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Applied Materials, Inc. (AMAT) 财务分析 | 估值·财报 | 100Baggers.club

Applied Materials, Inc.

AMAT

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits. This segment also offers various technologies, including epitaxy, ion implantation, oxidation/nitridation, rapid thermal processing, physical vapor deposition, chemical vapor deposition, chemical mechanical planarization, electrochemical deposition, atomic layer deposition, etching, and selective deposition and removal, as well as metrology and inspection tools. The Applied Global Services segment provides integrated solutions to optimize equipment and fab performance and productivity comprising spares, upgrades, services, remanufactured earlier generation equipment, and factory automation software for semiconductor, display, and other products. The Display and Adjacent Markets segment offers products for manufacturing liquid crystal displays; organic light-emitting diodes; and other display technologies for TVs, monitors, laptops, personal computers, electronic tablets, smart phones, and other consumer-oriented devices. The company operates in the United States, China, Korea, Taiwan, Japan, Southeast Asia, and Europe. Applied Materials, Inc. was incorporated in 1967 and is headquartered in Santa Clara, California.

深度研究阅读完整报告

应用材料(AMAT)股票深度分析 — 广度是保险而非利剑

覆盖八条产品线的半导体『全能王』，为何市场仍认为其『大而不强』？因为其广度被视为防御周期的保险，而这恰恰是穿越波动的最强护城河与阿尔法来源。

📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

49.90%

毛利润 = $3.95B

营业收入 = $7.91B

Operating Profit Margini营业利润率

31.90%

营业利润 = $2.52B

营业收入 = $7.91B

EBITDA MarginiEBITDA利润率

41.64%

EBITDA = $3.29B

营业收入 = $7.91B

EBIT MarginiEBIT利润率

41.64%

EBIT = $3.23B

营业收入 = $7.91B

Net Profit Margini净利率

35.47%

净利润 = $2.81B

营业收入 = $7.91B

Pretax Profit Margini税前利润率

40.77%

税前利润 = $3.23B

营业收入 = $7.91B

E

运营效率指标

Interest Coveragei利息保障倍数

38.76x

EBIT (TTM) = $10.66B

利息费用 (TTM) = $0.28B

32.8x

34.7x

35.5x

35.6x

38.8x

SG&A / Revenuei销管费率

5.02%

销售及管理费用 = $0.40B

营业收入 = $7.91B

R&D / Revenuei研发占比

12.98%

研发费用 = $1.03B

营业收入 = $7.91B

R

回报率指标 (TTM)

ROAi总资产回报率

23.11%

净利润 = $8.51B

平均总资产 = $36.81B

ROEi净资产收益率

40.01%

净利润 = $8.51B

平均股东权益 = $21.27B

ROICi投入资本回报率

43.55%

NOPAT (TTM) = $7.02B

平均投入资本 = $16.11B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

Revenue Growthi营收增长率

11.41%

当期营收 = $7.91B

去年同期营收 = $7.10B

+6.8%

+7.7%

-3.5%

-2.1%

+11.4%

Operating Cash Flow/Sharei每股经营现金流

$10.00

经营现金流 = $7.99B

流通股数 = 0.80B

$9.15

$9.50

$9.97

$10.91

$10.00

综合分析

利润表项目	同比增长	当季数据	趋势
营业收入	+11.4%	$7.91B	↑
毛利	+13.3%	$3.95B, 49.90%	↑
营业利润	+16.3%	$2.52B, 31.90%	↑
EBITDA	+32.1%	$3.29B, 41.64%	↑
税前利润	+38.9%	$3.23B, 40.77%	↑
净利润	+31.3%	$2.81B, 35.47%	↑
稀释每股收益	+33.5%	3.51	↑

L

流动性指标

Current Ratioi流动比率

2.51

健康

流动资产 = $22.57B

流动负债 = $9.00B

Quick Ratioi速动比率

1.80

健康

速动资产 = $16.23B

流动负债 = $9.00B

Cash Ratioi现金比率

0.92

健康

现金及等价物 = $8.24B

流动负债 = $9.00B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.27

健康

总债务 = $6.46B

总权益 = $23.91B

Liabilities to Assetsi资产负债率 (总负债)

40.7%

正常

总负债 = $16.38B

总资产 = $40.29B

Equity Multiplieri权益乘数

1.68

健康

总资产 = $40.29B

总权益 = $23.91B

E

效率指标

Asset Turnoveri总资产周转率

0.79

正常

营收 (TTM) = $29.02B

平均总资产 = $36.81B

Inventory Turnoveri存货周转率

2.40

关注

营业成本 (TTM) = $14.81B

平均存货 = $6.17B

Receivables Turnoveri应收账款周转率

5.11

正常

营收 (TTM) = $29.02B

平均应收账款 = $5.67B

S

偿债能力

Interest Coveragei利息保障倍数

38.76

健康

EBIT (TTM) = $10.66B

利息费用 (TTM) = $0.28B

Net Debt to EBITDAi净债务/EBITDA

0.01

健康

净债务 = $0.15B

EBITDA (TTM) = $10.69B

Debt Service Coveragei偿债覆盖率

6.01

健康

经营现金流 (TTM) = $7.99B

债务偿付 = $1.33B

V

价值指标

Goodwill %i商誉占比

9.5%

健康

商誉 = $3.82B

总资产 = $40.29B

Working Capital Ratioi营运资本比率

0.34

健康

营运资本 = $13.57B

总资产 = $40.29B

C

现金流指标

经营现金流 TTMi

$7.99B

自由现金流 TTMi

$5.96B

FCF = OCF - CapEx

经营现金流 (TTM) = $7.99B

资本支出 (TTM) = $-2.03B

自由现金流收益率i

1.71%

关注

FCF (TTM) = $5.96B

市值 = $349.80B

经营现金流/销售比i

27.53%

健康

经营现金流 (TTM) = $7.99B

营业收入 (TTM) = $29.02B

Q

质量与覆盖指标

收益质量i

0.94x

关注

经营现金流 (TTM) = $7.99B

净利润 (TTM) = $8.51B

现金流/债务比i

1.24x

健康

经营现金流 (TTM) = $7.99B

总负债 = $6.46B

短期覆盖率i

0.89x

健康

经营现金流 (TTM) = $7.99B

流动负债 = $9.00B

资本支出覆盖率i

3.94x

健康

经营现金流 (TTM) = $7.99B

资本支出 (TTM) = $2.03B

E

效率指标

⚡ 比率按USD计算，去除汇率影响

自由/经营现金流比i

74.65%

正常

自由现金流 (TTM) = $5.96B

经营现金流 (TTM) = $7.99B

资本支出/营收比i

6.98%

正常

资本支出 (TTM) = $2.03B

营业收入 (TTM) = $29.02B

净债务/EBITDAi

0.01

健康

净债务 = $0.15B

EBITDA (TTM) = $10.69B

G

增长指标

经营现金流增长率i

-46.34%

关注

当期OCF (TTM) = $0.84B

上期OCF = $1.57B

股东盈余i

$6.82B

健康

净利润 (TTM) = $8.51B

+ 折旧摊销 (TTM) = $0.34B

- 资本支出 (TTM) = $-2.03B