Analog Devices

Information Technology Semiconductors Wilmington, Massachusetts Last filing Nov 25, 2025 · FY2025

                    Revenue
                    FY2025
                
$11.0B
                    3y CAGR -2.8%
                    
                    P16
                    
                    +16.9%
                    
                    Net income
                    FY2025
                
$2.3B
                    Net margin +20.6%
                    
                    P67
                    
                    +38.7%
                    
                    Total assets
                    FY2025
                
$48.0B
                    ROA +4.7%
                    
                    P20
                    
                    -0.5%
                    
                    Operating cash flow
                    FY2025
                
$4.8B
                    FCF margin +38.8%
                    
                    P93
                    
                    +24.9%

22 yrs · FY2004–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $48.0B

Total liabilities $3.2B

Shareholders equity $33.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	5.2%	4.1%	2.0%	2.9%	3.8%	4.9%	3.0%	4.0%	5.0%	11.6%
Short Term Investments	2.4%	—	—	—	—	—	—	—	0.0%	39.3%
Accounts Receivable	3.0%	2.8%	3.0%	3.6%	2.8%	3.4%	3.0%	3.1%	3.3%	6.0%
Inventory	3.5%	3.0%	3.4%	2.8%	2.3%	2.8%	2.9%	2.9%	2.6%	4.7%
Prepaid Expenses	0.8%	0.7%	0.6%	0.5%	1.4%	0.5%	0.4%	0.3%	0.3%	0.7%
Other Current Assets	1.5%	—	—	—	—	—	—	—	—	—
Total Current Assets	14.8%	11.4%	9.0%	9.8%	10.3%	11.7%	9.3%	10.3%	11.1%	62.4%
Property,Plant and Equipment	6.9%	7.1%	6.6%	4.8%	3.8%	5.2%	5.7%	5.6%	5.2%	8.0%
Goodwill	56.1%	55.8%	55.2%	53.5%	51.4%	57.2%	57.3%	59.9%	57.8%	21.1%
Intangible Assets	16.7%	19.9%	23.2%	26.4%	29.2%	17.0%	19.7%	23.4%	25.2%	6.9%
Deferred Tax Assets	3.9%	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	1.5%	1.6%	1.5%	1.0%	0.7%	83.1%	85.0%	0.3%	0.3%	0.6%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.1%	1.0%	1.0%	1.2%	0.8%	1.1%	1.1%	1.3%	1.1%	2.2%
Accrued Liabilities	3.4%	2.3%	2.8%	3.2%	2.8%	4.5%	3.7%	3.1%	2.4%	3.2%
Current Portion of Long Term Debt	0.0%	—	—	—	—	—	—	—	—	—
Other Current Liabilities	1.1%	—	—	—	—	—	—	—	—	—
Total Current Liabilities	6.8%	6.2%	6.6%	4.9%	5.3%	6.4%	7.1%	5.1%	7.6%	9.8%
Long Term Debt	17.0%	0.2%	0.2%	0.1%	0.0%	0.1%	0.2%	0.2%	0.2%	0.2%
Deferred Tax Liabilities	4.5%	6.8%	7.3%	7.5%	7.9%	10.3%	10.8%	5.7%	9.4%	4.0%
Other Noncurrent Liabilities	1.1%	1.1%	1.2%	1.0%	1.1%	2.1%	1.1%	0.5%	0.4%	1.9%
Total Liabilities	6.8%	—	—	—	—	—	—	—	—	—
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.2%	0.2%	0.2%	0.2%	0.2%	0.3%	0.3%	0.3%	0.3%	0.6%
Additional Paid In Capital	48.7%	52.0%	51.9%	55.4%	58.4%	23.1%	23.1%	25.8%	24.8%	5.0%
Retained Earnings	22.0%	21.1%	21.2%	17.3%	14.4%	33.7%	32.3%	29.3%	23.2%	60.0%
Accumulated Other Comprehensive Income	-0.3%	-0.4%	-0.4%	-0.4%	-0.4%	-1.2%	-0.9%	-0.3%	-0.3%	-0.9%
Total Stockholders Equity	70.5%	72.9%	72.9%	72.5%	72.6%	55.9%	54.7%	55.1%	48.1%	64.8%
Total Liabilitiesand Equity	100.0%	—	—	—	—	—	—	—	—	—

Income Statement

Revenue, expense, and profitability

21 accounts · 10 years

Revenue $11.0B

Operating income $2.9B

Net income $2.3B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	23.0%	19.5%	25.2%	23.9%	14.0%	26.1%	28.0%	30.5%	24.8%	—
Expenses Cost of Revenue	8.8%	8.4%	9.1%	8.9%	5.3%	8.9%	9.2%	9.7%	9.8%	15.0%
Expenses Research and Development	3.7%	3.1%	3.4%	3.4%	2.5%	4.9%	5.3%	5.7%	4.6%	8.2%
Expenses Selling,General and Administrative	2.6%	2.2%	2.6%	2.5%	1.7%	3.1%	3.0%	3.4%	3.3%	5.8%
Expenses Depreciation and Amortization	0.8%	0.8%	0.7%	0.6%	0.4%	1.1%	1.1%	1.1%	0.9%	1.7%
Expenses Share Based Compensation	0.7%	0.5%	0.6%	0.6%	0.5%	0.7%	0.7%	0.7%	0.5%	0.8%
Expenses Restructuring and Asset Impairment	0.1%	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	8.0%	—	—	—	—	—	—	—	—	—
Other Income Expense Gross Profit	14.1%	11.2%	16.1%	15.0%	8.6%	17.2%	18.8%	20.8%	15.0%	27.9%
Other Income Expense Operating Income	6.1%	4.2%	7.8%	6.5%	3.2%	7.0%	8.0%	9.3%	5.5%	12.9%
Other Income Expense Interest Income	0.2%	0.2%	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.3%
Other Income Expense Interest Expense	0.7%	—	0.5%	0.4%	0.4%	0.9%	1.1%	1.2%	1.2%	1.1%
Other Income Expense Other Income/expense	-0.0%	-0.0%	0.0%	0.0%	0.1%	0.0%	-0.0%	-0.0%	-0.0%	-0.0%
Other Income Expense Income Before Tax	5.7%	3.7%	7.4%	6.2%	2.5%	6.1%	6.9%	8.1%	4.4%	12.0%
Income Tax Income Tax Expense	0.9%	0.3%	0.6%	0.7%	-0.1%	0.4%	0.6%	0.7%	0.6%	1.2%
net Income net Income	4.7%	3.4%	6.8%	5.5%	2.7%	5.7%	6.4%	7.4%	3.8%	10.8%
net Income Comprehensive Income	4.8%	3.4%	6.8%	5.4%	2.8%	5.4%	5.8%	7.4%	3.9%	10.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.0%	1.0%	1.0%	1.0%	0.8%	1.7%	1.7%	1.8%	1.6%	3.9%
Earnings Per Share Weighted Average Shares Diluted	1.0%	1.0%	1.0%	1.0%	0.8%	1.7%	1.7%	1.8%	1.7%	3.9%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $4.8B

Investing cash flow $-1.3B

Financing cash flow $-3.0B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	4.7%	3.4%	6.8%	5.5%	2.7%	5.7%	6.4%	7.4%	3.8%	10.8%
Operating Activities Depreciation and Amortization	3.3%	3.6%	4.0%	4.0%	1.6%	2.7%	2.7%	2.8%	1.8%	0.9%
Operating Activities Stock Based Compensation	0.7%	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	-0.5%	-0.8%	-0.9%	-0.6%	-0.8%	-0.5%	-0.4%	-3.6%	-3.8%	0.1%
Operating Activities Changes In Operating Assets and Liabilities	0.6%	-0.6%	-0.2%	1.7%	0.5%	0.5%	0.2%	-0.0%	0.5%	-0.3%
Operating Activities net Cash From Operating Activities	10.0%	8.0%	9.9%	8.9%	5.2%	9.4%	10.5%	11.9%	5.5%	16.2%
Investing Activities Capital Expenditures	1.1%	1.5%	2.6%	1.4%	0.7%	0.8%	1.3%	1.2%	1.0%	1.6%
Investing Activities Business Acquisitions	0.1%	—	0.0%	0.0%	-4.7%	0.0%	0.1%	0.3%	45.6%	1.0%
Investing Activities Purchases of Investments	2.4%	—	—	—	—	—	—	—	3.3%	96.6%
Investing Activities Proceeds From Sale of Investments	0.8%	—	—	—	—	—	0.0%	0.0%	2.7%	4.2%
Investing Activities Other Investing Activities	0.0%	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-2.8%	-2.3%	-2.6%	-1.3%	4.1%	-0.8%	-1.4%	-1.5%	-31.3%	-15.3%
Financing Activities Repayment of Debt	0.8%	1.0%	0.0%	0.0%	0.0%	3.5%	4.0%	11.1%	23.9%	0.0%
Financing Activities Repurchase of Common Stock	4.5%	1.3%	6.1%	5.1%	5.0%	1.1%	2.9%	1.1%	0.2%	4.6%
Financing Activities Dividends Paid	4.0%	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	0.2%	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	0.0%	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	-6.2%	-3.6%	-8.3%	-8.5%	-7.6%	-6.6%	-9.9%	-11.5%	26.4%	-0.4%
Cash Reconciliation net Change In Cash	1.1%	2.1%	-1.1%	-1.0%	1.8%	1.9%	-0.8%	-1.1%	0.6%	—
Cash Reconciliation Cash At Beginning of Period	5.2%	4.1%	2.0%	2.9%	3.8%	4.9%	3.0%	4.0%	5.0%	11.6%
Cash Reconciliation Cash At End of Period	5.2%	4.1%	2.0%	2.9%	3.8%	4.9%	3.0%	4.0%	5.0%	11.6%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+61.5%	+57.1%	+64.0%	+62.7%	+61.8%	+65.9%	+67.0%	+68.3%	+60.4%	—
Operating margin	+26.6%	+21.6%	+31.1%	+27.3%	+23.1%	+26.7%	+28.6%	+30.5%	+22.2%	—
Net margin	+20.6%	+17.3%	+26.9%	+22.9%	+19.0%	+21.8%	+22.8%	+24.2%	+15.4%	—
FCF margin	+38.8%	+33.1%	+28.9%	+31.4%	+32.7%	+32.9%	+33.0%	+35.1%	+18.1%	—
Growth
Revenue CAGR (3y)	-2.8%	+8.8%	+30.0%	+26.1%	+5.5%	+2.2%	—	—	—	—
Returns
ROE	+6.7%	+4.6%	+9.3%	+7.5%	+3.7%	+10.2%	+11.6%	+13.4%	+7.9%	+16.7%
ROA	+4.7%	+3.4%	+6.8%	+5.5%	+2.7%	+5.7%	+6.4%	+7.4%	+3.8%	+10.8%
ROIC	+6.2%	+5.6%	+10.1%	+8.3%	+4.7%	+12.7%	+14.1%	+16.5%	+10.9%	+21.7%
Liquidity
Current ratio	2.19x	1.84x	1.37x	2.02x	1.94x	1.84x	1.32x	2.01x	1.47x	6.35x
Quick ratio	1.21x	1.11x	0.76x	1.34x	1.24x	1.31x	0.85x	1.38x	1.09x	1.79x
Leverage
D/E	0.10x	0.37x	0.37x	0.38x	0.38x	0.79x	0.83x	0.81x	1.08x	0.54x
Interest coverage	9.23x	—	14.45x	16.36x	9.16x	7.75x	7.47x	7.49x	4.64x	11.58x
Efficiency
Asset turnover	0.23x	0.20x	0.25x	0.24x	0.14x	0.26x	0.28x	0.30x	0.25x	—
Cash conversion cycle	+143d	+138d	+138d	+121d	+172d	+121d	+110d	+98d	+103d	—

Valuation

Price against fundamentals

ADI $245 · 2025-09-29 · 351d old · FY2025

Market cap $121.6B

P/E 53.63x

P/S 11.03x

P/B 3.60x

EV $127.2B

EV/EBITDA 38.10x

FCF yield +3.5%

Dividend yield +1.6%

Notes

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