Analog Devices Inc (ADI)
Information Technology · Semiconductors · US stock · S&P 500 component
$385.76
▼ -20.20 (4.98%)
Fair valueFair
$327 −15.1% to fair value
$164fair band $279–$397$491
Day's range
$385.31 – $399.48
52-week range
$223.47 – $445.91
About Analog Devices Inc
Analog Devices designs semiconductors that convert real-world signals such as sound, light, temperature, motion and radio waves into digital data, and that manage power. Its chips go into industrial equipment, cars, communications networks, medical devices and consumer electronics. Customers are manufacturers that build these chips into their own products. The company has grown through acquisitions, including Linear Technology and Maxim Integrated.
Revenue comes from supplying chips under designs that often stay in customers' products for many years. It totals $13.9 billion over the last twelve months, but revenue growth over three years is -2.8% a year. The operating margin is 35.5%, and the business earns a profit of 11% on the capital invested in it. Analog Devices carries net debt of 1.4 times EBITDA, and the dividend yield is 1.1%. On the site's X-Ray Score it receives 41 out of 100.
Price chart
52-wk range $223.47 – $445.91Volume 6,584,771Daily, split-adjusted
Vitals
Market cap$188.6B
52-week range$223.47 – $445.91
Volume (last day)6,584,771
P/E (TTM)45.9
EBIT / EV yield2.5%
Free-cash-flow yield2.6%
Dividend yield1.1%
Revenue (TTM)$13.9B
Net income (TTM)$4.1B
Operating margin35.5%
Return on capital10.8%
Debt incl. leases$9.1B
Cash & securities$2.3B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$327middle half of models $310 – $374
Fair
−15.1% to fair value
Average of the 11 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $386
Undervalued < $279Fair $279 – $397Overvalued > $397
P/E multiple
$391
P/B multiple
$281
P/S multiple
$308
EV/EBITDA multiple
$365
EV/EBIT multiple
$380
EV/revenue multiple
$329
10-year DCF, EBITDA exit
$319
5-year DCF, EBITDA exit
$386
10-year DCF, revenue exit
$311
5-year DCF, revenue exit
$369
10-year DCF, growth exit · not used
$96
5-year DCF, growth exit · not used
$93
Dividend discount, stable · not used
$111
Dividend discount, multi-stage
$163
Earnings power value · not used
$104
Growth the price implies
41.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Information Technology peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
33/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield2.5%
Free-cash-flow yield2.6%
Fair value vs price0.8×
Growth
Weak
27/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-2.8%
EPS growth (3y)-4.6%
Growth consistency60%
Profitability
Weak
42/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital10.8%
Operating margin35.5%
Gross profitability18.9%
Financial health
Fair
57/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA1.4×
Interest cover14.1×
Dividends
Fair
51/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.1%
Dividends vs free cash flow42%
Dividend growth7.6%
Quarterly results: last 6 quarters
+22.3%
May '25
+24.6%
Aug '25
+25.9%
Nov '25
+30.4%
Jan '26
+37.2%
May '26
+39.6%
Aug '26
Revenue against the same quarter a year earlier. Latest quarter revenue $4.0B, diluted EPS $2.74.
Compare with peers
MU Micron Technology Inc79 FSLR First Solar, Inc.70 NVDA Nvidia Corp67 AVGO Broadcom Inc.60Other Semiconductors companies by X-Ray Score.
SWOT analysis: Analog Devices Inc
Strengthsinside the company
- Operating margin of 35.5% is well above the 26.0% median of industry peers, a sign of pricing power or lower costs.
- Operating profit covers interest 14x, so debt costs are a small drag.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Revenue has fallen 2.8% a year over three years while industry peers grew 5.8%.
Opportunitiesvaluation and setting
- Revenue growth picked up to 16.9% last year from -2.8% a year over three years.
- Dividends use only 42% of free cash flow, which leaves room to raise them.
- Our Market Compass rates the backdrop for Information Technology as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Earnings in Semiconductors follow the industry cycle, so margins and profits can swing from year to year.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare ADI with peers and sector
Medians of 14 Semiconductors peers and of 74 Information Technology stocks in our universe.
Largest peers (X-Ray Score): NVDA 67, AVGO 60, MU 79, AMD 48, INTC 17, TXN 44.
