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Applied Materials (AMAT) shares trade at a steep 28.9 times adjusted profit for the twelve months to July 2026, even following a 26.9% drop in the past month. This figure adds after-tax stock-based pay to normalized net income. Investors buy shares for future earnings, however, and the valuation shifts when measured against the next two fiscal years. So what does $370.55 a share buy you in fiscal 2027 and fiscal 2028 profit?

Applied Materials’ Price On Expected Profit

At that price, Applied Materials trades at 20.1 times the analyst consensus forecast for fiscal 2027 profit. Against the fiscal 2028 forecast, the same share price equals…