NASDAQ · Technology

Advanced Micro Devices, Inc.

AMD · Semiconductors

$343.43

▼ -17.11 (-4.75%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Advanced Micro Devices, Inc. at $343.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 49.5%

Operating Margin 10.7%

Net Income Margin 12.5%

Fin. Health A

Years to Pay Off Debt 0.9 yrs

Working Capital vs Long-Term Debt $15.1B

Working Capital $17.5B

Valuation F

Margin of Safety 0.0%

Price-to-Book 8.89x

Cash Flow B

Free Cash Flow $6.7B

CapEx % of Net Income 22.5%

Owner Earnings $8.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $559.9B

Enterprise Value $581.3B

P/E (TTM) 132.09

Dividend Yield N/A

Exchange NASDAQ

Key Margins

Gross Profit 49.5%

Operating Margin 10.7%

Net Margin 12.5%

Company Info

Sector Technology

Industry Semiconductors

Employees 31000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Advanced Micro Devices, Inc. at $343.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $343.43, the stock trades at a 615% premium to its Graham Number of $48.00. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 43.0x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Advanced Micro Devices, Inc.

Advanced Micro Devices, Inc. operates as a semiconductor company internationally. It operates in three segments: Data Center, Client and Gaming, and Embedded. The company offers artificial intelligence (AI) accelerators, microprocessors, and graphics processing units (GPUs) as standalone devices or as incorporated into accelerated processing units, chipsets, and data center and professional GPUs; and embedded processors and semi-custom system-on-chip (SoC) products, microprocessor and SoC development services and technology, data processing units, field programmable gate arrays (FPGA), system on modules, AI network interface cards, and adaptive SoC products. It provides processors under the AMD Ryzen, AMD Ryzen AI, AMD Ryzen PRO, AMD Ryzen Threadripper, AMD Ryzen Threadripper PRO, AMD Athlon, and AMD PRO A-Series brands; graphics under the AMD Radeon graphics and AMD Embedded Radeon graphics; professional graphics under the AMD Radeon Pro graphics brand; and AI and general-purpose compute infrastructure for hyperscale providers. The company offers data center graphics under the AMD Instinct accelerators and Radeon PRO V-series brands; server microprocessors under the AMD EPYC brand; low power solutions under the AMD Athlon, AMD Geode, AMD Ryzen, AMD EPYC, and AMD R-Series and G-Series brands; FPGA products under the Virtex-6, Virtex-7, Virtex UltraScale+, Kintex-7, Kintex UltraScale, Kintex UltraScale+, Artix-7, Artix UltraScale+, Spartan-6, and Spartan-7 brands; adaptive SOCs under the Zynq-7000, Zynq UltraScale+ MPSoC, Zynq UltraScale+ RFSoCs, Versal HBM, Versal Premium, Versal Prime, Versal AI Core, Versal AI Edge, Vitis, and Vivado brands; and compute and network acceleration board products under the Alveo and Pensando brands. It serves original equipment and design manufacturers, public cloud service providers, system integrators, distributors, and add-in-board manufacturers. The company was incorporated in 1969 and is headquartered in Santa Clara, California.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	49.5% ▲	49.4%	46.1%	44.9%	N/A
Operating Margin %	10.7% ▲	8.1%	1.8%	5.4%	N/A
Net Income %	12.5% ▲	6.4%	3.8%	5.6%	N/A
Diluted EPS	2.65 ▲	1.00	0.53	0.84	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$76.9B	$69.2B	$67.9B	$67.6B	N/A
Total Debt	$3.8B ↑	$2.2B	$3.0B	$2.9B	N/A
Working Capital	$17.5B ▲	$11.8B	$10.1B	$8.7B	N/A
Years to Pay Debt	0.89	1.35	3.52	2.17	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$6.7B ▲	$2.4B	$1.1B	$3.1B	N/A
Owner Earnings	$8.3B	$5.3B	$4.9B	$6.0B	N/A
