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Analog Devices, Inc.

ADI Technology Semiconductors

Analog Devices, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 16.9% from fiscal 2024.

Revenue
+39.6%
EPS
+162.9%
Free cash flow
+34.3%
Total debt
−0.29%

Quarter to July 2026, against a year earlier

363.20 2.19 +0.61%
Market cap
$174.9B
P/E
43.3×
Fwd P/E
0.0×
Dividend yield
0.00%
F-score
8/9
Altman Z
5.73
Beneish M
−2.77
Dividend safety
69/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Industrial
  • Automotive
  • Consumer
  • Communications

Every year since 2008 →

Insider Decisions last twelve months

Sold, $m 104.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 4 5 3 3 1 2 5 3 4 4 7 1
Insider Ownership 0.55%

Capital & Financial Ratios $m

Size
Market Cap 174,930.00
Revenue ttm 13,881.74
Net income ttm 4,135.00
Free cash flow ttm 4,937.50
Net debt Q 5,791.55
Valuation
P/E 43.34 (above 35: high)
Forward P/E 0.00
Price / sales 12.85 (above 10: high)
Forward P/S Powerpack
Price / FCF 36.13
Price / book 5.32
Financial health
Current ratio Q 1.25
Debt / equity Q 0.24 (at or below 0.5: strong)
Interest coverage Q 18.18
Growth
Revenue growth Q +39.63% (above 0%: growing)
Operating income growth Q +97.18% (above 0%: growing)
EPS, this year +65.35% (at or above 15%: strong)
EPS, next year A +30.55% (at or above 15%: strong)
Revenue, next year A −62.09% (below 0%: weak)
EPS, past 5 yrs +6.81%
EPS, next 5 yrs A +36.76% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 13.3×, against a ten-year median of 8.4×; over the ten years it ranged from 4.3× in 2016 to 16.2× in 2026.
P/E against its own 10 years 68.02%
10-year low 10-year high
P/S against its own 10 years 92.96%
10-year low 10-year high
P/B against its own 10 years 95.27%
10-year low 10-year high
EV/Sales against its own 10 years 93.00%
10-year low 10-year high
EV/FCF against its own 10 years 82.76%
10-year low 10-year high

Dividends

Yield
0.00%
Annual rate
0.00
Payout ratio
0.00%
Growth, 2016–24
+1.14%/yr
  1. 1.68 ’16
  2. 1.80 ’17 +7
  3. 1.92 ’18 +7
  4. 2.16 ’19 +13
  5. 2.48 ’20 +15
  6. 2.76 ’21 +11
  7. 3.04 ’22 +10
  8. 3.44 ’23 +13
  9. 1.84 ’24 −47
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 958 2,363 3,652 2,325
Receivables 1,470 1,336 1,436 2,390
Inventory 1,642 1,448 1,656 1,931
Other — — — —
4,384 5,485 7,108 7,073
2023 2024 2025 Q'26
Payables 493 487 544 682
ST’ Debt 499 400 — 1,345
Other — — — —
3,201 2,988 3,246 5,656

Compound Annual Growth %

10y 5y 3y
Sales 12.36% 14.49% (2.84%)
Cash Flow 18.15% 19.10% 2.45%
Earnings 12.52% 13.18% (6.21%)
Book Value 20.89% 23.03% (2.48%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 3.33 Actual 3.45

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.22 2.26 Beat by 0.04
Q1 FY26 2.30 2.46 Beat by 0.16
Q2 FY26 2.89 3.09 Beat by 0.20
Q3 FY26 3.33 3.45 Beat by 0.12
Q4 FY26 3.89 — Reports 24 November 2026

EPS $

Jan Apr Jul Oct Year
’26 1.69 2.40 2.74 — —
’25 0.78 1.14 1.04 1.60 4.56
’24 0.93 0.61 0.79 0.96 3.28
’23 1.88 1.92 1.74 1.00 6.55
’22 0.53 1.49 1.44 1.82 5.25
’21 1.04 1.14 1.35 0.16 3.46
’20 0.55 0.72 0.97 1.04 3.28
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 3,160 3,623 4,022 — —
’25 2,423 2,640 2,880 3,076 11,020
’24 2,513 2,159 2,312 2,443 9,427
’23 3,250 3,263 3,076 2,716 12,306
’22 2,684 2,972 3,110 3,248 12,014
’21 1,558 1,661 1,759 2,340 7,318
’20 1,304 1,317 1,456 1,526 5,603
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 1,369 872 1,604 — —
’25 1,127 819 1,165 1,701 4,812
’24 1,139 808 855 1,051 3,853
’23 1,406 1,082 1,142 1,187 4,818
’22 856 1,222 1,248 1,149 4,475
’21 428 736 630 941 2,735
’20 350 429 557 673 2,008
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 1,259 734 1,458 — —
’25 978 788 1,086 1,486 4,338
’24 916 620 701 885 3,122
’23 1,230 797 818 711 3,556
’22 745 1,103 1,083 845 3,776
’21 361 677 544 810 2,391
’20 295 369 536 643 1,843
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 15.0% a year for ten years. It grew 16.2% a year over the last ten.

