At a glance
Analog Devices Inc is worth $200.05B, about 91 times its fiscal 2025 earnings. Revenue grew 16.9% to $11.02B in fiscal 2025, with 20.6% kept as profit; over 5 years it has grown 14.5% a year. It pays a 1.04% dividend yield, raised every year for at least 9 years, and returned $18.98B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +78.5% over the past year with dividends reinvested and +20.3% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 22.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 4 months after the lows.
The business in plain English
Analog Devices designs and makes chips that link the physical world to electronics. Its analog chips pick up real-world signals such as temperature, pressure, sound and motion, then amplify, clean up or convert them so digital systems can use them. Data converters, which turn analog signals into digital data and back, are its largest and most varied product family. It also offers power management chips, amplifiers, radio frequency (RF) and microwave chips, tiny motion sensors, digital signal processors and software, across a catalog of more than 75,000 items.
Customers include equipment makers and companies that build electronic subsystems for larger systems, and the company relies partly on independent distributors to reach them. Many of its several thousand analog chips can have several hundred end customers, and analog chips typically have long product lives. Gross margin, the share of sales left after production costs, was 61.5% in the fiscal year ended November 1, 2025.
Revenue that year was $11.0 billion, up 16.9%. Industrial sales made up 44.7%, automotive 29.7%, consumer 13.0% and communications 12.5%. By region, the United States contributed 29.4%, China 25.9%, Europe 20.7%, the rest of Asia 13.5% and Japan 9.0%. Incorporated in 1965 and based in Wilmington, Massachusetts, the company has factories mainly in the United States, Ireland and Southeast Asia.
Price history
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ADI +78.5% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Industrial | $4.93B | 44.7% |
| Automotive | $3.28B | 29.7% |
| Consumer | $1.43B | 13% |
| Communications | $1.38B | 12.5% |
By geography
| UNITED STATES | $3.24B | 29.4% |
| China | $2.86B | 25.9% |
| Europe | $2.29B | 20.7% |
| Rest of Asia | $1.49B | 13.5% |
| Japan | $989.9M | 9% |
| Rest Of North And South America | $162.5M | 1.5% |
Latest results
- In Q3 FY2026 (ended Aug 1, 2026), revenue was $4.02B, up 39.6% from a year earlier, and net income was $1.34B (+158.4%).
- For fiscal 2025, revenue was $11.02B (+16.9% year over year; +14.5% a year from FY2020 to FY2025) with a 20.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +14.5% good |
|---|---|
| Operating margin | 26.6% good |
| Free cash flow margin | 38.8% good |
| Return on equity (FY2025) | 6.7% weak |
| Return on assets (FY2025) | 4.7% watch |
| Net cash (cash minus debt) | $-6.80B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.60B | $1.22B | $1.84B |
| FY2021 | $7.32B | $1.39B | $2.39B |
| FY2022 | $12.01B | $2.75B | $3.78B |
| FY2023 | $12.31B | $3.31B | $3.56B |
| FY2024 | $9.43B | $1.64B | $3.12B |
| FY2025 | $11.02B | $2.27B | $4.28B |
Valuation snapshot
| Market value | $200.05B |
|---|---|
| P/E ratio | 90.5 |
| Dividend yield | 1.04% |
Rank among 1514 US companies
Market value at each year end
Analog Devices’s market value went from $22.38B at the end of 2016 to $200.05B on Nov 2, 2026, about 8.9 times as much; since the end of 2025 it is up 51%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $200.05B | +50.6% |
| 2025 | $132.79B | +25.9% |
| 2024 | $105.44B | +7.0% |
| 2023 | $98.54B | +18.0% |
| 2022 | $83.54B | -9.5% |
| 2021 | $92.34B | +69.2% |
| 2020 | $54.58B | +24.7% |
| 2019 | $43.77B | +37.8% |
| 2018 | $31.77B | -3.2% |
| 2017 | $32.82B | +46.7% |
| 2016 | $22.38B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ADI price data to Nov 2, 2026 | +53.6% | +78.5% | +38.1% | +20.3% | +22.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +53.6% |
| 2025 | +29.8% |
| 2024 | +8.8% |
| 2023 | +23.4% |
| 2022 | -4.9% |
| 2021 | +21.0% |
| 2020 | +26.9% |
| 2019 | +41.3% |
| 2018 | -1.6% |
| 2017 | +25.3% |
| 2016 | +34.9% |
| 2015 | +2.3% |
| 2014 | +12.1% |
| 2013 | +24.7% |
| 2012 | +22.2% |
| 2011 | -2.5% |
| 2010 | +22.7% |
| 2009 | +71.5% |
| 2008 | -38.1% |
| 2007 | -1.5% |
| 2006 | -6.7% |
| 2005 | -1.9% |
| 2004 | -18.7% |
| 2003 | +91.4% |
| 2002 | -46.2% |
| 2001 | -13.3% |
| 2000 | +10.1% |
| 1999 | +196.4% |
| 1998 | +13.3% |
| 1997 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 48.5% over that stretch · deepest drop along the way 55.1%, back to its old high 22.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.9% over that stretch · deepest drop along the way 33.6%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 20.7% over that stretch · deepest drop along the way 22.6%, back to its old high 3.7 months after the low |
Insider activity
Form 4 filings from 2025-10-28 to 2026-10-28 (25 read): 0 open-market purchases and 76 sales ($23.1M), 72 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 1, 2026 | Vincent Roche Chair & CEO, Director | sell (plan) | $4.0M |
| Aug 3, 2026 | Vincent Roche Chair & CEO, Director | sell (plan) | $3.6M |
| Sep 1, 2026 | Vincent Roche Chair & CEO, Director | sell (plan) | $3.6M |
| Oct 8, 2026 | Vivek Jain Chief Operations/Tech Officer | sell | $1.3M |
| Aug 26, 2026 | Richard C Jr Puccio EVP and CFO | sell (plan) | $1.0M |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 8.9% | Sep 30, 2026 |
| Vanguard Capital Management | 7.47% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 4.4% | Jul 31, 2025 |
ETFs with the most weight in ADI
| FPAG FPA Global Equity ETF | 5.35% |
| PSI Invesco Semiconductors ETF | 5% |
| CHPS Xtrackers Semiconductor Select Equity ETF | 4.64% |
| SMH VanEck Semiconductor ETF | 4.44% |
| SHOC Strive U.S. Semiconductor ETF | 4.13% |
| SOXX iShares Semiconductor ETF | 3.89% |
| SOXQ Invesco PHLX Semiconductor ETF | 3.87% |
| FTXL First Trust Nasdaq Semiconductor ETF | 3.83% |
What could go wrong
- Export limits on sales to China. China supplied 25.9% of fiscal 2025 revenue. U.S. export restrictions already limit sales to some Chinese companies, and customers there may switch to suppliers not bound by the rules or build up local chipmaking.
