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Applied Materials, Inc. (AMAT) perpetual futures
AMAT perpetual futures on 21 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade AMATUSDT.
Applied Materials provides materials engineering solutions and wafer fabrication equipment for semiconductor production, serving customers globally through Semiconductor Systems and Applied Global Services segments.
$356.08-8.3%NASDAQ open
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Trading data
Perpetual market activity
21/21 live markets
Trading data
Perpetual market activity
Venues
21
Live markets
21/21
24h volume
$304.6MCoverage: 18/21 marketsExchange-reported volume: $314.6M
Open interest
$11.5MCoverage: 17/21 markets
Best liquidity
$1.6M
Ourbit
Tightest spread
+2.0 bps
Deepcoin
Highest volume
$264.7M
Deepcoin
Settlement mix
USDT · 17/21
Perp/spot vol.
0.10x
Spot volume $3.2B
OI / float
0.00%
Float $281.5B
Spot performance
1D-3.58%
5D+10.05%
1M-23.43%
6M-11.65%
YTD+48.24%
1Y+65.11%
Venue matrix
21 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | AMAT/USDT | Trading | $356.18 | 0.0% APR 0.000% every 8h | +4.2 bps | - | $13.9M | $2.4M | USDT | - | |
 Hyperliquid HIP-3 | Trade | xyz:AMAT | Trading | $355.74 | +5.5% APR +0.00063% every 1h | +9.0 bps | - | $4.3M | $809.3K | USDC | 10x | |
 Bybit | Trade | AMAT/USDT | Trading | $355.94 | 0.0% APR 0.000% every 8h | +12.9 bps | $111.3K | $3M | $606.9K | USDT | 25x | |
 OKX | Trade | AMAT/USDT | Trading | $356.25 | 0.0% APR 0.000% every 8h | +14.6 bps | $32.1K | $2.5M | $562.4K | USDT | 20x | |
 Gate.io | Trade | AMAT/USDT | Trading | $355.60 | 0.0% APR 0.000% every 8h | +22.5 bps | $51.4K | $2.2M | $403.4K | USDT | 50x | |
 Bitget | Trade | AMAT/USDT | Trading | $356.37 | 0.0% APR 0.000% every 8h | +8.1 bps | $262.7K | $1.7M | $539.8K | USDT | 20x | |
 KuCoin | Trade | AMAT/USDT | Trading | $356.08 | 0.0% APR 0.000% every 8h | +28.1 bps | $6.5K | $842.1K | $109.5K | USDT | 20x | |
 MEXC | Trade | AMAT/USDT | Trading | $355.93 | 0.0% APR 0.000% every 8h | +4.5 bps | $81.8K | $464.2K | $5.8M | USDT | 100x | |
 Bitunix | Trade | AMAT/USDT | Trading | $356.16 | +0.1% APR +0.00009% every 8h | +30.5 bps | $621.6K | $434.9K | $16.5K | USDT | 20x | |
 GRVT | Trade | AMAT/USDT | Trading | $356.28 | +8.2% APR +0.00750% every 8h | +7.3 bps | $97.1K | $247K | $851.5 | USDT | - | |
 HTX | Trade | AMAT/USDT | Trading | $356.63 | +11.0% APR +0.010% every 8h | +17.1 bps | $317.5K | $108.2K | $21K | USDT | - | |
 BloFin | Trade | AMAT/USDT | Trading | $356.19 | -0.4% APR -0.00033% every 8h | +8.7 bps | - | $92.9K | $64.9K | USDT | 20x | |
 Crypto.com Exchange | Trade | AMAT/USD | Trading | $356.41 | +171.0% APR +0.020% every 1h | +14.0 bps | $6K | $39.9K | $26.7K | USD | 50x | |
 Aster | Trade | AMATUSDT | Trading | $356.32 | 0.0% APR 0.000% every 8h | +17.1 bps | $8.4K | $23.8K | $6.1K | USDT | - | |
 Extended | Trade | AMAT/USD | Trading | $355.85 | 0.0% APR 0.000% every 1h | +5.3 bps | - | $0 | $156.4 | USD | 10x | |
 Vest | Trade | AMAT/USDC | Trading | $355.72 | +5.0% APR +0.00057% every 1h | +12.4 bps | - | - | - | USDC | 10x | |
 Deepcoin | Trade | AMAT/USDT | Trading | $356.22 | -11.0% APR -0.010% every 8h | +2.0 bps | - | $264.7M | - | USDT | 25x | |
 XT.com | Trade | AMAT/USDT | Trading | $355.93 | 0.0% APR 0.000% every 8h | +3.6 bps | $160.5K | $8.4M | - | USDT | 20x | |
 BingX | Trade | AMAT-USDT | Trading | $356.33 | +5.5% APR +0.00500% every 8h | +3.9 bps | $1.1M15 min | $1.7M | - | USDT | - | |
 Ourbit | Trade | AMAT/USDT | Trading | $356.08 | 0.0% APR 0.000% every 8h | +2.8 bps | $1.6M | $6.3M⚠ | $111.8K | USDT | 100x | |
 LBank | Trade | AMAT/USDT | Trading | $356.19 | 0.0% APR 0.000% every 8h | +5.1 bps | $600.1K | $3.7M⚠ | $100.3K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| AMATBbStocks | $355.71 | -0.10% | $1.8M | $1.5M | BNB Smart Chain (BEP20) |
