AMD Valuation — Stock Valuation Project
Enterprise-value DCF · Model v1.0.0 · Data as of 2026-08-06
Incomplete — warnings present
Market price
$489.28
2026-08-06T20:00:01Z
Base case value/share
$25.16
vs. market (base case)
-94.9%
Materially overvalued
WACC (base)
15.17%
Terminal g 3.0%
Income Statement
| Line item ($ in millions unless noted) | FY2023 10-K · 2023-12-30 | FY2024 10-K · 2024-12-28 | FY2025 10-K · 2025-12-27 | Q2-2026 10-Q · 2026-06-27 |
|---|---|---|---|---|
| Revenue | $22,680M | $25,785M | $34,639M | $11,536M |
| Cost of revenue | $12,220M | $13,060M | $17,487M | $5,333M |
| Gross profit | $10,460M | $12,725M | $17,152M | $6,203M |
| Research and development | $5,872M | $6,456M | $8,091M | $2,528M |
| Selling, general and administrative | $2,352M | $2,783M | $4,144M | $1,401M |
| Operating income | $401M | $1,900M | $3,694M | $1,990M |
| Interest expense | $106M | $92M | $131M | $37M |
| Pretax income | $508M | $2,022M | $4,166M | $2,551M |
| Income tax expense (benefit) | $-346M | $381M | $-103M | $252M |
| Net income | $854M | $1,641M | $4,335M | $2,297M |
| Diluted EPS | $0.53 | $1.00 | $2.65 | $1.38 |
| Diluted weighted-average shares | 1,625M | 1,637M | 1,636M | 1,659M |
Balance Sheet
| Line item ($ in millions unless noted) | FY2023 10-K · 2023-12-30 | FY2024 10-K · 2024-12-28 | FY2025 10-K · 2025-12-27 | Q2-2026 10-Q · 2026-06-27 |
|---|---|---|---|---|
| Cash and cash equivalents | $3,933M | $3,787M | $5,539M | $5,086M |
| Short-term investments | $1,840M | $1,345M | $5,013M | $8,025M |
| Accounts receivable | $5,376M | $6,192M | $6,315M | $7,281M |
| Inventory | $4,351M | $5,734M | $7,920M | $8,468M |
| Other current assets | Unresolved | $1,250M | Unresolved | Unresolved |
| Total current assets | $16,768M | $19,049M | $26,947M | $31,522M |
| Property and equipment, net | $1,589M | $1,802M | $2,312M | $3,439M |
| Goodwill | $24,262M | $24,839M | $25,126M | $25,470M |
| Intangible assets, net | $21,363M | $18,930M | $16,705M | $15,635M |
| Other long-term assets | $2,805M | $3,146M | $5,452M | $7,904M |
| Total assets | $67,885M | $69,226M | $76,926M | $84,464M |
| Accounts payable | $2,055M | $1,990M | $2,929M | $5,359M |
| Other current liabilities | $438M | $555M | $402M | $301M |
| Current debt | Unresolved | $0M | $874M | $875M |
| Long-term debt | $1,717M | $1,721M | $2,348M | $2,351M |
| Other long-term liabilities | $1,850M | $1,816M | $1,186M | $1,458M |
| Total liabilities | $11,993M | $11,658M | $13,927M | $17,240M |
| Stockholders' equity | $55,892M | $57,568M | $62,999M | $67,224M |
Cash Flow Statement
| Line item ($ in millions unless noted) | FY2023 10-K · 2023-12-30 | FY2024 10-K · 2024-12-28 | FY2025 10-K · 2025-12-27 | Q2-2026 10-Q · 2026-06-27 |
|---|---|---|---|---|
| Net income | $854M | $1,641M | $4,335M | $2,297M |
| Depreciation and amortization | Unresolved | Unresolved | Unresolved | Unresolved |
| Stock-based compensation | $1,384M | $1,407M | $1,638M | $990M |
| Change in operating working capital | Unresolved | Unresolved | Unresolved | Unresolved |
| Cash from operations | $1,667M | $3,041M | $7,709M | $5,321M |
| Capital expenditures | $546M | $636M | $974M | $1,197M |
| Acquisitions | Unresolved | Unresolved | Unresolved | $129M |
| Debt issuance / (repayment) | Unresolved | Unresolved | Unresolved | Unresolved |
| Share repurchases | $985M | $862M | $1,316M | $221M |
| Cash from investing | $-1,423M | $-1,101M | $-5,533M | $-5,415M |
| Cash from financing | $-1,146M | $-2,062M | $-431M | $-365M |
Latest-quarter cash-flow figures are six-months-year-to-date as filed (AMD’s 10-Q does not break out a discrete-quarter cash-flow statement), and are labeled accordingly — not combined with fiscal-year figures.
Reconciliation Checks — Historical Data vs. Source Filings
Revenue − Cost of Revenue = Gross Profit — FY2025
Reported gross profit matches revenue less cost of revenue within tolerance.
Pretax Income − Income Tax Expense = Net Income — FY2025
Computed net income (4269) differs from filed net income (4335) by more than $2M — check for noncontrolling interest or discontinued operations adjustments not modeled here.
Total Assets = Total Liabilities + Stockholders' Equity — FY2025
Balance sheet ties out (note: Total Liabilities is derived as Assets − Equity for periods where AMD does not tag it directly, so this check is partially circular for those periods — see citation on the Total Liabilities line).
Revenue − Cost of Revenue = Gross Profit — FY2024
Reported gross profit matches revenue less cost of revenue within tolerance.
Pretax Income − Income Tax Expense = Net Income — FY2024
Net income reconciles to pretax income less tax expense.
Total Assets = Total Liabilities + Stockholders' Equity — FY2024
Balance sheet ties out (note: Total Liabilities is derived as Assets − Equity for periods where AMD does not tag it directly, so this check is partially circular for those periods — see citation on the Total Liabilities line).
Revenue − Cost of Revenue = Gross Profit — FY2023
Reported gross profit matches revenue less cost of revenue within tolerance.
Pretax Income − Income Tax Expense = Net Income — FY2023
Net income reconciles to pretax income less tax expense.
Total Assets = Total Liabilities + Stockholders' Equity — FY2023
Balance sheet ties out (note: Total Liabilities is derived as Assets − Equity for periods where AMD does not tag it directly, so this check is partially circular for those periods — see citation on the Total Liabilities line).
Revenue − Cost of Revenue = Gross Profit — Q2-2026
Reported gross profit matches revenue less cost of revenue within tolerance.
Pretax Income − Income Tax Expense = Net Income — Q2-2026
Net income reconciles to pretax income less tax expense.
Total Assets = Total Liabilities + Stockholders' Equity — Q2-2026
Balance sheet ties out (note: Total Liabilities is derived as Assets − Equity for periods where AMD does not tag it directly, so this check is partially circular for those periods — see citation on the Total Liabilities line).
Unresolved Source Items
- totalLiabilities (us-gaap:Liabilities) - FY2023, FY2024, FY2025, Q2-2026: tag returns HTTP 404 for this filer; no alternate specified.
- depreciationAndAmortization (us-gaap:DepreciationDepletionAndAmortization, alt DepreciationAmortizationAndAccretionNet) - FY2023, FY2024, FY2025, Q2-2026: primary tag has no data after Q3-2023; alt tag 404s.
- increaseDecreaseInOperatingCapital (us-gaap:IncreaseDecreaseInOperatingCapital) - FY2023, FY2024, FY2025, Q2-2026: tag returns HTTP 404 for this filer; no alternate specified.
- paymentsToAcquireBusinessesNetOfCashAcquired (us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired) - FY2023, FY2024, FY2025 (annual only): not tagged in the respective 10-Ks themselves. Q2-2026 10-Q value (129,000,000 USD YTD) WAS resolved.
- proceedsFromIssuanceOfLongTermDebt (us-gaap:ProceedsFromIssuanceOfLongTermDebt) - FY2023, FY2024, FY2025 (annual only): not tagged in the respective 10-Ks themselves. Q2-2026 10-Q value (0 USD YTD) WAS resolved.
- repaymentsOfLongTermDebt (us-gaap:RepaymentsOfLongTermDebt) - FY2023, FY2024, FY2025, Q2-2026: no data tagged in any of the 4 target filings (concept last used by AMD prior to FY2020).
- otherAssetsCurrent (us-gaap:OtherAssetsCurrent) - FY2023 (not tagged in the FY2023 10-K itself), FY2025 and Q2-2026 (AMD stopped tagging this concept starting with the FY2025 10-K). FY2024 IS resolved (1,250,000,000 USD).
- longTermDebtCurrent (us-gaap:LongTermDebtCurrent) - FY2023 only: not tagged in the FY2023 10-K itself (accn 0000002488-24-000012); a value for period-end 2023-12-30 exists only as a later comparative in the FY2024 10-K, which was not used here to avoid mixing filing vintages. FY2024, FY2025, Q2-2026 ARE resolved.
Source: ADVANCED MICRO DEVICES INC (CIK 0000002488), SEC EDGAR XBRL. Data retrieved 2026-08-06. Hover any cell for its exact filing citation.