# Applied Materials (AMAT.US)

Canonical: https://gigainvestors.com/s/AMAT

Analysis as of: 2026-10-16T07:26:26.514Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $430.01 per share; close as of 2026-10-15.

Estimated value: low $136.05 per share, central $189.73 per share, high $220.99 per share. Buy at or below the central value $189.73 per share. Valuation as of 2026-10-16T07:26:26.514Z; scenarios are not confidence intervals.

Expected annual return: 6.1% at the stated quote. About 6.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.27×

- FY2019: 0.23×

- FY2020: 0.25×

- FY2021: 0.30×

- FY2022: 0.30×

- FY2023: 0.29×

- FY2024: 0.29×

- FY2025: 0.29×

- LTM to Jul 2026: 0.31×

### moat: pass

- ROIC, median of available years: 55.5%

- ROIC, second-lowest year: 42.6%

- Typical minus recent gross margin: -1.7 pp

- Typical gross margin (annual median): 45.8%

- Recent gross margin (lower of latest and 3-year median): 47.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 34.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 56.2%

- FY2018: 47.9%

- FY2019: 42.6%

- FY2020: 55.1%

- FY2021: 67.8%

- FY2022: 57.0%

- FY2023: 57.9%

- FY2024: 55.8%

- FY2025: 41.2%

- LTM to Jul 2026: 40.9%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.91×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $30B

- Net income, five-year total: $33B

- Return on incremental invested capital: 46.7%

- Working capital / revenue, annual change: 1.2 pp

- Working capital / revenue, change between three-year averages: 10.2 pp

- Working capital / revenue, final three-year average: 34.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.92×

- FY2024: 0.90×

- FY2025: 0.76×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 52.9% vs 55.8%

- Per-share earnings: 1.54 to 8.61 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -4.1%

- Ordinary dilution, 5-year annual growth: -2.6%

- Market cap gain: $154B

- Cumulative retained earnings: $40B

- Diluted shares, 10-year annual growth: -4.1%

- Diluted shares, 5-year annual growth: -2.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.0%

- Per-share value change: $7.06

- Per-share value, starting three-year median: $1.54

- Per-share value, ending three-year median: $8.61

- Buybacks concentrated in cheaper years (correlation): 0.20

- Average buyback yield: 4.9%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $520M

- Cumulative net income, 10 years: $48B

- ROIC, first three-year median: 52.9%

- ROIC, last three-year median: 55.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.54

- FY2017: $3.25

- FY2018: $2.96

- FY2019: $2.86

- FY2020: $3.92

- FY2021: $6.41

- FY2022: $7.44

- FY2023: $8.11

- FY2024: $8.61

- FY2025: $8.66

### accounting: pass

- Sloan accruals: -2.6%

- Receivables to sales index (DSRI): 0.95×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 8.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.1%

- FY2017: -0.5%

- FY2018: -4.2%

- FY2019: -2.8%

- FY2020: -0.8%

- FY2021: 1.7%

- FY2022: 4.2%

- FY2023: -6.0%

- FY2024: -4.4%

- FY2025: -2.6%

## Holders

- [Gavin Abrams](https://gigainvestors.com/ABI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [John Armitage](https://gigainvestors.com/EC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Bill Nygren](https://gigainvestors.com/HA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Stephen Mandel](https://gigainvestors.com/LPC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Katz](https://gigainvestors.com/MAVFX): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Chase Coleman](https://gigainvestors.com/TGM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 41% since Jun 2026 · "Applied Materials flags $600 million revenue hit in 2026 on broader chip export curbs" (finance.yahoo.com, Oct 2025) · sales +4.4%

Story as of 2026-10-16T09:58:17.374Z; price observation 2026-10-15.

Price needs cash profits to grow 17.4% a year for ten years

- 2025-06-12: AMAT Expects Advanced DRAM Sales to Grow 40%: Can It Keep its Lead? ([finance.yahoo.com](https://finance.yahoo.com/news/amat-expects-advanced-dram-sales-142300593.html))

- 2025-10-02: Applied Materials flags $600 million revenue hit in 2026 on broader chip export curbs ([finance.yahoo.com](https://finance.yahoo.com/news/applied-materials-flags-600-million-224151556.html))

- 2026-01-28: AMAT stock: Mizuho sees ‘significant acceleration’ in WFE, upgrades rating ([finance.yahoo.com](https://finance.yahoo.com/news/amat-stock-mizuho-sees-significant-133218199.html))

- 2026-02-13: Applied Materials Jumps 15% After $7.65 Billion Revenue Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/applied-materials-jumps-15-7-193738403.html))

- 2026-05-15: Applied Materials Q2 2026 earnings beat on AI demand ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/applied-materials-q2-2026-earnings-143615849.html))

- 2026-06-17: AI Demand, Earnings Send Applied Materials to New Highs ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ai-demand-earnings-send-applied-124947473.html))

### Sales · FY2024–2025

sales +4.4%; source https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm; observed 2025-12-12.

