Analog Devices (ADI)
Market Price (10/8/2026): $406.5 | Market Cap: $197.6 BilInvestor Relations Sector: Information Technology | Industry: Semiconductors
Analog Devices (ADI)
Market Price (10/8/2026): $406.5Market Cap: $197.6 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 34% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36% 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 5.5 Bil, FCF LTM is 4.9 Bil Stock buyback supportStock Buyback 3Y Total is 5.7 Bil Low stock price volatilityVol 12M is 36% Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Show more. | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% 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 34% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 36% |
| 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 5.5 Bil, FCF LTM is 4.9 Bil |
| Stock buyback supportStock Buyback 3Y Total is 5.7 Bil |
| Low stock price volatilityVol 12M is 36% |
| Megatrend and thematic driversMegatrends include Electric Vehicles & Autonomous Driving, Automation & Robotics, 5G & Advanced Connectivity, and Smart Grids & Grid Modernization. Show more. |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.2% |
| 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 5% since 6/30/2026 because of the following key factors:
1. High Valuation and Investor Debate Following Prior Gains. Analog Devices (ADI) entered the specified period with a substantial price appreciation, having gained 66.02% over the last year and 47.8% year-to-date by October 2, 2026, leading to a high trailing price-to-earnings (P/E) ratio of 47.04. Despite the company reporting record fiscal Q3 2026 financial results, which ended on August 1, 2026, with revenue of $4.02 billion (surpassing consensus of $3.92 billion) and adjusted EPS of $3.45 (beating estimates of $3.34), and providing a strong fiscal Q4 2026 outlook, investor sentiment was divided. While some analysts identified the stock as potentially 14% undervalued with a fair value of $470.72, other valuation models suggested it was overvalued at $218.50 compared to its trading price, leading to a period of consolidation as the market digested these divergent perspectives.
2. Strategic Acquisitions with Future Integration Considerations. During the period, Analog Devices announced key strategic acquisitions designed to enhance its position in the artificial intelligence (AI) infrastructure market. This included the agreement to acquire Empower Semiconductor for $1.5 billion in cash, a transaction expected to close in the second half of calendar 2026, aimed at improving power delivery for AI systems. Additionally, ADI announced the acquisition of Alif Semiconductor on September 9, 2026, to integrate AI-native processing capabilities. While these moves are strategically beneficial, the market likely factored in the typical integration complexities and the time required for these acquisitions to significantly contribute to ADI's financial results, thereby tempering immediate stock price surges.
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Analog Devices (ADI) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. High Valuation and Investor Debate Following Prior Gains. Analog Devices (ADI) entered the specified period with a substantial price appreciation, having gained 66.02% over the last year and 47.8% year-to-date by October 2, 2026, leading to a high trailing price-to-earnings (P/E) ratio of 47.04. Despite the company reporting record fiscal Q3 2026 financial results, which ended on August 1, 2026, with revenue of $4.02 billion (surpassing consensus of $3.92 billion) and adjusted EPS of $3.45 (beating estimates of $3.34), and providing a strong fiscal Q4 2026 outlook, investor sentiment was divided. While some analysts identified the stock as potentially 14% undervalued with a fair value of $470.72, other valuation models suggested it was overvalued at $218.50 compared to its trading price, leading to a period of consolidation as the market digested these divergent perspectives.
2. Strategic Acquisitions with Future Integration Considerations. During the period, Analog Devices announced key strategic acquisitions designed to enhance its position in the artificial intelligence (AI) infrastructure market. This included the agreement to acquire Empower Semiconductor for $1.5 billion in cash, a transaction expected to close in the second half of calendar 2026, aimed at improving power delivery for AI systems. Additionally, ADI announced the acquisition of Alif Semiconductor on September 9, 2026, to integrate AI-native processing capabilities. While these moves are strategically beneficial, the market likely factored in the typical integration complexities and the time required for these acquisitions to significantly contribute to ADI's financial results, thereby tempering immediate stock price surges.
3. Market Consolidation and Profit-Taking. Following significant gains leading into the second half of 2026, the stock experienced periods of profit-taking and market consolidation. For instance, after reaching an all-time high of $445.91 on June 21, 2026, the stock subsequently saw lows of $370.75 on July 17, 2026, and $355.22 on September 1, 2026. This activity, coupled with a lack of new, overwhelmingly positive catalysts that could substantially push the stock beyond its existing valuation, contributed to its largely stable performance within the specified range despite strong underlying business fundamentals.
