StockCV
Analog Devices, Inc. logo

Analog Devices, Inc.

Semiconductors & Related Devices

$408.81
+0.71%
Market cap $198B

Analog Devices is a leading analog, mixed-signal, and digital-signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa.

It is a $198B technology company. Revenue grew 33.6% over the last year, it keeps 30¢ of every dollar of sales as profit, and its net debt equals ~1.0 years of free cash flow. It trades at 47.6× earnings — around the middle of its own history.

Website
analog.com
Location
Wilmington, MA
Employees
24 500
Sector
Technology
Founded
1965

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Valuation27Growth77Profitability67Health49Quality95Moat75

Strong growth, quality and moat; Valuation and Health lag behind.

Valuation27
  • P/E vs own history46th pct · 12/25
  • FCF yield2.5% · 5/25
  • P/S14.2x · 5/25
  • EV/EBITDA35.8x · 5/25
Growth77
  • Revenue CAGR10.8% · 20/25
  • Net income CAGR13.0% · 20/25
  • EPS CAGR ~5Y6.8% · 12/25
  • Fwd implied growth98.2% · 25/25
Profitability67
  • ROIC5.9% · 5/25
  • ROE12.3% · 12/25
  • Net margin29.8% · 25/25
  • Operating margin35.5% · 25/25
Health49
  • Altman Zn/a · 0/25
  • Current ratio1.25 · 12/25
  • Interest coverage13.8x · 25/25
  • Net cash / debtD/A 10% · 12/25
Quality95
  • Piotroski F8/9 · 25/25
  • Beneish M-2.59 · 25/25
  • FCF conversion119% · 25/25
  • Margin stabilityσ 5.1% · 20/25
Moat75
  • ROIC >12% years1/10 yrs · 0/25
  • Median gross margin63.4% · 25/25
  • FCF-positive years10/10 yrs · 25/25
  • Worst-year net marginworst 14.2% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

  1. FY2023Financial
    Best year on record
    $3.31B net income
  2. FY2022Financial
    Revenue crossed $10B
    $12.0B for the year
  3. FY2022Financial
    Became debt-free
    cash now exceeds total debt
  4. 2020Acquisition
    Analog agreed to acquire Maxim Integrated in an all stock deal that values the combined company at $68…
  5. FY2016Financial
    Profitable every year on record
    10 consecutive profitable years in our data
  6. FY2016Financial
    Revenue already above $1B
    $3.42B in first reported year
  7. FY2016Financial
    Positive free cash flow every year since
    10-year streak
  8. 2016Acquisition
    Analog and Linear Technology agreed that Analog would acquire Linear in an approximately $14.8 billion…
  9. 2008Acquisition
    ON Semiconductor completed the acquisition of the CPU Voltage and PC Thermal Monitoring Business…
  10. 2000Acquisition
    Analog Devices's sales grew by over 75% to $2.578 Billion and the company acquired five companies including…
  11. 1973Product
    The company was the first to launch laser trim wafers and the first CMOS digital-to-analog converter
  12. 1969IPO
    Analog Devices filed an initial public offering and became a publicly traded company
  13. 1967Milestone
    The company published the first issue of its technical magazine, Analog Dialogue
  14. 1965Founded
    The company was founded by Ray Stata and Matthew Lorber, two MIT graduates, in 1965

Achievements

Verifiable track record, straight from the reported numbers.

#30 largest of 220 Technology companies by market cap
$10 000 invested in 2021 would be worth ~$23 656 today — price return only
$11.0B revenue in FY2025
Revenue up 33.6% year over year
Profitable 10 years in a row
Positive free cash flow 10 years in a row
24 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

  • High gross margin (65.8%)
  • Strongly profitable — 29.8% net margin
  • Revenue growing 33.6% year over year
  • Strong cash conversion — FCF is 35.6% of revenue
  • Interest covered 13.8× by operating earnings

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 11 checks passed
  • Revenue growing+33.6% YoY
  • Profitable$4.14B TTM
  • Profit growing-4.6% YoY
  • Generates cash$4.94B TTM
  • Debt under control~1.0y of cash flow to repay
  • Established company$198B market cap
  • Not printing shares+33.5% shares over ~5y
  • Proven track record10/10 profitable years
  • Financially stablehealth score 37/100
  • Pays a dividendyield 1.04%
  • Valuation not extremeP/E 47.6
Peer comparisonAnalog Devices, Inc. vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾
CompanyMarket capP/ERevenue growthNet marginProfile
ADI this company$198.1B47.6+33.6%29.8%Mixed
NVDA Nvidia Corp$5.5T28.6+83.4%63.7%Mixed
AAPL Apple Inc.$4.9T38.1+14.2%27.6%Strong
GOOGL Alphabet Inc.$4.3T17.6+20.1%54.8%Mixed
MSFT Microsoft Corp$4.0T29.7+17.8%40.3%Strong
SPCX Space Exploration Technologies Corp.$2.1T—+33.2%-34.0%Strained
META Meta Platforms, Inc.$1.8T26.9+27.7%29.8%Mixed

Head-to-head: ADI vs NVDA · ADI vs AAPL · ADI vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 13Buy 22Hold 4

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of ADI on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $408.81 · market cap $198B.