ANALOG DEVICES INC ADI
Analog Devices, Inc. (we, Analog Devices or the Company) is a global semiconductor leader dedicated to solving our customers' most complex engineering challenges. We deliver innovations that connect technology to human breakthroughs and play a critical role at the intersection of the physical and digital worlds by providing the building blocks to sense, measure, interpret, connect and power. We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies. Our comprehensive product portfolio, deep domain expertise 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, radio frequency (RF) ICs, edge processors and other sensors.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.02B | $9.43B | $12.31B | $12.01B | $7.32B | $5.60B | $5.99B | $6.22B | $5.25B | $3.42B |
| Cost of revenue | $4.25B | $4.05B | $4.43B | $4.48B | $2.79B | $1.91B | $1.98B | $1.97B | $2.08B | $1.19B |
| Gross profit | $6.77B | $5.38B | $7.88B | $7.53B | $4.53B | $3.69B | $4.01B | $4.25B | $3.17B | $2.23B |
| R&D | $1.77B | $1.49B | $1.66B | $1.70B | $1.30B | $1.05B | $1.13B | $1.17B | $968.1M | $653.8M |
| SG&A | $1.26B | $1.07B | $1.27B | $1.27B | $915.4M | $659.9M | $648.1M | $695.5M | $690.5M | $461.4M |
| Total operating expenses | $3.84B | $3.35B | $4.05B | $4.25B | $2.83B | $2.19B | $2.30B | $2.35B | $2.01B | $1.20B |
| Operating income | $2.93B | $2.03B | $3.82B | $3.28B | $1.69B | $1.50B | $1.71B | $1.90B | $1.16B | $1.03B |
| Interest expense | $317.7M | $322.2M | $264.6M | $200.4M | $184.8M | $193.3M | $229.1M | $253.6M | $250.8M | $88.8M |
| Pre-tax income | $2.71B | $1.78B | $3.61B | $3.10B | $1.33B | $1.31B | $1.49B | $1.66B | $934.7M | $956.9M |
| Income tax | $444.8M | $142.1M | $293.4M | $350.2M | $61.7M | $90.9M | $122.7M | $148.3M | $129.4M | $95.3M |
| Net income | $2.27B | $1.64B | $3.31B | $2.75B | $1.39B | $1.22B | $1.36B | $1.51B | $805.4M | $861.7M |
| EPS, basic | 4.59 | 3.30 | 6.60 | 5.29 | 3.50 | 3.31 | — | — | — | — |
| EPS, diluted | 4.56 | 3.28 | 6.55 | 5.25 | 3.46 | 3.28 | — | — | — | — |
| Shares, diluted (wtd. avg.) | $496.7M | $498.7M | $506.0M | $523.2M | $401.3M | $372.0M | $372.9M | $374.9M | $350.5M | $312.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.50B | $1.99B | $958.1M | $1.47B | $1.98B | $1.06B | $648.3M | $816.6M | $1.05B | $921.1M |
| Short-term investments | $1.15B | $371.8M | $0 | — | — | — | — | — | $0 | $3.13B |
| Receivables | $1.44B | $1.34B | $1.47B | $1.80B | $1.46B | $737.5M | $635.1M | $639.7M | $689.0M | $477.6M |
| Inventory | $1.66B | $1.45B | $1.64B | $1.40B | $1.20B | $608.3M | $609.9M | $586.8M | $550.8M | $376.6M |
| Total current assets | $7.11B | $5.48B | $4.38B | $4.94B | $5.38B | $2.52B | $1.99B | $2.11B | $2.35B | $4.97B |
| Property, plant and equipment | $3.32B | $3.42B | $3.22B | $2.40B | $1.98B | $1.12B | $1.22B | $1.15B | $1.11B | $636.1M |
| Goodwill | $26.95B | $26.91B | $26.91B | $26.91B | $26.92B | $12.28B | $12.26B | $12.25B | $12.22B | $1.68B |
| Other intangibles | $8.01B | $9.59B | $11.31B | $13.27B | $15.27B | $3.65B | $4.22B | $4.78B | $5.32B | $549.4M |
| Total assets | $47.99B | $48.23B | $48.79B | $50.30B | $52.32B | $21.47B | $21.39B | $20.44B | $21.14B | $7.97B |
| Accounts payable | $543.8M | $487.5M | $493.0M | $582.2M | $443.4M | $227.3M | $225.3M | $260.9M | $236.6M | $171.4M |
| Short-term debt | $0 | $399.6M | $499.1M | $0 | $516.7M | — | — | $67.0M | — | — |
| Total current liabilities | $3.25B | $2.99B | $3.20B | $2.44B | $2.77B | $1.36B | $1.51B | $1.05B | $1.60B | $782.9M |
| Long-term debt | $8.15B | $6.63B | $5.90B | $6.55B | — | — | — | — | — | — |
| Retained earnings | $10.54B | $10.20B | $10.36B | $8.72B | $7.52B | $7.24B | $6.90B | $5.98B | $4.91B | $4.79B |
| Total equity | $33.82B | $35.18B | $35.57B | $36.47B | $37.99B | $12.00B | $11.71B | $11.27B | $10.16B | $5.17B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.81B | $3.85B | $4.82B | $4.48B | $2.74B | $2.01B | $2.25B | $2.44B | $1.15B | $1.29B |
| Depreciation and amortisation | $406.8M | $362.8M | $334.7M | $283.3M | $231.3M | $233.8M | $240.7M | $228.5M | $194.7M | $134.5M |
| Stock-based compensation | $321.6M | $262.7M | $299.8M | $323.5M | $243.6M | $149.5M | $150.3M | $151.2M | $104.2M | $63.4M |
| Capital expenditure | $533.6M | $730.5M | $1.26B | $699.3M | $343.7M | $165.7M | $275.4M | $254.9M | $204.1M | $127.4M |
| Investing cash flow | -$1.32B | -$1.10B | -$1.27B | -$657.4M | $2.14B | -$180.5M | -$293.2M | -$314.0M | -$6.62B | -$1.22B |
| Financing cash flow | -$2.98B | -$1.71B | -$4.06B | -$4.29B | -$3.96B | -$1.42B | -$2.13B | -$2.36B | $5.59B | -$33.4M |
| Dividends paid | $1.92B | $1.80B | $1.68B | $1.54B | $1.11B | $886.2M | $777.5M | $703.3M | $602.1M | $513.2M |
| Buybacks | $2.16B | $615.6M | $2.96B | $2.58B | $2.61B | $244.5M | $613.0M | $226.0M | $46.5M | $370.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0000006281-25-000153.
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