Advanced Micro Devices, Inc. (AMD)
被高估基本面
65
价格
$606.47
市值
$1.03T
第一部分 · 这家公司值多少
概览
AMD designs processors for computers, data centres and game consoles. Like its main rival, it owns no factories: it designs the chips and pays outside foundries to manufacture them. Its product line spans server chips that compete for the same data-centre budgets as NVIDIA, PC processors and graphics cards, the custom chips inside PlayStation and Xbox, and embedded chips for industrial equipment.
盈利方式
Revenue comes from selling chips outright, not from subscriptions. Margins vary a lot by product: server processors and AI accelerators sold to cloud providers carry high margins, while the semi-custom chips built for game console makers are sold near cost under long-term supply contracts. Because AMD outsources manufacturing, its main costs are R&D and the capacity it books at foundries, so a mix shift toward data-centre chips lifts profitability even without much revenue growth.
分部营收
EPYC server processors and Instinct AI accelerators sold to cloud providers and enterprises. AMD's fastest-growing and highest-margin line.
Ryzen processors for PCs, semi-custom chips for game consoles, and Radeon graphics cards — combined into one segment starting in 2025.
Chips for industrial, communications and aerospace equipment, largely from the Xilinx acquisition. The smallest and most stable segment.
护城河
未发现护城河 · 无AMD competes on execution rather than on a durable structural advantage. It uses the same TSMC foundries as most of its rivals, and its x86 chips run the same software as Intel's. Its edge in any given generation comes from design quality and being first to a new manufacturing node — an advantage that must be re-earned with each product cycle rather than one that compounds on its own.
需求驱动因素
周期性Data-centre demand tracks the capital budgets of a small number of large cloud customers, which can be cut or delayed quickly. PC and gaming demand follows consumer replacement cycles and console lifecycles, which run in multi-year waves of oversupply and shortage. Very little of AMD's revenue is recurring in the way a subscription business is.
主要风险
- Dependence on TSMC — AMD owns no fabrication plants and relies almost entirely on TSMC, concentrated in Taiwan, for advanced manufacturing. Any capacity shortfall or disruption there limits how much AMD can ship, regardless of demand.
- Competition from larger rivals — In data-centre AI chips AMD competes against NVIDIA, which has a large software and ecosystem lead; in PCs and servers it competes against Intel, which has far greater scale. Losing ground in either market pressures both volume and price.
- Customer concentration — A small number of large customers, including PC makers, console manufacturers and cloud providers, account for a substantial share of revenue. The loss or reduced spending of any one of them would have an outsized effect.
- Export controls on AI chips — Government restrictions on selling advanced AI accelerators to certain countries, notably China, have already cut into addressable revenue and can tighten further with little notice.
看多理由
Buyers argue that AMD's Instinct accelerators are closing the technical gap with NVIDIA fast enough to take meaningful share of a data-centre AI market that is still expanding, while its EPYC server chips keep taking share from Intel on merit.
看空理由
Sellers fear that AMD remains a distant second in AI accelerators behind NVIDIA's software ecosystem, that PC and gaming revenue stays exposed to consumer cycles it does not control, and that upside in China-bound AI chips can be erased by export rules overnight.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
AMD names Nvidia as its main rival for data center AI accelerators and as the discrete gaming GPU market share leader, so the two sell competing graphics chips to the same cloud operators and PC gamers.
Intel is AMD's primary competitor in x86 processors for PCs and servers, and the two also compete in integrated and gaming graphics and in embedded CPUs.
Broadcom designs custom AI accelerators and networking silicon for the same hyperscale data center customers AMD targets with Instinct accelerators and AI NICs, and AMD lists it among its embedded ASSP competitors.
Qualcomm's Arm-based Snapdragon processors compete with AMD for design wins in Windows notebooks, and AMD names it among its competitors in embedded chips.
Marvell builds custom compute and data center networking silicon for the same cloud providers, and AMD lists it among the ASSP vendors competing with its embedded products.
Altera is the FPGA and adaptive SoC rival AMD names first for its Xilinx-derived embedded and data center programmable logic products; it is privately held, majority-owned by Silver Lake with Intel retaining 49%.
