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

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 5 years

Total assets $48.0B

Total liabilities $3.2B

Shareholders equity $33.8B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	+6.0%	+0.2%	-30.4%	-25.7%	—
Short Term Investments	—	—	—	—	—
Accounts Receivable	-0.4%	-2.9%	+0.4%	+23.4%	—
Inventory	+8.4%	+6.4%	+17.0%	+16.6%	—
Prepaid Expenses	-16.3%	-23.1%	-34.9%	-63.9%	—
Other Current Assets	—	—	—	—	—
Total Current Assets	+7.2%	+0.7%	-9.7%	-8.2%	—
Property,Plant and Equipment	+13.8%	+20.0%	+27.5%	+21.3%	—
Goodwill	+0.0%	-0.0%	-0.0%	-0.0%	—
Intangible Assets	-14.9%	-14.4%	-13.9%	-13.1%	—
Deferred Tax Assets	—	—	—	—	—
Other Noncurrent Assets	+17.9%	+25.0%	+39.1%	+35.3%	—
Total Assets	-2.1%	-2.7%	-3.4%	-3.9%	—
Liabilities
Accounts Payable	+5.2%	+3.2%	+5.4%	+31.3%	—
Accrued Liabilities	+2.7%	-9.2%	-4.3%	+7.9%	—
Current Portion of Long Term Debt	—	—	—	—	—
Other Current Liabilities	—	—	—	—	—
Total Current Liabilities	+4.0%	+2.6%	+7.5%	-11.8%	—
Long Term Debt	+484.3%	+128.3%	+306.6%	+304.0%	—
Deferred Tax Liabilities	-14.9%	-7.1%	-6.9%	-7.9%	—
Other Noncurrent Liabilities	-1.6%	-0.7%	+2.2%	-7.3%	—
Total Liabilities	—	—	—	—	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	-1.7%	-1.9%	-2.8%	-3.1%	—
Additional Paid In Capital	-6.5%	-6.4%	-9.0%	-8.9%	—
Retained Earnings	+8.8%	+10.7%	+17.4%	+16.0%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	-2.9%	-2.5%	-3.2%	-4.0%	—
Total Liabilitiesand Equity	—	—	—	—	—

Income Statement

Revenue, expense, and profitability

21 accounts · 5 years

Revenue $11.0B

Operating income $2.9B

Net income $2.3B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	+10.8%	+8.8%	+29.7%	+64.2%	—
Expenses Cost of Revenue	+11.0%	+13.1%	+25.9%	+60.4%	—
Expenses Research and Development	+8.0%	+4.7%	+13.2%	+31.2%	—
Expenses Selling,General and Administrative	+8.2%	+5.3%	+18.0%	+38.3%	—
Expenses Depreciation and Amortization	+15.2%	+16.2%	+20.3%	+22.5%	—
Expenses Share Based Compensation	+7.2%	+2.5%	+10.9%	+32.8%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—
Expenses Operating Expenses	—	—	—	—	—
Other Income Expense Gross Profit	+10.6%	+5.9%	+31.9%	+66.5%	—
Other Income Expense Operating Income	+14.7%	+6.3%	+50.3%	+93.8%	—
Other Income Expense Interest Income	+204.8%	+301.3%	+481.7%	+466.1%	—
Other Income Expense Interest Expense	+14.5%	—	+19.7%	+8.4%	—
Other Income Expense Other Income/expense	—	—	-51.6%	-61.6%	—
Other Income Expense Income Before Tax	+19.5%	+10.2%	+64.8%	+133.2%	—
Income Tax Income Tax Expense	—	—	—	—	—
net Income net Income	+13.0%	+5.6%	+54.4%	+97.7%	—
net Income Comprehensive Income	+12.1%	+4.1%	+51.2%	+88.3%	—
Earnings Per Share Basic Eps	+7.0%	-1.9%	+37.3%	+51.1%	—
Earnings Per Share Diluted Eps	+7.1%	-1.8%	+37.6%	+51.7%	—
Earnings Per Share Weighted Average Shares Basic	+5.6%	+7.7%	+12.4%	+30.6%	—
Earnings Per Share Weighted Average Shares Diluted	+5.5%	+7.5%	+12.3%	+30.4%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $4.8B

Investing cash flow $-1.3B

Financing cash flow $-3.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	+13.0%	+5.6%	+54.4%	+97.7%	—
Operating Activities Depreciation and Amortization	+17.2%	+27.3%	+52.4%	+138.8%	—
Operating Activities Stock Based Compensation	—	—	—	—	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+5.0%	—	—	+268.3%	—
Operating Activities net Cash From Operating Activities	+15.2%	+12.1%	+32.7%	+63.6%	—
Investing Activities Capital Expenditures	+11.6%	+28.6%	+91.6%	+103.5%	—
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 Repayment of Debt	—	—	—	—	—
Financing Activities Repurchase of Common Stock	-4.5%	-38.2%	+6.7%	-1.1%	—
Financing Activities Dividends Paid	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation net Change In Cash	-13.8%	+3.9%	—	—	—
Cash Reconciliation Cash At Beginning of Period	+6.0%	+0.2%	-30.4%	-25.7%	—
Cash Reconciliation Cash At End of Period	+6.0%	+0.2%	-30.4%	-25.7%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+61.5%	+57.1%	+64.0%	+62.7%	+61.8%
Operating margin	+26.6%	+21.6%	+31.1%	+27.3%	+23.1%
Net margin	+20.6%	+17.3%	+26.9%	+22.9%	+19.0%
FCF margin	+38.8%	+33.1%	+28.9%	+31.4%	+32.7%
Growth
Revenue CAGR (3y)	-2.8%	+8.8%	+30.0%	+26.1%	+5.5%
Returns
ROE	+6.7%	+4.6%	+9.3%	+7.5%	+3.7%
ROA	+4.7%	+3.4%	+6.8%	+5.5%	+2.7%
ROIC	+6.2%	+5.6%	+10.1%	+8.3%	+4.7%
Liquidity
Current ratio	2.19x	1.84x	1.37x	2.02x	1.94x
Quick ratio	1.21x	1.11x	0.76x	1.34x	1.24x
Leverage
D/E	0.10x	0.37x	0.37x	0.38x	0.38x
Interest coverage	9.23x	—	14.45x	16.36x	9.16x
Efficiency
Asset turnover	0.23x	0.20x	0.25x	0.24x	0.14x
Cash conversion cycle	+143d	+138d	+138d	+121d	+172d

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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