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Arphra AIPlain-English read on Advanced Micro Devices, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +48.25% | +44.93% | +46.12% | +49.35% | +49.52% | +47.05% | +49.17% | +48.42% | +49.04% |
| Operating margin | +22.20% | +5.36% | +1.77% | +7.37% | +10.66% | +6.50% | +6.79% | +6.44% | +6.64% |
| EBITDA margin | +25.35% | +23.45% | +18.29% | +20.39% | +21.00% | +20.32% | +20.23% | +20.40% | +20.19% |
| EBIT margin | +22.53% | +5.39% | +2.64% | +8.07% | +12.33% | +7.53% | +7.65% | +7.58% | +7.69% |
| Pre-tax margin | +22.36% | +5.08% | +2.24% | +7.84% | +12.03% | +7.48% | +7.33% | +7.30% | +7.16% |
| Net margin | +19.24% | +5.59% | +3.77% | +6.36% | +12.51% | +6.46% | +6.68% | +6.62% | +6.66% |
| Cost structure | |||||||||
| Cost of revenue / sales | +51.75% | +55.07% | +53.88% | +50.65% | +50.48% | +50.32% | +50.71% | +50.29% | +52.93% |
| R&D intensity | +17.31% | +21.21% | +25.89% | +25.04% | +23.36% | +24.65% | +24.60% | +25.24% | +24.30% |
| SG&A intensity | +8.81% | +9.90% | +10.37% | +10.79% | +11.96% | +10.77% | +10.90% | +11.21% | +10.83% |
| Effective tax rate | +13.96% | -10.18% | -68.11% | +18.84% | -2.47% | +8.12% | +8.26% | +8.08% | +8.55% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +42.18% | +2.41% | +1.53% | +2.85% | +6.88% | +3.06% | +3.11% | +3.00% | +3.04% |
| Return on assets (ROA) | +25.46% | +1.95% | +1.26% | +2.37% | +5.64% | +2.43% | +2.58% | +2.45% | +2.60% |
| Return on capital (ROC) | +44.72% | +2.19% | +0.68% | +3.18% | +5.47% | +2.92% | +3.00% | +2.78% | +2.89% |
| Return on invested capital (ROIC) | +38.76% | +2.29% | +1.45% | +2.75% | +6.42% | +2.90% | +2.95% | +2.85% | +2.89% |
| Asset turnover | +132.33% | +34.92% | +33.41% | +37.25% | +45.03% | +37.61% | +38.63% | +37.06% | +39.07% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +19.24% | +5.59% | +3.77% | +6.36% | +12.51% | +6.46% | +6.68% | +6.62% | +6.66% |
| Asset turnover (× revenue / assets) | +132.33% | +34.92% | +33.41% | +37.25% | +45.03% | +37.61% | +38.63% | +37.06% | +39.07% |
| Equity multiplier (× assets / equity) | +165.65% | +123.43% | +121.46% | +120.25% | +122.11% | +125.99% | +120.52% | +122.38% | +116.93% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 1.32 | 0.35 | 0.33 | 0.37 | 0.45 | 0.38 | 0.39 | 0.37 | 0.39 |
| Fixed-asset turnover | 15.37 | 11.96 | 10.21 | 10.63 | 14.98 | — | — | — | — |
| Inventory turnover | 4.35 | 3.45 | 2.81 | 2.28 | 2.21 | — | — | — | — |
| Receivables turnover | 6.07 | 5.72 | 4.21 | 3.72 | 5.49 | — | — | — | — |
| Payables turnover | 6.44 | 5.21 | 5.95 | 6.56 | 5.97 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 60.14 | 63.84 | 86.66 | 98.14 | 66.54 | — | — | — | — |
| Days inventory outstanding (DIO) | 83.90 | 105.89 | 129.96 | 160.25 | 165.31 | — | — | — | — |
| Days payables outstanding (DPO) | 56.69 | 70.01 | 61.38 | 55.62 | 61.14 | — | — | — | — |
| Cash conversion cycle | 87.35 | 99.73 | 155.24 | 202.78 | 170.72 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.11 | 2.70 | 1.95 | 1.85 | 1.78 | 2.15 | 2.02 | 2.10 | 2.07 |
| FCF / Net income | 1.02 | 2.36 | 1.31 | 1.47 | 1.55 | 1.75 | 1.68 | 1.69 | 1.68 |
| FCF margin | +19.59% | +13.20% | +4.94% | +9.33% | +19.44% | +11.29% | +11.24% | +11.15% | +11.20% |
| OCF margin | +21.43% | +15.11% | +7.35% | +11.79% | +22.26% | +13.88% | +13.51% | +13.92% | +13.79% |
| CapEx / Revenue | +1.83% | +1.91% | +2.41% | +2.47% | +2.81% | +2.56% | +2.54% | +2.50% | +2.59% |
| CapEx / D&A | 0.65 | 0.11 | 0.15 | 0.20 | 0.32 | — | — | — | — |
| Stock-based comp / Revenue | +2.31% | +4.58% | +6.10% | +5.46% | +4.73% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 2.57 | 0.84 | 0.53 | 1.00 | 2.65 | 7.44 | 13.10 | 17.85 | 25.06 |
| EPS · basic | 2.61 | 0.85 | 0.53 | 1.01 | 2.67 | 7.49 | 13.21 | 17.90 | 25.35 |
| Book value / share | 6.10 | 34.85 | 34.40 | 35.17 | 38.51 | 64.85 | 99.74 | 135.08 | 194.89 |
| Tangible BV / share | 5.60 | 4.11 | 6.32 | 8.43 | 12.94 | 64.85 | 99.74 | 135.08 | 194.89 |
| Sales / share | 13.37 | 15.02 | 13.96 | 15.75 | 21.17 | 30.72 | 46.44 | 61.26 | 89.03 |
| Operating CF / share | 2.86 | 2.27 | 1.03 | 1.86 | 4.71 | 4.26 | 6.27 | 8.53 | 12.27 |
| Free cash flow / share | 2.62 | 1.98 | 0.69 | 1.47 | 4.12 | 3.47 | 5.22 | 6.83 | 9.97 |
| Dividends / share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Payout ratio | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Retention ratio | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% | +100.00% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +43.61% | -3.90% | +13.69% | +34.34% | +43.96% | +52.97% | +32.60% | +42.66% | +31.20% |
| Gross profit · YoY | — | +33.72% | -1.35% | +21.65% | +34.79% | +36.78% | +59.87% | +30.58% | +44.48% | +31.47% |
| Profit | ||||||||||
| Operating income · YoY | — | -65.35% | -68.28% | +373.82% | +94.42% | -12.20% | +59.79% | +25.59% | +47.28% | +12.84% |
| EBITDA · YoY | — | +32.84% | -25.03% | +26.73% | +38.36% | +39.30% | +52.25% | +33.73% | +41.16% | +27.52% |
| Net income · YoY | — | -58.25% | -35.30% | +92.15% | +164.17% | -25.66% | +58.08% | +31.37% | +43.59% | +14.91% |
| Operating | ||||||||||
| EBIT · YoY | — | -65.65% | -52.99% | +247.99% | +105.24% | -12.13% | +55.53% | +31.29% | +44.85% | +14.71% |
| R&D · YoY | — | +75.92% | +17.32% | +9.95% | +25.33% | +51.93% | +52.68% | +36.03% | +37.32% | +36.88% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -67.32% | -36.90% | +88.68% | +165.00% | +180.87% | +76.06% | +36.19% | +40.44% | +32.93% |
| EPS · basic · YoY | — | -67.43% | -37.65% | +90.57% | +164.36% | +180.56% | +76.36% | +35.52% | +41.60% | +32.87% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $661M | $2.86B | $3B | $2.21B | $4.47B | $5.93B | $9.01B | $11.5B | $16.38B |
| Net debt | -$1.87B | -$1.97B | -$930M | -$1.58B | -$1.07B | -$2.28B | -$3.24B | -$4.55B | -$6.79B |
| Net debt / EBITDA | -0.45 | -0.36 | -0.22 | -0.30 | -0.15 | -0.23 | -0.21 | -0.22 | -0.23 |
| Debt / equity | 0.09 | 0.05 | 0.05 | 0.04 | 0.07 | 0.06 | 0.06 | 0.05 | 0.05 |
| Debt / assets | +5.32% | +4.24% | +4.42% | +3.20% | +5.81% | +4.47% | +4.56% | +4.21% | +4.44% |
| Equity / assets | +60.37% | +81.02% | +82.33% | +83.16% | +81.90% | +79.37% | +82.97% | +81.71% | +85.52% |
| Coverage | |||||||||
| EBITDA / interest expense | 122.53 | 62.89 | 39.14 | 57.15 | 55.53 | 50.42 | 50.54 | 50.25 | 51.10 |
| Operating income / interest | 107.29 | 14.36 | 3.78 | 20.65 | 28.20 | 16.14 | 16.98 | 15.85 | 16.82 |
| Interest expense | $34M | $88M | $106M | $92M | $131M | $201.01M | $305.28M | $410.63M | $569.99M |
| Liquidity | |||||||||
| Current ratio | 2.02 | 2.36 | 2.51 | 2.62 | 2.85 | — | — | — | — |
| Quick ratio | 1.49 | 1.57 | 1.67 | 1.66 | 1.78 | — | — | — | — |
| Cash ratio | 0.60 | 0.76 | 0.59 | 0.52 | 0.59 | — | — | — | — |
| Working capital | $4.34B | $8.65B | $10.08B | $11.77B | $17.49B | — | — | — | — |
| Working capital / revenue | +26.43% | +36.65% | +44.44% | +45.64% | +50.50% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).