olivLaw · US equity research
Analog Devices, Inc. ADI
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Analog Devices (ADI) is a global semiconductor leader in analog, mixed-signal and processing technologies, with revenue of 11.02 billion USD in fiscal 2025. In the third quarter of fiscal 2026 revenue reached 4.02 billion USD, up 40% year over year, with a gross margin of 67.3%. The company remains exposed to industry cyclicality and to trade and export tensions, particularly those involving China.
At the close of 04 Nov 2026, Analog Devices, Inc. (ADI) stock was 406.24 USD (−3.23% on the day), with market capitalisation 196.8 bn USD, P/E 48.2 on diluted EPS of 8.43 USD over the last 12 months, dividend yield 1.03%, beta 1.60, 52-week range 225.20–445.48 USD. Latest reported quarter (Q3 2026): revenue of 4.0 bn USD (+39.6% YoY), net income of 1.3 bn USD (+158.4% YoY), diluted EPS 2.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.3
- neutral
- Bollinger (20, 2)
- 383.80 – 432.30
- in the lower half of the band · %B 0.46 · band width 11.9%
- SMA 50 / 200
- 390.96 / 373.84
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 6.28 / 6.58
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −3.1% | −1.1% | −2.0 pp | — |
| 3 months | +7.6% | −0.5% | +8.0 pp | — |
| 6 months | −2.3% | +4.4% | −6.7 pp | — |
| Year to date | +49.8% | +12.3% | +37.5 pp | — |
| 1 year | +77.1% | +13.5% | +63.6 pp | +42.7% |
| 3 years | +141.9% | +76.4% | +65.5 pp | +129.8% |
| 5 years | +120.6% | +63.7% | +56.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 01 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.4 bn | 2.4 bn | 2.6 bn | 2.9 bn | 3.1 bn | 3.2 bn | 3.6 bn | 4.0 bn |
| Cost of revenue | 1.0 bn | 992.9 m | 1.0 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | 1.3 bn |
| Gross profit | 1.4 bn | 1.4 bn | 1.6 bn | 1.8 bn | 1.9 bn | 2.0 bn | 2.4 bn | 2.7 bn |
| Research & development | 378.9 m | 402.9 m | 441.8 m | 454.3 m | 467.0 m | 467.4 m | 509.3 m | 533.5 m |
| SG&A | 277.2 m | 284.8 m | 302.7 m | 325.7 m | 342.2 m | 345.3 m | 362.8 m | 397.3 m |
| Operating income | 569.4 m | 491.3 m | 677.9 m | 818.0 m | 945.2 m | 997.0 m | 1.4 bn | 1.6 bn |
| Interest expense | 82.8 m | 75.3 m | 74.7 m | 79.6 m | 88.2 m | 86.3 m | 87.6 m | 88.7 m |
| Pre-tax income | 516.3 m | 435.6 m | 625.9 m | 763.4 m | 887.2 m | 945.9 m | 1.3 bn | 1.5 bn |
| Income tax | 38.3 m | 44.3 m | 56.2 m | 244.9 m | 99.5 m | 115.0 m | 148.5 m | 205.8 m |
| Net income | 478.1 m | 391.3 m | 569.8 m | 518.5 m | 787.7 m | 830.8 m | 1.2 bn | 1.3 bn |
| Diluted EPS | 0.96 ≈ | 0.78 | 1.14 | 1.04 | 1.60 ≈ | 1.69 | 2.40 | 2.74 |
| Operating cash flow | 1.1 bn | 1.1 bn | 819.5 m ≈ | 1.2 bn ≈ | 1.7 bn | 1.4 bn | 872.0 m ≈ | 1.6 bn ≈ |
| Capex | 165.4 m | 149.0 m | 90.3 m ≈ | 79.2 m ≈ | 215.2 m | 109.3 m | 137.7 m ≈ | 145.7 m ≈ |
| Dividends paid | 456.8 m | 456.3 m | 491.0 m ≈ | 490.2 m ≈ | 486.9 m | 484.3 m | 536.5 m ≈ | 535.3 m ≈ |
| Share repurchases | 94.9 m | 160.4 m | 248.6 m ≈ | 1.1 bn ≈ | 680.5 m | 516.5 m | 772.9 m ≈ | 1.2 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 79 percentile of its own 43-quarter history (min 21.8, median 36.2, max 68.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.2 bn | 6.0 bn | 5.6 bn | 7.3 bn | 12.0 bn | 12.3 bn | 9.4 bn | 11.0 bn |
