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

Year-over-year change per cell; first column has no prior.

Balance Sheet

Assets, liabilities, and equity

29 accounts · 10 years

Total assets $48.0B

Total liabilities $3.2B

Shareholders equity $33.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	+25.5%	+107.9%	-34.9%	-25.7%	+87.3%	+62.9%	-20.6%	-22.1%	+13.8%	—
Short Term Investments	—	—	—	—	—	—	—	—	-100.0%	—
Accounts Receivable	+7.5%	-9.1%	-18.4%	+23.4%	+97.8%	+16.1%	-0.7%	-7.1%	+44.3%	—
Inventory	+14.4%	-11.8%	+17.3%	+16.6%	+97.4%	-0.3%	+3.9%	+6.5%	+46.3%	—
Prepaid Expenses	+7.7%	+7.5%	+17.6%	-63.9%	+538.3%	+26.4%	+32.9%	+14.7%	+2.9%	—
Other Current Assets	—	—	—	—	—	—	—	—	—	—
Total Current Assets	+29.6%	+25.1%	-11.2%	-8.2%	+113.6%	+26.8%	-6.0%	-10.2%	-52.7%	—
Property,Plant and Equipment	-2.9%	+6.1%	+34.1%	+21.3%	+76.6%	-8.1%	+5.7%	+4.2%	+74.1%	—
Goodwill	+0.1%	-0.0%	+0.0%	-0.0%	+119.2%	+0.2%	+0.0%	+0.3%	+627.6%	—
Intangible Assets	-16.4%	-15.3%	-14.7%	-13.1%	+318.2%	-13.4%	-11.7%	-10.2%	+868.3%	—
Deferred Tax Assets	—	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	-0.8%	+0.8%	+43.0%	+35.3%	-97.8%	-2.0%	+28829.7%	+12.2%	+19.9%	—
Total Assets	-0.5%	-1.2%	-3.0%	-3.9%	+143.7%	+0.4%	+4.7%	-3.3%	+165.3%	—
Liabilities
Accounts Payable	+11.6%	-1.1%	-15.3%	+31.3%	+95.1%	+0.9%	-13.7%	+10.3%	+38.0%	—
Accrued Liabilities	+48.7%	-18.2%	-15.2%	+7.9%	+54.6%	+20.1%	+26.3%	+26.3%	+95.0%	—
Current Portion of Long Term Debt	—	—	—	—	—	—	—	—	—	—
Other Current Liabilities	—	—	—	—	—	—	—	—	—	—
Total Current Liabilities	+8.6%	-6.6%	+31.0%	-11.8%	+103.0%	-9.5%	+43.4%	-34.1%	+103.9%	—
Long Term Debt	+9698.2%	-28.1%	+309.2%	+304.0%	-76.6%	-9.6%	-21.8%	-13.5%	+174.5%	—
Deferred Tax Liabilities	-34.4%	-7.5%	-6.0%	-7.9%	+85.9%	-3.9%	+97.2%	-41.1%	+528.2%	—
Other Noncurrent Liabilities	-4.2%	-6.3%	+12.7%	-7.3%	+23.7%	+87.2%	+113.6%	+48.8%	-50.8%	—
Total Liabilities	—	—	—	—	—	—	—	—	—	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	-1.3%	+0.0%	-2.6%	-3.1%	+42.2%	+0.3%	-0.5%	+0.4%	+19.6%	—
Additional Paid In Capital	-6.9%	-0.9%	-9.1%	-8.9%	+517.7%	+0.3%	-6.5%	+0.6%	+1205.2%	—
Retained Earnings	+3.4%	-1.5%	+18.8%	+16.0%	+3.9%	+4.9%	+15.3%	+21.8%	+2.6%	—
Accumulated Other Comprehensive Income	+16.6%	+1.6%	+5.0%	-6.2%	+25.2%	-32.8%	-221.4%	+4.8%	+16.9%	—
Total Stockholders Equity	-3.9%	-1.1%	-2.5%	-4.0%	+216.7%	+2.5%	+3.9%	+10.9%	+96.7%	—
Total Liabilitiesand Equity	—	—	—	—	—	—	—	—	—	—