- Tariffs, trade disputes and geopolitical tension. Factories in Ireland, the Philippines, Thailand and Malaysia leave the company exposed to new tariffs, sanctions and conflicts, including tensions across the Taiwan Strait that could disrupt customers and the chip supply chain.
- Chip demand moves in sharp cycles. Semiconductor demand swings between shortages and gluts, which can squeeze prices. Revenue fell from $12.3 billion in fiscal 2023 to $9.4 billion in fiscal 2024 before recovering to $11.0 billion in fiscal 2025.
- Reliance on distributors and short-term orders. Results depend on independent distributors, and customers typically make no long-term purchase commitments. Wrong demand forecasts or cancelled and delayed orders can quickly hurt sales and profits.
- Dependence on outside suppliers and factories. The company relies on others for raw materials, wafer manufacturing, assembly, testing and shipping. A long disruption at its own plants or a partner's could delay deliveries and hurt results.
- Significant debt on the balance sheet. As of August 1, 2026, total debt was about $9.1 billion against $2.3 billion of cash and investments. Debt can limit flexibility, and loan terms restrict some activities.
Recent events
- Major agreement signed
- Investor presentation or announcement
- Quarterly results released
- Other company announcement
- Major agreement signed; New debt or financial obligation
- Quarterly results released
- Investor presentation or announcement
- Executive or board change; Shareholder vote results
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Analog Devices has raised its dividend for at least 9 straight fiscal years through fiscal 2025; the true streak may be longer. Dividends per share rose from $2.40 in fiscal 2020 to $3.89 in fiscal 2025, about 10.1% a year. That dividend used 84.9% of earnings but 45% of free cash flow (cash left after running and investing in the business). The yield was 1.01% as of October 27, 2026, modest for income seekers. Over fiscal 2021–2025 the company spent $10.9 billion on buybacks and $8.1 billion on dividends, and the share count fell 7.8% between October 2021 and August 2026.
The stock has fallen hard in downturns. It dropped 55.1% in the 2008 financial crisis and needed about 23 months from its low to recover. It fell 33.6% in the 2020 COVID crash and 22.6% in the 2022 bear market, recovering within four months each time. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Analog Devices make money?
It designs, makes and markets chips that connect the physical world to electronics. Its chips sense signals such as temperature, sound and motion, convert them into digital data and manage power. In the fiscal year ended November 1, 2025, revenue was $11.0 billion: industrial sales made up 44.7%, automotive 29.7%, consumer 13.0% and communications 12.5%. Gross margin, the share of sales left after production costs, was 61.5%.
Does Analog Devices raise its dividend every year?
Yes, for at least 9 consecutive fiscal years through fiscal 2025, and the true streak may be longer. Dividends per share grew from $2.40 in fiscal 2020 to $3.89 in fiscal 2025, about 10.1% a year. The fiscal 2025 dividend used 84.9% of earnings and 45% of free cash flow. Past increases do not guarantee future ones, and the yield was a modest 1.01% as of October 27, 2026.
How much of Analog Devices' revenue comes from China?
About a quarter. China accounted for 25.9% of revenue in the fiscal year ended November 1, 2025, second only to the United States at 29.4%. Europe contributed 20.7%, the rest of Asia 13.5% and Japan 9.0%. The company's annual report warns that U.S. export restrictions limit sales to certain Chinese companies, have affected its results in China, and could push customers toward suppliers not subject to those rules.
What is Analog Devices' P/E ratio?
It was 93.3 as of October 27, 2026, based on fiscal 2025 earnings of $4.56 per share. The price-to-earnings (P/E) ratio divides the share price by a year's earnings per share. The figure is high partly because fiscal 2025 earnings were below the $6.55 per share earned in fiscal 2023. Profits have climbed since: net income in the quarter ended August 1, 2026 was 158.4% higher than a year earlier, on revenue up 39.6%.
How has Analog Devices stock performed over the long run?
It has risen sharply, with deep drops along the way. Based on share price, as of October 27, 2026 the stock returned an average of 23.3% a year over 10 years, 22.1% a year over five years and 77.2% over one year. Its one-year beta of 1.64 means it tended to move more than the market. It fell 55.1% in the 2008 financial crisis, and its worst decline in about 30 years of price history was 82.9%.