Analog Devices, Inc. ADI

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 417.11 USD on Nov 1, 2026, +55.2% year to date

Quant rating

Quant rating B Rank 84 of 389 in Information Technology

Growth C 193 of 389
Valuation C 245 of 389
Quality C 167 of 389
Revisions B 68 of 389
Momentum A 46 of 389

Wall Street consensus Buy (1.73)Average target 470.13 USD +12.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 202.1B
Enterprise value: 208.9B
52-week range: 223.52 – 445.83
3-year range: 159.24 – 445.83
Dividend yield: 1.05%
Beta (5 years): 1.25
Shares outstanding: 485M
Next earnings: Nov 24, 2026

About the company

Analog Devices, Inc. is a global semiconductor company. It combines analog, digital, artificial intelligence (AI), and software technologies into solutions that combat climate change, reliably connect humans and the world, and help drive advancements in automation and robotics, mobility, healthcare, energy and data centers. It designs, manufactures, tests and markets a portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies. Its product portfolio, domain specialization and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies, including data converters, amplifiers, power management, power management, radio frequency ICs, edge processors and other sensors. Its IC product portfolio includes both general-purpose products used by a range of customers and applications.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	11,020	9,427	12,306	12,014	7,318	–
Revenue growth	16.9%	−23.4%	2.4%	64.2%	30.6%	14.5%
EPS (basic, normalized)	7.79	6.38	10.09	9.57	6.46	–
EPS growth	22.1%	−36.8%	5.4%	48.1%	–	–
Gross margin	61.5%	57.1%	64.0%	62.7%	61.8%	61.4%
Net margin	21.9%	17.3%	26.3%	22.9%	19.0%	21.5%
ROE	7.0%	4.6%	9.0%	7.4%	5.6%	6.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	2,325
Current ratio	1.25x
Long-term debt (mil)	6,772
Net debt (mil)	6,797
Total equity (mil)	33,551
Net debt / equity	0.20x
Net debt / EBITDA	1.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	11,020	+16.9%	19.0x	6,621	+36.7%	31.6x	7.79	+22.1%	53.5x
2026	15,123	+37.2%	13.8x	8,420	+27.2%	24.8x	12.88	+65.4%	32.4x
2027	18,521	+22.5%	11.3x	10,474	+24.4%	19.9x	16.77	+30.2%	24.9x
2028	20,446	+10.4%	10.2x	11,266	+7.6%	18.5x	19.84	+18.4%	21.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	15,123	0.0%	+2.3%	+7.9%	12.88	0.0%	+3.8%	+12.8%
2027	18,521	+0.4%	+8.2%	+19.6%	16.77	+0.3%	+11.7%	+27.8%
2028	20,446	−1.0%	+9.2%	+19.2%	19.84	+0.1%	+16.0%	+30.7%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	2,159	2,312	2,443	2,423	2,640	2,880	3,076	3,160	3,623	4,022
Sales mean (mil)	2,106	2,274	2,407	2,360	2,508	2,772	3,007	3,117	3,514	3,920
Surprise	+2.5%	+1.7%	+1.5%	+2.7%	+5.2%	+3.9%	+2.3%	+1.4%	+3.1%	+2.6%
EPS reported	1.40	1.58	1.67	1.63	1.85	2.05	2.26	2.46	3.09	3.45
EPS mean	1.26	1.51	1.64	1.54	1.70	1.95	2.22	2.31	2.90	3.33
Surprise	+10.7%	+4.9%	+2.0%	+5.7%	+8.7%	+5.0%	+1.8%	+6.4%	+6.4%	+3.5%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ADI Analog Devices, Inc.	202.1B	1.03x	21.9%	6.02x	32.4x	24.9x	24.8x	19.9x
NVDA NVIDIA Corporation	4.93T	−0.47x	55.6%	21.58x	22.0x	12.9x	17.7x	10.5x
AVGO Broadcom Inc	1.56T	0.82x	36.2%	15.62x	28.2x	17.0x	21.9x	13.5x
MU Micron Technology, Inc.	1.00T	−0.35x	63.8%	7.23x	5.1x	4.3x	3.9x	3.3x
AMD Advanced Micro Devices, Inc.	824.1B	−1.16x	12.3%	12.26x	66.0x	31.5x	50.1x	23.8x
ASML ASML Holding N.V.	613.0B	−0.83x	29.4%	25.97x	33.6x	24.5x	27.3x	19.9x
Mean		−0.16x	36.5%	14.78x	31.2x	19.2x	24.3x	15.2x
Median		−0.41x	32.8%	13.94x	30.3x	20.7x	23.4x	16.7x

