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ANALOG DEVICES INC

ADI· Nasdaq· Semiconductors & Related Devices

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
38.8%
ROIC, 5 yr avg
–
Revenue, 5 yr CAGR
+14.5%
We record prices for the companies we cover; ADI is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
496.7M
Revenue
$11.0B
Free cash flow
$4.3B
Owner earnings
$4.0B

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
61.5%
Operating
26.6%
Net
20.6%
Free cash flow
38.8%
Owner earnings
35.9%
Stock pay
2.9%

Returns

ROIC, FY2025
6.3%
ROIC, 5 yr avg
–
ROE, FY2025
6.7%
ROE, 5 yr avg
6.4%

Growth (CAGR)

Revenue, 3 yr
-2.8%
Revenue, 5 yr
14.5%
Revenue, 9 yr
13.9%
Diluted EPS, 3 yr
-4.6%
Diluted EPS, 5 yr
6.8%
Diluted EPS, 9 yr
–
Free cash flow, 3 yr
4.3%
Free cash flow, 5 yr
18.3%
Free cash flow, 9 yr
15.6%

Financial health · FY2025

Cash and investments
$3.7B
Total debt
$9.0B
Net debt
$5.4B
Debt/Equity
0.3x
Debt/FCF
2.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
84.9%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
6.0%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$11.0B

+13.9% a year over 9 years

FY2016: Revenue $3.4BFY2017: Revenue $5.2BFY2018: Revenue $6.2BFY2019: Revenue $6.0BFY2020: Revenue $5.6BFY2021: Revenue $7.3BFY2022: Revenue $12.0BFY2023: Revenue $12.3BFY2024: Revenue $9.4BFY2025: Revenue $11.0B
FY2016FY2025

Margins

Gross61.5%Operating26.6%Net20.6%

FY2025

FY2016: Gross 65.1%, Operating 30.0%, Net 25.2%FY2017: Gross 60.4%, Operating 22.2%, Net 15.4%FY2018: Gross 68.3%, Operating 30.5%, Net 24.2%FY2019: Gross 67.0%, Operating 28.6%, Net 22.8%FY2020: Gross 65.9%, Operating 26.7%, Net 21.8%FY2021: Gross 61.8%, Operating 23.1%, Net 19.0%FY2022: Gross 62.7%, Operating 27.3%, Net 22.9%FY2023: Gross 64.0%, Operating 31.1%, Net 26.9%FY2024: Gross 57.1%, Operating 21.6%, Net 17.3%FY2025: Gross 61.5%, Operating 26.6%, Net 20.6%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$4.3BOwner earnings$4.0B

Free cash flow +15.6% a year

FY2016: Free cash flow $1.2B, Owner earnings $1.1BFY2017: Free cash flow $950.3M, Owner earnings $846.1MFY2018: Free cash flow $2.2B, Owner earnings $2.0BFY2019: Free cash flow $2.0B, Owner earnings $1.8BFY2020: Free cash flow $1.8B, Owner earnings $1.7BFY2021: Free cash flow $2.4B, Owner earnings $2.1BFY2022: Free cash flow $3.8B, Owner earnings $3.5BFY2023: Free cash flow $3.6B, Owner earnings $3.3BFY2024: Free cash flow $3.1B, Owner earnings $2.9BFY2025: Free cash flow $4.3B, Owner earnings $4.0B
FY2016FY2025

Diluted shares

496.7M

+59.0% over 9 years, net dilution

FY2016: Diluted shares 312.3MFY2017: Diluted shares 350.5MFY2018: Diluted shares 374.9MFY2019: Diluted shares 372.9MFY2020: Diluted shares 372.0MFY2021: Diluted shares 401.3MFY2022: Diluted shares 523.2MFY2023: Diluted shares 506.0MFY2024: Diluted shares 498.7MFY2025: Diluted shares 496.7M
FY2016FY2025

