Intrinsic Valuation of: AMAT
Free Cash Flow Average and Growth over past 5Y Key Statistics
Year FCF FCF (FCF/Revenue)
2020 - - EPS (FY) 8 Market Cap $128B
2021 - - (-) P/E Ratio 19 Total Asset $34B
2022 $5B - (-) Net Income $7B Total Debt $5B
2023 $5B -3.4% (-13.6%) EBITDA $9B Total Liab $15B
2024 $8B 64.7% (60.1%) Opr Margin 0.29 Debt/Equity 0.29
2025 $7B -1.4% (-3.8%) PreTax Margin 28.04 BV/Share 19
5Y Average FCF $6B 20.0% (14.2%)
Overall Market Assumptions:
Assumptions: P/E for No-Growth Company: 7.0
Perpetual Growth Rate (g): 2.5% Historical US Bond Yield: 4.4%
Discount Rate (WACC): 7.4% Current US Bond Yield: 3.5%
Forcasting Future Free Cash Flow for next 6Y Modified Benjamin Graham's Intrinsic Value
Year FCF Projection (20.0%)
2026 $9B MBG Intrinsic Value $75
2027 $11B
2028 $13B
2029 $16B
2030 $19B
2031 $22B
Terminal Value $464B Net Worth/Share $24
DCF Valuation DCF Valuation "What If" Scenario Table
Enterprise Value $369B Growth Rate
(+) Cash & Cash Equivalents $8B $466 1.5% 2.0% 2.5% 3.0% 3.5%
(-) Total Debt $5B WACC 7.3% 407 438 477 524 583
Equity Value $371B 7.4% 403 434 471 517 575
Shares Outstanding 796,641,984 7.4% 399 430 466 511 567
7.9% 366 391 420 456 500
DCF Intrinsic Value $466 8.4% 337 358 382 411 446
Analyzed by QuantJuice (2025)