| Segment | Value | % of Price | Type |
|---|---|---|---|
| Net Cash | $13 | 4% | auditable |
| Semiconductor Systems | $220 | 61% | anchored |
| Applied Global Services | $100 | 28% | anchored |
| Display & Adjacent Markets | $30 | 8% | anchored |
Anchored: $350/sh (96%) · Speculative: $0/sh (0%)
Semiconductor Systems is AMAT's core business, generating ~$20.8B in FY2024 revenue (~76% of total). This segment sells etch, deposition (CVD, PVD, ALD), CMP, ion implantation, and inspection/metrology tools to semiconductor fabs worldwide. AMAT holds dominant positions: ~85% in PVD, ~60% in CMP,...
Applied Global Services (AGS) is AMAT's installed base services business, generating ~$6.3B in FY2024 revenue (~23% of total). AGS provides spare parts, upgrades, refurbished equipment, and subscription-based services to AMAT's installed base of 50,000+ tools worldwide. This is the most defensible...
Display & Adjacent Markets is AMAT's smallest segment at ~$1.7B in FY2024 revenue (~6% of total), declining 8% YoY. This segment sells equipment for OLED and LCD display manufacturing, solar panel production, and increasingly, advanced semiconductor packaging. The display business is highly...