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Stock Movement Drivers
Fundamental Drivers
The 3.6% change in ADI stock from 6/30/2026 to 10/7/2026 was primarily driven by a 14.5% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 395.96 | 410.08 | 3.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,740 | 13,882 | 9.0% |
| Net Income Margin (%) | 26.0% | 29.8% | 14.5% |
| P/E Multiple | 58.3 | 48.2 | -17.3% |
| Shares Outstanding (Mil) | 488 | 486 | 0.3% |
| Cumulative Contribution | 3.6% |
Market Drivers
6/30/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| ADI | 3.6% | |
| Market (SPY) | 4.1% | 58.7% |
| Sector (XLK) | 5.7% | 78.3% |
Fundamental Drivers
The 29.6% change in ADI stock from 3/31/2026 to 10/7/2026 was primarily driven by a 29.4% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 316.31 | 410.08 | 29.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,757 | 13,882 | 18.1% |
| Net Income Margin (%) | 23.0% | 29.8% | 29.4% |
| P/E Multiple | 57.1 | 48.2 | -15.6% |
| Shares Outstanding (Mil) | 489 | 486 | 0.6% |
| Cumulative Contribution | 29.6% |
Market Drivers
3/31/2026 to 10/7/2026| Return | Correlation | |
|---|---|---|
| ADI | 29.6% | |
| Market (SPY) | 19.8% | 57.8% |
| Sector (XLK) | 51.7% | 64.6% |
Fundamental Drivers
The 69.0% change in ADI stock from 9/30/2025 to 10/7/2026 was primarily driven by a 58.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 242.66 | 410.08 | 69.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10,387 | 13,882 | 33.6% |
| Net Income Margin (%) | 18.8% | 29.8% | 58.0% |
| P/E Multiple | 61.3 | 48.2 | -21.3% |
| Shares Outstanding (Mil) | 494 | 486 | 1.7% |
| Cumulative Contribution | 69.0% |
Market Drivers
9/30/2025 to 10/7/2026| Return | Correlation | |
|---|---|---|
| ADI | 69.0% | |
| Market (SPY) | 17.6% | 59.7% |
| Sector (XLK) | 43.5% | 60.6% |
Fundamental Drivers
The 145.4% change in ADI stock from 9/30/2023 to 10/7/2026 was primarily driven by a 116.5% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10072026 | Change |
|---|---|---|---|
| Stock Price ($) | 167.09 | 410.08 | 145.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 12,837 | 13,882 | 8.1% |
| Net Income Margin (%) | 29.2% | 29.8% | 1.9% |
| P/E Multiple | 22.3 | 48.2 | 116.5% |
| Shares Outstanding (Mil) | 500 | 486 | 2.9% |
| Cumulative Contribution | 145.4% |
Market Drivers
9/30/2023 to 10/7/2026| Return | Correlation | |
|---|---|---|
| ADI | 145.4% | |
| Market (SPY) | 88.1% | 68.5% |
| Sector (XLK) | 150.1% | 68.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ADI Return | 21% | -5% | 23% | 9% | 30% | 56% | 213% |
| Peers Return | 51% | -16% | 45% | 11% | 11% | 37% | 211% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| ADI Win Rate | 50% | 42% | 58% | 42% | 50% | 60% | |
| Peers Win Rate | 70% | 42% | 67% | 42% | 50% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ADI Max Drawdown | -12% | -24% | -22% | -18% | -32% | -21% | |
| Peers Max Drawdown | -17% | -33% | -25% | -28% | -40% | -34% | |
| 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 10/7/2026 (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 (ADI) is a global semiconductor company that designs, manufactures, and markets a broad portfolio of integrated circuits (ICs), software, and subsystems. The company specializes in leveraging analog, mixed-signal, and digital signal processing technologies to bridge the gap between physical real-world phenomena and digital information. Essentially, ADI creates the fundamental components that enable electronic devices to sense, measure, interpret, connect, and power various applications.
ADI's extensive product offerings include data converters that translate analog signals into digital data and vice-versa, high-performance amplifiers for signal conditioning, and radio frequency (RF) and microwave ICs crucial for cellular infrastructure. The company also provides power management and reference products for efficient power conversion, along with advanced microelectromechanical systems (MEMS) solutions like accelerometers, gyroscopes, and inertial measurement units (IMUs) used for sensing motion. Additionally, ADI develops digital signal processing (DSP) products for complex calculations.
Analog Devices serves a diverse and global customer base across several critical industries. Its core markets include industrial applications, automotive systems, high-end consumer electronics, instrumentation, aerospace, and communications infrastructure. Through its innovative ICs and solutions, ADI helps its clients build products that are smarter, safer, and more efficient, driving technological advancements in a wide range of everyday and specialized equipment worldwide.
