Analog Devices, Inc. ADI
NasdaqSemiconductorsFinancials to Aug 1, 2026 · Updated Nov 11, 2026
Moat ranks
Balance sheet
| $B | Nov 1 | Aug 1 |
|---|---|---|
| Cash | 2.5 | 2.2 |
| Securities | 1.2 | 0.2 |
| Debt | 8.6 | 9.1 |
| Net cash | -4.9 | -6.8 |
| Equity | 33.8 | 33.6 |
- Debt / EBITDA
- 1.32×
- Debt / equity
- 0.27×
- Leases (11/1/25)
- $357M
- Diluted shares
- 489M
- Book value / share
- $68.63
- Price / book
- 5.7×
- Net cash / share
- −$13.90
- Market cap
- $190.6B
- Enterprise value
- $197.3B
Per-share record
Key indicators
| Indicator | Latest | Vs year ago | Last 8 quarters |
|---|---|---|---|
| Revenue growth | 39.6% | +15.1 pts | |
| Operating margin | 40.1% | +11.7 pts | |
| FCF margin | 36.3% | -1.4 pts | |
| Capex / revenue | 3.6% | +0.9 pts | |
| Industrial revenue | $2.0B | – | |
| Automotive revenue | $998M | – | |
| Communications revenue | $655M | – | |
| Product catalog SKUs · 11/1/25 | ≥75,000 | 0% | |
| Gross margin | 67.3% | +5.2 pts |
Margins and growth from reported quarters; company KPIs as reported in results releases.
About ADI
Analog Devices supplies analog, mixed-signal, RF and power chips that connect physical signals with digital systems. FY2025 revenue was $11.020 billion, led by Industrial, followed by Automotive, Consumer and Communications.
- Design In Qualification
Industrial systems often stay in use for years and need reliable, high-performance components.
- Scope Economies
A 75,000-plus-SKU catalog can reuse sales, distribution and technical support across fragmented industrial applications and broaden the available signal chain.
- Design In Qualification
Automotive programs are long-lived and design wins can persist across vehicle platforms; ADI positions a broad automotive portfolio across electrification, connectivity and sensing.
- Design In Qualification
Infrastructure programs require high-performance RF/mixed-signal signal chains; design cycles can be long, supporting multi-year sockets, but vendor churn can occur with each new standard or architecture.
- Nov 3, 2026
Analog Devices completed its acquisition of Alif Semiconductor, adding AI-native microcontrollers and fusion processors. Integration and customer adoption will determine the commercial benefit.
- Oct 7, 2026
ADI, Moët Hennessy and UC Davis announced a chemical sensing collaboration for wine production, demonstrating a new industrial sensing use without a disclosed commercial revenue commitment.
- Sep 17, 2026
ADI issued $3.0 billion of senior notes with maturities from 2029 to 2036, increasing financing capacity and future interest obligations after the latest reported balance sheet.
- Sep 9, 2026
ADI agreed to acquire Alif for $1.35 billion in upfront cash plus up to $200 million contingent consideration, adding edge-AI processors if closing conditions are met.
- Jul 7, 2026
ADI acquired Empower for about $1.5 billion, adding integrated voltage regulation for AI power delivery; its initial earnings contribution was immaterial.