- FY2016: $11B 

- FY2017: $15B 

- FY2018: $17B 

- FY2019: $15B 

- FY2020: $17B 

- FY2021: $23B 

- FY2022: $26B 

- FY2023: $27B 

- FY2024: $27B 

- FY2025: $28B 

### Gross margin · FY2025

gross margin 48.7%; source https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm; observed 2025-12-12.

- FY2016: 41.7% 

- FY2017: 45.0% 

- FY2018: 45.0% 

- FY2019: 43.7% 

- FY2020: 44.7% 

- FY2021: 47.3% 

- FY2022: 46.5% 

- FY2023: 46.7% 

- FY2024: 47.5% 

- FY2025: 48.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 28.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); FY2025: revenue 28368000000; grossProfit 13808000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMAT.US: Applied Materials, Inc. provides materials engineering solutions, equipment, services, and software to the semiconductor and related industries in the United States, China, Korea, Taiwan, Japan, Southeast Asia, Europe, and internationally. The company operates through Semiconductor Systems and Applied Global Services (AGS) segments. The Semiconductor Systems segment includes semiconductor capital equipment to enable materials engineering steps, including etch, rapid thermal processing, deposition, chemical mechanical planarization, metrology and inspection, wafer packaging, and ion implantation. The AGS segment offers integrated solutions to optimize equipment and fab performance and productivity comprising spares, upgrades, services, and 200 millimeter and other equipment and factory automation software for semiconductor and other products. It serves manufacturers of semiconductor wafers and chips, and other electronic devices. Applied Materials, Inc. was incorporated in 1967 and is headquartered in Santa Clara, California.

### Why customers stay

Margins ranged from 46.7% to 48.7% during 2023–25; it earns 55.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2023: grossProfit / revenue = 46.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2024: grossProfit / revenue = 47.5%.

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); FY2025: grossProfit / revenue = 48.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); 10-year return on capital observations [[2016,0.5291449695472383],[2017,0.561953921250734],[2018,0.47932862799104836],[2019,0.4259677207900498],[2020,0.5506638250618502],[2021,0.6781312798823386],[2022,0.5695186340509667],[2023,0.5789486946646824],[2024,0.5584202795439421],[2025,0.4120355616934165]]; median 0.5545420523028961. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 47% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); Gross margin observations: [[2021,0.4732255127260114],[2022,0.465115377157262],[2023,0.4670211562393936]]; range within 2 percentage points.

### Where the cash goes

Spends 2.8% of cash earnings on expansion; earns 46.7% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2016: growth capex 0; upkeep 253000000; owner earnings 1857000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2017: growth capex 0; upkeep 345000000; owner earnings 3581000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2018: growth capex 165000000; upkeep 457000000; owner earnings 3038000000. Growth capex / owner earnings = 0.054312047399605004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2019: growth capex 0; upkeep 441000000; owner earnings 2628000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2020: growth capex 46000000; upkeep 376000000; owner earnings 3619000000. Growth capex / owner earnings = 0.012710693561757391.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2021: growth capex 274000000; upkeep 394000000; owner earnings 5888000000. Growth capex / owner earnings = 0.04653532608695652.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2022: growth capex 256169651.63269472; upkeep 530830348.3673053; owner earnings 6438169651.632694. Growth capex / owner earnings = 0.03978920492841177.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2023: growth capex 74231070.70806026; upkeep 1031768929.2919397; owner earnings 6339231070.70806. Growth capex / owner earnings = 0.011709790963617458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); FY2024: growth capex 71045322.03232622; upkeep 1118954677.9676738; owner earnings 6450045322.032326. Growth capex / owner earnings = 0.011014701212973921.

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); FY2025: growth capex 149296496.4676504; upkeep 2110703503.5323496; owner earnings 5322296496.46765. Growth capex / owner earnings = 0.028051142315490475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); Incremental return on capital 0.4668124442680356, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); Dividend observations: [[2016,444000000],[2017,430000000],[2018,605000000],[2019,771000000],[2020,787000000],[2021,838000000],[2022,873000000],[2023,975000000],[2024,1192000000],[2025,1384000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); FY2025: cash repurchases 4895000000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AMAT.US SharesStats.PercentInsiders = 0.328 percentage points; cache date 2026-10-16.

