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Analog Devices

ADI Nasdaq Semiconductors Financials FY2016–FY2025

Analog Devices' revenue rose 16.9% to $11.0 billion in fiscal 2025. Its operating margin was 26.6%, up from 21.6% a year earlier. Free cash flow was $4.3 billion, up 37.0%. It paid out $4.1 billion in dividends and buybacks, 96% of free cash flow. The diluted share count fell 0.4%.

Last close · Oct 23, 2026

$391.07

1.4%
Value it Compare
Revenue Total sales reported in the income statement.
$11.0B
16.9% vs prior year
Operating margin Operating income as a share of revenue.
26.6%
5.1 pts
Net income Profit after all expenses, interest and tax.
$2.3B
38.6%
Free cash flow Cash from operations minus capital spending.
$4.3B
37.0%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
6.2%
1.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$191.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
46.4x
On $8.42 EPS (TTM)

What Analog Devices does

No business description yet.

Legal name
ANALOG DEVICES INC
Fiscal year ends
November 1, 2025
Latest annual report
—
Accession · CIK
0000006281-25-000153
0000006281

Revenue and margins

Analog Devices had $11.0B of revenue in fiscal 2025, up 16.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 5.7% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $4.3B in fiscal 2025, 38.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Analog Devices returned $4.1B to shareholders in fiscal 2025, 96% of free cash flow. The diluted share count fell 0.4%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Analog Devices yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.9B and divides by 496.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 46.4x · peers 36.9x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Analog Devices can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.0B$1.5B$958M$2.4B$3.7B
Debt incl. finance leases $6.8B$6.5B$6.9B$8.0B$8.6B
Net debt / EBITDA 1.7x0.9x1.0x1.4x1.0x
Debt / equity 0.2x0.2x0.2x0.2x0.3x
Interest coverage 9.2x16.4x14.5x6.3x9.2x
Current ratio 1.9x2.0x1.4x1.8x2.2x
Quick ratio 1.5x1.5x0.9x1.4x1.7x
Total assets $52.3B$50.3B$48.8B$48.2B$48.0B
Total liabilities $14.3B$13.8B$13.2B$13.1B$14.2B
Shareholders' equity $38.0B$36.5B$35.6B$35.2B$33.8B
Net debt (− = net cash) $4.8B$5.1B$6.0B$5.6B$4.9B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$11.5M

5 insiders

Of sales under plans

70%

$8.0M

DateInsiderTradeSharesPriceValueFiling
Oct 20, 2026 Richard C Puccio JrChief Financial Officer Sold plan 1,500 $389.46 $0.6M Form 4
Oct 8, 2026 Vivek JainChief Operations/Tech Officer Sold 3,305 $406.58 $1.3M Form 4
Oct 7, 2026 Ray StataDirector Sold plan 1,416 $407.38 $0.6M Form 4
Oct 7, 2026 Vivek JainChief Operations/Tech Officer Sold 2,000 $409.79 $0.8M Form 4
Oct 6, 2026 Ray StataDirector Sold plan 1,416 $420.04 $0.6M Form 4
Oct 6, 2026 Richard C Puccio JrChief Financial Officer Sold plan 1,500 $421.08 $0.6M Form 4
Oct 2, 2026 Katsufumi NakamuraChief Customer Officer Sold 1,200 $415.02 $0.5M Form 4
Oct 2, 2026 Vivek JainChief Operations/Tech Officer Sold 2,000 $416.98 $0.8M Form 4
Oct 1, 2026 Vincent RocheChair & CEO, Director Sold plan 10,000 $396.94 $4.0M Form 4
Sep 22, 2026 Richard C Puccio JrChief Financial Officer Sold plan 1,500 $382.19 $0.6M Form 4
Sep 9, 2026 Ray StataDirector Sold plan 1,416 $363.79 $0.5M Form 4
Sep 8, 2026 Richard C Puccio JrEVP and CFO Sold plan 1,500 $363.65 $0.5M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 95 / 98 / 9
Accruals ratio −3.0%−4.6%−5.3%
Altman Z'' 4.204.144.16

