Advanced Micro Devices Inc (AMD)
Information Technology · Semiconductors · US stock · S&P 500 component
$507.93
▼ -44.79 (8.10%)
Fair valueOvervalued
$403 −20.7% to fair value
$202fair band $343–$488$605
Day's range
$502.60 – $529.98
52-week range
$188.22 – $658.52
About Advanced Micro Devices Inc
Advanced Micro Devices designs semiconductors, including central processors, graphics processors and adaptive chips. Its products power personal computers, game consoles, cloud servers and data centre accelerators used for artificial intelligence, as well as embedded systems in industrial and communications equipment. It does not run its own chip fabrication, relying on contract manufacturers. Customers include PC makers, cloud providers, console makers and other technology companies.
The company earns money from supplying chips and related software to those customers. Revenue was $41.3 billion over the last twelve months, with growth of 13.6% a year across the last three years. The operating margin is 15.7%, and the business earns a profit of 10% on the capital invested in it. Net debt is -1.5 times EBITDA, meaning it holds more cash than debt. No dividend is paid. On the site's X-Ray Score it receives 48 out of 100.
Price chart
52-wk range $188.22 – $658.52Volume 27,927,104Daily, split-adjusted
Vitals
Market cap$842.7B
52-week range$188.22 – $658.52
Volume (last day)27,927,104
P/E (TTM)130.0
EBIT / EV yield0.8%
Free-cash-flow yield1.0%
Dividend yieldNo dividend
Revenue (TTM)$41.3B
Net income (TTM)$6.4B
Operating margin15.7%
Return on capital9.7%
Debt incl. leases$3.2B
Cash & securities$13.1B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$403middle half of models $376 – $452
Overvalued
−20.7% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Peak-cycle earnings: the current operating margin is more than 1.5x its 7-year average, so multiples applied to today's profit may overstate value; model uncertainty is set to High
Price $508
Undervalued < $343Fair $343 – $488Overvalued > $488
P/E multiple
$479
P/B multiple
$317
P/S multiple
$356
EV/EBITDA multiple
$403
EV/EBIT multiple
$380
EV/revenue multiple
$397
10-year DCF, EBITDA exit
$375
5-year DCF, EBITDA exit
$474
10-year DCF, revenue exit
$380
5-year DCF, revenue exit
$468
10-year DCF, growth exit · not used
$47
5-year DCF, growth exit · not used
$47
Earnings power value · not used
$47
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, priced high
Our models put fair value below today's price, so a lot of good news may already be in the price. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
12/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield0.8%
Free-cash-flow yield1.0%
Fair value vs price0.8×
Growth
Strong
80/100
Growing faster than most of its sector.
See the numbers →
Revenue growth (3y)13.6%
EPS growth (3y)46.7%
Growth consistency100%
Profitability
Weak
33/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital9.7%
Operating margin15.7%
Gross profitability26.0%
Financial health
Strong
81/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-1.5×
Interest cover44.1×
Dividends
None
–/100
Pays no dividend.
See the numbers →
Quarterly results: last 6 quarters
+35.9%
Mar '25
+31.7%
Jun '25
+35.6%
Sep '25
+34.1%
Dec '25
+37.8%
Mar '26
+50.1%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $11.5B, diluted EPS $1.38.
Compare with peers
MU Micron Technology Inc79 FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60Other Semiconductors companies by X-Ray Score.
SWOT analysis: Advanced Micro Devices Inc
Strengthsinside the company
- Revenue has grown 13.6% a year over three years (median -1.2% for industry peers).
- Earnings per share have compounded at 46.7% a year over three years.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
- Operating profit covers interest 44x, so debt costs are a small drag.
Weaknessesinside the company
- Return on invested capital of 9.7% is well below the 16.7% median of industry peers.
- Operating margin of 15.7% is thin against 29.5% for industry peers.
Opportunitiesvaluation and setting
- Revenue growth picked up to 34.3% last year from 13.6% a year over three years.
- Our Market Compass rates the backdrop for Information Technology as favourable.
Threatsvaluation and setting
- Trades at 131.0x earnings, 208% above the 42.5x median of industry peers, so the price already assumes better results.
- The price is 21% above our fair value estimate, so there is little room for disappointment.
