AMAT·Semiconductor Materials & Equipment (Wafer Fab Equipment)

Applied Materials

ConvictionStrong

Sells capital equipment (Semiconductor Systems ~75% of revenue) plus a high-margin recurring installed-base services/parts/subscription business (Applied Global Services ~21%); revenue tracks customer wafer-fab capex cycles, with AGS providing a recurring annuity that smooths the cycle. ~85% of system sales are leading-edge foundry/logic + DRAM/HBM + advanced packaging.

Revenue

$29.0B TTM / $28.37B FY25fact, FY25 ended Oct'25

Rev growthfact

+11% YoYin Q2 FY26 ($7.91B); +4% FY25; +3.3% TTM

Gross margin

50.0% non-GAAP / 49.9% GAAPQ2 FY26, fact — 25-year high

Op margin

32.1% non-GAAP / 31.9% GAAPQ2 FY26, fact

Capex intensityfact

~8% of revenue$2.26B capex / $28.37B FY25, fact); $635M in Q2 FY26

Market cap

~$530B25 Jun 2026, fact

Price · 1-year trend

real · weekly

$668+265% 1yUSD

52-week range

$161 – $668

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityModerate

AI Compute Value-Chain

Full context

position · longWeak

AI Compute Value-Chain

Full context

book · long

AI Compute Value-Chain

Full context

opportunityStrong

Memory super-cycle monitor

Full context

position · longStrong

Memory super-cycle monitor

Full context

book · long

Memory super-cycle monitor

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Applied Materials

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

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Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence