VOL. XCIV, NO. 247
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Friday, January 2, 2026
Analog Devices, Inc.
ADI · Nasdaq Global Select Market
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Analog Devices, Inc. designs and sells high-performance analog, mixed-signal, RF and power-management semiconductors used across industrial, automotive, communications and consumer applications. Industrial and Automotive are the largest revenue contributors, and the business benefits from long-lived design-ins in systems with long product lifecycles and high reliability/performance requirements. A second core advantage is economies of scope from a very broad product catalog that spans data conversion, power, RF and sensing, enabling system-level solutions and cross-selling. Communications infrastructure and data-center programs can offer performance-driven sockets but are more cyclical, while Consumer tends to be the most price- and refresh-driven end market.
Primary segment
Industrial
Market structure
Oligopoly
Market share
—
HHI: —
Coverage
4 segments · 8 tags
Updated 2026-01-02
Segments
Industrial
Industrial analog, mixed-signal, RF and power management semiconductors
Revenue
44.7%
Structure
Oligopoly
Pricing
strong
Share
—
Peers
Automotive
Automotive analog, mixed-signal, power management and sensing semiconductors
Revenue
29.8%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Communications
Communications infrastructure and data-center power/connectivity semiconductors (RF, mixed-signal, power)
Revenue
12.5%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Consumer
Consumer electronics analog/mixed-signal and power management semiconductors
Revenue
13%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Industrial
Industrial analog, mixed-signal, RF and power management semiconductors
FY2025 end-market revenue share computed from ADI FY2025 Form 10-K 'Revenue Trends by End Market' table (Industrial revenue $4,929,409m of $11,019,707m total). Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Industrial systems often have long programs and high reliability/performance requirements; once designed-in, replacements typically require redesign and validation. Long product lifecycles increase stickiness.
Erosion risks
- Dual-sourcing and second-source qualification by large OEMs
- Commoditization of general-purpose analog catalog parts
- Increased competition from low-cost regional suppliers
Leading indicators
- Industrial bookings / book-to-bill commentary
- Design-win pipeline / content-per-system updates
- Gross margin and ASP stability through cycles
Counterarguments
- For many catalog parts, customers can swap suppliers with limited redesign
- Competitors with larger manufacturing scale may undercut on price in downcycles
Scope Economies
Supply
Scope Economies
Strength
Durability
Confidence
Evidence
A very broad catalog enables cross-selling across the signal chain (data conversion, power, RF, sensors) and lets customers prototype faster using standard parts, especially valuable in fragmented industrial applications.
Erosion risks
- SKU complexity can increase costs and dilute focus
- Customers adopting integrated modules may reduce discrete IC attach
- Competitors matching breadth via acquisitions
Leading indicators
- Share of revenue from top 100 products vs long-tail
- New product introduction cadence
- Cross-sell penetration across product families
Counterarguments
- Breadth alone does not guarantee socket wins versus specialist competitors
- Some customers prefer multi-vendor strategies to reduce supply risk
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Hybrid internal fabrication plus external foundries and specialized processes support high-performance analog/mixed-signal manufacturing, though not exclusive versus other large analog peers.
Erosion risks
- Foundry capacity tightness or pricing changes
- Process know-how diffusion across suppliers over time
Leading indicators
- Capex intensity and capacity expansion announcements
- Yield / gross margin resilience during ramps
Counterarguments
- Peers with 300mm analog fabs may have a structural cost advantage
- Reliance on external foundries can limit differentiation on unit cost
Data Workflow Lockin
Demand
Data Workflow Lockin
Strength
Durability
Confidence
Evidence
ADI's software and design ecosystems can reduce design time and encourage engineers to standardize on ADI workflows, but adoption and switching costs are still emerging.
Erosion risks
- Engineers prefer neutral third-party EDA ecosystems
- Tools may not become standard across customers
Leading indicators
- Developer tool downloads / user metrics disclosed by company
- Attach rate of software tools to silicon programs
Counterarguments
- Most silicon vendors offer similar reference designs and tools
- Switching between vendor tools may be easy if only used for evaluation
Automotive
Automotive analog, mixed-signal, power management and sensing semiconductors
FY2025 end-market revenue share computed from ADI FY2025 Form 10-K 'Revenue Trends by End Market' table (Automotive revenue $3,277,865m of $11,019,707m total). Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Automotive programs are long-lived and design wins can persist across vehicle platforms; ADI positions a broad automotive portfolio across electrification, connectivity and sensing.
Erosion risks
- Automotive OEMs pushing aggressive cost-down and multi-sourcing
- Platform loss risk if a competitor wins next-generation socket
Leading indicators
- Automotive revenue growth vs industry light-vehicle production
- Content-per-vehicle / electrification exposure updates
Counterarguments
- Many automotive IC categories are competed on cost and supply assurance, not just performance
- Large competitors may bundle broader MCU + analog platforms
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
Reliability and technical support matter in automotive; ADI explicitly cites these as competitive factors.
Erosion risks
- Quality issues or recalls damaging reputation
- Competitors closing perceived reliability gap
Leading indicators
- Customer quality metrics / returns trends (if disclosed)
- OEM/Tier-1 award announcements
Counterarguments
- Automotive purchasing often favors multi-sourcing regardless of brand
- Scale players can match reliability and outcompete on cost
Scope Economies
Supply
Scope Economies
Strength
Durability
Confidence
Evidence
Breadth across signal chain + power + sensing supports more wallet-share per vehicle platform and reduces customer integration effort.