| Revenue YoY | +21.4% | −3.4% | −6.5% | +30.6% | +64.2% | +2.4% | −23.4% | +16.9% |
| Net income | 1.5 bn | 1.4 bn | 1.2 bn | 1.4 bn | 2.7 bn | 3.3 bn | 1.6 bn | 2.3 bn |
| Net income YoY | +87.1% | −9.6% | −10.4% | +13.9% | +97.7% | +20.6% | −50.7% | +38.7% |
| Diluted EPS | unavailable | unavailable | 3.28 | 3.46 | 5.25 | 6.55 | 3.28 | 4.56 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | +5.5% | +51.7% | +24.8% | −49.9% | +39.0% |
| net % | 24.3% | 22.8% | 21.8% | 19.0% | 22.9% | 26.9% | 17.3% | 20.6% |
| Free cash flow | 2.2 bn | 2.0 bn | 1.8 bn | 2.4 bn | 3.8 bn | 3.6 bn | 3.1 bn | 4.3 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 01 Nov 2025
- Cash
- 2.5 bn USD
- Financial debt
- 8.6 bn USD
- Net debt
- 6.1 bn USD
- Equity
- 33.8 bn USD
- Total assets
- 48.0 bn USD
- Debt / equity
- 0.25x
- Current ratio
- 2.19x
- ROE
- 6.6%
- ROA
- 4.7%
- FCF margin
- 38.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.6 bn | 7.3 bn | 12.0 bn | 12.3 bn | 9.4 bn | 11.0 bn | SEC (XBRL)· 25 Nov 2025verified |
| Cost of revenue | 1.9 bn | 2.8 bn | 4.5 bn | 4.4 bn | 4.0 bn | 4.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Gross profit | 3.7 bn | 4.5 bn | 7.5 bn | 7.9 bn | 5.4 bn | 6.8 bn | SEC (XBRL)· 25 Nov 2025verified |
| Research & development | 1.1 bn | 1.3 bn | 1.7 bn | 1.7 bn | 1.5 bn | 1.8 bn | SEC (XBRL)· 25 Nov 2025verified |
| SG&A | 659.9 m | 915.4 m | 1.3 bn | 1.3 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Operating income | 1.5 bn | 1.7 bn | 3.3 bn | 3.8 bn | 2.0 bn | 2.9 bn | SEC (XBRL)· 25 Nov 2025verified |
| Interest expense | 193.3 m | 184.8 m | 200.4 m | 264.6 m | 322.2 m | 317.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Pre-tax income | 1.3 bn | 1.3 bn | 3.1 bn | 3.6 bn | 1.8 bn | 2.7 bn | SEC (XBRL)· 25 Nov 2025verified |
| Income tax | 90.9 m | -61.7 m | 350.2 m | 293.4 m | 142.1 m | 444.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Net income | 1.2 bn | 1.4 bn | 2.7 bn | 3.3 bn | 1.6 bn | 2.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Diluted EPS | 3.28 | 3.46 | 5.25 | 6.55 | 3.28 | 4.56 | SEC (XBRL)· 25 Nov 2025verified |
| Weighted average diluted shares | 372.0 m | 401.3 m | 523.2 m | 506.0 m | 498.7 m | 496.7 m | SEC (XBRL)· 25 Nov 2025verified |
| Dividend per share | 2.40 | 2.69 | 2.97 | 3.34 | 3.62 | 3.89 | SEC (XBRL)· 25 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.1 bn | 2.0 bn | 1.5 bn | 958.1 m | 2.0 bn | 2.5 bn | SEC (XBRL)· 25 Nov 2025verified |
| Receivables | 737.5 m | 1.5 bn | 1.8 bn | 1.5 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 25 Nov 2025verified |
| Inventories | 608.3 m | 1.2 bn | 1.4 bn | 1.6 bn | 1.4 bn | 1.7 bn | SEC (XBRL)· 25 Nov 2025verified |
| Current assets | 2.5 bn | 5.4 bn | 4.9 bn | 4.4 bn | 5.5 bn | 7.1 bn | SEC (XBRL)· 25 Nov 2025verified |
| Property, plant & equipment, net | 1.1 bn | 2.0 bn | 2.4 bn | 3.2 bn | 3.4 bn | 3.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Goodwill | 12.3 bn | 26.9 bn | 26.9 bn | 26.9 bn | 26.9 bn | 26.9 bn | SEC (XBRL)· 25 Nov 2025verified |
| Intangibles (excl. goodwill) | 3.7 bn | 15.3 bn | 13.3 bn | 11.3 bn | 9.6 bn | 8.0 bn | SEC (XBRL)· 25 Nov 2025verified |
