Up about 165% in a year, with two sharp drawdowns along the way

AMAT closed at $540.04 on October 2. The source’s dividend-adjusted monthly series shows roughly 165% growth from September 2025, versus about 17% for SPY. Daily price history confirms the $739.67 June 30 intraday high and $411.51 September 16 low: a 44.4% drawdown, followed by a 31.2% recovery to the latest close. These are price observations; the chart alone cannot establish why investors bought or sold.

Exhibit 1 · Price & relative performance

A 2.6x year, but almost half of the June peak was given back by September

AMAT vs. S&P 500 (SPY) · dividend-adjusted month-end close · rebased to 100 at Sep 2025

Source: Alpha Vantage (monthly adjusted close); latest point = 2 Oct 2026 close · earnings dates: 13 Nov 2025, 12 Feb, 14 May, 13 Aug 2026

The supplied price series and trailing adjusted EPS indicate substantial multiple expansion over the period. The profile’s $10.91 trailing adjusted EPS implies a P/E of 49.5× at the latest close. Forward estimates are stronger, but the June–September drawdown illustrates how sensitive the stock remains to changes in expected growth and valuation. Monthly adjusted returns and historical multiple calculations are source-model series; they are distinct from the independently checked daily prices.

Price = 2 Oct 2026 close. TTM = four quarters to 26 Jul 2026 (revenue $30.8B; GAAP operating income $9.14B; free cash flow $5.62B). Share-count basis: 793.6M shares outstanding (July 26 filing) × $540.04; Q3 weighted diluted count 800M. EV = market cap + $6.54B debt − $9.23B cash and short-term investments; counting the $5.27B of long-term investments (which include strategic equity stakes) as cash gives ~$420.6B. Adjusted (non-GAAP) EPS and net income are company-defined. FY26E/FY27E = consensus (Stock Analysis / S&P Global, updated September 28); estimates shown in amber. The rating covers 40 analysts; the FY26 financial-forecast table lists 34. ROIC = GAAP operating income × (1 − 13% assumed tax) ÷ (equity + debt − cash and ST investments); "Excl. investments" also removes $5.27B of long-term investments from capital. The ~13% cost-of-capital benchmark is an assumption. CAPM inputs of 5.28% risk-free yield, 1.6 assumed beta and 5% equity risk premium imply a 13.28% cost of equity; WACC additionally depends on debt costs and capital weights. PEG = each forward P/E divided by its corresponding one-year adjusted-EPS growth rate in percentage points (35.77% / 44.34%). Consensus rating and targets: stockanalysis.com, 28 Sep 2026.

The numbers everyone quotes, and where they mislead

Read GAAP and adjusted figures separately. Trailing GAAP EPS ($11.60) exceeds adjusted EPS ($10.91); GAAP includes investment gains and one-off charges excluded from adjusted results. The filings confirm a $253M legal settlement in the first nine months of FY26. At $540.04, use explicit denominators: 49.5× trailing adjusted EPS, 42.2× FY26 consensus EPS of $12.79 and 29.3× FY27 consensus EPS of $18.46. Provider ratios can use different dates and definitions. Cash and short-term investments exceed debt by about $2.69B; including long-term investments increases that figure, but those assets include strategic equity stakes and are not interchangeable with cash.

The broadest toolkit in wafer fabrication, riding a memory and packaging wave

What it does. Applied Materials designs and builds the equipment chipmakers use to put down and shape thin films on a wafer: deposition (chemical and physical vapour, atomic layer, epitaxy), etch, chemical-mechanical polishing, ion implant, thermal processing, and electron-beam inspection and metrology. Three businesses report results. Semiconductor Systems (new tools) was $7.04B of Q3 revenue (77%); Applied Global Services (spares, upgrades and service contracts on the installed base) was $1.78B (20%); and Display, reported in "Other," was $0.29B. It is headquartered in Santa Clara, California, and led by CEO Gary Dickerson, with Brice Hill as CFO.

Revenue drivers, decomposed. Q3 revenue rose 25%: Semiconductor Systems +27% and services +22%. Within systems, the mix tells the story. DRAM tool revenue rose about 50% (26% of systems revenue vs. 22% a year earlier; management cited +52%), foundry and logic rose about 23%, and NAND flash was flat. Management does not split price from volume; the evidence points mainly to volume and mix (more tools for high-bandwidth memory, leading-edge logic and advanced packaging, the last of which it expects to grow more than 70% in calendar 2026), with some price/value visible in a gross margin that, according to the CFO, has expanded year on year for 13 straight quarters.

