Analog Devices (ADI)

Information Technology · $188B market cap · SEC CIK 0000006281

Next reports on Nov 24, 2026, after the close, with analysts expecting $3.92 in earnings per share.

52-week range $223.47 to $445.91. 12% below its 52-week high and 76% above its low.

The case for ADI

• Revenue up 33.6% on the year.
• Generated $4.3B of free cash flow in FY2025, 39% of revenue.
• 30% of revenue drops through to net profit.
• Earnings per share up 114.4%.
• Has compounded revenue at 14.5% a year over five years.
• Gross margin of 66% absorbs cost shocks.

The case against

• Weakest against its peers: price/sales of 13.5× is higher than 81% of Information Technology companies.
• Its weakest area is value (48/100): 45.4× earnings against a fair 38× for its growth, 13.5× sales, 2.3% free-cash yield.

What the score is made of

Each factor is half a curve over reported figures and half a rank among the other Information Technology companies (momentum is judged against fixed thresholds only), and the five are blended by weight. The score is where that blend places it in the S&P 500. It describes the last filing and the current price. It is not a forecast.

• Each factor except momentum is half fixed thresholds, half rank among the 73 Information Technology companies.

The financials

The financials, five years deep

Pulled from Analog Devices's XBRL filings on SEC EDGAR. Italic rows are worked out from the others.

What Analog Devices says it does

Company Overview, Strategy and Mission Analog Devices, Inc. (we, Analog Devices or the Company) is a global semiconductor leader dedicated to solving our customers’ most complex engineering challenges. We deliver innovations that connect technology to human breakthroughs and play a critical role at the intersection of the physical and digital worlds by providing the building blocks to sense, measure, interpret, connect and power. We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies. Our comprehensive product portfolio, deep domain expertise and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies – including data converters, amplifiers, power management, radio…

Risk factors ADI lists in its 10-K

• Global political and economic uncertainty and adverse conditions related to our international operations could materially and adversely affect our business, financial condition and results of operations
• Recently announced and future tariffs and other trade restrictions could materially and adversely affect our business, financial condition and results of operations
• The markets for semiconductor products are cyclical, and increased production may lead to overcapacity and lower prices, and conversely, we may not be able to satisfy unexpected demand for our products
• Our operating results are dependent on the performance of independent distributors
• A prolonged disruption of our or our third parties’ manufacturing operations could have a material adverse effect on our business, financial condition and results of operations
• Our industry faces challenges associated with products diverted from authorized distribution channels, which could result in reputational harm and have a material adverse effect on our business and results of operations
• Our future success depends upon our ability to execute our business strategy, continue to innovate, improve our existing products, design, develop, produce and market new products and identify and enter new markets
• We may not be able to compete successfully in markets within the semiconductor industry in the future
• Our future revenue, gross margins, operating results, net income and earnings per share are difficult to predict and may materially fluctuate
• If we are unable to recruit or retain our key personnel, our ability to execute our business strategy will be adversely affected
• Our customers typically do not make long-term product purchase commitments, and incorrect forecasts or reductions, cancellations or delays in orders for our products could adversely affect our operating results
• We face risks related to the use of AI in our business operations, products and services
• We may be unable to adequately protect our proprietary intellectual property rights, which may limit our ability to compete effectively
• If we fail to comply with U.S. and foreign laws related to privacy, data security and data protection, it could adversely affect our operating results and financial condition
• Expectations, requirements and attention to environmental, social and governance matters may have an adverse effect on our business, financial condition and results of operations, and damage our brand and reputation
• We are subject to environment, health and safety standards and hazards which have the potential to adversely affect our business, increase our expenses and adversely affect our reputation
• If we fail to comply with government contracting regulations, we could suffer a loss of revenue or incur price adjustments or other penalties
• Damage to our reputation can damage our business
• Increases in our effective tax rate, exposure to additional tax liabilities, or substantial changes in domestic or international corporate tax policies, regulations or guidance may adversely impact our results of operations
• We have substantial existing indebtedness and the ability to incur significant additional indebtedness, which could limit our operations and our use of our cash flow and negatively impact our credit ratings
• Restrictions in our revolving credit facility and outstanding debt instruments may limit our activities
• We may not meet expectations or targets in connection with our “green” financing arrangements, which could harm our reputation and business
• If we are not able to meet our U.S. cash requirements, it may be necessary for us to consider repatriation of foreign earnings, which could have a material adverse effect on our results of operations and financial condition
• Our results of operations could be affected by natural disasters or other catastrophic events in the locations in which we or our key partners operate

Filings

Other Information Technology companies