Analog Devices (ADI)
Market Price (5/23/2026): $395.51 | Market Cap: $192.9 BilSector: Information Technology | Industry: Semiconductors
Analog Devices (ADI)
Market Price (5/23/2026): $395.51Market Cap: $192.9 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.1 Bil, FCF LTM is 4.6 Bil Stock buyback supportStock Buyback 3Y Total is 5.2 Bil Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Show more. | Key risksADI key risks include [1] reduced sales and profitability from the current inventory rationalization impacting its key industrial and automotive sectors. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 30% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 33% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 40%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 5.1 Bil, FCF LTM is 4.6 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.2 Bil |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Show more. |
| Key risksADI key risks include [1] reduced sales and profitability from the current inventory rationalization impacting its key industrial and automotive sectors. |
Qualitative Assessment
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Analog Devices (ADI) stock has gained about 30% since 1/31/2026 because of the following key factors:
1. Exceptional Fiscal Q1 and Q2 2026 Earnings Performance and Upbeat Guidance.
Analog Devices reported strong fiscal first quarter 2026 results (ended January 31, 2026) on February 18, 2026, with revenue of $3.16 billion, representing a 30.4% year-over-year increase, and adjusted earnings per share (EPS) of $2.46, surpassing analyst estimates of $2.31. The company also provided robust guidance for fiscal second quarter 2026, forecasting revenue of approximately $3.5 billion and adjusted EPS of about $2.88. Subsequently, on May 20, 2026, Analog Devices announced record fiscal second quarter 2026 results (ended May 2, 2026), achieving $3.62 billion in revenue, a 37% year-over-year increase that exceeded both its own outlook and analyst estimates of $3.52 billion. Adjusted EPS also reached a record $3.09, beating consensus estimates of $2.89. Furthermore, the company issued an upbeat outlook for the fiscal third quarter 2026, projecting revenue of $3.9 billion (+/- $100 million) and adjusted EPS of $3.30 (+/- $0.15), both surpassing Wall Street expectations.
2. Robust Demand in Core Markets, Fueled by AI and Data Centers.
Analog Devices experienced record bookings and year-over-year revenue growth across all its end markets, primarily led by the Industrial and Communications segments. In fiscal second quarter 2026, Industrial revenue surged 56% year-over-year, while Communications revenue dramatically increased by 79% year-over-year, largely driven by strong demand for data center products, which now constitute over 75% of that segment. This performance aligns with broader macroeconomic trends, as the global semiconductor industry is projected to reach $975 billion in annual sales in 2026, a historic peak substantially fueled by the intensifying AI infrastructure boom. AI chips are expected to account for approximately 50% of total industry revenues in 2026.
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1. Exceptional Fiscal Q1 and Q2 2026 Earnings Performance and Upbeat Guidance.
Analog Devices reported strong fiscal first quarter 2026 results (ended January 31, 2026) on February 18, 2026, with revenue of $3.16 billion, representing a 30.4% year-over-year increase, and adjusted earnings per share (EPS) of $2.46, surpassing analyst estimates of $2.31. The company also provided robust guidance for fiscal second quarter 2026, forecasting revenue of approximately $3.5 billion and adjusted EPS of about $2.88. Subsequently, on May 20, 2026, Analog Devices announced record fiscal second quarter 2026 results (ended May 2, 2026), achieving $3.62 billion in revenue, a 37% year-over-year increase that exceeded both its own outlook and analyst estimates of $3.52 billion. Adjusted EPS also reached a record $3.09, beating consensus estimates of $2.89. Furthermore, the company issued an upbeat outlook for the fiscal third quarter 2026, projecting revenue of $3.9 billion (+/- $100 million) and adjusted EPS of $3.30 (+/- $0.15), both surpassing Wall Street expectations.
2. Robust Demand in Core Markets, Fueled by AI and Data Centers.
Analog Devices experienced record bookings and year-over-year revenue growth across all its end markets, primarily led by the Industrial and Communications segments. In fiscal second quarter 2026, Industrial revenue surged 56% year-over-year, while Communications revenue dramatically increased by 79% year-over-year, largely driven by strong demand for data center products, which now constitute over 75% of that segment. This performance aligns with broader macroeconomic trends, as the global semiconductor industry is projected to reach $975 billion in annual sales in 2026, a historic peak substantially fueled by the intensifying AI infrastructure boom. AI chips are expected to account for approximately 50% of total industry revenues in 2026.
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Stock Movement Drivers
Fundamental Drivers
The 28.1% change in ADI stock from 1/31/2026 to 5/22/2026 was primarily driven by a 26.4% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 309.91 | 397.07 | 28.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,020 | 12,740 | 15.6% |
| Net Income Margin (%) | 20.6% | 26.0% | 26.4% |
| P/E Multiple | 67.1 | 58.4 | -12.9% |
| Shares Outstanding (Mil) | 491 | 488 | 0.7% |
| Cumulative Contribution | 28.1% |
Market Drivers
1/31/2026 to 5/22/2026| Return | Correlation | |
|---|---|---|
| ADI | 28.1% | |
| Market (SPY) | 8.1% | 54.4% |
| Sector (XLK) | 25.5% | 39.3% |
Fundamental Drivers
The 70.7% change in ADI stock from 10/31/2025 to 5/22/2026 was primarily driven by a 38.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 232.58 | 397.07 | 70.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,387 | 12,740 | 22.7% |
| Net Income Margin (%) | 18.8% | 26.0% | 38.0% |
| P/E Multiple | 58.7 | 58.4 | -0.5% |
| Shares Outstanding (Mil) | 494 | 488 | 1.4% |
| Cumulative Contribution | 70.7% |
Market Drivers
10/31/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| ADI | 70.7% | |
| Market (SPY) | 9.9% | 57.9% |
| Sector (XLK) | 20.3% | 45.0% |
Fundamental Drivers
The 106.8% change in ADI stock from 4/30/2025 to 5/22/2026 was primarily driven by a 55.3% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 191.99 | 397.07 | 106.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 9,338 | 12,740 | 36.4% |
| Net Income Margin (%) | 16.7% | 26.0% | 55.3% |
| P/E Multiple | 60.9 | 58.4 | -4.1% |
| Shares Outstanding (Mil) | 496 | 488 | 1.7% |
| Cumulative Contribution | 106.8% |
Market Drivers
4/30/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| ADI | 106.8% | |
| Market (SPY) | 36.0% | 57.4% |
| Sector (XLK) | 72.8% | 48.4% |
Fundamental Drivers
The 132.2% change in ADI stock from 4/30/2023 to 5/22/2026 was primarily driven by a 131.1% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 171.02 | 397.07 | 132.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,579 | 12,740 | 1.3% |
| Net Income Margin (%) | 27.3% | 26.0% | -4.6% |
| P/E Multiple | 25.3 | 58.4 | 131.1% |
| Shares Outstanding (Mil) | 507 | 488 | 4.0% |
| Cumulative Contribution | 132.2% |
Market Drivers
4/30/2023 to 5/22/2026| Return | Correlation | |
|---|---|---|
| ADI | 132.2% | |
| Market (SPY) | 86.3% | 69.3% |
| Sector (XLK) | 144.2% | 66.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADI Return | 21% | -5% | 23% | 9% | 30% | 42% | 185% |
| Peers Return | 51% | -16% | 45% | 11% | 11% | 56% | 253% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| ADI Win Rate | 50% | 42% | 58% | 42% | 50% | 60% | |
| Peers Win Rate | 70% | 42% | 67% | 42% | 50% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| ADI Max Drawdown | -12% | -24% | -22% | -18% | -32% | -16% | |
| Peers Max Drawdown | -17% | -33% | -25% | -28% | -40% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: TXN, NXPI, MCHP, ON, AVGO. See ADI Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | ADI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.6% | -18.8% |
| % Gain to Breakeven | 46.2% | 23.1% |
| Time to Breakeven | 88 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.8% | -7.8% |
| % Gain to Breakeven | 18.8% | 8.5% |
| Time to Breakeven | 198 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.0% | -9.5% |
| % Gain to Breakeven | 24.9% | 10.5% |
| Time to Breakeven | 45 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.8% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.3% | -19.2% |
| % Gain to Breakeven | 18.0% | 23.8% |
| Time to Breakeven | 37 days | 105 days |
In The Past
Analog Devices's stock fell -31.6% during the 2025 US Tariff Shock. Such a loss loss requires a 46.2% gain to breakeven.