Logic architecture shift. Leading-edge logic is moving from FinFET to gate-all-around (nanosheet) transistors at 2nm-class nodes, which adds deposition, selective-removal and epitaxy steps. In May 2024 the company said the transition raises its addressable market from about $6B to $7B per 100,000 wafer starts a month, and that its gate-all-around revenue would be about $2.5B in 2024 with the potential to more than double in 2025. Its newer tools target exactly those steps (Xtera epitaxy for gate-all-around, launched in late 2025; Trillium ALD for metal gate stacks and a selective nitride PECVD system, launched in April 2026). Lithography sets the pace for these fabs: management said in November 2025 that leading-edge investment in 2025 had been oriented toward advanced lithography, which it called a positive leading indicator for process-equipment demand in 2026, and the Q3 acceleration in foundry and logic is consistent with that sequence.

Exhibit 2 · Revenue & profit trend

A subdued FY25, then a sharp quarterly acceleration

Quarterly revenue ($B, bars) · non-GAAP net income ($B, line) · fiscal quarters

Source: Alpha Vantage income statement; company releases · non-GAAP net income ≈ adjusted EPS × diluted shares for quarters not reported directly · Q4 FY26 = guidance midpoint ($10.25B ± $0.5B)

Exhibit 2 shows why the timing matters: revenue went sideways for five quarters (FY25 grew 4% in total) and then accelerated sharply, with Q3 revenue rising 15% sequentially. Profit tracked revenue with leverage: non-GAAP net income rose 41% year on year in Q3.

Exhibit 3 · Segment mix

DRAM's share of tool sales jumped as HBM build-outs began

Semiconductor Systems revenue by end market · % of segment

Source: company releases (Q3 FY25 to Q3 FY26)

Exhibit 4 · Geographic mix

All of the growth came from outside China

Revenue by customer location · $B · Q3 FY25 vs. Q3 FY26

Source: Q3 FY26 earnings release · China 35% → 28% of revenue

Exhibits 3 and 4 decompose the growth. The DRAM share of tool revenue rose from 22% to as much as 34% (Q1 FY26) as memory makers added capacity for AI servers, then eased back as leading-edge logic orders caught up. Geographically, China revenue was flat in dollars ($2.51B vs. $2.55B) and fell from 35% to 28% of the total, while US revenue doubled and Korea rose 31%. That diversification lowers export-control risk at the margin, but China remains the largest single region and management expects China revenue to rise in calendar 2026, led by 28-nanometer foundry and logic (in November 2025 it had expected China equipment spending to be lower this year).

China: rules and replacement. Export restrictions and local equipment competition can both affect AMAT’s opportunity. NAURA, AMEC and Piotech are relevant domestic competitors. Our inference: persistent localization and restrictions could erode the mature-node opportunity. This is a risk assessment, not a measured share-loss forecast; market-share comparisons depend on the equipment categories and market definition used.

Competitive position. AMAT is the broadest of a small group of equipment majors (with Lam Research, Tokyo Electron, KLA and, in lithography, ASML). It has said it expects Semiconductor Systems revenue to grow more than 30% in calendar 2026 ("even higher now," per the CFO) and to outgrow the wafer-fab equipment market, which SEMI forecasts to grow 23.1% in 2026; its separate total-equipment forecast is +23.2%. If that holds on a comparable market definition, it would suggest share gains in 2026. Overall, TechInsights ranks AMAT second among IC manufacturing equipment suppliers in 2025, behind ASML, in a $136.2B market.

Leadership by tool category. "Broadest" is not the same as leading everywhere. AMAT's strongest franchises are deposition (CVD, PVD, epitaxy), CMP and ion implant. In etch, Lam Research is its main rival and is widely regarded as the leader in high-aspect-ratio memory etch; in process control (inspection and metrology), KLA is the clear leader and AMAT's e-beam review and metrology tools are a smaller presence; Tokyo Electron competes across deposition, etch and cleaning; and ASM International is a direct competitor in atomic layer deposition and epitaxy, two of the steps gate-all-around makes more important. Segment-level share data are proprietary and vary by source, so this comparison is qualitative; the practical point is that AMAT's growth depends most on deposition-heavy transitions (gate-all-around, HBM stacking, hybrid bonding), while etch- and inspection-led spending benefits peers more.

