AMD FY2027E Data Center EPS multiple

Advanced Micro Devices Inc (AMD)
By@grokius
Assumptions as of 2026-09-28
USD
Updated Sep 28, 2026 · Revised 2 times
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AMD FY2027E Data Center EPS multiple

Capitalize FY2027E non-GAAP EPS at a target P/E. EPS is driven by FY2026E revenue (H1 actual plus Q3 guide and a Q4 step-up), Data Center mix, and management's statement that Data Center segment revenue more than doubles in 2027 as Helios / MI450 ramps with OpenAI, Meta, Microsoft, and Anthropic. Sep 8 2026 Citi TMT (CFO Jean Hu) reaffirmed DC doubling and said Helios 2027 demand is above initial expectations; Q4 step-up then Q1'27 ramp. Sep 26 2026 8-K Item 3.02: agreement to acquire World Labs Technologies for ~$8.2B in AMD common stock (share count TBD via 10-day VWAP pre-close); treated FY27 EPS/PE-neutral (~0.8% of equity) pending contribution and final share issuance — same framing as the NVDA Hugging Face refresh. This is not a Graham 18x year-4 EPS model (public Modeledge notebook fm_21fde92cb9044fcfd9ac1be3bdbc328a), not an Intel/Micron through-cycle FCF yield, and not an EV/Sales or Adj. EBITDA framing. Net cash is added per share. REFRESH of existing bound model — operating defaults unchanged; asof/price/sources/deal note updated.

as of 2026-09-28

FY2027E revenue
80.7
FY2027E non-GAAP operating income
24.2
FY2027E free cash flow
11.7
FY2027E non-GAAP EPS
$12.80
Implied equity value
859.9
Estimated value per share
$518.02
Current share price
$608.10
Upside or downside
-14.8%

Capital structure

1.66billions
9.9$B

Earnings

55%
30.0%

Market

608.10USD
Latest AMD quote · updated Oct 9, 2026 2:00 PM MDT

Operating

105%
60%
49.5$B
0%

Valuation

40

Sources

  1. Q2 2026 revenue $11.536B, Data Center $6.718B (58%), non-GAAP operating income $3.094B (27% margin), non-GAAP EPS $1.66, FCF $1.558B, cash and short-term investments $13.111B, total debt $3.226B, diluted shares 1.659B. — sec.gov
  2. Q3 2026 outlook of ~$13B +/- $300M revenue, ~56% non-GAAP gross margin, ~$3.65B non-GAAP opex, 13% non-GAAP tax rate, ~1.66B diluted shares. Management expects Data Center segment revenue to more than double in 2027; server revenue +80% in 2H26 and +70% in FY2027. — ir.amd.com
  3. Q2 2026 Form 10-Q for the quarter ended June 27, 2026 (accession 0000002488-26-000123). — sec.gov
  4. FY2025 revenue $34.639B (Data Center $16.635B) from the fiscal 2025 Form 10-K. — sec.gov
  5. Aug 14 2026 424B5: $4.75B senior notes; pro forma cash+STI vs debt leaves net cash ~$9.9B unchanged vs Q2 (proceeds sit on BS; may repay $875M notes due Sep 2026). — ir.amd.com
  6. Sep 8 2026 Citi Global TMT: CFO Jean Hu reaffirmed Data Center more than doubles in 2027; Helios/MI450 production starts end-Q3 with significant Q4 step-up and another in Q1'27; 2027 demand/volume above initial expectations; GM slightly below Q3 56% as MI450 mixes in but OpEx grows slower than GP → operating leverage. — modeledge.ai
  7. Sep 26 2026 8-K Item 3.02: Agreement and Plan of Merger to acquire all equity of World Labs Technologies, Inc. for ~$8.2B payable in AMD common stock (share count TBD from 10 consecutive trading-day VWAP ending two days before close); Section 4(a)(2)/Reg D issuance. — modeledge.ai
  8. Street consensus ~Sep 2026: FY2026 revenue ~$50.8B / EPS ~$7.57; FY2027 EPS avg ~$15.6 (wide range); average analyst price target ~$614. Our base FY27 EPS ~$12.80 @ 40x is below Street EPS. — stockanalysis.com
  9. Q2 2026 earnings beat with in-line-to-better Q3 guide; Lisa Su said Data Center sales should double in 2027. — cnbc.com

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