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Asset Allocation
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| Event | ADI | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -31.6% | -18.8% |
| % Gain to Breakeven | 46.2% | 23.1% |
| Time to Breakeven | 88 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.7% | -24.5% |
| % Gain to Breakeven | 27.7% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.3% | -33.7% |
| % Gain to Breakeven | 49.8% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -48.6% | -53.4% |
| % Gain to Breakeven | 94.6% | 114.4% |
| Time to Breakeven | 365 days | 1085 days |
In The Past
Analog Devices's stock fell -31.6% during the 2025 US Tariff Shock. Such a loss loss requires a 46.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Analog Devices (ADI)
Analog Devices, Inc. designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems that leverage analog, mixed-signal, and digital signal processing technologies. The company 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 high-end consumer markets; and power ICs include performance, integration, and software design simulation tools for accurate power supply designs. It also offers high-performance amplifiers to condition analog signals; and radio frequency and microwave ICs to support cellular infrastructure; and microelectromechanical 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, the company offers digital signal processing and system products for high-speed numeric calculations. It serves clients in the industrial, automotive, consumer, instrumentation, aerospace, and communications markets through a direct sales force, third-party distributors, and independent sales representatives in the United States, the rest of North and South America, Europe, Japan, China, and rest of Asia, as well as through its Website. Analog Devices, Inc. was incorporated in 1965 and is headquartered in Wilmington, Massachusetts.
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Here are 1-2 brief analogies to describe Analog Devices (ADI):
- Analog Devices is like Texas Instruments for high-performance analog and mixed-signal chips, enabling electronics to interact with the physical world.
- Think of them as the Intel of analog and mixed-signal processing, creating the foundational chips that let devices sense, measure, and convert real-world signals.
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Analog Devices (ADI) offers the following major products:
- Data Converter Products: These products translate real-world analog signals into digital data and vice-versa.
- Power Management and Reference Products: These are used for power conversion, driver monitoring, sequencing, and energy management applications.
- High-Performance Amplifiers: These ICs are designed to condition analog signals.
- Radio Frequency (RF) and Microwave ICs: These integrated circuits support cellular infrastructure and other wireless communication systems.
- Microelectromechanical Systems (MEMS) Solutions: This category includes accelerometers, gyroscopes, inertial measurement units (IMUs), and broadband switches.
- Digital Signal Processing (DSP) and System Products: These products are utilized for high-speed numeric calculations.
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Vincent Roche, Chief Executive Officer and Chair of the Board of Directors
Vincent Roche was appointed CEO of Analog Devices in May 2013 and has been with the company since 1988, starting as a senior marketing engineer in Limerick, Ireland. He has held numerous leadership roles across sales, marketing, business development, and product management within ADI. Prior to becoming CEO, he served as President from 2012. Roche earned a Bachelor of Science degree in Electronic Systems (Electrical Engineering) from the University of Limerick in 1982. He previously served as an Independent Director at Acacia Communications, Inc.
Richard Puccio, Executive Vice President and Chief Financial Officer
Richard Puccio serves as the Executive Vice President and Chief Financial Officer at Analog Devices, where he is responsible for overseeing the company's financial strategy and operations. He has been instrumental in driving financial performance and operational efficiency. Puccio's background includes leadership positions at Amazon Web Services, PwC, and Digital Equipment Corporation, and he holds degrees in economics and accounting from Harvard University and the Questrom School of Business.
Vivek Jain, Executive Vice President, Global Operations and Technology
Vivek Jain is the Executive Vice President of Global Operations and Technology at Analog Devices, overseeing the company's global manufacturing, supply chain, and technology development. He joined Analog Devices in 2022, bringing extensive experience from significant leadership roles at Maxim Integrated and Intel, where he managed various high-impact projects and teams.
