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Advanced Micro Devices, Inc. (AMD)

NASDAQ / Technology / Semiconductors

Share price

562.23 USD Market dataClose of Oct 15, 2026

Market capitalisation

917.80B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 4, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

6.9% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

210.57x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

0.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 4.27B USDFY2016 Net income: -498.0M USDFY2017 Revenue: 5.33B USDFY2017 Net income: -33.0M USDFY2018 Revenue: 6.47B USDFY2018 Net income: 337.0M USDFY2019 Revenue: 6.73B USDFY2019 Net income: 341.0M USDFY2020 Revenue: 9.76B USDFY2020 Net income: 2.49B USDFY2021 Revenue: 16.43B USDFY2021 Net income: 3.16B USDFY2022 Revenue: 23.60B USDFY2022 Net income: 1.32B USDFY2023 Revenue: 22.68B USDFY2023 Net income: 854.0M USDFY2024 Revenue: 25.79B USDFY2024 Net income: 1.64B USDFY2025 Revenue: 34.64B USDFY2025 Net income: 4.33B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 210.57x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Semiconductors industry (51 companies), 210.57x sits at the 86th percentile; the middle half of that group runs from 34.97x to 99.83x.

Is it good

Return on equity was 6.9% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Semiconductors industry (92 companies), 6.9% sits at the 62nd percentile; the middle half of that group runs from -7.8% to 13.4%.

Is it safe

Interest coverage was 28.20x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Advanced Micro Devices, Inc.'s operating margin stayed above the median of the Semiconductors industry, year by year. (FY2022 to FY2025, 4 fiscal years of Advanced Micro Devices, Inc. with a comparable figure)
The direction
Which way Advanced Micro Devices, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Advanced Micro Devices, Inc.)
What could explain it
What in Advanced Micro Devices, Inc.'s filed statements could explain the movements. (8 readings drawn from the statement lines Advanced Micro Devices, Inc. filed)
What to check next
What to check next on Advanced Micro Devices, Inc., and where in its filings. (1 question for Advanced Micro Devices, Inc.)
In one paragraph
One paragraph on Advanced Micro Devices, Inc.'s returns, cash, balance sheet and price. (14 of sixteen figures read for Advanced Micro Devices, Inc.)

These are AMD’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AMDPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 4, 2026, accession 0000002488-26-000018.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Advanced Micro Devices, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.

n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Return on equity6.9% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Return on capital employed, pre-tax5.5% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Return on assets5.6% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Gross margin49.5% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Operating margin10.7% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Net margin12.5% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
AMD 12.5%
INTC -0.5%AMAT 24.7%LRCX 31.3%ARM 19.8%TXN 28.3%
-0.5%31.3%
Net margin: AMD against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Advanced Micro Devices, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.08 ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Current ratio2.85 ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Quick ratio2.01 ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Interest coverage28.20x ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Altman Z-score40.63 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Net debt-5.67B ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Total assets 76.93BTotal liabilities 13.93BShareholders' equity 63.00BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Advanced Micro Devices, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 4, 2026, 0000002488-26-000018).

Advanced Micro Devices, Inc: balance sheet position
Total assets76.93B FiledFY2025 10-K, filed Feb 4, 2026
Total liabilities13.93B FiledFY2025 10-K, filed Feb 4, 2026
Shareholders' equity63.00B FiledFY2025 10-K, filed Feb 4, 2026
Cash10.55B FiledFY2025 10-K, filed Feb 4, 2026
Total debt4.88B FiledFY2025 10-K, filed Feb 4, 2026
Net debt-5.67B
Current ratio2.85
Debt to equity0.08

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Advanced Micro Devices, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings210.57x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
P/E on trailing twelve months155.66x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book14.60x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Price to sales26.55x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Enterprise value to EBIT248.82x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Enterprise value to EBITDA218.07x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Price to earnings over growth42.80 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Diluted earnings per share2.65 USD FiledFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Graham number48.10 USD ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018

We publish no fair value or price target of our own. Value AMD on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Advanced Micro Devices, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Advanced Micro Devices, Inc: valuation
Share price562.23 USD
Market capitalisation917.80B USD
Enterprise value to EBITDA218.07x
Graham number48.10 USD
Diluted earnings per share, FY20252.65 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 3, 2017: low 23.60x, median 114.05x, high 2254.12x, latest 155.66x. 2,059 trading days with a meaningful ratio, 252 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Advanced Micro Devices, Inc

