 3,694 |
| Operating margin | -8.6% | 2.4% | 7.0% | 9.4% | 14.0% | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| Pre-tax income | (459) | (15) | 328 | 372 | 1,280 | 3,675 | 1,198 | 508 | 2,022 | 4,166 |
| Income tax | 39 | 18 | (9) | 31 | (1,210) | 513 | (122) | (346) | 381 | (103) |
| Net income | (498) | (33) | 337 | 341 | 2,490 | 3,162 | 1,320 | 854 | 1,641 | 4,335 |
| EPS (diluted) | -0.60 | -0.03 | 0.32 | 0.30 | 2.06 | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 |
| Diluted shares | 835 | 952 | 1,064 | 1,120 | 1,207 | 1,229 | 1,571 | 1,625 | 1,637 | 1,636 |
Who owns it