Mariya Trickett, Senior Vice President and Chief People Officer
Mariya Trickett serves as the Senior Vice President and Chief People Officer for Analog Devices. Her responsibilities encompass the company's human resources strategy and initiatives, including talent acquisition, employee engagement, and organizational development. Trickett previously held various leadership positions in human resources at Aptiv and Dana Incorporated.
Janene Asgeirsson, Senior Vice President, Chief Legal Officer and Corporate Secretary
Janene Asgeirsson holds the position of Senior Vice President, Chief Legal Officer, and Corporate Secretary at Analog Devices, where she is responsible for managing the company's legal affairs.
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Analog Devices (ADI) faces several key risks inherent to the semiconductor industry and its global operations.- Cyclical Nature of the Semiconductor Industry and Global Economic Fluctuations: The semiconductor industry, in which Analog Devices operates, is highly cyclical and sensitive to overall global economic conditions. This cyclicality can lead to significant fluctuations in demand for ADI's products across its diverse end markets, including industrial, automotive, consumer, and communications. Periods of rapid demand increase can be followed by overcapacity and price erosion, directly impacting the company's revenue and profitability.
- Geopolitical and Trade Risks, particularly U.S.-China relations: Analog Devices has extensive international operations and a significant presence in global markets, including China, which accounts for a notable portion of its revenues. This exposure makes the company vulnerable to geopolitical instability, trade disputes, export restrictions, and other government actions, particularly concerning U.S.-China relations. Such developments have previously impacted ADI's revenues and could continue to pose challenges to its operations and market access.
- Intense Competition and Rapid Technological Advancements: The markets for Analog Devices' integrated circuits, software, and subsystems are highly competitive and characterized by continuous and rapid technological advancements. ADI faces constant pressure from competitors who may introduce more innovative or cost-effective products. This intense competition necessitates significant ongoing investment in research and development to maintain product leadership and market share, and failure to do so could erode profitability.
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Analog Devices, Inc. (ADI) operates in several significant addressable markets globally.
- Data Converters: The global data converter market was valued at approximately USD 5.8 billion in 2025 and is projected to reach USD 8.9 billion by 2034. North America held a significant share, accounting for over 36% of the global market revenue in 2023.
- Power Management ICs: The global power management IC market was valued at USD 40.86 billion in 2024 and is expected to exceed USD 79.11 billion by 2034. Asia Pacific dominated this market with a 44% share in 2024.
- High-Performance Amplifiers: The global power amplifier market size was estimated at USD 35.16 billion in 2024 and is projected to reach USD 75.45 billion by 2030. The global high voltage amplifiers market was valued at USD 761.57 million in 2025 and is projected to reach USD 1.79 billion by 2035.
- Radio Frequency and Microwave ICs (including MMICs and RF Semiconductors): The global RF Monolithic Microwave Integrated Circuit (MMIC) market was valued at approximately USD 9.5 billion in 2023 and is projected to grow to around USD 17.3 billion by 2032. The global market for RF semiconductors in communication applications was estimated at approximately USD 40 billion in 2023 and is projected to reach USD 65 billion by 2028. North America held a 33.34% market share in the monolithic microwave IC market in 2025.
- Microelectromechanical Systems (MEMS): The global micro-electro-mechanical system (MEMS) market was valued at over USD 14 billion in 2022 and is expected to grow to USD 25 billion by 2032. Another estimate places the global MEMS market at USD 16.81 billion in 2025, projected to reach approximately USD 40 billion by 2033. Asia, particularly East Asia, holds the largest market share due to the high concentration of consumer electronics manufacturing.
- Digital Signal Processing (DSP) and System Products: The global digital signal processor market size was valued at USD 11.02 billion in 2025 and is projected to grow to USD 21.87 billion by 2034. China dominates regional DSP demand with 50% of the global market share, while North America holds 32%.
