— Know what they know.
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Not Investment Advice

ADI

NASDAQ · USD
Analog Devices, Inc.
Technology · Semiconductors
CEO Vincent T. Roche Employees 24,500 R&D / revenue 16.0%
Last price
$395.44−2.11%last session
Market cap
$191.6B
P/E (TTM)
46.7x
From 52w high
−11.3%
From 52w low
+77.0%
1-year return
+65.7%
RSI 14 · vs SMA200
49.7 · +8.5%
IS score
81.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

ADI   SPY   XLK (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26ADI 166XLK 129SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
78
Profitability
77
Growth
38
Value
100
Momentum
100
Risk (safety)
87
Quality
68
Balance sheet
77
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for ADI (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 8.3Beta 1.213 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
121 open-market sales, $60.4M
Form 144 notices (12m): 38, $105.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
5
Last disclosed purchase 2026-10-08
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+171
311 new holders, 114 closed
2,297 filers hold 91.4% · 875 added, 829 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+330
1,829 funds adding shares
1,499 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
55.4%
20-day avg 53.5%, 50-day avg 48.3%
Latest 1.9 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$11.0B
Revenue growth YoY+16.9%
Gross margin61.5%
Operating income$2.9B
Operating margin26.6%
Net income$2.3B
Net margin20.6%
EPS (diluted)$4.56
Cash flow
Operating cash flow$4.8B
Capital expenditure$533.6M
Free cash flow$4.3B
FCF conversion (FCF / OCF)88.9%
Stock-based compensation$321.6M
FCF less SBC$4.0B
Buybacks$2.2B
Dividends$1.9B
Balance sheet & returns
Cash & short-term investments$3.7B
Total debt$8.6B
Net debt$4.9B
Shareholders' equity$33.8B
Goodwill & intangibles$35.0B
Debt / equity0.27
ROE (TTM)12.3%
ROIC (TTM)9.6%
Operating margin by fiscal year
23.1%FY202127.3%FY202221.6%FY202426.6%FY2025
Revenue $7.3B (FY2021) to $11.0B (FY2025), a 10.8% CAGR.

Valuation

P/E (TTM)46.7x
EV / EBITDA28.3x
Price / sales13.80x
Price / FCF38.8x
FCF yield2.58%
Buyback yield1.13%
SBC / revenue2.5%
Price / book5.75x
Forward P/E FY202630.7x
Forward P/E FY202723.6x
Forward P/E FY202820.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $482.56 across 9 analysts last quarter is theirs, not ours.

ADI vs industry median

196 companies in Semiconductors
Gross margin 65.8% 45.0% Operating margin 35.5% 5.8% Net margin 29.8% 5.7% ROIC 9.6% 6.2%
ADI (TTM)Industry median Asset turnover 0.29 vs industry 0.52 · financial leverage 1.44

Earnings delivery

Next report 2026-11-24 · consensus EPS $3.89
92%
beat rate, 11 of 12 quarters
+4.9%
median EPS surprise
11
longest beat streak
+0+1+11+5+2+6+9+5+1+6+7+3
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-21 to 2026-08-19. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
ADI Analog Devices, Inc. $191.6B46.7x12.3%29.8%+16.9% +65.7%
MRVL Marvell Technology, Inc. $199.5B74.7x16.5%11.2%+30.6% +158.2%
QCOM QUALCOMM Incorporated $183.8B19.6x33.8%20.1%+1.9% +7.1%
KLAC KLA Corporation $216.3B45.0x87.5%37.3%+11.7% +51.7%
ARM Arm Holdings plc American De $243.3B234.8x13.4%20.9%+25.1% +33.1%
TXN Texas Instruments Incorporat $252.5B41.8x35.2%36.2%+16.7% —
AMAT Applied Materials, Inc. $324.8B35.1x41.1%27.8%+7.8% —
LRCX Lam Research Corporation $330.3B45.6x65.1%33.9%+26.0% —
12-month window: SPY +15.9%, sector ETF XLK +29.0%. Past returns describe history only.

