Intel for the 'senses' of electronics

Texas Instruments for high-performance analog chips

• Data Converters: Analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) that translate between analog and digital signals.
• Amplifiers: Integrated circuits that boost the strength of electrical signals for various applications.
• Power Management Products: Integrated circuits designed to regulate, convert, and manage power efficiently within electronic systems.
• MEMS Sensors: Micro-electro-mechanical systems including accelerometers, gyroscopes, and pressure sensors for motion detection and measurement.
• RF & Microwave Products: Integrated circuits and components used in wireless communication systems, radar, and other high-frequency applications.
• Digital Signal Processors (DSPs): Specialized microprocessors optimized for real-time processing of digital signals in applications like audio, video, and control systems.

Analog Devices (Symbol: ADI) - Major Customers

Analog Devices (ADI) primarily sells its high-performance analog, mixed-signal, and digital signal processing integrated circuits (ICs) to other companies (B2B) rather than directly to individuals. Their products are essential components integrated into a vast array of electronic systems.

ADI serves a highly diversified global customer base across numerous industries. The company consistently states that no single customer accounts for more than 10% of its net revenue, which means there are no "major customers" in the sense of a dominant, single buyer. Instead, ADI's components are designed into products by thousands of original equipment manufacturers (OEMs) and original design manufacturers (ODMs) across its key end markets.

While ADI does not disclose specific major customers due to the breadth and confidentiality of its customer relationships, its products are widely adopted by leading companies within the following key sectors. The companies listed below are prominent public examples within ADI's target markets that commonly utilize high-performance analog and mixed-signal components for their products and systems:

Key Customer Categories and Representative Companies:

• Industrial Automation & Instrumentation: Companies producing factory automation systems, process control equipment, test and measurement instruments, healthcare devices, and energy management solutions.
  • Siemens AG (Symbol: SIEGY)
  • Rockwell Automation, Inc. (Symbol: ROK)
  • Keysight Technologies, Inc. (Symbol: KEYS)
  • Medtronic plc (Symbol: MDT)
• Automotive: Manufacturers of automotive systems for advanced driver-assistance systems (ADAS), infotainment, vehicle electrification, and body electronics.
  • General Motors Company (Symbol: GM)
  • Ford Motor Company (Symbol: F)
  • Aptiv PLC (Symbol: APTV)
• Communications Infrastructure: Developers of 5G wireless infrastructure, data center equipment, and broadband access solutions.
  • Ericsson (Telefonaktiebolaget LM Ericsson) (Symbol: ERIC)
  • Nokia Corporation (Symbol: NOK)
  • Cisco Systems, Inc. (Symbol: CSCO)
• High-Performance Consumer Electronics: Companies developing professional audio/video equipment and high-end consumer electronics requiring precision and high performance.
  • Sony Corporation (Symbol: SONY)
  • Apple Inc. (Symbol: AAPL)
  • Samsung Electronics Co., Ltd. (Symbol: KRX: 005930)

This list provides illustrative examples of the types of public companies that operate in Analog Devices' target markets and integrate ADI's advanced components into their final products.

• Taiwan Semiconductor Manufacturing Company (TSM)
• United Microelectronics Corporation (UMC)
• ASE Technology Holding Co., Ltd. (ASX)
• Amkor Technology, Inc. (AMKR)

Vincent Roche Chief Executive Officer and Chair of the Board of Directors

Vincent Roche has been with Analog Devices since 1988, progressively gaining responsibility in product line management, strategic marketing, and business unit management roles. He was promoted to President of ADI in 2012, appointed Chief Executive Officer in May 2013, and elected Chair of the Board in March 2022. Roche holds a Bachelor's degree in Electrical Engineering from the University of Limerick in Ireland.

Richard Puccio Executive Vice President and Chief Financial Officer

Richard Puccio joined Analog Devices as Executive Vice President and Chief Financial Officer on February 5, 2024. Before joining ADI, he served as CFO at Amazon Web Services (AWS) from May 2021 to January 2024. Prior to AWS, Puccio spent nearly 29 years at PricewaterhouseCoopers (PwC), serving as a partner for over two decades, where he primarily advised clients in the global technology, semiconductor, and semiconductor capital equipment industries. He holds an AB in Economics from Harvard University and an MBA in Accounting from the Questrom School of Business at Boston University.

