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AMD valuation exercise: market cap, EV and multiples vs competitors

Processors and graphics chips. We rebuild its market value from the price, split it into its parts, and compare its multiples with those of its largest competitors.

Verified figures, not advice. Every number on this page comes from the company's own filings or from exchange prices, and the source is linked. Every calculation is shown, so you can repeat it. What we do not do is tell you what a share should be worth or whether to buy it: that depends on your goals and on forecasts, and no multiple can settle it. This is a snapshot: prices of 12 Oct 2026, company results up to mid 2026. Found a mistake? Tell us and we correct it.

Step 1. Market capitalisation

StepNumberWhere it comes from
Share price (nominal value)
$594.24
Close of 12 Oct 2026
Shares outstanding
1.63 bn
Latest report or filing, as of 2026-07-29
Market capitalisation
$970.1bn
Price x shares

Market capitalisation is the value the stock market puts on all the shares together. It is the nominal share price multiplied by the number of shares.

Step 2. How the value is composed

Building blockAmountMeaning
Market capitalisation
$970.1bn
What the market asks for all the shares
+ Debt
$3.2bn
Borrowings, leases for premises excluded
- Cash
$5.1bn
Cash and equivalents
- Short-term investments
$8.0bn
Marketable securities due within a year
+ Minority interests
$0.0bn
Part of subsidiaries owned by others
Enterprise value (EV)
$960.2bn
The price of the whole business, as a buyer would see it

Of the $970.1bn market value, accounting book equity is $67.2bn. The remaining $902.9bn is what investors pay above the books: brands, software, customer relationships and expected growth that the balance sheet does not record. Price to book is 14.4x.

Step 3. Fundamentals, last twelve months

Last twelve monthsAmountMargin or note
Revenue
$41.3bn
Up to 2026-06-27
Operating income
$6.5bn
16% of revenue
EBITDA
$9.6bn
23% of revenue
Net income (GAAP)
$6.4bn
16% of revenue
Free cash flow
$8.4bn
Operating cash flow minus capital spending

Step 4. Multiples against the largest competitors

MultipleAMDNVDAINTCQCOMAVGOPeer meanPeer medianvs median
P/E (price / net income)
150.8x
28.3x
n.m.
19.8x
44.3x
30.8x
28.3x
+433%
EV / sales
23.2x
17.9x
10.0x
4.3x
19.4x
12.9x
14.0x
+66%
EV / EBITDA
100.4x
27.0x
46.5x
16.1x
33.5x
30.8x
30.3x
+232%
EV / operating income
148.0x
27.5x
n.m.
18.6x
40.4x
28.8x
27.5x
+438%
P / free cash flow
115.4x
42.9x
189.2x
17.6x
43.0x
73.2x
43.0x
+169%

Context: AMD earns an EBITDA margin of 23%. The peers earn 66%, 22%, 27%, 58% (median 42%). A company that keeps more of each dollar of sales often trades at a higher multiple.

Nvidia and Broadcom sell AI chips, Intel and Qualcomm sell processors. Each overlaps with AMD only in part.

What the comparison shows

  • EV / EBITDA: 100.4x against a peer median of 30.3x (mean 30.8x). Difference to the median: +232%.
  • EV / sales: 23.2x against a peer median of 14.0x (mean 12.9x). Difference: +66%.
  • P/E: 150.8x against a peer median of 28.3x. Difference: +433%.

These are descriptions of today's prices, not forecasts. "n.m." means not meaningful, for example negative profit.

Where the comparison is distorted

  • Net income of $6.4bn compares with a market value of $970bn, so P/E is very high. Multiples this large reflect expected growth, not past profit.
  • Intel net income is negative, so its P/E does not apply.
  • Qualcomm net income includes a large one-time tax benefit.
  • Broadcom has large debt next to its cash.

Sources

Prices of 12 Oct 2026 from exchange historical data. Share counts, debt, cash and results from each company's filings, read on 13 and 14 October 2026. Foreign companies are converted at one stated rate.

Advanced Micro Devices, Inc. (AMD)
NVIDIA Corporation (NVDA)
Intel Corporation (INTC)
QUALCOMM Incorporated (QCOM)
Broadcom Inc. (AVGO)

Questions people ask

Does a higher multiple than competitors mean the share is overvalued?

No. It means investors pay more per dollar of sales or profit. The reason can be faster growth, higher margins or lower risk, or it can be excess optimism. A multiple gap is a question to investigate, not an answer.

Why use enterprise value and not only market cap?

Market cap prices the shares only. Enterprise value adds debt and subtracts cash, so it compares the whole business regardless of how it is financed.

Why show both the mean and the median of competitors?

The mean is pulled up by one extreme value. The median is the middle value and resists outliers. When they differ a lot, trust the median more.

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