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Applied Materials NasdaqGS:AMAT Stock Report

Last Price


Market Cap







27 Sep, 2022


Company Financials +
AMAT fundamental analysis
Snowflake Score
Future Growth2/6
Past Performance5/6
Financial Health6/6

AMAT Stock Overview

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries.

Applied Materials Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Applied Materials
Historical stock prices
Current Share PriceUS$84.15
52 Week HighUS$167.06
52 Week LowUS$82.53
1 Month Change-14.83%
3 Month Change-8.47%
1 Year Change-36.68%
3 Year Change68.23%
5 Year Change62.33%
Change since IPO18,312.32%

Recent News & Updates

Sep 22

Applied Materials: Stronger Financials Across The Board

Summary We forecasted the Applied Materials, Inc.'s revenue growth of each segment based on historical growth and estimated a revenue opportunity reaching $53,245 mln by 2026. In terms of margins, we modeled its gross margin, EBIT margin, and net margin to stabilize at 47.19%, 27.38% and 23.58%, respectively, in 2022. As Applied Materials, Inc. expands production, we estimated its additional subsidized Capex of $1,688 mln on top of projected Capex of $712 mln. Providing semiconductor manufacturing systems and display manufacturing systems, Applied Materials, Inc.'s (AMAT) stock price has fallen by 43.9% as compared to its peak. We analyzed the revenue, margins and Capex to determine the intrinsic value of the company and determine if there is a mismatch with its stock price. We also calculated how much Applied Materials could benefit from the U.S. CHIPS Act subsidies. Semiconductor Systems Drives Overall Revenue Growth in 2022 Segment ($ mln) 2016 2017 2018 2019 2020 2021 Semiconductor Systems 6,873 9,517 10,903 9,027 11,367 16,286 Growth 38% 15% -17% 26% 43% % of Revenue 78% 65% 63% 62% 66% 70% Applied Global Services 589 3,017 3,754 3,854 4,155 5,013 Growth 412% 24% 3% 8% 21% % of Revenue 7% 21% 22% 26% 24% 22% Display and Adjacent Markets 1,206 1,900 2,498 1,651 1,607 1,834 Growth 58% 31% -34% -3% 14% % of Revenue 14% 13% 14% 11% 9% 8% Corporate and Other 157 103 98 76 73 130 Growth -34% -5% -22% -4% 78% % of Revenue 2% 1% 1% 1% 0% 1% Total 8,825 14,537 17,253 14,608 17,202 23,263 Growth 65% 19% -15% 18% 35% Source: Applied Materials, Khaveen Investments To determine the company’s projected revenue, we first computed the revenue growth and % of total revenue for each segment. The 5-year average growth rate for the Applied Global Services ("AGS") segment was the highest (93.56%). However, this was due to the segment’s growth being boosted by the substantially high growth rate in 2017 (412.22%) which we believe may be due to the semiconductor industry achieving the "highest growth rate in 14 years as of 2017" according to IHS Markit. Therefore, we excluded AGS’s 2017 metrics for all comparisons. Hence, we arrived at a 4-year average growth rate of 13.89% by excluding the 2017 growth as we believe it is an outlier and compared it with other segments’ 5-year average growth (excluding the Corporate and Other segment). Thus, the Semiconductor Systems segment had the highest average revenue growth (5-year average of 21%) whereas the Display and Adjacent Markets had the lowest 5-year average growth (13.31%). Additionally, in 2021, the Semiconductor Systems segment had shown the highest growth (43.27%) due to the "strong demand" as mentioned by management. However, in 2019, all segments had negative revenue growth whereas the Display and Adjacent Markets segment had the largest decrease of 36% which we believe was due to the falling LCD panel prices. In contrast, the Applied Global Services segment grew by 3% in 2019 which we believe was due to its subscription nature providing a recurring revenue. Overall, the average growth rate of all segments for the past 3-year average had been much lower than the 5-year average. Furthermore, for the segment breakdown as % of revenue, the Semiconductor Systems segment remained the largest throughout the 6 years with 70.01% of revenue in 2021 (an increase as compared to the 2017 figure of 65.47%). Additionally, the AGS segment % of revenue increased from 20.75% to 21.55% from 2017 to 2021. In addition, the Display and Adjacent Markets segment% of the total revenue decreased from 2016. Applied Materials Segments