Janene Asgeirsson Chief Legal Officer and Corporate Secretary

Janene Asgeirsson serves as the Chief Legal Officer and Corporate Secretary at Analog Devices. Her role involves overseeing the company's legal strategy and corporate governance.

Vivek Jain Executive Vice President, Global Operations & Technology

Vivek Jain is the Executive Vice President of Global Operations & Technology at Analog Devices, a position he has held since joining the company in 2022. He oversees the company's global manufacturing, supply chain, and technology development, focusing on operational efficiency and technological innovation. Prior to Analog Devices, Jain held significant leadership roles at Maxim Integrated and Intel.

Martin Cotter Senior Vice President, Vertical Business Units and President, ADI EMEA

Martin Cotter serves as the Senior Vice President of Vertical Business Units and President of ADI EMEA at Analog Devices. He has an extensive career at Analog Devices spanning over three decades, holding numerous leadership positions including Senior Vice President of Worldwide Sales & Digital Marketing and Vice President of Communications.

The key business risks for Analog Devices (ADI) include:

1. Cyclicality of the Semiconductor Industry and Inventory Management: Analog Devices is significantly exposed to the cyclical nature of the semiconductor industry, which leads to periods of excess supply and inventory rationalization. This phenomenon is currently impacting the industrial and automotive sectors, leading to reduced sales and profitability for ADI.
2. Challenging Macroeconomic and Geopolitical Environment: The company operates within a complex global macroeconomic environment marked by geopolitical uncertainties. Factors such as global economic slowdowns, trade tensions, tariffs, and regional conflicts can negatively affect demand for semiconductor products, disrupt supply chains, and increase operational volatility.
3. Intense Competition and Rapid Technological Change: Analog Devices faces continuous pressure from intense competition and the rapid pace of technological innovation in the semiconductor industry. This environment necessitates ongoing investment in research and development and carries the risk of product obsolescence if the company fails to keep up with evolving market demands and technological advancements.

Analog Devices (ADI) operates in several key markets, providing a wide range of analog, mixed-signal, and digital signal processing integrated circuits (ICs). The addressable markets for their main products and services are substantial and span across various industries globally.

Here's an overview of the addressable markets for ADI's main product categories and the regions for which these market sizes are estimated:

• Overall Analog Semiconductor Market: The global analog semiconductor market was valued at approximately USD 88.81 billion in 2024 and is projected to grow to USD 147.57 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 6.70% during the forecast period. Another estimate places the global market size at USD 98.4 billion in 2023, poised to grow to USD 146.23 billion by 2032, with a CAGR of 4.5% during 2025-2032.
• Industrial: This is Analog Devices' largest revenue segment. The global application-specific industrial analog IC market was valued at approximately $15 billion in 2023, with a projected CAGR of around 7% from 2025. The industrial segment for analog semiconductors accounted for USD 15.3 billion in 2024.
• Automotive: The global Analog IC for Automotive market size was USD 9142.2 million (approximately $9.14 billion) in 2024. It is expected to reach USD 15466.14 million (approximately $15.47 billion) by 2031, growing at a CAGR of 7.80% from 2024 to 2031. North America held the major market share for this segment, exceeding 40% of the global revenue with a market size of USD 3656.88 million in 2024. The broader automotive grade analog IC market is estimated at $15 billion in 2025 and is projected to grow at a CAGR of 8% from 2025 to 2033, reaching approximately $28 billion by 2033.
• Communications: The global analog semiconductor market for the communications industry is projected to reach US$34.874 billion by 2024.
• Consumer: In 2023, the consumer electronics industry was the leading source of revenue for the analog semiconductor market, accounting for 38% of the overall share. The consumer electronics segment is projected to capture 28.04% of the global analog semiconductor market share in 2025. Specific sub-markets within consumer electronics show significant growth, with the global hearables market projected to grow at an 18.5% CAGR from 2025 to 2035, the global wearables market at a 13.6% CAGR from 2025 to 2030, and the global smartphone market at a 7.3% CAGR until 2029.
• Healthcare: The global Medical Analog Front Ends Market was valued at USD 583.3 million in 2025 and is expected to reach USD 3287.4 million by 2033, growing at a CAGR of 24.13%. The analog semiconductor market within the healthcare sector is projected to reach USD 19.5 billion by 2034.
• Aerospace and Defense: Analog Devices' aerospace and defense business currently accounts for just over $600 million in annual revenue. The global military analog chip market size was approximately USD 1.2 billion in 2023 and is projected to grow at a CAGR of 6.8% from 2024 to 2032, reaching an estimated USD 2.15 billion by 2032. The aerospace & defense segment for analog semiconductors is expected to reach more than USD 16.6 billion by 2034. Furthermore, the broader semiconductor device market in the aerospace and defense industry is projected to reach 18.7 USD billion by 2035, with a CAGR of 4.47% from 2025 to 2035.