| AMATonOndo GM | $356.02 | -0.02% | $1.4M | $563k | Ethereum · BNB Smart Chain (BEP20) · Solana |
| AMATxxStocks | $379.77 | +6.65% | $79k | $500k | Solana · Ethereum · Ink · Mantle |
| rAMATTokenized | $380.41 | +6.83% | $25k | $214k | Arbitrum |
| AMATRobinhood | – | – | – | $103k | Robinhood Chain |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 17 of 21 venues absorb $10k · Typical cost: +12.2 bps – +28.7 bps
Cheapest execution: Ourbit · +7.7 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: Extended, Vest
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
AMATTightest spread
AMATHighest volume
AMATFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-02-11
Revenue est. $11B · Updated 3m ago
Dividend
$0.53
2026-11-19
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid355.54
Ask406.24
Volume3,302,691
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202612.82$34.3B+21%23
FY 202718.84$47.1B+37%22
FY 202824.87$57.8B+23%18
FY 202928.14$65.2B+13%2
FY 203036.10$80.4B+23%1
FY 203132.49$71.3B-11%1
Source: FMP · Consensus
Company events
62027-02-11EarningsActual - / Estimate 4.30-
2026-11-19Dividend$0.53-
2026-11-12Earnings · After market closeActual 4.16 / Estimate 4.06Beat
2026-08-20Dividend$0.53-
2026-08-13Earnings · After market closeActual 3.50 / Estimate 3.40Beat
2026-05-21Dividend$0.53-
Peer comparison
Similar listed perpsRevenue mix
Latest annualCHINAGeographic$8.5B
TAIWAN, PROVINCE OF CHINAGeographic$6.9B
KOREA, REPUBLIC OFGeographic$5.6B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $659.83 |
| 12-month target range (low – high) | $530 – $900 |
| Ratings in the provider's consensus | 55 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 5 | 30 | 6 | 0 | 0 |
| Oct 2026 | 5 | 30 | 7 | 0 | 0 |
| Sep 2026 | 5 | 29 | 7 | 0 | 0 |
| Aug 2026 | 4 | 28 | 7 | 0 | 0 |
| Jul 2026 | 4 | 28 | 7 | 0 | 1 |
| Jun 2026 | 4 | 28 | 8 | 0 | 1 |
| May 2026 | 5 | 28 | 8 | 0 | 0 |
| Apr 2026 | 5 | 24 | 9 | 0 | 0 |
| Mar 2026 | 5 | 23 | 9 | 0 | 0 |
| Feb 2026 | 5 | 24 | 10 | 0 | 1 |
| Jan 2026 | 5 | 22 | 15 | 0 | 1 |
| Dec 2025 | 3 | 20 | 15 | 1 | 0 |
Ownership
Institutional · 2026-Q3Free float99.6%790.5M shares
Shares outstanding793.6M shares
Institutional36.7%2,558 investors
Investor count change-1,106
Reference market activity
AMAT-PERPDay range (Nov 12)$376.14$397.2
52 week$203.4$739.67
Spot volume8.9M
Average volume-
Price performance
111D-3.6%
5D+10.1%
1M-23.4%
3M-30.5%
6M-11.7%
YTD+48.2%
1Y+65.1%
3Y+154.4%
5Y+142.9%
10Y+1,214.1%
MAX+688,293.4%
Insider activity
FY2026 Q3Acquisitions1 transactions279 shares
Dispositions3 transactions8,625 shares
Purchases0Ratio 0.33
Sales2
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Applied Materials officer Sanders Adam reported disposing of 269 shares for tax withholding (F-InKind) at $529.30 on Oct 1, 2026, and selling 725 shares (S-Sale) at $544.562 on Oct 2, 2026.
Applied Materials officer Deane Timothy M reported 2,644 Common Stock shares disposed at $529.30 via tax withholding (F-InKind) on Oct 1, 2026, leaving 130,462 shares owned.
Applied Materials director Judy Bruner sold 1,000 shares of common stock at $465 per share on Sept 8, 2026, leaving 25,544 shares.
Director Palkhiwala Akash J. received a grant of 279 common shares of Applied Materials on 2026-08-27.
Reporting person acquired 0 shares of common stock at $0.00 on 2026-08-27; no change in holdings.
On August 25, 2026, CFO Brice Hill sold 7,500 common shares of Applied Materials at $479.25 each, leaving 128,613 shares owned.
Adam Sanders (Corp. Controller & CAO) had 125 shares of Applied Materials common stock withheld for taxes at $650.91 on 2026-07-01, leaving 4,155 shares owned.
President and CEO Gary E. Dickerson sold 78,321 shares of Applied Materials common stock over June 29-30, 2026, at prices ranging from $700.21 to $736.05 per share, in four separate transactions.
