Advanced Micro Devices (AMD) — AMD's $13.4B Quarter: Why Owners Kept Only $31M
Deep Values: Value Investing Deep Dives · Nov 6, 2026 · 18:35
Deep Values: Value Investing Deep Dives
Deep Values: Value Investing Deep Dives · Nov 6, 2026 · 18:35
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Deep value research on Advanced Micro Devices (AMD) as of 2026-11-05: $31M true owner earnings. AMD booked $13.4 billion in Q3 revenue, but after a $3 billion inventory build and stock compensation, true owner earnings came to just $31 million. We walk through the cash bridge so you can see the gap that a $2.09 adjusted EPS leaves out.
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Chapters
(0:00) AMD Q3 2026 Thesis
(1:02) Owner Earnings Bridge
(6:25) Non-GAAP Diagnostic
(8:04) Footnote Ledger Balance Sheet
(8:23) Balance Sheet Resilience
(9:24) Non-GAAP Diagnostic
(10:08) AMD Q3 2026 Thesis
(10:46) Moat Trajectory Matrix
(11:25) Return on Capital Margins
(13:44) Reverse DCF Margin of Safety
(17:14) Verdict and Catalysts
(17:38) DeepValues Resources
(18:10) Get the apps
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Episodes: Deep Values: Value Investing Deep Dives