### What could break it

"We are exposed to risks associated with a highly concentrated customer base." (SEC filing, Dec 2025)

- Source: https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm (filed 2025-12-12); We are exposed to risks associated with a highly concentrated customer base.

### What the price says

The price assumes cash profits grow 17.4% yearly over ten years; actual growth was 18.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-12-12); Ten-year compound average after fade. Initial solved rate 0.2389098394270538. Price 430.01; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.2504078303425774 → FY2025 6.587000614440162. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $29.08 per share

- 2016-11: $32.20 per share

- 2016-12: $32.27 per share

- 2017-01: $34.25 per share

- 2017-02: $36.22 per share

- 2017-03: $38.90 per share

- 2017-04: $40.61 per share

- 2017-05: $45.88 per share

- 2017-06: $41.31 per share

- 2017-07: $44.31 per share

- 2017-08: $45.12 per share

- 2017-09: $52.09 per share

- 2017-10: $56.43 per share

- 2017-11: $52.77 per share

- 2017-12: $51.12 per share

- 2018-01: $53.63 per share

- 2018-02: $57.59 per share

- 2018-03: $55.61 per share

- 2018-04: $49.67 per share

- 2018-05: $50.78 per share

- 2018-06: $46.19 per share

- 2018-07: $48.63 per share

- 2018-08: $43.02 per share

- 2018-09: $38.65 per share

- 2018-10: $32.88 per share

- 2018-11: $37.28 per share

- 2018-12: $32.74 per share

- 2019-01: $39.08 per share

- 2019-02: $38.34 per share

- 2019-03: $39.66 per share

- 2019-04: $44.07 per share

- 2019-05: $38.69 per share

- 2019-06: $44.91 per share

- 2019-07: $49.37 per share

- 2019-08: $48.02 per share

- 2019-09: $49.90 per share

- 2019-10: $54.26 per share

- 2019-11: $57.90 per share

- 2019-12: $61.04 per share

- 2020-01: $57.99 per share

- 2020-02: $58.12 per share

- 2020-03: $45.82 per share

- 2020-04: $49.68 per share

- 2020-05: $56.18 per share

- 2020-06: $60.45 per share

- 2020-07: $64.33 per share

- 2020-08: $61.60 per share

- 2020-09: $59.45 per share

- 2020-10: $59.23 per share

- 2020-11: $82.48 per share

- 2020-12: $86.30 per share

- 2021-01: $96.68 per share

- 2021-02: $118.19 per share

- 2021-03: $133.60 per share

- 2021-04: $132.71 per share

- 2021-05: $138.13 per share

- 2021-06: $142.40 per share

- 2021-07: $139.93 per share

- 2021-08: $135.13 per share

- 2021-09: $128.73 per share

- 2021-10: $136.65 per share

- 2021-11: $147.19 per share

- 2021-12: $157.36 per share

- 2022-01: $138.18 per share

- 2022-02: $134.20 per share

- 2022-03: $131.80 per share

- 2022-04: $110.35 per share

- 2022-05: $117.29 per share

- 2022-06: $90.98 per share

- 2022-07: $105.98 per share

- 2022-08: $94.07 per share

- 2022-09: $81.93 per share

- 2022-10: $88.29 per share

- 2022-11: $109.60 per share

- 2022-12: $97.38 per share

- 2023-01: $111.49 per share

- 2023-02: $116.15 per share

- 2023-03: $122.83 per share

- 2023-04: $113.03 per share

- 2023-05: $133.30 per share

- 2023-06: $144.54 per share

- 2023-07: $151.59 per share

- 2023-08: $152.76 per share

- 2023-09: $138.45 per share

- 2023-10: $132.35 per share

- 2023-11: $149.78 per share

- 2023-12: $162.07 per share

- 2024-01: $164.30 per share

- 2024-02: $201.62 per share

- 2024-03: $206.23 per share

- 2024-04: $198.65 per share

- 2024-05: $215.08 per share

- 2024-06: $235.99 per share

- 2024-07: $212.20 per share

- 2024-08: $197.26 per share

- 2024-09: $202.05 per share

- 2024-10: $181.58 per share

- 2024-11: $174.71 per share

- 2024-12: $162.63 per share

- 2025-01: $180.35 per share

- 2025-02: $158.07 per share

- 2025-03: $145.12 per share

- 2025-04: $150.71 per share

