NASDAQ : ADI
Analog Devices, Inc. — Financial statements
Technology · Semiconductors · United States
Last price 417.11 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 202.12B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Analog Devices, Inc. (ADI) reported revenue of 13.88B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 13.88B | 11.02B | 9.43B | 12.31B | 12.01B | 7.32B |
| Cost of Revenue | 4.75B | 4.25B | 4.05B | 4.43B | 4.21B | 2.46B |
| Gross Profit | 9.13B | 6.77B | 5.38B | 7.88B | 7.80B | 4.86B |
| Selling, General & Admin | 1.45B | 1.26B | 1.08B | 1.28B | 1.27B | 918.70M |
| Research & Development | 1.98B | 1.77B | 1.49B | 1.66B | 1.70B | 1.30B |
| Amortization of Goodwill & Intangibles | 750.70M | 749.66M | 754.78M | 959.62M | 1.01B | 536.81M |
| Operating Expenses | 4.18B | 3.78B | 3.32B | 3.90B | 3.98B | 2.75B |
| Operating Income | 4.95B | 3.00B | 2.06B | 3.98B | 3.82B | 2.10B |
| Interest Expense | -350.85M | -317.72M | -322.23M | -264.64M | -200.41M | -184.82M |
| Interest & Investment Income | 119.17M | 105.27M | 78.82M | 41.29M | 6.91M | 1.22M |
| Other Non Operating Income (Expenses) | 7.51M | -984.00K | -5.38M | 13.12M | 17.42M | 38.55M |
| EBT Excluding Unusual Items | 4.73B | 2.78B | 1.81B | 3.77B | 3.64B | 1.96B |
| Merger & Restructuring Charges | -8.17M | -69.98M | -37.26M | -160.71M | -545.90M | -415.54M |
| Other Unusual Items | -215.15M | |||||
| Pretax Income | 4.70B | 2.71B | 1.78B | 3.61B | 3.10B | 1.33B |
| Income Tax Expense | 568.76M | 444.77M | 142.07M | 293.42M | 350.19M | -61.71M |
| Net Income | 4.14B | 2.27B | 1.64B | 3.31B | 2.75B | 1.39B |
| Net Income to Common | 4.14B | 2.27B | 1.64B | 3.31B | 2.75B | 1.39B |
| Shares Outstanding (Basic) | 488.34M | 494.38M | 496.17M | 502.23M | 519.23M | 397.46M |
| Shares Outstanding (Diluted) | 491.05M | 496.71M | 498.70M | 505.96M | 523.18M | 401.29M |
| EPS (Basic) | 8.47 | 4.59 | 3.30 | 6.60 | 5.29 | 3.50 |
| EPS (Diluted) | 8.42 | 4.56 | 3.28 | 6.55 | 5.25 | 3.46 |
| Free Cash Flow | 4.94B | 4.28B | 3.12B | 3.56B | 3.78B | 2.39B |
| Free Cash Flow Per Share | 10.05 | 8.61 | 6.26 | 7.03 | 7.22 | 5.96 |
| Dividend Per Share | 4.29 | 3.96 | 3.68 | 3.44 | 3.04 | 2.76 |
| Gross Margin | 65.80% | 61.47% | 57.08% | 64.01% | 64.96% | 66.36% |
| Operating Margin | 35.67% | 27.18% | 21.89% | 32.34% | 31.80% | 28.76% |
| Profit Margin | 29.79% | 20.57% | 17.35% | 26.94% | 22.88% | 19.00% |
| Free Cash Flow Margin | 35.57% | 38.83% | 33.12% | 28.90% | 31.43% | 32.68% |
| EBITDA | 6.92B | 4.99B | 4.17B | 6.27B | 6.12B | 3.18B |
| EBITDA Margin | 49.87% | 45.32% | 44.21% | 50.97% | 50.93% | 43.44% |
| D&A For EBITDA | 1.97B | 2.00B | 2.10B | 2.29B | 2.30B | 1.07B |
| EBIT | 4.95B | 3.00B | 2.06B | 3.98B | 3.82B | 2.10B |
| EBIT Margin | 35.67% | 27.18% | 21.89% | 32.34% | 31.80% | 28.76% |
| Effective Tax Rate | 12.09% | 16.40% | 7.99% | 8.13% | 11.30% |
Balance sheet
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.17B | 2.50B | 1.99B | 958.06M | 1.47B | 1.98B |