Prabu G. Raja, President of Semi. Products Grp. at Applied Materials, sold 10,000 shares of common stock on 2026-06-18 at $633.53 per share, leaving 346,642 shares owned afterward.
Thomas J. Iannotti, director, sold 9,250 shares of Applied Materials common stock at $599.77 and gifted another 750 shares on 2026-06-16.
Omkaram Nalamasu, SVP & CTO of Applied Materials, sold 35,000 shares of common stock in 9 open-market transactions on June 15-16, 2026, at prices ranging from $590.20 to $596.52. After these sales, he owned 146,916 shares.
CEO Gary E. Dickerson sold 11,273 shares of Applied Materials common stock on June 15, 2026 at $590.03 per share, leaving him 1,766,891 shares owned.
Filings
41 · Latest SEC filings2026-10-054Insider transaction report (Form 4)
Applied Materials officer Deane Timothy M reported 2,644 Common Stock shares disposed at $529.30 via tax withholding (F-InKind) on Oct 1, 2026, leaving 130,462 shares owned.
2026-10-054Insider transaction report (Form 4)
Applied Materials officer Sanders Adam reported disposing of 269 shares for tax withholding (F-InKind) at $529.30 on Oct 1, 2026, and selling 725 shares (S-Sale) at $544.562 on Oct 2, 2026.
2026-09-104Insider transaction report (Form 4)
Applied Materials director Judy Bruner sold 1,000 shares of common stock at $465 per share on Sept 8, 2026, leaving 25,544 shares.
2026-08-314Insider transaction report (Form 4)
Director Palkhiwala Akash J. received a grant of 279 common shares of Applied Materials on 2026-08-27.
2026-08-313Initial insider ownership statement (Form 3)
Reporting person acquired 0 shares of common stock at $0.00 on 2026-08-27; no change in holdings.
2026-08-274Insider transaction report (Form 4)
On August 25, 2026, CFO Brice Hill sold 7,500 common shares of Applied Materials at $479.25 each, leaving 128,613 shares owned.
2026-07-064Insider transaction report (Form 4)
Adam Sanders (Corp. Controller & CAO) had 125 shares of Applied Materials common stock withheld for taxes at $650.91 on 2026-07-01, leaving 4,155 shares owned.
2026-07-014Insider transaction report (Form 4)
President and CEO Gary E. Dickerson sold 78,321 shares of Applied Materials common stock over June 29-30, 2026, at prices ranging from $700.21 to $736.05 per share, in four separate transactions.
2026-06-224Insider transaction report (Form 4)
Prabu G. Raja, President of Semi. Products Grp. at Applied Materials, sold 10,000 shares of common stock on 2026-06-18 at $633.53 per share, leaving 346,642 shares owned afterward.
2026-06-174Insider transaction report (Form 4)
Omkaram Nalamasu, SVP & CTO of Applied Materials, sold 35,000 shares of common stock in 9 open-market transactions on June 15-16, 2026, at prices ranging from $590.20 to $596.52. After these sales, he owned 146,916 shares.
2026-06-174Insider transaction report (Form 4)
CEO Gary E. Dickerson sold 11,273 shares of Applied Materials common stock on June 15, 2026 at $590.03 per share, leaving him 1,766,891 shares owned.
2026-06-174Insider transaction report (Form 4)
Timothy Deane (SVP, Applied Global Services) sold 8,621 AMAT shares on the open market at $590.7649 each, and separately gifted 1,545 shares, both on 2026-06-15.
2026-06-174Insider transaction report (Form 4)
Thomas J. Iannotti, director, sold 9,250 shares of Applied Materials common stock at $599.77 and gifted another 750 shares on 2026-06-16.
2026-06-054Insider transaction report (Form 4)
Raja Prabu G., President of Semi. Products Grp. at Applied Materials, sold 50,000 shares of common stock on the open market on 2026-06-04 at prices between $504.66 and $507.06, leaving 356,642 shares owned afterward.
2026-06-054Insider transaction report (Form 4)
Applied Materials SVP & CFO Brice Hill sold 2,500 common shares on 2026-06-03 at $498.8615 per share, leaving 136,113 shares owned afterward.
2026-05-284Insider transaction report (Form 4)
Judy Bruner (director) sold 1,128 shares of Applied Materials common stock at $450 on 2026-05-26, leaving 26,544 shares owned afterward.
2026-05-264Insider transaction report (Form 4)
Adam Sanders (Corp. Controller & CAO) sold 268 shares of Applied Materials common stock on 2026-05-22 at $434.216 per share, leaving 4,280 shares owned afterward.
2026-05-224Insider transaction report (Form 4)
Director Aart de Geus gifted 17,855 common shares of Applied Materials on May 21, 2026, retaining 93,928 shares.
2026-04-024Insider transaction report (Form 4)
On April 1, 2026, officer Sanders Adam disposed of 125 shares of Common Stock via tax withholding (F) at $353.80 each, reducing holdings to 4,548 shares.
