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 revenue.

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	22.7%	21.1%	7.8%
Short Term Investments	10.5%	—	—
Accounts Receivable	13.0%	14.2%	11.9%
Inventory	15.0%	15.4%	13.3%
Prepaid Expenses	3.3%	3.6%	2.6%
Other Current Assets	6.7%	—	—
Total Current Assets	64.5%	58.2%	35.6%
Property,Plant and Equipment	30.1%	36.2%	26.2%
Goodwill	244.5%	285.4%	218.7%
Intangible Assets	72.7%	101.7%	91.9%
Deferred Tax Assets	16.9%	—	—
Other Noncurrent Assets	6.7%	7.9%	6.0%
Total Assets	435.5%	511.6%	396.5%
Liabilities
Accounts Payable	4.9%	5.2%	4.0%
Accrued Liabilities	14.9%	11.7%	11.0%
Current Portion of Long Term Debt	0.0%	—	—
Other Current Liabilities	4.7%	—	—
Total Current Liabilities	29.5%	31.7%	26.0%
Long Term Debt	73.9%	0.9%	0.9%
Deferred Tax Liabilities	19.6%	35.0%	29.0%
Other Noncurrent Liabilities	4.7%	5.8%	4.7%
Total Liabilities	29.5%	—	—
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.7%	0.9%	0.7%
Additional Paid In Capital	211.9%	266.1%	205.7%
Retained Earnings	95.6%	108.2%	84.2%
Accumulated Other Comprehensive Income	-1.4%	-2.0%	-1.5%
Total Stockholders Equity	306.9%	373.1%	289.0%
Total Liabilitiesand Equity	435.5%	—	—

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	100.0%	100.0%	100.0%
Expenses Cost of Revenue	38.5%	42.9%	36.0%
Expenses Research and Development	16.0%	15.8%	13.5%
Expenses Selling,General and Administrative	11.4%	11.3%	10.3%
Expenses Depreciation and Amortization	3.7%	3.8%	2.7%
Expenses Share Based Compensation	2.9%	2.8%	2.4%
Expenses Restructuring and Asset Impairment	0.6%	—	—
Expenses Operating Expenses	34.9%	—	—
Other Income Expense Gross Profit	61.5%	57.1%	64.0%
Other Income Expense Operating Income	26.6%	21.6%	31.1%
Other Income Expense Interest Income	1.0%	0.8%	0.3%
Other Income Expense Interest Expense	2.9%	—	2.2%
Other Income Expense Other Income/expense	-0.1%	-0.1%	0.1%
Other Income Expense Income Before Tax	24.6%	18.9%	29.3%
Income Tax Income Tax Expense	4.0%	1.5%	2.4%
net Income net Income	20.6%	17.3%	26.9%
net Income Comprehensive Income	20.9%	17.4%	27.0%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	4.5%	5.3%	4.1%
Earnings Per Share Weighted Average Shares Diluted	4.5%	5.3%	4.1%

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	20.6%	17.3%	26.9%
Operating Activities Depreciation and Amortization	14.4%	18.5%	15.9%
Operating Activities Stock Based Compensation	2.9%	—	—
Operating Activities Deferred Income Taxes	-2.2%	-3.9%	-3.7%
Operating Activities Changes In Operating Assets and Liabilities	2.6%	-2.9%	-0.8%
Operating Activities net Cash From Operating Activities	43.7%	40.9%	39.2%
Investing Activities Capital Expenditures	4.8%	7.7%	10.3%
Investing Activities Business Acquisitions	0.4%	—	0.0%
Investing Activities Purchases of Investments	10.4%	—	—
Investing Activities Proceeds From Sale of Investments	3.4%	—	—
Investing Activities Other Investing Activities	0.2%	—	—
Investing Activities net Cash From Investing Activities	-12.0%	-11.7%	-10.3%
Financing Activities Repayment of Debt	3.6%	5.3%	0.0%
Financing Activities Repurchase of Common Stock	19.6%	6.5%	24.1%
Financing Activities Dividends Paid	17.5%	—	—
Financing Activities Proceeds From Stock Issuance	1.0%	—	—
Financing Activities Other Financing Activities	0.1%	—	—
Financing Activities net Cash From Financing Activities	-27.1%	-18.2%	-33.0%
Cash Reconciliation net Change In Cash	4.6%	11.0%	-4.2%
Cash Reconciliation Cash At Beginning of Period	22.7%	21.1%	7.8%
Cash Reconciliation Cash At End of Period	22.7%	21.1%	7.8%

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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