Moat & pricing power. A wide moat, built on three things. First, breadth: chipmakers increasingly need materials steps co-optimized across several tools, and AMAT covers more of them than anyone. Second, process lock-in: once a tool is qualified into a production flow, switching is slow and risky for the customer. Third, the installed base: services revenue, now running at about $7B a year, grows with the number of tools in the field and is less cyclical than new-tool sales. The moat is widening in DRAM, advanced packaging and gate-all-around logic, where the company has introduced new systems this year; it is most exposed in China, where export controls limit what it can sell and local suppliers are taking share (below). Pricing power is visible in the margin record, not disclosed directly.

Concentration. Customer concentration is high. Two customers (not named in filings) accounted for about 20% and 14% of revenue in the first nine months of FY26, and 19% and 15% in FY25; no other customer exceeded 10%. Regulatory concentration is a second risk: in February 2026 the company paid $253M to settle a previously disclosed export-control compliance matter with the Commerce Department, and the US "Affiliates Rule," which would extend restrictions to companies majority-owned by listed Chinese entities, has a published suspension deadline of November 9, 2026, absent a formal extension (Section 7). When the rule was first published in 2025, the company said it expected about $600M of lost fiscal 2026 revenue.

Clean adjustments; cash is being absorbed by the build-out

Earnings quality, GAAP vs. adjusted. AMAT's non-GAAP adjustments are modest and mostly sensible: amortization of acquired intangibles, one-off legal and restructuring charges, marks on strategic investments and tax items. It does not add back stock-based compensation (about $0.69B over the past year, 2.2% of revenue). The larger forensic issue is cash. Over the past four quarters free cash flow was $5.6B against GAAP net income of $9.3B (61%) and non-GAAP net income of about $8.7B (64%). In FY23 and FY24 free cash flow exceeded net income.

Exhibit 5 · Earnings quality

Free cash flow has fallen behind net income for most of the past year

GAAP net income vs. non-GAAP net income vs. free cash flow · $B · fiscal quarters

Source: Alpha Vantage income & cash flow statements; company releases · FCF = operating cash flow − capex · non-GAAP net income approximated from adjusted EPS × diluted shares where not reported

Source: Q3 FY26 earnings release (GAAP to non-GAAP reconciliation). Q3 FY26 carried a net loss on strategic investments ($220M unrealized), which is added back; Q1 and Q2 carried large gains (Q2 alone $685M), which are removed, hence the opposite signs across columns. Tax items combine share-based-compensation timing, intra-entity intangible transfers, and prior-year resolutions. Columns may not sum exactly due to rounding. Stock-based compensation is not added back.

The table shows the adjustments run both ways and net to a small number over nine months; the swing item is the mark on strategic investments. Exhibit 5 shows what the table cannot: cash flow. Three things explain the gap. Capex roughly doubled: $2.26B in FY25 and $1.99B in the first nine months of FY26 (about 8% of revenue, versus about 4% in FY23 and FY24), funding a new Singapore campus ($500M) and a plan to double quarterly system output by 2028. Receivables rose $2.5B since fiscal year-end as revenue ramped. And non-cash gains lifted GAAP income without adding cash. Nine-month free cash flow was $3.58B, slightly below the prior year's $3.66B even though non-GAAP net income rose 19%.

Exhibit 6 · Margins

Gross margin at a record; operating leverage is back

Gross & GAAP operating margin · % of revenue · fiscal quarters

Source: Alpha Vantage income statement; company releases · Q4 FY25 incl. $181M restructuring; Q1 FY26 incl. $253M BIS settlement · Q3 non-GAAP op margin 34.0%

Exhibit 7 · Cash generation & funding

Higher capital spending weighs on cash conversion

Operating cash flow, capex & FCF · $B · fiscal year (FY26 = 9 months)

Source: Alpha Vantage cash flow statement; FY25 and Q3 FY26 releases

Margin bridge. Q3 GAAP gross margin was 50.3% and operating margin 33.7%; non-GAAP figures were 50.4% and 34.0%. R&D increased to $1.10B as the business expanded. The Q4 outlook calls for roughly 50.4% non-GAAP gross margin and $1.58B operating expenses. That is a margin plateau in the guide, but it does not by itself explain the post-earnings share-price reaction.

