Applied Materials, Inc. (AMAT)
Applied Materials makes the manufacturing equipment that chipmakers use to fabricate semiconductors. As the largest supplier in its field, its orders serve as a leading indicator of industry capital spending.
AMAT vs CRM: how the two businesses compare
- Bigger business: CRM, with $41.5B of yearly revenue, about 1.5× AMAT's $28.4B.
- More profitable: AMAT keeps 25 cents of each sales dollar as profit, against 18 cents at CRM.
- More cash from each sale: CRM turns 36 cents of each sales dollar into operating cash flow, against 28 cents at AMAT.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 1.5× AMAT's $28.4B (fiscal year ended Oct 2025). AMAT's net margin was 24.7% and CRM's 18.0%. The SEC classifies them differently (Semiconductors & Related Devices; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- AMAT October 26 · CRM January 31
- Mar 2, 2026
AMAT vs CRM: quick comparison
| Company fact | AMAT | CRM |
|---|---|---|
| Company | Applied Materials, Inc. | Salesforce, Inc. |
| Exchange | NASDAQ | NYSE |
| Headquarters | Santa Clara, California | San Francisco, California |
| Founded | 1967 | 1999 |
| SEC industry | Semiconductors & Related Devices | Services-Prepackaged Software |
| Fiscal year-end | October 26 | January 31 |
| Latest annual filing | 10-K · 2025-12-12 | 10-K · 2026-03-02 |
AMAT vs CRM: audited financials
- Scale: CRM's $41.5B of revenue is about 1.5× AMAT's $28.4B.
- Net margin: AMAT kept 24.7% of revenue as net income versus 18.0% at CRM.
- Cash conversion: operating cash flow equalled AMAT 28.1% of revenue, or 1.14× net income; CRM 36.1% of revenue, or 2.01× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 3 months apart (2025-10-26 for AMAT, 2026-01-31 for CRM), so each figure reflects somewhat different demand and cost conditions.
| Metric | AMAT | CRM |
|---|---|---|
| Revenue | $28.4B2024-10-28 to 2025-10-26 · SEC filing | $41.5B2025-02-01 to 2026-01-31 · SEC filing |
| Net income | $7.0B2024-10-28 to 2025-10-26 · SEC filing | $7.5B2025-02-01 to 2026-01-31 · SEC filing |
| Operating cash flow | $8.0B2024-10-28 to 2025-10-26 · SEC filing | $15.0B2025-02-01 to 2026-01-31 · SEC filing |
| Diluted EPS | $8.662024-10-28 to 2025-10-26 · SEC filing | $7.802025-02-01 to 2026-01-31 · SEC filing |
| Net margin | 24.7%2024-10-28 to 2025-10-26 · SEC filing | 18.0%2025-02-01 to 2026-01-31 · SEC filing |
AMAT: FY ending 2025-10-26 · CRM: FY ending 2026-01-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AMAT and CRM overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: AMAT files as Semiconductors & Related Devices; CRM as Services-Prepackaged Software.
- Offset fiscal calendars: AMAT's year ends October 26 and CRM's January 31, about 3 months apart.
- Only AMAT maps to Tariffs & trade.
- Profitability: net margin of 24.7% for AMAT versus 18.0% for CRM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Salesforce, Inc. (CRM)
Salesforce pioneered cloud-based customer relationship management and now offers a broad suite of sales, service, marketing, and analytics tools. It is layering AI agents across that suite to automate customer-facing work.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves AMAT
We have not yet published a company-specific driver list for AMAT. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-12-12.
What moves CRM
We have not yet published a company-specific driver list for CRM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-03-02.
The investment question
You now know CRM reports about 1.5× AMAT's revenue, and AMAT keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to artificial intelligence, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. AMAT's fiscal year ends October 26, while CRM's ends January 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 30 matched transaction rows for AMAT and 49 matched transaction rows for CRM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
AMAT primary filings
CRM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
AMAT vs CRM FAQs
Are AMAT and CRM direct competitors?
Not necessarily. Applied Materials files as Semiconductors & Related Devices and Salesforce as Services-Prepackaged Software. The pair is compared because both map to the Artificial intelligence research theme, not because the filings show head-to-head competition.
Is AMAT or CRM the bigger company by revenue?
Salesforce (CRM) is the larger business by reported revenue: $41.5B in its fiscal year ended Jan 2026, about 1.5× AMAT's $28.4B (fiscal year ended Oct 2025). AMAT's net margin was 24.7% and CRM's 18.0%. The SEC classifies them differently (Semiconductors & Related Devices; Services-Prepackaged Software); what connects them is shared exposure to the Artificial intelligence research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, AMAT or CRM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this AMAT vs CRM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Applied Materials, Inc. and Salesforce, Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AMAT vs CRM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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