2026-03-134Insider transaction report (Form 4)
Director Iannotti Thomas J received a grant of 741 shares of Applied Materials common stock (non-market award at $0.00), increasing holdings to 51,309 shares.
2026-03-134Insider transaction report (Form 4)
Director Rani Borkar received a grant of 741 shares of Applied Materials common stock (Form 4 filed 2026-03-13).
2026-03-134Insider transaction report (Form 4)
Director Scott A. McGregor received a grant of 741 shares of Applied Materials common stock, now holding 24,577 shares.
2026-03-134Insider transaction report (Form 4)
Director Kevin P. March received a grant of 741 shares of Applied Materials common stock (code A) on 2026-03-12, with no purchase price.
2026-03-134Insider transaction report (Form 4)
Director de Geus Aart received 741 shares of Applied Materials common stock as a compensation award on 2026-03-12, now holding 111,783 shares.
2026-03-134Insider transaction report (Form 4)
Director James Robert Anderson received a grant of 741 shares of Applied Materials common stock (Form 4).
2026-03-134Insider transaction report (Form 4)
Director Xun Chen received a grant of 741 shares of Applied Materials common stock at $0.00, increasing holdings to 45,970 shares.
2026-03-134Insider transaction report (Form 4)
Director Judy Bruner received a grant of 741 shares of Applied Materials common stock, now holding 741 shares.
2026-03-134Insider transaction report (Form 4)
Director Karsner Alexander received a grant of 741 common shares of Applied Materials on March 12, 2026, at no cost, increasing holdings to 16,849 shares.
2026-02-274Insider transaction report (Form 4)
Director Judy Bruner sold 2,500 common shares of Applied Materials at $391.71 each, leaving 26,089 shares held.
2026-02-244Insider transaction report (Form 4)
Director Judy Bruner sold 3,969 shares of Applied Materials common stock on Feb 23, 2026, in two transactions, at prices between $376.49 and $377.89.
Transcripts
Earnings callsFY2026 Q32026-08-13
Earnings calls
AI summary
positiveApplied Materials delivered record Q3 FY2026 results with revenue of $9.1B, up 25% YoY, driven by strong AI infrastructure demand. The company raised its 2026 revenue growth expectations again, confident it will outgrow the market. Key growth areas are leading-edge foundry logic, DRAM, and advanced packaging, expected to represent ~80% of WFE growth in 2026/2027. AGS and Process Diagnostics and Control are expected to grow >20% and >50% respectively in 2026. Management sees strong visibility with customer 8-quarter forecasts and expects 2027 to be another record year. Gross margins continued to expand, and the company is investing to double manufacturing capacity by 2028.
Key takeaways
- AI demand is driving unprecedented demand for advanced chips, with customers providing longer-term commitments and rolling 8-quarter forecasts, giving high confidence for another strong growth year in 2027.
- Applied expects leading-edge foundry logic, DRAM, and advanced packaging to represent approximately 80% of WFE growth in 2026 and 2027, areas where the company has strong leadership.
- Advanced packaging revenue expected to grow >70% in 2026, with strong positions in HBM and 3D chiplet stacking, and new products for future panel-level packaging.
- Applied Global Services (AGS) expected to grow >20% in 2026, driven by AI-enabled services and high utilization; sustainable long-term growth in mid-teens.
- Process Diagnostics & Control business expected to grow >50% in 2026, leveraging e-beam and optical inspection leadership.
Financial highlights
- Record Q3 revenue of $9.1B, up 15% sequentially and 25% YoY.
- Non-GAAP gross margin expanded to 50.4%, up 150bps YoY; semi systems segment gross margin 55.4%.
- Non-GAAP EPS of $3.50, up 22% sequentially and 41% YoY; record operating margin of 34%.
- AGS revenue $1.8B, up 22% YoY with record margins; China represented 26% of semi systems + AGS revenue.
Guidance
- Q4 FY2026 revenue expected $10.25B ± $500M, up 51% YoY; Non-GAAP EPS $4.02 ± $0.20, up 85% YoY.
- Q4 Semi Systems revenue ~$7.9B, up 62% YoY; AGS revenue ~$1.84B, up 22% YoY.
- Q4 non-GAAP gross margin ~50.4%, up 32bps YoY; operating expenses ~$1.58B; tax rate ~11%.
- For 2027, expect another strong record year; longer-term capacity plans to double output by 2028; other revenue ~$400M/quarter average through 2027; tax rate ~13% in 2027.
Q&A themes
- Growth outlook for 2026 and 2027 raised above prior expectations; semi systems growth expected >30% again, possibly higher.
- Gross margin expansion drivers: value-based pricing, product portfolio strength, but near-term flat margins due to ramp costs and mixed impact from display.
- Customer visibility extends to 8 quarters with some conversations to 2030; visibility mainly for capacity and technology roadmaps.
- ICAPS business expected to grow in 2026 and 2027, with improving non-China dynamics.
Risks
- Revenue growth may be constrained by clean room capacity availability.
- Ramp costs associated with adding manufacturing capacity and customer support engineers could pressure near-term margins.
- Potential impact of global minimum tax on future tax rates.
FY2026 Q22026-05-14
Earnings calls
AI summary
positiveApplied Materials posted record results in FY2026 Q2 with $7.91B revenue (+13% sequential, +11% YoY) and record non-GAAP EPS of $2.86 (+20% YoY), benefiting from accelerating AI adoption and strong demand in leading-edge foundry logic, DRAM, and advanced packaging. The company expects semiconductor equipment spending to grow more than 30% in calendar 2026, with these three segments representing over 80% of year-on-year WFE growth in both 2026 and 2027. Applied is investing in manufacturing capacity expansion and launching new technologies including Trillium ALD and precision PECVD systems while launching the EPIC collaborative innovation platform.
Key takeaways
- Record Q2 revenue of $7.91B (+13% sequential), non-GAAP gross margin reached 50% (+80 bps YoY), and record non-GAAP EPS of $2.86 (+20% YoY)
- Semiconductor Systems revenue grew to $5.97B (+16% sequential, +10% YoY); DRAM revenue grew 18% YoY; advanced packaging revenue accelerating with expected 50%+ growth in calendar 2026
- Guiding Q3 revenue of $8.95B (+$500M range, +23% YoY) and non-GAAP EPS of $3.36 (+$0.20 range, +36% YoY); expect semiconductor equipment business to grow more than 30% in calendar 2026
- Customers providing rolling 8-quarter forecasts with visibility extending into 2027 and beyond; more than 100 factory projects tracked globally with 10+ new projects added last quarter
- Launching EPIC co-innovation platform with founding partners including TSMC, Samsung, Hynix, Micron, and university partnerships at ASU, RPI, Stanford; EPIC Center in Silicon Valley on track to begin operations in fall
Financial highlights
- Q2 revenue: $7.91B (record, +13% sequential, +11% YoY); Semiconductor Systems: $5.97B (record, +16% seq, +10% YoY); AGS: $1.67B (+17% YoY)
- Non-GAAP gross margin: 50.0% (record, +80 bps YoY); non-GAAP operating margin: 32.1% (+140 bps YoY); Semiconductor Systems gross margin: 54.8%
- Non-GAAP EPS: $2.86 (record, +20% YoY); cash from operations: $845M; free cash flow: $210M; shareholder distributions: $765M ($365M dividends, $400M buybacks)
- Q3 guidance: revenue $8.95B ±$500M (+23% YoY); non-GAAP EPS $3.36 ±$0.20 (+36% YoY); non-GAAP gross margin ~50.1%; Semiconductor Systems revenue ~$6.9B, AGS ~$1.75B
Guidance
- Q3 FY2026 revenue guidance: $8.95B ±$500M (up nearly 23% YoY); non-GAAP EPS guidance: $3.36 ±$0.20 (up nearly 36% YoY)
- Semiconductor equipment business expected to grow more than 30% in calendar 2026, with leading-edge foundry logic, DRAM, and advanced packaging representing over 80% of YoY WFE growth in 2026 and similar profile in 2027
- Advanced packaging revenue expected to grow more than 50% in calendar 2026; Applied Global Services expected to deliver mid-teens annual growth rate in medium term, with potential for higher growth this year
- 2027 expected to be another strong record year for the industry; customers' long-term plans provide visibility into 2028 with expectations for continued secular growth driven by AI
Q&A themes
- 8-quarter rolling customer forecasts are primarily used for supply chain planning with 2,000+ direct suppliers; pricing follows 2-3 year contracts per project with gradual portfolio enrichment driving margin expansion rather than aggressive pricing actions
- Applied expects continued WFE growth in 2027 as new clean room capacity comes online; agentic AI applications represent incremental demand driver for CPU-intensive computing, DRAM, and NAND on top of existing forecasts
- Manufacturing capacity has nearly doubled and can scale significantly further; supply chain is primary limiting factor; company expects manufacturing OpEx to grow more slowly than revenue to drive operating leverage
- DRAM share gains expected at upcoming transistor and device architecture inflections; conductor etch expected to be one of fastest-growing businesses in calendar 2026; PDC (process control) positioned for strong growth in 2026 and beyond
Risks
- Supply chain constraints remain limiting factor despite capacity expansion; company coordinating with 2,000+ direct suppliers to increase production capacity in lockstep with demand
- Regulatory restrictions referenced as factored into guidance but not specifically detailed; company notes business in China expected flat to slightly higher for calendar year
- ICAPS business experiencing digestion period from recent capacity additions; equipment spending in ICAPS expected flat to slightly up in calendar 2026 until utilization catches up with installed capacity
FY2026 Q12026-02-12
Earnings calls
AI summary
positiveApplied delivered Q1 FY2026 revenue of $7.0 billion and non-GAAP EPS of $2.38, both at the top of guidance ranges, with record DRAM revenue and 15% AGS growth. The company projects greater than 20% semiconductor equipment growth in calendar 2026, with demand weighted toward the second half and cleanroom availability as the pacing factor. Applied is positioned as the #1 process equipment provider in AI-driven markets including leading-edge logic, HBM DRAM, and advanced packaging, with confidence in sustained strong growth into 2027.
