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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

26 accounts · 3 years

Total assets $48.0B

Total liabilities ~$14.2B

Shareholders equity $33.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+61.5%	+107.9%	—
Short Term Investments	—	—	—
Accounts Receivable	-1.2%	-9.1%	—
Inventory	+0.4%	-11.8%	—
Prepaid Expenses	+7.6%	+7.5%	—
Total Current Assets	+27.3%	+25.1%	—
Property,Plant and Equipment	+1.5%	+6.1%	—
Goodwill	+0.1%	-0.0%	—
Intangible Assets	-15.8%	-15.3%	—
Deferred Tax Assets	-8.4%	-6.3%	—
Other Noncurrent Assets	-0.0%	+0.8%	—
Total Assets	-0.8%	-1.2%	—
Liabilities
Accounts Payable	+5.0%	-1.1%	—
Accrued Liabilities	+16.5%	-6.5%	—
Current Portion of Long Term Debt	-34.7%	-9.5%	—
Total Current Liabilities	+0.7%	-6.6%	—
Long Term Debt	+17.5%	+12.4%	—
Deferred Tax Liabilities	-16.8%	-16.1%	—
Other Noncurrent Liabilities	-21.0%	-19.3%	—
Equity
Preferred Stock	—	—	—
Common Stock	-0.7%	+0.0%	—
Additional Paid In Capital	-4.0%	-0.9%	—
Retained Earnings	+0.9%	-1.5%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	-2.5%	-1.1%	—
Total Liabilitiesand Equity	-0.8%	-1.2%	—

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $11.0B

Operating income $2.9B

Net income $2.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	-5.4%	-23.4%	—
Expenses Cost of Revenue	-2.1%	-8.6%	—
Other Income Expense Gross Profit	-7.3%	-31.7%	—
Expenses Research and Development	+3.1%	-10.4%	—
Expenses Selling,General and Administrative	-0.7%	-16.1%	—
Expenses Restructuring and Asset Impairment	-34.0%	-76.8%	—
Expenses Operating Expenses	-2.7%	-17.4%	—
Other Income Expense Operating Income	-12.4%	-46.8%	—
Other Income Expense Interest Income	+59.7%	+90.9%	—
Other Income Expense Interest Expense	+9.6%	+21.8%	—
Other Income Expense Income Before Tax	-13.3%	-50.7%	—
Income Tax Income Tax Expense	+23.1%	-51.6%	—
net Income Other Items Below Tax	—	—	—
net Income net Income	-17.3%	-50.7%	—
net Income Comprehensive Income	-16.9%	-50.7%	—
Earnings Per Share Basic Eps	-16.6%	-50.0%	—
Earnings Per Share Diluted Eps	-16.6%	-49.9%	—
Earnings Per Share Weighted Average Shares Diluted	-0.9%	-1.4%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $4.8B

Investing cash flow $-1.3B

Financing cash flow $-3.0B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	-17.3%	-50.7%	—
Operating Activities Depreciation and Amortization	-7.3%	-11.6%	—
Operating Activities Stock Based Compensation	+3.6%	-12.4%	—
Operating Activities Deferred Income Taxes	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	—	—	—
Operating Activities Other Non Cash Items	—	+166.0%	—
Operating Activities net Cash From Operating Activities	-0.1%	-20.0%	—
Investing Activities Capital Expenditures	—	—	—
Investing Activities Business Acquisitions	—	—	—
Investing Activities Purchases of Investments	—	—	—
Investing Activities Proceeds From Sale of Investments	—	—	—
Investing Activities Other Investing Activities	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Proceeds From Debt	+43.9%	+113.2%	—
Financing Activities Repayment of Debt	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—
Financing Activities Dividends Paid	—	—	—
Financing Activities Proceeds From Stock Issuance	-4.2%	+2.2%	—
Financing Activities Other Financing Activities	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation net Change In Cash	—	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+61.5%	+57.1%	+64.0%
Operating margin	+26.6%	+21.6%	+31.1%
Net margin	+20.6%	+17.3%	+26.9%
FCF margin	+38.8%	+33.1%	+28.9%
Growth
Revenue CAGR (3y)	-2.8%	+8.8%	+30.0%
Returns
ROE	+6.7%	+4.6%	+9.3%
ROA	+4.7%	+3.4%	+6.8%
ROIC	+6.1%	+4.6%	+8.5%
Liquidity
Current ratio	2.19x	1.84x	1.37x
Quick ratio	1.21x	1.11x	0.76x
Leverage
D/E	0.42x	0.37x	0.37x
Interest coverage	9.23x	6.31x	14.45x
Efficiency
Asset turnover	0.23x	0.20x	0.25x
Cash conversion cycle	+143d	+138d	+138d

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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