AMDADVANCED MICRO DEVICES INC

Semiconductors & Related Devices

Revenue: $34.6B; 34% YoY
Operating margin: 10.7%; 45% YoY
EBITDA: $4.2B; 79% YoY
Market cap: $823.8B
Employees: 31,000; $1M revenue each
Net debt / EBITDA: -0.4×; −$1.9B net debt
AI in 10-K: 27.6; 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
178% of net income
Cash flow under 80% of net income
Dilutive SBCNo
5% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
17% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
30% 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
$1M · 81st pct
Bottom quartile of its SIC industry
Quiet on AINo
27.6 per 10K words · 100th pct
Bottom quartile of AI mentions in 10-Ks
Net cashYes
Net cash · 0.4× EBITDA
More cash than debt, positive EBITDA
Buyout-sizedNo
$823.8B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$378M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.4B	$23.6B	$22.7B	$25.8B	$34.6B	34%
Operating income	$3.6B	$1.3B	$401M	$1.9B	$3.7B	94%
Net income	$3.2B	$1.3B	$854M	$1.6B	$4.3B	164%
Operating cash flow	$3.5B	$3.6B	$1.7B	$3.0B	$7.7B	154%
Capex	$301M	$450M	$546M	$636M	$974M	53%
Stock-based comp	$379M	$1.1B	$1.4B	$1.4B	$1.6B	16%
Buybacks	$1.8B	$3.7B	$985M	$862M	$1.3B	53%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Feb 7, 2019	Mubadala Investment Co PJSC	SC 13D/A	7.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $378M · 221
Net: −$378M

Pay vs performance

No pay-versus-performance disclosure yet.