| Short-Term Investments | 159.06M | 1.15B | 371.82M | |||
| Cash & Short-Term Investments | 2.32B | 3.65B | 2.36B | 958.06M | 1.47B | 1.98B |
| Receivables | 2.39B | 1.44B | 1.34B | 1.47B | 1.80B | 1.46B |
| Inventory | 1.93B | 1.66B | 1.45B | 1.64B | 1.40B | 1.20B |
| Prepaid Expenses | 419.27M | 302.47M | 330.15M | 312.07M | 267.04M | 240.69M |
| Other Current Assets | 7.26M | 60.87M | 7.32M | 1.94M | 500.00M | |
| Total Current Assets | 7.07B | 7.11B | 5.48B | 4.38B | 4.94B | 5.38B |
| Property, Plant & Equipment | 3.35B | 3.55B | 3.66B | 3.50B | 2.66B | 2.26B |
| Long-Term Investments | 127.86M | |||||
| Goodwill | 27.99B | 26.95B | 26.91B | 26.91B | 26.91B | 26.92B |
| Other Intangible Assets | 7.47B | 8.01B | 9.59B | 11.31B | 13.27B | 15.27B |
| Long-Term Deferred Tax Assets | 1.69B | 1.87B | 2.08B | 2.22B | 2.26B | 2.27B |
| Other Long-Term Assets | 852.98M | 513.34M | 506.53M | 465.72M | 256.63M | 104.40M |
| Total Assets | 48.42B | 47.99B | 48.23B | 48.79B | 50.30B | 52.32B |
| Accounts Payable | 682.17M | 543.76M | 487.46M | 493.04M | 582.16M | 443.43M |
| Accrued Expenses | 2.10B | 733.60M | 444.68M | 524.12M | 690.74M | 713.92M |
| Short-Term Debt | 1.01B | 446.64M | 547.74M | 547.22M | ||
| Current Portion of Long-Term Debt | 1.39B | 12.55M | 436.49M | 580.65M | 516.66M | |
| Current Portion of Leases | 72.91M | 68.13M | 64.75M | 53.63M | 52.58M | |
| Current Income Taxes Payable | 461.80M | 610.37M | 447.38M | 309.05M | 265.85M | 332.69M |
| Other Current Liabilities | 17.55M | 825.98M | 556.41M | 682.14M | 850.28M | 711.04M |
| Total Current Liabilities | 5.66B | 3.25B | 2.99B | 3.20B | 2.44B | 2.77B |
| Long-Term Debt | 6.77B | 8.15B | 6.63B | 5.90B | 6.55B | 6.25B |
| Long-Term Leases | 283.90M | 318.57M | 360.46M | 337.28M | 295.78M | |
| Pension & Post-Retirement Benefits | 110.34M | 106.99M | 76.04M | 72.25M | 113.29M | |
| Long-Term Deferred Tax Liabilities | 1.84B | 2.16B | 2.62B | 3.13B | 3.62B | 3.94B |
| Other Long-Term Liabilities | 607.68M | 228.57M | 379.42M | 561.58M | 813.68M | 958.10M |
| Total Liabilities | 14.87B | 14.18B | 13.05B | 13.23B | 13.84B | 14.33B |
| Common Stock | 80.76M | 81.61M | 82.72M | 82.71M | 84.88M | 87.55M |
| Additional Paid-In Capital | 21.29B | 23.35B | 25.08B | 25.31B | 27.86B | 30.57B |
| Retained Earnings | 12.33B | 10.54B | 10.20B | 10.36B | 8.72B | 7.52B |
| Comprehensive Income & Other | -149.09M | -154.58M | -185.26M | -188.30M | -198.15M | -186.56M |
| Shareholders' Equity | 33.55B | 33.82B | 35.18B | 35.57B | 36.47B | 37.99B |
| Total Liabilities & Equity | 48.42B | 47.99B | 48.23B | 48.79B | 50.30B | 52.32B |
| Total Debt | 9.16B | 8.96B | 8.01B | 7.46B | 6.94B | 7.12B |
| Net Cash (Debt) | -6.84B | -5.31B | -5.64B | -6.50B | -5.47B | -5.14B |
| Net Cash Per Share | -13.93 | -10.69 | -11.31 | -12.84 | -10.45 | -12.81 |
| Filing Date Shares Outstanding | 484.57M | 489.65M | 496.30M | 496.26M | 509.30M | 525.33M |
| Total Common Shares Outstanding | 484.57M | 489.65M | 496.30M | 496.26M | 509.30M | 525.33M |
| Working Capital | 1.42B | 3.86B | 2.50B | 1.18B | 2.50B | 2.61B |
| Book Value Per Share | 69.24 | 69.06 | 70.88 | 71.67 | 71.60 | 72.32 |
| Tangible Book Value | -1.91B | -1.14B | -1.32B | -2.66B | -3.71B | -4.19B |
| Tangible Book Value Per Share | -3.93 | -2.33 | -2.66 | -5.36 | -7.29 | -7.98 |
| Land | 2.12B | 2.08B | 1.74B | 1.46B | 1.39B | |
| Machinery | 5.09B | 4.92B | 4.73B | 3.97B | 3.38B | |
| Leasehold Improvements | 195.71M | 191.43M | 177.31M | 118.86M | 167.62M |
Cash flow statement
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.14B | 2.27B | 1.64B | 3.31B | 2.75B | 1.39B |
| Depreciation & Amortization | 1.97B | 2.00B | 2.10B | 2.29B | 2.30B | 1.07B |
| Asset Writedown & Restructuring Costs | 91.95M | |||||
| Stock-Based Compensation | 350.10M | 321.56M | 262.71M | 299.82M | 323.49M | 243.61M |
| Other Operating Activities | -459.06M | -256.55M | -344.51M | -444.28M | -102.43M | 134.46M |
| Change in Accounts Receivable | -90.96M | -90.96M | 133.40M | 330.73M | -343.91M | -114.50M |
| Change in Inventory | -208.64M | -208.64M | 191.17M | -242.30M | -470.73M | -65.11M |
| Change in Accounts Payable | 657.30M | 657.30M | -133.76M | -499.32M | 171.77M | 208.44M |
| Change in Income Taxes | 94.30M | 94.30M | 91.65M | -263.72M | -91.85M | -6.80M |
| Change in Other Net Operating Assets | -903.74M | 29.00M | -87.72M | 29.01M | -148.95M | -130.08M |
| Operating Cash Flow | 5.55B | 4.81B | 3.85B | 4.82B | 4.48B | 2.74B |
| Capital Expenditures | -607.83M | -533.55M | -730.46M | -1.26B | -699.31M | -343.68M |
| Sale of Property, Plant & Equipment | 58.89M | |||||
| Cash Acquisitions | -1.54B | -45.65M | 2.45B | |||
| Investment in Securities | 990.66M | -777.46M | -369.62M | |||
| Other Investing Activities | -42.58M | -23.75M | -4.77M | -4.92M | 41.94M | 36.65M |
| Investing Cash Flow | -1.10B | -1.32B | -1.10B | -1.27B | -657.37M | 2.14B |
| Short-Term Debt Issued | 9.46B | 10.18B | 5.29B | 400.00M | 400.00M | |
| Long-Term Debt Issued | 1.49B | 1.09B | 296.13M | 3.94B | ||
| Total Debt Issued | 15.66B | 10.95B | 11.27B | 5.29B | 696.13M | 4.34B |
| Short-Term Debt Repaid | -9.56B | -10.18B | -4.74B | -400.00M | -400.00M | |
| Long-Term Debt Repaid | -400.00M | -499.97M | -65.69M | -519.12M | -3.59B | |
| Total Debt Repaid | -15.20B | -9.96B | -10.68B | -4.81B | -919.12M | -3.99B |
| Net Debt Issued (Repaid) | 456.44M | 989.69M | 588.40M | 481.54M | -222.99M | 347.66M |
| Issuance of Common Stock | 125.75M | 108.91M | 121.22M | 118.61M | 33.89M | 63.10M |
| Repurchase of Common Stock | -3.13B | -2.16B | -615.59M | -2.96B | -2.58B | -3.11B |
| Common Dividends Paid | -2.04B | -1.92B | -1.80B | -1.68B | -1.54B | -1.11B |
| Other Financing Activities | -13.83M | 7.83M | -12.96M | -20.84M | 19.95M | -155.94M |
| Financing Cash Flow | -4.60B | -2.98B | -1.71B | -4.06B | -4.29B | -3.96B |
| Foreign Exchange Rate Adjustments | -34.71M | 3.17M | ||||
| Net Cash Flow | -155.32M | 508.06M | 1.03B | -512.51M | -507.39M | 922.10M |
