Advanced Micro Devices (AMD)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $995.4B, Advanced Micro Devices's free cash flow of $6.7B (fiscal 2025) would need to grow about 32% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Advanced Micro Devices's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from AMD's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Advanced Micro Devices's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $16.4B | $23.6B | $22.7B | $25.8B | $34.6B |
| Net income | $3.2B | $1.3B | $854M | $1.6B | $4.3B |
| Free cash flow | $3.2B | $3.1B | $1.1B | $2.4B | $6.7B |
| EPS (diluted) | $2.57 | $0.84 | $0.53 | $1.00 | $2.65 |
| Operating margin | 22.2% | 5.4% | 1.8% | 7.4% | 10.7% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own AMD
From each investor's latest 13F filing (what a 13F shows). 14 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Cliff Asness AQR Capital Management |
Added | $937M | 0.33% | Q2 2026 |
| PRIMECAP Management PRIMECAP Management Co |
Trimmed | $609M | 0.36% | Q2 2026 |
| Lee Ainslie Maverick Capital |
Added | $567M | 5.0% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Added | $440M | 0.36% | Q2 2026 |
| Chase Coleman Tiger Global Management |
New position | $392M | 1.6% | Q2 2026 |
| Larry Robbins Glenview Capital Management |
Trimmed | $173M | 3.2% | Q2 2026 |
| David Tepper Appaloosa Management |
Trimmed | $115M | 1.5% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $76M | 0.18% | Q2 2026 |
| Philippe Laffont Coatue Management |
New position | $56M | 0.12% | Q2 2026 |
| Stanley Druckenmiller Duquesne Family Office |
New position | $42M | 0.81% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Added | $9M | 0.08% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
New position | $7M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Advanced Micro Devices's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $213.57 | — |
| Feb 10, 2026 | Gilbert Ray Cisneros, Jr. |
0 | $213.57 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $192.50 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $192.50 | — |
| Feb 3, 2026 | Cleo Fields |
0 | $242.11 | — |
| Feb 3, 2026 | Cleo Fields |
0 | $242.11 | — |
| Feb 2, 2026 | Julia Letlow |
0 | $246.27 | — |
| Feb 2, 2026 | Julia Letlow |
0 | $246.27 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $230.29 | — |
| Nov 18, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $230.29 | — |
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In the full deep dive
Questions
What growth does Advanced Micro Devices's stock price imply?
At a market value of $995.4B, Advanced Micro Devices would need its free cash flow to grow about 32% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 128% a year.
Are Advanced Micro Devices insiders buying the stock?
10 open-market insider purchases of AMD in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Advanced Micro Devices?
14 of the superinvestors Investingly tracks hold AMD in their latest 13F, including Cliff Asness, PRIMECAP Management, Lee Ainslie.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.