Recent 8-K filings

2026-09-17Material Agreement; Exhibits
2026-09-09Regulation FD; Exhibits
2026-08-19Earnings Release; Exhibits
2026-07-29Other Events
2026-07-02Material Agreement; Financial Obligation; Exhibits
2026-05-20Earnings Release; Exhibits

Context

Shares outstanding484,565,465
Free float99.7%
Institutional ownership91.4%
Beta1.21
Dividend yield1.08%
Last dividend$1.10 on 2026-09-01
50 / 200-day average$382.95 / $365.58
Large-cap Technology median P/E34.8x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where ADI sits among 76 scored companies in Semiconductors (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureADIIndustry medianIndustry percentileSector median
P/E (TTM) 46.3x 45.9x
51st		 32.0x
PEG (P/E ÷ 3-yr EPS CAGR) 8.01 2.30
100th		 1.36
Price / sales 13.8x 8.1x
72nd		 3.9x
Price / book 5.7x 5.5x
53rd		 4.4x
Price / tangible book —
Price / free cash flow 38.8x 57.4x
30th		 20.3x
Price / operating cash flow 34.6x 38.7x
45th		 17.9x
Enterprise value $198.4B $6.8B
85th		 $5.5B
EV / sales 14.3x 8.4x
75th		 4.1x
EV / EBITDA 28.2x 28.1x
51st		 18.9x
EV / EBIT 39.3x 38.4x
53rd		 26.7x
EV / free cash flow 40.2x 57.4x
30th		 21.9x
Earnings yield 2.2% 1.2%
65th		 2.0%
FCF yield 2.6% 1.4%
79th		 3.3%
Operating cash flow yield 2.9% 2.0%
65th		 4.4%
Graham number (per share) $113.95 $34.80
94th		 $28.08

Profitability (TTM)

MeasureADIIndustry medianIndustry percentileSector median
Gross margin 65.8% 48.5%
85th		 55.7%
EBITDA margin 50.6% 18.7%
95th		 13.7%
Operating margin 35.5% 10.1%
92nd		 8.2%
EBIT margin 36.4% 12.1%
89th		 8.6%
Net margin 29.8% 9.4%
85th		 5.7%
NOPAT margin 31.3% 9.3%
89th		 7.0%
FCF margin 35.6% 12.0%
93rd		 15.0%
Operating cash flow margin 39.9% 18.3%
89th		 18.4%
R&D / revenue 14.2% 17.5%
40th		 12.9%
SG&A / revenue 10.4% 14.9%
29th		 25.6%
Stock comp / revenue 2.5% 3.9%
39th		 4.4%
Effective tax rate 12.1% 17.4%
21st		 21.0%

Returns on capital

MeasureADIIndustry medianIndustry percentileSector median
ROE (on average equity) 12.2% 6.8%
61st		 9.4%
ROA 8.6% 4.2%
63rd		 4.1%
ROIC 10.8% 7.9%
55th		 9.0%
ROCE 11.8% 6.6%
68th		 8.6%
Return on tangible assets 10.5% 5.7%
65th		 5.9%
Cash ROIC (OCF / invested capital) 13.7% 14.1%
48th		 20.7%
Gross profitability (GP / assets) 18.9% 21.5%
44th		 30.0%
ROIC, 3-yr average 6.6% 6.8%
47th		 7.4%
ROIC, 5-yr average 6.9% 16.5%
33rd		 7.9%
ROE, 5-yr average 7.7% 10.9%
34th		 6.9%
Incremental ROIC —

