Advanced Micro Devices Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The business works and the balance sheet is robust — no substance risk, no going concern doubt, no accounting or governance breach. Two operational questions carry weight: whether the $21,072 million of goodwill in the shrinking Embedded segment holds its carrying value, and whether AMD can ever spread production at 7 nanometers and below across more than one contract manufacturer. That the stock trades at roughly 148 times the earnings of the last four reported quarters as of July 29, 2026 is a price argument and does not enter this rating — that is what our scanners are for. Where the evidence sits between two levels, the more cautious one applies. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
AMD grew strongly in 2025 and in the first quarter of 2026, earns money in all three segments and sits on a balance sheet with $12.3 billion of cash against $3.2 billion of debt. The open questions are operational and every one of them is in the company's own filings: more than half the segment profit disappears into a single bucket, 83.9 percent of goodwill sits in the segment with the weakest revenue trend, and two customers hold warrants on a fifth of the company. Not investment advice.
Market position and growth
Revenue rose 34 percent to $34,639 million in 2025 and 38 percent to $10,253 million in the quarter ended March 28, 2026. The Data Center segment grew 32 percent to $16,635 million in 2025 and 57 percent to $5,775 million in the first quarter of 2026. All three segments are profitable; Embedded grew again for the first time after two years of decline (Form 10-K fiscal 2025, Form 10-Q for the quarter ended March 28, 2026).
Earnings structure
Of $7,701 million of segment operating income in 2025, $3,694 million arrived as consolidated operating income. The $4,007 million difference consists of $2,254 million of amortization of acquisition-related intangibles and $1,638 million of stock-based compensation. The amortization runs off on schedule — $2,153 million in 2026, only $1,454 million in 2030. The stock compensation does not: it rose to $487 million in the quarter ended March 28, 2026 from $364 million a year earlier (Form 10-K fiscal 2025, Notes 4 and 6).
Balance sheet and liquidity
As of March 28, 2026, $12,347 million of cash and short-term investments stand against $3,224 million of total debt, with stockholders' equity of $64,462 million. Operating cash flow for the quarter was $2,955 million and free cash flow per the company $2,566 million. Since May 14, 2026 there is an undrawn $5,000 million revolving facility with no financial covenants (Form 10-Q for the quarter ended March 28, 2026; Form 8-K filed May 15, 2026).
Carrying value of acquisitions
Goodwill and acquisition-related intangibles of $41,498 million make up 52.1 percent of total assets as of March 28, 2026. Of the goodwill, $21,072 million — 83.9 percent — sits in the Embedded reporting unit, whose revenue fell from $5,321 million in 2023 to $3,454 million in 2025. The fourth-quarter 2025 impairment test was purely qualitative (Form 10-K fiscal 2025, Note 6).
Dilution
OpenAI and Meta Platforms hold warrants for up to 160 million shares each at $0.01 — together 19.6 percent of the 1,630,600,639 shares outstanding as of April 29, 2026. On top of that, the equity plan may issue a total of 153 million shares as of May 13, 2026. Buybacks barely keep pace: $1.3 billion in 2025 against $1,638 million of stock compensation, and $221 million in the quarter ended March 28, 2026 against $487 million (Form 10-Q, Note 12; Form 8-K filed May 15, 2026).
Dependencies
By its own account AMD relies on a single contract manufacturer for all wafers at 7 nanometers and below, assembles and tests in Mainland China, Malaysia and Taiwan, and generated 22.4 percent of 2025 revenue in China including Hong Kong. The MI308 export restriction cost roughly $440 million net in 2025 — 11.9 percent of operating income (Form 10-K fiscal 2025, Items 1A and 7).
Worth Noting
Hook: ranking of the 100 largest U.S. stocks by market capitalization (as of July 28, 2026), AMD at number 14 without an existing analysis. Not a scanner hit.
As of: Form 10-K for fiscal 2025 (period ended December 27, 2025, filed February 4, 2026), Form 10-Q for the quarter ended March 28, 2026 (filed May 6, 2026), Form 8-K filed May 5, 2026. Valuation multiples and analyst consensus: July 29, 2026.
Easy to confuse: the "Client and Gaming" segment has only been reported jointly since the first quarter of 2025; older analyses using four segments are not directly comparable. AMD recast the prior years itself.
