Analog Devices, Inc.

ADI · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$115,182	$111,949	$80,014	$74,518	$91,140	$43,804	$40,402	$32,402	$33,535	$19,555	$17,888	$15,541	$15,290	$11,897	$11,288	$10,013	$7,468	$6,252	$10,635	$11,168	$12,868	$15,099	–	–	–	–	–	$3,212	–	–	–	–	$1,118	$497	$426	$247	$424	$535	$590	$741	$683
Enterprise value	$120,194	$117,236	$86,070	$79,649	$95,984	$47,933	$45,246	$37,918	$40,338	$17,232	$15,729	$13,547	$11,479	$8,818	$8,582	$7,391	$5,642	$4,942	$9,554	$9,040	$10,162	$12,414	–	–	–	–	–	$3,262	–	–	–	–	$1,140	$552	$452	$274	$415	$544	$622	$774	$727
P/E (TTM) at period end	50.80×	68.46×	24.14×	27.11×	65.55×	35.88×	29.71×	21.59×	41.76×	22.69×	25.67×	24.69×	22.70×	18.27×	13.01×	14.06×	30.14×	7.95×	21.40×	20.33×	31.02×	26.45×	–	–	–	–	–	38.98×	–	–	–	–	25.13×	33.33×	52.00×	–	15.20×	14.08×	31.57×	31.67×	23.00×
P/S (TTM) at period end	10.45×	11.88×	6.50×	6.20×	12.45×	7.82×	6.74×	5.23×	6.57×	5.72×	5.21×	5.42×	5.81×	4.40×	3.77×	3.63×	3.71×	2.42×	4.31×	4.96×	6.03×	5.73×	–	–	–	–	–	2.61×	–	–	–	–	1.68×	0.88×	0.79×	0.51×	0.94×	1.22×	1.59×	2.22×	2.12×
P/B at period end	3.41×	3.18×	2.25×	2.04×	2.40×	3.65×	3.45×	2.88×	3.30×	3.79×	3.53×	3.27×	3.23×	2.86×	2.97×	3.13×	2.95×	2.58×	4.55×	3.25×	3.49×	3.97×	–	–	–	–	–	2.85×	–	–	–	–	2.59×	1.32×	1.20×	0.72×	1.17×	1.57×	1.98×	2.74×	2.87×
EV / EBITDA (TTM)	35.99×	48.94×	20.70×	22.36×	49.90×	27.67×	23.19×	17.82×	29.72×	14.82×	16.37×	15.63×	13.30×	9.44×	7.22×	7.27×	13.52×	6.42×	13.44×	12.94×	16.02×	14.57×	–	–	–	–	–	11.28×	–	–	–	–	9.31×	6.81×	6.46×	5.17×	4.86×	–	–	–	–
EV / Sales (TTM)	10.91×	12.44×	6.99×	6.63×	13.12×	8.55×	7.55×	6.11×	7.90×	5.04×	4.58×	4.73×	4.36×	3.26×	2.87×	2.68×	2.80×	1.91×	3.88×	4.02×	4.76×	4.71×	–	–	–	–	–	2.65×	–	–	–	–	1.71×	0.97×	0.84×	0.57×	0.91×	1.24×	1.68×	2.31×	2.26×
Returns
Return on equity	6.7%	4.6%	9.3%	7.5%	3.7%	10.2%	11.6%	13.3%	7.9%	16.7%	13.7%	13.2%	14.2%	15.6%	22.9%	22.3%	9.8%	32.5%	21.3%	16.0%	11.2%	15.0%	–	–	–	–	–	7.3%	–	–	–	–	10.3%	4.0%	2.3%	(3.8%)	7.7%	11.1%	6.3%	8.7%	12.5%
Return on invested capital	6.1%	4.6%	8.4%	7.0%	4.0%	8.6%	9.5%	10.3%	5.9%	15.5%	14.1%	12.8%	11.9%	14.8%	26.5%	32.3%	12.9%	27.0%	22.6%	13.9%	10.7%	16.6%	–	–	–	–	–	10.5%	–	–	–	–	11.1%	4.8%	4.0%	1.6%	9.5%	11.7%	7.6%	9.7%	12.5%
Dividend yield	1.7%	1.6%	2.1%	2.1%	1.2%	2.0%	1.9%	2.2%	1.8%	2.6%	2.7%	2.9%	2.7%	2.9%	2.5%	2.5%	3.1%	3.6%	2.1%	1.8%	0.9%	0.5%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	2.19×	1.84×	1.37×	2.02×	1.94×	1.84×	1.32×	2.01×	1.47×	6.35×	3.66×	5.38×	9.59×	8.94×	8.35×	5.41×	6.44×	3.67×	3.61×	6.13×	4.56×	6.07×	–	–	–	–	–	2.82×	–	–	–	–	3.04×	2.98×	2.57×	2.19×	3.53×	3.04×	3.06×	2.70×	2.56×
Debt / equity	0.24×	0.20×	0.18×	0.18×	0.19×	0.43×	0.47×	0.56×	0.77×	0.34×	0.17×	0.18×	0.18×	0.20×	0.23×	0.13×	0.15×	–	–	–	–	–	–	–	–	–	–	0.31×	–	–	–	–	0.24×	0.20×	0.12×	0.10×	0.06×	0.09×	0.13×	0.14×	0.23×
Effective tax rate	16.4%	8.0%	8.1%	11.3%	(4.6%)	6.9%	8.3%	9.0%	13.8%	10.0%	14.0%	13.7%	17.4%	19.9%	18.9%	21.1%	16.8%	21.2%	24.1%	18.6%	31.7%	22.1%	21.9%	25.0%	29.7%	29.9%	23.6%	20.6%	24.5%	25.5%	25.2%	23.1%	20.0%	21.2%	12.8%	5.1%	23.4%	26.4%	27.0%	27.1%	24.0%
Share count
Diluted shares outstanding	497	499	506	523	401	372	373	375	350	312	317	318	314	306	308	306	293	297	332	371	383	393	382	381	382	381	358	356	343	331	317	463	297	248	273	258	279	292	267	260	270