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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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- 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.
Peer Outperformance in Semiconductors
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 63.7% | 185.7% | 385.5% | TTMI 870% · FLEX 767% · SANM 455% |
| Semiconductor Materials & Equipment | 27 | 91.1% | 106.8% | 126.6% | AXTI 890% · KLAC 534% · LRCX 530% |
| Technology Distributors | 9 | 48.0% | 87.7% | 97.7% | CLMB 420% · AVT 215% · SNX 175% |
| Electronic Components | 26 | 34.0% | 79.6% | 75.6% | CLS 3883% · BELFA 1307% · COHR 485% |
| Communications Equipment | 36 | 4.9% | 95.6% | 67.2% | AAOI 1705% · LITE 1220% · FEIM 882% |
| Semiconductors ← | 55 | 27.4% | 55.5% | 35.5% | POET 1721% · MU 1489% · NVDA 1045% |
| Technology Hardware, Storage & Peripherals | 20 | 23.6% | 112.9% | 33.9% | SMCI 1119% · DELL 1104% · STX 1064% |
| Internet Services & Infrastructure | 6 | -9.0% | 37.6% | 20.6% | DOCN 52% · VRSN 45% · GDDY 39% |
| Electronic Equipment & Instruments | 26 | -18.6% | 29.6% | -7.0% | PI 263% · KEYS 136% · VPG 114% |
| IT Consulting & Other Services | 28 | -23.3% | -10.5% | -21.5% | CHRN 520163% · TSSI 840% · APLD 826% |
| Application Software | 125 | -25.2% | -15.5% | -44.0% | VIDA 1459900% · INLX 4997% · PLTR 726% |
| Systems Software | 71 | -17.4% | 26.7% | -52.1% | QNC 581% · PAYS 471% · SANG 402% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 260.26 |
| Mkt Cap | 230.4 |
| Rev LTM | 13,533 |
| Op Inc LTM | 4,281 |
| FCF LTM | 3,793 |
| FCF 3Y Avg | 2,605 |
| CFO LTM | 4,337 |
| CFO 3Y Avg | 3,846 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.8% |
| Rev Chg 3Y Avg | 1.1% |
| Rev Chg Q | 30.4% |
| QoQ Delta Rev Chg LTM | 7.1% |
| Op Inc Chg LTM | 56.2% |
| Op Inc Chg 3Y Avg | 9.3% |
| Op Mgn LTM | 31.5% |
| Op Mgn 3Y Avg | 27.5% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | 33.5% |
| CFO/Rev 3Y Avg | 33.8% |
| FCF/Rev LTM | 25.9% |
| FCF/Rev 3Y Avg | 21.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 230.4 |
| P/S | 13.9 |
| P/Op Inc | 39.9 |
| P/EBIT | 39.7 |
| P/E | 48.4 |
| P/CFO | 34.9 |
| Total Yield | 3.0% |
| Dividend Yield | 0.8% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.3% |
| 3M Rtn | -8.9% |
| 6M Rtn | 15.1% |
| 12M Rtn | 42.0% |
| 3Y Rtn | 61.6% |
| 1M Excs Rtn | 6.1% |
| 3M Excs Rtn | -15.0% |
| 6M Excs Rtn | 0.5% |
| 12M Excs Rtn | 21.7% |
| 3Y Excs Rtn | -21.9% |
Comparison Analyses
Price Behavior
| Market Price | $410.08 | |
| Market Cap ($ Bil) | 199.3 | |
| First Trading Date | 07/19/1984 | |
| Distance from 52W High | -7.7% | |
| 50 Days | 200 Days | |
| DMA Price | $377.73 | $359.96 |
| DMA Trend | up | down |
| Distance from DMA | 8.6% | 13.9% |
| 3M | 1YR | |
| Volatility | 31.5% | 36.3% |
| Downside Capture | 146.32 | 128.22 |
| Upside Capture | 148.69 | 171.54 |
| Correlation (SPY) | 57.8% | 60.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.35 | 1.37 | 1.71 | 1.87 | 1.67 | 1.59 |
| Up Beta | -0.45 | 1.45 | 2.10 | 1.99 | 1.74 | 1.66 |
| Down Beta | 3.46 | 2.42 | 2.09 | 2.80 | 2.11 | 1.76 |
| Up Capture | 189% | 143% | 150% | 176% | 230% | 356% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 16 | 24 | 34 | 68 | 141 | 401 |
| Down Capture | 11% | 89% | 153% | 147% | 118% | 108% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 6 | 18 | 30 | 58 | 111 | 351 |
[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 | 71.6% | 36.4% | 1.54 | - |
| Sector ETF (XLK) | 40.8% | 26.5% | 1.26 | 61.1% |
| Equity (SPY) | 16.8% | 13.0% | 0.92 | 60.1% |
| Gold (GLD) | 3.2% | 29.5% | 0.11 | 27.9% |
| Commodities (DBC) | 44.6% | 20.9% | 1.66 | -8.2% |
| Real Estate (VNQ) | 1.6% | 13.7% | -0.13 | 12.1% |
| Bitcoin (BTCUSD) | -31.7% | 44.2% | -0.73 | 20.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADI | |
|---|---|---|---|---|
| ADI | 21.5% | 34.0% | 0.63 | - |
| Sector ETF (XLK) | 22.7% | 25.9% | 0.77 | 73.0% |
| Equity (SPY) | 13.8% | 17.1% | 0.62 | 71.6% |
| Gold (GLD) | 18.4% | 18.9% | 0.79 | 14.7% |
| Commodities (DBC) | 10.3% | 19.6% | 0.40 | 10.4% |
| Real Estate (VNQ) | 0.8% | 18.8% | -0.07 | 43.4% |
| Bitcoin (BTCUSD) | 15.5% | 52.2% | 0.46 | 27.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ADI | |
|---|---|---|---|---|
| ADI | 22.7% | 33.2% | 0.70 | - |