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Analog Devices (ADI) is expected to experience future revenue growth over the next 2-3 years, driven by several key factors across its diversified markets and strategic technological advancements:
- Industrial Market Recovery and Automation: The industrial segment is a primary driver of growth, with expectations of accelerated recovery and sustained expansion. This includes strong demand in areas such as industrial automation, aerospace and defense, and test equipment, with all industrial subsectors and regions contributing to growth.
- AI Infrastructure and Data Center Demand: The communications segment is benefiting significantly from increased demand for artificial intelligence (AI) infrastructure. This includes growth in wireline, data center, and wireless applications, as ADI's high-performance analog, mixed-signal, and power solutions are critical for AI infrastructure and next-generation data centers.
- Automotive Innovations: Growth in the automotive sector is anticipated through continued expansion in connectivity and functionally safe power solutions for Level 2+ Advanced Driver-Assistance Systems (ADAS). Advancements in autonomous driving and cabin digitalization are also contributing to ADI's strong performance in this market.
- High-Performance Consumer Electronics: The consumer segment is demonstrating robust year-over-year growth. This is fueled by share gains in fast-growing markets such as wearables, premium handsets, gaming, hearables, and augmented/virtual reality products, which require high-performance integrated chips.
- Strategic R&D and Technology Leadership across Megatrends: Analog Devices consistently invests in research and development to foster innovation and maintain its technology leadership. The company's focus on key megatrends like autonomy, proactive healthcare, energy transition and sustainability, immersive experiences, and AI-driven computing and connectivity enables it to develop new solutions and deepen customer engagements, driving long-term revenue growth.
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Share Repurchases
- Analog Devices authorized a $2.5 billion accelerated share repurchase (ASR) program in September 2021, to be completed by the second quarter of 2022. Additionally, the company planned to repurchase an extra $2.5 billion by the end of calendar year 2022, bringing the total to approximately $5 billion out of a $10 billion authorization.
- In fiscal year 2023, Analog Devices repurchased approximately $3 billion in shares. For fiscal year 2024, share repurchases amounted to $600 million.
- Analog Devices repurchased $2.16 billion of its common stock in fiscal year 2025. In February 2025, the Board of Directors authorized an additional $10 billion in share repurchases, increasing the total remaining authorization to approximately $11.5 billion.
Outbound Investments
- Analog Devices completed the acquisition of Maxim Integrated on August 26, 2021, for approximately $20-21 billion.
- In June 2025, Analog Devices launched its first corporate venture capital fund, ADVentures, to invest globally in early-stage startups. This fund focuses on pioneering solutions in areas such as advanced systems and robotics, climate and energy, human health, new sensing modalities, computing architectures, secure connectivity, and AI.
Capital Expenditures
- Capital expenditures for Analog Devices were $130.8 million in fiscal year 2021, increasing to $304.5 million in fiscal year 2022.
- In fiscal year 2023, capital expenditures were $1.3 billion. For fiscal year 2024, capital expenditures totaled $730 million. Fiscal year 2025 saw capital expenditures of $0.5 billion.
- Analog Devices anticipates capital expenditures to be between 4% and 6% of revenue for fiscal year 2026. The company's capital investments are primarily focused on maintaining its manufacturing capabilities, especially for industrial automation, automotive electronics, and high-performance signal chain products, including investments in U.S. facilities and R&D for software, digital, and AI capabilities.