Growth

MeasureADIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 33.6% 17.8%
74th		 14.3%
Revenue growth (QoQ) 11.0% 13.2%
40th		 6.6%
Revenue CAGR, 3 yr 2.6% 3.5%
49th		 9.6%
Revenue CAGR, 5 yr 17.5% 6.5%
73rd		 11.5%
Gross profit CAGR, 3 yr 2.6% 2.6%
50th		 10.9%
Operating income CAGR, 3 yr 5.1% -2.2%
60th		 11.3%
Net income growth (TTM YoY) 111.2% 35.4%
73rd		 21.6%
Net income CAGR, 3 yr 4.5% 1.9%
59th		 9.9%
EPS growth (TTM YoY) 114.0% 37.4%
73rd		 22.3%
EPS CAGR, 3 yr 5.8% -0.5%
62nd		 11.2%
EPS CAGR, 5 yr 15.0% 7.5%
61st		 12.0%
FCF growth (TTM YoY) 34.2% 31.5%
54th		 24.6%
FCF CAGR, 3 yr 7.7% 2.9%
56th		 19.3%
Operating cash flow CAGR, 3 yr 4.3% 4.1%
56th		 17.9%
Book value CAGR, 3 yr -1.1% 7.2%
21st		 6.8%
Dividend CAGR, 3 yr 3.8% 1.9%
63rd		 3.1%
Sustainable growth rate 6.2% 10.7%
35th		 14.2%

Margin history & stability

MeasureADIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 61.6% 47.6%
86th		 53.2%
Operating margin, 3-yr average 28.0% 8.0%
86th		 6.6%
Net margin, 3-yr average 23.0% 7.9%
82nd		 5.2%
FCF margin, 3-yr average 33.8% 11.5%
94th		 12.7%
Revenue stability (0-1) 0.57 0.58
49th		 0.87
Earnings stability (0-1) 0.35 0.36
49th		 0.45
Margin stability (0-1) 0.94 0.93
60th		 0.95

Liquidity (latest quarter)

MeasureADIIndustry medianIndustry percentileSector median
Cash & short-term investments $2.3B $667.9M
77th		 $494.1M
Net cash (− = net debt) −$6.8B $201.8M
7th		 $49.8M
Working capital $1.4B $953.3M
64th		 $391.0M
Current ratio 1.25 3.45
1st		 1.92
Quick ratio 0.91 2.56
1st		 1.67
Cash ratio (cash + ST investments / current liabilities) 0.41 1.60
7th		 0.95
Defensive interval (days) 410 days 778 days
17th		 521 days

Leverage & solvency (latest quarter)

MeasureADIIndustry medianIndustry percentileSector median
Total debt $9.1B $307.1M
92nd		 $349.3M
Debt / equity 0.27 0.17
56th		 0.29
Net debt / equity 0.20 −0.19
79th		 −0.13
Debt / assets 18.8% 11.2%
61st		 16.9%
Debt / capital 21.4% 14.8%
56th		 22.3%
Debt / EBITDA 1.30 1.14
55th		 1.78
Net debt / EBITDA 0.97 −0.82
84th		 −0.18
Interest coverage (EBIT / interest) 14.4x 12.4x
57th		 5.8x
Cash interest coverage 15.8x 15.4x
54th		 12.8x
Debt payback (years of OCF) 1.6 yrs 1.2 yrs
59th		 1.6 yrs
Liabilities / assets 30.7% 30.8%
49th		 48.7%
IS credit model rating AA- — —
Implied credit spread (bps) 100 125
39th		 175

Efficiency

MeasureADIIndustry medianIndustry percentileSector median
Asset turnover 0.29 0.52
15th		 0.62
Fixed asset turnover 4.14 4.69
41st		 9.25
Inventory turnover 2.7 2.7
52nd		 3.8
Receivables turnover 7.0 6.3
63rd		 6.2
Days sales outstanding 52 days 58 days
37th		 59 days
Days inventory outstanding 136 days 137 days
48th		 94 days
Days payables outstanding 45 days 50 days
39th		 46 days
Cash conversion cycle (days) 142 days 129 days
59th		 50 days
Capex / revenue 4.4% 4.5%
47th		 2.3%
Capex / depreciation 0.31 0.94
12th		 0.56
Operating expense ratio 27.2% 32.6%
35th		 44.3%

Cash flow & earnings quality

MeasureADIIndustry medianIndustry percentileSector median
Operating cash flow / net income 1.34 1.34
50th		 1.61
FCF / net income 1.19 0.88
69th		 1.33
FCF / operating cash flow 89.0% 75.0%
79th		 88.0%
Capex / operating cash flow 11.0% 25.0%
21st		 12.0%
Accruals ratio -2.9% -4.4%
57th		 -6.3%
Sloan accruals ratio -9.3% 2.2%
7th		 -1.8%
Earnings quality score (0-1) 1.00 0.75
77th		 0.75

