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 · 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	$2.5B 25.5%	$2.0B 107.9%	$958.1M -34.9%	$1.5B -25.7%	$2.0B 87.3%	$1.1B 62.9%	$648.3M -20.6%	$816.6M -22.1%	$1.0B 13.8%	$921.1M
Short Term Investments	$1.2B	—	—	—	—	—	—	—	$0 -100.0%	$3.1B
Accounts Receivable	$1.4B 7.5%	$1.3B -9.1%	$1.5B -18.4%	$1.8B 23.4%	$1.5B 97.8%	$737.5M 16.1%	$635.1M -0.7%	$639.7M -7.1%	$689.0M 44.3%	$477.6M
Inventory	$1.7B 14.4%	$1.4B -11.8%	$1.6B 17.3%	$1.4B 16.6%	$1.2B 97.4%	$608.3M -0.3%	$609.9M 3.9%	$586.8M 6.5%	$550.8M 46.3%	$376.6M
Prepaid Expenses	$363.3M 7.7%	$337.5M 7.5%	$314.0M 17.6%	$267.0M -63.9%	$740.7M 538.3%	$116.0M 26.4%	$91.8M 32.9%	$69.1M 14.7%	$60.2M 2.9%	$58.5M
Other Current Assets	$742.9M	—	—	—	—	—	—	—	—	—
Total Current Assets	$7.1B 29.6%	$5.5B 25.1%	$4.4B -11.2%	$4.9B -8.2%	$5.4B 113.6%	$2.5B 26.8%	$2.0B -6.0%	$2.1B -10.2%	$2.4B -52.7%	$5.0B
Property,Plant and Equipment	$3.3B -2.9%	$3.4B 6.1%	$3.2B 34.1%	$2.4B 21.3%	$2.0B 76.6%	$1.1B -8.1%	$1.2B 5.7%	$1.2B 4.2%	$1.1B 74.1%	$636.1M
Goodwill	$26.9B 0.1%	$26.9B 0.0%	$26.9B 0.0%	$26.9B 0.0%	$26.9B 119.2%	$12.3B 0.2%	$12.3B 0.0%	$12.3B 0.3%	$12.2B 627.6%	$1.7B
Intangible Assets	$8.0B -16.4%	$9.6B -15.3%	$11.3B -14.7%	$13.3B -13.1%	$15.3B 318.2%	$3.7B -13.4%	$4.2B -11.7%	$4.8B -10.2%	$5.3B 868.3%	$549.4M
Deferred Tax Assets	$1.9B	—	—	—	—	—	—	—	—	—
Other Noncurrent Assets	$742.9M -0.8%	$749.1M 0.8%	$742.9M 43.0%	$519.6M 35.3%	$383.9M -97.8%	$17.8B -2.0%	$18.2B 28829.7%	$62.9M 12.2%	$56.0M 19.9%	$46.7M
Total Assets	$48.0B -0.5%	$48.2B -1.2%	$48.8B -3.0%	$50.3B -3.9%	$52.3B 143.7%	$21.5B 0.4%	$21.4B 4.7%	$20.4B -3.3%	$21.1B 165.3%	$8.0B
Liabilities
Accounts Payable	$543.8M 11.6%	$487.5M -1.1%	$493.0M -15.3%	$582.2M 31.3%	$443.4M 95.1%	$227.3M 0.9%	$225.3M -13.7%	$260.9M 10.3%	$236.6M 38.0%	$171.4M
Accrued Liabilities	$1.6B 48.7%	$1.1B -18.2%	$1.4B -15.2%	$1.6B 7.9%	$1.5B 54.6%	$955.6M 20.1%	$795.8M 26.3%	$630.1M 26.3%	$498.8M 95.0%	$255.9M
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 31.0%	$2.4B -11.8%	$2.8B 103.0%	$1.4B -9.5%	$1.5B 43.4%	$1.1B -34.1%	$1.6B 103.9%	$782.9M
Long Term Debt	$8.1B 9698.2%	$83.1M -28.1%	$115.6M 309.2%	$28.2M 304.0%	$7.0M -76.6%	$29.9M -9.6%	$33.1M -21.8%	$42.3M -13.5%	$48.9M 174.5%	$17.8M