Projections ($ mln) 2022F 2023F 2024F 2025F 2026F Semiconductor Systems 19,707 23,846 28,855 34,916 42,250 Growth 21% 21% 21% 21% 21% % of Revenue 72% 74% 76% 78% 79% Applied Global Services 5,709 6,502 7,405 8,434 9,605 Growth 14% 14% 14% 14% 14% % of Revenue 21% 20% 20% 19% 18% Display and Adjacent Markets 1,697 1,570 1,452 1,344 1,243 Growth -7% -7% -7% -7% -7% % of Revenue 6% 5% 4% 3% 2% Corporate and Other 133 137 140 143 147 Growth 2% 2% 2% 2% 2% % of Revenue 0% 0% 0% 0% 0% Total 27,246 32,055 37,852 44,836 53,245 Growth 17% 14% 12% 10% 9% Source: Applied Materials, Khaveen Investments We projected the revenue for each segment based on the historical growth. For the Semiconductor Systems segment, we projected it based on the 5-year average revenue growth of 21% compared to the semiconductor industry forecast (12.2% CAGR by 2029) based on Fortune Business Insights. We then projected the Applied Global Services segment based on the 4-year average growth rate of 13.89%, as we believe the 2017 figure was an outlier. Besides that, as mentioned by the management, the systems under the subscription agreement grew by 11% year-over-year which is in line with our projection of 13.89% for this segment. Furthermore, we believe that the subscription basis of this segment would provide a predictable, recurring and stable revenue for the company. For the Display and Adjacent Markets segment, as there is a huge difference between its 5-year (13%) and 3-year average growth (-7.00%), we used the 3-year average. As mentioned by the company’s management, the weakening in the consumer demand for products like smartphones, PCs and TVs supports our assumption for its growth forecast. Lastly, we projected the Corporate and Other segment based on the 5-year average growth of 2%. With that, we arrived at a projected total revenue of $27,246 mln in 2022 and tapered down its revenue growth for the following years by between 1% to 3% per year through 2026. Stable Margins from 2023 Applied Materials, Khaveen Investments Based on the company’s expense analysis chart, the company's COGS as a % of revenue was in decreasing trend, thus we used its latest COGS as a % of revenue for our projection. Whereas for SG&A, we used the 5-year average of 5.93% while for R&D expenses, we used the 10-year average of 13.88% as it is higher than the company’s 2021 R&D as a % of the revenue of 10.77%. We expect its R&D expenses to be higher as compared to 2021 as the company’s management mentioned that it was adding incremental capacity at our R&D and manufacturing sites to increase longer-term efficiency and output. However, we believe that the CHIPS Act subsidies of US$11 billion for investment in chip research and development could decrease the company’s R&D spending. Applied Materials, Khaveen Investments We computed the projected COGS, R&D and SG&A expenses based on the % of our revenue projection that we mentioned above. From our computation, we expect its gross margin, EBIT margin and net margin to be 47.19%, 27.38% and 23.58%, respectively, in 2022. We believe that its gross margin will remain high supported by the company’s following statement. expect to gradually increase our gross margins beginning in Q4 through a number of actions, including pricing adjustments, manufacturing cost reductions, logistics improvements and product reengineering. – Brice Hill, Chief Financial Officer. Beneficiary of CHIPS Act Subsidies Efficiency Analysis 2015 2016 2017 2018 2019 2020 2021 5-Year Average 2-Year Average Inventory Turnover 3.12x 3.05x 3.08x 2.63x 2.18x 2.47x 2.86x 2.81x 2.66x Days Sales Outstanding (days) 64 68 57 52 63 61 65 61 63 Days Payables Outstanding (days) 44 45 42 41 45 42 40 43 41 Days Inventory Outstanding (days) 117 120 118 139 167 148 128 132 138 Cash conversion Cycle (days) 21 22 16 11 18 19 25 18 22

Sep 13
Here How Much AMAT, KLAC, LRCX, and AMD may be Impacted by Future Licensing Requirements for China

Here How Much AMAT, KLAC, LRCX, and AMD may be Impacted by Future Licensing Requirements for China

The U.S. administration is may widen the restrictions on exports of semiconductors to China in order to limit China's ability to import technology that can be used against U.S. national security interests. Stocks like AMAT, KLAC, LRCX have 27%+ revenue exposure to the Chinese market which may be affected.

