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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. In the quarter to July 2026, revenue grew 39.6%, EPS grew 162.9%, free cash flow grew 34.3% and total debt was flat, each against the same quarter a year earlier. Member of the S&P 500 and Nasdaq 100; dividend growth for ten consecutive years.

395.44 8.51 −2.11%
Market cap
$195.7B
P/E
46.7×
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 Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 104.63
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 2 5 5 3 3 1 2 5 3 4 4 6
Insider Ownership 0.55%

Capital & Financial Ratios $m

Market Cap 195,740.00
Revenue 13,881.74
Net Income 4,135.00
Free Cash Flow 4,937.50
Net Debt 5,791.55
Current Ratio 1.25
Debt/Equity 0.24 (at or below 0.5: strong)
P/E ratio 46.69 (above 35: high)
Fwd P/E 0.00
P/S ratio 13.85 (above 10: high)
P/B ratio 5.73
Past 5Y EPS Growth 6.81%
This Y EPS Growth 65.11% (at or above 15%: strong)
Next Y EPS Growth 30.04% (at or above 15%: strong)
Next Y revenue growth (62.09%) (below 0%: weak)
Next 5Y EPS Growth 36.34% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.3×, 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 74.01%
10-year low 10-year high
P/S against its own 10 years 96.02%
10-year low 10-year high
P/B against its own 10 years 98.05%
10-year low 10-year high
EV/Sales against its own 10 years 95.98%
10-year low 10-year high
EV/FCF against its own 10 years 90.90%
10-year low 10-year high

Dividends

Payout Ratio 0.00
Annual Dividend Rate 0.00
Annual Dividend Yield 0.00%
total individual payouts
2024 1.84
0.92
0.92
2023 3.44
0.86
0.86
0.86
0.86
2022 3.04
0.76
0.76
0.76
0.76
2021 2.76
0.69
0.69
0.69
0.69
2020 2.48
0.62
0.62
0.62
0.62
2019 2.16
0.54
0.54
0.54
0.54
2018 1.92
0.48
0.48
0.48
0.48
2017 1.80
0.45
0.45
0.45
0.45
2016 1.68
0.42
0.42
0.42
0.42
special payouts not included in total or ratios

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%)

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

1.4
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 47.24 71.00 76.62 80.46 79.08 142.25 133.48 154.99 181.81 158.65

Analyst estimates 2026–2028

Powerpack
High 74.87 93.99 103.59 124.79 147.83 191.95 180.01 202.77 244.14 284.23
People
People Employees 10,000 15,300 15,800 16,400 15,900 24,700 24,450 26,000 24,000 24,500
Revenue/emp, $m 0.34 0.34 0.39 0.37 0.35 0.30 0.49 0.47 0.39 0.45
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
Gross margin, % 65.10 60.39 68.28 67.00 65.87 61.83 62.70 64.01 57.08 61.47
EBT 957 935 1,655 1,486 1,312 1,329 3,099 3,608 1,777 2,712
EBT margin, % 27.97 17.82 26.59 24.80 23.41 18.16 25.79 29.32 18.85 24.61
Net income 862 805 1,507 1,363 1,221 1,390 2,749 3,315 1,635 2,267
Depreciation 210 584 799 811 811 1,075 2,297 2,293 2,104 1,999
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
Earnings 2.79 2.09 4.02 3.68 3.31 3.50 5.29 6.60 3.30 4.59
Cash flow 4.18 3.33 6.59 6.10 5.45 6.88 8.62 9.59 7.76 9.73
Capex (0.41) (0.59) (0.69) (0.75) (0.45) (0.86) (1.35) (2.51) (1.47) (0.96)
Free cash flow 3.77 2.74 5.91 5.36 5.00 6.02 7.27 7.08 6.29 8.77
Book value 16.73 29.34 30.42 31.72 32.55 95.59 70.23 70.81 70.90 68.40
Shares, m 309 346 370 369 369 397 519 502 496 494
Valuation, ×
Valuation, × P/E 22.97 43.68 20.88 28.98 35.79 46.91 26.86 23.87 67.81 51.01
P/S 5.78 6.03 4.98 6.57 7.80 9.50 6.16 6.42 11.74 10.50
P/B 3.83 3.11 2.75 3.36 3.64 1.83 2.03 2.22 3.15 3.42
EV/Sales 5.21 7.32 5.87 7.38 8.53 10.16 6.59 6.86 12.24 10.95
EV/FCF 15.33 40.44 16.70 22.35 25.94 31.09 20.97 23.75 36.95 27.81
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
Capex (127) (204) (255) (275) (166) (344) (699) (1,261) (730) (475)
Free cash flow 1,164 950 2,187 1,978 1,843 2,391 3,776 3,556 3,122 4,338
Balance, $m
Balance, $m Working capital 4,192 755 1,060 476 1,153 2,608 2,495 1,183 2,496 3,862
Total debt 1,732 7,851 6,333 5,492 5,185 6,770 6,603 6,402 7,034 8,145
Net debt (2,324) 6,803 5,516 4,844 4,129 4,792 5,132 5,443 4,671 4,493
Shareholders’ equity 5,166 10,162 11,268 11,709 11,998 37,993 36,465 35,565 35,176 33,816
Returns, %
Returns, % ROA 11.47 5.53 7.22 6.52 5.70 3.77 5.36 6.69 3.37 4.71
ROIC 22.61 4.28 7.07 6.46 5.81 2.47 4.93 5.83 3.19 4.78
ROE 16.83 10.51 14.01 11.86 10.30 5.56 7.38 9.20 4.62 6.57
Negative figures in brackets.