- 2025-05: $156.75 per share

- 2025-06: $183.07 per share

- 2025-07: $180.06 per share

- 2025-08: $160.76 per share

- 2025-09: $204.74 per share

- 2025-10: $233.10 per share

- 2025-11: $252.25 per share

- 2025-12: $256.99 per share

- 2026-01: $322.32 per share

- 2026-02: $372.30 per share

- 2026-03: $341.79 per share

- 2026-04: $394.49 per share

- 2026-05: $450.06 per share

- 2026-06: $723.00 per share

- 2026-07: $507.67 per share

- 2026-08: $458.39 per share

- 2026-09: $511.38 per share

- 2026-10: $464.24 per share

## Annual estimated value (USD per share)

- FY2016: low $18.35 per share, central $21.84 per share, high $24.95 per share

- FY2017: low $29.96 per share, central $33.21 per share, high $37.52 per share

- FY2018: low $34.13 per share, central $38.34 per share, high $43.94 per share

- FY2019: low $41.33 per share, central $57.53 per share, high $66.96 per share

- FY2020: low $51.87 per share, central $71.51 per share, high $82.98 per share

- FY2021: low $77.22 per share, central $107.97 per share, high $125.89 per share

- FY2022: low $86.45 per share, central $122.48 per share, high $143.47 per share

- FY2023: low $109.49 per share, central $153.20 per share, high $178.65 per share

- FY2024: low $116.61 per share, central $161.99 per share, high $188.42 per share

- FY2025: low $124.01 per share, central $172.91 per share, high $201.38 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:02.470Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/6951/000162828025056742/amat-20251026.htm); period 2025-10-26, filed 2025-12-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Gavin Abrams](https://gigainvestors.com/ABI): 552,000 AMAT shares; USD 399,096,000 reported position value; 19.48% of portfolio; reduce; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 961 AMAT shares; USD 695,000 reported position value; 0.02% of portfolio; hold; quarter 2026 Q2.
- [Christopher Davis](https://gigainvestors.com/DAV): 102,521 AMAT shares; USD 74,074,000 reported position value; 0.32% of portfolio; reduce; quarter 2026 Q2.
- [John Armitage](https://gigainvestors.com/EC): 521,065 AMAT shares; USD 376,730,000 reported position value; 3.64% of portfolio; new; quarter 2026 Q2.
- [Bill Nygren](https://gigainvestors.com/HA): 1,945 AMAT shares; USD 1,406,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Stephen Mandel](https://gigainvestors.com/LPC): 1,207,737 AMAT shares; USD 873,194,000 reported position value; 5.34% of portfolio; new; quarter 2026 Q2.
- [David Katz](https://gigainvestors.com/MAVFX): 47,847 AMAT shares; USD 24,468,000 reported position value; 2.02% of portfolio; reduce; quarter 2026 Q3.
- [Thomas Gayner](https://gigainvestors.com/MKL): 36,350 AMAT shares; USD 26,281,000 reported position value; 0.2% of portfolio; hold; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 11,007 AMAT shares; USD 7,958,000 reported position value; 0.07% of portfolio; reduce; quarter 2026 Q2.
- [Chase Coleman](https://gigainvestors.com/TGM): 1,632,210 AMAT shares; USD 1,180,088,000 reported position value; 4.92% of portfolio; reduce; quarter 2026 Q2.
- [William Von Mueffling](https://gigainvestors.com/cc): 50,176 AMAT shares; USD 36,277,000 reported position value; 5.45% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 2,468 AMAT shares; USD 1,784,000 reported position value; 0.02% of portfolio; reduce; quarter 2026 Q2.

# AMAT — Applied Materials

Held by 1 investor · USD 24,468,000 total · 2026 Q3 · reported price USD 511.38 (split-adjusted).
Page: https://gigainvestors.com/s/AMAT

## Holders (2026 Q3)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Katz (https://gigainvestors.com/MAVFX) | USD 24,468,000 | 2.0% | reduce -0.41% |