Key takeaways
- Greater than 20% calendar 2026 semiconductor equipment growth expected, second-half weighted, with cleanroom capacity pacing investment rates
- Leading-edge logic, HBM DRAM, and advanced packaging are fastest-growing segments where Applied has #1 positions; NAND and ICAPS expected flat to modest growth
- Global semiconductor industry revenues could reach $1 trillion in 2026, several years earlier than prior predictions, driven by AI data center acceleration
- Cold field emission eBeam revenue expected to double to over $1 billion in calendar 2026; more than a dozen new products planned including 3 new systems for advanced logic and DRAM
- Applied increased manufacturing capacity nearly 50% over past several years and built $500 million additional inventory to support customer ramps
Financial highlights
- Q1 FY2026 revenue: $7.0 billion, up slightly above midpoint of guidance; down 2% year-over-year
- Non-GAAP gross margin: 49.1%, up 20 basis points year-over-year
- Non-GAAP EPS: $2.38, flat year-over-year, at top of guidance range
- Q2 FY2026 guidance: revenue $7.65 billion ±$500 million (up ~9% sequentially); non-GAAP EPS $2.64 ±$0.20; non-GAAP gross margin 49.3%
Guidance
- Q2 revenue guidance of $7.65 billion ±$500 million with non-GAAP EPS of $2.64 ±$0.20
- Semiconductor Systems revenue expected around $5.8 billion in Q2; AGS revenue approximately $1.6 billion
- Greater than 20% calendar 2026 semiconductor equipment growth with second-half weighting; strong momentum expected to carry into 2027
- Non-GAAP tax rate modeled at around 11%; modest gross margin improvements expected through remainder of 2026 offset by flattish China mix headwind
Q&A themes
- Cleanroom capacity is primary limiter on 2026 growth; customers have increased near-term visibility to 2+ years for major orders and supply chain planning
- Data center and AI represent majority of leading-edge wafer growth; data center wafer starts expected to surpass smartphones in 2029
- EPIC co-development platform launching later in 2026 to accelerate customer co-innovation and improve R&D productivity and value sharing
- HBM DRAM driving higher wafer start intensity at 3-4x versus standard DRAM, with stack heights increasing from 12 to 16 to 20+ chips in future generations
Risks
- China revenue declined 7% year-over-year and represented 27% of combined semi equipment and AGS sales; ICAPS expected flat in China with longer-term modest mid-to-high single digit growth
- $252.5 million accrual recorded for export controls compliance matter settled with U.S. Department of Commerce; DOJ and SEC inquiries closed with no enforcement actions
- Second-half 2026 weighting and cleanroom capacity constraints create execution risk for achieving full-year growth targets; supply chain and service engineer training capacity require continued customer coordination
FY2025 Q42025-11-13
Earnings calls
AI summary
positiveApplied Materials reported record annual revenue of $28.4 billion in fiscal 2025, growing 4% despite trade restrictions that reduced China market access. The company expects 2026 to be another growth year with revenue weighted toward the second half of the calendar year, driven by AI computing investments in leading-edge foundry/logic and DRAM where Applied holds #1 positions. Management highlighted improved customer visibility of 1-2 years for advanced factory ramps and launched three new products designed for next-generation chip technologies.
Key takeaways
- Fiscal 2025 revenue of $28.4B grew 4% with record gross margin of 48.8%, up 120 basis points; six consecutive years of growth despite China trade restrictions
- 2026 expected to show significant revenue acceleration in second half of calendar year, led by leading-edge foundry/logic and DRAM spending for AI data centers
- Management has 4+ technology node visibility with major customers in gate-all-around and backside power; confident in gaining share across leadership segments
- Launched Xtera epitaxy system, Kinex die-to-wafer bonder, and PROVision 10 eBeam metrology tool targeting advanced packaging and 3D device manufacturing
- China revenue declined to 28% of systems and services in fiscal 2025; expected to remain mid-20s in 2026 as restricted market access persists
Financial highlights
- Fiscal 2025 revenue: $28.4 billion, up 4% year-over-year; fiscal Q4 revenue above guidance midpoint
- Non-GAAP gross margin: 48.8%, up 120 basis points to highest level in 25 years
- Non-GAAP EPS grew 9%; free cash flow of $5.7 billion with $2.3 billion capital spending on EPIC Center
- Q1 fiscal 2026 guidance: revenue of $6.85 billion ±$500M; non-GAAP EPS of $2.18 ±$0.20; gross margin approximately 48.4%
Guidance
- 2026 expected to be another growth year with revenue weighted toward second half of calendar year