Easy to confuse: ZT Systems, acquired in 2025, only partly remained in the group — the manufacturing business went to Sanmina in October 2025 and runs through the figures as a discontinued operation.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at AMD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 157.40 $ to 580.90 $ · Last price: 545.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Semiconductors
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Advanced Micro Devices Inc AMD | 943.2 | 177.7 | 77.8 | 55.7 | 14.4 | 34.3 | 242.5 |
| NVIDIA Corporation NVDA | 5,540.3 | 30.4 | 22.4 | 74.7 | 65.6 | 65.5 | 29.1 |
| Broadcom Inc AVGO | 1,652.3 | 55.2 | 33.7 | 75.5 | 49.0 | 23.9 | 1.1 |
| Micron Technology Inc MU | 1,269.8 | 20.7 | 15.8 | 72.6 | 80.4 | 48.9 | 512.0 |
| Intel Corporation INTC | 546.8 | – | 145.4 | 38.9 | 6.9 | -0.5 | 337.0 |
| Arm Holdings plc ARM | 282.9 | 267.6 | 221.2 | 97.5 | 7.6 | 22.8 | 58.6 |
| Texas Instruments Incorporated TXN | 234.9 | 39.7 | 26.1 | 58.3 | 37.8 | 13.1 | 46.9 |
| Marvell Technology Group Ltd MRVL | 232.5 | 79.7 | 45.0 | 52.2 | 14.5 | 42.1 | 239.9 |
| Qualcomm Incorporated QCOM | 216.2 | 18.6 | 14.9 | 54.2 | 22.1 | 13.7 | 16.6 |
| Median of companies shown | 546.8 | 47.4 | 33.7 | 58.3 | 22.1 | 23.9 | 58.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 4,272 | -372 | -487 | -0.58 | 90 | 416 | 3,321 |
| 2017 | 5,329 | 204 | 43 | 0.04 | 68 | 611 | 3,540 |
| 2018 | 6,475 | 451 | 337 | 0.32 | 34 | 1,266 | 4,556 |
| 2019 | 6,731 | 631 | 341 | 0.30 | 493 | 2,827 | 6,028 |
| 2020 | 9,763 | 1,315 | 2,490 | 2.06 | 1,071 | 5,837 | 8,962 |
| 2021 | 16,434 | 3,641 | 3,162 | 2.62 | 3,521 | 7,497 | 12,419 |
| 2022 | 23,601 | 1,264 | 1,320 | 0.82 | 3,565 | 54,750 | 67,580 |
| 2023 | 22,680 | 401 | 854 | 0.53 | 1,667 | 55,892 | 67,885 |
| 2024 | 25,785 | 1,900 | 1,641 | 1.00 | 3,041 | 57,568 | 69,226 |
| 2025 | 34,639 | 3,694 | 4,335 | 2.65 | 7,709 | 62,999 | 76,926 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.29 | -28.00 | 7,658 | 24.20 | 6.30 | 1,299 | 1,091 |
| 2025: Q1 | 0.44 | 481.00 | 7,438 | 35.90 | 9.50 | 939 | 727 |
| 2025: Q2 | 0.53 | 230.50 | 7,685 | 31.70 | 11.30 | 2,011 | 1,729 |
| 2025: Q3 | 0.76 | 60.70 | 9,246 | 35.60 | 13.40 | 2,159 | 1,901 |
| 2025: Q4 | 0.92 | 210.60 | 10,270 | 34.10 | 14.70 | 2,600 | 2,378 |
| 2026: Q1 | 0.84 | 92.20 | 10,253 | 37.80 | 13.50 | 2,955 | 2,566 |
| 2026: Q2 | 1.38 | 160.40 | 11,536 | 50.10 | 19.90 | 2,366 | 1,558 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 3 of our scanner strategies — each hit links to the scanner.
Growth
Aktien.Guide
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 7.56 | 7.00 – 8.20 | 50,834 | 81.4% | 49 |
| 12/31/2027 | 15.51 | 9.60 – 20.25 | 87,776 | 105.1% | 50 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 31.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $8.40B |
|---|---|
| Market cap | $943.18B |
| Free cash flow in year ten | $130.47B |
| Terminal value as a share of market value | 72.9% |
For comparison: over the past five years free cash flow grew by 54.0% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
KI-Beschleuniger sind bei AMD ausgewiesene Umsatzquelle: Das Segment Data Center setzte 2025 16.635 Mio. US-Dollar um (plus 32 Prozent) und wird im Geschäftsbericht ausdrücklich mit KI-Beschleunigern, AMD Instinct GPUs und EPYC-Serverprozessoren beschrieben; dazu kommen Liefervereinbarungen über je 6 Gigawatt GPU-Kapazität mit OpenAI (Oktober 2025) und Meta (Februar 2026).
View the full file — quotes, sources, reviewed filings
„For data centers, we offer AI accelerators, microprocessors (CPUs), graphic processing units (GPUs), data processing units (DPUs), AI Network Interface Cards (AI NICs) and field programmable gate arrays (FPGAs)."
Für Rechenzentren bieten wir KI-Beschleuniger, Mikroprozessoren (CPUs), Grafikprozessoren (GPUs), Datenverarbeitungseinheiten (DPUs), KI-Netzwerkkarten (AI NICs) und feldprogrammierbare Logikbausteine (FPGAs) an.
