Analog Devices
Analog Devices, Inc. (we, Analog Devices or the Company) is a global semiconductor leader dedicated to solving our customers’ most complex engineering challenges.
10-K, Nov 25, 2025
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Business
How does Analog Devices make money?
Industrial is 51.9% of revenue.
Source and method
Revenue by segments, FY2022.
annual report FY2022 · 0000006281-22-000250 · shares derived = part / total revenue
Calculated: share = part revenue ÷ total revenue ($12.0B).
- Industrial: $6.2B · 51.9%
- Automotive: $2.4B · 20.0%
- Communications: $1.9B · 15.4%
- Consumer: $1.5B · 12.7%
What is left of every $100?
Of every $100 in revenue, $21 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $11.0B
- Gross profit: $6.8B
- Operating income: $2.9B
- Net income: $2.3B
- Free cash flow: $4.3B
Where do customers sit?
The region figures in the latest annual report overlap (regions and countries mixed) and do not add up to total revenue, so no chart is shown (nothing estimated).
In the company’s words ›
“We deliver innovations that connect technology to human breakthroughs and play a critical role at the intersection of the physical and digital worlds by providing the building blocks to sense, measure, interpret, connect and power.”
“We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies.”
“Our comprehensive product portfolio, deep domain expertise and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies – including data converters, amplifiers, power management, radio frequency (RF) ICs, edge processors and other sensors.”
Item 1 · Business · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Where did the growth actually come from?
Industrial drove 55% of Analog Devices’ growth.
Source & method
- Counted
- Segment revenue as filed, first and last fiscal year of the range.
- Formulas
- Change = segment revenue (to) − segment revenue (from); share of growth = change / total revenue change (calculated). Not allocated = total revenue − sum of reported segments (calculated, never filled in).
- Guards
- Segment break: if the company redrew its segments inside the range, no share of growth is claimed. No segment break reported for this company. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Thesis
Why do people invest?
2 reasons in the company’s own words.
Revenue +17%
“Revenue increased 17% in fiscal 2025 as compared to fiscal 2024 as a result of broad-based increase in demand for our products.”
Item 7 · MD&A · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Number check (revenue): stated 17% matches stored growth (+16.9%, ±10%)
Revenue: $11.0B FY2025 · +16.9% vs FY2024 · KPIs
Position (in the company’s words)
“Our analog and mixed-signal IC technology have been the foundation of our business for six decades, and we are one of the world’s largest suppliers of high-performance analog ICs.”
Item 1 · Business · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
2 of 2 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 17% to $11.0B.
Revenue grew 40% YoY to $4.0B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 3.4%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
26.6% operating margin, up from 21.6%.
61.5% gross margin, up from 57.1%.
Operating income grew 44% to $2.9B.
Net income grew 39% to $2.3B.
R&D grew 19% to $1.8B.
SG&A grew 17% to $1.3B.
EPS diluted grew 39% to $4.56.
40.1% operating margin, up from 28.4%.
67.3% gross margin, up from 62.1%.
Operating income grew 97% YoY to $1.6B.
Net income grew 158% YoY to $1.3B.
R&D grew 17% YoY to $533M.
SG&A grew 22% YoY to $397M.
EPS diluted grew 163% YoY to $2.74.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $39 of every $100 as free cash.
Operating cash flow grew 25% to $4.8B.
Capex fell 27% to $534M.
Buybacks grew 252% to $2.2B.
Dividends grew 7.2% to $1.9B.
Stock-based compensation grew 22% to $322M.
Free cash flow grew 34% YoY to $1.5B.
Operating cash flow grew 38% YoY to $1.6B.
Capex grew 84% YoY to $146M.
Buybacks grew 7.6% YoY to $1.2B.
Dividends grew 9.2% YoY to $535M.
Stock-based compensation grew 14% YoY to $96.3M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$2.5B cash vs $8.6B debt.
Total debt grew 7.6% to $8.6B.
Interest expense fell 1.4% to $318M.
Total assets fell 0.5% to $48.0B.
Equity fell 3.9% to $33.8B.
Cash fell 6.7% YoY to $2.2B.
Total debt grew 5.0% YoY to $9.1B.
Interest expense grew 11% YoY to $88.7M.
Total assets grew 0.5% YoY to $48.4B.
Equity fell 1.6% YoY to $33.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One customer: 24% of revenue.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Analog Devices annual report)
10-K · 0000006281-25-000153 · filed Nov 25, 2025
Suppliers named by Analog Devices
Analog Devices holds stakes in
No stake in a covered company found in SEC filings.
Others name Analog Devices
5 competitor mentions (e.g. AMD, MACOM, Monolithic Power, NXP) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 33 risk factors, one per theme.
Supply chain and manufacturing
“A prolonged disruption of our or our third parties’ manufacturing operations could have a material adverse effect on our business, financial condition and results of operations.”
Item 1A · Risk Factors · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Trade, government policy and geopolitics
“Global political and economic uncertainty and adverse conditions related to our international operations could materially and adversely affect our business, financial condition and results of operations.”
Item 1A · Risk Factors · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
AI and new products
“Our future success depends upon our ability to execute our business strategy, continue to innovate, improve our existing products, design, develop, produce and market new products and identify and enter new markets.”
Item 1A · Risk Factors · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Key people
“If we are unable to recruit or retain our key personnel, our ability to execute our business strategy will be adversely affected.”
Item 1A · Risk Factors · 10-K · 0000006281-25-000153 · filed Nov 25, 2025
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 7.47%.
Vanguard Capital Management LLC7.47%
13G · as of Mar 31, 2026 · filed Apr 29, 2026
BlackRock Inc.7.8% (then)
13G/A · filed Jan 26, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
4 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.10.6%
46.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC7.2%
31.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
State Street Corp5.3%
23.7M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Invesco Ltd.3.8%
17.0M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Jpmorgan Chase & Co3.8%
16.9M shares · 13F filed Aug 12, 2026 · share of 13F-reported
2,281 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 205 sales · $105M sold
Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 9
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | |||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities & equity | ||||||||||
Cash flow 7
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | ||||||||||
| Capex | ||||||||||
| Dividends | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | not reported | not reported | not reported | ||||||
| EPS diluted | not reported | not reported | not reported | not reported | ||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Short-term borrowings / commercial paper | not reported | not reported | not reported | not reported | not reported | not reported | ||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values