Ownership
Go deeper on ADI
- Compare stock research toolsFundamentals, valuation and screening platforms for ADI.19 tools
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- Read ADI's earnings callsTranscripts and audio of results calls, with management's own words.15 tools
- Investing tool dealsCurrent discounts on research, charting and tracking tools.89 deals
On this page
Financial record
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM | Trend | Change 2016–25 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Per share ($) | |||||||||||||
| Revenue | 10.96 | 14.97 | 16.60 | 16.07 | 15.06 | 18.24 | 22.96 | 24.32 | 18.90 | 22.19 | 28.40 | +8.2%/yr | |
| Cash flow | 4.13 | 3.29 | 6.51 | 6.04 | 5.40 | 6.82 | 8.55 | 9.52 | 7.73 | 9.69 | 11.34 | +9.9%/yr | |
| Earnings | 2.76 | 2.30 | 4.02 | 3.66 | 3.28 | 3.46 | 5.25 | 6.55 | 3.28 | 4.56 | 8.46 | +5.8%/yr | |
| Free cash flow | 3.73 | 2.71 | 5.83 | 5.30 | 4.95 | 5.96 | 7.22 | 7.03 | 6.26 | 8.61 | 10.10 | +9.8%/yr | |
| Capex | 0.41 | 0.58 | 0.68 | 0.74 | 0.45 | 0.86 | 1.34 | 2.49 | 1.46 | 1.07 | 1.24 | +11.4%/yr | |
| Dividends | 1.64 | 1.72 | 1.88 | 2.09 | 2.38 | 2.76 | 2.95 | 3.32 | 3.60 | 3.87 | 4.18 | +10.0%/yr | |
| Book value | 16.54 | 28.99 | 30.05 | 31.40 | 32.25 | 94.68 | 69.70 | 70.29 | 70.54 | 68.08 | 68.63 | +17.0%/yr | |
| Diluted shares (M) | 312 | 350 | 375 | 373 | 372 | 401 | 523 | 506 | 499 | 497 | 489 | +5.3%/yr | |
| Totals ($B) | |||||||||||||
| Revenue | 3.4 | 5.2 | 6.2 | 6.0 | 5.6 | 7.3 | 12.0 | 12.3 | 9.4 | 11.0 | 13.9 | +13.9%/yr | |
| Operating income | 1.0 | 1.2 | 1.9 | 1.7 | 1.5 | 1.7 | 3.3 | 3.8 | 2.0 | 2.9 | 4.9 | +12.4%/yr | |
| Net income | 0.9 | 0.8 | 1.5 | 1.4 | 1.2 | 1.4 | 2.7 | 3.3 | 1.6 | 2.3 | 4.1 | +11.3%/yr | |
| Free cash flow | 1.2 | 1.0 | 2.2 | 2.0 | 1.8 | 2.4 | 3.8 | 3.6 | 3.1 | 4.3 | 4.9 | +15.6%/yr | |
| Buybacks | 0.4 | 0.0 | 0.2 | 0.6 | 0.2 | 2.6 | 2.6 | 3.0 | 0.6 | 2.2 | 3.1 | +21.7%/yr | |
| Dividends | 0.5 | 0.6 | 0.7 | 0.8 | 0.9 | 1.1 | 1.5 | 1.7 | 1.8 | 1.9 | 2.0 | +15.8%/yr | |
| Net cash | 2.3 | -6.8 | -5.5 | -4.8 | -4.1 | -4.8 | -5.1 | -6.0 | -5.2 | -4.9 | -6.8 | −$7.3B | |
| Margins & returns (%) | |||||||||||||
| Gross margin | 65.1 | 60.4 | 68.3 | 67.0 | 65.9 | 61.8 | 62.7 | 64.0 | 57.1 | 61.5 | 65.8 | -3.6 pts | |
| Operating margin | 30.0 | 22.2 | 30.5 | 28.6 | 26.7 | 23.1 | 27.3 | 31.1 | 21.6 | 26.6 | 35.5 | -3.4 pts | |
| Net margin | 25.2 | 15.4 | 24.2 | 22.8 | 21.8 | 19.0 | 22.9 | 26.9 | 17.3 | 20.6 | 29.8 | -4.6 pts | |
| FCF margin | 34.0 | 18.1 | 35.1 | 33.0 | 32.9 | 32.7 | 31.4 | 28.9 | 33.1 | 38.8 | 35.6 | +4.8 pts | |
| ROIC | 32.9 | 6.2 | 10.3 | 9.4 | 8.5 | 3.6 | 7.2 | 8.4 | 4.6 | 6.9 | 11.1 | -26.0 pts | |
| Return on equity | 16.7 | 7.9 | 13.4 | 11.6 | 10.2 | 3.7 | 7.5 | 9.3 | 4.6 | 6.7 | 12.3 | -10.0 pts | |
| R&D % of revenue | 19.1 | 18.5 | 18.7 | 18.9 | 18.7 | 17.7 | 14.2 | 13.5 | 15.8 | 16.0 | 14.2 | -3.1 pts | |
| Stock pay % of revenue | 1.9 | 2.0 | 2.4 | 2.5 | 2.7 | 3.3 | 2.7 | 2.4 | 2.8 | 2.9 | 2.5 | +1.1 pts | |
| Capex % of revenue | 3.7 | 3.9 | 4.1 | 4.6 | 3.0 | 4.7 | 5.8 | 10.3 | 7.7 | 4.8 | 4.4 | +1.1 pts | |
Change uses 2016 and 2025 only: compound annual growth for amounts, points for margins and returns, and the change in amount for net cash. A dash means no 2016 base. Trend shows the fiscal years.