| Total assets | 21.5 bn | 52.3 bn | 50.3 bn | 48.8 bn | 48.2 bn | 48.0 bn | SEC (XBRL)· 25 Nov 2025verified |
| Accounts payable | 227.3 m | 443.4 m | 582.2 m | 493.0 m | 487.5 m | 543.8 m | SEC (XBRL)· 25 Nov 2025verified |
| Short-term debt | 0 | 516.7 m | 0 | 499.1 m | 947.7 m | 446.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Long-term debt | — | 6.8 bn | 6.5 bn | 5.9 bn | 6.6 bn | 8.1 bn | SEC (XBRL)· 25 Nov 2025verified |
| Current liabilities | 1.4 bn | 2.8 bn | 2.4 bn | 3.2 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 25 Nov 2025verified |
| Equity | 12.0 bn † | 38.0 bn † | 36.5 bn † | 35.6 bn † | 35.2 bn † | 33.8 bn † | SEC (XBRL)· 25 Nov 2025verified |
| Shares outstanding at year end | 369.5 m | 525.3 m | 509.3 m | 496.3 m | 496.3 m | 489.7 m | SEC (XBRL)· 25 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.0 bn | 2.7 bn | 4.5 bn | 4.8 bn | 3.9 bn | 4.8 bn | SEC (XBRL)· 25 Nov 2025verified |
| Capex | 165.7 m | 343.7 m | 699.3 m | 1.3 bn | 730.5 m | 533.6 m | SEC (XBRL)· 25 Nov 2025verified |
| Free cash flow | 1.8 bn ≈ | 2.4 bn ≈ | 3.8 bn ≈ | 3.6 bn ≈ | 3.1 bn ≈ | 4.3 bn ≈ | SEC (XBRL)· 25 Nov 2025derived |
| Investing cash flow | -180.5 m | 2.1 bn | -657.4 m | -1.3 bn | -1.1 bn | -1.3 bn | SEC (XBRL)· 25 Nov 2025verified |
| Financing cash flow | -1.4 bn | -4.0 bn | -4.3 bn | -4.1 bn | -1.7 bn | -3.0 bn | SEC (XBRL)· 25 Nov 2025verified |
| Dividends paid | 886.2 m | 1.1 bn | 1.5 bn | 1.7 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 25 Nov 2025verified |
| Share repurchases | 244.5 m | 2.6 bn | 2.6 bn | 3.0 bn | 615.6 m | 2.2 bn | SEC (XBRL)· 25 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 45 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 196.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation34
- Balance sheet26
- Quality81
- Growth17
- Returns77
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 110.19 – 393.27 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)110.19 – 174.69 (Mid 135.21)WACC 9.1% · starting FCFF 5.2 bn USD · terminal value share of EV 72%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales149.39 – 393.27 (Mid 244.98)9 companies used · median multiple 9.0x · quartiles 5.6x – 14.2xAMAT, AMD, INTC, MCHP, MRVL, MU, NXPI, ON, TXN
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 45/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 65.8% | 64 (on a fixed band) | 11% |
| EBIT margin · Quality | 35.5% | 83 (vs peers) | 9% |
| FCF margin · Quality | 35.6% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -2.8% | 0 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 16.9% | 50 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.3x | 26 (on a fixed band) | 7% |
| EV/Sales · Valuation | 14.6x | 22 (vs peers) | 18% |
| FCF yield · Valuation | 2.5% | 50 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 2.6% | 77 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial26/100 · 1/2 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns77/100 · 1/1 factors with a value
- Valuation34/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ANALOG DEVICES INC (ADI). Latest full fiscal year: 2025; data up to 2026-08-01.
