Applied Materials
Applied Materials returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Jul 26, 2026 | 33.31% | 30.73% | 24.32% | 41.07% | 23.84% | 22.7 pp |
| FY 2026 Q2 | Apr 26, 2026 | 30.21% | 29.16% | 0.24% | 39.69% | 23.02% | 19.6 pp |
| FY 2026 Q1 | Jan 25, 2026 | — | 28.63% | — | 38.86% | 22.09% | — |
| FY 2025 Q4 | Oct 26, 2025 | 33.22% | 30.56% | -37.37% | 35.51% | 19.79% | 22.6 pp |
| FY 2025 Q3 | Jul 27, 2025 | — | 32.7% | — | 35.64% | 20.14% | — |
| FY 2025 Q2 | Apr 27, 2025 | — | 32.87% | — | 36.37% | 20.61% | — |
| FY 2025 Q1 | Jan 26, 2025 | — | 32.26% | — | 35.19% | 19.55% | — |
| FY 2024 Q4 | Oct 27, 2024 | 41.08% | 31.92% | 5.8% | 40.61% | 22.04% | 30.5 pp |
| FY 2024 Q3 | Jul 28, 2024 | — | 32.06% | — | 43.91% | 23.26% | — |
| FY 2024 Q2 | Apr 28, 2024 | — | 33.06% | — | 45.19% | 23.93% | — |
| FY 2024 Q1 | Jan 28, 2024 | — | 33.87% | — | 46.41% | 24.06% | — |
| FY 2023 Q4 | Oct 29, 2023 | — | 35.85% | — | 48.04% | 23.87% | — |
| FY 2023 Q3 | Jul 30, 2023 | — | 36.99% | — | 47.44% | 22.78% | — |
| FY 2023 Q2 | Apr 30, 2023 | — | 38.97% | — | 50.48% | 23.79% | — |
| FY 2023 Q1 | Jan 29, 2023 | — | 39.03% | — | 50.97% | 24.16% | — |
| FY 2022 Q4 | Oct 30, 2022 | — | 40.12% | — | 53.39% | 24.83% | — |
| FY 2022 Q3 | Jul 31, 2022 | — | 40.37% | — | 55.08% | 26.25% | — |
| FY 2022 Q2 | May 1, 2022 | — | 41.48% | — | 57.32% | 27.27% | — |
| FY 2022 Q1 | Jan 30, 2022 | — | 39.94% | — | 56.07% | 26.88% | — |
| FY 2021 Q4 | Oct 31, 2021 | — | 36.86% | — | 51.59% | 24.44% | — |
| FY 2021 Q3 | Aug 1, 2021 | — | 33.98% | — | 49.07% | 23.25% | — |
| FY 2021 Q2 | May 2, 2021 | — | 28.93% | — | 42.18% | 19.31% | — |
| FY 2021 Q1 | Jan 31, 2021 | — | 27.09% | — | 38.32% | 17.91% | — |
| FY 2020 Q4 | Oct 25, 2020 | 34.99% | 26.89% | — | 38.52% | 17.49% | 24.4 pp |
| FY 2020 Q3 | Jul 26, 2020 | — | 24.74% | — | 36.03% | 15.94% | — |
| FY 2020 Q2 | Apr 26, 2020 | — | 22.59% | — | 33.86% | 14.37% | — |
| FY 2020 Q1 | Jan 26, 2020 | — | 22.96% | — | 33.52% | 14.61% | — |
| FY 2019 Q4 | Oct 27, 2019 | 28.14% | 23.69% | -26.72% | 35.95% | 14.71% | 17.5 pp |
| FY 2019 Q3 | Jul 28, 2019 | — | 24.51% | — | 38.61% | 15.72% | — |
| FY 2019 Q2 | Apr 28, 2019 | — | 27.21% | — | 45.74% | 18.71% | — |
| FY 2019 Q1 | Jan 27, 2019 | — | 29.65% | — | 47.25% | 20.47% | — |
| FY 2018 Q4 | Oct 28, 2018 | 36.89% | 33.07% | — | 40.93% | 17.82% | 26.3 pp |
| FY 2018 Q3 | Jul 29, 2018 | 39.96% | 34.51% | 1,662.24% | 44% | 18.5% | 29.4 pp |
| FY 2018 Q2 | Apr 29, 2018 | 40.2% | 33.1% | — | 41.58% | 17.26% | 29.6 pp |
| FY 2018 Q1 | Jan 28, 2018 | 40.73% | 31.89% | — | 35.4% | 16.42% | 30.1 pp |
