Applied Materials Stock vs Competition: Who Wins?
Applied Materials (AMAT) stock has outperformed most peers over the past year, but how does it measure up against rivals in the ongoing semiconductor equipment boom? A closer look reveals solid profitability and moderate growth, supported by a reasonable valuation. Its 12-month return, however, trails top-performer Lam Research, and growth lags Texas Instruments, indicating a balanced outlook.
- AMAT’s 30.1% operating margin, while high, trails TXN’s 34.8%, reflecting TXN’s stable, high-margin analog/embedded processing vs. AMAT’s equipment focus.
- AMAT’s 6.6% revenue growth, outpacing MCHP/PXLW, lags TXN/LRCX, highlighting stronger AI chip manufacturing demand for peers.
- AMAT stock gained 46.2% (PE 21.4), yet LRCX delivered stronger returns, driven by its superior etching/deposition tech crucial for AI chips.
Here’s how Applied Materials stacks up across size, valuation, and profitability versus key peers.
| AMAT | TXN | MCHP | PXLW | LRCX | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 211.7 | 159.3 | 30.6 | 0.0 | 200.0 |
| Revenue ($ Bil) | 28.6 | 17.3 | 4.2 | 0.0 | 19.6 |
| PE Ratio | 21.4 | 33.1 | -187.4 | -1.3 | 29.1 |
| LTM Revenue Growth | 6.6% | 9.9% | -23.4% | -44.0% | 25.7% |
| LTM Operating Margin | 30.1% | 34.8% | 3.7% | -80.6% | 33.0% |
| LTM FCF Margin | 20.4% | 12.0% | 17.9% | -76.0% | 28.3% |
| 12M Market Return | 46.2% | -10.3% | -16.8% | -32.7% | 103.6% |
For more details on Applied Materials, read Buy or Sell AMAT Stock. Below we compare AMAT’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| AMAT | 6.6% | – | 2.5% | 2.8% | 11.8% |
| TXN | 9.9% | – | -10.7% | -12.5% | 9.2% |
| MCHP | -23.4% | -42.3% | -9.5% | 23.7% | |
| PXLW | -44.0% | – | -27.6% | -14.9% | 27.3% |
| LRCX | 25.7% | 23.7% | -14.5% | 1.2% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| AMAT | 30.1% | – | 28.9% | 28.9% | 30.2% |
| TXN | 34.8% | – | 34.1% | 41.8% | 51.9% |
| MCHP | 3.7% | 8.5% | 33.5% | 36.9% | |
| PXLW | -80.6% | – | -66.3% | -48.0% | -24.0% |
| LRCX | 33.0% | 32.0% | 28.7% | 29.9% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| AMAT | 21.4 | – | 18.7 | 19.9 | 13.0 |
| TXN | 33.1 | – | 35.6 | 23.8 | 17.3 |
| MCHP | -187.4 | -61628.3 | 25.6 | 17.3 | |
| PXLW | -1.3 | – | -1.5 | -2.8 | -6.0 |
| LRCX | 29.1 | 17.3 | 26.9 | 12.6 |
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