AMATAPPLIED MATERIALS INC /DE

Semiconductors & Related Devices

Revenue: $28.4B; 4.4% YoY
Operating margin: 29.2%; 0.9% YoY
EBITDA: $8.7B; 5.6% YoY
Market cap: $309.3B
Employees: —
Net debt / EBITDA: -0.2×; −$1.6B net debt
AI in 10-K: 7.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
114% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
79% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
9% of assets
Over 40% of assets
Shareholder dissentNo
93% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AINo
7.4 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.2× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$309.3B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$181M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$23.1B	$25.8B	$26.5B	$27.2B	$28.4B	4.4%
Operating income	$6.9B	$7.8B	$7.7B	$7.9B	$8.3B	5.4%
Net income	$5.9B	$6.5B	$6.9B	$7.2B	$7.0B	2.5%
Operating cash flow	$5.4B	$5.4B	$8.7B	$8.7B	$8.0B	8.3%
Capex	$668M	$787M	$1.1B	$1.2B	$2.3B	90%
Stock-based comp	$346M	$413M	$490M	$577M	$668M	16%
Buybacks	$3.8B	$6.1B	$2.2B	$3.8B	$4.9B	28%
Dividends	$838M	$873M	$975M	$1.2B	$1.4B	16%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 14, 2014	DEFM14A	TEL-Applied Holdings B.V.	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $181M · 45
Net: −$181M

Pay vs performance

No pay-versus-performance disclosure yet.