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AMAT

Applied Materials Inc

NASDAQ: AMAT · TECHNOLOGY · SEMICONDUCTOR EQUIPMENT & MATERIALS

$394.49
+3.11% today

Updated 2026-04-29

Market cap
$331.02B
P/E ratio
42.74
P/S ratio
11.73x
EPS (TTM)
$9.76
Dividend yield
0.46%
52W range
$143 – $421
Volume
6.5M
OverviewPrice TargetsFinancialsValuationInsidersEarnings

Applied Materials Inc (AMAT) Financial Forecast & Price Target 2030

Research-backed projections from analyst consensus, management guidance, and sector analysis.

Price target summary

Current
$394.49
Consensus
$339.39
-13.97%
2030 Target
$906.02
+129.67%
DCF
—
—
28 analysts:
13 Buy5 Hold0 Sell

Management guidance

No specific CEO revenue targets for 2026-2030 found in available data. Management guidance focuses on AI/HPC demand driving capex cycles. Historical context: 5Y revenue CAGR of 10.5% with recent acceleration to 12.7% (FY2026E) and 20.1% (FY2027E) driven by AI infrastructure buildout.

Sources: Management guidance, analyst consensus, sector analysishigh confidence

Revenue & price projection

Actual revenue Projected revenue Base case Bull to bear range
Bull case (2030)
$1,533.27
$61.2B Rev × 20x P/S
Base case (2030)
$906.02
$61.2B Rev × 12x P/S
Bear case (2030)
$592.40
$61.2B Rev × 8x P/S

Financial forecast — research-backed

Metric2023202420252026 (E)2027 (E)2028 (E)2029 (E)2030 (E)
Revenue$26.5B$27.2B$28.4B$32.0B$38.4B$45.8B$53.4B$61.2B
Revenue growth—2.5%4.4%12.7%20.1%19.5%16.6%14.5%
EPS$8.05$8.66$9.42$11.21$14.25$17.50$20.25$23.00
P/S ratio———6.0x6.0x12.0x12.0x12.0x
Implied price———$250.22$291.93$696.94$801.48$906.02

Catalysts & risks

Growth catalysts
+ AI infrastructure buildout driving semiconductor capex: Gartner projects $6.31T global IT spending in 2026 (+13.5%), with data center systems growing 55.8% to $788B
+ Advantest partnership expanding EPIC R&D center signals largest U.S. semiconductor R&D investment, strengthening customer relationships and toolset integration
+ TSMC/Samsung advanced node transitions (A12/A13 in 2029) requiring new deposition, metrology, and inspection tools driving multi-year equipment cycles
+ Terafab mega-fab projects (Musk, hyperscalers) creating incremental capex demand beyond traditional fabs
+ 5G infrastructure buildout continuing through 2028-2030 sustaining incremental demand
Key risks
- Geopolitical tensions and China export restrictions (MATCH Act) could reduce TAM and visibility if escalated
- High valuation (P/E 41.3x, Forward P/E 29.63x) leaves limited margin of safety; DCF analysis suggests intrinsic value $191.66 vs. current $417
- Cyclical semiconductor downturn risk: historical volatility shows -12% to -38% revenue declines in prior cycles (2008, 2019, 2023)
- Competition from ASML (lithography) and Lam Research in overlapping markets; customer concentration risk with TSMC/Samsung
- Execution risk on new product lines (EPIC deposition systems for angstrom-era logic) achieving customer adoption and margin targets

Methodology

Applied Materials Inc's forward estimates are derived from AI-powered research synthesis combining analyst consensus from 28 Wall Street analysts, management guidance from the latest earnings call, and sector growth forecasts from industry research. Revenue and EPS projections use analyst consensus where available and conservative extrapolation with growth deceleration for outer years. Price targets are calculated using a tiered Price-to-Sales (P/S) methodology, where the P/S multiple is determined by the projected revenue growth rate.

WallStSmart proprietary research model · Not financial advice · Past performance is not indicative of future results · Last researched: April 26, 2026.