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$13,882	$11,020	$9,427	$12,306	$12,014	$7,318	$5,603	$5,991	$6,201	$5,108	$3,421	$3,435	$2,865	$2,634	$2,701	$2,993	$2,762	$2,015	$2,583	$2,465	$2,250	$2,135	$2,634	$2,047	$1,708	$2,277	$2,578	$1,450	$1,231	$1,244	$1,194	$942	$774	$666	$567	$538	$485	$453	$439	$370	$334	$322
Cost of revenue	($4,748)	($4,246)	($4,046)	($4,428)	($4,481)	($2,793)	($1,913)	($1,977)	($1,974)	($2,046)	($1,194)	($1,176)	($1,035)	($941)	($960)	($1,007)	($962)	($896)	($1,006)	($956)	($856)	($853)	($1,080)	($923)	($803)	($1,008)	($1,117)	($593)	($514)	($622)	($509)	($465)	($394)	($291)	($247)	($220)	($198)	($174)	($164)	($138)	($123)	($127)
Gross profit	$9,134	$6,773	$5,381	$7,877	$7,532	$4,525	$3,690	$4,014	$4,250	$3,168	$2,227	$2,259	$1,830	$1,692	$1,741	$1,987	$1,799	$1,119	$1,577	$1,508	$1,394	$1,281	$1,554	$1,124	$905	$1,269	$1,461	$857	$716	$621	$685	$477	$379	$375	$321	$318	$288	$280	$275	$232	$211	$195
Operating expenses
Research and development	($1,977)	($1,766)	($1,488)	($1,660)	($1,701)	($1,296)	($1,051)	($1,130)	($1,165)	($968)	($654)	($637)	($560)	($513)	($512)	($506)	($492)	($447)	($533)	($510)	($460)	($438)	($514)	($450)	($424)	($465)	($401)	($257)	($219)	($196)	($178)	($134)	($107)	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($1,448)	($1,255)	($1,069)	($1,274)	($1,266)	($915)	($660)	($648)	($696)	($691)	($461)	($479)	($455)	($396)	($397)	($407)	($391)	($333)	($416)	($390)	($384)	($333)	($340)	($288)	($257)	($287)	($293)	($210)	($208)	($192)	($374)	($185)	($170)	($253)	($240)	($248)	($235)	($194)	($183)	($164)	($143)	($125)
Total operating expenses	($4,199)	($3,841)	($3,349)	($4,054)	($4,254)	($2,833)	($2,192)	($2,303)	($2,351)	($2,005)	($1,199)	($1,428)	($1,078)	($939)	($917)	($915)	($899)	($834)	($952)	($940)	($867)	($803)	($854)	($750)	($786)	($861)	($694)	($609)	($554)	($388)	($457)	($319)	($277)	($313)	($294)	($301)	($282)	($236)	($220)	($198)	($171)	($148)
Total costs and expenses	($8,947)	($8,087)	($7,394)	($8,482)	($8,735)	($5,626)	($4,105)	($4,280)	($4,301)	($3,945)	($2,393)	($2,604)	($2,112)	($1,881)	($1,877)	($1,921)	($1,861)	($1,730)	($1,958)	($1,896)	($1,724)	($1,656)	($1,934)	($1,674)	($1,589)	($1,869)	($1,810)	($1,202)	($1,069)	($1,010)	($967)	($784)	($672)	($604)	($541)	($520)	($479)	($410)	($384)	($336)	($294)	($276)
Operating income	$4,935	$2,932	$2,033	$3,823	$3,279	$1,692	$1,498	$1,711	$1,900	$1,163	$1,028	$831	$752	$753	$824	$1,072	$900	$285	$625	$569	$526	$479	$699	$374	$118	$408	$767	$248	$162	$233	$227	$158	$102	$63	$26	$17	$6	$44	$55	$34	$40	$47
Earnings
EBITDA	$5,356	$3,339	$2,396	$4,158	$3,562	$1,923	$1,732	$1,951	$2,128	$1,357	$1,163	$961	$867	$863	$934	$1,189	$1,016	$417	$769	$711	$698	$634	$852	–	–	–	–	–	$289	–	–	–	–	$122	$81	$70	$53	$85	–	–	–	–
Interest income	$119	$105	$79	$41	$7	$1	$4	$10	$9	$30	$21	$9	$12	$13	$14	$9	$10	$16	$41	$77	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($351)	($318)	($322)	($265)	($200)	($185)	($193)	($229)	($254)	($251)	($89)	($27)	($35)	($27)	($26)	($19)	($10)	($4)	–	–	–	–	–	–	–	–	–	–	($24)	–	–	–	($5)	($7)	($8)	($11)	($20)	($7)	($4)	($14)	($13)	($8)
