MeritValue

ADVANCED MICRO DEVICES INC

AMDdata completeness 100%18 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$16.4B1$23.6B2$22.7B3$25.8B3$34.6B3
Net income$3.16B4$1.32B5$854M6$1.64B6$4.34B6
Operating cash flow$3.52B7$3.57B8$1.67B9$3.04B9$7.71B9
Capital expenditure$301M10$450M11$546M12$636M12$974M12
Free cash flow (derived)$3.22B7$3.12B8$1.12B9$2.41B9$6.74B9
Total debt$314M13$2.47B14$3.22B15$1.72B16$4.1B16
Cash & equivalents$2.54B17$4.84B18$3.93B19$3.79B19$5.54B19
Diluted shares1.23B1.57B1.63B1.64B1.64B

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
6.1e-7%
of the whole company
Your share of last year’s profit
$26.5
Your share of its debt
$25.04
Your share of free cash flow
$41.17
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$20.76
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$2.41B
DCF · Growth Exit 5Y
$22.4
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$2.41B
Earnings Power Value
$10.57
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$1.64B
  • growthAssumed0.0%
Graham Number
$47.92
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 years0.0%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $22.4

Default growth 0.0%= 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 2021-12-25 · accession 0000002488-24-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000002488-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-30 · accession 0000002488-26-000018 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-25 · accession 0000002488-24-000012 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000002488-25-000012 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-30 · accession 0000002488-26-000018 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-25 · accession 0000002488-24-000012 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000002488-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-30 · accession 0000002488-26-000018 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-25 · accession 0000002488-24-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000002488-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-30 · accession 0000002488-26-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-25 · accession 0000002488-23-000047 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000002488-24-000012 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-30 · accession 0000002488-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-28 · accession 0000002488-26-000018 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-25 · accession 0000002488-23-000047 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-12-31 · accession 0000002488-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-12-30 · accession 0000002488-26-000018 (CashAndCashEquivalentsAtCarryingValue)