Dividends & buybacks

MeasureADIIndustry medianIndustry percentileSector median
Dividend yield 1.1% 0.0%
87th		 0.0%
Dividend per share (TTM) $4.29 $0.00
97th		 $0.00
Payout ratio (dividends / net income) 49.4% 5.0%
87th		 0.0%
Dividends / FCF 41.4% 0.0%
83rd		 0.0%
Dividend growth (YoY) 9.3% 3.6%
59th		 4.1%
Buyback yield 1.6% 0.1%
85th		 1.2%
Shareholder yield (dividends + buybacks) 2.7% 0.3%
83rd		 1.7%
Share count change (YoY) -1.3% 1.6%
12th		 0.1%
Buybacks, last 5 years $12.4B $67.3M
93rd		 $215.3M

Scores & forensic checks

MeasureADIIndustry medianIndustry percentileSector median
IS score 81 59
95th		 56
IS profitability 78 43
79th		 40
IS growth 77 69
71st		 65
IS value 38 36
57th		 39
IS momentum 100 79
95th		 78
IS risk (safety) 100 100
12th		 100
IS quality 87 70
93rd		 67
IS balance sheet 68 84
27th		 72
IS earnings quality 77 65
91st		 61
IS cash flow 88 58
93rd		 66
Piotroski F-score (0-9) 7 6
65th		 6
Altman Z-score 8.3 12.3
43rd		 4.0
Beneish M-score −2.19 −2.45
62nd		 −2.58
Ohlson O-score −10.53 −9.33
31st		 −8.00
IS credit score 83 78
59th		 69

Per share

MeasureADIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $8.43 $1.49
91st		 $0.84
Book value per share $68.43 $17.90
96th		 $9.77
Tangible book per share −$3.91 $11.01
5th		 $3.22
Revenue per share $28.31 $13.47
81st		 $13.00
FCF per share $10.07 $1.50
93rd		 $1.78
Operating cash flow per share $11.31 $2.35
92nd		 $2.40
Cash per share $4.74 $6.31
36th		 $4.50

Size (TTM)

MeasureADIIndustry medianIndustry percentileSector median
Market cap $191.6B $6.8B
85th		 $4.7B
Revenue $13.9B $1.1B
87th		 $1.2B
EBITDA $7.0B $207.9M
89th		 $185.8M
Net income $4.1B $119.3M
88th		 $84.9M
Free cash flow $4.9B $114.6M
91st		 $170.6M
Total assets $48.4B $2.3B
92nd		 $2.4B
Shareholders' equity $33.6B $1.4B
93rd		 $1.1B
Employees 24,500 2,286
84th		 3,000

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-12Roche Vincent
Director, Chair & CEO
 Gift 13,305——0
2026-10-08Jain Vivek
Chief Operations/Tech Officer
 Open-market sale 3,305$406.58$1.3M40,428
2026-10-07Jain Vivek
Chief Operations/Tech Officer
 Open-market sale 2,000$409.79$819,57643,733
2026-10-07Stata Ray
Director
 Open-market sale 333$405.57$135,054108,514
2026-10-07Stata Ray
Director
 Open-market sale 482$406.41$195,892108,032
2026-10-07Stata Ray
Director
 Open-market sale 228$407.29$92,862107,804
2026-10-07Stata Ray
Director
 Open-market sale 48$409.24$19,644107,756
2026-10-07Stata Ray
Director
 Open-market sale 234$410.10$95,963107,522
2026-10-07Stata Ray
Director
 Open-market sale 65$411.16$26,725107,457
2026-10-07Stata Ray
Director
 Open-market sale 26$412.17$10,716107,431
2026-10-06Stata Ray
Director
 Open-market sale 100$418.40$41,840110,163
2026-10-06Stata Ray
Director
 Open-market sale 428$419.47$179,532109,735

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugSepOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
GiftDisposed232,505—
Open-market saleDisposed121152,864$60.4M
Option exerciseDisposed8120,000$15.0M
Option exerciseAcquired790,000$10.7M
Tax withholdingDisposed66,241$2.4M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 38 notices · 301,347 shares · $105.5M
FiledFilerShares proposedEst. proceeds
2026-10-08Jain Vivek3,306$1.3M
2026-10-07Jain Vivek2,000$819,577
2026-10-06Puccio Richard C Jr1,500$631,620
2026-10-02Nakamura Katsufumi1,200$498,028
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 30 trades (8 purchases) · Senate 5 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-10-08Rick LarsenHousePurchase$1,001 - $15,0002026-10-13
2026-09-04Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-04Sheldon WhitehouseSenateSale$1,001 - $15,0002026-10-01
2026-09-04Sheldon WhitehouseSenateSale (Partial)$1,001 - $15,0002026-10-01
2026-09-04Sheldon WhitehouseSenateSale (Partial)$1,001 - $15,0002026-09-30
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-07-30Rich McCormickHouseSale$1,001 - $15,0002026-08-17
2026-02-10Shelley Moore CapitoSenateSale$1,001 - $15,0002026-03-04
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.46,858,696$18.6B9.67%
VANGUARD CAPITAL MANAGEMENT LLC31,850,408$12.7B6.57%
STATE STREET CORP23,660,999$9.4B4.88%
Invesco Ltd.17,014,597$6.8B3.51%
JPMORGAN CHASE & CO15,123,750$5.9B3.12%
VANGUARD PORTFOLIO MANAGEMENT LLC14,657,807$5.8B3.02%
GEODE CAPITAL MANAGEMENT, LLC12,422,798$4.9B2.56%
BANK OF AMERICA CORP /DE/8,996,351$3.6B1.86%
VAN ECK ASSOCIATES CORP8,422,883$3.3B1.74%
WELLS FARGO & COMPANY/MN8,221,709$3.3B1.70%
NORGES BANK8,169,137$3.2B1.69%
FMR LLC7,794,859$3.1B1.61%
PRICE T ROWE ASSOCIATES INC /MD/7,782,510$3.1B1.61%
MORGAN STANLEY5,633,525$2.2B1.16%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/5,399,929$2.2B1.11%

Institutional ownership by quarter

2023-092026-0691.4%
% of shares held by 13F filers
2023-092026-062,297
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-302,29791.4%311875829114
2026-03-312,12687.8%282770793100
2025-12-311,98189.8%27073671298
2025-09-301,84587.9%18274262098
2025-06-301,79091.6%195658685132
2025-03-311,75389.5%177652684117
2024-12-311,72289.8%201646605111
2024-09-301,66988.8%139624630121
2024-06-301,67090.2%19561559784
2024-03-311,58588.9%136599582118
2023-12-311,59089.0%22954459293
2023-09-301,47389.2%102554574142

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-08-05SCHEDULE 13G/AJPMORGAN CHASE & CO.4.4%21,856,594
2025-07-30SCHEDULE 13GJPMORGAN CHASE & CO.5.0%25,132,276
2025-03-06SCHEDULE 13G/AJPMORGAN CHASE & CO.4.3%21,803,783
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.26%$6.1B
VTSAX0.26%$6.1B
VSMPX0.26%$6.1B
VTI0.26%$6.1B
VOO0.29%$5.1B
VFFSX0.29%$5.1B

