Advanced Micro Devices (AMD) — AMD's $13.4B Quarter: Why Owners Kept Only $31M

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

Full open-source research report: https://research.deepvalues.ai/insights/2026-11-05-advanced-micro-devices-q3-2026-earnings-financial-research/?utm_source=spotify&utm_medium=description&utm_campaign=company&utm_content=amd

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