- Leading-edge foundry/logic and DRAM expected to be fastest-growing WFE segments in 2026 and beyond
- Semiconductor Systems revenue guidance for Q1: approximately $5.025 billion; AGS revenue approximately $1.52 billion
- China digestion expected with $600 million related to affiliate rule suspension; gross margins expected to improve in second half calendar 2026 with volume ramp
Q&A themes
- China market: Trade restrictions reduced addressable market by 20%+ in 2025; management maintaining share where competition is allowed but expects continued digestion in 2026 ICAPS spending
- PVD product line: Despite ALD competition concerns, management confident in continued PVD growth driven by advanced wiring innovation for AI chips; integrated product platforms combining selective ALD and PVD showing strong customer wins
- Customer visibility: Management reported unprecedented 1-2 year visibility from customers planning major advanced factory ramps; Asian customer engagement confirms strong demand for Applied solutions in gate-all-around and backside power nodes
- Advanced packaging: Business relatively flat in 2025 after 2024 HBM peak; on track to double from current ~$1.5 billion to $3+ billion as HBM and new packaging technologies ramp in 2026-2027
Risks
- U.S. trade restrictions limiting China market access expected to persist, with $600 million affiliate rule suspension potentially creating timing uncertainty in Q1-2026 shipments
- Gross margin expansion dependent on volume ramp in second half 2026; if ramp delays or market mix unfavorable, margin improvement could be limited
- Competitive intensity in ICAPS and traditional products (PVD, etch, CVD) from both established competitors and Chinese domestic players could pressure market share outside restricted segments
FY2025 Q32025-08-14
Earnings calls
AI summary
mixedApplied Materials delivered record Q3 FY2025 revenue of $7.3 billion (up 8% YoY) with record non-GAAP EPS of $2.48 (up 17% YoY) and gross margin of 48.9%. However, the company expects Q4 revenue of $6.7B ±$500M (down 4.9% YoY) and non-GAAP EPS of $2.11 ±$0.20 (down 9% YoY) due to China capacity digestion, conservative licensing assumptions, and nonlinear leading-edge customer demand. The company remains on track for its sixth consecutive year of revenue growth in FY2025.
Key takeaways
- Record Q3 results across all three segments: Semiconductor Systems $5.43B (+10% YoY), AGS $1.6B (+1% YoY), Display $263M
- Q4 guidance reflects China declining to ~29% of revenue (from 35% in Q3) and leading-edge logic purchases expected around $4.5B instead of originally anticipated ~$5B
- Gate-all-around and backside power delivery architecture inflections expected to grow Applied's revenue opportunity by 30% per equivalent fab capacity, with share gains anticipated in H2 2026-2027
- DRAM business tracking to record or near-record fiscal 2025 with leading-edge DRAM customer revenue expected up ~50% in FY2025; etch business surpassed $1B quarterly revenue for first time
- Advanced packaging business on track to more than double to >$3B over coming years with high market share well above company's overall wafer fab equipment share
Financial highlights
- Q3 FY2025 total net revenue: $7.3B (up 8% YoY), $100M above guidance midpoint
- Q3 non-GAAP gross margin: 48.9% (up 150 bps YoY); non-GAAP operating expenses: $1.3B
- Q3 non-GAAP EPS: $2.48 (record, up 17% YoY)
- Cash generated from operations in Q3: ~$2.6B (36% of revenue, second highest in company history); free cash flow: ~$2B
Guidance
- Q4 FY2025 total revenue: $6.7B ±$500M (down 4.9% YoY at midpoint); non-GAAP EPS: $2.11 ±$0.20 (down 9% YoY at midpoint)
- Q4 Semiconductor Systems revenue: ~$4.7B (down ~9% YoY); AGS revenue: ~$1.6B (down 2% YoY); Display revenue: ~$350M (significant increase YoY)
- Q4 expected non-GAAP gross margin: ~48.1%; non-GAAP operating expenses: ~$1.31B; tax rate modeled at 12.6%
- China revenue expected to remain 15-20% lower than 2024 levels for several quarters ahead; no material upside expected from pending export licenses in near term
Q&A themes
- China weakness attributed to capacity digestion following large 2023-2024 investments; expected to persist for several quarters but does not reflect unexpected demand destruction
- Leading-edge logic shows nonlinearity due to customer concentration and fab timing rather than share losses; gate-all-around capacity expected to reach 300,000+ wafer starts per month at full scale vs. ~100,000 currently in field
- DRAM remains strong with sustainable growth trajectory; no expected pop or temporary blip, supported by ~30-40% HBM growth with 15% of DRAM capacity allocated to HBM production
- Significant backlog of pending export licenses for China but conservatively assumed zero approvals in Q4 guidance; licensing situation affecting trajectory but customers served in current outlook do not require license approvals