Sep 08

Applied Materials declares $0.26 dividend

Applied Materials (NASDAQ:AMAT) declares $0.26/share quarterly dividend, in line with previous. Forward yield 1.11% Payable Dec. 15; for shareholders of record Nov. 25; ex-div Nov. 23. See AMAT Dividend Scorecard, Yield Chart, & Dividend Growth.

Sep 03
At US$91.24, Is Applied Materials, Inc. (NASDAQ:AMAT) Worth Looking At Closely?

At US$91.24, Is Applied Materials, Inc. (NASDAQ:AMAT) Worth Looking At Closely?

Today we're going to take a look at the well-established Applied Materials, Inc. ( NASDAQ:AMAT ). The company's stock...

Shareholder Returns

AMATUS SemiconductorUS Market

Return vs Industry: AMAT underperformed the US Semiconductor industry which returned -30.7% over the past year.

Return vs Market: AMAT underperformed the US Market which returned -23.7% over the past year.

Price Volatility

Is AMAT's price volatile compared to industry and market?
AMAT volatility
AMAT Average Weekly Movement6.2%
Semiconductor Industry Average Movement8.0%
Market Average Movement6.9%
10% most volatile stocks in US Market15.7%
10% least volatile stocks in US Market2.8%

Stable Share Price: AMAT is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: AMAT's weekly volatility (6%) has been stable over the past year.

About the Company

196727,000Gary Dickerson

Applied Materials, Inc. provides manufacturing equipment, services, and software to the semiconductor, display, and related industries. It operates through three segments: Semiconductor Systems, Applied Global Services, and Display and Adjacent Markets. The Semiconductor Systems segment develops, manufactures, and sells various manufacturing equipment that is used to fabricate semiconductor chips or integrated circuits.

Applied Materials Fundamentals Summary

How do Applied Materials's earnings and revenue compare to its market cap?
AMAT fundamental statistics
Market CapUS$72.40b
Earnings (TTM)US$6.65b
Revenue (TTM)US$25.16b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
AMAT income statement (TTM)
Cost of RevenueUS$13.32b
Gross ProfitUS$11.84b
Other ExpensesUS$5.19b

Last Reported Earnings

Jul 31, 2022

Next Earnings Date

Nov 17, 2022

Earnings per share (EPS)7.73
Gross Margin47.05%
Net Profit Margin26.42%
Debt/Equity Ratio45.2%

How did AMAT perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio

Does AMAT pay a reliable dividends?

See AMAT dividend history and benchmarks
When do you need to buy AMAT by to receive an upcoming dividend?
Applied Materials dividend dates
Ex Dividend DateNov 23 2022
Dividend Pay DateDec 15 2022
Days until Ex dividend56 days
Days until Dividend pay date78 days

Does AMAT pay a reliable dividends?

See AMAT dividend history and benchmarks
We’ve recently updated our valuation analysis.


Is AMAT undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AMAT?

Other financial metrics that can be useful for relative valuation.

AMAT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue3x
Enterprise Value/EBITDA9x
PEG Ratio3.9x

Price to Earnings Ratio vs Peers

How does AMAT's PE Ratio compare to its peers?

AMAT PE Ratio vs Peers
The above table shows the PE ratio for AMAT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average13.9x
NXPI NXP Semiconductors
TER Teradyne
LRCX Lam Research
AMAT Applied Materials

Price-To-Earnings vs Peers: AMAT is good value based on its Price-To-Earnings Ratio (10.9x) compared to the peer average (13.9x).

Price to Earnings Ratio vs Industry

How does AMAT's PE Ratio compare vs other companies in the US Semiconductor Industry?

Price-To-Earnings vs Industry: AMAT is good value based on its Price-To-Earnings Ratio (10.9x) compared to the US Semiconductor industry average (15.3x)

Price to Earnings Ratio vs Fair Ratio

What is AMAT's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AMAT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio10.9x
Fair PE Ratio24x

Price-To-Earnings vs Fair Ratio: AMAT is good value based on its Price-To-Earnings Ratio (10.9x) compared to the estimated Fair Price-To-Earnings Ratio (24x).