Moat
Moat scorecard
- Strength
- Confidence
- Structure
- Oligopoly
- Durability
- durable
- Trajectory
- stable
- Pricing power
- moderate
- Industrial44.7%2 claims
- Automotive29.7%1 claim
- Communications12.5%1 claim
- Consumer13.0%No moat
Moat claims
- Applies to
- Industrial
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Industrial systems often stay in use for years and need reliable, high-performance components. Replacing a component usually requires redesign and validation, giving customers a reason to keep the existing supplier.
Q3 FY2026 Industrial revenue was $1.972 billion, up a reported 53% from a year earlier; long product lives support repeat business, but the recovery does not establish stronger customer qualification barriers.
- Industrial revenue$2.0B
- Dual-sourcing and second-source qualification by large OEMs
- Commoditization of general-purpose analog catalog parts
- Increased competition from low-cost regional suppliers
- FilingAnalog Devices, Inc. Form 10-K (FY ended 2025-11-01)Nov 25, 2025
- Applies to
- Industrial
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
A 75,000-plus-SKU catalog can reuse sales, distribution and technical support across fragmented industrial applications and broaden the available signal chain. The filing does not disclose cross-sell or unit-cost data, so this is a moderate scope advantage rather than a strong moat.
ADI still reports more than 75,000 catalog SKUs in FY2025, as in FY2024; the broad portfolio persists, but no cross-sell or shared-cost series establishes a widening advantage.
- Industrial revenue$2.0B
- Product catalog SKUs≥75,0000%
- SKU complexity can increase costs and dilute focus
- Customers adopting integrated modules may reduce discrete IC attach
- Competitors matching breadth via acquisitions
- FilingAnalog Devices, Inc. Form 10-K (FY ended 2025-11-01)Nov 25, 2025
- Applies to
- Automotive
- Confidence
- Durability
- durable
- Trajectory
- stableas of Oct 8, 2026
Automotive programs are long-lived and design wins can persist across vehicle platforms; ADI positions a broad automotive portfolio across electrification, connectivity and sensing.
Q3 FY2026 Automotive revenue was $998.2 million, up a reported 16%; vehicle electronics content supports existing programmes, but no retention or socket-win series proves that replacement barriers have increased.
- Automotive revenue$998M
- Automotive OEMs pushing aggressive cost-down and multi-sourcing
- Platform loss risk if a competitor wins next-generation socket
- FilingAnalog Devices, Inc. Form 10-K (FY ended 2025-11-01)Nov 25, 2025
- Applies to
- Communications
- Confidence
- Durability
- medium
- Trajectory
- stableas of Oct 8, 2026
Infrastructure programs require high-performance RF/mixed-signal signal chains; design cycles can be long, supporting multi-year sockets, but vendor churn can occur with each new standard or architecture.
Q3 FY2026 Communications revenue was $654.5 million, up a reported 84%; data-center demand supports shipments, but infrastructure redesigns still let customers qualify rival components.
- Communications revenue$655M
- Telecom capex volatility
- Architectural shifts (e.g., open RAN, integration) reducing discrete content
- FilingAnalog Devices, Inc. Form 10-K (FY ended 2025-11-01)Nov 25, 2025
Profile change log
- Nov 11, 2026 · business change
Analog Devices completed its acquisition of Alif Semiconductor, adding AI-native microcontrollers and fusion processors. Integration and customer adoption will determine the commercial benefit.
- Oct 8, 2026 · analyst revision
Corrected application weights from nine-month FY2026 to the latest full FY2025, corrected Cirrus Logic’s peer ticker to CRUS, and added stable trajectories, a sourced debate, management and a shared analog IC market. Kept claim strengths, Consumer’s verified-no-moat status, industry, sector and the three profile timestamps unchanged.