| Sector ETF (XLK) | 25.0% | 25.0% | 0.90 | 74.1% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 72.1% |
| Gold (GLD) | 11.5% | 16.4% | 0.57 | 9.3% |
| Commodities (DBC) | 8.4% | 18.1% | 0.38 | 19.6% |
| Real Estate (VNQ) | 4.2% | 20.7% | 0.16 | 46.7% |
| Bitcoin (BTCUSD) | 64.0% | 66.2% | 1.04 | 18.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/22/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/19/2026 | -0.9% | -0.8% | -3.4% |
| 5/20/2026 | -3.9% | 0.6% | 5.2% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 12 | 11 | 10 |
| Median Positive | 5.3% | 4.5% | 5.0% |
| Median Negative | -1.8% | -1.2% | -3.9% |
| Max Positive | 10.9% | 16.2% | 15.5% |
| Max Negative | -7.8% | -8.2% | -17.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/19/2026 | -0.9% | -0.8% | -3.4% |
| 5/20/2026 | -3.9% | 0.6% | 5.2% |
| 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% |
| 2/21/2024 | 2.3% | -0.2% | 3.1% |
| 11/21/2023 | -1.4% | -0.3% | 5.0% |
| 8/23/2023 | 0.5% | 3.3% | -1.1% |
| 5/24/2023 | -7.8% | -5.4% | -0.6% |
| 2/15/2023 | 7.5% | 0.7% | 2.7% |
| 11/22/2022 | 5.8% | 2.9% | 5.6% |
| 8/17/2022 | -5.0% | -8.2% | -17.0% |
| 5/18/2022 | -2.4% | -1.2% | -12.0% |
| 11/23/2021 | -1.6% | -2.8% | -6.8% |
| 8/18/2021 | -0.3% | -0.3% | 4.6% |
| 5/19/2021 | 5.0% | 12.2% | 14.4% |
| 2/17/2021 | -0.5% | -1.7% | -3.5% |
| 11/24/2020 | -0.1% | 2.7% | 4.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 12 | 13 |
| # Negative | 12 | 11 | 10 |
| Median Positive | 5.3% | 4.5% | 5.0% |
| Median Negative | -1.8% | -1.2% | -3.9% |
| Max Positive | 10.9% | 16.2% | 15.5% |
| Max Negative | -7.8% | -8.2% | -17.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/19/2026 | 10-Q |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 07/31/2026 | 08/19/2026 | 10-Q |
| 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 |
| 04/30/2022 | 05/18/2022 | 10-Q |
| 01/31/2022 | 02/16/2022 | 10-Q |
| 10/31/2021 | 12/03/2021 | 10-K |
| 07/31/2021 | 08/18/2021 | 10-Q |
| 04/30/2021 | 05/19/2021 | 10-Q |
| 01/31/2021 | 02/17/2021 | 10-Q |
| 10/31/2020 | 11/24/2020 | 10-K |
| 07/31/2020 | 08/19/2020 | 10-Q |
| 04/30/2020 | 05/20/2020 | 10-Q |
| 01/31/2020 | 02/19/2020 | 10-Q |
| 10/31/2019 | 11/26/2019 | 10-K |
Recent Forward Guidance
Updated 8/20/2026Latest: Q3 2026 Earnings Reported 8/19/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 4.30 Bil | 10.3% | Higher New | Guidance: 3.90 Bil for Q3 2026 | |||
| Q4 2026 Nonoperating expense | Reported | 80.00 Mil | ||||||
| Q4 2026 Operating Margin | Reported | 42.6% | 3.6% | Higher New | Guidance: 39.0% for Q3 2026 | |||
| Q4 2026 Adjusted Operating Margin | Reported | 52.0% | 3.0% | Higher New | Guidance: 49.0% for Q3 2026 | |||
| Q4 2026 Tax rate | Reported | 12.0% | 13.0% | |||||
| Q4 2026 EPS | Reported | 3.14 | 20.8% | Higher New | Guidance: 2.6 for Q3 2026 | |||
| Q4 2026 Adjusted EPS | Reported | 3.86 | 17.0% | Higher New | Guidance: 3.3 for Q3 2026 | |||
Prior: Q2 2026 Earnings Reported 5/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 3.80 Bil | 3.90 Bil | 11.4% | Higher New | Guidance: 3.50 Bil for Q2 2026 | ||
| Q3 2026 Operating Margin | Reported | 37.5% | 39.0% | 2.6% | Higher New | Guidance: 36.4% for Q2 2026 | ||
| Q3 2026 Adjusted Operating Margin | Reported | 48.0% | 49.0% | 1.5% | Higher New | Guidance: 47.5% for Q2 2026 | ||
| Q3 2026 EPS | Reported | 2.45 | 2.6 | 18.7% | Higher New | Guidance: 2.19 for Q2 2026 | ||
| Q3 2026 Adjusted EPS | Reported | 3.15 | 3.3 | 14.6% | Higher New | Guidance: 2.88 for Q2 2026 | ||
Q1 2026 Earnings Reported 2/18/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 3.40 Bil | 3.50 Bil | 3.60 Bil | 12.9% | Higher New | Guidance: 3.10 Bil for Q1 2026 | |
| Q2 2026 Operating Margin | Reported | 34.9% | 36.4% | 37.9% | 5.4% | Higher New | Guidance: 31.0% for Q1 2026 | |
| Q2 2026 Adjusted Operating Margin | Reported | 46.5% | 47.5% | 48.5% | 4.0% | Higher New | Guidance: 43.5% for Q1 2026 | |
| Q2 2026 EPS | Reported | 2.04 | 2.19 | 2.34 | 36.9% | Higher New | Guidance: 1.6 for Q1 2026 | |
| Q2 2026 Adjusted EPS | Reported | 2.73 | 2.88 | 3.03 | 25.8% | Higher New | Guidance: 2.29 for Q1 2026 | |
Q4 2025 Earnings Reported 11/25/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 3.10 Bil | 3.3% | Higher New | Guidance: 3.00 Bil for Q4 2025 | |||
| Q1 2026 Operating Margin | Reported | 31.0% | 0.5% | Higher New | Guidance: 30.5% for Q4 2025 | |||
| Q1 2026 Adjusted Operating Margin | Reported | 43.5% | 0.0% | Same New | Guidance: 43.5% for Q4 2025 | |||
| Q1 2026 Tax Rate | Reported | 13.0% | ||||||
| Q1 2026 EPS | Reported | 1.6 | 4.6% | Higher New | Guidance: 1.53 for Q4 2025 | |||
| Q1 2026 Adjusted EPS | Reported | 2.29 | 3.2% | Higher New | Guidance: 2.22 for Q4 2025 | |||
Insider Activity
Updated 10/8/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stata, Ray | Direct | Sell | 10072026 | 407.38 | 1,416 | 576,856 | 43,765,707 | Form | |
| 2 | Puccio, Richard C JR | Chief Financial Officer | Direct | Sell | 10072026 | 421.08 | 1,500 | 631,620 | 20,918,149 | Form |
| 3 | Stata, Ray | Direct | Sell | 10072026 | 420.04 | 1,416 | 594,775 | 45,719,964 | Form | |
| 4 | Jain, Vivek | Chief Operations/Tech Officer | Direct | Sell | 10052026 | 416.98 | 2,000 | 833,962 | 19,069,992 | Form |
| 5 | Nakamura, Katsufumi | Chief Customer Officer | Direct | Sell | 10052026 | 415.02 | 1,200 | 498,029 | 6,162,896 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Stata, Ray | Direct | Sell | 10072026 | 407.38 | 1,416 | 576,856 | 43,765,707 | Form | |
| 2 | Puccio, Richard C JR | Chief Financial Officer | Direct | Sell | 10072026 | 421.08 | 1,500 | 631,620 | 20,918,149 | Form |
| 3 | Stata, Ray | Direct | Sell | 10072026 | 420.04 | 1,416 | 594,775 | 45,719,964 | Form | |
| 4 | Jain, Vivek | Chief Operations/Tech Officer | Direct | Sell | 10052026 | 416.98 | 2,000 | 833,962 | 19,069,992 | Form |
| 5 | Nakamura, Katsufumi | Chief Customer Officer | Direct | Sell | 10052026 | 415.02 | 1,200 | 498,029 | 6,162,896 | Form |
| 6 | Roche, Vincent | Chair & CEO | Direct | Sell | 10052026 | 396.94 | 10,000 | 3,969,400 | 45,830,725 | Form |
| 7 | Puccio, Richard C JR | Chief Financial Officer | Direct | Sell | 9232026 | 382.19 | 1,500 | 573,285 | 19,559,481 | Form |
| 8 | Stata, Ray | Direct | Sell | 9102026 | 363.79 | 1,416 | 515,125 | 40,112,419 | Form | |
| 9 | Stata, Ray | Direct | Sell | 9102026 | 362.85 | 1,416 | 513,791 | 40,522,345 | Form | |
| 10 | Puccio, Richard C JR | EVP and CFO | Direct | Sell | 9092026 | 363.65 | 1,500 | 545,475 | 19,156,128 | Form |
| 11 | Roche, Vincent | Chair & CEO | Direct | Sell | 9022026 | 356.33 | 10,000 | 3,563,300 | 47,983,427 | Form |
| 12 | Golz, Karen | Direct | Sell | 8282026 | 374.50 | 1,000 | 374,500 | 3,752,116 | Form | |
| 13 | Puccio, Richard C JR | EVP and CFO | Direct | Sell | 8272026 | 374.56 | 2,683 | 1,004,944 | 20,292,678 | Form |
| 14 | Stata, Ray | Direct | Sell | 8062026 | 378.56 | 1,416 | 536,040 | 42,813,167 | Form | |
| 15 | Stata, Ray | Direct | Sell | 8062026 | 377.37 | 1,416 | 534,357 | 43,213,139 | Form | |
| 16 | Roche, Vincent | Chair & CEO | Direct | Sell | 8042026 | 363.00 | 10,000 | 3,630,000 | 49,926,249 | Form |
| 17 | Golz, Karen | Direct | Sell | 7142026 | 389.83 | 1,000 | 389,830 | 4,295,537 | Form | |
| 18 | Stata, Ray | Direct | Sell | 7092026 | 384.72 | 1,416 | 544,759 | 44,599,036 | Form | |
| 19 | Stata, Ray | Direct | Sell | 7092026 | 377.01 | 1,416 | 533,852 | 44,239,988 | Form | |
| 20 | Roche, Vincent | Chair & CEO | Direct | Sell | 7062026 | 389.75 | 10,000 | 3,897,500 | 53,605,387 | Form |
| 21 | Golz, Karen | Direct | Sell | 6152026 | 411.95 | 1,000 | 411,950 | 4,951,227 | Form | |
| 22 | Stata, Ray | Direct | Sell | 6122026 | 398.11 | 1,416 | 563,722 | 47,279,028 | Form | |
| 23 | Stata, Ray | Direct | Sell | 6112026 | 400.83 | 1,432 | 573,982 | 48,169,224 | Form | |
| 24 | Cotter, Martin | SVP, Vertical Business Units | Direct | Sell | 6032026 | 418.00 | 17,594 | 7,354,292 | 23,546,728 | Form |
| 25 | Roche, Vincent | Chair & CEO | Direct | Sell | 6022026 | 404.25 | 10,000 | 4,042,500 | 55,599,686 | Form |
| 26 | Roche, Vincent | Chair & CEO | Direct | Sell | 5272026 | 415.13 | 30,000 | 12,453,855 | 57,095,893 | Form |
| 27 | Roche, Vincent | Chair & CEO | Direct | Sell | 5272026 | 396.82 | 30,000 | 11,904,551 | 54,577,553 | Form |
| 28 | Roche, Vincent | Chair & CEO | Direct | Sell | 5042026 | 397.91 | 10,000 | 3,979,100 | 74,623,196 | Form |
| 29 | Roche, Vincent | Chair & CEO | Direct | Sell | 4032026 | 318.14 | 10,000 | 3,181,400 | 53,392,124 | Form |
| 30 | Stata, Ray | Direct | Sell | 3122026 | 318.62 | 3,125 | 995,678 | 38,508,027 | Form | |
| 31 | Stata, Ray | Direct | Sell | 3122026 | 320.18 | 3,125 | 1,000,553 | 39,697,146 | Form | |
| 32 | Roche, Vincent | Chair & CEO | Direct | Sell | 3032026 | 350.00 | 10,000 | 3,500,000 | 54,490,962 | Form |
| 33 | Sondel, Michael | CAO (principal acct. officer) | Direct | Sell | 2262026 | 361.02 | 4,199 | 1,515,926 | 5,321,357 | Form |
| 34 | Stata, Ray | Direct | Sell | 2062026 | 321.48 | 3,125 | 1,004,633 | 38,801,655 | Form | |