  1. Intel Corporation (INTC)Market cap 504.10B USD
  2. Applied Materials, Inc. (AMAT)Market cap 341.30B USD
  3. Lam Research Corporation (LRCX)Market cap 347.20B USD
  4. Arm Holdings plc American Depositary Shares (ARM)Market cap 261.40B USD
  5. Texas Instruments Incorporated (TXN)Market cap 254.90B USD

Same industry (Semiconductors) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Advanced Micro Devices, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield0.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Free cash flow6.74B USD ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Free cash flow margin19.4% ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
FY2016 Free cash flow: 4.0M USDFY2016 Net income: -498.0M USDFY2017 Free cash flow: -101.0M USDFY2017 Net income: -33.0M USDFY2018 Free cash flow: -129.0M USDFY2018 Net income: 337.0M USDFY2019 Free cash flow: 276.0M USDFY2019 Net income: 341.0M USDFY2020 Free cash flow: 777.0M USDFY2020 Net income: 2.49B USDFY2021 Free cash flow: 3.22B USDFY2021 Net income: 3.16B USDFY2022 Free cash flow: 3.12B USDFY2022 Net income: 1.32B USDFY2023 Free cash flow: 1.12B USDFY2023 Net income: 854.0M USDFY2024 Free cash flow: 2.40B USDFY2024 Net income: 1.64B USDFY2025 Free cash flow: 6.74B USDFY2025 Net income: 4.33B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Advanced Micro Devices, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
210.57xFY2025Oct 15, 2026
14.60xFY2025Oct 15, 2026
248.82xFY2025Oct 15, 2026
0.7%FY2025Oct 15, 2026
n/aFY2025Feb 4, 2026
n/a The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
n/aFY2025Oct 15, 2026
n/a The filed cash flow statement reports no dividend paid at all. That is not the same as a filed zero, and we will not read it as one.
0.08FY2025Feb 4, 2026
2.85FY2025Feb 4, 2026
26.55xFY2025Oct 15, 2026
42.80FY2025Oct 15, 2026
40.63FY2025Oct 15, 2026
-2.30FY2025Feb 4, 2026
8/9FY2025Feb 4, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Advanced Micro Devices, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Advanced Micro Devices, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202534.64B3.69B4.33B2.656.74B10.7%6.9%10-K, Feb 4, 20260000002488-26-000018
FY202425.79B1.90B1.64B1.002.40B7.4%2.9%10-K, Feb 5, 20250000002488-25-000012
FY202322.68B401.0M854.0M0.531.12B1.8%1.5%10-K, Jan 31, 20240000002488-24-000012
FY202223.60B1.26B1.32B0.843.12B5.4%2.4%10-K, Feb 27, 20230000002488-23-000047
FY202116.43B3.65B3.16B2.573.22B22.2%42.2%10-K, Feb 3, 20220000002488-22-000016
FY20209.76B1.37B2.49B2.06777.0M14.0%42.7%10-K, Jan 29, 20210001628280-21-001185
FY20196.73B631.0M341.0M0.30276.0M9.4%12.1%10-K, Feb 4, 20200000002488-20-000008
FY20186.47B451.0M337.0M0.32-129.0M7.0%26.6%10-K, Feb 8, 20190000002488-19-000011
FY20175.33B127.0M-33.0M-0.03-101.0M2.4%-5.5%10-K, Feb 27, 20180000002488-18-000042
FY20164.27B-373.0M-498.0M-0.604.0M-8.7%-104.4%10-K, Feb 21, 20170000002488-17-000043
  • Revenue, compound annual growth FY2016 to FY2025: 26.2%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow, compound annual growth FY2016 to FY2025: 128.3%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Advanced Micro Devices, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.30 ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Piotroski F-score8/9 ComputedFY2025 10-K, filed Feb 4, 2026, 0000002488-26-000018
Named tests met2 of 30 Computed
Beta1.80 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 26 not met, 2 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Three forensic scores; Z-score and coverage (Edward Altman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Not measured
ROIC at or above WACC; Cash-covered dividend. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(6)
  • Return on Invested Capital: The filed income tax is outside 0 to 100% of pre-tax income (a tax benefit on a profit, a charge on a loss, or a charge above the profit), which is a one-off in the tax line and not a rate operating profit was taxed at, so after-tax operating profit is not computed.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 6 figures could not be read on this company, among them Return on Invested Capital, Dividend Yield, Payout Ratio. Each blank in the table above names the rest, with its reason. 2 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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