AMD
Advanced Micro Devices, Inc.
AMD has the edge over DLB overall, supported by stronger fundamentals and stronger modeled upside.
DLB
Dolby Laboratories, Inc.
DLB has slightly lower modeled downside risk, despite its lower overall score.
AMD Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
AMD's revenue, profitability, cash flow and balance sheet are all currently strong.
DLB Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Healthy | |
| Strong |
DLB's profitability, cash flow and balance sheet are currently healthy, and its revenue is stable.
AMD PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 39x | $585 | — |
| Cheap | 40x | $182 | -69% |
| Fair | 112x | $514 | -12% |
| Current | 127x | $585 | — |
| Expensive | 206x | $947 | +62% |
Historical ranges are pointers, not guarantees.
AMD's PE is in its fair range at 127x. If earnings grow as analysts expect, today's price would be 39x next year's earnings, in its cheap range.
DLB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $64.59 | — |
| Cheap | 27x | $62.50 | -3.2% |
| Current | 28x | $64.59 | — |
| Fair | 32x | $74.76 | +16% |
| Expensive | 40x | $94.26 | +46% |
Historical ranges are pointers, not guarantees.
DLB has the edge over AMD in the historical PE scenario, which offers more potential upside but is not a forecast.
AMD Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Low |
AMD has the edge over DLB on the outlook, with more favorable revenue expectations.
DLB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect DLB's earnings to grow and its profitability to improve, with its revenue holding steady.
AMD Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $15.05 | +227% |
| Q3 2026 | $4.60 | +127% |
| Q2 2026 | $3.89 | +122% |
| Q1 2026 | $3.05 | +123% |
| Q4 2025 | $2.65 | +165% |
| Q3 2025 | $2.03 | +81% |
| Q2 2025 | $1.75 | +111% |
| Q1 2025 | $1.37 | +99% |
| Q4 2024 | $1.00 | +89% |
AMD has the edge over DLB on earnings, with more consistent year-over-year improvement.
DLB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.58 | +96% |
| Q2 2026 | $2.34 | -14% |
| Q1 2026 | $2.52 | -4.2% |
| Q4 2025 | $2.47 | -8.5% |
| Q3 2025 | $2.62 | -2.6% |
| Q2 2025 | $2.71 | +24% |
| Q1 2025 | $2.63 | +35% |
| Q4 2024 | $2.70 | +41% |
| Q3 2024 | $2.69 | +31% |
DLB earned $2.34 per share over the past year, down 14% from the year before.
AMD Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $13.4B | +45% |
| Q2 2026 | $11.5B | +50% |
| Q1 2026 | $10.3B | +38% |
| Q4 2025 | $10.3B | +34% |
| Q3 2025 | $9.2B | +36% |
| Q2 2025 | $7.7B | +32% |
| Q1 2025 | $7.4B | +36% |
| Q4 2024 | $7.7B | +24% |
AMD has the edge over DLB on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 21% | +7.4 points |
| Q2 2026 | 17% | +19 points |
| Q1 2026 | 14% | +3.6 points |
| Q4 2025 | 17% | +5.7 points |
| Q3 2025 | 14% | +3.1 points |
| Q2 2025 | -1.7% | -6.4 points |
| Q1 2025 | 11% | +10 points |
| Q4 2024 | 11% | +5.8 points |
AMD has the edge over DLB on profitability, with a higher operating margin.
DLB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $305M | -3.3% |
| Q1 2026 | $395.6M | +7.1% |
| Q4 2025 | $346.7M | -2.9% |
| Q3 2025 | $307M | +0.7% |
| Q2 2025 | $315.5M | +9.3% |
| Q1 2025 | $369.6M | +1.4% |
| Q4 2024 | $357M | +13% |
| Q3 2024 | $304.8M | +4.9% |
DLB's revenue grew through 2023 and has held roughly level since: $305M last quarter, down 3.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 11% | -3.8 points |
| Q1 2026 | 29% | -0.6 points |
| Q4 2025 | 18% | -4.4 points |
| Q3 2025 | 9.7% | -5.5 points |
| Q2 2025 | 15% | +2.4 points |
| Q1 2025 | 29% | -0.7 points |
| Q4 2024 | 22% | +1.4 points |
| Q3 2024 | 15% | +16 points |
DLB's operating margin was 11% last quarter, down 3.8 points from the same quarter a year ago.
AMD Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $554M | -71% |
| Q2 2026 | $1.6B | -9.9% |
| Q1 2026 | $2.6B | +253% |
| Q4 2025 | $2.4B | +118% |
| Q3 2025 | $1.9B | +283% |
| Q2 2025 | $1.7B | +294% |
| Q1 2025 | $727M | +92% |
| Q4 2024 | $1.1B | +351% |
AMD has the edge over DLB on cash flow, with more consistent year-over-year improvement.
