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.
Information Technology stock comparison
AMAT vs MSFT: which business are you actually underwriting?
Microsoft (MSFT) is the larger business by reported revenue: $281.7B in its fiscal year ended Jun 2025, about 9.9× AMAT's $28.4B (fiscal year ended Oct 2025). AMAT's net margin was 24.7% and MSFT's 36.1%. 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.
- Sector
- Information Technology
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- Different
- AMAT October 26 · MSFT June 30
- Reviewed
- Jul 29, 2026
AMAT vs MSFT: quick comparison
| Company fact | AMAT | MSFT |
|---|---|---|
| Company | Applied Materials, Inc. | Microsoft Corporation |
| Exchange | NASDAQ | NASDAQ |
| Headquarters | Santa Clara, California | Redmond, Washington |
| Founded | 1967 | 1975 |
| SEC industry | Semiconductors & Related Devices | Services-Prepackaged Software |
| Fiscal year-end | October 26 | June 30 |
| Latest annual filing | 10-K · 2025-12-12 | 10-K · 2026-07-29 |
AMAT vs MSFT: audited financials
- Scale: MSFT's $281.7B of revenue is about 9.9× AMAT's $28.4B.
- Net margin: MSFT kept 36.1% of revenue as net income versus 24.7% at AMAT.
- Cash conversion: operating cash flow equalled AMAT 28.1% of revenue, or 1.14× net income; MSFT 48.3% of revenue, or 1.34× 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 4 months apart (2025-10-26 for AMAT, 2025-06-30 for MSFT), so each figure reflects somewhat different demand and cost conditions.
| Metric | AMAT | MSFT |
|---|---|---|
| Revenue | $28.4B2024-10-28 to 2025-10-26 · SEC filing | $281.7B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | $7.0B2024-10-28 to 2025-10-26 · SEC filing | $101.8B2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | $8.0B2024-10-28 to 2025-10-26 · SEC filing | $136.2B2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | $8.662024-10-28 to 2025-10-26 · SEC filing | $13.642024-07-01 to 2025-06-30 · SEC filing |
| Net margin | 24.7%2024-10-28 to 2025-10-26 · SEC filing | 36.1%2024-07-01 to 2025-06-30 · SEC filing |
AMAT: FY ending 2025-10-26 · MSFT: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where AMAT and MSFT overlap, and where they don't
Overlap
- Shared research theme: Artificial intelligence.
Differences
- Different SEC industries: AMAT files as Semiconductors & Related Devices; MSFT as Services-Prepackaged Software.
- Offset fiscal calendars: AMAT's year ends October 26 and MSFT's June 30, about 4 months apart.
- Only AMAT maps to Tariffs & trade.
- Scale: MSFT reported about 9.9× the annual revenue of AMAT.
- Profitability: net margin of 24.7% for AMAT versus 36.1% for MSFT.
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.
Microsoft Corporation (MSFT)
Microsoft sells productivity software, the Windows operating system, and the Azure cloud platform, and has become a leading distributor of generative AI through its partnership with OpenAI. Its enterprise footprint spans nearly every large organization in the world.
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 MSFT
- Azure and other cloud services consumption, including AI services
- Microsoft 365 commercial seat growth, pricing and Copilot adoption
- Data-center capital spending, leases and the depreciation that follows
- Economics of the OpenAI partnership
The investment question
You now know MSFT reports about 9.9× AMAT's revenue, and MSFT 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, including “Azure and other cloud services consumption, including AI services” at MSFT, 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 MSFT's ends June 30. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 28 matched transaction rows for AMAT and 204 matched transaction rows for MSFT. 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
MSFT 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 MSFT FAQs
Are AMAT and MSFT direct competitors?
Not necessarily. Applied Materials files as Semiconductors & Related Devices and Microsoft 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 MSFT the bigger company by revenue?
Microsoft (MSFT) is the larger business by reported revenue: $281.7B in its fiscal year ended Jun 2025, about 9.9× AMAT's $28.4B (fiscal year ended Oct 2025). AMAT's net margin was 24.7% and MSFT's 36.1%. 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 MSFT?
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 MSFT 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 Microsoft Corporation 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 2026-09-26. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-09-26. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
AMAT vs MSFT compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $15/month or $150/year.
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