Common-Size Income Statement
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- Balance Sheet: Assets
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Advanced Micro Devices Inc., common-size consolidated income statement
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).
- Gross Profit and Cost of Sales
- Over the five-year period, gross profit as a percentage of net revenue displayed a fluctuating trend, starting at 44.53% in 2020, increasing to 48.25% in 2021, declining to 44.93% in 2022, then gradually rising to 49.35% in 2024. The cost of sales percentage shows two entries; excluding amortization of acquisition-related intangibles, it decreased steadily from 55.47% in 2020 to 46.98% in 2024, indicating improved cost efficiency. When including amortization, the cost percentage became higher in 2022 and 2023 but declined in 2024, maintaining an overall downward trend.
- Amortization of Acquisition-Related Intangibles
- This expense appeared starting in 2022, representing a notable impact on costs, first at 6.14% of net revenue, decreasing to 3.67% by 2024. It also affected operating expenses, being 8.9% in 2022 and reducing steadily to 5.62% in 2024, contributing to diminished intangible asset-related charges over time.
- Operating Expenses
- Research and development (R&D) costs exhibited an increasing share of net revenue from 20.31% in 2020 to a peak of 25.89% in 2023, slightly decreasing to 25.04% in 2024, indicating a sustained and growing investment in innovation. Marketing, general and administrative expenses fluctuated within a narrower band, ranging between 8.81% and 10.79%, with a mild increase toward 2024. A restructuring charge appeared only in 2024, accounting for 0.72% of net revenue, representing a one-time operational adjustment.
- Licensing Gain and Other Income/Expenses
- Licensing gains were modest but positive from 2021 onwards, remaining below 0.5%. Other net income/expenses improved over the period, shifting from slightly negative or near zero values to positive contributions of approximately 0.7% by 2024. Gains and losses on equity investments fluctuated, with minor positive or negative impacts, suggesting limited but variable influence on profitability.
- Operating and Net Income
- Operating income as a percentage of net revenue peaked in 2021 at 22.20%, then sharply declined to 1.77% in 2023 before recovering somewhat to 7.37% in 2024. Net income followed a similar pattern, dropping from 25.5% in 2020 to a low of 3.77% in 2023, then increasing to 6.36% in 2024. This pattern indicates margin pressure in the middle of the period, followed by partial recovery in the most recent year.
- Interest and Other Financial Items
- Interest expense remained relatively low, below 0.5% throughout the period, with slight fluctuations. Interest income increased notably from 0.08% in 2020 to a peak of 0.91% in 2023, before slightly declining to 0.71% in 2024, contributing positively to overall income. Losses on debt redemption were minimal and only recorded in early years. Equity income in investee entities showed a consistent but minor positive contribution, increasing slightly over time.
- Income Before Taxes and Tax Provision
- Income before income taxes mirrored operating income trends, peaking in 2021 at 22.33% of net revenue and then contracting to 2.17% in 2023, recovering to 7.71% in 2024. The income tax provision displayed volatility, with a significant tax benefit in 2020 of 12.39%, turning into a tax provision in most subsequent years, most notably -3.12% in 2021 and -1.48% in 2024, which somewhat dampened net income growth in those years.