Deferred Tax Liabilities	$2.2B -34.4%	$3.3B -7.5%	$3.6B -6.0%	$3.8B -7.9%	$4.1B 85.9%	$2.2B -3.9%	$2.3B 97.2%	$1.2B -41.1%	$2.0B 528.2%	$315.8M
Other Noncurrent Liabilities	$521.8M -4.2%	$544.5M -6.3%	$581.0M 12.7%	$515.4M -7.3%	$555.8M 23.7%	$449.2M 87.2%	$239.9M 113.6%	$112.3M 48.8%	$75.5M -50.8%	$153.5M
Total Liabilities	$3.2B	—	—	—	—	—	—	—	—	—
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$81.6M -1.3%	$82.7M 0.0%	$82.7M -2.6%	$84.9M -3.1%	$87.6M 42.2%	$61.6M 0.3%	$61.4M -0.5%	$61.7M 0.4%	$61.4M 19.6%	$51.4M
Additional Paid In Capital	$23.3B -6.9%	$25.1B -0.9%	$25.3B -9.1%	$27.9B -8.9%	$30.6B 517.7%	$4.9B 0.3%	$4.9B -6.5%	$5.3B 0.6%	$5.3B 1205.2%	$402.3M
Retained Earnings	$10.5B 3.4%	$10.2B -1.5%	$10.4B 18.8%	$8.7B 16.0%	$7.5B 3.9%	$7.2B 4.9%	$6.9B 15.3%	$6.0B 21.8%	$4.9B 2.6%	$4.8B
Accumulated Other Comprehensive Income	$-154.6M 16.6%	$-185.3M 1.6%	$-188.3M 5.0%	$-198.2M -6.2%	$-186.6M 25.2%	$-249.5M -32.8%	$-187.8M -221.4%	$-58.4M 4.8%	$-61.4M 16.9%	$-73.8M
Total Stockholders Equity	$33.8B -3.9%	$35.2B -1.1%	$35.6B -2.5%	$36.5B -4.0%	$38.0B 216.7%	$12.0B 2.5%	$11.7B 3.9%	$11.3B 10.9%	$10.2B 96.7%	$5.2B
Total Liabilitiesand Equity	$48.0B	—	—	—	—	—	—	—	—	—

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	$11.0B 16.9%	$9.4B -23.4%	$12.3B 2.4%	$12.0B 64.2%	$7.3B 30.6%	$5.6B -6.5%	$6.0B -3.8%	$6.2B 18.6%	$5.2B	—
Expenses Cost of Revenue	$4.2B 5.0%	$4.0B -8.6%	$4.4B -1.2%	$4.5B 60.4%	$2.8B 46.0%	$1.9B -3.3%	$2.0B 0.2%	$2.0B -5.0%	$2.1B 74.0%	$1.2B
Expenses Research and Development	$1.8B 18.7%	$1.5B -10.4%	$1.7B -2.4%	$1.7B 31.2%	$1.3B 23.4%	$1.1B -7.1%	$1.1B -3.0%	$1.2B 20.3%	$968.1M 48.1%	$653.8M
Expenses Selling,General and Administrative	$1.3B 17.5%	$1.1B -16.1%	$1.3B 0.6%	$1.3B 38.3%	$915.4M 38.7%	$659.9M 1.8%	$648.1M -6.8%	$695.5M 0.7%	$690.5M 49.6%	$461.4M
Expenses Depreciation and Amortization	$406.8M 12.1%	$362.8M 8.4%	$334.7M 18.1%	$283.3M 22.5%	$231.3M -1.1%	$233.8M -2.9%	$240.7M 5.3%	$228.5M 17.4%	$194.7M 44.7%	$134.5M
Expenses Share Based Compensation	$321.6M 22.4%	$262.7M -12.4%	$299.8M -7.3%	$323.5M 32.8%	$243.6M 62.9%	$149.5M -0.5%	$150.3M -0.6%	$151.2M 45.1%	$104.2M 64.3%	$63.4M
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 4.6%	$7.5B 66.5%	$4.5B 22.6%	$3.7B -8.1%	$4.0B -5.6%	$4.3B 34.2%	$3.2B 42.3%	$2.2B
Other Income Expense Operating Income	$2.9B 44.3%	$2.0B -46.8%	$3.8B 16.6%	$3.3B 93.8%	$1.7B 12.9%	$1.5B -12.4%	$1.7B -9.9%	$1.9B 63.4%	$1.2B 13.1%	$1.0B