| 35 | Stata, Ray | Direct | Sell | 2062026 | 317.30 | 3,125 | 991,568 | 39,288,621 | Form | |
| 36 | Roche, Vincent | Chair & CEO | Direct | Sell | 2032026 | 306.92 | 10,000 | 3,069,200 | 47,783,903 | Form |
| 37 | Nakamura, Katsufumi | SVP, Chief Customer Officer | Direct | Sell | 1132026 | 301.46 | 500 | 150,732 | 3,831,529 | Form |
| 38 | Cotter, Martin | SVP, Vertical Business Units | Direct | Sell | 1062026 | 278.44 | 10,000 | 2,784,450 | 13,828,604 | Form |
| 39 | Roche, Vincent | Chair & CEO | Direct | Sell | 1052026 | 275.07 | 10,000 | 2,750,700 | 42,825,225 | Form |
| 40 | Cotter, Martin | SVP, Vertical Business Units | Direct | Sell | 12182025 | 271.19 | 5,000 | 1,355,950 | 16,180,200 | Form |
| 41 | Stata, Ray | Direct | Sell | 12182025 | 273.50 | 3,125 | 854,698 | 36,429,571 | Form | |
| 42 | Stata, Ray | Direct | Sell | 12182025 | 279.39 | 3,125 | 873,106 | 38,087,244 | Form | |
| 43 | Roche, Vincent | Chair & CEO | Direct | Sell | 12152025 | 282.42 | 10,000 | 2,824,200 | 43,969,535 | Form |
| 44 | Sondel, Michael | CAO (principal acct. officer) | Direct | Sell | 12112025 | 278.03 | 8,169 | 2,271,234 | 5,258,313 | Form |
| 45 | Jain, Vivek | EVP, Global Operations | Direct | Sell | 12022025 | 265.84 | 5,914 | 1,572,134 | 10,342,316 | Form |
| 46 | Stata, Ray | Direct | Sell | 11062025 | 235.51 | 3,125 | 735,960 | 32,840,531 | Form | |
| 47 | Stata, Ray | Direct | Sell | 11062025 | 230.21 | 3,125 | 719,397 | 32,820,855 | Form | |
| 48 | Roche, Vincent | Chair & CEO | Direct | Sell | 11042025 | 234.95 | 10,000 | 2,349,500 | 38,447,327 | Form |
| 49 | Frank, Edward H | Direct | Sell | 10072025 | 242.74 | 1,000 | 242,740 | 1,242,344 | Form | |
| 50 | Stata, Ray | Direct | Sell | 10032025 | 242.33 | 3,125 | 757,289 | 35,306,893 | Form | |
| 51 | Stata, Ray | Direct | Sell | 10032025 | 240.95 | 3,125 | 752,978 | 35,858,881 | Form | |
| 52 | Roche, Vincent | Chair & CEO | Direct | Sell | 10022025 | 243.71 | 10,000 | 2,437,100 | 34,148,270 | Form |
Investor Activity (13F)
Updated Oct 8, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Lansdowne Partners (UK) LLP | $211.3 Mil | 11.3% | 65 | Hold | 13F |
| Oaktop Capital Management Ii, L.P. | $148.3 Mil | 11.1% | 14 | Hold | 13F |
| Manchester Global Management (UK) Ltd | $72.0 Mil | 9.6% | 23 | Hold | 13F |
| Central Securities Corp | $111.3 Mil | 9.2% | 30 | Hold | 13F |
| Timucuan Asset Management Inc/Fl | $216.3 Mil | 8.0% | 28 | TRIM -26.1% | 13F |
| Agave Capital Management Ltd | $46.1 Mil | 7.4% | 8 | New | 13F |
| Varenne Capital Partners | $25.9 Mil | 6.4% | 27 | ADD +8.4% | 13F |
| Palestra Capital Management LLC | $155.6 Mil | 6.1% | 22 | New | 13F |
| Talos Eurisko Asset Management LP | $29.8 Mil | 5.1% | 23 | ADD +38.8% | 13F |
| Dundas Partners LLP | $63.2 Mil | 5.0% | 49 | Hold | 13F |
| Dudley & Shanley, Inc. | $30.3 Mil | 5.0% | 38 | TRIM -23.9% | 13F |
| 3G Capital Partners LP | $12.7 Mil | 4.5% | 10 | New | 13F |
| Cartenna Capital, LP | $92.3 Mil | 4.0% | 41 | New | 13F |
| Benchstone Capital Management LP | $33.2 Mil | 3.9% | 38 | New | 13F |
| Mar Vista Investment Partners LLC | $38.0 Mil | 3.8% | 35 | Hold | 13F |
| ThornTree Capital Partners LP | $20.3 Mil | 3.6% | 16 | New | 13F |
| Albar Capital Partners LLP | $20.9 Mil | 3.4% | 36 | ADD +119.4% | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $11.9 Mil | 2.9% | 46 | Hold | 13F |
| Weitz Investment Management, Inc. | $33.8 Mil | 2.4% | 49 | TRIM -19.9% | 13F |
| PineStone Asset Management Inc. | $262.3 Mil | 1.8% | 44 | TRIM -6.8% | 13F |
| Castle Hook Partners LP | $91.0 Mil | 1.8% | 44 | ADD +8750.7% | 13F |
| Kettle Hill Capital Management, LLC | $5.5 Mil | 1.4% | 45 | New | 13F |
| Science & Technology Partners, L.P. | $5.1 Mil | 1.3% | 42 | New | 13F |
| FengHe Fund Management Pte. Ltd. | $9.5 Mil | 1.3% | 31 | TRIM -48.5% | 13F |
| D1 Capital Partners L.P. | $93.0 Mil | 0.8% | 44 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Palestra Capital Management LLC | $155.6 Mil | 6.1% | 22 | New | 13F |
| D1 Capital Partners L.P. | $93.0 Mil | 0.8% | 44 | New | 13F |
| Cartenna Capital, LP | $92.3 Mil | 4.0% | 41 | New | 13F |
| Agave Capital Management Ltd | $46.1 Mil | 7.4% | 8 | New | 13F |
| Benchstone Capital Management LP | $33.2 Mil | 3.9% | 38 | New | 13F |
| ThornTree Capital Partners LP | $20.3 Mil | 3.6% | 16 | New | 13F |
| 3G Capital Partners LP | $12.7 Mil | 4.5% | 10 | New | 13F |
| Kettle Hill Capital Management, LLC | $5.5 Mil | 1.4% | 45 | New | 13F |
| Science & Technology Partners, L.P. | $5.1 Mil | 1.3% | 42 | New | 13F |