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Analog Devices ADI $191.2B 16.9% 26.6% 38.8% 6.2% 46.4x 8
STMicroelectronics STM $40.6B −11.1% 1.5% — 0.5% — 6 Compare →
NXP Semiconductors NXPI $59.6B −2.7% 24.8% 19.8% 12.6% 22.5x 4 Compare →
Marvell Technology MRVL $210.5B 42.1% 16.1% 17.0% 7.0% 75.4x 6 Compare →
Texas Instruments TXN $262.2B 13.1% 34.1% 14.7% 21.8% 36.9x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.4B $5.1B $6.2B $6.0B $5.6B $7.3B $12.0B $12.3B $9.4B $11.0B
Gross profit $2.2B $3.2B $4.3B $4.0B $3.7B $4.5B $7.5B $7.9B $5.4B $6.8B
Research and development $654M $968M $1.2B $1.1B $1.1B $1.3B $1.7B $1.7B $1.5B $1.8B
Operating income $1.0B $1.2B $1.9B $1.7B $1.5B $1.7B $3.3B $3.8B $2.0B $2.9B
Interest expense $88.8M $251M $254M $229M $193M $185M $200M $265M $322M $318M
Pretax income $957M $935M $1.7B $1.5B $1.3B $1.3B $3.1B $3.6B $1.8B $2.7B
Income tax $95.3M $129M $148M $123M $90.9M −$61.7M $350M $293M $142M $445M
Net income $862M $805M $1.5B $1.4B $1.2B $1.4B $2.7B $3.3B $1.6B $2.3B
Diluted EPS $2.76 $2.29 $4.00 $3.65 $3.28 $3.46 $5.25 $6.55 $3.28 $4.56
Diluted shares 0.31B 0.35B 0.37B 0.37B 0.37B 0.40B 0.52B 0.51B 0.50B 0.50B
Cash flow
Cash from operations $1.3B $1.2B $2.4B $2.3B $2.0B $2.7B $4.5B $4.8B $3.9B $4.8B
Capital expenditure $127M $204M $255M $275M $166M $344M $699M $1.3B $731M $534M
Free cash flow $1.2B $950M $2.2B $2.0B $1.8B $2.4B $3.8B $3.6B $3.1B $4.3B
Depreciation and amortization $210M $584M $799M $811M $811M $1.1B $2.3B $2.3B $2.1B $2.0B
Stock-based compensation $63.4M $104M $151M $150M $150M $244M $324M $300M $263M $322M
Acquisitions $83.2M $9.6B $52.8M $11.2M $0.0M $2.5B $0.0M $0.0M $0.0M $45.7M
Share buybacks $370M $46.5M $226M $613M $245M $2.6B $2.6B $3.0B $616M $2.2B
Dividends paid $513M $602M $703M $778M $886M $1.1B $1.5B $1.7B $1.8B $1.9B
Dividends and buybacks $883M $649M $929M $1.4B $1.1B $3.7B $4.1B $4.6B $2.4B $4.1B
Balance sheet
Cash and short-term investments $4.1B $1.0B $817M $648M $1.1B $2.0B $1.5B $958M $2.4B $3.7B
Total debt $1.7B $7.9B $6.3B $5.5B $5.1B $6.8B $6.5B $6.9B $8.0B $8.6B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $5.0B $2.4B $2.1B $2.0B $2.5B $5.4B $4.9B $4.4B $5.5B $7.1B
Current liabilities $783M $1.6B $1.1B $1.5B $1.4B $2.8B $2.4B $3.2B $3.0B $3.2B
Inventory $377M $551M $587M $610M $608M $1.2B $1.4B $1.6B $1.4B $1.7B