Other Income Expense Interest Income	$105.3M 33.6%	$78.8M 90.9%	$41.3M 497.8%	$6.9M 466.1%	$1.2M -71.7%	$4.3M -57.9%	$10.2M 9.0%	$9.4M -69.1%	$30.3M 42.9%	$21.2M
Other Income Expense Interest Expense	$317.7M	—	$264.6M 32.1%	$200.4M 8.4%	$184.8M -4.4%	$193.3M -15.6%	$229.1M -9.7%	$253.6M 1.1%	$250.8M 182.6%	$88.8M
Other Income Expense Other Income/expense	$-7.9M 34.1%	$-12.0M -246.1%	$8.2M -39.2%	$13.6M -61.6%	$35.3M 1386.2%	$2.4M 139.3%	$-6.0M -8644.9%	$-69.0K 99.1%	$-7.5M -105.4%	$-3.7M
Other Income Expense Income Before Tax	$2.7B 52.6%	$1.8B -50.7%	$3.6B 16.4%	$3.1B 133.2%	$1.3B 1.3%	$1.3B -11.7%	$1.5B -10.2%	$1.7B 77.1%	$934.7M -2.3%	$956.9M
Income Tax Income Tax Expense	$444.8M 213.1%	$142.1M -51.6%	$293.4M -16.2%	$350.2M 667.5%	$-61.7M -167.9%	$90.9M -26.0%	$122.7M -17.3%	$148.3M 14.7%	$129.4M 35.8%	$95.3M
net Income net Income	$2.3B 38.7%	$1.6B -50.7%	$3.3B 20.6%	$2.7B 97.7%	$1.4B 13.9%	$1.2B -10.4%	$1.4B -9.6%	$1.5B 87.1%	$805.4M -6.5%	$861.7M
net Income Comprehensive Income	$2.3B 40.3%	$1.6B -50.7%	$3.3B 21.5%	$2.7B 88.3%	$1.5B 25.1%	$1.2B -5.9%	$1.2B -18.3%	$1.5B 84.6%	$817.8M -2.5%	$838.7M
Earnings Per Share Basic Eps	$5 39.1%	$3 -50.0%	$7 24.8%	$5 51.1%	$4 5.7%	$3 341.3%	$1 -31.2%	$1 16.0%	$1 -2.1%	$1
Earnings Per Share Diluted Eps	$5 39.0%	$3 -49.9%	$7 24.8%	$5 51.7%	$3 5.5%	$3 343.2%	$1 -31.5%	$1 16.1%	$1 -2.1%	$1
Earnings Per Share Weighted Average Shares Basic	$494.4M -0.4%	$496.2M -1.2%	$502.2M -3.3%	$519.2M 30.6%	$397.5M 7.8%	$368.6M -0.1%	$369.1M -0.4%	$370.4M 6.9%	$346.4M 12.2%	$308.7M
Earnings Per Share Weighted Average Shares Diluted	$496.7M -0.4%	$498.7M -1.4%	$506.0M -3.3%	$523.2M 30.4%	$401.3M 7.9%	$372.0M -0.2%	$372.9M -0.6%	$374.9M 7.0%	$350.5M 12.2%	$312.3M

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	$2.3B 38.7%	$1.6B -50.7%	$3.3B 20.6%	$2.7B 97.7%	$1.4B 13.9%	$1.2B -10.4%	$1.4B -9.6%	$1.5B 87.1%	$805.4M -6.5%	$861.7M
Operating Activities Depreciation and Amortization	$1.6B -8.6%	$1.7B -11.1%	$2.0B -2.8%	$2.0B 138.8%	$843.4M 46.1%	$577.1M 1.2%	$570.6M 0.0%	$570.5M 46.5%	$389.4M 417.5%	$75.2M
Operating Activities Stock Based Compensation	$321.6M	—	—	—	—	—	—	—	—	—
Operating Activities Deferred Income Taxes	$-246.6M 32.9%	$-367.6M 18.9%	$-452.9M -38.6%	$-326.8M 19.7%	$-406.9M -257.1%	$-113.9M -24.9%	$-91.3M 87.5%	$-730.4M 9.9%	$-810.4M -10075.4%	$8.1M