| Castle Hook Partners LP | $91.0 Mil | 1.8% | 44 | ADD +8750.7% | 13F |
| Albar Capital Partners LLP | $20.9 Mil | 3.4% | 36 | ADD +119.4% | 13F |
| Talos Eurisko Asset Management LP | $29.8 Mil | 5.1% | 23 | ADD +38.8% | 13F |
| Varenne Capital Partners | $25.9 Mil | 6.4% | 27 | ADD +8.4% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| FengHe Fund Management Pte. Ltd. | $9.5 Mil | 1.3% | 31 | TRIM -48.5% | 13F |
| Timucuan Asset Management Inc/Fl | $216.3 Mil | 8.0% | 28 | TRIM -26.1% | 13F |
| Dudley & Shanley, Inc. | $30.3 Mil | 5.0% | 38 | TRIM -23.9% | 13F |
| Weitz Investment Management, Inc. | $33.8 Mil | 2.4% | 49 | TRIM -19.9% | 13F |
| PineStone Asset Management Inc. | $262.3 Mil | 1.8% | 44 | TRIM -6.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| PineStone Asset Management Inc. | $262.3 Mil | 1.8% | 44 | TRIM -6.8% | 13F |
| Timucuan Asset Management Inc/Fl | $216.3 Mil | 8.0% | 28 | TRIM -26.1% | 13F |
| Lansdowne Partners (UK) LLP | $211.3 Mil | 11.3% | 65 | Hold | 13F |
| Palestra Capital Management LLC | $155.6 Mil | 6.1% | 22 | New | 13F |
| Oaktop Capital Management Ii, L.P. | $148.3 Mil | 11.1% | 14 | Hold | 13F |
| Central Securities Corp | $111.3 Mil | 9.2% | 30 | Hold | 13F |
| D1 Capital Partners L.P. | $93.0 Mil | 0.8% | 44 | New | 13F |
| Cartenna Capital, LP | $92.3 Mil | 4.0% | 41 | New | 13F |
| Castle Hook Partners LP | $91.0 Mil | 1.8% | 44 | ADD +8750.7% | 13F |
| Manchester Global Management (UK) Ltd | $72.0 Mil | 9.6% | 23 | Hold | 13F |
| Dundas Partners LLP | $63.2 Mil | 5.0% | 49 | Hold | 13F |
| Agave Capital Management Ltd | $46.1 Mil | 7.4% | 8 | New | 13F |
| Mar Vista Investment Partners LLC | $38.0 Mil | 3.8% | 35 | Hold | 13F |
| Weitz Investment Management, Inc. | $33.8 Mil | 2.4% | 49 | TRIM -19.9% | 13F |
| Benchstone Capital Management LP | $33.2 Mil | 3.9% | 38 | New | 13F |
| Dudley & Shanley, Inc. | $30.3 Mil | 5.0% | 38 | TRIM -23.9% | 13F |
| Talos Eurisko Asset Management LP | $29.8 Mil | 5.1% | 23 | ADD +38.8% | 13F |
| Varenne Capital Partners | $25.9 Mil | 6.4% | 27 | ADD +8.4% | 13F |
| Albar Capital Partners LLP | $20.9 Mil | 3.4% | 36 | ADD +119.4% | 13F |
| ThornTree Capital Partners LP | $20.3 Mil | 3.6% | 16 | New | 13F |
| 3G Capital Partners LP | $12.7 Mil | 4.5% | 10 | New | 13F |
| Cincinnati Specialty Underwriters Insurance CO | $11.9 Mil | 2.9% | 46 | Hold | 13F |
| FengHe Fund Management Pte. Ltd. | $9.5 Mil | 1.3% | 31 | TRIM -48.5% | 13F |
| Kettle Hill Capital Management, LLC | $5.5 Mil | 1.4% | 45 | New | 13F |
| Science & Technology Partners, L.P. | $5.1 Mil | 1.3% | 42 | New | 13F |
ADI Trade Sentinel
High Conviction
CONVICTION RATIONALE
ADI's revenue growth is accelerating, driven by a structural AI-related expansion of its addressable market. Leading indicators like a book-to-bill ratio above 1 and lean channel inventories signal durable demand. With industry-leading margins guided to expand further to 52%, the company is capturing the value of this new growth cycle.
STOCK ARCHETYPE
Component Product SalesVolume of ICs Sold x Average Selling Price (ASP) Favorable mix shift towards higher-performance, higher-margin solutions for complex, secular growth markets like AI data centers, automated test equipment, and advanced automotive systems.
INVESTMENT THESIS
Evidence suggests yes. ADI is capitalizing on a multi-year investment cycle in AI infrastructure, where its high-performance power and connectivity solutions are critical. The company's addressable market in data centers and energy has more than doubled.
- The 2030 data center and energy addressable market has more than doubled from a year ago.
- Latest-quarter revenue growth accelerated to 39.6% year-over-year.
- The book-to-bill ratio was above 1 as of the latest earnings call.
- Channel inventory is below the company's 6- to 7-week target.
- Guidance for next quarter's operating margin is 52%, a significant expansion.
PRIMARY RISK
The semiconductor industry is historically cyclical. After a 47% stock run-up, negative reactions to strong earnings suggest the market fears current record demand is a peak, not a new plateau. A broader economic slowdown could lead to rapid order cancellations and inventory corrections, as the company lacks long-term purchase commitments.
- The semiconductor market is cyclical, with periods of rapid demand change.
- The stock reacted negatively (-2.0%) to the latest strong earnings report.
- The company typically does not have long-term sales contracts with customers.