Erosion risks
- OEMs standardizing on integrated domain controllers reducing discrete content
- Competitor platforms with tighter MCU + analog integration
Leading indicators
- Automotive attach across electrification + connectivity
- Design-win announcements across multiple vehicle subsystems
Counterarguments
- Automotive Tier-1s may prefer best-of-breed suppliers by subsystem
- Breadth may not translate into preferred supplier status
Communications
Communications infrastructure and data-center power/connectivity semiconductors (RF, mixed-signal, power)
FY2025 end-market revenue share computed from ADI FY2025 Form 10-K 'Revenue Trends by End Market' table (Communications revenue $1,377,865m of $11,019,707m total). Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
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.
Erosion risks
- Telecom capex volatility
- Architectural shifts (e.g., open RAN, integration) reducing discrete content
Leading indicators
- Carrier and cloud capex trends
- ADI communications end-market growth vs peers
Counterarguments
- Base-station platforms can switch suppliers at each generational refresh
- Competitors may win on integrated RF front-end modules
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
In RF and mixed-signal infrastructure, reliability and technical support are key purchasing criteria; ADI cites these factors as competitive drivers.
Erosion risks
- Competitors matching performance levels
- Price pressure during downcycles
Leading indicators
- Win rate on major infrastructure platforms (if disclosed)
- Gross margin trend in communications mix shifts
Counterarguments
- Large customers can qualify multiple suppliers and pressure pricing
- Some RF components trend toward commoditization over time
Scope Economies
Supply
Scope Economies
Strength
Durability
Confidence
Evidence
Portfolio breadth across RF signal chain, power management and high-speed connectivity supports system-level solutions for communications and data centers.
Erosion risks
- Customers standardizing on fewer platforms with more integration
- Competitors bundling adjacent digital components
Leading indicators
- Attach of power + connectivity into data-center programs
- Communications segment revenue growth during infrastructure upcycles
Counterarguments
- Some customers buy RF, power and connectivity from separate best-in-class vendors
- Broadcom and others have scale and bundling advantages in certain sockets
Consumer
Consumer electronics analog/mixed-signal and power management semiconductors
FY2025 end-market revenue share computed from ADI FY2025 Form 10-K 'Revenue Trends by End Market' table (Consumer revenue $1,434,568m of $11,019,707m total). Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Consumer design wins can be meaningful but are typically shorter-cycle and more price-sensitive than industrial/auto; switching is easier at each product refresh.
Erosion risks
- Rapid product cycles and frequent re-sourcing
- High customer bargaining power and cost-down pressure
- Commoditization in mature consumer categories
Leading indicators
- Consumer segment revenue volatility vs end-demand
- Changes in gross margin with consumer mix shifts
Counterarguments
- OEMs can swap suppliers at each refresh with limited switching cost
- Competitors may win with more integrated or lower-cost solutions
Brand Trust
Demand
Brand Trust
Strength
Durability
Confidence
Evidence
Brand and reliability can help in premium consumer audio and interface categories, but price and integration dominate many purchasing decisions.
Erosion risks
- Aggressive price competition
- OEM preference for single-chip integration from competitors
Leading indicators
- Share of consumer revenue from premium vs commoditized categories
- New design wins in portable/hearables
Counterarguments
- Brand matters less when OEMs prioritize cost and integration
- Consumer attach rates can shift quickly with fashion/product cycles
Scope Economies
Supply
Scope Economies
Strength
Durability
Confidence
Evidence
Reusable core technologies (signal chain and power) can be adapted across consumer categories; however, consumer market share is vulnerable to rapid shifts in OEM preferences.
Erosion risks
- Faster commoditization of consumer IC functions
- Lower-cost competitors catching up on features
Leading indicators
- Time-to-market and NPI cadence
- Customer concentration changes in consumer segment
Counterarguments
- Scope benefits can be offset by consumer OEMs preferring specialists
- Consumer attach rates are less sticky than industrial/auto
Evidence
Our analog ICs typically have long product life cycles.
Long lifecycles imply long-lived design-ins and higher switching friction for OEMs.
We had record design wins in 2024. We've continued growth in design wins in 2025.
Management highlights persistent design-win momentum, consistent with a design-in driven model.
Our product offerings include more than 75,000 stock keeping units (SKUs).
Large SKU breadth supports economies of scope and customer one-stop-shop behavior.
Scale is really important in analog ... with 70,000 SKUs.
Management explicitly links scale and breadth to competitiveness in analog.
Analog Devices Inc. ... holds the runner-up position with a 13% market share.
IC Insights ranking (via EDN) supports ADI's large-scale position among analog suppliers.
Showing 5 of 17 sources.
Risks & Indicators
Erosion risks
- Dual-sourcing and second-source qualification by large OEMs
- Commoditization of general-purpose analog catalog parts
- Increased competition from low-cost regional suppliers
- SKU complexity can increase costs and dilute focus
- Customers adopting integrated modules may reduce discrete IC attach
- Competitors matching breadth via acquisitions
Leading indicators
- Industrial bookings / book-to-bill commentary
- Design-win pipeline / content-per-system updates
- Gross margin and ASP stability through cycles
- Share of revenue from top 100 products vs long-tail
- New product introduction cadence
- Cross-sell penetration across product families
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
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