Operating Activities Changes In Operating Assets and Liabilities	$290.5M 207.0%	$-271.6M -192.1%	$-93.0M -110.6%	$879.2M 268.3%	$238.7M 130.6%	$103.5M 112.7%	$48.7M 599.0%	$-9.8M -108.5%	$114.9M 595.0%	$-23.2M
Operating Activities net Cash From Operating Activities	$4.8B 24.9%	$3.9B -20.0%	$4.8B 7.6%	$4.5B 63.6%	$2.7B 36.2%	$2.0B -10.9%	$2.3B -7.7%	$2.4B 111.6%	$1.2B -10.6%	$1.3B
Investing Activities Capital Expenditures	$533.6M -27.0%	$730.5M -42.1%	$1.3B 80.4%	$699.3M 103.5%	$343.7M 107.4%	$165.7M -39.8%	$275.4M 8.0%	$254.9M 24.9%	$204.1M 60.2%	$127.4M
Investing Activities Business Acquisitions	$45.7M	—	$0	$0 100.0%	$-2.5B	$0 -100.0%	$11.2M -78.9%	$52.8M -99.5%	$9.6B 11481.8%	$83.2M
Investing Activities Purchases of Investments	$1.2B	—	—	—	—	—	—	—	$705.5M -90.8%	$7.7B
Investing Activities Proceeds From Sale of Investments	$372.8M	—	—	—	—	—	$0	$0 -100.0%	$577.2M 73.5%	$332.7M
Investing Activities Other Investing Activities	$23.7M	—	—	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	$-1.3B -19.6%	$-1.1B 12.8%	$-1.3B -92.6%	$-657.4M -130.7%	$2.1B 1287.4%	$-180.5M 38.4%	$-293.2M 6.6%	$-314.0M 95.3%	$-6.6B -443.2%	$-1.2B
Financing Activities Repayment of Debt	$400.0M -20.0%	$500.0M	$0	$0	$0 -100.0%	$750.0M -11.8%	$850.0M -62.6%	$2.3B -55.0%	$5.0B	$0
Financing Activities Repurchase of Common Stock	$2.2B 251.6%	$615.6M -79.2%	$3.0B 15.0%	$2.6B -1.1%	$2.6B 965.6%	$244.5M -60.1%	$613.0M 171.3%	$226.0M 385.6%	$46.5M -87.4%	$370.1M
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 5.3%	$-4.3B -8.4%	$-4.0B -178.7%	$-1.4B 33.2%	$-2.1B 9.8%	$-2.4B -142.2%	$5.6B 16842.0%	$-33.4M
Cash Reconciliation net Change In Cash	$508.1M -50.8%	$1.0B 301.6%	$-512.5M -1.0%	$-507.4M -155.0%	$922.1M 126.3%	$407.5M 342.2%	$-168.3M 27.2%	$-231.2M -282.5%	$126.7M	—
Cash Reconciliation Cash At Beginning of Period	$2.5B 25.5%	$2.0B 107.9%	$958.1M -34.9%	$1.5B -25.7%	$2.0B 87.3%	$1.1B 62.9%	$648.3M -20.6%	$816.6M -22.1%	$1.0B 13.8%	$921.1M
Cash Reconciliation Cash At End of Period	$2.5B 25.5%	$2.0B 107.9%	$958.1M -34.9%	$1.5B -25.7%	$2.0B 87.3%	$1.1B 62.9%	$648.3M -20.6%	$816.6M -22.1%	$1.0B 13.8%	$921.1M

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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