10-K · 2026-02-04 · View SEC filing
„Data Center net revenue of $16.6 billion in 2025 increased by 32%, compared to net revenue of $12.6 billion in 2024. The increase was primarily driven by strong demand for our AMD EPYC™ processors and AMD Instinct™ GPU accelerators."
Der Umsatz des Segments Data Center stieg 2025 um 32 Prozent auf 16,6 Milliarden US-Dollar, gegenüber 12,6 Milliarden US-Dollar im Jahr 2024. Der Anstieg beruhte vor allem auf der starken Nachfrage nach unseren AMD-EPYC-Prozessoren und den GPU-Beschleunigern der Reihe AMD Instinct.
10-K · 2026-02-04 · View SEC filing
„In February 2026, we amended a master purchase agreement with Meta Platforms, Inc. (Meta) and Meta agreed to deploy up to 6 gigawatts of AMD GPUs, with the first gigawatt of capacity powered by custom AMD Instinct MI450-based GPU and 6th Gen AMD EPYC™ CPUs."
Im Februar 2026 haben wir eine Rahmenliefervereinbarung mit Meta Platforms, Inc. (Meta) geändert; Meta sagte zu, bis zu 6 Gigawatt AMD-GPUs in Betrieb zu nehmen, wobei das erste Gigawatt an Kapazität von einer maßgeschneiderten GPU auf Basis von AMD Instinct MI450 und Serverprozessoren der 6. EPYC-Generation getragen wird.
10-Q · 2026-05-06 · View SEC filing
Filings Reviewed: 10-Q 2026-05-06 · 10-Q 2025-11-05 · 10-Q 2025-08-06 · 10-Q 2025-05-07 · 10-K 2026-02-04 · 10-K 2025-02-05
Rated on July 29, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 13.6%
- More than 10% revenue growth is expected for the coming year 54.3%
- Share count grows by less than 3% a year 0.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 53.7%
- Gross margin at 40% or higher and without meaningful erosion 49.5%
- Goodwill from acquisitions does not grow faster than revenue 32.7%
- Net debt below twice EBITDA 6,080 m net cash
- Operating cash flow covers the profits of the last three years 5,587 m
- Return on capital at 15% or higher, or up versus two years ago 5.5%
- Insiders hold at least 10% or are net buyers 0.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
6/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 26.2%
- Exp. sales growth 3Y > 5% 59.2%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% 141.9%
- Net debt < 4x EBIT -1.6x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 89.0%
- Return on equity > 15% 20.5%
- ROCE > 15% 5.5%
- Expected return > 10% 143.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Other | 35,000 | 0.00 | – |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 500 | 510.94 | 255,470 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 3,500 | 509.74 | 1,784,090 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 3,288 | 507.75 | 1,669,482 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 4,200 | 506.60 | 2,127,720 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 4,400 | 505.57 | 2,224,508 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 4,600 | 504.76 | 2,321,896 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 2,106 | 508.90 | 1,071,743 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 100 | 512.59 | 51,259 |
| Sep 10, 2026 | Su Lisa T | Chair, President & CEO | Sell | 400 | 514.05 | 205,620 |
The company
About the Company
Advanced Micro Devices, Inc. ist ein international tätiges Halbleiterunternehmen.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 31,000
- Headquarters
- Santa Clara, CA
- Address
- 2485 Augustine Drive, 95054 Santa Clara, United States
- Phone
- 408 749 4000
- Website
- amd.com
- IPO Date
- 10/15/1979
- ISIN
- US0079031078
- Stock Split
- 2:1 on 08/22/2000
- Stock Split
- 2:1 on 08/23/1983
- Stock Split
- 3:2 on 10/28/1982
Management
| Name | Title | Birth Year |
|---|---|---|
| Lisa T. Su Ph.D. | Chair, President & CEO | 1970 |
| Jean X. Hu Ph.D. | Executive VP, CFO & Treasurer | 1963 |
| Mark D. Papermaster | CTO and Executive VP of Technology & Engineering | 1962 |
| Paul Darren Grasby | Executive VP, Chief Sales Officer & President of EMEA | 1970 |
| Forrest E. Norrod | Executive VP & GM of the Data Center Solutions Business Group | 1965 |
| Keivan Keshvari | Senior Vice President of Global Operations & Quality | – |
| Emily Ellis | Corporate VP, Chief Accounting Officer & Principal Accounting Officer | 1983 |
| Hasmukh Ranjan | Senior VP & Chief Information Officer | – |
| Ruth Cotter | Senior VP & Chief Administrative Officer | – |
| Matthew D. Ramsay | Vice President of Financial Strategy & Investor Relations | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 08/19/2026 ADVANCED MICRO DEVICES INC (AMD): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/17/2026 ADVANCED MICRO DEVICES INC (AMD): Entry into a Material Definitive Agreement; Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant; Financial Statements and Exhibits SEC ↗
- 08/04/2026 ADVANCED MICRO DEVICES INC (AMD): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.