| Free Cash Flow | 4.94B | 4.28B | 3.12B | 3.56B | 3.78B | 2.39B |
| Free Cash Flow Margin | 35.57% | 38.83% | 33.12% | 28.90% | 31.43% | 32.68% |
| Free Cash Flow Per Share | 10.05 | 8.61 | 6.26 | 7.03 | 7.22 | 5.96 |
| Levered Free Cash Flow | 4.15B | 3.90B | 2.96B | 3.31B | 4.31B | 1.33B |
| Unlevered Free Cash Flow | 4.37B | 4.10B | 3.16B | 3.48B | 4.43B | 1.44B |
| Cash Interest Paid | 255.64M | 255.64M | 268.19M | 206.41M | 172.96M | 197.84M |
| Cash Income Tax Paid | 568.14M | 568.14M | 414.84M | 987.23M | 821.68M | 388.12M |
| Change in Working Capital | -451.72M | 481.01M | 194.74M | -645.59M | -883.66M | -108.06M |
Ratios
Fiscal year December - November; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 202.12B | 115.18B | 111.95B | 80.01B | 74.52B | 93.24B |
| Enterprise Value | 208.96B | 120.42B | 117.52B | 85.89B | 79.25B | 97.09B |
| Last Close Price | 417.11 | 231.24 | 218.93 | 153.23 | 135.71 | 159.59 |
| PE Ratio | 49.53 | 50.80 | 68.46 | 24.14 | 27.11 | 67.06 |
| Forward PE | 26.01 | 25.59 | 32.39 | 20.13 | 15.13 | 24.69 |
| PS Ratio | 14.56 | 10.45 | 11.88 | 6.50 | 6.20 | 12.74 |
| PB Ratio | 6.02 | 3.41 | 3.18 | 2.25 | 2.04 | 2.45 |
| P/FCF Ratio | 40.94 | 26.92 | 35.86 | 22.50 | 19.73 | 38.99 |
| P/OCF Ratio | 36.45 | 23.93 | 29.06 | 16.61 | 16.65 | 34.09 |
| PEG Ratio | 0.94 | 1.39 | 8.27 | 2.29 | 1.19 | 1.84 |
| EV/Sales Ratio | 15.05 | 10.93 | 12.47 | 6.98 | 6.60 | 13.27 |
| EV/EBITDA Ratio | 30.18 | 24.11 | 28.20 | 13.70 | 12.95 | 30.54 |
| EV/EBIT Ratio | 42.20 | 40.20 | 56.96 | 21.59 | 20.74 | 46.13 |
| EV/FCF Ratio | 42.32 | 28.14 | 37.64 | 24.15 | 20.99 | 40.60 |
| Debt / Equity Ratio | 0.27 | 0.27 | 0.23 | 0.21 | 0.19 | 0.19 |
| Debt / EBITDA Ratio | 1.31 | 1.78 | 1.90 | 1.18 | 1.12 | 2.20 |
| Debt / FCF Ratio | 1.86 | 2.09 | 2.56 | 2.10 | 1.84 | 2.98 |
| Net Debt / Equity Ratio | 0.20 | 0.16 | 0.16 | 0.18 | 0.15 | 0.14 |
| Net Debt / EBITDA Ratio | 0.99 | 1.06 | 1.35 | 1.04 | 0.89 | 1.62 |
| Net Debt / FCF Ratio | 1.39 | 1.24 | 1.81 | 1.83 | 1.45 | 2.15 |
| Asset Turnover | 0.29 | 0.23 | 0.19 | 0.25 | 0.23 | 0.20 |
| Inventory Turnover | 2.69 | 2.74 | 2.62 | 2.91 | 3.24 | 2.72 |
| Quick Ratio | 0.83 | 1.57 | 1.24 | 0.76 | 1.34 | 1.24 |
| Current Ratio | 1.25 | 2.19 | 1.83 | 1.37 | 2.02 | 1.94 |
| Return on Equity (ROE) | 12.23% | 6.57% | 4.62% | 9.20% | 7.38% | 5.56% |
| Return on Assets (ROA) | 6.41% | 3.89% | 2.66% | 5.02% | 4.65% | 3.56% |
| Return on Invested Capital (ROIC) | 10.96% | 6.26% | 4.58% | 8.70% | 7.97% | 7.04% |
| Return on Capital Employed (ROCE) | 11.60% | 6.70% | 4.60% | 8.70% | 8.00% | 4.20% |
| Earnings Yield | 2.02% | 1.97% | 1.46% | 4.14% | 3.69% | 1.49% |
| FCF Yield | 2.44% | 3.72% | 2.79% | 4.44% | 5.07% | 2.56% |
| Dividend Yield | 1.05% | 1.68% | 1.63% | 2.13% | 2.08% | 1.55% |
| Payout Ratio | 52.25% | 84.88% | 109.80% | 50.66% | 56.19% | 79.78% |
| Buyback Yield / Dilution | 1.41% | 0.40% | 1.44% | 3.29% | -30.38% | -7.88% |
| Total Shareholder Return | 2.47% | 2.08% | 3.07% | 5.42% | -28.30% | -6.33% |