Working capital: a watch item, not an established problem. The company reports receivable days of 77 at quarter-end against 72 a year earlier, and attributes the rise to higher down-payment invoices for revenue not yet recognized and lower receivables factoring than a year ago. Both explanations are benign on their face (down-payment invoices signal orders; less factoring means less flattering of cash flow), but they need confirming over the next two to four quarters. Quarter-end inventory divided by Q3 cost of sales implies approximately 132 inventory days on a 91-day basis, as the ramp pulled tools through, and customer deposits (contract liabilities) rose $0.7B since fiscal year-end to $3.27B. The metrics to track: receivable days, inventory days, contract liabilities, factoring and free cash flow as a share of net income.

Funding the build-out. Nine-month operating cash flow was $5.568B and capex $1.988B, leaving $3.580B of free cash flow, versus $3.655B a year earlier. Higher capex absorbed the improvement in operating cash generation. Q3 itself was stronger: operating cash flow reached $3.04B, above GAAP net income of $2.54B, and free cash flow was about $2.33B after $707M capex. Management expects capex to decline as a share of revenue entering 2027. Depreciation is an accounting allocation, so the gap between capex and depreciation does not establish a maintenance-versus-growth split; the company does not disclose that split.

Balance sheet. Strong. Cash and short-term investments of $9.23B and long-term investments of $5.27B against $6.54B of debt (about $1.3B due within a year); GAAP operating income covers interest ~33x. Goodwill is $3.87B, under 9% of assets. Because AMAT is net-cash, a higher policy rate modestly raises its interest income; the rate risk sits in the valuation and in customers' financing costs, not in its own balance sheet.

Very high returns on capital, now being reinvested in capacity

ROIC vs. WACC. On our estimate, return on invested capital has been far above any reasonable cost of capital throughout (Exhibit 9), and the two ways of measuring it tell different stories. On the reported balance sheet, ROIC fell from ~49% in FY21 to ~39% in FY25 and ~35% on a trailing basis. Excluding the $5.3B investment portfolio, which includes strategic equity stakes that earn nothing in operating income, operating ROIC held at ~52% to 53% from FY22 to FY25 and is ~45% on a trailing basis. So most of the reported decline is the growing pile of investments; the genuine operating decline is smaller and recent, as receivables, inventory and plant rose ahead of the ramp. On average rather than period-end capital, trailing ROIC is ~38% reported and ~50% excluding investments. Either way the spread over an estimated ~13% WACC is more than 20 points. If the build-out converts to revenue as guided, operating ROIC should recover; if the cycle turns with the new capacity in place, it will fall further.

Exhibit 8 · Capital returned & share count

Buybacks slowed sharply as the share price tripled

Buybacks + dividends ($B, bars) · diluted shares (M, line) · fiscal year

Source: company releases & cash flow statements · FY26 = 9 months · diluted shares = full-year weighted average (FY26 = 9M)

Exhibit 9 · ROIC vs. WACC

Operating returns have held up better than the reported figure suggests

ROIC (after-tax GAAP op. income / equity + net debt) vs. ~13% WACC · period-end capital · %

Source: supplied research model · 13% tax rate and a flat ~13% cost-of-capital benchmark assumed for all periods · "excl. investments" removes long-term investments from capital

Buybacks & dividends. Exhibit 8 shows a company that bought back $4.9B of stock in FY25, a year in which the shares traded between about $124 and $242, and only $1.18B in the first nine months of FY26 as the price rose past $300 and then $500. In hindsight the FY25 purchases look well-timed against today's $540, but the pattern looks more like a deliberate shift of cash toward capacity than a valuation call. The board added a $10B authorization in March 2025, and about $12.8B remained available at the end of Q3. Net of employee equity, the slowdown matters: nine-month FY26 repurchases of $1.18B compare with $0.55B of stock compensation and $0.44B of tax withholding on vested awards, so the diluted share count has been flat at about 800M for three quarters after falling ~4% from FY23 to FY25. The dividend was raised 15% this spring to $0.53 a quarter (the ninth straight annual increase); at approximately 16.6% of FY26 expected EPS, its indicated payout ratio is modest; future payments remain subject to board declaration.

M&A. Small bolt-ons ($262M of acquisitions in nine months) and strategic equity stakes rather than large deals; goodwill has barely moved in five years. Reinvestment runway. The incremental capital is going into manufacturing capacity (Singapore, a plan to double quarterly system output by 2028) and R&D, including the EPIC center, which had 11 announced engagements spanning systems companies, chipmakers, universities and innovation partners as of the August call; management expected the new center to begin operations in the following months. Historical returns on that kind of spend have been very high; the open question is cycle timing, not competence.