1. Industrial Automation and Digitization: Analog Devices is experiencing strong growth in its industrial business, fueled by global initiatives for increased efficiency and productivity, advancements in AI, automation, and robotics. This segment is expected to maintain strong growth, surpassing typical seasonal levels.
2. Automotive Electrification and Advanced Systems (ADAS): The accelerating trends in vehicle electrification and the increasing adoption of Advanced Driver-Assistance Systems (ADAS) and autonomous driving technologies are critical growth areas for ADI. The company's high-performance sensors and power management integrated circuits (ICs) are integral to these advancements. Despite some temporary market corrections, a record year for the automotive sector is projected for 2025.
3. Artificial Intelligence (AI) at the Edge and Data Center Infrastructure: ADI is strategically investing in research and development for high-performance analog ICs, power management, and sensor fusion technologies crucial for AI at the edge. The company is poised to capitalize on the significant growth in the AI-driven data center market, particularly through its power and AI signal processing solutions. The broader "robotics stocks getting an AI boost" also contributes to this trend.
4. Recovery in Communications Infrastructure: While industrial and automotive are leading drivers, the communications segment, particularly wireline and data center applications, is also contributing to ADI's growth, showing double-digit sequential and year-over-year increases. The ongoing deployment of 5G networks further underpins demand in the analog semiconductor market.
5. Broad-based Market Recovery and Inventory Normalization: Following a period of inventory digestion and a challenging macroeconomic environment in fiscal year 2024, Analog Devices is in a cyclical upturn with strong demand across all end markets. The company anticipates a return to its long-term growth model of 7-10% annually post-2025, driven by the sustained recovery and anticipated growth in its key industrial and automotive markets.

Share Repurchases

• Analog Devices authorized an additional $10 billion for share repurchases in February 2025, bringing the total remaining authorization to approximately $11.5 billion.
• The company repurchased $2.964 billion in fiscal year 2023 and $2.577 billion in fiscal year 2022.
• A $2.5 billion accelerated share repurchase (ASR) program was initiated in September 2021, funded from available cash, and was completed by the second quarter of fiscal 2022.

Share Issuance

• Analog Devices' shares outstanding increased by 30.37% from 2021 to 2022, primarily due to the all-stock acquisition of Maxim Integrated.
• Maxim Integrated shareholders received 0.630 of a share of ADI common stock for each Maxim common stock they held in the acquisition that closed in 2021.

Outbound Investments

• Analog Devices acquired Maxim Integrated for approximately $20.9 billion in an all-stock deal, announced in July 2020 and closed in 2021.
• In November 2024, Analog Devices acquired Flex Logix, a provider of embedded FPGA IP, architecture, and software, for an undisclosed amount.
• Analog Devices launched its first corporate venture capital fund, ADVentures (ADV), in June 2025, focusing on early-stage startups in areas such as advanced systems and robotics, climate and energy, and human health.

Capital Expenditures

• Capital expenditures peaked at $1.261 billion in fiscal year 2023, decreasing to $730.5 million in fiscal year 2024.
• For fiscal year 2025, capital expenditures are expected to moderate, returning to a long-term rate of 4-6% of revenue.
• Investments in capital expenditures have focused on increasing supply chain capacity, efficiency, and resiliency, including significant investments in U.S. facilities and a collaboration with TSMC for additional capacity through JASM.