Latest Trefis Analyses
Trade Ideas
Select ideas related to ADI.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | PLTR | Palantir Technologies | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 04102026 | ADSK | Autodesk | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.5% | 8.5% | 0.0% |
| 04102026 | BSY | Bentley Systems | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 4.2% | 4.2% | 0.0% |
| 04102026 | ENPH | Enphase Energy | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 5.7% | 5.7% | 0.0% |
| 04102026 | BL | BlackLine | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 3.2% | 3.2% | -3.0% |
| 12312022 | ADI | Analog Devices | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 19.9% | 23.4% | -3.6% |
| 06302022 | ADI | Analog Devices | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 13.3% | 35.9% | -6.0% |
| 10312021 | ADI | Analog Devices | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -10.2% | -16.3% | -19.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 312.84 |
| Mkt Cap | 136.8 |
| Rev LTM | 12,678 |
| Op Inc LTM | 3,703 |
| FCF LTM | 3,138 |
| FCF 3Y Avg | 2,191 |
| CFO LTM | 4,077 |
| CFO 3Y Avg | 3,752 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | -1.3% |
| Rev Chg Q | 24.0% |
| QoQ Delta Rev Chg LTM | 5.6% |
| Op Inc Chg LTM | 30.9% |
| Op Inc Chg 3Y Avg | -7.1% |
| Op Mgn LTM | 29.2% |
| Op Mgn 3Y Avg | 27.1% |
| QoQ Delta Op Mgn LTM | 2.2% |
| CFO/Rev LTM | 32.1% |
| CFO/Rev 3Y Avg | 32.8% |
| FCF/Rev LTM | 20.2% |
| FCF/Rev 3Y Avg | 20.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 136.8 |
| P/S | 13.0 |
| P/Op Inc | 44.7 |
| P/EBIT | 54.8 |
| P/E | 68.5 |
| P/CFO | 36.9 |
| Total Yield | 2.6% |
| Dividend Yield | 1.2% |
| FCF Yield 3Y Avg | 3.4% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 22.2% |
| 3M Rtn | 30.9% |
| 6M Rtn | 79.6% |
| 12M Rtn | 78.7% |
| 3Y Rtn | 95.0% |
| 1M Excs Rtn | 1.7% |
| 3M Excs Rtn | 22.3% |
| 6M Excs Rtn | 67.4% |
| 12M Excs Rtn | 48.6% |
| 3Y Excs Rtn | 20.1% |
Comparison Analyses
Price Behavior
Price Behavior
| Market Price | $397.07 | |
| Market Cap ($ Bil) | 194.1 | |
| First Trading Date | 07/19/1984 | |
| Distance from 52W High | -8.2% | |
| 50 Days | 200 Days | |
| DMA Price | $365.01 | $293.71 |
| DMA Trend | up | up |
| Distance from DMA | 8.8% | 35.2% |
| 3M | 1YR | |
| Volatility | 36.6% | 29.8% |
| Downside Capture | 112.71 | 82.83 |
| Upside Capture | 121.53 | 133.22 |
| Correlation (SPY) | 60.8% | 55.1% |
ADI Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.25 | 1.56 | 1.34 | 1.46 | 1.41 | 1.55 |
| Up Beta | 2.04 | 2.04 | 1.48 | 1.49 | 1.85 | 1.61 |
| Down Beta | 1.93 | 2.42 | 2.22 | 1.92 | 1.85 | 1.65 |
| Up Capture | 147% | 135% | 153% | 233% | 159% | 348% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 13 | 22 | 37 | 71 | 140 | 398 |
| Down Capture | -507% | 100% | 66% | 77% | 78% | 108% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 9 | 21 | 27 | 54 | 112 | 355 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADI | |
|---|---|---|---|---|
| ADI | 81.8% | 30.2% | 1.99 | - |
| Sector ETF (XLK) | 58.5% | 20.5% | 2.13 | 45.3% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 54.8% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 17.6% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -7.1% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 31.9% |
| Bitcoin (BTCUSD) | -29.5% | 41.7% | -0.73 | 23.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADI | |
|---|---|---|---|---|
| ADI | 23.9% | 32.7% | 0.71 | - |