资产负债表与流动性
营收
$41.30B
最近12个月（截至2026/6/27）
净利润
$6.43B
最近12个月（截至2026/6/27）
自由现金流
$6.74B
股东权益合计
$63.00B
负债合计
$13.93B
流动比率
2.61
利息覆盖率
44.14
债务/EBITDA
0.45
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$301.35
当前价格
$606.47
安全边际
-101.3%
公允价值区间
$195.88 - $406.82
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
157.26
ROE
6.9%
市净率（P/B）
14.86
P/FCF
118.85
毛利率
53.2%
ROIC
7.1%
盈利能力雷达图
价值创造（经济护城河）
ROIC
7.1%
WACC
17.9%
ROIC − WACC
-10.8 pp
ROIC 低于资本成本：公司每投入一美元都在毁灭价值。
基本面分析标准
通过（20）
- EPS shows upward trend
- Price CAGR 49.08%
- ROIC 7.1%
- Gross Margin 53.2%
- Debt/Equity ratio
- Operating Margin 15.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 10.1%
- Revenue Growth 5Y 28.8%
- Analyst Consensus 83% Buy
- Earnings Surprise avg 5.9%
- Earnings Quality (OCF/NI) 1.57
- Share Dilution -0.3%
- Net Margin Trend 15.6% vs 9.6%
- Piotroski F-Score 8/9
未通过（6）
- P/FCF 118.85
- P/B Ratio 14.86
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 31.08
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Dr. Lisa T. Su Ph.D. | Chair, President & CEO | 55 |
| Ms. Jean X. Hu Ph.D. | Executive VP, CFO & Treasurer | 62 |
| Mr. Mark D. Papermaster | CTO and Executive VP of Technology & Engineering | 63 |
| Mr. Paul Darren Grasby | Executive VP, Chief Sales Officer & President of EMEA | 55 |
| Mr. Forrest E. Norrod | Executive VP & GM of the Data Center Solutions Business Group | 60 |
| Mr. Keivan Keshvari | Senior Vice President of Global Operations & Quality | - |
| Ms. Emily Ellis | Corporate VP, Chief Accounting Officer & Principal Accounting Officer | 42 |
| Mr. Hasmukh Ranjan | Senior VP & Chief Information Officer | - |
| Ms. Ruth Cotter | Senior VP & Chief Administrative Officer | - |
| Mr. Matthew D. Ramsay | Vice President of Financial Strategy & Investor Relations | - |
审计风险
10
董事会风险
3
薪酬风险
8
股东权利风险
3
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for AMD, sourced from Markets Gazette.
- 2d agoPOSITIVEThe real prize in AMD’s $8 billion World Labs acquisition isn’t what you’d think
Advanced Micro Devices (AMD) has acquired World Labs for $8 billion. While the deal brings advanced spatial-intelligence models, the strategic value lies in World Labs' leadership's ability to attract top talent and accelerate the development of real-world AI applications. This acquisition positions AMD to enhance its AI capabilities and potentially capture new market share by integrating cutting-edge AI solutions into its product roadmap, signaling a forward-looking investment in future growth and innovation.
- 2d agoPOSITIVEAzioni AMD in rialzo mentre gli analisti appoggiano l'accordo da $8,2 mld per World Labs
Advanced Micro Devices (AMD) shares rose Tuesday following the announcement of an $8.2 billion all-stock deal to acquire World Labs, an AI startup specializing in spatial intelligence and 3D world modeling. The acquisition grants AMD access to World Labs' research in AI models designed to simulate three-dimensional environments. Dr. Fei-Fei Li, World Labs' founder and a prominent AI researcher, will join AMD as Executive Vice President and Chief Scientist, reporting to CEO Lisa Su. This strategic move is expected to bolster AMD's AI capabilities and market position, potentially driving future innovation and revenue growth.
- 3d agoPOSITIVEAMD acquires startup cofounded by ‘godmother of AI’ Fei-Fei Li for $8.2 billion
Advanced Micro Devices (AMD) has announced its acquisition of a startup co-founded by AI pioneer Fei-Fei Li for $8.2 billion. This strategic move aims to bolster AMD's competitive position against its primary GPU rival, Nvidia, by integrating advanced AI capabilities and talent. The acquisition highlights AMD's commitment to expanding its footprint in the rapidly growing artificial intelligence sector. Investors will be watching how this integration impacts AMD's product roadmap and market share in the AI hardware and software landscape.
- 3d agoPOSITIVEAMD acquires startup founded by ‘godmother of AI’ Fei-Fei Li for $8.2 billion
Advanced Micro Devices (AMD) has announced its acquisition of a startup founded by AI pioneer Fei-Fei Li for $8.2 billion. This strategic move aims to bolster AMD's competitive stance against rival Nvidia in the rapidly evolving AI sector. The acquisition integrates cutting-edge AI talent and technology into AMD's portfolio, potentially accelerating its development of AI-focused hardware and software solutions. Investors will be watching closely to see how this integration impacts AMD's market share and its ability to capture growth opportunities in the AI-driven economy.
- 9d agoPOSITIVETrivariate indica 3 titoli AI con ampio potenziale di ulteriore crescita
Despite potential AI stock multiple compression and rising financing costs following the Fed's 25 basis point rate hike, Trivariate Research identifies Advanced Micro Devices (AMD) as a select AI name with significant upside potential. The firm believes AMD's revenue growth trajectory is poised to outpace any contraction in its price-to-earnings ratio. This positive outlook for AMD comes amidst growing local resistance to new data centers, a factor that could impact the broader AI infrastructure sector. Investors may find AMD's specific growth drivers compelling in a challenging market.
- 10d agoPOSITIVEAMD supera i mille miliardi di dollari di capitalizzazione
Advanced Micro Devices (AMD) shares surged 9% to an intraday high of $613.92, breaching the $1 trillion market capitalization milestone for the first time. This significant valuation jump underscores strong investor confidence in AMD's growth prospects, particularly in the competitive semiconductor market. The company's performance is likely driven by anticipation of new product launches and increasing market share in areas like AI processing, positioning AMD as a key player in the technology sector's ongoing evolution. Investors are closely watching AMD's ability to maintain this momentum and capitalize on emerging technological trends.
via Markets Gazette