Analog Devices, Inc.ADI
NasdaqGS•Technology•Semiconductors
Analog Devices, Inc. engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. It provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs. The company also offers amplifiers to condition analog signals; and radio frequency and microwave ICs to support cellular infrastructure; and micro-electro-mechanical systems technology solutions, including accelerometers used to sense acceleration, gyroscopes for sense rotation, inertial measurement units to sense multiple degrees of freedom, and broadband switches for radio and instrument systems, as well as isolators. In addition, it provides digital signal processing and system products for numeric calculations. The company serves clients in the industrial, automotive, consumer, instrumentation, aerospace, defense and healthcare, and communications markets through a direct sales force, third-party distributors, and independent sales representatives, as well as online. The company was incorporated in 1965 and is headquartered in Wilmington, Massachusetts.
Analog Devices, Inc. (ADI) reported trailing twelve months revenue of $11.76B as of January 2026, a 25.9% increase year-over-year. Quarterly revenue reached $3.16B, reflecting continued top-line momentum.
Analog Devices, Inc. generated $2.71B in TTM net income, with quarterly EBITDA of $1.52B. The operating margin expanded from 20.3% to 31.5%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (31.5%) and net margin (26.3%) indicates moderate non-operating costs. Net margin has improved from 16.1% a year ago, signaling stronger bottom-line efficiency.
ADI trades at a P/E of 56.5x (a premium multiple) and a P/S of 13.0x. The price-to-book ratio of 4.5x reflects a moderate premium to book value.
The company generated $1.26B in free cash flow over the trailing twelve months, a 28.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $47.99B in total assets with $7.24B in long-term debt against $33.79B in stockholders equity for a debt-to-equity ratio of 0.2, a conservative capital structure. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~24.9%, suggesting durable pricing power and cost discipline.
ROE is positive at ~5.7% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~29.1% — no sign of cost or pricing stress.
FCF covers net income by 1.9x on average — earnings are well-supported by cash generation.
D/E ratio is 0.2 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation