The above product roadmap and AMD’s 2017 and 2018 earnings show that the company is on track to achieve its long-term financial target (last updated on May 2017) earlier than expected. However, the company might see earnings weakness in the first half of 2019 due to the end of windfall gains from crypto-related GPU sales.

AMD’s financial model aims to achieve double-digit revenue growth from new product announcements. It achieved this target in 2017 and 2018 driven by strong revenue growth from Ryzen, Radeon, and EPYC. The company also maintained its operating expense ratio within its targeted range of 26% to 30% in 2017 and 2018.

AMD is yet to achieve its gross margin target of 40% to 44% and EPS target of over $0.75. It has succeeded in improving its gross margin and EPS and is likely to achieve or even exceed the target in 2019.

AMD is also on track to achieve its targeted capital structure, which we’ll look into next.

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