Analog Devices, Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Oct 2025, Industrial was 45% and Automotive was 30% of revenue; Industrial fell from 53% in the fiscal year to Oct 2023.

In the fiscal year to Oct 2025, United States was 29% and China was 26% of revenue; China rose from 18% in the fiscal year to Oct 2023.

Quarters: Analog Devices, Inc.'s SEC filings, named by the month they end. Fiscal years: Analog Devices, Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $20.6 ends up as net income. Net margin fell from 22.9% to 20.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Analog Devices, Inc.'s annual reports to the SEC; quarters: SEC filings.

Where it is in the chip cycle

Gross margin 67.3%, up 5.2 points from a year earlier; inventory at 142 days, up from 131 a year earlier; capital spending 4.4% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Analog Devices buys from TSMC.

Their suppliers

KLA KLACto TSMC

Lam Research LRCXto TSMC

Onto Innovation ONTOto TSMC

Show 3

Suppliers

TSMC TSM

 

ADIAnalog Devices

Analog Devices's 10-K for the year to Oct 2025 gives two customers' shares of its revenue: Distributor 1 (24%) and Distributor 3 (13%).

From Analog Devices, Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Only the companies Analog Devices names in its 10-K filed Nov 25, 2025 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 48.6x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 131% above the peer median of 21x.

At 48.6× trailing earnings ADI is inside the middle of its five-year range; the five-year median is 49.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $472, 15% above the current price; 88% of 34 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 30 analysts (88%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $278.93 to $471.82 (+69%), while ADI went from $237.53 to $409.29 (+72%). In the past three months targets were raised 6 times and cut once. 5 upgrades and no downgrades over the year; the latest: Bernstein moved it to Outperform from Market Perform on Aug 20, 2026.

The day after each of these reports the stock moved +7.7% (Oct 2025, beat); +2.3% (Jan 2026, beat); −7.3% (Apr 2026, beat); −1.7% (Jul 2026, beat).

For the quarter ending Oct 2026 (Analog Devices reports on Nov 24, 2026), analysts expect adjusted earnings of $3.88 a share, 72% more than the $2.26 of a year earlier, and revenue of $4.3B, up 40% on a year earlier. For the fiscal year ending Oct 2027, they expect adjusted earnings of $16.50 a share, 28% more than the year before's estimate of $12.88, and revenue of $18.4B, up 22% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $4.9B in free cash flow over the year and returned more than it generated: $5.2B went back to shareholders (dividends plus buybacks), so $230M came from cash on hand or borrowing.

Analog Devices had 489M diluted shares in the quarter ended Jul 2026, 1.6% fewer than a year earlier, and 4.5% more each year on average since Apr 2020. It spent $3.1B on buybacks over the last four quarters. Over the last four quarters its earnings per share rose 114.8% and its net income rose 111.2%: fewer shares added about 4 points.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 2.2, no pressure to repay short-term debt; debt-to-equity 0.3, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 3 members of Congress and 11 funds whose copy leaves ADI out (not traded on the exchange): Jared Moskowitz, Nan Shan Life Insurance, Mirae Asset Global Investments, Tom Kean Jr., Light Street Capital Management, Canada Pension Plan Investment Board and 8 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 19 held ADI at the end of their latest quarter (for most, Q2 2026). Over that quarter 7 added shares, 8 cut, 3 bought new and 1 held the same. The largest of them is Norges Bank, 8.17M shares worth $3.2B at Jun 30, 2026, 0.002% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of ADI at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Insights that mention ADI