| FY 2017 Q4 | Oct 29, 2017 | 41.89% | 29.46% | 75.15% | 41.46% | 20.2% | 31.3 pp |
| FY 2017 Q3 | Jul 30, 2017 | 39.78% | 27.88% | 116.51% | 39.42% | 18.68% | 29.2 pp |
| FY 2017 Q2 | Apr 30, 2017 | 34.1% | 25.36% | 104.5% | 35.76% | 16.87% | 23.5 pp |
| FY 2017 Q1 | Jan 29, 2017 | 29.93% | 23.2% | — | 28.78% | 14.97% | 19.3 pp |
| FY 2016 Q4 | Oct 30, 2016 | 23.13% | 19.16% | — | 23.21% | 11.51% | 12.5 pp |
| FY 2016 Q3 | Jul 31, 2016 | 21.22% | 17.23% | — | 19.56% | 10.78% | 10.6 pp |
| FY 2016 Q2 | May 1, 2016 | — | 14.97% | — | 17.04% | 9.53% | — |
| FY 2016 Q1 | Jan 31, 2016 | — | 14.73% | — | 17.26% | 9.96% | — |
| FY 2015 Q4 | Oct 25, 2015 | 18.98% | 15.49% | 19.12% | 17.79% | 9.67% | 8.4 pp |
| FY 2015 Q3 | Jul 26, 2015 | — | 16.63% | — | 16.56% | 9.98% | — |
| FY 2015 Q2 | Apr 26, 2015 | — | 16.14% | — | 16.04% | 9.71% | — |
| FY 2015 Q1 | Jan 25, 2015 | — | 16.26% | — | 15.24% | 9.24% | — |
| FY 2014 Q4 | Oct 26, 2014 | — | 15.24% | — | 14.34% | 8.5% | — |
| FY 2014 Q3 | Jul 27, 2014 | — | 13.43% | — | 13.65% | 8.12% | — |
| FY 2014 Q2 | Apr 27, 2014 | — | 12.15% | — | 12.05% | 7.14% | — |
| FY 2014 Q1 | Jan 26, 2014 | — | 7.43% | — | 6.61% | 3.97% | — |
| FY 2013 Q4 | Oct 27, 2013 | — | 4.45% | — | 3.57% | 2.12% | — |
| FY 2013 Q3 | Jul 28, 2013 | — | -2.72% | — | -5.78% | -3.53% | — |
| FY 2013 Q2 | Apr 28, 2013 | — | -1.99% | — | -5.03% | -3.07% | — |
| FY 2013 Q1 | Jan 27, 2013 | 0.49% | 2.6% | — | 0.33% | 0.21% | -10.1 pp |
| FY 2012 Q4 | Oct 28, 2012 | 2.26% | 3.93% | -60.91% | 1.36% | 0.84% | -8.3 pp |
| FY 2012 Q3 | Jul 29, 2012 | 16.23% | 11.69% | -24.35% | 12.79% | 7.88% | 5.6 pp |
| FY 2012 Q2 | Apr 29, 2012 | 19.08% | 16.43% | -5.62% | 15.85% | 10.36% | 8.5 pp |
| FY 2012 Q1 | Jan 29, 2012 | 21.03% | 19.57% | 7.71% | 18.65% | 12.37% | 10.4 pp |
| FY 2011 Q4 | Oct 30, 2011 | 36.4% | 25.08% | — | 23.58% | 15.53% | 25.8 pp |
| FY 2011 Q3 | Jul 31, 2011 | 34% | 29.33% | — | 24.5% | 15.62% | 23.4 pp |
| FY 2011 Q2 | May 1, 2011 | 26.8% | 26.93% | — | 20.46% | 14.16% | 16.2 pp |
| FY 2011 Q1 | Jan 30, 2011 | 22.55% | 24.14% | — | 18.16% | 12.79% | 11.9 pp |
| FY 2010 Q4 | Oct 31, 2010 | 16.13% | 17.64% | — | 12.82% | 9.14% | 5.5 pp |
| FY 2010 Q3 | Aug 1, 2010 | 10.5% | 11.16% | — | 8.5% | 5.99% | -0.1 pp |
| FY 2010 Q2 | May 2, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Jan 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Oct 25, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Jul 26, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 10.6%, rounded from the Semiconductor benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · AMAT, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.