CapEx % of Net Income	22.5%	38.8%	63.9%	34.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	76,860	-35,720	210	0
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	6,909,000	5,333,000	4,050,000	5,534,000
Total Unusual Items	366,000	-188,000	1,000	0
Total Unusual Items Excluding Goodwill	366,000	-188,000	1,000	0
Net Income From Continuing Operation Net Minority Interest	4,269,000	1,641,000	854,000	1,320,000
Reconciled Depreciation	3,004,000	3,064,000	3,453,000	4,262,000
Reconciled Cost Of Revenue	15,706,000	11,444,000	10,636,000	10,836,000
EBITDA	7,275,000	5,145,000	4,051,000	5,534,000
EBIT	4,271,000	2,081,000	598,000	1,272,000
Net Interest Income	84,000	90,000	100,000	-23,000
Interest Expense	131,000	92,000	106,000	88,000
Interest Income	215,000	182,000	206,000	65,000
Normalized Income	3,979,860	1,793,280	853,210	1,320,000
Net Income From Continuing And Discontinued Operation	4,335,000	1,641,000	854,000	1,320,000
Total Expenses	30,945,000	23,699,000	22,279,000	22,337,000
Total Operating Income As Reported	3,694,000	1,900,000	401,000	1,264,000
Diluted Average Shares	1,636,000	1,637,000	1,625,000	1,571,000
Basic Average Shares	1,624,000	1,620,000	1,614,000	1,561,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,335,000	1,641,000	854,000	1,320,000
Net Income Common Stockholders	4,335,000	1,641,000	854,000	1,320,000
Net Income	4,335,000	1,641,000	854,000	1,320,000
Net Income Including Noncontrolling Interests	4,335,000	1,641,000	854,000	1,320,000
Net Income Discontinuous Operations	66,000	0	0
Net Income Continuous Operations	4,269,000	1,641,000	854,000	1,320,000
Earnings From Equity Interest Net Of Tax	26,000	33,000	16,000	14,000
Tax Provision	-103,000	381,000	-346,000	-122,000
Pretax Income	4,140,000	1,989,000	492,000	1,184,000
Other Income Expense	362,000	-187,000	-9,000	-57,000
Other Non Operating Income Expenses	-4,000	1,000	-10,000	5,000
Special Income Charges	0	-186,000	0	0
Other Special Charges					7,000
Restructuring And Mergern Acquisition	0	186,000	0	0
Earnings From Equity Interest		2,000	-1,000	-62,000	56,000
Gain On Sale Of Security	366,000	-2,000	1,000
Net Non Operating Interest Income Expense	84,000	90,000	100,000	-23,000
Interest Expense Non Operating	131,000	92,000	106,000	88,000
Interest Income Non Operating	215,000	182,000	206,000	65,000
Operating Income	3,694,000	2,086,000	401,000	1,264,000
Operating Expense	13,458,000	10,639,000	10,059,000	9,339,000
Other Operating Expenses		-48,000	-34,000	-102,000	-12,000
Depreciation Amortization Depletion Income Statement	1,223,000	1,448,000	1,869,000	2,100,000
Depreciation And Amortization In Income Statement	1,223,000	1,448,000	1,869,000	2,100,000
Amortization	1,223,000	1,448,000	1,869,000	2,100,000
Amortization Of Intangibles Income Statement	1,223,000	1,448,000	1,869,000	2,100,000
Research And Development	8,091,000	6,456,000	5,872,000	5,005,000
Selling General And Administration	4,144,000	2,735,000	2,318,000	2,336,000
Gross Profit	17,152,000	12,725,000	10,460,000	10,603,000
Cost Of Revenue	17,487,000	13,060,000	12,220,000	12,998,000
Total Revenue	34,639,000	25,785,000	22,680,000	23,601,000
Operating Revenue	34,639,000	25,785,000	22,680,000	23,601,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	65,000	58,000	47,000	33,000
Ordinary Shares Number	1,630,000	1,622,000	1,616,000	1,612,000
Share Issued	1,695,000	1,680,000	1,663,000	1,645,000
Total Debt	3,847,000	2,212,000	3,003,000	2,863,000
Tangible Book Value	21,168,000	13,799,000	10,267,000	6,455,000
Invested Capital	66,221,000	59,289,000	58,360,000	57,217,000
Working Capital	17,492,000	11,768,000	10,079,000	8,650,000
Net Tangible Assets	21,168,000	13,799,000	10,267,000	6,455,000
Capital Lease Obligations	625,000	491,000	535,000	396,000
Common Stock Equity	62,999,000	57,568,000	55,892,000	54,750,000