Risks
- China represents 29% of expected Q4 revenue with capacity digestion expected to persist for several quarters; additional trade and tariff uncertainties could further impact near-term demand
- Large backlog of pending export licenses with conservative assumption of zero approvals creating revenue headwind; uncertainty around policy environment affecting visibility and customer capital commit timing
- Leading-edge logic shows nonlinear demand pattern and lower visibility in near term due to high customer concentration; timing of gate-all-around ramp uncertain with potential for continued quarterly volatility
FY2025 Q22025-05-15
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Applied Materials Sales, Profit Climb on Semiconductor Demand
- Applied Materials forecasts quarterly revenue above estimates on strong AI chip demand
- Shares in BE Semiconductor jump over 9% after Applied Materials raises stake to 20%
- Applied Materials to raise BESI stake to about 20%
- Applied Materials to invest $5 billion in India as Modi's flagship chip event kicks off
Company data
Company intelligence
Updated: Nov 13, 2026, 02:28 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Semiconductors
- Chief executive
- Gary E. Dickerson
- Employees
- 36,500
- IPO date
- Mar 17, 1980
- Country
- US
- Exchange
- NASDAQ
Altman Z-scorei11.47
Piotroski scorei6/9
Overall ratingiB+
Owner earningsi$2.53B$3.17 per share
ESG risk ratingiB+Industry rank: 3/122
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 2/5
- Price to booki
- 1/5
Company press releases
Applied Materials Announces Fourth Quarter and Fiscal Year 2026 ResultsGlobeNewsWireApplied Materials to Increase its Strategic Investment in BE Semiconductor IndustriesGlobeNewsWireApplied Materials to Report Fourth Quarter and Fiscal 2026 Results on Nov. 12, 2026GlobeNewsWireApplied Materials Set to Outperform as AI Drives Sustained Demand for Wafer Fab EquipmentGlobeNewsWireApplied Materials Unveils $5 Billion EPIC Center in Silicon Valley to Accelerate Semiconductor Innovation for the AI EraGlobeNewsWireApplied Materials and UCLA Engineering Accelerate Semiconductor Innovation at the EPIC CenterGlobeNewsWire
Congressional disclosures
Senate
Alan ArmstrongPurchase · $15,001 - $50,000Disclosed: Jul 21, 2026John BoozmanSale (Partial) · $1,001 - $15,000Disclosed: Mar 6, 2026John BoozmanSale · $1,001 - $15,000Disclosed: Mar 6, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Jan 16, 2026Markwayne MullinPurchase · $15,001 - $50,000Disclosed: Jan 16, 2026
House
Josh GottheimerPurchase · $1,001 - $15,000Disclosed: Nov 5, 2026Josh GottheimerSale · $1,001 - $15,000Disclosed: Oct 8, 2026Josh GottheimerPurchase · $1,001 - $15,000Disclosed: Sep 15, 2026John J. McGuirePurchase · $1,001 - $15,000Disclosed: Aug 11, 2026John J. McGuirePurchase · $1,001 - $15,000Disclosed: Aug 11, 2026
Market cap history
$302.09B-28.8%Aug 2026 – Nov 2026
Latest: $302.09B · 2026-11-12High: $430.57B · 2026-10-05Low: $293.85B · 2026-11-09
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.55% | 25.2M |
| VOO | 0.62% | 20.9M |
| QQQ | 1.36% | 16.9M |
| FXAIX | 0.62% | 13.4M |
| IVV | 0.46% | 10.7M |
| 1657.T | 0.35% | 10.7M |
| XUU.TO | 0.41% | 10.7M |
| SPY | 0.46% | 9.7M |
| VUG | 1.1% | 8.4M |
| SMH | 4.3% | 7.1M |
| XLK | 1.93% | 5.9M |
| VGT | 1.53% | 5.3M |
Analyst track record
How the analysts covering AMAT have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 205 | 517 |
| Analysts | 34 | 47 |
| Buy / hold / sell | 187 / 18 / 0 | 419 / 91 / 7 |
| Upgrades / downgrades / initiations | 10 / 4 / 3 | 21 / 15 / 7 |
| Price targets hit / missed | 44 / 144 (23%) | 325 / 147 (69%) |
| Avg. return after a rating (TipRanks) | -15.2% | +43.1% |
| Best / worst call | +100.5% / -57.7% | +176.1% / -57.7% |
After buy calls on this stock: median 21-day move +3.6% vs S&P 500 +1.2% (n = 432)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Stacy RasgonBernstein96% hit rate on this stock · 26 targets measuredBuytarget $600Nov 13, 2026
- Vijay RakeshMizuho Securities93% hit rate on this stock · 14 targets measuredBuytarget $510Nov 13, 2026
- Krish SankarTD Cowen91% hit rate on this stock · 11 targets measuredBuytarget $500Nov 13, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 13, 2026 | Shane Brett CFAMorgan StanleyNov 13, 2026 | HoldMaintained | $507↗ | article ↗ |
| Nov 13, 2026 | Krish SankarTD CowenNov 13, 2026 | BuyMaintained | $500↗ | article ↗ |
| Nov 13, 2026 | Mark LipacisEvercore ISINov 13, 2026 | BuyMaintained | $430↗ | article ↗ |
| Nov 13, 2026 | Craig EllisB. Riley SecuritiesNov 13, 2026 | BuyMaintained | $500↗ | article ↗ |
| Nov 13, 2026 | Harlan SurJ.P. MorganNov 13, 2026 | BuyMaintained | $500↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 205 ratings
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