Share structure

Shares outstanding484,565,465
Float483,335,174
Free float99.7%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$7.3B$12.0B$12.3B$9.4B$11.0B
Cost of revenue$2.5B$4.2B$4.4B$4.0B$4.2B
Gross profit$4.9B$7.8B$7.9B$5.4B$6.8B
R&D$1.3B$1.7B$1.7B$1.5B$1.8B
SG&A$918.7M$1.3B$1.3B$1.1B$1.3B
Operating income$1.7B$3.3B$3.8B$2.0B$2.9B
EBITDA$2.6B$5.6B$6.2B$4.2B$5.0B
Pretax income$1.3B$3.1B$3.6B$1.8B$2.7B
Income tax−$61.7M$350.2M$293.4M$142.1M$444.8M
Net income$1.4B$2.7B$3.3B$1.6B$2.3B
EPS, diluted$3.46$5.25$6.55$3.28$4.56
Diluted shares401.3M523.2M506.0M498.7M496.7M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$2.0B$1.5B$958.1M$2.4B$3.7B
Receivables$1.5B$1.8B$1.5B$1.3B$1.4B
Inventory$1.2B$1.4B$1.6B$1.4B$1.7B
Total current assets$5.4B$4.9B$4.4B$5.5B$7.1B
PP&E, net$2.0B$2.4B$3.2B$3.4B$3.3B
Goodwill & intangibles$42.2B$40.2B$38.2B$36.5B$35.0B
Total assets$52.3B$50.3B$48.8B$48.2B$48.0B
Accounts payable$443.4M$582.2M$493.0M$487.5M$543.8M
Total current liabilities$2.8B$2.4B$3.2B$3.0B$3.2B
Long-term debt$6.3B$6.5B$5.9B$6.6B$8.1B
Total liabilities$14.3B$13.8B$13.2B$13.1B$14.2B
Shareholders' equity$38.0B$36.5B$35.6B$35.2B$33.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.4B$2.7B$3.3B$1.6B$2.3B
Depreciation & amortization$1.1B$2.3B$2.3B$2.1B$2.0B
Stock-based compensation$243.6M$323.5M$299.8M$262.7M$321.6M
Change in working capital−$108.1M−$883.7M−$645.6M$194.7M$481.0M
Operating cash flow$2.7B$4.5B$4.8B$3.9B$4.8B
Capital expenditure−$343.7M−$699.3M−$1.3B−$730.5M−$533.6M
Free cash flow$2.4B$3.8B$3.6B$3.1B$4.3B
Investing cash flow$2.1B−$657.4M−$1.3B−$1.1B−$1.3B
Net debt issued / repaid$347.7M−$223.0M$481.5M$588.4M$989.7M
Buybacks−$3.1B−$2.6B−$3.0B−$615.6M−$2.2B
Dividends paid−$1.1B−$1.5B−$1.7B−$1.8B−$1.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2024FY2025
Gross margin66.4%65.0%57.1%61.5%
Operating margin23.1%27.3%21.6%26.6%
Net margin19.0%22.9%17.3%20.6%
FCF margin32.7%31.4%33.1%38.8%
ROE5.6%7.4%4.6%6.6%
ROIC4.1%7.0%4.6%6.3%
ROA3.8%5.4%3.4%4.7%
Debt / equity0.180.180.220.26
Interest coverage8.2x16.5x6.5x9.5x
Current ratio1.942.021.842.19
Revenue growth+30.6%+64.2%−26.6%+16.9%
EPS growth−13.1%+87.0%−56.0%+40.2%
P/E at year end56.5x25.7x67.4x50.8x
EV / EBITDA at year end32.2x13.5x27.5x23.9x
FCF yield at year end3.04%5.35%2.83%3.72%
Dividend payout79.8%56.2%109.8%84.9%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Industrial$4.0B$6.1B$6.6B$4.3B$4.9B
Automotive$1.2B$2.5B$2.9B$2.8B$3.3B
Communications$1.2B$1.9B$1.6B$1.1B$1.4B
Consumer$859.7M$1.5B$1.2B$1.2B$1.4B

Revenue by region · FY2025

Non-US$7.8B · 41%
UNITED STATES$3.2B · 17%
CHINA$2.9B · 15%
Europe$2.3B · 12%
Rest of Asia$1.5B · 8%
JAPAN$989.9M · 5%
Rest of North and South America$162.5M · 1%

