# Analog Devices, Inc. (ADI) — Stock CV

Analog Devices, Inc. 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.

> 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.

## Identity

- **Ticker**: ADI
- **Sector**: Technology
- **Industry**: Semiconductors & Related Devices
- **Headquarters**: WILMINGTON, MA
- **Employees**: 24 500
- **Website**: https://www.analog.com
- **Market cap**: $198B
- **Last price**: $408.81
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $13.9B
- **Net income**: $4.14B
- **Free cash flow**: $4.94B
- **Net debt**: $4.94B
- **P/E**: 47.6
- **Revenue growth (YoY)**: 33.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 27 |
| Growth | 77 |
| Profitability | 67 |
| Health | 49 |
| Quality | 95 |
| Moat | 75 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +33.6% YoY
- [x] Profitable — $4.14B TTM
- [ ] Profit growing — -4.6% YoY
- [x] Generates cash — $4.94B TTM
- [x] Debt under control — ~1.0y of cash flow to repay
- [x] Established company — $198B market cap
- [ ] Not printing shares — +33.5% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 37/100
- [x] Pays a dividend — yield 1.04%
- [x] Valuation not extreme — P/E 47.6

## Experience (career milestones)

- **FY2023** — Best year on record: $3.31B net income
- **FY2022** — Revenue crossed $10B: $12.0B for the year
- **FY2022** — Became debt-free: cash now exceeds total debt
- **2020** — Analog agreed to acquire Maxim Integrated in an all stock deal that values the combined company at $68…
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.42B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2016** — Analog and Linear Technology agreed that Analog would acquire Linear in an approximately $14.8 billion…
- **2008** — ON Semiconductor completed the acquisition of the CPU Voltage and PC Thermal Monitoring Business…
- **2000** — Analog Devices's sales grew by over 75% to $2.578 Billion and the company acquired five companies including…
- **1973** — The company was the first to launch laser trim wafers and the first CMOS digital-to-analog converter
- **1969** — Analog Devices filed an initial public offering and became a publicly traded company
- **1967** — The company published the first issue of its technical magazine, Analog Dialogue
- **1965** — The company was founded by Ray Stata and Matthew Lorber, two MIT graduates, in 1965

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $7.32B | $1.39B | $2.39B |
| FY2022 | $12.0B | $2.75B | $3.78B |
| FY2023 | $12.3B | $3.31B | $3.56B |
| FY2024 | $9.43B | $1.64B | $3.12B |
| FY2025 | $11.0B | $2.27B | $4.28B |

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Source: https://stockcv.com/ADI — derived from company filings; may be delayed or incomplete. Information, not investment advice.