Technical analysis

1M+5.5%
3M+14.4%
1Y+76.5%
3Y+172.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Analog Devices, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	11,020	9,427	12,306	12,014	7,318	5,603
Cost of revenue	4,246	4,046	4,428	4,481	2,793	1,913
Gross profit	6,773	5,381	7,877	7,532	4,525	3,690
Selling, general & administrative expenses	1,255	1,069	1,273	1,099	783	640
Research & development	1,766	1,488	1,660	1,701	1,296	1,051
Depreciation/amortization	750	755	960	1,013	537	429
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	70.0	37.3	161	441	433	72.4
Other operating expenses	0	0	0	0	0	0
Operating income	2,932	2,033	3,823	3,279	1,477	1,498
Net interest income (expense)	−212	−243	−223	−194	−184	−189
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−7.9	−12.0	8.2	13.6	35.3	2.4
Net income before taxes	2,712	1,777	3,608	3,099	1,329	1,312
Provision for taxes	295	146	375	350	−61.7	90.9
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,417	1,631	3,233	2,749	1,390	1,221
Extraordinary items	−150	4.0	81.7	–	–	–
Net income	2,267	1,635	3,315	2,749	1,390	1,221
EBIT, normalized	3,002	2,070	3,984	3,812	1,910	1,571
EBITDA, normalized	5,001	4,174	6,277	6,110	2,984	2,382
Basic EPS, normalized	7.79	6.38	10.09	9.57	6.46	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Analog Devices, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,652	2,363	958	1,471	1,978	1,056
Receivables	1,436	1,336	1,470	1,800	1,459	738
Total inventory	1,656	1,448	1,642	1,400	1,201	608
Prepaid expenses	363	296	273	267	741	116
Other current assets	0	41.5	41.1	0	0	0
Total current assets	7,108	5,485	4,384	4,938	5,378	2,518
Property, plant & equipment	3,545	3,658	3,496	2,664	2,259	1,377
Goodwill	26,945	26,910	26,913	26,913	26,918	12,278
Intangibles	8,014	9,585	11,312	13,265	15,267	3,650
Long-term investments	–	–	–	122	128	86.7
Note receivable	–	–	–	–	–	–
Other long-term assets	2,380	2,590	2,689	2,399	2,372	1,558
Total assets	47,993	48,228	48,794	50,302	52,322	21,469
Liabilities
Accounts payable	544	487	493	582	443	227
Payable/accrued	–	–	–	–	–	–
Accrued expenses	1,597	1,046	1,234	1,572	1,478	741
Short-term debt	447	548	547	0	0	0
Current portion of long-term debt	0	400	499	0	517	0
Other current liabilities	658	507	427	289	333	397
Total current liabilities	3,246	2,988	3,201	2,443	2,770	1,365
Long-term debt	8,145	6,634	5,902	6,549	6,253	5,145
Minority interest	–	–	–	–	–	–
Other liabilities	2,786	3,429	4,126	4,846	5,306	2,961
Total liabilities	14,177	13,052	13,229	13,837	14,330	9,471
Shareholders' equity
Preferred stock	0	–	–	0	0	0
Common stock	81.6	82.7	82.7	84.9	87.6	61.6
Additional paid-in capital	23,349	25,082	25,314	27,857	30,574	4,950
Retained earnings (accumulated deficit)	10,540	10,197	10,357	8,721	7,517	7,236
Treasury stock	–	–	–	–	–	–
Other equity	−155	−185	−188	−198	−187	−249
Total equity	33,816	35,176	35,565	36,465	37,993	11,998
Total liabilities & shareholders' equity	47,993	48,228	48,794	50,302	52,322	21,469

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Analog Devices, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,267	1,635	3,315	2,749	1,390	1,221
Depreciation, depletion & amortization	1,999	2,104	2,293	2,297	1,075	811
Deferred taxes	−247	−368	−453	−327	−407	−114
Non-cash items	312	286	308	640	763	195
Changes in working capital	481	195	−646	−884	−86.4	−104
Cash from operations	4,812	3,853	4,818	4,475	2,735	2,008
Investing activities
Capital expenditures	−534	−730	−1,261	−699	−344	−166
Other investing cash flows	−788	−374	−4.9	41.9	2,487	−14.8
Cash from investing	−1,322	−1,105	−1,266	−657	2,144	−181
Financing activities
Financing cash flow items	7.8	−13.0	−20.8	19.9	−156	−4.0
Cash dividends paid	−1,924	−1,795	−1,679	−1,545	−1,109	−886
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,066	94.0	−2,364	−2,766	−2,694	−530
Cash from financing	−2,983	−1,714	−4,064	−4,291	−3,960	−1,421
Foreign exchange effects	–	0	0	−34.7	3.2	0.2
Net change in cash	508	1,033	−513	−507	922	408
Free cash flow	4,279	3,122	3,556	3,776	2,391	1,843

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.