Return on invested capital

6.3%

FY2025

FY2016: ROIC –FY2017: ROIC –FY2018: ROIC –FY2019: ROIC –FY2020: ROIC –FY2021: ROIC –FY2022: ROIC 7.0%FY2023: ROIC 8.5%FY2024: ROIC 4.5%FY2025: ROIC 6.3%
FY2016FY2025

Net debt (below zero)

-$5.4B

$5.4B more debt than cash

FY2016: Net cash –FY2017: Net cash –FY2018: Net cash –FY2019: Net cash –FY2020: Net cash –FY2021: Net cash –FY2022: Net cash -$5.1BFY2023: Net cash -$6.0BFY2024: Net cash -$6.2BFY2025: Net cash -$5.4B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$3.4B$5.2B$6.2B$6.0B$5.6B$7.3B$12.0B$12.3B$9.4B$11.0B
Revenue growth-0.4%53.3%18.6%-3.8%-6.5%30.6%64.2%2.4%-23.4%16.9%
Gross margin65.1%60.4%68.3%67.0%65.9%61.8%62.7%64.0%57.1%61.5%
Operating margin30.0%22.2%30.5%28.6%26.7%23.1%27.3%31.1%21.6%26.6%
Net income$861.7M$805.4M$1.5B$1.4B$1.2B$1.4B$2.7B$3.3B$1.6B$2.3B
Net margin25.2%15.4%24.2%22.8%21.8%19.0%22.9%26.9%17.3%20.6%
Diluted EPS––––$3.28$3.46$5.25$6.55$3.28$4.56
Return on invested capital?––––––7.0%8.5%4.5%6.3%
Cash
Operating cash flow$1.3B$1.2B$2.4B$2.3B$2.0B$2.7B$4.5B$4.8B$3.9B$4.8B
Capital expenditure$127.4M$204.1M$254.9M$275.4M$165.7M$343.7M$699.3M$1.3B$730.5M$533.6M
Free cash flow$1.2B$950.3M$2.2B$2.0B$1.8B$2.4B$3.8B$3.6B$3.1B$4.3B
Stock-based compensation$63.4M$104.2M$151.2M$150.3M$149.5M$243.6M$323.5M$299.8M$262.7M$321.6M
Owner earnings?$1.1B$846.1M$2.0B$1.8B$1.7B$2.1B$3.5B$3.3B$2.9B$4.0B
Free cash flow per share$3.73$2.71$5.83$5.30$4.95$5.96$7.22$7.03$6.26$8.61
Capital allocation
Dividends paid$513.2M$602.1M$703.3M$777.5M$886.2M$1.1B$1.5B$1.7B$1.8B$1.9B
Share repurchases$370.1M$46.5M$226.0M$613.0M$244.5M$2.6B$2.6B$3.0B$615.6M$2.2B
Diluted shares312.3M350.5M374.9M372.9M372.0M401.3M523.2M506.0M498.7M496.7M
Share count change?-1.4%12.2%7.0%-0.6%-0.2%7.9%30.4%-3.3%-1.4%-0.4%
Balance sheet
Cash and equivalents$921.1M$1.0B$816.6M$648.3M$1.1B$2.0B$1.5B$958.1M$2.0B$2.5B
Short-term investments$3.1B$0–––––$0$371.8M$1.2B
Total debt––––––$6.5B$6.9B$8.5B$9.0B
Net debt––––––$5.1B$6.0B$6.2B$5.4B
Shareholders' equity$5.2B$10.2B$11.3B$11.7B$12.0B$38.0B$36.5B$35.6B$35.2B$33.8B

Latest filings

All on EDGAR
2026-08-1910-QQuarterly report
2026-08-198-KEarnings release
2026-05-2010-QQuarterly report
2026-05-208-KEarnings release
2026-02-1810-QQuarterly report
2026-02-188-KEarnings release
2026-01-23DEF 14AProxy statement
2025-11-2510-KAnnual report
2025-11-258-KEarnings release
2025-08-2010-QQuarterly report

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