| Sector ETF (XLK) | 22.7% | 24.8% | 0.80 | 72.1% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 72.1% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 12.0% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 12.1% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 46.9% |
| Bitcoin (BTCUSD) | 12.2% | 55.3% | 0.42 | 27.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADI | |
|---|---|---|---|---|
| ADI | 24.3% | 32.5% | 0.75 | - |
| Sector ETF (XLK) | 25.3% | 24.4% | 0.93 | 74.1% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 72.9% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 6.2% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 21.2% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 48.9% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 18.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/18/2026 | 2.6% | 5.5% | -8.3% |
| 11/25/2025 | 5.3% | 16.2% | 15.5% |
| 8/20/2025 | 6.3% | 10.9% | 8.5% |
| 5/22/2025 | -4.6% | -2.9% | 4.4% |
| 2/19/2025 | 9.7% | 6.8% | -4.2% |
| 11/26/2024 | -2.0% | -0.9% | -2.1% |
| 8/21/2024 | 1.8% | 3.7% | 4.9% |
| 5/22/2024 | 10.9% | 5.3% | 7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 13 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 5.3% | 5.3% | 5.0% |
| Median Negative | -1.8% | -1.5% | -3.9% |
| Max Positive | 10.9% | 16.2% | 16.1% |
| Max Negative | -7.8% | -8.2% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/20/2026 | 10-Q |
| 01/31/2026 | 02/18/2026 | 10-Q |
| 10/31/2025 | 11/25/2025 | 10-K |
| 07/31/2025 | 08/20/2025 | 10-Q |
| 04/30/2025 | 05/22/2025 | 10-Q |
| 01/31/2025 | 02/19/2025 | 10-Q |
| 10/31/2024 | 11/26/2024 | 10-K |
| 07/31/2024 | 08/21/2024 | 10-Q |
| 04/30/2024 | 05/22/2024 | 10-Q |
| 01/31/2024 | 02/21/2024 | 10-Q |
| 10/31/2023 | 11/21/2023 | 10-K |
| 07/31/2023 | 08/23/2023 | 10-Q |
| 04/30/2023 | 05/24/2023 | 10-Q |
| 01/31/2023 | 02/15/2023 | 10-Q |
| 10/31/2022 | 11/22/2022 | 10-K |
| 07/31/2022 | 08/17/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | 3.40 Bil | 3.50 Bil | 3.60 Bil | 12.9% | Higher New | Guidance: 3.10 Bil for Q1 2026 | |
| Q2 2026 Operating Margin | 34.9% | 36.4% | 37.9% | 17.4% | 5.4% | Higher New | Guidance: 31.0% for Q1 2026 |
| Q2 2026 Adjusted Operating Margin | 46.5% | 47.5% | 48.5% | 9.2% | 4.0% | Higher New | Guidance: 43.5% for Q1 2026 |
| Q2 2026 EPS | 2.04 | 2.19 | 2.34 | 36.9% | Higher New | Guidance: 1.6 for Q1 2026 | |
| Q2 2026 Adjusted EPS | 2.73 | 2.88 | 3.03 | 25.8% | Higher New | Guidance: 2.29 for Q1 2026 | |
Prior: Q4 2025 Earnings Reported 11/25/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | 3.10 Bil | 3.3% | Raised | Guidance: 3.00 Bil for Q4 2025 | |||
| Q1 2026 Operating Margin | 31.0% | 1.6% | 0.5% | Raised | Guidance: 30.5% for Q4 2025 | ||
| Q1 2026 Adjusted Operating Margin | 43.5% | 0 | 0 | Affirmed | Guidance: 43.5% for Q4 2025 | ||
| Q1 2026 EPS | 1.6 | 4.6% | Raised | Guidance: 1.53 for Q4 2025 | |||
| Q1 2026 Adjusted EPS | 2.29 | 3.2% | Raised | Guidance: 2.22 for Q4 2025 | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Roche, Vincent | Chair & CEO | Direct | Sell | 5042026 | 397.91 | 10,000 | 3,979,100 | 74,623,196 | Form |
| 2 | Roche, Vincent | Chair & CEO | Direct | Sell | 4032026 | 318.14 | 10,000 | 3,181,400 | 53,392,124 | Form |
| 3 | Stata, Ray | Direct | Sell | 3122026 | 318.62 | 3,125 | 995,678 | 38,508,027 | Form | |
| 4 | Stata, Ray | Direct | Sell | 3122026 | 320.18 | 3,125 | 1,000,553 | 39,697,146 | Form | |
| 5 | Roche, Vincent | Chair & CEO | Direct | Sell | 3032026 | 350.00 | 10,000 | 3,500,000 | 54,490,962 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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