- Oct 8, 2026 · business change
ADI, Moët Hennessy and UC Davis announced a chemical sensing collaboration for wine production, demonstrating a new industrial sensing use without a disclosed commercial revenue commitment.
- Oct 8, 2026 · business change
ADI issued $3.0 billion of senior notes with maturities from 2029 to 2036, increasing financing capacity and future interest obligations after the latest reported balance sheet.
- Oct 8, 2026 · business change
ADI agreed to acquire Alif for $1.35 billion in upfront cash plus up to $200 million contingent consideration, adding edge-AI processors if closing conditions are met.
- Oct 8, 2026 · business change
ADI acquired Empower for about $1.5 billion, adding integrated voltage regulation for AI power delivery; its initial earnings contribution was immaterial.
- Oct 8, 2026 · business change
ADI acquired Maxim in a primarily share-funded deal, expanding its power, signal-chain and automotive portfolio and increasing shares and acquired intangible assets.
- Oct 8, 2026 · business change
ADI acquired Linear Technology for about $15.8 billion in cash, shares and replacement awards, expanding its precision analog and power portfolio.
Industry & peers
Peer map
Hover a point for its values; click a peer to compare. Dashed lines: industry medians.
Global analog integrated circuits
Analog and mixed-signal integrated circuits for signal conversion, amplification, radio-frequency signal chains, interfaces and power management across industrial, automotive, communications and consumer equipment. Excludes standalone discrete devices, memory, digital processors, complete electronics systems and semiconductor manufacturing services.
- Texas Instruments
- STMicroelectronics
- NXP Semiconductors
- Skyworks Solutions
- Qorvo
| Stocks | Moat | Gross m. | Op. m. | |
|---|---|---|---|---|
| ADI | 59 | 65.8% | 35.5% | |
| Industry median | 13 | 75 | 53.7% | 20.1% |
| Sector median | 77 | 75 | 64.7% | 23.8% |
| All stocks median | 398 | 76 | 53.1% | 20.0% |
Moat medians cover every stock. Margin medians count only stocks with collected numbers and need at least three.
Drivers & risks
- Industrial automation, test equipment and electrification add sensing, conversion and control functions to installed equipment.
- Automotive electronics add battery monitoring, connectivity and precision sensing content across vehicle platforms.
- AI data centers need efficient power conversion, optical links and accurate signal conditioning as bandwidth and power density rise.
- Long equipment lives and qualification work can sustain repeat orders after a component is designed into a system.
- Factory and network investment recovers when financing costs and business confidence improve; consumer replacements depend on household spending.
- Customer and distributor inventory cycles can produce large shipment swings even when qualified designs remain in production.
- Large suppliers and subsidized Chinese entrants can price aggressively in standard amplifiers, interfaces and power management.
- New vehicle, network and consumer architectures can integrate functions or reopen supplier selection, reducing discrete analog content.
- Export controls, tariffs, concentrated foundry supply and energy costs can reduce accessible demand or disrupt production; dollar invoicing limits direct revenue translation but does not remove foreign cost exposure.
- Higher interest rates can delay factory, vehicle and telecom investment, while changes in international tax rules can reduce suppliers’ after-tax cash generation.
Bulls & bears
Can ADI turn long-lived design-ins and rising system content into durable sales and cash generation after customer inventories normalize, while financing and integrating its new acquisitions?
Arguments
What to watch
- 1Industrial and Automotive revenue through the next inventory cycle
- 2Communications revenue and data-center power design-win evidence
- 3Operating cash flow, capex, total debt and acquisition spending
Next check: Q4 FY2026 results on November 24, 2026. Check the cash and debt effects of the November 3 Alif closing and its first integration disclosures.
Sources: company filings and dated sources collected for Find My Moat; market cap as of Nov 10, 2026. Not investment advice.
Free to reuse, commercially too, with a credit link. See the data license.
Moat Score 59/100 by <a href="https://www.findmymoat.com/stocks/XNAS:ADI">Find My Moat</a> (as of September 2026)Curation & Accuracy
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