Advanced Micro Devices

AMD

Semiconductors · Technology

Also trades as: AMD.SW · AMD.DE

Price

$473.25

+3.79 (+0.81%)

Market Cap

$771.68B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 27, 2026

How the score breaks down

Quality

Good

Growth

Exceptional

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Good

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Share count rising — dilution

+33.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.23B (2021) → 1.64B (2025)

Winston Score History

The full picture

Advanced Micro Devices (AMD) designs computer chips used in everything from gaming consoles to data centers. Its main products are CPUs (central processing units) and GPUs (graphics processing units), sold to customers like Microsoft, Sony, Meta, and cloud computing companies. AMD competes directly with Intel in PC and server chips and with Nvidia in graphics and AI accelerator chips.

AMD makes money by selling chips to device makers, server builders, and cloud providers — it does not manufacture chips itself, relying instead on partners like TSMC to produce them. The company operates globally, with significant revenue from the United States, Europe, and Asia, and generated over $25 billion in annual revenue in fiscal 2024. AMD's biggest growth opportunity is its MI-series AI accelerator chips, which compete against Nvidia's dominant data center GPUs — capturing meaningful market share there would significantly boost revenue, but Nvidia's entrenched software ecosystem remains a serious competitive barrier.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+50.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+159.3% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$8.1B/ year

↑ Rising (+25% vs prior year)

23.4% of revenue

1.6x the sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$13.1B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Advanced Micro Devices grew revenue 50% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

53.8%

Healthy — 53.8% gross margin

Profit after running costs

Operating Margin

17.3%

Healthy — 17.3% operating margin

Return on the money invested

ROCE

9.2%

Below par — 9.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+39.5%

Fast-growing sales (+39.5% YoY)

Profit growth

EPS YoY

+123.9%

Earnings growing fast (+123.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

157%

Turns 157% of profit into real cash

Spare cash per sale

FCF Margin

20.3%

Converts sales into free cash efficiently (20.3%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

44.14x

Comfortably covers interest (44.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

120.1x

Expensive — P/E 120.1

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year

P/E vs Forward

+94.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (120.1 → 25.5)

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Dividends

Not applicable for this business.

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