Total Capitalization	65,347,000	59,289,000	57,609,000	57,217,000
Total Equity Gross Minority Interest	62,999,000	57,568,000	55,892,000	54,750,000
Stockholders Equity	62,999,000	57,568,000	55,892,000	54,750,000
Gains Losses Not Affecting Retained Earnings	-3,000	-69,000	-10,000	-41,000
Other Equity Adjustments	-3,000	-69,000	-10,000	-41,000
Treasury Stock	7,079,000	6,106,000	4,514,000	3,099,000
Retained Earnings	6,699,000	2,364,000	723,000	-131,000
Additional Paid In Capital	63,365,000	61,362,000	59,676,000	58,005,000
Capital Stock	17,000	17,000	17,000	16,000
Common Stock	17,000	17,000	17,000	16,000
Total Liabilities Net Minority Interest	13,927,000	11,658,000	11,993,000	12,830,000
Total Non Current Liabilities Net Minority Interest	4,472,000	4,377,000	5,304,000	6,461,000
Other Non Current Liabilities	1,186,000	1,816,000	1,850,000	1,664,000
Non Current Deferred Liabilities	313,000	349,000	1,202,000	1,934,000
Non Current Deferred Taxes Liabilities	313,000	349,000	1,202,000	1,934,000
Long Term Debt And Capital Lease Obligation	2,973,000	2,212,000	2,252,000	2,863,000
Long Term Capital Lease Obligation	625,000	491,000	535,000	396,000
Long Term Debt	2,348,000	1,721,000	1,717,000	2,467,000
Current Liabilities	9,455,000	7,281,000	6,689,000	6,369,000
Other Current Liabilities	402,000	555,000	438,000	336,000
Current Deferred Liabilities			544,000	859,000	314,000
Current Deferred Revenue			544,000	859,000	314,000
Current Debt And Capital Lease Obligation	874,000		751,000		312,000
Current Debt	874,000		751,000		312,000
Other Current Borrowings	874,000		751,000		312,000
Pensionand Other Post Retirement Benefit Plans Current	1,645,000	1,174,000	884,000	701,000
Payables And Accrued Expenses	6,534,000	5,552,000	4,616,000	5,332,000
Current Accrued Expenses	3,605,000	3,086,000	2,198,000	2,376,000
Payables	2,929,000	2,466,000	2,418,000	2,956,000
Dueto Related Parties Current		476,000	363,000	463,000	85,000
Accounts Payable	2,929,000	2,466,000	2,055,000	2,493,000
Total Assets	76,926,000	69,226,000	67,885,000	67,580,000
Total Non Current Assets	49,979,000	50,177,000	51,117,000	52,561,000
Other Non Current Assets	5,452,000	3,918,000	2,805,000	2,152,000
Non Current Prepaid Assets				1,252,000	916,000
Non Current Deferred Assets	384,000	688,000	366,000	58,000
Non Current Deferred Taxes Assets	384,000	688,000	366,000	58,000
Investments And Advances		149,000	99,000	83,000	69,000
Long Term Equity Investment		149,000	99,000	83,000	69,000
Goodwill And Other Intangible Assets	41,831,000	43,769,000	45,625,000	48,295,000
Other Intangible Assets	16,705,000	18,930,000	21,363,000	24,118,000
Goodwill	25,126,000	24,839,000	24,262,000	24,177,000
Net PPE	2,312,000	1,802,000	2,222,000	1,973,000
Accumulated Depreciation	-2,616,000	-2,173,000	-1,787,000	-1,507,000
Gross PPE	4,928,000	3,975,000	4,009,000	3,480,000
Leases					206,000
Construction In Progress	508,000	324,000	209,000	143,000
Other Properties	3,453,000	2,798,000	2,979,000	2,623,000
Machinery Furniture Equipment				2,163,000	1,534,000
Buildings And Improvements				594,000	206,000
Land And Improvements				120,000	0
Properties	967,000	853,000	821,000	714,000
Current Assets	26,947,000	19,049,000	16,768,000	15,019,000
Other Current Assets	2,160,000	1,991,000	1,259,000	1,265,000
Prepaid Assets					312,000
Inventory	7,920,000	5,734,000	4,351,000	3,771,000
Finished Goods	2,243,000	1,094,000	812,000	892,000
Work In Process	4,768,000	4,289,000	3,260,000	2,648,000
Raw Materials	909,000	351,000	279,000	231,000
Receivables	6,315,000	6,192,000	5,385,000	4,128,000
Other Receivables		628,000	1,053,000
Duefrom Related Parties Current		113,000	9,000	2,000	2,000
Accounts Receivable	6,315,000	6,192,000	4,323,000	4,126,000
Cash Cash Equivalents And Short Term Investments	10,552,000	5,132,000	5,773,000	5,855,000
Other Short Term Investments	5,013,000	1,345,000	1,840,000	1,020,000
Cash And Cash Equivalents	5,539,000	3,787,000	3,933,000	4,835,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	6,735,000	2,405,000	1,121,000	3,115,000
Repurchase Of Capital Stock	-1,923,000	-1,590,000	-1,412,000	-4,108,000
Repayment Of Debt	-950,000	-750,000	0	-312,000
Issuance Of Debt	2,441,000	0	0	991,000
Capital Expenditure	-974,000	-636,000	-546,000	-450,000
Interest Paid Supplemental Data	91,000	72,000	84,000	85,000
Income Tax Paid Supplemental Data	884,000	1,386,000	523,000	685,000
End Cash Position	5,556,000	3,811,000	3,933,000	4,835,000
Beginning Cash Position	3,811,000	3,933,000	4,835,000	2,535,000
Changes In Cash	1,745,000	-122,000	-902,000	2,300,000
Financing Cash Flow	-431,000	-2,062,000	-1,146,000	-3,264,000
Cash Flow From Continuing Financing Activities	-431,000	-2,062,000	-1,146,000	-3,264,000
Net Other Financing Charges	-284,000	-1,000	-2,000	-2,000
Proceeds From Stock Option Exercised	285,000	279,000	268,000	167,000
Net Common Stock Issuance	-1,923,000	-1,590,000	-1,412,000	-4,108,000
Common Stock Payments	-1,923,000	-1,590,000	-1,412,000	-4,108,000
Net Issuance Payments Of Debt	1,491,000	-750,000	0	679,000
Net Long Term Debt Issuance	1,491,000	-750,000	0	679,000
Long Term Debt Payments	-950,000	-750,000	0	-312,000
Long Term Debt Issuance	2,441,000	0	0	991,000
Investing Cash Flow	-5,533,000	-1,101,000	-1,423,000	1,999,000
Cash From Discontinued Investing Activities	1,318,000	0	0
Cash Flow From Continuing Investing Activities	-6,851,000	-1,101,000	-1,423,000	1,999,000
Net Other Investing Changes	10,000	-115,000	-11,000	-11,000
Net Investment Purchase And Sale	-4,127,000	198,000	-746,000	1,638,000
Sale Of Investment	1,845,000	2,032,000	2,987,000	4,310,000
Purchase Of Investment	-5,972,000	-1,834,000	-3,733,000	-2,672,000
Net Business Purchase And Sale	-1,760,000	-548,000	-131,000	822,000
Sale Of Business		0	0	2,366,000	0
Purchase Of Business	-1,760,000	-548,000	-131,000	-1,544,000
Net PPE Purchase And Sale	-974,000	-636,000	-546,000	-450,000
Purchase Of PPE	-974,000	-636,000	-546,000	-450,000
Operating Cash Flow	7,709,000	3,041,000	1,667,000	3,565,000
Cash From Discontinued Operating Activities	1,216,000	0	0
Cash Flow From Continuing Operating Activities	6,493,000	3,041,000	1,667,000	3,565,000
Change In Working Capital	-2,378,000	-2,098,000	-3,049,000	-1,846,000
Change In Other Working Capital		108,000	-107,000	366,000
Change In Payables And Accrued Expense	-57,000	886,000	-740,000	1,477,000
Change In Accrued Expense	-467,000	883,000	-221,000	546,000
Change In Payable	410,000	3,000	-519,000	931,000
Change In Account Payable	410,000	3,000	-519,000	931,000
Change In Prepaid Assets	-11,000	339,000	-390,000	-2,010,000
Change In Inventory	-2,189,000	-1,458,000	-580,000	-1,401,000
Change In Receivables	-121,000	-1,865,000	-1,339,000	-278,000
Changes In Account Receivables	-121,000	-1,865,000	-1,339,000	-278,000
Other Non Cash Items	53,000	190,000	45,000	253,000
Stock Based Compensation	1,638,000	1,407,000	1,384,000	1,081,000
Deferred Tax	248,000	-1,163,000	-1,019,000	-1,505,000
Deferred Income Tax	248,000	-1,163,000	-1,019,000	-1,505,000
Depreciation Amortization Depletion	3,004,000	3,064,000	3,453,000	4,262,000
Depreciation And Amortization	3,004,000	3,064,000	3,453,000	4,262,000
Amortization Cash Flow	2,254,000	2,393,000	2,811,000	3,548,000
Amortization Of Intangibles	2,254,000	2,393,000	2,811,000	3,548,000
Depreciation	750,000	671,000	642,000	714,000
Operating Gains Losses	-341,000		-1,000	78,000	-15,000
Earnings Losses From Equity Investments			-1,000	62,000	-56,000
Gain Loss On Investment Securities	-341,000		-1,000	62,000	-56,000
Gain Loss On Sale Of PPE			11,000	16,000	34,000
Net Income From Continuing Operations	4,269,000	1,641,000	854,000	1,320,000