Income Statement

Revenue, expense, and profitability

21 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	+16.9%	-23.4%	+2.4%	+64.2%	+30.6%	-6.5%	-3.8%	+18.6%	—	—
Expenses Cost of Revenue	+5.0%	-8.6%	-1.2%	+60.4%	+46.0%	-3.3%	+0.2%	-5.0%	+74.0%	—
Expenses Research and Development	+18.7%	-10.4%	-2.4%	+31.2%	+23.4%	-7.1%	-3.0%	+20.3%	+48.1%	—
Expenses Selling,General and Administrative	+17.5%	-16.1%	+0.6%	+38.3%	+38.7%	+1.8%	-6.8%	+0.7%	+49.6%	—
Expenses Depreciation and Amortization	+12.1%	+8.4%	+18.1%	+22.5%	-1.1%	-2.9%	+5.3%	+17.4%	+44.7%	—
Expenses Share Based Compensation	+22.4%	-12.4%	-7.3%	+32.8%	+62.9%	-0.5%	-0.6%	+45.1%	+64.3%	—
Expenses Restructuring and Asset Impairment	—	—	—	—	—	—	—	—	—	—
Expenses Operating Expenses	—	—	—	—	—	—	—	—	—	—
Other Income Expense Gross Profit	+25.9%	-31.7%	+4.6%	+66.5%	+22.6%	-8.1%	-5.6%	+34.2%	+42.3%	—
Other Income Expense Operating Income	+44.3%	-46.8%	+16.6%	+93.8%	+12.9%	-12.4%	-9.9%	+63.4%	+13.1%	—
Other Income Expense Interest Income	+33.6%	+90.9%	+497.8%	+466.1%	-71.7%	-57.9%	+9.0%	-69.1%	+42.9%	—
Other Income Expense Interest Expense	—	—	+32.1%	+8.4%	-4.4%	-15.6%	-9.7%	+1.1%	+182.6%	—
Other Income Expense Other Income/expense	+34.1%	-246.1%	-39.2%	-61.6%	+1386.2%	+139.3%	-8644.9%	+99.1%	-105.4%	—
Other Income Expense Income Before Tax	+52.6%	-50.7%	+16.4%	+133.2%	+1.3%	-11.7%	-10.2%	+77.1%	-2.3%	—
Income Tax Income Tax Expense	+213.1%	-51.6%	-16.2%	+667.5%	-167.9%	-26.0%	-17.3%	+14.7%	+35.8%	—
net Income net Income	+38.7%	-50.7%	+20.6%	+97.7%	+13.9%	-10.4%	-9.6%	+87.1%	-6.5%	—
net Income Comprehensive Income	+40.3%	-50.7%	+21.5%	+88.3%	+25.1%	-5.9%	-18.3%	+84.6%	-2.5%	—
Earnings Per Share Basic Eps	+39.1%	-50.0%	+24.8%	+51.1%	+5.7%	+341.3%	-31.2%	+16.0%	-2.1%	—
Earnings Per Share Diluted Eps	+39.0%	-49.9%	+24.8%	+51.7%	+5.5%	+343.2%	-31.5%	+16.1%	-2.1%	—
Earnings Per Share Weighted Average Shares Basic	-0.4%	-1.2%	-3.3%	+30.6%	+7.8%	-0.1%	-0.4%	+6.9%	+12.2%	—
Earnings Per Share Weighted Average Shares Diluted	-0.4%	-1.4%	-3.3%	+30.4%	+7.9%	-0.2%	-0.6%	+7.0%	+12.2%	—

