Applied Materials

Information Technology Semiconductor Materials & Equipment Santa Clara, California Last filing Dec 12, 2025 · FY2025

                    Revenue
                    FY2025
                
$28.4B
                    3y CAGR +3.2%
                    
                    P37
                    
                    +4.4%
                    
                    Net income
                    FY2025
                
$7.0B
                    Net margin +24.7%
                    
                    P77
                    
                    -2.5%
                    
                    Total assets
                    FY2025
                
$36.3B
                    ROA +19.3%
                    
                    P89
                    
                    +5.5%
                    
                    Operating cash flow
                    FY2025
                
$8.0B
                    FCF margin +20.1%
                    
                    P45
                    
                    -8.3%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

27 accounts · 3 years

Total assets $36.3B

Total liabilities $15.9B

Shareholders equity $20.4B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	19.9%	23.3%	20.0%
Short Term Investments	3.7%	4.2%	2.4%
Accounts Receivable	14.3%	15.2%	16.8%
Inventory	16.3%	15.8%	18.6%
Other Current Assets	3.3%	3.2%	4.5%
Total Current Assets	57.5%	61.7%	62.3%
Property,Plant and Equipment	12.7%	9.7%	8.9%
Goodwill	10.2%	10.8%	12.1%
Intangible Assets	0.6%	0.7%	1.0%
Long Term Investments	11.9%	8.1%	7.4%
Other Noncurrent Assets	7.0%	9.0%	8.3%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	14.7%	14.0%	14.0%
Deferred Revenue	7.1%	8.3%	9.7%
Current Portion of Long Term Debt	0.3%	2.3%	0.3%
Total Current Liabilities	22.0%	24.6%	24.0%
Long Term Debt	17.8%	15.9%	17.8%
Other Noncurrent Liabilities	3.9%	4.3%	5.0%
Total Liabilities	43.8%	44.8%	46.8%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	28.5%	28.1%	29.7%
Retained Earnings	152.1%	144.3%	142.3%
Treasury Stock	124.1%	116.7%	118.1%
Accumulated Other Comprehensive Income	-0.3%	-0.5%	-0.7%
Total Stockholders Equity	56.2%	55.2%	53.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

17 accounts · 3 years

Revenue $28.4B

Operating income $8.3B

Net income $7.0B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	78.2%	79.0%	86.3%
Expenses Cost of Revenue	40.1%	41.5%	46.0%
Other Income Expense Gross Profit	38.0%	37.5%	40.3%
Expenses Research and Development	9.8%	9.4%	10.1%
Expenses Selling,General and Administrative	4.9%	5.2%	5.3%
Expenses Restructuring and Asset Impairment	0.5%	0.0%	0.0%
Expenses Operating Expenses	15.2%	14.6%	15.4%
Other Income Expense Operating Income	22.8%	22.9%	24.9%
Other Income Expense Interest Expense	0.7%	0.7%	0.8%
Other Income Expense Other Income/expense	3.4%	1.5%	1.0%
Other Income Expense Income Before Tax	25.5%	23.7%	25.1%
Income Tax Income Tax Expense	6.3%	2.8%	2.8%
net Income net Income	19.3%	20.9%	22.3%
net Income Comprehensive Income	19.4%	21.0%	22.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	2.2%	2.4%	2.7%

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $8.0B

Investing cash flow $-2.8B

Financing cash flow $-6.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	19.3%	20.9%	22.3%
Operating Activities Depreciation and Amortization	1.2%	1.1%	1.7%
Operating Activities Stock Based Compensation	1.8%	1.7%	1.6%
Operating Activities Deferred Income Taxes	1.8%	-1.8%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	-0.6%	3.2%	2.5%
Operating Activities Other Non Cash Items	-1.6%	0.1%	0.1%
Operating Activities net Cash From Operating Activities	21.9%	25.2%	28.3%
Investing Activities Capital Expenditures	-6.2%	-3.5%	-3.6%
Investing Activities Business Acquisitions	-0.1%	0.0%	-0.1%
Investing Activities Purchases of Investments	-16.7%	-10.4%	-5.4%
Investing Activities Proceeds From Sale of Investments	15.2%	7.1%	4.1%
Investing Activities Other Investing Activities	0.1%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-7.7%	-6.8%	-5.0%
Financing Activities Proceeds From Debt	4.1%	3.2%	3.2%
Financing Activities Repayment of Debt	-3.3%	-1.2%	-2.9%
Financing Activities Repurchase of Common Stock	-13.5%	-11.1%	-7.1%
Financing Activities Dividends Paid	-3.9%	-3.5%	-3.2%
Financing Activities Proceeds From Stock Issuance	0.7%	0.7%	0.7%
Financing Activities Tax Withholding On Stock Based Compensation	-0.7%	-0.8%	-0.6%
Financing Activities Other Financing Activities	-0.0%	-0.3%	-0.0%
Financing Activities net Cash From Financing Activities	-16.5%	-13.0%	-9.9%
Cash Reconciliation net Change In Cash	-2.2%	5.5%	13.4%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+48.7%	+47.5%	+46.7%
Operating margin	+29.2%	+28.9%	+28.9%
Net margin	+24.7%	+26.4%	+25.9%
FCF margin	+20.1%	+27.6%	+28.6%
Growth
Revenue CAGR (3y)	+3.2%	+5.6%	+15.5%
Returns
ROE	+34.3%	+37.8%	+41.9%
ROA	+19.3%	+20.9%	+22.3%
ROIC	+31.7%	+40.2%	+43.1%
Liquidity
Current ratio	2.61x	2.51x	2.60x
Quick ratio	1.55x	1.57x	1.53x
Leverage
D/E	0.78x	0.81x	0.88x
Interest coverage	30.81x	31.85x	32.16x
Efficiency
Asset turnover	0.78x	0.79x	0.86x
Cash conversion cycle	+81d	+86d	+108d

Valuation

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Applied Materials

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