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Makes analog, mixed-signal and power chips that sense, convert and process real-world signals for industrial, auto and comms customers.
Makes analog, mixed-signal and power chips that sense, convert and process real-world signals for industrial, auto and comms customers.
Sells a vast catalogue of chips to many customers, and a part usually stays in a customer's product for years once designed in. Industrial equipment is its largest end market, ahead of cars. It grew by buying Linear Technology in 2017 and Maxim Integrated in 2021.
Moat: narrow (scale, switching costs, installed base). Long design-in cycles and a broad catalog of hard-to-replicate analog parts create sticky customer relationships.
Headquarters: Wilmington, Massachusetts, US · Founded: 1965 · Employees: 24,500
Size Analog Devices (ADI) is a United States Information Technology company (Semiconductors) with a market value of $176B, the 70th largest of 3,117 United States companies the cockpit tracks. Shares closed at $363.56 on 6 Nov 2026.
Performance Over six months the shares fell 12.7%, against -16.2% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 19 in its peer set.
Growth Revenue grew 33.6% over the last twelve months (peer median +22.4%); the operating margin is 35.9% (peer median 22.6%).
Valuation It trades at 22.4× forward earnings against a peer median of 24.7× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +13 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.1 points below its cost of capital (10.8% WACC).
Credit Analog Devices has 16 bonds outstanding ($10.9B), rated A by the agencies and trading like A at a weighted spread of 70 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 24 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.9B | $11.0B | $9.43B | $12.3B | $12.0B |
| Revenue growth | — | +17% | -23% | +2% | — |
| Gross profit | $8.38B | $6.03B | $4.63B | $6.92B | $6.51B |
| EBITDA | $6.95B | $5.00B | $4.17B | $6.27B | $5.83B |
| Net income | $4.14B | $2.27B | $1.64B | $3.31B | $2.75B |
| Free cash flow | $4.94B | $4.28B | $3.12B | $3.56B | $3.78B |
| Capital expenditure | $608M | $534M | $730M | $1.26B | $699M |
| Total debt | $9.12B | $8.95B | $7.97B | $7.37B | $6.94B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Analog Devices ADI | $176B | -13% | +34% | 36% | 22.4× | 27.8% |
| Texas Instruments TXN | $253B | -4% | +20% | 41% | 24.6× | 23.3% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| NXP Semiconductors NXPI | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -23.7% | 6th highest of 21 |
| 6-month return | -12.7% | -16.2% | 9th highest of 19 |
| Distance from 52-week high | -18.5% | -49.5% | 3rd highest of 21 |
| Revenue growth (TTM) | +33.6% | +22.4% | 7th highest of 21 |
| Operating margin | 35.9% | 22.6% | 7th highest of 21 |
| Forward P/E | 22.4× | 24.7× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 27.8% | 27.6% | 8th most demanding of 16 |
| Growth delivered (Del g) | +14.5% | +13.1% | 7th highest of 16 |
| Hurdle (Req g minus delivered) | +13.3 pp | +10.8 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | -1.1 pp | +3.6 pp | 8th lowest of 21 |
| EV / EBITDA | 26.3× | 16.8× | 6th most expensive of 15 |
| Net debt / EBITDA | 1.0× | 0.2× | 4th most indebted of 16 |
| Bond spread | 70 bp | 78 bp | 3rd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| Zhongji Innolight 3308.HK | Hong Kong | $80.7B | n/a | +177% | 41% | 16.7× | 27.6% | +39.3% |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
| NXP Semiconductors NXPI | United States | $62.6B | -15% | +15% | 30% | 14.1× | 16.3% | +7.3% |
| TE Connectivity TEL | United States | $59.5B | +1% | +15% | 22% | 15.1× | 8.2% | +5.9% |
| Monolithic Power Systems MPWR | United States | $58.1B | -26% | +40% | 30% | 28.3× | 39.6% | +27.0% |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| SamsungElecMech 009150.KS | South Korea | $47.2B | +5% | +22% | 12% | 38.7× | 42.8% | +7.9% |
Analog Devices has 16 bonds outstanding with $10.9B face value. The agencies rate it A; its bonds trade like A. Weighted yield 5.52%, a spread of 70 bp over government bonds.