| Metric | ADI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 41 | 46 | 50 |
| Valuation | 32 | 32 | 52 |
| Growth | 27 | 44 | 54 |
| Profitability | 42 | 44 | 50 |
| Financial health | 57 | 61 | 49 |
| Dividends | 51 | 53 | 50 |
Sector leaders: highest X-Ray Score in Information Technology
ADI ranks #58 of 75 in Information Technology and #9 of 15 in Semiconductors by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for ADI
Each factor is rated by where ADI stands among the 75 Information Technology stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 4 Good · 10 Average · 9 Bad of 23
Growth: 0 · 1 · 2
Profitability: 2 · 1 · 2
Financial strength: 1 · 3 · 0
Valuation: 0 · 2 · 3
Cash flow: 1 · 2 · 1
Efficiency: 0 · 1 · 1
| Factor | ADI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −2.8% | Bad beats 10% | +9.7% | – | – |
| Revenue growth, last year | +16.9% | Average beats 61% | +13.7% | +16.9% | ≈ In line |
| EPS growth, 3 years a year | −4.6% | Bad beats 27% | +5.9% | – | – |
| Profitability | |||||
| Gross margin | 65.8% | Average beats 63% | 57.8% | 61.8% | ≈ In line |
| Operating margin | 35.5% | Good beats 81% | 20.3% | 26.6% | ▲ Better |
| Net margin | 29.8% | Good beats 78% | 17.8% | 20.6% | ▲ Better |
| Return on invested capital | 10.8% | Bad beats 28% | 19.4% | – | – |
| Return on equity | 12.3% | Bad beats 26% | 21.0% | 6.7% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 1.4x | Average beats 35% | 0.8x | 1.8x | ▲ Better |
| Interest cover | 14.1x | Average beats 41% | 23.0x | 9.2x | ▲ Better |
| Current ratio | 1.25 | Average beats 37% | 1.57 | 1.94 | ▼ Worse |
| Piotroski F-score | 8 / 9 | Good beats 89% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 45.6x | Bad beats 28% | 33.6x | 50.1x | ≈ In line |
| Price / book | 5.6x | Average beats 66% | 8.3x | 2.3x | ▼ Worse |
| Price / sales | 13.6x | Bad beats 21% | 6.9x | 9.5x | ▼ Worse |
| EV / EBITDA | 39.6x | Bad beats 27% | 24.7x | 41.5x | ≈ In line |
| Free cash flow yield | 2.6% | Average beats 39% | 3.4% | 3.7% | ▼ Worse |
| Cash flow | |||||
| Free cash flow margin | 35.6% | Good beats 82% | 22.3% | 32.7% | ≈ In line |
| Cash from operations / net income | 1.34 | Average beats 45% | 1.39 | 1.97 | ▼ Worse |
| Free cash flow growth, 3 years a year | +4.3% | Bad beats 29% | +15.4% | – | – |
| Accruals (lower is better) | −2.9% | Average beats 35% | −4.4% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.5x | Bad beats 31% | 3.9x | 2.7x | ≈ In line |
| Days sales outstanding | 63 days | Average beats 51% | 63 days | 52 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 7 Average · ● 7 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Average
Piotroski F-ScoreGood
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalBad
Operating marginGood
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 36/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $7.3B | $12.0B | $12.3B | $9.4B | $11.0B |
| Operating income | $1.7B | $3.3B | $3.8B | $2.0B | $2.9B |
| Net income | $1.4B | $2.7B | $3.3B | $1.6B | $2.3B |
| Operating cash flow | $2.7B | $4.5B | $4.8B | $3.9B | $4.8B |
| Operating margin | 23.1% | 27.3% | 31.1% | 21.6% | 26.6% |
| Free cash flow | $2.4B | $3.8B | $3.6B | $3.1B | $4.3B |
| Diluted EPS | $3.46 | $5.25 | $6.55 | $3.28 | $4.56 |
Fiscal years, from SEC filings.
Technical summary
Daily
Neutral
8 bullish · 1 neutral · 7 bearish
Weekly
Strongly bullish
9 bullish · 1 neutral · 2 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 401.3 | Bearish |
| EMA 10 | 399.2 | Bearish |
| SMA 20 | 403.7 | Bearish |
| EMA 20 | 398.0 | Bearish |
| SMA 50 | 383.8 | Bullish |
| EMA 50 | 390.4 | Bearish |
| SMA 100 | 388.0 | Bearish |
| EMA 100 | 382.7 | Bullish |
| SMA 200 | 367.0 | Bullish |
| EMA 200 | 359.8 | Bullish |
Oscillators (daily)
| RSI (14) | 43.86 | Neutral |
| MACD (12, 26) | 3.42 | Bullish |
| Momentum (12) | -8.27 | Bearish |
| Stochastic %K (14) | 1.20 | Bullish |
| Williams %R (14) | -98.80 | Bullish |
| CCI (20) | -134.2 | Bullish |
Pivot points (classic, last session)
S3 366.7 | S2 376.0 | S1 380.9 | Pivot 390.2 | R1 395.1 | R2 404.4 | R3 409.2 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.29 USD
Yield on today's price
1.11%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.1000 | |
| 1.1000 | |
| 1.1000 | |
| 0.9900 | |
| 0.9900 | |
| 0.9900 | |
| 0.9900 | |
| 0.9200 | |
| 0.9200 | |
| 0.9200 | |
| 0.9200 | |
| 0.8600 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold ADI
| ETF | Share of the fund |
|---|---|
| PSI Invesco Dynamic Semiconductors | 5.13% |
| SMH VanEck Semiconductor | 4.00% |
| ULTY YieldMax Ultra Option Income Strategy | 3.88% |
| SOXX iShares Semiconductor | 3.45% |
| SOXQ Invesco PHLX Semiconductor | 2.91% |
| CHPY YieldMax Semiconductor Portfolio Optio... | 2.90% |
| TDIV First Trust NASDAQ Technology Dividend... | 2.87% |
| SOXL Direxion Daily Semiconductor Bull 3X | 2.80% |
The eight funds with the largest weight in ADI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
ADI stock splits
ADI has split its stock 4 times since 1995. The latest was a 2-for-1 split on 16 Mar 2000.
Full ADI stock split history →ADI SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.