APPLIED MATERIALS INC /DE (AMAT)

Semiconductors & Related Devices

Latest Price

$468.85

TTM P/E

40.49

Normalized P/E

53.38

Div Yield

0.42%

Book Value

32.27

P/B Ratio

14.53

Valuation metrics

EPS: $8.66

Book value / share: $25.74

Formula: √(22.5 × EPS × BVPS)

Graham Number

$70.83

85% downside

Norm. op. income: $7.7B (median of 7yr)

Tax rate: 13%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$86.39

82% downside

Base FCF: $5.7B (median of recent 5yr)

Growth: 10%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$174.40

63% downside

EPS: $8.66

Target P/E: 53×

Formula: EPS × P/E

P/E Fair Value

$458.98

2% downside

84.6% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	80.21M	$57.99B	10.10%	+1.24M	2026-06-30
VANGUARD CAPITAL MANAGEMENT LLC	51.85M	$37.49B	6.53%	+270.6K	2026-06-30
STATE STREET CORP	38.24M	$27.65B	4.82%	+733.1K	2026-06-30
Invesco Ltd.	28.27M	$20.44B	3.56%	+18.56M	2026-06-30
Capital Research Global Investors	22.16M	$16.02B	2.79%	-7.30M	2026-06-30
GEODE CAPITAL MANAGEMENT, LLC	22.01M	$15.88B	2.77%	+86.2K	2026-06-30
VANGUARD PORTFOLIO MANAGEMENT LLC	18.55M	$13.41B	2.34%	+1.29M	2026-06-30
JPMORGAN CHASE & CO	13.89M	$9.64B	1.75%	+10.41M	2026-06-30
MORGAN STANLEY	13.52M	$9.78B	1.70%	+1.68M	2026-06-30
PRICE T ROWE ASSOCIATES INC /MD/	12.63M	$9.13B	1.59%	+6.56M	2026-06-30