Street estimates by fiscal year

Next report 2026-11-24 · consensus EPS $3.89 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$15.1B$15.1B – $15.1B$12.86$12.72 – $14.051930.7x
2027$18.5B$17.8B – $21.0B$16.73$14.98 – $17.331923.6x
2028$20.6B$18.7B – $26.7B$19.74$16.56 – $21.86920.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-19$3.34$3.45+3.3%$3.9B$4.0B+2.6%
2026-05-20$2.89$3.09+6.9%$3.5B$3.6B+3.1%
2026-02-18$2.31$2.46+6.5%$3.1B$3.2B+1.4%
2025-11-25$2.24$2.26+0.9%$3.0B$3.1B+2.4%
2025-08-20$1.95$2.05+5.1%$2.8B$2.9B+4.0%
2025-05-22$1.70$1.85+8.8%$2.5B$2.6B+5.0%
2025-02-19$1.54$1.63+5.8%$2.4B$2.4B+2.7%
2024-11-26$1.64$1.67+1.8%$2.4B$2.4B+1.6%
2024-08-21$1.51$1.58+4.6%$2.3B$2.3B+1.6%
2024-05-22$1.26$1.40+11.1%$2.1B$2.2B+2.6%
2024-02-21$1.71$1.73+1.2%$2.5B$2.5B+0.6%
2023-11-21$2.01$2.010.0%$2.7B$2.7B+0.5%
2023-08-23$2.53$2.49−1.6%$3.1B$3.1B−0.6%
2023-05-24$2.75$2.83+2.9%$3.2B$3.3B+1.8%
2023-02-15$2.59$2.75+6.2%$3.2B$3.2B+3.1%
2022-11-22$2.58$2.73+5.8%$3.2B$3.2B+3.1%
2022-08-17$2.43$2.52+3.7%$3.1B$3.1B+1.7%
2022-05-18$2.12$2.40+13.2%$2.8B$3.0B+4.6%
2022-02-16$1.79$1.94+8.4%$2.6B$2.7B+2.8%
2021-11-23$1.69$1.73+2.4%$2.6B$2.3B−9.6%
2021-08-18$1.63$1.72+5.5%$2.3B$1.8B−23.8%
2021-05-19$1.45$1.54+6.2%$1.6B$1.7B+3.7%
2021-02-17$1.32$1.44+9.1%$1.4B$1.6B+10.0%
2020-11-24$1.32$1.44+9.1%$1.4B$1.5B+9.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
1.906-153.106-221.806-291.507-061.407-131.507-202.107-271.708-031.208-102.408-171.408-241.108-31
Week ofNotionalSharesTrades
2026-08-31$1.1B3,177,88998,901
2026-08-24$1.4B3,766,793125,661
2026-08-17$2.4B6,270,582177,274
2026-08-10$1.2B3,071,955101,957
2026-08-03$1.7B4,488,896130,796
2026-07-27$2.1B5,626,107162,052

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1555.4%
DateShort shareShort volumeTotal volume
2026-10-1555.4%726,0621,311,229
2026-10-1460.7%696,3281,147,054
2026-10-1361.3%514,215838,258
2026-10-1251.0%425,346833,563
2026-10-0956.2%402,150715,001
2026-10-0853.7%589,3691,097,448
2026-10-0756.2%476,205847,391
2026-10-0649.7%463,996934,486
2026-10-0548.1%380,656790,976
2026-10-0246.4%430,532927,224
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.2Jan+3.3Feb+0.4Mar+1.5Apr+4.1May+0.5Jun+0.9Jul-0.8Aug-0.2Sep+0.0Oct+4.7Nov+2.5Dec
MonthAvg returnUp yearsYears
Jan+0.2%50%20
Feb+3.3%65%20
Mar+0.4%62%21
Apr+1.5%40%20
May+4.1%70%20
Jun+0.5%40%20
Jul+0.9%50%20
Aug−0.8%45%20
Sep−0.2%40%20
Oct+0.0%40%20
Nov+4.7%70%20
Dec+2.5%75%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1449.7
MFI35.8
ADX23.9
Stochastic %K / %D35.8 / 54.3
Williams %R-92.0
CCI-2
TSI / signal19.7 / 22.1
Chaikin money flow0.25
ATR$12.01
Bollinger width11.2%
Volume vs 20-day avg1.56x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$401.63 (−1.5%)
SMA 50$382.92 (+3.3%)
SMA 200$364.57 (+8.5%)
EMA 21$398.74 (−0.8%)
EMA 50$389.47 (+1.5%)
EMA 200$358.35 (+10.4%)
Bollinger upper$424.02 (−6.7%)
Bollinger lower$379.24 (+4.3%)
Parabolic SAR$415.06 (−4.7%)
Open the live chart, 110+ indicators

About Analog Devices, Inc.