DLB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $152.5M | +149% |
| Q1 2026 | $83.4M | -50% |
| Q4 2025 | $50.2M | -50% |
| Q3 2025 | $106.6M | -2% |
| Q2 2025 | $61.3M | +349% |
| Q1 2025 | $168M | -2.6% |
| Q4 2024 | $100M | +4229% |
| Q3 2024 | $108.8M | +42% |
DLB's free cash flow has been positive every quarter for seven years: $393M over the past year, down 10% from the year before.
AMD Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +2M shares |
| 1 year | +1.2% | +20M shares |
| 3 years | +2% | +32M shares |
| 5 years | +35% | +431M shares |
| Available history | +40% | +473M shares |
AMD has 1.7B diluted shares, up 1.2% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $221M |
| Q4 2025 | — |
| Q3 2025 | $89M |
| Q2 2025 | $478M |
| Q1 2025 | $749M |
| Q4 2024 | $256M |
AMD has spent almost nothing on buybacks in the past year.
DLB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -1% | -997K shares |
| 1 year | -2.5% | -2.4M shares |
| 3 years | -3% | -2.9M shares |
| 5 years | -9.7% | -10.1M shares |
| Available history | -8.2% | -8.4M shares |
DLB has the edge over AMD on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $65M |
| Q1 2026 | $65M |
| Q4 2025 | $70M |
| Q3 2025 | $35M |
| Q2 2025 | $40M |
| Q1 2025 | $35M |
| Q4 2024 | $15M |
| Q3 2024 | $20M |
DLB spent $235M buying back its own shares over the past year, up 114% from the year before.
AMD Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2020 | -1.0x | Net Cash |
| Q1 2020 | -0.8x | Net Cash |
| Q4 2019 | -1.2x | Net Cash |
AMD has more cash than debt.
DLB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | -2.0x | Net Cash |
| Q1 2026 | -1.7x | Net Cash |
| Q4 2025 | -1.9x | Net Cash |
| Q3 2025 | -2.0x | Net Cash |
| Q2 2025 | -1.9x | Net Cash |
| Q1 2025 | -1.8x | Net Cash |
| Q4 2024 | -1.5x | Net Cash |
| Q3 2024 | -1.4x | Net Cash |
DLB has more cash than debt.
AMD Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 59.3 | Neutral |
| Stochastic | 41.4 | Neutral |
AMD's weekly RSI is 59 (neutral) and its Stochastic is 41 (neutral).
DLB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.5 | Neutral |
| Stochastic | 78.1 | Neutral |
DLB's weekly RSI is 58 (neutral) and its Stochastic is 78 (neutral).
AMD PE vs Technology Sector
| Metric | AMD | Sector median | Relative |
|---|---|---|---|
| PE | 127x | 28x | 357% above |
| PE % | 61 | 35 | 26 pts above |
AMD is trading at 127x earnings, a 357% premium to the Technology sector's median of 28x.
DLB PE vs Technology Sector
| Metric | DLB | Sector median | Relative |
|---|---|---|---|
| PE | 28x | 28x | 0.9% below |
| PE % | 22 | 35 | 13 pts below |
DLB has the edge over AMD on valuation relative to its sector.
AMD Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $557.2 | 5.1% above |
| 20 week MA | $525.9 | 11% above |
| 50 week MA | $389.7 | 50% above |
| 100 week MA | $266.9 | 119% above |
| 200 week MA | $199.6 | 193% above |
AMD has the edge over DLB on trend strength, trading above more of its moving averages.
DLB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $61.3 | 5.4% above |
| 20 week MA | $59.2 | 9.1% above |
| 50 week MA | $60.3 | 7.1% above |
| 100 week MA | $67.5 | 4.4% below |
| 200 week MA | $74.3 | 13% below |
DLB has bounced recently, but its long-term trend is still down: it's above its 8-, 20- and 50-week averages, but 13% below its 200-week average.
AMD Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $46.2 | $91.8 | +99% |
| 2021 | $91.8 | $146.1 | +59% |
| 2022 | $146.1 | $64.5 | -56% |
| 2023 | $64.5 | $147.4 | +128% |
| 2024 | $147.4 | $125.2 | -15% |
| 2025 | $125.2 | $215.0 | +72% |
| 2026 YTD | $215.0 | $585.3 | +172% |
AMD has the edge over DLB on returns for 2026, with the stronger performance.
DLB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $68.3 | $95.3 | +39% |
| 2021 | $95.3 | $92.7 | -2.7% |
| 2022 | $92.7 | $69.2 | -25% |
| 2023 | $69.2 | $86.2 | +24% |
| 2024 | $86.2 | $78.5 | -8.9% |
| 2025 | $78.5 | $65.7 | -16% |
| 2026 YTD | $65.7 | $64.6 | -1.7% |
DLB has finished lower in four of the last six years. It's down 1.7% so far in 2026.