Share Price vs Fair Value

What is the Fair Price of AMAT when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AMAT ($84.15) is trading below our estimate of fair value ($193.94)

Significantly Below Fair Value: AMAT is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Applied Materials forecast to perform in the next 1 to 3 years based on estimates from 25 analysts?

Future Growth Score


Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: AMAT's forecast earnings growth (2.8% per year) is above the savings rate (1.9%).

Earnings vs Market: AMAT's earnings (2.8% per year) are forecast to grow slower than the US market (14.7% per year).

High Growth Earnings: AMAT's earnings are forecast to grow, but not significantly.

Revenue vs Market: AMAT's revenue (2.5% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: AMAT's revenue (2.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: AMAT's Return on Equity is forecast to be very high in 3 years time (47.7%).

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Past Performance

How has Applied Materials performed over the past 5 years?

Past Performance Score


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: AMAT has high quality earnings.

Growing Profit Margin: AMAT's current net profit margins (26.4%) are higher than last year (24.5%).

Past Earnings Growth Analysis

Earnings Trend: AMAT's earnings have grown by 17.8% per year over the past 5 years.

Accelerating Growth: AMAT's earnings growth over the past year (25.5%) exceeds its 5-year average (17.8% per year).

Earnings vs Industry: AMAT earnings growth over the past year (25.5%) underperformed the Semiconductor industry 54.4%.

Return on Equity

High ROE: AMAT's Return on Equity (55.1%) is considered outstanding.

Discover strong past performing companies

Financial Health

How is Applied Materials's financial position?

Financial Health Score


Financial Health Score 6/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: AMAT's short term assets ($15.4B) exceed its short term liabilities ($6.8B).

Long Term Liabilities: AMAT's short term assets ($15.4B) exceed its long term liabilities ($7.3B).

Debt to Equity History and Analysis

Debt Level: AMAT's net debt to equity ratio (15.8%) is considered satisfactory.

Reducing Debt: AMAT's debt to equity ratio has reduced from 60.7% to 45.2% over the past 5 years.

Debt Coverage: AMAT's debt is well covered by operating cash flow (104.3%).

Interest Coverage: AMAT's interest payments on its debt are well covered by EBIT (32.9x coverage).

Balance Sheet

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What is Applied Materials's current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 4/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Upcoming Dividend Payment

TodaySep 28 2022Ex Dividend DateNov 23 2022Dividend Pay DateDec 15 202222 days from Ex DividendBuy in the next 56 days to receive the upcoming dividend

Dividend Yield vs Market

Applied Materials Dividend Yield vs Market
How does Applied Materials dividend yield compare to the market?
SegmentDividend Yield
Company (Applied Materials)1.2%
Market Bottom 25% (US)1.7%
Market Top 25% (US)4.7%
Industry Average (Semiconductor)2.1%
Analyst forecast in 3 Years (Applied Materials)1.3%

Notable Dividend: AMAT's dividend (1.24%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.67%).

High Dividend: AMAT's dividend (1.24%) is low compared to the top 25% of dividend payers in the US market (4.68%).

Stability and Growth of Payments

Stable Dividend: AMAT's dividends per share have been stable in the past 10 years.

Growing Dividend: AMAT's dividend payments have increased over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (13.3%), AMAT's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (18.2%), AMAT's dividend payments are well covered by cash flows.

Discover strong dividend paying companies


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Gary Dickerson (65 yo)





Mr. Gary E. Dickerson has been the Chief Executive Officer and President of Applied Materials, Inc. since September 1, 2013 and June 19, 2012 respectively. Mr. Dickerson is responsible for the day-to-day o...

CEO Compensation Analysis

Gary Dickerson's Compensation vs Applied Materials Earnings
How has Gary Dickerson's remuneration changed compared to Applied Materials's earnings?
DateTotal Comp.SalaryCompany Earnings
Jul 31 2022n/an/a