## Total held by quarter

- 2010 Q1: USD 46,096,208 · 1 holder · USD 28.51
- 2010 Q2: USD 42,592,870 · 1 holder · USD 25.43
- 2010 Q3: USD 49,971,712 · 1 holder · USD 24.71
- 2010 Q4: USD 50,838,520 · 1 holder · USD 29.72
- 2011 Q1: USD 50,496,336 · 1 holder · USD 33.04
- 2011 Q2: USD 49,846,514 · 1 holder · USD 27.52
- 2011 Q3: USD 38,008,305 · 1 holder · USD 21.89
- 2011 Q4: USD 33,062,841 · 1 holder · USD 22.66
- 2012 Q1: USD 35,258,692 · 1 holder · USD 26.31
- 2012 Q2: USD 39,401,772 · 1 holder · USD 24.24
- 2012 Q3: USD 35,213,425 · 1 holder · USD 23.63
- 2012 Q4: USD 27,380,496 · 1 holder · USD 24.20
- 2013 Q1: USD 30,618,472 · 1 holder · USD 28.51
- 2013 Q2: USD 43,259,874 · 1 holder · USD 31.54
- 2013 Q3: USD 46,733,576 · 1 holder · USD 37.10
- 2013 Q4: USD 44,336,447 · 1 holder · USD 37.42
- 2014 Q1: USD 51,178,646 · 1 holder · USD 43.20
- 2014 Q2: USD 56,517,065 · 1 holder · USD 47.70
- 2014 Q3: USD 54,161,143 · 1 holder · USD 45.71
- 2014 Q4: USD 59,192,476 · 1 holder · USD 52.71
- 2015 Q1: USD 63,716,208 · 1 holder · USD 47.72
- 2015 Q2: USD 65,007,806 · 1 holder · USD 40.66
- 2015 Q3: USD 51,428,221 · 1 holder · USD 31.07
- 2015 Q4: USD 59,658,118 · 1 holder · USD 39.49
- 2016 Q1: USD 50,611,728 · 1 holder · USD 44.80
- 2016 Q2: USD 46,513,785 · 1 holder · USD 50.70
- 2016 Q3: USD 52,296,683 · 2 holders · USD 63.78
- 2016 Q4: USD 55,851,626 · 2 holders · USD 68.26
- 2017 Q1: USD 52,678,380 · 2 holders · USD 82.29
- 2017 Q2: USD 48,416,559 · 2 holders · USD 87.38
- 2017 Q3: USD 57,715,721 · 2 holders · USD 110.19
- 2017 Q4: USD 54,534,816 · 2 holders · USD 108.14
- 2018 Q1: USD 54,813,665 · 2 holders · USD 117.63
- 2018 Q2: USD 49,108,284 · 2 holders · USD 97.71
- 2018 Q3: USD 108,082,677 · 2 holders · USD 81.76
- 2018 Q4: USD 128,335,201 · 2 holders · USD 69.26
- 2019 Q1: USD 49,073,301 · 1 holder · USD 83.89
- 2019 Q2: USD 53,779,725 · 1 holder · USD 95.00
- 2019 Q3: USD 56,539,195 · 1 holder · USD 105.56
- 2019 Q4: USD 959,368,610 · 2 holders · USD 129.12
- 2020 Q1: USD 879,335,148 · 3 holders · USD 96.92
- 2020 Q2: USD 1,249,109,589 · 4 holders · USD 127.87
- 2020 Q3: USD 1,384,151,462 · 5 holders · USD 125.76
- 2020 Q4: USD 1,896,328,326 · 4 holders · USD 182.55
- 2021 Q1: USD 1,995,910,520 · 3 holders · USD 282.61
- 2021 Q2: USD 1,917,466,125 · 3 holders · USD 301.22
- 2021 Q3: USD 1,701,022,515 · 3 holders · USD 272.31
- 2021 Q4: USD 1,999,149,120 · 4 holders · USD 332.87
- 2022 Q1: USD 1,865,725,386 · 5 holders · USD 278.80
- 2022 Q2: USD 1,678,151,483 · 7 holders · USD 192.45
- 2022 Q3: USD 1,410,216,684 · 5 holders · USD 173.31
- 2022 Q4: USD 1,383,248,136 · 6 holders · USD 205.99
- 2023 Q1: USD 1,816,582,740 · 7 holders · USD 259.83
- 2023 Q2: USD 2,007,405,054 · 6 holders · USD 305.75
- 2023 Q3: USD 1,503,419,086 · 5 holders · USD 292.87
- 2023 Q4: USD 1,747,537,592 · 6 holders · USD 342.83
- 2024 Q1: USD 1,865,310,370 · 5 holders · USD 436.25
- 2024 Q2: USD 2,106,840,920 · 8 holders · USD 499.20
- 2024 Q3: USD 1,811,646,467 · 6 holders · USD 427.40
- 2024 Q4: USD 1,578,743,736 · 6 holders · USD 344.02
- 2025 Q1: USD 1,435,739,271 · 6 holders · USD 306.98
- 2025 Q2: USD 1,865,259,498 · 10 holders · USD 387.28
- 2025 Q3: USD 2,249,407,208 · 11 holders · USD 433.09
- 2025 Q4: USD 2,697,265,138 · 12 holders · USD 543.62
- 2026 Q1: USD 2,070,971,078 · 10 holders · USD 723.00
- 2026 Q2: USD 3,012,318,812 · 12 holders · USD 723.00
- 2026 Q3: USD 24,468,000 · 1 holder · USD 511.38