Pre-tax income	$4,704	$2,712	$1,777	$3,608	$3,099	$1,329	$1,312	$1,486	$1,655	$935	$957	$810	$729	$815	$814	$1,061	$902	$297	$666	$661	$637	$550	$733	$382	$140	$507	$866	$258	$150	$236	$231	$159	$97	$56	$19	$9	($14)	$36	$52	$26	$32	$39
Income tax expense	($569)	($445)	($142)	($293)	($350)	$62	($91)	($123)	($148)	($129)	($95)	($113)	($100)	($142)	($162)	($201)	($190)	($50)	($141)	($160)	($118)	($174)	($162)	($84)	($35)	($151)	($259)	($61)	($31)	($58)	($59)	($40)	($22)	($11)	($4)	($1)	$1	($8)	($14)	($7)	($9)	($9)
Net income	$4,135	$2,267	$1,635	$3,315	$2,749	$1,390	$1,221	$1,363	$1,507	$805	$862	$697	$629	$673	$651	$867	$712	$248	$786	$497	$549	$415	$571	$298	$105	$356	$607	$197	$82	$178	$172	$119	$74	$44	$15	$8	($13)	$28	$38	$19	$23	$30
Per share
Diluted EPS (GAAP)	$8.43	$4.56	$3.28	$6.55	$5.25	$3.46	$3.28	$3.65	$4.00	$2.29	$2.76	$2.20	$1.98	$2.14	$2.13	$2.81	$2.33	$0.85	$2.65	$1.50	$1.48	$1.08	$1.45	$0.78	$0.28	$0.93	$1.59	$0.55	$0.36	$0.52	$0.52	$0.38	$0.24	$0.15	$0.06	$0.03	($0.05)	$0.10	$0.13	$0.07	$0.09	$0.11
Basic EPS (GAAP)	$8.47	$4.59	$3.30	$6.60	$5.29	$3.50	$3.31	$3.68	$4.05	$2.32	$2.79	$2.23	$2.01	$2.19	$2.18	$2.90	$2.39	$0.85	$2.69	$1.54	$1.53	$1.12	$1.52	$0.82	$0.29	$1.00	$1.71	$0.58	$0.37	$0.57	$0.52	$0.40	$0.26	$0.15	$0.06	$0.03	($0.05)	$0.10	$0.13	$0.07	$0.09	$0.11
Basic shares outstanding	488	494	496	502	519	397	369	369	370	346	309	313	313	308	299	299	297	291	293	323	359	372	375	365	364	359	353	339	323	343	331	317	463	297	248	273	258	279	292	267	260	270
Margins
Gross margin	65.8%	61.5%	57.1%	64.0%	62.7%	61.8%	65.9%	67.0%	68.5%	62.0%	65.1%	65.8%	63.9%	64.3%	64.5%	66.4%	65.2%	55.5%	61.1%	61.2%	61.9%	60.0%	59.0%	54.9%	53.0%	55.7%	56.7%	59.1%	58.2%	50.0%	57.3%	50.7%	49.0%	56.3%	56.5%	59.1%	59.3%	61.7%	62.6%	62.7%	63.2%	60.5%
Operating margin	35.5%	26.6%	21.6%	31.1%	27.3%	23.1%	26.7%	28.6%	30.6%	22.8%	30.0%	24.2%	26.3%	28.6%	30.5%	35.8%	32.6%	14.1%	24.2%	23.1%	23.4%	22.4%	26.6%	18.3%	6.9%	17.9%	29.8%	17.1%	13.1%	18.8%	19.0%	16.8%	13.2%	9.4%	4.6%	3.2%	1.3%	9.7%	12.6%	9.3%	12.1%	14.5%
Net margin	29.8%	20.6%	17.3%	26.9%	22.9%	19.0%	21.8%	22.8%	24.3%	15.8%	25.2%	20.3%	22.0%	25.6%	24.1%	29.0%	25.8%	12.3%	30.4%	20.2%	24.4%	19.4%	21.7%	14.6%	6.2%	15.7%	23.6%	13.6%	6.7%	14.3%	14.4%	12.7%	9.6%	6.7%	2.6%	1.5%	(2.7%)	6.2%	8.7%	5.0%	7.0%	9.2%

Analyst consensus

Buy54 analysts

Bearish · 0 · Hold · 9 · Bullish · 45

Earnings history

	EPS	Estimate
Q4 2024	$1.67	$1.64	Beat
Q1 2025	$1.63	$1.54	Beat
Q2 2025	$1.85	$1.70	Beat
Q3 2025	$2.05	$1.95	Beat
Q4 2025	$2.26	$2.24	Beat
Q1 2026	$2.46	$2.31	Beat
Q2 2026	$3.09	$2.89	Beat
Q3 2026	$3.45	$3.34	Beat

Peers

Company overview

IPO dateMar 17, 1980

CEOVincent T. Roche

Employees24,500

SectorTechnology

IndustrySemiconductors

CountryUS

ExchangeNASDAQ Global Select

Websitewww.analog.com

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.

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