Implied
15.0%
10 years, reported
16.2%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 3,421 5,246 6,225 5,991 5,603 7,318 12,014 12,306 9,427 11,020 13,882 +13.9% — — — —
Gross margin, % 65.10 60.39 68.28 67.00 65.87 61.83 62.70 64.01 57.08 61.47 65.80 (3.6) pt
EBT 957 935 1,655 1,486 1,312 1,329 3,099 3,608 1,777 2,712 4,704 +12.3%
EBT margin, % 27.97 17.82 26.59 24.80 23.41 18.16 25.79 29.32 18.85 24.61 33.88 (3.4) pt
Net income 862 805 1,507 1,363 1,221 1,390 2,749 3,315 1,635 2,267 4,135 +11.3%
Per share, $
Per share, $ Revenue 11.08 15.15 16.80 16.23 15.20 18.41 23.14 24.50 19.00 22.29 28.56 +8.1%
Earnings 2.79 2.32 4.02 3.68 3.31 3.50 5.29 6.60 3.30 4.59 8.47 +5.7%
Cash flow 4.18 3.33 6.59 6.10 5.45 6.88 8.62 9.59 7.76 9.73 11.41 +9.8%
Capex (0.41) (0.59) (0.69) (0.75) (0.45) (0.86) (1.35) (2.51) (1.47) (0.96) (1.25) +9.8%
Free cash flow 3.77 2.74 5.91 5.36 5.00 6.02 7.27 7.08 6.29 8.77 10.16 +9.8%
Book value 16.73 29.34 30.42 31.72 32.55 95.59 70.23 70.81 70.90 68.40 69.03 +16.9%
Shares, m 309 346 370 369 369 397 519 502 496 494 489 +5.4%
Valuation, ×
Valuation, × P/E 22.97 43.68 20.88 28.98 35.79 46.91 26.86 23.87 67.81 51.01 43.34 36.9
P/S 5.78 6.03 4.98 6.57 7.80 9.50 6.16 6.42 11.74 10.50 12.85 7.5
P/B 3.83 3.11 2.75 3.36 3.64 1.83 2.03 2.22 3.15 3.42 5.32 2.9
EV/Sales 5.21 7.32 5.87 7.38 8.53 10.16 6.59 6.86 12.24 10.95 13.27 8.1
EV/FCF 15.33 40.44 16.70 22.35 25.94 31.09 20.97 23.75 36.95 27.81 37.31 26.1
Cash, $m
Cash, $m Operating cash flow 1,291 1,154 2,442 2,253 2,008 2,735 4,475 4,818 3,853 4,812 5,545 +15.7%
Capex (127) (204) (255) (275) (166) (344) (699) (1,261) (730) (475) (608) +15.7%
Free cash flow 1,164 950 2,187 1,978 1,843 2,391 3,776 3,556 3,122 4,338 4,937 +15.7%
Balance, $m
Balance, $m Working capital 4,192 755 1,060 476 1,153 2,608 2,495 1,183 2,496 3,862 1,416 (0.9%)
Net debt (2,324) 6,803 5,516 4,844 4,129 4,792 5,132 5,443 4,671 4,493 5,792 n/m
Shareholders’ equity 5,166 10,162 11,268 11,709 11,998 37,993 36,465 35,565 35,176 33,816 33,551 +23.2%
Returns, %
Returns, % ROA 11.47 5.53 7.22 6.52 5.70 3.77 5.36 6.69 3.37 4.71 8.56 (6.8) pt
ROIC 22.61 4.28 7.07 6.46 5.81 2.47 4.93 5.83 3.19 4.78 7.84 (17.8) pt
ROE 16.83 10.51 14.01 11.86 10.30 5.56 7.38 9.20 4.62 6.57 12.23 (10.3) pt
People
People Employees 10,000 15,300 15,800 16,400 15,900 24,700 24,450 26,000 24,000 24,500 — +10.5%
Revenue/emp, $m 0.34 0.34 0.39 0.37 0.35 0.30 0.49 0.47 0.39 0.45 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026 · fundamentals updated 26 Oct 2026

Business profile

Updated

Analog Devices is a semiconductor company that designs, manufactures, tests and sells integrated circuits, software and subsystems. It was founded in 1965 and is headquartered near Boston in Wilmington, Massachusetts. Vincent Roche is Chief Executive Officer and Chair of the Board.

Its chips sit between physical equipment and digital systems. They sense inputs such as temperature, pressure, motion, light and sound; convert those signals into digital data; process or transmit the information; and manage the power used by electronic systems. Its portfolio includes data converters, amplifiers, power-management chips, radio-frequency and microwave chips, sensors, edge processors and digital signal processors.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Industrial 4,929 44.73%
Automotive 3,278 29.75%
Consumer 1,435 13.02%
Communications 1,378 12.50%
Gross margin 61.47%
Operating margin 26.61%
Pre-tax margin 24.61%

Revenue by segment since 2008

Analog Devices, Inc. vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
INTC Intel Corporation $277.7B — (loss-making) — (loss-making) +20.95% (above 0%: growing) −30.00% (below 0%: shrinking) +774.38% (above 0%: growing) 42.97% 15.27% Compare
TXN Texas Instruments Incorporated $254.2B 36.2× 33.2× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $178.1B 175× 164× +22.41% (above 0%: growing) +108.33% (above 0%: growing) +305.85% (above 0%: growing) 97.21% 7.06% Compare
ADI Analog Devices, Inc. $174.9B 43.3× — (loss-making) +39.63% (above 0%: growing) +162.86% (above 0%: growing) +34.29% (above 0%: growing) 67.32% 40.10%
QCOM QUALCOMM Incorporated $167.4B 12.5× 13.2× −8.42% (below 0%: shrinking) n/m −23.95% (below 0%: shrinking) 50.75% 13.15% Compare
MRVL Marvell Technology, Inc. $117.1B 44.4× 109× +36.55% (above 0%: growing) +47.83% (above 0%: growing) +14.45% (above 0%: growing) 53.14% 16.78% Compare
ASX ASE Technology Holding Co., Ltd. $65.6B 27.2× 31.6× +35.74% (above 0%: growing) +126.53% (above 0%: growing) −127.04% (below 0%: shrinking) 22.10% 13.57% Compare
NXPI NXP Semiconductors N.V. $61.6B 19.4× 17.8× +19.32% (above 0%: growing) +42.63% (above 0%: growing) +140.74% (above 0%: growing) 57.82% 32.44% Compare
MPWR Monolithic Power Systems, Inc. $55.2B 63.4× 56.0× +63.11% (above 0%: growing) +48.66% (above 0%: growing) +1,311.55% (above 0%: growing) 55.35% 29.75% Compare
Median of peers $142.2B 36.2× 33.2× +25.05% +48.66% +169.06% 54.25% 16.03%

All 68 Semiconductors stocks →

From the latest earnings call

Updated

  • Vincent Roche said ADI’s data-center and energy opportunity has expanded as AI infrastructure requires more analog content across power, sensing and optical connectivity.
  • Richard Puccio said ADI expects to build additional channel inventory as demand accelerates while maintaining capacity through internal expansion and external wafer supply.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 90.88%
Held by the ten largest 42.05%
Holder Shares Stake Change
Vanguard 51.52m 10.63% +525.66k
BlackRock 46.86m 9.67% +3.75m
State Street 23.66m 4.88% +602.33k
Invesco 17.01m 3.51% +201.88k
JPMorgan Chase 16.89m 3.49% −3.84m
Geode Capital Management 12.42m 2.56% +252.04k
UBS 9.72m 2.00% −444.37k
Bank of America 9.00m 1.86% −1.22m
VanEck 8.42m 1.74% +1.67m
Morgan Stanley 8.25m 1.70% −4.89k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 23 January 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 27.46m 54.02m 215.75
2024 22.44m 64.88m 204.26
2023 25.54m 27.38m 142.97
2022 22.10m 11.38m 126.62
2021 30.82m 59.57m 148.90

Ownership

Directors and executive officers, together less than 1%
Malvern, Pennsylvania 10.20%
New York, New York 7.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Analog Devices, Inc. (ADI) Latest News

6 Nov

Impact 3 · · PR Newswire

3 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 4 · · 24/7 Wall St.
Impact 3 · · Zacks

28 Oct

Impact 3 · · Simply Wall St.
Impact 3 · · Simply Wall St.
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 3 · · 24/7 Wall St.

23 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Trefis

21 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

19 Oct

Impact 4 · · Zacks

13 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks

12 Oct

Impact 4 · · Insider Monkey

8 Oct

Impact 3 · · Simply Wall St.

7 Oct

Impact 4 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Simply Wall St.

6 Oct

Impact 3 · · Trefis

1 Oct

Impact 4 · · Zacks
Impact 3 · · Trefis
Impact 3 ·

30 Sep

Impact 3 · · Simply Wall St.

ADI metrics, ten years each

stockrow.com/ADI · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com