Analog Devices vs Texas Instruments
Add, change or remove companies; up to four.
The short version
- Texas Instruments is the larger business, with $17.7B of revenue in fiscal 2025 against $11.0B for Analog Devices, about 1.6 times as much.
- Analog Devices grew revenue faster (16.9%, against 13.1%).
- Texas Instruments kept more of each dollar of sales as operating profit (34.1% operating margin, against 26.6%).
- Analog Devices turned more of its sales into free cash flow (38.8% FCF margin, against 14.7%).
- Texas Instruments earned a higher return on the capital invested in it (21.8%, against 6.2%).
- Investors pay more for each dollar of Analog Devices’s earnings: a P/E of 46.4x against 36.9x for Texas Instruments.
| Latest fiscal year | ADI · FY25 | TXN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $191.2B | $262.2B |
| Revenue | $11.0B | $17.7B |
| Free cash flow | $4.3B | $2.6B |
| Net income | $2.3B | $5.0B |
| Growth | ||
| Revenue growth | 16.9% | 13.1% |
| 5-year growth | 14.5% | 4.1% |
| Share count change | −0.4% | −0.7% |
| Profitability | ||
| Gross margin | 61.5% | 57.0% |
| Operating margin | 26.6% | 34.1% |
| Net margin | 20.6% | 28.3% |
| FCF margin | 38.8% | 14.7% |
| Return on capital | 6.2% | 21.8% |
| Return on equity | 6.6% | 30.2% |
| Balance sheet | ||
| Net debt | $4.9B | $9.2B |
| Net debt / EBITDA | 1.0x | 1.2x |
| Dividends and buybacks | $4.1B | $6.5B |
| Valuation & quality | ||
| P/E | 46.4x | 36.9x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
ADI $3.4B
TXN $13.4B
FY17
ADI $5.1B
TXN $15.0B
FY18
ADI $6.2B
TXN $15.8B
FY19
ADI $6.0B
TXN $14.4B
FY20
ADI $5.6B
TXN $14.5B
FY21
ADI $7.3B
TXN $18.3B
FY22
ADI $12.0B
TXN $20.0B
FY23
ADI $12.3B
TXN $17.5B
FY24
ADI $9.4B
TXN $15.6B
FY25
ADI $11.0B
TXN $17.7B
ADI
TXN
Operating margin
FY16
ADI 30.1%
TXN 36.3%
FY17
ADI 22.8%
TXN 40.7%
FY18
ADI 30.6%
TXN 42.5%
FY19
ADI 28.6%
TXN 39.8%
FY20
ADI 26.7%
TXN 40.8%
FY21
ADI 23.1%
TXN 48.8%
FY22
ADI 27.3%
TXN 50.6%
FY23
ADI 31.1%
TXN 41.9%
FY24
ADI 21.6%
TXN 34.9%
FY25
ADI 26.6%
TXN 34.1%
ADI
TXN
Free cash flow
FY16
ADI $1.2B
TXN $4.1B
FY17
ADI $950M
TXN $4.7B
FY18
ADI $2.2B
TXN $6.1B
FY19
ADI $2.0B
TXN $5.8B
FY20
ADI $1.8B
TXN $5.5B
FY21
ADI $2.4B
TXN $6.3B
FY22
ADI $3.8B
TXN $5.9B
FY23
ADI $3.6B
TXN $1.3B
FY24
ADI $3.1B
TXN $1.5B
FY25
ADI $4.3B
TXN $2.6B
ADI
TXN
Return on capital
FY16
ADI 32.2%
TXN 33.0%
FY17
ADI 10.1%
TXN 35.9%
FY18
ADI 10.3%
TXN 56.7%
FY19
ADI 9.4%
TXN 52.4%
FY20
ADI 8.5%
TXN 58.5%
FY21
ADI 5.8%
TXN 75.2%
FY22
ADI 6.9%
TXN 69.1%
FY23
ADI 8.5%
TXN 38.1%
FY24
ADI 4.5%
TXN 22.7%
FY25
ADI 6.2%
TXN 21.8%
ADI
TXN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.