Applied Materials

AMAT

Semiconductors · Technology

Price

$529.66

-31.27 (-5.57%)

Market Cap

$420.53B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−12.1% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 919.0M (2021) → 808.0M (2025)

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits. This segment also offers various technologies, including epitaxy, ion implan

Winston Score History

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-2.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+74.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$3.6B/ year

↑ Rising (+10% vs prior year)

12.6% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$7.2B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Applied Materials's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

49.0%

Healthy — 49.0% gross margin

Operating Margin

29.9%

Excellent — 29.9% operating margin

ROCE

7.4%

Weak — 7.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+2.1%

Nearly flat sales (2.1% YoY)

EPS YoY

+27.3%

Earnings growing fast (27.3% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

111%

Turns 111% of profit into real cash

FCF Margin

22.0%

Converts sales into free cash efficiently (22.0%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.30

Conservative — low debt load (0.30)

Interest Cover

29.96x

Comfortably covers interest (30.0x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

54.0x

Expensive — P/E 54.0

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

+16.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (54.0 → 38.0)

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Dividends

Dividend Yield

0.30%

Small dividend — 0.30% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+15.1%

Dividend growing fast (15.1% YoY)

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