Four straight quarters above the midpoint, with modest beats

AMAT guides one quarter ahead, with revenue and non-GAAP EPS ranges (± $0.5B and ± $0.20). Over the last four quarters it has delivered above the midpoint on both every time, by 3% to 9% on EPS. Q2 FY26 EPS came in above the top of the range.

Exhibit 10 · Guided vs. delivered

Every quarter landed above the guide; Q4 implies a big step up

Quarterly non-GAAP EPS · guided midpoint (amber, dashed) vs. actual · $

Source: company releases · guidance ranges ± $0.20 · Q4 FY26 actual due ~12 Nov 2026 (est.)

All EPS figures non-GAAP (company-defined). The table compares results with company guidance. These guidance midpoints are distinct from changing sell-side consensus estimates.

Verdict. The last four quarters delivered above the company’s revenue and adjusted-EPS guidance midpoints. Four quarters is a short sample and does not establish a permanently repeatable beat pattern. The Q4 guide implies roughly 51% revenue growth and 85% adjusted-EPS growth year over year. Q3 operating cash flow set a record, while nine-month free cash flow remained slightly below the prior-year period: both facts matter.

Heavy insider selling near the top; pay tied to adjusted metrics

Insiders. Two reviewed Form 4 filings document CEO Gary Dickerson’s June sales: 83,000 shares on June 15–16 and 78,321 shares on June 29–30, about 161,321 shares and $104.8M in total. A separately reported 17,000-share gift is excluded. The latter filing supports about $55.6M of sales on June 29–30. These disclosures establish transactions, not management’s valuation view. Sales should be assessed alongside retained ownership, compensation and any disclosed trading arrangements.

Ownership and positioning. Ownership and short-interest statistics vary by reporting date and methodology. Low short interest alone cannot establish that long holders caused a drawdown.

Compensation. AMAT states that non-GAAP measures are used in its executive compensation program. Its EPS reconciliation does not add back stock-based compensation. That improves comparability with cash economics, but it does not establish the full incentive design or prove that cash conversion and returns on capital are absent from compensation assessments.

Well above its own history, even on next year's earnings

At $540, AMAT trades at ~42x FY26 and ~29x FY27 consensus EPS, ~44x trailing GAAP EBITDA, ~14x trailing sales and a 1.3% free-cash-flow yield. These are growth-stock multiples applied to a company whose revenue grew about 5% a year from FY21 to FY25.

Exhibit 11 · Multiple vs. own history

Even the FY27 multiple sits well above every year-end since FY19

October month-end price / fiscal-year non-GAAP EPS · with current TTM and consensus FY26 / FY27 · x

Source: Alpha Vantage (October month-end close; non-GAAP EPS as reported) · FY26 and FY27 = consensus EPS $12.79 / $18.46

Versus its own history. The supplied historical-price and adjusted-EPS model shows year-end P/E ratios between 11.5× and 24.7× from FY19 to FY25, with a FY21–25 median of 19.9×. On that methodology, today’s trailing multiple is about two and a half times the median, and the FY27 multiple is above the historical range. Those historical calculations are research estimates, distinct from company-reported earnings. Q3 non-GAAP operating margin reached 34.0%, but comparisons with earlier GAAP margins mix definitions. A cyclical slowdown could compress both earnings and the multiple; the historical median is a scenario benchmark, not a valuation ceiling.

Reverse-DCF sensitivity. The model uses equity value of about $428.6B and cash flow after interest, consistent with a cost-of-equity discount rate. Starting FCF of $8.75B is an analyst-selected normalized scenario, not company guidance or consensus FCF; actual trailing FCF is about $5.62B. With ten years of growth, a 13% discount rate and 3% terminal growth, the normalized scenario requires about 25.8% annual growth; the actual-TTM starting point requires about 32.3%. A $12B starting scenario requires roughly 21.2%. These are model outputs, not forecasts.

Newsletter calculation: equity-basis cash-flow sensitivity, year-end discounting, ten years of growth and 3% terminal growth. Discount rates of 12%–14% are assumptions; 5.28% risk-free yield + 1.6 assumed beta × 5% assumed equity premium gives 13.28% before other modeling choices. The central 13% is rounded. No claim is made that these assumptions estimate intrinsic value precisely.