- The stock has returned -13.0% over the last three months, underperforming the S&P 500.
| KPI | Status | Rationale |
|---|---|---|
| Revenue Growth by End Market (Industrial & Communications) | 40% year-over-year growth for total revenue in Q3 2026 - Accelerating | The growth trajectory is accelerating, driven by broad-based demand. The Industrial segment grew 53% YoY and the Communications segment grew 84% YoY in the latest quarter, with management citing "robust AI and defense spending, cyclical momentum, and underlying secular content growth" as key drivers. |
| Non-GAAP Gross Margin | 72.5% non-GAAP gross margin in Q3 2026 - Stable | While the margin dipped slightly sequentially in Q3, it remains at an exceptionally high level. Second quarter gross margin was 73%, up 180 basis points sequentially, driven by favorable mix, higher utilization and pricing. The underlying trend remains strong despite the minor sequential dip. |
| Book-to-bill ratio | Above 1 (Q3 FY2026) | A ratio above 1 indicates that more orders were received than were filled (billed), signaling strong near-term demand and potential for future revenue growth. |
| Channel Inventory | Below 6- to 7-week target (Q3 FY2026) | Indicates that inventory held by third-party distributors is lean relative to the company's target range. This is a positive indicator, suggesting that future sales will be driven by end-customer demand rather than channel destocking. |
AI Supercycle vs. Classic Semi Cycle
BULL VIEW
Bulls see a structural shift. The AI buildout has doubled ADI's addressable market for data centers and energy. Lean channel inventories and a book-to-bill above 1 confirm demand is real and durable, not just a cyclical inventory build.
CORE TENSION
Can the doubling of the AI-related market offset the historical cyclicality that has caused recent stock underperformance despite strong results?
PREVAILING SENTIMENT
Current leading indicators—a book-to-bill above 1 and channel inventory below target—favor the bull view that the growth is fundamentally driven and not yet peaking.
BEAR VIEW
Bears see history repeating. The stock's negative reaction to record results signals peak sentiment. They believe the 'supercycle' narrative will break when broad industrial demand inevitably slows, exposing the business to a sharp, classic semiconductor downturn.
| Timeline | Event & Metric To Watch |
|---|---|
10/19/2026 | Peer Earnings Signal Watch: TXN's commentary on industrial and automotive end-market demand and inventory levels in the channel. |
11/2/2026 | ON Semiconductor Earnings Report Watch: Peer ON Semiconductor is scheduled to report earnings. |
11/4/2026 | Microchip Technology Earnings Report Watch: Peer Microchip Technology is scheduled to report earnings. |
11/23/2026 | Demand Deceleration Signal Watch: Company's Q1 2027 guidance, particularly for the Industrial segment, and any change in commentary regarding customer inventory levels. |
December 2026 | Debt Maturity Event Watch: Company has 900,000 of notes due in December 2026. |
No set date | Geopolitical Trade Escalation Watch: New U.S. government trade policies, tariffs, or export controls targeting the semiconductor industry or China. |
No set date | Supply Chain Disruption Watch: News reports of escalating geopolitical tensions related to Taiwan or operational issues reported by TSMC. |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-09 | Alif Semiconductor Acquisition Announced Details: The company announced it will acquire Alif Semiconductor to add an AI-native processing platform, accelerating its delivery of "Physical Intelligence" for real-world systems. | -0.5% $363.20 -> $361.25 |
2026-08-19 | Q3 Earnings and Guidance Details: The company reported record Q3 revenue of $4.02 billion. At the same time, it issued higher guidance for Q4 revenue and EPS. | -1.7% $375.49 -> $369.12 |
2026-06-09 | Stock Performance Highlighted Details: | -2.8% $402.66 -> $391.48 |
2026-05-20 | Empower Semiconductor Acquisition Announced Details: The company announced an agreement to acquire Empower Semiconductor for $1.5 billion in cash to expand its position in AI data center power management. | -7.3% $411.92 -> $382.00 |
2026-05-20 | Q2 Earnings Report Details: The company reported record fiscal second quarter revenue of $3.62 billion, with growth across all end markets. The stock reaction around the earnings call was -7.0%. | -7.3% $411.92 -> $382.00 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: ADI trades at roughly 37% annualized options-implied volatility versus about 13% for the S&P 500 (2.8x the market), around the 58th percentile of its own trailing year. A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
TXN - Texas Instruments
Scale and Broader ExposureOffers greater scale with revenue 1.4 times ADI's and is investing more heavily in its own manufacturing capacity, potentially offering greater supply security for large-volume customers.
NXPI - NXP Semiconductors
Automotive FocusProvides more concentrated exposure to the automotive market, a key secular growth driver, and competes closely with ADI in industrial applications.
A critical arms dealer for the AI and electrification megatrends, providing the high-performance analog 'nervous system' for an increasingly intelligent and power-hungry world.
Analog Devices provides the essential, high-performance chips that translate real-world signals into digital data for processing. The company is a key beneficiary of the AI infrastructure build-out, where power constraints are the main bottleneck; ADI's 'grid-to-chip' solutions for energy management and high-speed connectivity are critical. This AI-driven demand, combined with secular growth in automotive and industrial automation, has propelled the company to record results. Its diversified model provides resilience, while its deep technical moat allows it to capture a premium for its innovation.
Sustained double-digit growth in the data center and industrial end markets, announcements of major design wins in next-generation automotive platforms, and continued gross margin expansion.
A significant slowdown in cloud/AI capital expenditures, loss of market share to a competitor in a key technology area like power management, or a sharp cyclical downturn in the broader semiconductor market.
Short-term fluctuations in the consumer electronics market, which represents a smaller portion of revenue and is more susceptible to cyclicality.
Repricing Catalyst
The market's recognition of ADI's pivotal role in the power-constrained AI ecosystem, which management stated in an August 2026 earnings call has more than doubled its 2030 addressable market for data center and energy compared to just a year ago.
Single Segment
$11.0B TTM (100% of Total)What It Is
Sells a broad portfolio of over 75,000 SKUs of high-performance analog, mixed-signal, and digital signal processing ICs to OEMs and their subsystem suppliers across four major end markets: Industrial (45% of FY25 revenue), Automotive (30%), Consumer (13%), and Communications (13%).
Who Pays & How
OEMs and electronic subsystem manufacturers across diverse industries write the checks. They select ADI's components for their superior performance and reliability, which are critical for applications like factory automation, electric vehicles, 5G infrastructure, and high-end consumer devices, enabling customers to differentiate their own products.
Competition
Analog Devices — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
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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