Property and equipment, net $636M $1.1B $1.2B $1.2B $1.1B $2.0B $2.4B $3.2B $3.4B $3.3B
Total assets $8.0B $21.1B $20.4B $21.4B $21.5B $52.3B $50.3B $48.8B $48.2B $48.0B
Total liabilities $2.8B $11.0B $9.2B $9.7B $9.5B $14.3B $13.8B $13.2B $13.1B $14.2B
Shareholders' equity $5.2B $10.2B $11.3B $11.7B $12.0B $38.0B $36.5B $35.6B $35.2B $33.8B
Margins
Gross margin 65.1% 62.0% 68.5% 67.0% 65.9% 61.8% 62.7% 64.0% 57.1% 61.5%
Operating margin 30.1% 22.8% 30.6% 28.6% 26.7% 23.1% 27.3% 31.1% 21.6% 26.6%
EBITDA margin 36.2% 34.2% 43.5% 42.1% 41.2% 37.8% 46.4% 49.7% 43.9% 44.8%
Net margin 25.2% 15.8% 24.3% 22.8% 21.8% 19.0% 22.9% 26.9% 17.4% 20.6%
FCF margin 34.0% 18.6% 35.3% 33.0% 32.9% 32.7% 31.4% 28.9% 33.1% 38.8%
Returns
Return on capital 32.2% 10.1% 10.3% 9.4% 8.5% 5.8% 6.9% 8.5% 4.5% 6.2%
Return on capital employed 15.7% 8.7% 9.8% 8.7% 7.5% 4.9% 6.7% 8.2% 4.5% 6.5%
Return on equity 16.8% 10.5% 14.1% 11.9% 10.3% 5.6% 7.4% 9.2% 4.6% 6.6%
Return on assets 11.5% 5.5% 7.3% 6.5% 5.7% 3.8% 5.4% 6.7% 3.4% 4.7%
Growth
Revenue growth −0.4% 49.3% 21.4% −3.4% −6.5% 30.6% 64.2% 2.4% −23.4% 16.9%
Net income growth 23.7% −6.5% 87.1% −9.6% −10.4% 13.9% 97.7% 20.6% −50.7% 38.7%
EPS growth 25.5% −17.0% 74.7% −8.8% −10.1% 5.5% 51.7% 24.8% −49.9% 39.0%
FCF growth 54.4% −18.4% 130.2% −9.6% −6.8% 29.8% 57.9% −5.8% −12.2% 37.1%
Share count change −1.4% 12.2% 7.0% −0.6% −0.2% 7.9% 30.4% −3.3% −1.4% −0.4%
Financial health
Net debt / EBITDA −1.9x 3.9x 2.0x 1.9x 1.8x 1.7x 0.9x 1.0x 1.4x 1.0x
Debt / equity 0.3x 0.8x 0.6x 0.5x 0.4x 0.2x 0.2x 0.2x 0.2x 0.3x
Interest coverage 11.6x 4.6x 7.5x 7.5x 7.8x 9.2x 16.4x 14.5x 6.3x 9.2x
Current ratio 6.4x 1.5x 2.0x 1.3x 1.8x 1.9x 2.0x 1.4x 1.8x 2.2x
Quick ratio 5.9x 1.1x 1.5x 0.9x 1.4x 1.5x 1.5x 0.9x 1.4x 1.7x
Capital allocation
Capex / revenue 3.7% 4.0% 4.1% 4.6% 3.0% 4.7% 5.8% 10.3% 7.8% 4.8%
Stock comp / revenue 1.9% 2.0% 2.4% 2.5% 2.7% 3.3% 2.7% 2.4% 2.8% 2.9%
Payouts / FCF 75.9% 68.3% 42.5% 70.3% 61.4% 155.3% 109.2% 130.6% 77.2% 95.6%
Quality scores
Piotroski F-score 6.0 4.0 6.0 5.0 6.0 7.0 6.0 7.0 5.0 8.0
Altman Z'' 8.2 2.3 3.2 3.0 3.3 3.8 4.1 4.2 4.1 4.2
Accruals ratio −5.7% −2.4% −4.5% −4.3% −3.7% −3.6% −3.4% −3.0% −4.6% −5.3%

Source: SEC EDGAR XBRL filings (CIK 0000006281). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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