# AMD – Relative valuation (2026-11-11)

**Analyst:** Relative Valuation Analyst  
**Company:** Advanced Micro Devices  
**Price used:** $515.21 at Nov 10, 2026, 4:00 PM EST close (not pre-market)  
**Shares:** 1.64B basic shares outstanding (S&P GMI via stockanalysis; not a fully diluted count)  
**Net cash (debt):** $6.57B  
**Computed EV:** $838.37B (= price × shares − net cash; may differ slightly from the rounded published EV)

## Method
- Multiples are computed from the same source financials for the ticker and every peer (not the vendor's black-box "Forward PE / Forward PS", which is not always consistent with consensus FY1/FY2 EPS and sales).
- **NTM P/E** and **NTM EV/Sales** use day-weighted NTM = w×FY1 + (1−w)×FY2, with w = days remaining to FY1 period end from 2026-11-11 ÷ 365.25. If FY2 is missing, FY1 is used and labeled as such.
- **EV/EBITDA** is trailing-twelve-month; forward EBITDA consensus is not on the free source.
- **P/FCF** uses consensus FY1 FCF (FY2 FCF is gated). Dropped when FY1 FCF is ≤ 0 or the implied P/FCF exceeds 150x (FCF too small to capitalize).
- **P/E** is dropped when NTM/FY1 EPS is ≤ 0.05 or the multiple exceeds 150x.
- Low / mid / high = peer 25th percentile / median / 75th percentile (linear interpolation, inclusive), applied to the ticker's own NTM EPS, NTM sales, TTM EBITDA, or FY1 FCF. EV multiples are converted to equity as (implied EV + net cash) / basic shares.
- A multiple enters the blended range only if at least three peers have a usable figure and the ticker's own denominator is meaningful.
- 5-year average and range of the ticker's own multiples are **not available** from the provided free source (the stockanalysis "Financial Ratio History" section is present as a heading with no figures in the scrape).

## Peer set
Large-cap / AI semiconductors: NVDA is the closest GPU/accelerator peer; AVGO, MRVL, QCOM, ARM and INTC complete the suggested merchant-silicon set. TSM, MU and TXN were left out of the primary set (foundry, memory-cycle and analog respectively).

| Peer | NTM P/E | NTM EV/Sales | EV/EBITDA (TTM) | FY1 P/FCF |
|---|---|---|---|---|
| **AMD (subject)** | 31.5x | 9.3x | 75.3x | 123.3x |
| NVDA | 11.7x | 6.4x | 20.1x | 21.5x |
| AVGO | 17.1x | 9.2x | 31.0x | 32.2x |
| ARM | 65.7x | 25.5x | 169.1x | 115.6x |
| INTC | 33.2x | 4.5x | 15.9x | n/a |
| QCOM | 17.5x | 4.2x | 18.3x | 22.3x |
| MRVL | 23.2x | 7.6x | 48.0x | 49.3x |

FY1 ends Dec 31, 2026 (w on FY1 = 0.137). Consensus FY1/FY2 non-GAAP EPS 8.09 / 17.65; NTM EPS 16.341. NTM sales $89.78B (FY1 $52.24B, FY2 $95.73B). TTM EBITDA $11.14B. Consensus FY1 FCF $6.85B.

Peer cells marked n/a (and why):
- INTC FY1 P/FCF: FY1 P/FCF 3203.4x dropped (FCF too small / too depressed; cap 150x)

## Implied per-share value
| Multiple | AMD now | Peer 25th / median / 75th (n) | Implied $/share low / mid / high |
|---|---|---|---|
| NTM P/E | 31.5x | 17.2x / 20.4x / 30.7x (6) | $280.63 / $332.84 / $502.12 |
| NTM EV/Sales | 9.3x | 5.0x / 7.0x / 8.8x (6) | $275.97 / $387.56 / $486.50 |
| EV/EBITDA (TTM) | 75.3x | 18.7x / 25.6x / 43.8x (6) | $131.28 / $177.65 / $301.33 |
| FY1 P/FCF | 123.3x | 22.3x / 32.2x / 49.3x (5) | $93.10 / $134.52 / $205.88 |

## Current multiples vs own history
5-year average and range: **n/a**. The provided stockanalysis statistics scrape includes a “Financial Ratio History” heading with no figures (likely gated). No 5-year P/E, EV/EBITDA, EV/Sales or P/FCF average was invented or taken from another unpaid-login source in time for this run.

## Blended range
Weights: weights NTM P/E 40%, NTM EV/Sales 40%, EV/EBITDA (TTM) 10%, FY1 P/FCF 10%.

**Low / mid / high: $245.08 / $319.38 / $446.17**  
Vs close $515.21: mid is 38.0% below the close.

## Adjustments and judgment
- AMD’s TTM EV/EBITDA (~75x) and FY1 P/FCF are far above the peer median because TTM earnings and FY1 FCF have not yet caught the expected FY2 acceleration (consensus FY2 EPS $17.65 vs FY1 $8.09). Applying peer-median TTM EV/EBITDA or FY1 P/FCF therefore understates AMD if the FY2 ramp is real, and those two multiples pull the equal-weight blend down.
- NTM P/E and NTM EV/Sales, which already incorporate most of the FY2 step-up (FY1 ends Dec 31, 2026, so NTM is ~86% FY2), are the more informative multiples and are weighted more heavily in the blend.
- Same ARM/INTC distortion notes as in the NVDA write-up.

## Data sources and as-of dates
- Prices: regular-session close Nov 10, 2026, 4:00 PM EST close (not pre-market), from stockanalysis.com pages (S&P Global Market Intelligence), cross-checked in the coordinator input files vs the Yahoo Finance chart API.
- Fundamentals and consensus: stockanalysis.com statistics (stats last updated on the pages on Nov 11, 2026) and forecast (this ticker's forecast page last updated Nov 9, 2026) for AMD and each peer. Forecast update dates differ by ticker.
- Raw files: `/workspace/fair-value/coordinator/2026-11-11/raw/` (fetched 2026-11-11 05:23 MST (America/Phoenix)). Official collector folder `data/2026-11-11/` did not yet have ticker files when this run started; coordinator fallback input files were used.
- 5-year multiple history: n/a (not in the free scrape).
- Public web was used only to attempt WMT/COST for AMZN (stockanalysis Cloudflare 403; Yahoo quoteSummary unauthorized). No paid logins.
- Peer forecast update dates:
  - AMD: stats Nov 11, 2026, forecast Nov 9, 2026
  - NVDA: stats Nov 11, 2026, forecast Nov 10, 2026
  - AVGO: stats Nov 11, 2026, forecast Nov 10, 2026
  - ARM: stats Nov 11, 2026, forecast Nov 5, 2026
  - INTC: stats Nov 11, 2026, forecast Nov 10, 2026
  - QCOM: stats Nov 11, 2026, forecast Nov 11, 2026
  - MRVL: stats Nov 11, 2026, forecast Nov 9, 2026