Analog Devices, Inc. (ADI) is a technology leader specializing in the conception, production, validation, and global marketing of integrated circuits (ICs), software solutions, and advanced subsystems. Their offerings leverage sophisticated analog, mixed-signal, and digital signal processing technologies. The company's comprehensive product lineup features data converters, which are critical for transforming real-world analog signals into digital data and subsequently converting digital data back into analog signals. They also provide power management and reference devices, essential for power conversion, driver supervision, system sequencing, and energy optimization in industries such as automotive, telecommunications, industrial applications, and premium consumer markets. These power ICs are supported by integrated performance, integration, and software design simulation tools for precise power supply development. ADI's portfolio further includes high-performance amplifiers, designed for conditioning analog signals, as well as radio frequency (RF) and microwave ICs that underpin cellular infrastructure. They also develop microelectromechanical systems (MEMS) technology, encompassing accelerometers for sensing acceleration, gyroscopes for measuring rotation, inertial measurement units (IMUs) for detecting multi-axis movement, broadband switches for radio and instrumentation systems, and isolators. Moreover, the company supplies digital signal processing (DSP) and system products engineered for rapid numeric calculations. Serving a wide array of clients across the industrial, automotive, consumer, instrumentation, aerospace, and communications sectors, Analog Devices distributes its products globally. This is accomplished via a multifaceted approach, including a direct sales force, authorized third-party distributors, independent sales representatives throughout the United States, the Americas, Europe, Japan, China, and other regions of Asia, in addition to its online platform. Analog Devices, Inc. was founded in 1965 and is headquartered in Wilmington, Massachusetts.

https://www.analog.com

Key executives

NameTitlePayBorn
Vincent T. RocheChief Executive Officer & Chair of the Board of Directors$5.5M1960
Richard C. Puccio Jr.Chief Financial Officer$2.1M1968
Vivek JainChief Operations & Technology Officer$2.1M1960
Katsufumi NakamuraChief Customer Officer$1.9M1966
Martin CotterChief Business Units Officer & EMEA President$1.6M1965
Raymond S. StataCo-Founder & Director$111,1631934
Lisa AllisonCommunity Strategist and Enterprise Community Manager——
Mariya K. TrickettChief People Officer—1983

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Vincent Roche Chief Executive Officer and Chair of the Board of Directors2025$1.2M$22.0M$3.9M$27.5M
Richard C. Puccio, Jr. Executive Vice President and Chief Financial Officer2025$683,846$5.7M$1.4M$7.8M
Vivek Jain Executive Vice President, Global Operations and Technology2025$673,077$5.7M$1.4M$7.7M
Martin Cotter Senior Vice President, Vertical Business Units2025$597,115$4.8M$961,356$6.4M
Katsu Nakamura Senior Vice President and Chief Customer Officer2025$492,386$3.0M$792,742$4.9M

Employees

16k201816k201916k202025k202124k202226k202324k202424k2025

Dividends

Ex-dateAmountPaid
2026-09-01$1.12026-09-15
2026-06-02$1.12026-06-16
2026-03-03$1.12026-03-17
2025-12-08$0.992025-12-22
2025-09-02$0.992025-09-16
2025-06-04$0.992025-06-18
2025-03-04$0.992025-03-17
2024-12-09$0.922024-12-20

Moat model

Narrow · Efficient Scale · 2026-08-01
Cost advantage70
Intangibles76
Switching costs22
Network effect50
Efficient scale85
Our component scores (0-100) and overall 58.8; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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