AD
Analog Devices Inc
ADI—
Analog Devices Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 26.9B is 80% of equity (33.8B) - tangible book value is NEGATIVE (-1.1B), creating impairment risk from Maxim acquisition.[Goodwill]
- Operating margin TTM of 27.2% vs industry median 2.4% - 11x advantage reflects analog's pricing power and design-in stickiness.[Operating Margin]
- FCF TTM of 4.3B (39% of revenue) with capex under 5% - capital-light model funds 3.89 dividend at 72% payout ratio.[Free Cash Flow]
Watch Triggers
- Gross Margin: Falls below 55% — Signals pricing power erosion or mix shift to lower-margin products
- Inventory: Exceeds 18% of revenue — Indicates demand weakness requiring production cuts
- Free Cash Flow: Falls below 3B annually — Threatens dividend sustainability at current 1.9B annual payout
Bull Case
Analog semiconductor leader with 61% gross margin TTM and 11x operating margin advantage - design wins create 7-10 year revenue visibility with minimal customer churn.
Gross MarginOperating MarginR&D Expense
FCF yield of 3.1% (4.3B/138B) with 0.26 debt/equity supports dividend growth - 5Y payout ratio of 72% sustainable given cash generation.
Free Cash FlowDebt to EquityDividend Payout Ratio
Bear Case
P/E of 59.7x is 84% premium to industry median (32.4x) - requires sustained growth that cycle dynamics may not support near-term.
P/E RatioP/S Ratio
Negative tangible book (-1.1B) from 27B goodwill - any Maxim synergy shortfall or end-market weakness triggers write-down risk.
GoodwillTangible Book Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Margin compression likely as 5Y revenue CAGR (15%) outpaces current cycle - inventory normalization ongoing.
1-3ymed
- Inventory at 1.7B (15% of revenue) elevated vs history
- Industrial/auto end markets cyclically softening
- R&D at 16% of revenue sustains competitive moat
5Y revenue growth 15% vs industry median 5%Operating margin 27% vs 61% gross margin gapWorking capital change +489M TTM
Valuation Context
Caveats
Public Strategies Rankings
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ADI Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$137.32B | — | ||
$143.48B | — | ||
60 | — | ||
$11.02B | +16.9% | — | |
$4.68 | +39.7% | — | |
27.3% | +5.3% | — | |
20.6% | +3.2% | — | |
$4.28B | +37.0% | — | |
0.07 | +1.9% | — | |
Beta 5Y (Monthly) | unknown | — |
ADI Dividend History
89 dividends
12/22/25$0.9900
09/16/25$0.9900
06/18/25$0.9900
03/17/25$0.9900
12/20/24$0.9200
09/17/24$0.9200
06/17/24$0.9200
03/15/24$0.9200
12/14/23$0.8600
09/14/23$0.8600
06/14/23$0.8600
03/08/23$0.8600
12/15/22$0.7600
09/08/22$0.7600
06/09/22$0.7600
03/08/22$0.7600
12/14/21$0.6900
09/08/21$0.6900
06/08/21$0.6900
03/09/21$0.6900
12/15/20$0.6200
09/09/20$0.6200
06/09/20$0.6200
03/10/20$0.6200
12/17/19$0.5400
09/11/19$0.5400
06/11/19$0.5400
03/12/19$0.5400
12/10/18$0.4800
09/12/18$0.4800
06/19/18$0.4800
03/20/18$0.4800
12/12/17$0.4500
09/19/17$0.4500
06/20/17$0.4500
03/07/17$0.4500
12/13/16$0.4200
09/07/16$0.4200
06/07/16$0.4200
03/08/16$0.4200
12/15/15$0.4000
09/09/15$0.4000
06/09/15$0.4000
03/10/15$0.4000
12/16/14$0.3700
09/17/14$0.3700
06/10/14$0.3700
03/11/14$0.3700
12/17/13$0.3400
09/11/13$0.3400
06/11/13$0.3400
03/12/13$0.3400
12/18/12$0.3000
09/12/12$0.3000
06/12/12$0.3000
03/28/12$0.3000
12/21/11$0.2500
09/14/11$0.2500
06/15/11$0.2500
03/23/11$0.2200
12/22/10$0.2200
09/15/10$0.2200
06/16/10$0.2200
03/24/10$0.2000
12/23/09$0.2000
09/16/09$0.2000
06/17/09$0.2000
03/25/09$0.2000
12/24/08$0.2000
09/17/08$0.2000
06/18/08$0.2000
03/26/08$0.1800
12/26/07$0.1800
09/19/07$0.1800
06/20/07$0.1800
03/28/07$0.1800
12/13/06$0.1600
09/13/06$0.1600
06/14/06$0.1600
03/15/06$0.1205