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Charts ten years each

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 $504.1B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m +396.67% (above 0%: growing) 40.36% 11.14% Compare
ARM ARM Holdings PLC Sponsored ADR $261.4B 235× 281× +22.41% (above 0%: growing) +108.33% (above 0%: growing) +305.85% (above 0%: growing) 97.21% 7.06% Compare
TXN Texas Instruments Incorporated $254.9B 41.7× 37.1× +22.82% (above 0%: growing) +51.75% (above 0%: growing) +300.18% (above 0%: growing) 61.36% 42.28% Compare
MRVL Marvell Technology, Inc. $211.5B 74.2× 143× +36.55% (above 0%: growing) +47.83% (above 0%: growing) +14.45% (above 0%: growing) 53.14% 16.78% Compare
ADI Analog Devices, Inc. $195.7B 46.7× — (loss-making) +39.63% (above 0%: growing) +162.86% (above 0%: growing) +34.29% (above 0%: growing) 67.32% 40.10%
QCOM QUALCOMM Incorporated $190.5B 19.7× 17.1× −4.03% (below 0%: shrinking) −22.54% (below 0%: shrinking) −80.82% (below 0%: shrinking) 53.05% 16.35% Compare
ASX ASE Technology Holding Co., Ltd. $92.1B 44.4× 34.1× +23.62% (above 0%: growing) +172.73% (above 0%: growing) −338.02% (below 0%: shrinking) 21.01% 11.06% Compare
MPWR Monolithic Power Systems, Inc. $61.4B 73.8× 76.7× +47.56% (above 0%: growing) +87.81% (above 0%: growing) −61.46% (below 0%: shrinking) 55.18% 30.99% Compare
NXPI NXP Semiconductors N.V. $58.3B 19.5× 20.8× +19.48% (above 0%: growing) +72.73% (above 0%: growing) +14.42% (above 0%: growing) 57.27% 30.64% Compare
Median of peers $201.0B 44.4× 37.1× +23.22% +72.73% +14.43% 54.16% 16.57%

All 67 Semiconductors stocks →

ADI metrics, ten years each

Analog Devices, Inc. (ADI) key facts

  • Strength: Analog Devices, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $11.0 billion, up 16.9% from fiscal 2024.
  • Analog Devices, Inc. (ADI) is a Semiconductors company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, ADI traded at $395.44, a market capitalization of $195.7 billion.
  • Analog Devices, Inc. does not currently pay a dividend.
  • Return on equity was 6.57% and debt-to-equity 0.24.
  • Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 5.73 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated

Analog Devices reported $11.0 billion of revenue and $2.3 billion of net income in FY2025. In Q3 FY2026, revenue was $4.0 billion, net income was $1.3 billion, and diluted EPS was $2.74. Trailing-twelve-month revenue to Q3 FY2026 reached $13.9 billion.

Profitability measures increased in Q3 FY2026, with a 67.3% gross margin and a 40.1% operating margin. Net debt was $5.8 billion in Q3 FY2026. As of September 28, 2026, market capitalisation was $192.2 billion and P/E was 46.7×.

Analog Devices, Inc. (ADI) Latest News

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stockrow.com/ADI · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com