Advanced Micro Devices Inc., FCFF calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Net income	1,641)	854)	1,320)	3,162)	2,490)
Net noncash charges	3,498)	3,862)	4,091)	1,133)	(488)
Changes in operating assets and liabilities	(2,098)	(3,049)	(1,846)	(774)	(931)
Net cash provided by operating activities	3,041)	1,667)	3,565)	3,521)	1,071)
Cash paid during the year for interest, net of tax¹	58)	66)	67)	22)	24)
Purchases of property and equipment	(636)	(546)	(450)	(301)	(294)
Free cash flow to the firm (FCFF)	2,463)	1,187)	3,182)	3,242)	801)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Advanced Micro Devices Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Advanced Micro Devices Inc. FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 not reaching 2022 level.

Advanced Micro Devices Inc., interest paid, net of tax calculation

US$ in millions

12 months ended:	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Effective Income Tax Rate (EITR)
EITR¹	18.84%	21.00%	21.00%	14.00%	21.00%
Interest Paid, Net of Tax
Cash paid during the year for interest, before tax	72)	84)	85)	25)	31)
Less: Cash paid during the year for interest, tax²	14)	18)	18)	4)	7)
Cash paid during the year for interest, net of tax	58)	66)	67)	22)	24)

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

¹ See details »

² 2024 Calculation
Cash paid during the year for interest, tax = Cash paid during the year for interest × EITR
= 72 × 18.84% = 14

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Advanced Micro Devices Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in millions)
Enterprise value (EV)	163,433)
Free cash flow to the firm (FCFF)	2,463)
Valuation Ratio
EV/FCFF	66.34
Benchmarks
EV/FCFF, Competitors¹
Analog Devices Inc.	30.93
Applied Materials Inc.	15.24
Broadcom Inc.	40.46
Intel Corp.	—
KLA Corp.	28.53
Lam Research Corp.	22.45
Micron Technology Inc.	178.61
Monolithic Power Systems Inc.	42.67
NVIDIA Corp.	43.55
Qualcomm Inc.	14.43
Texas Instruments Inc.	87.08
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	66.54
EV/FCFF, Industry
Information Technology	40.92

Based on: 10-K (reporting date: 2024-12-28).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Advanced Micro Devices Inc., historical EV/FCFF calculation, comparison to benchmarks

	Dec 28, 2024	Dec 30, 2023	Dec 31, 2022	Dec 25, 2021	Dec 26, 2020
Selected Financial Data (US$ in millions)
Enterprise value (EV)¹	178,099)	267,646)	123,541)	140,717)	101,774)
Free cash flow to the firm (FCFF)²	2,463)	1,187)	3,182)	3,242)	801)
Valuation Ratio
EV/FCFF³	72.30	225.41	38.82	43.41	126.98
Benchmarks
EV/FCFF, Competitors⁴
Analog Devices Inc.	33.82	25.61	23.12	39.16	27.12
Applied Materials Inc.	17.55	17.40	19.06	26.22	22.52
Broadcom Inc.	51.00	28.53	14.74	19.47	16.54
Intel Corp.	—	—	—	16.94	11.08
KLA Corp.	29.56	19.99	19.05	26.29	18.70
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78
Micron Technology Inc.	203.18	—	16.58	28.79	188.88
Monolithic Power Systems Inc.	41.80	58.38	117.73	91.92	80.84
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89
Texas Instruments Inc.	89.36	89.85	27.02	24.20	27.67
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	56.69	60.26	35.28	26.38	22.16
EV/FCFF, Industry
Information Technology	40.33	34.40	26.74	27.56	23.97

Based on: 10-K (reporting date: 2024-12-28), 10-K (reporting date: 2023-12-30), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-25), 10-K (reporting date: 2020-12-26).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 178,099 ÷ 2,463 = 72.30

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Advanced Micro Devices Inc. EV/FCFF ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

Advanced Micro Devices Inc. (NASDAQ:AMD)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical