Analog Devices

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

                    Revenue
                    FY2025
                
$11.0B
                    3y CAGR -2.8%
                    
                    P14
                    
                    +16.9%
                    
                    Net income
                    FY2025
                
$2.3B
                    Net margin +20.6%
                    
                    P68
                    
                    +38.7%
                    
                    Total assets
                    FY2025
                
$48.0B
                    ROA +4.7%
                    
                    P22
                    
                    -0.5%
                    
                    Operating cash flow
                    FY2025
                
$4.8B
                    FCF margin +38.8%
                    
                    P91
                    
                    +24.9%

19 yrs · FY2007–FY2025 8 filed · 1 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

26 accounts · 10 years

Total assets $48.0B

Total liabilities ~$14.2B

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%	0.8%	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%
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%	4.3%	4.6%	4.5%	4.3%	7.0%	7.4%	0.0%	0.2%	0.5%
Other Noncurrent Assets	1.5%	1.6%	1.5%	1.0%	0.7%	1.5%	0.3%	0.5%	0.4%	0.9%
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	4.7%	3.2%	3.4%	3.7%	3.5%	5.3%	4.6%	3.5%	2.8%	3.3%
Current Portion of Long Term Debt	0.9%	2.0%	2.1%	0.0%	1.0%	0.0%	1.4%	0.3%	1.4%	0.0%
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%	13.8%	12.1%	13.0%	—	—	—	—	—	—
Deferred Tax Liabilities	4.5%	5.4%	6.4%	7.2%	7.5%	8.9%	9.8%	4.8%	7.9%	1.4%
Other Noncurrent Liabilities	1.3%	1.7%	2.0%	2.4%	14.6%	28.8%	28.5%	34.9%	36.5%	24.0%
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%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 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%	30.3%	24.2%	42.9%
Expenses Cost of Revenue	8.8%	8.4%	9.1%	8.9%	5.3%	8.9%	9.2%	9.6%	9.7%	15.0%
Other Income Expense Gross Profit	14.1%	11.2%	16.1%	15.0%	8.6%	17.2%	18.8%	20.7%	14.5%	27.9%
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 Restructuring and Asset Impairment	0.1%	0.1%	0.3%	0.5%	0.2%	0.2%	0.4%	0.3%	0.2%	0.2%
Expenses Operating Expenses	8.0%	6.9%	8.3%	8.5%	5.4%	10.2%	10.8%	11.5%	9.5%	15.0%
Other Income Expense Operating Income	6.1%	4.2%	7.8%	6.5%	3.2%	7.0%	8.0%	9.2%	5.0%	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%	0.7%	0.5%	0.4%	0.4%	0.9%	1.1%	1.2%	1.2%	1.1%
Other Income Expense Income Before Tax	5.7%	3.7%	7.4%	6.2%	2.5%	6.1%	6.9%	8.0%	3.9%	12.0%
Income Tax Income Tax Expense	0.9%	0.3%	0.6%	0.7%	-0.1%	0.4%	0.6%	0.7%	0.5%	1.2%
net Income Other Items Below Tax	-1.6%	-1.6%	-1.9%	—	—	—	—	—	—	—
net Income net Income	4.7%	3.4%	6.8%	5.5%	2.7%	5.7%	6.4%	7.3%	3.4%	10.8%
net Income Comprehensive Income	4.8%	3.4%	6.8%	5.4%	2.8%	5.4%	5.8%	7.3%	3.5%	10.5%
Earnings Per Share Basic Eps	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%	—	—	—	—
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	4.2%	4.3%	4.8%	4.5%	2.1%	3.8%	3.8%	3.9%	4.5%	2.6%
Operating Activities Stock Based Compensation	0.7%	0.5%	0.6%	0.6%	0.5%	0.7%	0.7%	0.7%	0.5%	0.8%
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	1.0%	0.4%	-1.3%	-1.8%	-0.2%	0.7%	-0.2%	3.3%	0.6%	1.5%
Operating Activities Other Non Cash Items	-0.0%	0.0%	0.0%	0.6%	1.0%	-1.0%	0.3%	0.2%	-0.1%	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%	-0.9%	0.0%	0.0%	—	—	—	—	-3.3%	-96.6%
Investing Activities Proceeds From Sale of Investments	0.8%	0.1%	0.0%	—	—	—	—	—	18.6%	84.2%
Investing Activities Other Investing Activities	0.1%	-0.0%	-0.0%	0.1%	0.1%	-0.1%	-0.0%	-0.0%	-0.1%	-0.2%
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 Proceeds From Debt	22.8%	23.4%	10.8%	1.4%	8.3%	3.5%	6.2%	3.6%	52.8%	15.5%
Financing Activities Repayment of Debt	-20.8%	-22.2%	-9.8%	-1.8%	-7.6%	-5.1%	-10.2%	-11.1%	-23.9%	-4.7%
Financing Activities Repurchase of Common Stock	-4.5%	-1.3%	-6.1%	-5.1%	-5.9%	-1.1%	-2.9%	-1.1%	-0.2%	-4.6%
Financing Activities Dividends Paid	-4.0%	-3.7%	-3.4%	-3.1%	-2.1%	-4.1%	-3.6%	-3.4%	-2.8%	-6.4%
Financing Activities Proceeds From Stock Issuance	0.2%	0.3%	0.2%	0.1%	0.1%	0.3%	0.5%	0.5%	0.6%	0.8%
Financing Activities Other Financing Activities	0.0%	-0.0%	-0.0%	0.0%	-0.3%	-0.0%	-0.0%	0.0%	-0.0%	-0.9%
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%	0.5%

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%	+59.9%	+65.1%
Operating margin	+26.6%	+21.6%	+31.1%	+27.3%	+23.1%	+26.7%	+28.6%	+30.3%	+20.7%	+30.0%
Net margin	+20.6%	+17.3%	+26.9%	+22.9%	+19.0%	+21.8%	+22.8%	+24.1%	+14.2%	+25.2%
FCF margin	+38.8%	+33.1%	+28.9%	+31.4%	+32.7%	+32.9%	+33.0%	+35.3%	+18.6%	+34.0%
Growth
Revenue CAGR (3y)	-2.8%	+8.8%	+30.0%	+26.1%	+5.7%	+3.1%	+20.5%	+21.8%	+21.3%	+9.1%
Returns
ROE	+6.7%	+4.6%	+9.3%	+7.5%	+3.7%	+10.2%	+11.6%	+13.3%	+7.2%	+16.7%
ROA	+4.7%	+3.4%	+6.8%	+5.5%	+2.7%	+5.7%	+6.4%	+7.3%	+3.4%	+10.8%
ROIC	+6.1%	+4.6%	+8.5%	+7.0%	+4.6%	—	+13.8%	+16.3%	+9.8%	—
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	0.42x	0.37x	0.37x	0.38x	0.38x	0.79x	0.83x	0.81x	1.08x	0.54x
Interest coverage	9.23x	6.31x	14.45x	16.36x	9.16x	7.75x	7.47x	7.42x	4.21x	11.58x
Efficiency
Asset turnover	0.23x	0.20x	0.25x	0.24x	0.14x	0.26x	0.28x	0.30x	0.24x	0.43x
Cash conversion cycle	+143d	+138d	+138d	+121d	+172d	+121d	+110d	+98d	+105d	+114d

Valuation

Price against fundamentals

ADI $245 · 2025-09-29 · 397d old · FY2025

Market cap $121.6B

P/E 53.63x

P/S 11.03x

P/B 3.60x

EV $127.7B

EV/EBITDA —

FCF yield +3.5%

Dividend yield +1.6%

Notes

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