NASDAQ · AMD

Advanced Micro Devices, Inc.

Technology · Semiconductors

$504.70▲ 2.29% ($11.29)today

As of 11:53 AM ET

52-week

$149.85$584.73

Market cap

$822.96B

P/E

What the market price implies · Reverse DCF

To support a price of $504.70, this model requires revenue to grow by 49.76%/yr over the next 10 years, compounded annually.

Historical revenue grew by 20.49%/yr over the past 4 years. The required annual growth rate is 29.27 percentage points higher.

Selected forecast · Base scenario

17.51%/yr · actual 10-year annualized revenue growth

Year 1 growth: 28.1%

Market-implied · Base operating assumptions + edited margins

49.76%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$504.70

Estimated value / share

$79.78

Base scenario

This estimate is 84.19% below the price used.

USD · TTM ending 2026-06-27

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 28.1% · Ending margin 18.71% · Discount rate 18.55%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 15, 2026, 3:53 PM UTC
Financial statement period: TTM ending 2026-06-27
Data refreshed: Sep 15, 2026, 3:53 PM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 7 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 627.7%.

Do you have 5+ years of positive FCFF history? 7 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Revenue is still growing 50.1%, above the 15.0% maturity threshold, so a steady-state FCFF model would lean too heavily on a business still scaling.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 212.61%Revenue (TTM): 39.54%FCF (TTM): 107.84%P/FCF: 71st pct

What changed

The stock rose 212.61% over the last year. Revenue grew 39.54% over the trailing twelve months. Operating margin moved from 7.66% to 15.71%. Free cash flow grew 107.84% over the trailing twelve months.

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (71st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Operating margin is at 15.71% — continued expansion would be needed to justify the premium. Revenue growth of 39.54% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.

Performance

Return analysis

Company profile

Advanced Micro Devices, Inc. (AMD), established in 1969 and headquartered in Santa Clara, California, operates as a global leader in the semiconductor industry.

CEOLisa T. Su

SectorTechnology

IndustrySemiconductors

Employees31,000

IPO dateSep 7, 1972

https://www.amd.com

Market multiples

Forward P/E—

EV/EBITDA47.85

Enterprise value$348.08B

Stock splits

Aug 22, 2000↑ Forward

Every 1 shares became 2

+100%

Aug 23, 1983↑ Forward

Every 1 shares became 2

+100%

Oct 28, 1982↑ Forward

Every 2 shares became 3

+50%

Oct 24, 1980↑ Forward

Every 1 shares became 2

+100%

Sep 18, 1979↑ Forward

Every 2 shares became 3

+50%

Sep 19, 1978↑ Forward

Every 1000 shares became 1499

+50%

Profitability & growth

Revenue growth50.11%

Gross margin (FY2025)49.52%▲0.2ppvs FY2024

Operating margin (FY2025)10.66%▲3.3ppvs FY2024

ROE10.14%▲3.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$598.24▲18.53%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $1.90 · Revenue est $12.97B

View

NASDAQ · AMD

Advanced Micro Devices, Inc.

Technology · Semiconductors

$504.70▲ 2.29% ($11.29)today

As of 11:53 AM ET

52-week

$149.85$584.73

Market cap

$822.96B

P/E

What the market price implies · Reverse DCF

To support a price of $504.70, this model requires revenue to grow by 49.76%/yr over the next 10 years, compounded annually.

Historical revenue grew by 20.49%/yr over the past 4 years. The required annual growth rate is 29.27 percentage points higher.

Selected forecast · Base scenario

17.51%/yr · actual 10-year annualized revenue growth

Year 1 growth: 28.1%

Market-implied · Base operating assumptions + edited margins

49.76%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$504.70

Estimated value / share

$79.78

Base scenario

This estimate is 84.19% below the price used.

USD · TTM ending 2026-06-27

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 28.1% · Ending margin 18.71% · Discount rate 18.55%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 15, 2026, 3:53 PM UTC
Financial statement period: TTM ending 2026-06-27
Data refreshed: Sep 15, 2026, 3:53 PM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 7 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 627.7%.

Do you have 5+ years of positive FCFF history? 7 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Optimism is getting priced inHigh confidence

1Y Price: 212.61%Revenue (TTM): 39.54%FCF (TTM): 107.84%P/FCF: 71st pct

What changed

What the market seems to be pricing

The stock is trading toward the richer end of its historical P/FCF range (71st percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.

What would invalidate this read

Performance

Return analysis

Company profile

Advanced Micro Devices, Inc. (AMD), established in 1969 and headquartered in Santa Clara, California, operates as a global leader in the semiconductor industry.

CEOLisa T. Su

SectorTechnology

IndustrySemiconductors

Employees31,000

IPO dateSep 7, 1972

https://www.amd.com

Market multiples

Forward P/E—

EV/EBITDA47.85

Enterprise value$348.08B

Stock splits

Aug 22, 2000↑ Forward

Every 1 shares became 2

+100%

Aug 23, 1983↑ Forward

Every 1 shares became 2

+100%

Oct 28, 1982↑ Forward

Every 2 shares became 3

+50%

Oct 24, 1980↑ Forward

Every 1 shares became 2

+100%

Sep 18, 1979↑ Forward

Every 2 shares became 3

+50%

Sep 19, 1978↑ Forward

Every 1000 shares became 1499

+50%

Profitability & growth

Revenue growth50.11%

Gross margin (FY2025)49.52%▲0.2ppvs FY2024

Operating margin (FY2025)10.66%▲3.3ppvs FY2024

ROE10.14%▲3.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$598.24▲18.53%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 3, 2026

Q4 FY26 · EPS est $1.90 · Revenue est $12.97B

View