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	+38.7%	-50.7%	+20.6%	+97.7%	+13.9%	-10.4%	-9.6%	+87.1%	-6.5%	—
Operating Activities Depreciation and Amortization	-8.6%	-11.1%	-2.8%	+138.8%	+46.1%	+1.2%	+0.0%	+46.5%	+417.5%	—
Operating Activities Stock Based Compensation	—	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	+32.9%	+18.9%	-38.6%	+19.7%	-257.1%	-24.9%	+87.5%	+9.9%	-10075.4%	—
Operating Activities Changes In Operating Assets and Liabilities	+207.0%	-192.1%	-110.6%	+268.3%	+130.6%	+112.7%	+599.0%	-108.5%	+595.0%	—
Operating Activities net Cash From Operating Activities	+24.9%	-20.0%	+7.6%	+63.6%	+36.2%	-10.9%	-7.7%	+111.6%	-10.6%	—
Investing Activities Capital Expenditures	-27.0%	-42.1%	+80.4%	+103.5%	+107.4%	-39.8%	+8.0%	+24.9%	+60.2%	—
Investing Activities Business Acquisitions	—	—	—	+100.0%	—	-100.0%	-78.9%	-99.5%	+11481.8%	—
Investing Activities Purchases of Investments	—	—	—	—	—	—	—	—	-90.8%	—
Investing Activities Proceeds From Sale of Investments	—	—	—	—	—	—	—	-100.0%	+73.5%	—
Investing Activities Other Investing Activities	—	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-19.6%	+12.8%	-92.6%	-130.7%	+1287.4%	+38.4%	+6.6%	+95.3%	-443.2%	—
Financing Activities Repayment of Debt	-20.0%	—	—	—	-100.0%	-11.8%	-62.6%	-55.0%	—	—
Financing Activities Repurchase of Common Stock	+251.6%	-79.2%	+15.0%	-1.1%	+965.6%	-60.1%	+171.3%	+385.6%	-87.4%	—
Financing Activities Dividends Paid	—	—	—	—	—	—	—	—	—	—
Financing Activities Proceeds From Stock Issuance	—	—	—	—	—	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—	—	—	—	—	—
Financing Activities net Cash From Financing Activities	-74.0%	+57.8%	+5.3%	-8.4%	-178.7%	+33.2%	+9.8%	-142.2%	+16842.0%	—
Cash Reconciliation net Change In Cash	-50.8%	+301.6%	-1.0%	-155.0%	+126.3%	+342.2%	+27.2%	-282.5%	—	—
Cash Reconciliation Cash At Beginning of Period	+25.5%	+107.9%	-34.9%	-25.7%	+87.3%	+62.9%	-20.6%	-22.1%	+13.8%	—
Cash Reconciliation Cash At End of Period	+25.5%	+107.9%	-34.9%	-25.7%	+87.3%	+62.9%	-20.6%	-22.1%	+13.8%	—

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%	+60.4%	—
Operating margin	+26.6%	+21.6%	+31.1%	+27.3%	+23.1%	+26.7%	+28.6%	+30.5%	+22.2%	—
Net margin	+20.6%	+17.3%	+26.9%	+22.9%	+19.0%	+21.8%	+22.8%	+24.2%	+15.4%	—
FCF margin	+38.8%	+33.1%	+28.9%	+31.4%	+32.7%	+32.9%	+33.0%	+35.1%	+18.1%	—
Growth
Revenue CAGR (3y)	-2.8%	+8.8%	+30.0%	+26.1%	+5.5%	+2.2%	—	—	—	—
Returns
ROE	+6.7%	+4.6%	+9.3%	+7.5%	+3.7%	+10.2%	+11.6%	+13.4%	+7.9%	+16.7%
ROA	+4.7%	+3.4%	+6.8%	+5.5%	+2.7%	+5.7%	+6.4%	+7.4%	+3.8%	+10.8%
ROIC	+6.2%	+5.6%	+10.1%	+8.3%	+4.7%	+12.7%	+14.1%	+16.5%	+10.9%	+21.7%
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	0.10x	0.37x	0.37x	0.38x	0.38x	0.79x	0.83x	0.81x	1.08x	0.54x
Interest coverage	9.23x	—	14.45x	16.36x	9.16x	7.75x	7.47x	7.49x	4.64x	11.58x
Efficiency
Asset turnover	0.23x	0.20x	0.25x	0.24x	0.14x	0.26x	0.28x	0.30x	0.25x	—
Cash conversion cycle	+143d	+138d	+138d	+121d	+172d	+121d	+110d	+98d	+103d	—

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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