MeritValue

APPLIED MATERIALS INC /DE

AMATdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$23.1B1$25.8B2$26.5B3$27.2B3$28.4B3
Net income$5.89B4$6.53B5$6.86B6$7.18B6$7B6
Operating cash flow$5.44B7$5.4B8$8.7B9$8.68B9$7.96B9
Capital expenditure$668M10$787M11$1.11B12$1.19B12$2.26B12
Free cash flow (derived)$4.77B7$4.61B8$7.59B9$7.49B9$5.7B9
Total debt$5.45B13$5.46B14$5.56B15$6.96B16$6.56B16
Cash & equivalents$5B17$2B18$6.13B19$8.02B19$7.24B19
Diluted shares919.0M877.0M845.0M834.0M808.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000012%
of the whole company
Your share of last year’s profit
$86.61
Your share of its debt
$81.13
Your share of free cash flow
$70.52
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$474.26
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth17.5%
  • fcfBase$7.49B
DCF · Growth Exit 5Y
$282.45
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth17.5%
  • fcfBase$7.49B
Earnings Power Value
$89.41
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$6.86B
  • growthAssumed0.0%
Graham Number
$70.16
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years17.5%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $282.45

Default growth 17.5%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-10-31 · accession 0000006951-23-000041 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-10-30 · accession 0000006951-24-000044 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-10-29 · accession 0001628280-25-056742 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-10-31 · accession 0000006951-23-000041 (NetIncomeLoss)
  5. 10-K · period ending 2022-10-30 · accession 0000006951-24-000044 (NetIncomeLoss)
  6. 10-K · period ending 2023-10-29 · accession 0001628280-25-056742 (NetIncomeLoss)
  7. 10-K · period ending 2021-10-31 · accession 0000006951-23-000041 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-10-30 · accession 0000006951-24-000044 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-10-29 · accession 0001628280-25-056742 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-10-31 · accession 0000006951-23-000041 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-10-30 · accession 0000006951-24-000044 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-10-29 · accession 0001628280-25-056742 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-10-31 · accession 0000006951-22-000043 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-10-30 · accession 0000006951-23-000041 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-10-29 · accession 0000006951-24-000044 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-10-27 · accession 0001628280-25-056742 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-10-31 · accession 0000006951-23-000041 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-10-30 · accession 0000006951-24-000044 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-10-29 · accession 0001628280-25-056742 (CashAndCashEquivalentsAtCarryingValue)