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

Balance Sheet

Assets, liabilities, and equity

29 accounts · 3 years

Total assets $48.0B

Total liabilities $3.2B

Shareholders equity $33.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	$2.5B 25.5%	$2.0B 107.9%	$958.1M
Short Term Investments	$1.2B	—	—
Accounts Receivable	$1.4B 7.5%	$1.3B -9.1%	$1.5B
Inventory	$1.7B 14.4%	$1.4B -11.8%	$1.6B
Prepaid Expenses	$363.3M 7.7%	$337.5M 7.5%	$314.0M
Other Current Assets	$742.9M	—	—
Total Current Assets	$7.1B 29.6%	$5.5B 25.1%	$4.4B
Property,Plant and Equipment	$3.3B -2.9%	$3.4B 6.1%	$3.2B
Goodwill	$26.9B 0.1%	$26.9B 0.0%	$26.9B
Intangible Assets	$8.0B -16.4%	$9.6B -15.3%	$11.3B
Deferred Tax Assets	$1.9B	—	—
Other Noncurrent Assets	$742.9M -0.8%	$749.1M 0.8%	$742.9M
Total Assets	$48.0B -0.5%	$48.2B -1.2%	$48.8B
Liabilities
Accounts Payable	$543.8M 11.6%	$487.5M -1.1%	$493.0M
Accrued Liabilities	$1.6B 48.7%	$1.1B -18.2%	$1.4B
Current Portion of Long Term Debt	$0	—	—
Other Current Liabilities	$521.8M	—	—
Total Current Liabilities	$3.2B 8.6%	$3.0B -6.6%	$3.2B
Long Term Debt	$8.1B 9698.2%	$83.1M -28.1%	$115.6M
Deferred Tax Liabilities	$2.2B -34.4%	$3.3B -7.5%	$3.6B
Other Noncurrent Liabilities	$521.8M -4.2%	$544.5M -6.3%	$581.0M
Total Liabilities	$3.2B	—	—
Equity
Preferred Stock	$0	$0	$0
Common Stock	$81.6M -1.3%	$82.7M 0.0%	$82.7M
Additional Paid In Capital	$23.3B -6.9%	$25.1B -0.9%	$25.3B
Retained Earnings	$10.5B 3.4%	$10.2B -1.5%	$10.4B
Accumulated Other Comprehensive Income	$-154.6M 16.6%	$-185.3M 1.6%	$-188.3M
Total Stockholders Equity	$33.8B -3.9%	$35.2B -1.1%	$35.6B
Total Liabilitiesand Equity	$48.0B	—	—

Income Statement

Revenue, expense, and profitability

21 accounts · 3 years

Revenue $11.0B

Operating income $2.9B

Net income $2.3B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	$11.0B 16.9%	$9.4B -23.4%	$12.3B
Expenses Cost of Revenue	$4.2B 5.0%	$4.0B -8.6%	$4.4B
Expenses Research and Development	$1.8B 18.7%	$1.5B -10.4%	$1.7B
Expenses Selling,General and Administrative	$1.3B 17.5%	$1.1B -16.1%	$1.3B
Expenses Depreciation and Amortization	$406.8M 12.1%	$362.8M 8.4%	$334.7M
Expenses Share Based Compensation	$321.6M 22.4%	$262.7M -12.4%	$299.8M
Expenses Restructuring and Asset Impairment	$70.0M	—	—
Expenses Operating Expenses	$3.8B	—	—
Other Income Expense Gross Profit	$6.8B 25.9%	$5.4B -31.7%	$7.9B
Other Income Expense Operating Income	$2.9B 44.3%	$2.0B -46.8%	$3.8B
Other Income Expense Interest Income	$105.3M 33.6%	$78.8M 90.9%	$41.3M
Other Income Expense Interest Expense	$317.7M	—	$264.6M
Other Income Expense Other Income/expense	$-7.9M 34.1%	$-12.0M -246.1%	$8.2M
Other Income Expense Income Before Tax	$2.7B 52.6%	$1.8B -50.7%	$3.6B
Income Tax Income Tax Expense	$444.8M 213.1%	$142.1M -51.6%	$293.4M
net Income net Income	$2.3B 38.7%	$1.6B -50.7%	$3.3B
net Income Comprehensive Income	$2.3B 40.3%	$1.6B -50.7%	$3.3B
Earnings Per Share Basic Eps	$5 39.1%	$3 -50.0%	$7
Earnings Per Share Diluted Eps	$5 39.0%	$3 -49.9%	$7
Earnings Per Share Weighted Average Shares Basic	$494.4M -0.4%	$496.2M -1.2%	$502.2M
Earnings Per Share Weighted Average Shares Diluted	$496.7M -0.4%	$498.7M -1.4%	$506.0M

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	$2.3B 38.7%	$1.6B -50.7%	$3.3B
Operating Activities Depreciation and Amortization	$1.6B -8.6%	$1.7B -11.1%	$2.0B
Operating Activities Stock Based Compensation	$321.6M	—	—
Operating Activities Deferred Income Taxes	$-246.6M 32.9%	$-367.6M 18.9%	$-452.9M
Operating Activities Changes In Operating Assets and Liabilities	$290.5M 207.0%	$-271.6M -192.1%	$-93.0M
Operating Activities net Cash From Operating Activities	$4.8B 24.9%	$3.9B -20.0%	$4.8B
Investing Activities Capital Expenditures	$533.6M -27.0%	$730.5M -42.1%	$1.3B
Investing Activities Business Acquisitions	$45.7M	—	$0
Investing Activities Purchases of Investments	$1.2B	—	—
Investing Activities Proceeds From Sale of Investments	$372.8M	—	—
Investing Activities Other Investing Activities	$23.7M	—	—
Investing Activities net Cash From Investing Activities	$-1.3B -19.6%	$-1.1B 12.8%	$-1.3B
Financing Activities Repayment of Debt	$400.0M -20.0%	$500.0M	$0
Financing Activities Repurchase of Common Stock	$2.2B 251.6%	$615.6M -79.2%	$3.0B
Financing Activities Dividends Paid	$1.9B	—	—
Financing Activities Proceeds From Stock Issuance	$108.9M	—	—
Financing Activities Other Financing Activities	$7.8M	—	—
Financing Activities net Cash From Financing Activities	$-3.0B -74.0%	$-1.7B 57.8%	$-4.1B
Cash Reconciliation net Change In Cash	$508.1M -50.8%	$1.0B 301.6%	$-512.5M
Cash Reconciliation Cash At Beginning of Period	$2.5B 25.5%	$2.0B 107.9%	$958.1M
Cash Reconciliation Cash At End of Period	$2.5B 25.5%	$2.0B 107.9%	$958.1M

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	+6.2%	+5.6%	+10.1%
Liquidity
Current ratio	2.19x	1.84x	1.37x
Quick ratio	1.21x	1.11x	0.76x
Leverage
D/E	0.10x	0.37x	0.37x
Interest coverage	9.23x	—	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 · 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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