These metrics estimate what Advanced Micro Devices, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$48.00

Margin of Safety

Market Cap ÷ Company Value

1.04

P/B Ratio

8.89

Warren's Owner Earnings

$8.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$34.6B

vs > $1.5B revenue

✅ Strong Financial Condition

2.85x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

❌ Dividend Record

No dividend

vs Uninterrupted dividends

✅ Earnings Growth

+215.5% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

132.1x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

8.89x P/B (P/E×P/B: 1173.9)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$7.99

Trading at 43.0x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$25.18

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	22.5%	38.8%	63.9%	34.1%	N/A
Repurchase of Capital Stock	-$1.9B	-$1.6B	-$1.4B	-$4.1B	N/A
Free Cash Flow	$6.7B ▲	$2.4B ▲	$1.1B ▼	$3.1B •	N/A •
Warren's Owner Earnings	$8.3B	$5.3B	$4.9B	$6.0B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
AMD	$343.43	$559.9B	132.09	49.5%	12.5%	$34.6B
NVDA NVIDIA Corporation	$197.24	$4,793.9B	40.3	71.1%	55.6%	$215.9B
INTC Intel Corporation	$96.67	$485.9B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.13	$178.3B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$412.44	$1,952.7B	80.2	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.43%

Low — management has little skin in the game

Return on Equity (ROE)

6.9%

Weak — poor returns on equity

Return on Assets (ROA)

5.6%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.9B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+73.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Lisa Su Ph.

Chair, President & CEO

Age 55

Pay: $4,540,876

0.105% of net income

Jean Hu Ph.

Executive VP, CFO & Treasurer

Age 62

Pay: $1,976,642

0.046% of net income

Paul Darren Grasby

Executive VP, Chief Sales Officer & President AMD EMEA

Age 55

Pay: $2,180,902

0.050% of net income

Keivan Keshvari

Senior Vice President of Global Operations & Quality

Matthew Ramsay

Vice President of Financial Strategy & Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	9.72%	158,522,860
Blackrock Inc.	9.05%	147,528,808
State Street Corporation	4.60%	74,919,276
Geode Capital Management, LLC	2.31%	37,584,845
Morgan Stanley	1.54%	25,041,819
NORGES BANK	1.41%	23,016,960
JPMORGAN CHASE & CO	1.28%	20,911,889
Price (T.Rowe) Associates Inc	1.25%	20,325,288

⚠️ Very high beta — extreme price volatility

Risk Analysis

Beta (Market Risk)

2.40

High volatility — moves more than the market

Short Interest

2.2% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.06x

Conservative balance sheet — low financial risk

Current Ratio