May 01 2022n/an/a


Jan 30 2022n/an/a


Oct 31 2021US$35mUS$1m


Aug 01 2021n/an/a


May 02 2021n/an/a


Jan 31 2021n/an/a


Oct 25 2020US$17mUS$1m


Jul 26 2020n/an/a


Apr 26 2020n/an/a


Jan 26 2020n/an/a


Oct 27 2019US$14mUS$1m


Jul 28 2019n/an/a


Apr 28 2019n/an/a


Jan 27 2019n/an/a


Oct 28 2018US$14mUS$1m


Jul 29 2018n/an/a


Apr 29 2018n/an/a


Jan 28 2018n/an/a


Oct 29 2017US$15mUS$1m


Jul 30 2017n/an/a


Apr 30 2017n/an/a


Jan 29 2017n/an/a


Oct 30 2016US$20mUS$1m


Jul 31 2016n/an/a


May 01 2016n/an/a


Jan 31 2016n/an/a


Oct 25 2015US$18mUS$995k


Compensation vs Market: Gary's total compensation ($USD35.27M) is above average for companies of similar size in the US market ($USD13.05M).

Compensation vs Earnings: Gary's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: AMAT's management team is seasoned and experienced (7.5 years average tenure).

Board Members

Experienced Board: AMAT's board of directors are considered experienced (6.8 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: AMAT insiders have only sold shares in the past 3 months.

Recent Insider Transactions

NasdaqGS:AMAT Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
14 Sep 22SellUS$2,652Timothy DeaneIndividual29US$91.46
07 Jul 22SellUS$895,000Teri LittleIndividual10,000US$89.50
06 Jul 22SellUS$1,294,500Teri LittleIndividual15,000US$86.30
01 Dec 21SellUS$42,651,115Gary DickersonIndividual279,310US$153.53
01 Dec 21SellUS$3,187,295Gary DickersonIndividual20,690US$154.05

Ownership Breakdown

What is the ownership structure of AMAT?
Owner TypeNumber of SharesOwnership Percentage
State or Government401,6340.05%
Individual Insiders2,678,9200.3%
General Public181,345,63921.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 46.64% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
The Vanguard Group, Inc.
BlackRock, Inc.
Capital Research and Management Company
State Street Global Advisors, Inc.
Geode Capital Management, LLC
BNY Mellon Asset Management
Northern Trust Global Investments
UBS Asset Management
Columbia Management Investment Advisers, LLC
Teachers Insurance and Annuity Association-College Retirement Equities Fund
T. Rowe Price Group, Inc.
Davis Selected Advisers LP
Norges Bank Investment Management
Legal & General Investment Management Limited
Deutsche Asset & Wealth Management
Pictet Asset Management Limited
Generation Investment Management LLP
Invesco Ltd.
Allianz Asset Management AG
Egerton Capital (UK) LLP
Swedbank Robur Fonder AB
Union Asset Management Holding AG
Massachusetts Financial Services Company
Lazard Asset Management LLC

Company Information

Applied Materials, Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Applied Materials, Inc.
  • Ticker: AMAT
  • Exchange: NasdaqGS
  • Founded: 1967
  • Industry: Semiconductor Equipment
  • Sector: Semiconductors
  • Implied Market Cap: US$72.395b
  • Shares outstanding: 860.31m
  • Website:

Number of Employees


  • Applied Materials, Inc.
  • 3050 Bowers Avenue
  • PO Box 58039
  • Santa Clara
  • California
  • 95052-3299
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
AMATNasdaqGS (Nasdaq Global Select)YesCommon StockUSUSDDec 1972
AMAT *BMV (Bolsa Mexicana de Valores)YesCommon StockMXMXNDec 1972
AP2DB (Deutsche Boerse AG)YesCommon StockDEEURDec 1972
4336SEHK (The Stock Exchange of Hong Kong Ltd.)YesCommon StockHKHKDDec 1972
AP2XTRA (XETRA Trading Platform)YesCommon StockDEEURDec 1972
0R1ALSE (London Stock Exchange)YesCommon StockGBUSDDec 1972
AMATWBAG (Wiener Boerse AG)YesCommon StockATEURDec 1972
AP2ETLX (Eurotlx)YesCommon StockITEURDec 1972
AMATBASE (Buenos Aires Stock Exchange)CEDEAR EACH 5 REPR 1 SHARE (USD)ARARSSep 2000
AMATDBASE (Buenos Aires Stock Exchange)CEDEAR EACH 5 REPR 1 SHARE (USD)ARUSDSep 2000
A1MT34BOVESPA (Bolsa de Valores de Sao Paulo)BDR EACH REPR 1 COMBRBRLDec 2019

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 00:00
Annual Earnings2021/10/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.