Advanced Micro Devices (AMD)
Forward P/E is 50.78x against a peer median of 26.26x, a ratio of 1.93x, and trailing P/E is an extreme 144.8x — but latest-quarter revenue grew 50.1% year over year (PRIMARY, EDGAR), meeting the exceptional-growth test, and PEG is 0.77, below 1. That growth-adjusted evidence is why the premium is treated as largely paid for rather than overvalued, and why it is not a bubble: forward earnings already assume a large catch-up from the trailing multiple, so the price needs delivered growth to continue, not to accelerate beyond it. Delivered demand check: the Semiconductors group's median growth was 36.5% — demand rising.
What would change this label: Move to OVERVALUED if revenue growth falls below 30% year over year for two quarters, or PEG rises above 1.2, while the forward P/E stays above 45x; move toward BUBBLE if the ratio stays at or above 1.75x while growth slows below 25%. Move to UNDERVALUED if the forward P/E falls below about 39x (1.50x the peer median) with growth still at or above 50% and PEG still below 1.
AMD's shares look extremely expensive compared with the profit it has made so far, but its sales grew about 50% in the latest quarter and profits are expected to catch up fast. On that expected growth, the price is roughly fair — with no spare room. If growth slows, the price will look far too high very quickly.
Both lines start at 100 on 2020-09-01. Over the full window Advanced Micro Devices returned +507.79% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Advanced Micro Devices: -65.5% (2021-11-29 to 2022-10-14). Source: Nasdaq official daily history.
What the label rests on
Forward P/E is 50.78x against a peer median of 26.26x, a ratio of 1.93x, and trailing P/E is an extreme 144.8x — but latest-quarter revenue grew 50.1% year over year (PRIMARY, EDGAR), meeting the exceptional-growth test, and PEG is 0.77, below 1. That growth-adjusted evidence is why the premium is treated as largely paid for rather than overvalued, and why it is not a bubble: forward earnings already assume a large catch-up from the trailing multiple, so the price needs delivered growth to continue, not to accelerate beyond it. Delivered demand check: the Semiconductors group's median growth was 36.5% — demand rising. The company’s forward P/E is 50.8× against a peer median of 26.3×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +50.1% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Advanced Micro Devices (AMD) | $564.24 | 50.8× | 144.8× |
| MU | $928.76 | 5.3× | 12.5× |
| TXN | $306.04 | 26.8× | 39.7× |
| MRVL | $247.88 | 43.9× | 83.3× |
| ADI | $421.45 | 26.3× | 50.0× |
| AVGO | $342.33 | 19.7× | 43.7× |
| Peer median | 26.3× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Jun 2026 2026-06-27 | $11.5B | 53.8% | $2.3B | 1.38 | $1.6B |
| Q/E Mar 2026 2026-03-28 | $10.3B | 52.8% | $1.4B | 0.84 | $2.6B |
| Q/E Dec 2025 2025-12-27 | $10.3B | 54.3% | $1.5B | — | $2.4B |
| Q/E Sep 2025 2025-09-27 | $9.2B | 51.7% | $1.2B | 0.75 | $1.9B |
| Q/E Jun 2025 2025-06-28 | $7.7B | 39.8% | $872M | 0.54 | $1.7B |
| Q/E Mar 2025 2025-03-29 | $7.4B | 50.2% | $709M | 0.44 | $727M |
| Q/E Dec 2024 2024-12-28 | $7.7B | 50.7% | $482M | — | $1.1B |
| Q/E Sep 2024 2024-09-28 | $6.8B | 50.1% | $771M | 0.47 | $496M |
| Q/E Jun 2024 2024-06-29 | $5.8B | 49.1% | $265M | 0.16 | $439M |
| Q/E Mar 2024 2024-03-30 | $5.5B | 46.8% | $123M | 0.07 | $379M |
| Q/E Dec 2023 2023-12-30 | $6.2B | 47.2% | $667M | — | $242M |
| Q/E Sep 2023 2023-09-30 | $5.8B | 47.4% | $299M | 0.18 | $297M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | ADVANCED MICRO DEVICES INC |
| Chief executive | Lisa T. Su (source: https://ir.amd.com/financial-information/sec-filings/content/0000002488-26-000029/0000002488-26-000029.pdf) |
| Sector | Technology — Semiconductors — sells central processors, graphics processors and data-centre chips |
| Share price (Oct 28, 2026) | $564.24 |
| Market value (market cap) | $914.6B — share price times shares outstanding of 1,632,475,042 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $41.3B |
| Net income, last twelve months | $6.4B |
| Free cash flow, last twelve months | $8.4B |
| Latest reported quarter | Q/E Jun 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +507.79% vs +118.28% |
| Worst peak-to-trough fall | -65.5% (2021-11-29 to 2022-10-14) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000002488.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000002488.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/AMD/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.