Figures computed from the financial statements: revenue 11.0 bn USD in 2025; YoY growth 16.9%; net margin 29.8%; ROE 12.2%.
The estimated value range is 129.79–283.98 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 190.10 USD, the price of 406.24 USD leaves a potential of -53.2% (value / price − 1) and a margin of safety of -113.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 45/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 35.5%
- FCF margin: 35.6%
- Shareholder yield (distributions): 2.6%
What contradicts it
- Revenue CAGR 3Y: -2.8%
- Current ratio: 1.3x
- EV/Sales: 14.6x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 12 companies
Only companies with a capitalisation between 23.4 bn and 1,495.4 bn (within 8× of the company's); 84 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MUMicron Technology, Inc. | 899.7 bn | 10.7 | 88.3% | 63.8% | +256.3% | +236% / +945% |
| AMDAdvanced Micro Devices, Inc | 801.6 bn | 106.3 | 11.8% | 16.8% | +34.3% | +125% / +303% |
| INTCIntel Corporation | 309.7 bn | — | -10.9% | -20.1% | −0.5% | +44% / +30% |
| AMATApplied Materials Inc | 293.2 bn | 31.9 | 41.1% | 30.1% | +4.4% | +46% / +147% |
| TXNTexas Instruments Inc | 284.6 bn | 40.4 | 39.7% | 34.3% | +13.0% | +85% / +104% |
| ADIAnalog Devices Inc | 196.8 bn | 48.2 | 12.2% | 29.8% | +16.9% | +77% / +142% |
| MRVLMarvell Technology, Inc | 140.1 bn | 52.8 | 16.5% | 27.9% | +42.1% | +79% / +187% |
| NXPINXP Semiconductors N.V. | 66.8 bn | 20.8 | 29.2% | 23.4% | −2.7% | +36% / +30% |
| MPWRMonolithic Power Systems, Inc. | 61.5 bn | 69.5 | 25.1% | 23.9% | +26.4% | +36% / +130% |
| MCHPMicrochip Technology Incorporated | 40.9 bn | 104.2 | 7.2% | 9.3% | +7.1% | +41% / −10% |
| ALABAstera Labs, Inc. | 39.0 bn | 89.0 | 28.2% | 29.6% | +115.1% | +42% / unavailable |
| ONOn Semiconductor Corp | 27.7 bn | 41.4 | 8.9% | 10.8% | −15.3% | +42% / −0% |
| CRDOCredo Technology Group Holding Ltd | 25.7 bn | 48.7 | 30.7% | 33.8% | +205.7% | −23% / +662% |
1- and 3-year price returns: for ADI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 225.22 Total return -44% · Per year -44% | 399.69 Total return -1% · Per year -1% | 604.12 Total return 50% · Per year 50% |
| 3 years | 187.53 Total return -52% · Per year -22% | 377.32 Total return -4% · Per year -1% | 630.52 Total return 59% · Per year 17% |
| 5 years | 156.14 Total return -58% · Per year -16% | 356.21 Total return -8% · Per year -2% | 658.08 Total return 68% · Per year 11% |
- Exit P/E± 94.33
- Net margin± 66.03
- Annual revenue growth± 58.30
- Annual dilution± 5.55
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Analog Devices (ADI) is a global semiconductor leader in analog, mixed-signal and processing technologies, with revenue of 11.02 billion USD in fiscal 2025 1. In the third quarter of fiscal 2026 revenue reached 4.02 billion USD, up 40% year over year, with a gross margin of 67.3% 23. The company remains exposed to industry cyclicality and to trade and export tensions, particularly those involving China 1.
SWOT
Strengths
Weaknesses
- Significant dependence on third-party distributors, which account for most revenue and may reduce selling effort for the company's products 1.
- Reliance on external wafer foundries, especially one major supplier, which limits control over capacity and costs 1.
- Exposure to industry cyclicality, with possible overcapacity or excess inventory when demand is weak 1.
Opportunities
- Demand for data centre and artificial intelligence infrastructure could grow communications revenue 2.
- Long-term trends such as electrification, factory automation and digital healthcare could open new applications 1.
- Expansion of software and digital platforms could strengthen the company's position in complete system solutions 1.
Threats
- Trade and export restrictions, particularly those involving China, could limit sales and push customers toward other suppliers 1.
- Geopolitical tensions around the Taiwan Strait could disrupt the wafer makers the company depends on 1.
- New tariffs or trade investigations into semiconductors could raise costs and reduce demand in end markets 1.
Risks
- Tariffs and trade restrictionshigh
US tariffs, retaliation by other countries and export restrictions could affect revenue, costs and customers, particularly in China 1.
- Semiconductor cyclicalityhigh
Demand could fall quickly, leading to excess inventory, inventory write-downs and lower margins 1.
- Dependence on distributorsmedium
A large share of sales passes through distributors, and the loss of a major partner or collection difficulties could affect results 1.
- Dependence on wafer foundriesmedium
Disruption at external foundries, including through geopolitical tensions, could delay shipments 1.
- International operationslow
Operations across several countries expose the company to political instability, currency fluctuations and regulatory change 1.
Investment thesis
What would need to be true (bull case)
- Rapid growth in revenue and margins in the third quarter of fiscal 2026 could indicate that demand is more durable than previously expected 23.
- Solid cash flow and the ability to return capital to shareholders could provide flexibility if the industry cycle improves 3.
- Exposure to AI infrastructure and to industrial and automotive markets could let the company benefit from several growth drivers at once 12.
What would break the thesis
- If demand from data centres or industry slows, the accelerated growth of recent quarters might not be sustained 23.
- Tariffs, export restrictions and trade investigations could reduce access to important markets or raise costs 1.
- Dependence on distributors and on a small number of wafer suppliers could amplify the effects of operational or geopolitical shocks 1.
What to watch
- Results for the fourth quarter of fiscal 2026 against the revenue and margin outlookQ4 2026
- Pace of demand from data centres and the communications segmentQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Analog Devices designs, manufactures, tests and markets a broad range of integrated circuits, software and subsystems built on high-performance analog, mixed-signal and digital signal processing technologies 1. The company presents itself as supplying the building blocks to sense, measure, interpret, connect and power electronic systems, and its products include data converters, amplifiers, power management, RF circuits and edge processors 1. Its headquarters are in Wilmington, Massachusetts, with manufacturing mainly in the United States, Ireland and Southeast Asia, and its shares trade on Nasdaq under the symbol ADI 1.
The stated strategy emphasises efficient use of capital, including acquisitions that complement research and development, closer customer relationships through engineering expertise, and capitalising on long-term trends such as factory digitisation, mobility and artificial intelligence 1. The company has about 13,000 engineers and incorporates AI capabilities into its products and internal operations 1.
Segments
Market context
The company has indicated that a record fourth quarter is possible on stronger demand and better margins, with a fourth quarter fiscal 2026 revenue forecast of about 4.3 billion USD 3. Such a result would depend on demand in industry and data centres being maintained and on the evolution of tariffs 3.
Trends
- Data centre demand for AItailwind
Growth in communications, driven by investment in AI infrastructure, supported revenue in the third quarter of fiscal 2026 23. If investment in this area continues, it could sustain growth.
- Restocking by industrial customersmixed
Normalisation of customer inventories helped industrial growth in fiscal 2025, and demand broadened in the third quarter of fiscal 2026 12. If the restocking cycle reverses, the effect could turn negative.
- Manufacturing efficiency and utilisationtailwind
Better factory utilisation, driven by higher demand and a favourable product mix, improved gross margins 12. Whether this effect persists depends on the level of demand.
Competitive position
The company competes in analog and mixed-signal semiconductors with other chip makers, and its stated advantages are accuracy, speed, low power consumption and strong application engineering 1. Customers can however switch to alternative suppliers, and export restrictions may lead customers to build local capacity or prefer suppliers not affected by those restrictions 1.
Wafer foundries the company uses, including TSMC, also serve competitors, which can create capacity limits in periods of high demand 1. Price competition could emerge if foundry capacity grows faster than demand 1.
- Texas InstrumentsTXN
Maker of analog and mixed-signal circuits, cited as part of the broader analog semiconductor competition.
- Taiwan Semiconductor Manufacturing Company
Major wafer foundry from which the company sources, and which also serves competitors.
- Chipmakers with in-house local capacity
Companies building local capacity can reduce customer reliance on US suppliers, an indirect form of competition.
- Suppliers not subject to US export restrictions
Suppliers outside these restrictions may win customers who avoid US-made products.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Profitul Analog Devices România, subsidiara din Cluj a grupului american de semiconductori, a crescut cu peste 250% în 2025, la 13 mil. lei. Anul trecut a fost cel mai bun pentru companieZiarul Financiar · 30 Oct 2026 · RO
- Analog Devices Sees Double-Digit Growth Into 2027 on Data Center, Industrial DemandYahoo Finance — News · 22 Sept 2026 · EN
- Analog Devices (ADI) Bets $1.35 Billion on Chips that Let Machines Think for ThemselvesYahoo Finance — News · 20 Sept 2026 · EN
- Analog Devices Wants Robots to Think Without Nvidia | Is ADI the Next Big AI Stock?Yahoo Finance — News · 10 Sept 2026 · EN
- Analog Devices to acquire Alif Semiconductor for $1.35 billionYahoo Finance — News · 09 Sept 2026 · EN
- Analog Devices to buy Alif Semiconductor for $1.35 billionCNA (Channel NewsAsia) · 09 Sept 2026 · EN
- Is Analog Devices Stock Outperforming the Nasdaq?Yahoo Finance — News · 02 Sept 2026 · EN
- Scale and Longevity of Earnings Inflection Create Compelling Entry Point in Analog Devices (ADI)Yahoo Finance — News · 31 Aug 2026 · EN
- Analog Devices discloses data breach, says operations unaffectedBleepingComputer · 30 Jul 2026 · RO
- Semiconductor Firm Analog Devices Discloses Data BreachSecurityWeek · 30 Jul 2026 · RO
- Analog Devices Is Said to Near $1.5 Billion Deal for EmpowerBloomberg Markets · 19 May 2026 · EN
SEC filings
- Current report17 Sept 2026Material agreement · Financial statements and exhibits
- Current report09 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report19 Aug 2026
- Current report19 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Other events
- Current report02 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report20 May 2026
- Current report20 May 2026Results of operations · Financial statements and exhibits
- Current report19 May 2026Regulation FD disclosure · Financial statements and exhibits
- Current report12 Mar 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-11-01 · SEC / Analog Devices, Inc. · 25 Nov 2025
- [2] Form 10-Q, quarter ended 2026-08-01 · SEC / Analog Devices, Inc. · 19 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Analog Devices, Inc. · 19 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.