12/14/05$0.1200
09/14/05$0.1000
06/15/05$0.1000
03/16/05$0.0600
12/22/04$0.0600
09/15/04$0.0600
06/16/04$0.0600
03/17/04$0.0400
12/17/03$0.0400
ADI Stock Splits
1 stock split
03/16/001:2 split
ADI SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/25/25 | 11/01/25 | Unknown | |
08/20/25 | 08/02/25 | 10-Q | |
05/22/25 | 05/03/25 | 10-Q | |
02/19/25 | 02/01/25 | 10-Q | |
11/26/24 | 11/02/24 | 10-K | |
08/21/24 | 08/03/24 | 10-Q | |
05/22/24 | 05/04/24 | 10-Q | |
02/21/24 | 02/03/24 | 10-Q | |
11/21/23 | 10/28/23 | 10-K | |
08/23/23 | 07/29/23 | 10-Q | |
05/24/23 | 04/29/23 | 10-Q | |
02/15/23 | 01/28/23 | 10-Q | |
11/22/22 | 10/29/22 | 10-K | |
08/17/22 | 07/30/22 | 10-Q | |
05/18/22 | 04/30/22 | 10-Q | |
02/16/22 | 01/29/22 | 10-Q | |
12/03/21 | 10/30/21 | 10-K | |
08/18/21 | 07/31/21 | 10-Q | |
05/19/21 | 05/01/21 | 10-Q | |
02/17/21 | 01/30/21 | 10-Q | |
11/24/20 | 10/31/20 | 10-K | |
08/19/20 | 08/01/20 | 10-Q | |
05/20/20 | 05/02/20 | 10-Q | |
02/19/20 | 02/01/20 | 10-Q | |
11/26/19 | 11/02/19 | 10-K | |
08/21/19 | 08/03/19 | 10-Q | |
05/22/19 | 05/04/19 | 10-Q | |
02/20/19 | 02/02/19 | 10-Q | |
11/27/18 | 11/03/18 | 10-K | |
08/22/18 | 08/04/18 | 10-Q | |
05/30/18 | 05/05/18 | 10-Q | |
02/28/18 | 02/03/18 | 10-Q | |
11/22/17 | 10/28/17 | 10-K | |
08/30/17 | 07/29/17 | 10-Q | |
05/31/17 | 04/29/17 | 10-Q | |
02/15/17 | 01/28/17 | 10-Q | |
11/22/16 | 10/29/16 | 10-K | |
08/17/16 | 07/30/16 | 10-Q | |
05/18/16 | 04/30/16 | 10-Q | |
02/17/16 | 01/30/16 | 10-Q | |
11/24/15 | 10/31/15 | 10-K | |
08/18/15 | 08/01/15 | 10-Q | |
05/19/15 | 05/02/15 | 10-Q | |
02/17/15 | 01/31/15 | 10-Q | |
12/10/14 | 11/01/14 | 10-K | |
08/26/14 | 08/02/14 | 10-Q | |
05/20/14 | 05/03/14 | 10-Q | |
02/18/14 | 02/01/14 | 10-Q | |
11/26/13 | 11/02/13 | 10-K | |
08/20/13 | 08/03/13 | 10-Q | |
05/21/13 | 05/04/13 | 10-Q | |
02/19/13 | 02/02/13 | 10-Q | |
11/27/12 | 11/03/12 | 10-K | |
08/21/12 | 08/04/12 | 10-Q | |
05/22/12 | 05/05/12 | 10-Q | |
02/22/12 | 02/04/12 | 10-Q | |
11/22/11 | 10/29/11 | 10-K | |
08/16/11 | 07/30/11 | 10-Q | |
05/17/11 | 04/30/11 | 10-Q | |
02/15/11 | 01/29/11 | 10-Q | |
11/22/10 | 10/30/10 | 10-K | |
08/16/11 | 07/31/10 | 10-Q | |
05/18/10 | 05/01/10 | 10-Q | |
02/17/10 | 01/30/10 | 10-Q | |
11/24/09 | 10/30/09 | 10-K | |
08/17/10 | 08/01/09 | 10-Q | |
08/18/09 | 07/31/09 | 10-Q | |
05/19/09 | 04/30/09 | 10-Q | |
02/18/09 | 01/28/09 | 10-Q | |
11/25/08 | 10/30/08 | Unknown | -- |
08/19/08 | 07/31/08 | Unknown | -- |
05/20/08 | 04/30/08 | Unknown | -- |
02/20/08 | 01/29/08 | Unknown | -- |
11/30/07 | 10/30/07 | Unknown | -- |
08/21/07 | 07/31/07 | Unknown | -- |
05/22/07 | 04/30/07 | Unknown | -- |
02/21/07 | 01/28/07 | Unknown | -- |
11/20/06 | 10/30/06 | Unknown | -- |
08/15/06 | 07/31/06 | 8-K | |
05/16/06 | 04/30/06 | Unknown | -- |
02/15/06 | 01/31/06 | 10-Q | |
11/21/05 | 10/30/05 | Unknown | -- |
08/17/05 | 07/31/05 | Unknown | -- |
05/17/05 | 04/30/05 | 10-Q | |
02/15/05 | 01/28/05 | Unknown | -- |
11/30/04 | 10/31/04 | 10-K | |
08/17/04 | 07/31/04 | 10-Q | |
05/18/04 | 04/30/04 | Unknown | -- |
02/17/04 | 01/29/04 | Unknown | -- |
12/23/03 | 10/30/03 | Unknown | -- |
08/20/03 | 07/31/03 | Unknown | -- |
05/21/03 | 04/30/03 | Unknown | -- |
03/06/03 | 01/28/03 | Unknown | -- |
01/29/03 | 10/30/02 | Unknown | -- |
09/13/02 | 07/31/02 | Unknown | -- |
06/07/02 | 04/30/02 | Unknown | -- |
03/07/02 | 01/28/02 | Unknown | -- |
01/28/02 | 10/30/01 | Unknown | -- |
09/18/01 | 07/31/01 | Unknown | -- |
06/18/01 | 04/30/01 | Unknown | -- |
03/19/01 | 01/28/01 | Unknown | -- |
01/26/01 | 10/30/00 | Unknown | -- |
09/12/00 | 07/31/00 | Unknown | -- |
06/12/00 | 04/30/00 | Unknown | -- |
03/13/00 | 01/31/00 | 10-Q |