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
- Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AMD with peers and sector
Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): NVDA 67, AVGO 60, MU 79, INTC 17, TXN 44, MRVL 31.
| Metric | AMD | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 48 | 43 | 50 |
| Valuation | 12 | 33 | 52 |
| Growth | 80 | 31 | 54 |
| Profitability | 33 | 45 | 50 |
| Financial health | 81 | 58 | 49 |
| Dividends | – | 53 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
AMD ranks #44 of 75 in Information Technology and #7 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AMD
Each factor is rated by where AMD stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 9 Average · 7 Bad of 23
Growth: 3 · 0 · 0
Profitability: 0 · 3 · 2
Financial strength: 3 · 1 · 0
Valuation: 0 · 1 · 4
Cash flow: 1 · 3 · 0
Efficiency: 0 · 1 · 1
| Factor | AMD | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +13.6% | Good beats 67% | +9.7% | – | – |
| Revenue growth, last year | +34.3% | Good beats 87% | +13.7% | +34.3% | ≈ In line |
| EPS growth, 3 years a year | +46.7% | Good beats 94% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 53.2% | Average beats 43% | 57.8% | 48.2% | ▲ Better |
| Operating margin | 15.7% | Average beats 35% | 20.3% | 7.4% | ▲ Better |
| Net margin | 15.6% | Average beats 45% | 17.8% | 6.4% | ▲ Better |
| Return on invested capital | 9.7% | Bad beats 24% | 19.4% | – | – |
| Return on equity | 9.6% | Bad beats 22% | 21.0% | 2.9% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -1.5x | Good beats 98% | 0.8x | -1.8x | ≈ In line |
| Interest cover | 44.1x | Average beats 61% | 23.0x | 20.7x | ▲ Better |
| Current ratio | 2.61 | Good beats 79% | 1.57 | 2.51 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 89% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 131.0x | Bad beats 9% | 33.6x | 81.1x | ▼ Worse |
| Price / book | 12.5x | Average beats 35% | 8.3x | 4.3x | ▼ Worse |
| Price / sales | 20.4x | Bad beats 9% | 6.9x | 10.2x | ▼ Worse |
| EV / EBITDA | 128.4x | Bad beats 6% | 24.7x | 93.5x | ▼ Worse |
| Free cash flow yield | 1.0% | Bad beats 13% | 3.4% | 1.8% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 20.3% | Average beats 39% | 22.3% | 13.2% | ▲ Better |
| Cash from operations / net income | 1.57 | Average beats 60% | 1.39 | 1.85 | ▼ Worse |
| Free cash flow growth, 3 years a year | +29.3% | Good beats 76% | +15.4% | – | – |
| Accruals (lower is better) | −4.3% | Average beats 47% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.3x | Bad beats 21% | 3.9x | 2.8x | ▼ Worse |
| Days sales outstanding | 64 days | Average beats 48% | 63 days | 67 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 7 Good · ● 5 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginAverage
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 50/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B |
| Operating income | $3.6B | $1.3B | $401M | $1.9B | $3.7B |
| Net income | $3.2B | $1.3B | $854M | $1.6B | $4.3B |
| Operating cash flow | $3.5B | $3.6B | $1.7B | $3.0B | $7.7B |
| Operating margin | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
| Free cash flow | $3.2B | $3.1B | $1.1B | $2.4B | $6.7B |
| Diluted EPS | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bearish
5 bullish · 1 neutral · 10 bearish
Weekly
Bullish
7 bullish · 1 neutral · 4 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 560.3 | Bearish |
| EMA 10 | 555.5 | Bearish |
| SMA 20 | 592.9 | Bearish |
| EMA 20 | 568.4 | Bearish |
| SMA 50 | 541.6 | Bearish |
| EMA 50 | 551.6 | Bearish |
| SMA 100 | 526.7 | Bearish |
| EMA 100 | 509.4 | Bearish |
| SMA 200 | 400.5 | Bullish |
| EMA 200 | 431.0 | Bullish |
Oscillators (daily)
| RSI (14) | 36.51 | Neutral |
| MACD (12, 26) | -6.97 | Bearish |
| Momentum (12) | -21.79 | Bearish |
| Stochastic %K (14) | 3.42 | Bullish |
| Williams %R (14) | -96.58 | Bullish |
| CCI (20) | -153.7 | Bullish |
Pivot points (classic, last session)
S3 469.6 | S2 486.1 | S1 497.0 | Pivot 513.5 | R1 524.4 | R2 540.9 | R3 551.8 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
ETFs that hold AMD
| ETF | Share of the fund |
|---|---|
| AMUU Direxion Daily AMD Bull 2X | 17.25% |
| SOXX iShares Semiconductor | 8.09% |
| SOXQ Invesco PHLX Semiconductor | 6.44% |
| IGPT Invesco AI and Next Gen Software | 6.40% |
| FTXL First Trust Nasdaq Semiconductor | 6.29% |
| FEPI REX FANG & Innovation Equity Premium I... | 6.05% |
| SOXL Direxion Daily Semiconductor Bull 3X | 5.82% |
| SMH VanEck Semiconductor | 5.63% |
The eight funds with the largest weight in AMD among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AMD stock splits
AMD has split its stock once since 2000. The latest was a 2-for-1 split on 22 Aug 2000.
Full AMD stock split history →AMD SEC filings
8-KSEC EDGAR
Current report
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Entered a material agreement
424B5SEC EDGAR
424B5
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.