For context, adjusted EPS compounded at about 23% a year from FY15 ($1.18) to FY25 ($9.42), but that decade combined ~11% annual revenue growth with operating margin rising from about 18% to 29% and a shrinking share count. Repeating something similar from today's record margins requires revenue growth of roughly 20% to 30% a year for a decade, depending on the starting cash flow. The price is not impossible to justify, but it assumes the AI build-out removes the cycle rather than extending it.

Sell-side. Consensus is Strong Buy across 40 analysts, with a mean target of ~$639 and median ~$650 (18% to 20% upside); the range of $358 to $900 is unusually wide, a sign of how differently analysts weigh the cycle risk.

Mid-to-late in an AI-driven upcycle, with a policy calendar to watch

Cycle. Equipment spending is in a multi-year upswing. SEMI's July 2026 mid-year forecast puts total equipment sales at $165.9B in 2026 (+23%), wafer-fab equipment at $143.9B, a further ~22% WFE rise in 2027 and a record ~$230B for all equipment in 2028. Memory makers are leading (SEMI expects 300mm memory equipment investment of $52B in 2026, +29%), and chipmakers reaffirmed multi-year spending plans after the September AI-pacing debate. By margins and order commentary this is mid-to-late cycle: strong and still rising, but with record margins, record customer capex and a stock that already prices growth through 2027. The demand chain runs from AI demand to accelerator and HBM demand, to memory and foundry utilization, to fab capex, to tool orders; the question for 2027–28 is whether capacity is following end-demand or getting ahead of it. In order of importance for AMAT the macro drivers are customer capex, the memory and HBM cycle, AI infrastructure spending, China policy and fab utilization, with interest rates last. Order visibility is thin in the filings: the 10-Q discloses only about $1.0B of unfilled orders on contracts of a year or longer (73% due within 12 months), which excludes most tool orders, so customer deposits and capex guidance are the better leading signals. Rates: the Fed raised the funds rate by 25bp to 3.75%–4.00% on 16 September 2026, citing elevated inflation, and the median projection implies one more hike this year. The official 10-year Treasury par yield was 5.28% on October 2. For AMAT the direct effect is small and positive (it is net cash), but higher real yields compress the multiple on long-dated growth and raise the cost of customers' fab projects.

Near-term catalysts. (1) Q4 results and FY27 commentary: the company’s own calendar projects November 12, following an October 25 fiscal-year end. Watch delivery against $10.25B revenue and $4.02 adjusted EPS guidance and whether cash conversion remains stronger. (2) China export controls: the published BIS suspension runs through November 9, 2026, with restrictions scheduled to return November 10 absent an extension. Reports of a broader trade-truce extension do not themselves amend that legal deadline; a formal BIS notice remains the confirmation test. (3) Customer capex updates and (4) the next Fed decision and long-yield response.

Second-order tells. Hyperscaler capex guidance (which drives AI chip demand and, a few quarters later, tool orders); TSMC's, Samsung's, SK hynix's and Micron's capex commentary; DRAM and HBM contract pricing; and peer equipment makers' order commentary (Lam Research, Tokyo Electron, ASML), most of which reports ahead of AMAT's November print.

Policy risks outside the order book. The January 14 Section 232 proclamation imposed a 25% tariff on a narrowly defined category of advanced semiconductors and derivative products, with qualifying exclusions. Its title and broader investigation include manufacturing equipment, but the initial levy is not a blanket 25% tariff on that equipment. Broader equipment tariffs remain a policy risk. The company’s earlier $600M estimate for the Affiliates Rule concerned FY26 under a prior policy scenario; it is not a fresh forecast of losses after any future reinstatement.

A best-in-class franchise priced for an unbroken cycle

Price: October 2 close. Latest financial quarter ended July 26, 2026; fiscal Q4 ends October 25. GAAP and company-defined adjusted measures are labeled separately. FCF = operating cash flow − capex. Market cap uses 793.597M shares from the July 26 filing, not a real-time share count. EV uses that market cap plus debt less cash and short-term investments. ROIC, historical adjusted series, beta, discount rates and normalized cash-flow scenarios are research estimates from the supplied model; they are not company-reported metrics. FY26/FY27 consensus EPS is $12.79/$18.46, from Stock Analysis / S&P Global, last updated September 28. Estimates and targets can change.

Company Q3 results · Q3 Form 10-Q · Q3 prepared remarks · Company fiscal calendar · Prices · Consensus estimates and targets · June 17 CEO Form 4 · July 1 CEO Form 4 · SEMI equipment forecast · BIS suspension rule · Section 232 proclamation · Treasury yields