# Analog Devices, Inc. (ADI)

> Source: Nexqual · https://nexqual.com/ADI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Analog Devices, Inc. (ADI), nexqual.com/ADI" · informational, not investment advice.

**Price:** USD 385.76 (-4.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 405.96 · day 385.31–399.48 · 52w 223.47–445.91 · market cap $187B · NMS

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $13.9B, net income $4.14B (29.8% margin), free cash flow $4.94B (SEC filings).
- Valuation: P/E 45.2x (avg 49.5x at the last 3 fiscal year-ends), EV/EBITDA 36.0x, net debt $5.79B.
- 11 of 80 tracked superinvestors hold ADI (13F, Q2 2026): 2 new, 0 added, 9 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 25 Form 4 filings, $68.3M; 5 not under a Rule 10b5-1 plan ($35.2M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.94 on a 1–5 scale) (34 analysts), mean target USD 472.44 (range 365–675).
- Total return with dividends: 1Y +60.5% vs S&P 500 +14.9%; 5Y +135.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-24, EPS estimate USD 3.88, revenue estimate $4.32B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $7.32B | $12.0B | $12.3B | $9.43B | $11.0B | $13.9B |
| Gross profit | $4.53B | $7.53B | $7.88B | $5.38B | $6.77B | — |
| Operating income | $1.69B | $3.28B | $3.82B | $2.03B | $2.93B | $4.93B |
| Net income | $1.39B | $2.75B | $3.31B | $1.64B | $2.27B | $4.14B |
| EPS (diluted) | $3.46 | $5.25 | $6.55 | $3.28 | $4.56 | — |
| Free cash flow | $2.39B | $3.78B | $3.56B | $3.12B | $4.28B | $4.94B |
| Gross margin | 61.8% | 62.7% | 64.0% | 57.1% | 61.5% | — |
| Operating margin | 23.1% | 27.3% | 31.1% | 21.6% | 26.6% | 35.5% |
| Net margin | 19.0% | 22.9% | 26.9% | 17.3% | 20.6% | 29.8% |
| Revenue growth | +30.6% | +64.2% | +2.4% | -23.4% | +16.9% | — |
| Cash + short-term investments | $1.98B | $1.47B | $958M | $2.36B | $3.65B | — |
| Total debt | $7.29B | $6.58B | $6.40B | $7.03B | $8.15B | — |
Fiscal years end Nov. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)
P/E 45.2x · P/S 13.5x · EV/EBITDA 36.0x · EV/Sales 13.9x · P/FCF 37.9x · P/B 5.6x · FCF yield 2.64% · Earnings yield 2.21% · Dividend yield (paid, TTM) 1.09% · Buyback yield (TTM) 1.67% · Net debt $5.79B · EV $193B
P/E at fiscal year-ends: Nov 2025 58.1x, Nov 2024 66.5x, Oct 2023 24.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
11 of 80 tracked investors hold ADI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Pacific Advisors |  | 7.97% | $635M | Reduced -7.2% |
| AKO Capital |  | 5.71% | $245M | Reduced -40.1% |
| William Von Mueffling | Cantillon Capital Management | 5.26% | $35.0M | Reduced -95.4% |
| Thomas Gayner | Markel Group | 3.02% | $397M | Reduced -2.3% |
| Wallace Weitz | Weitz Investment Management | 2.34% | $33.8M | Reduced -19.9% |
| Francois Rochon | Giverny Capital | 1.25% | $37.1M | Reduced -45.5% |
| Sarah Ketterer | Causeway Capital Management | 0.61% | $56.4M | Reduced -29.6% |
| Lee Ainslie | Maverick Capital | 0.01% | $1.1M | New position |
| Glenn Greenberg | Brave Warrior Advisors | 0.01% | $243K | New position |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $7.6M | Reduced -4.0% |
| Mairs & Power | Mairs & Power Funds | <0.01% | $202K | Reduced -21.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
20 of 25 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-20 | Puccio Richard C Jr | Chief Financial Officer | 1,500 | $584K | 3% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-07…2026-10-08 | Jain Vivek | Chief Operations/Tech Officer | 5,305 | $2.2M | 11.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-06…2026-10-07 | Stata Ray | Director | 2,832 | $1.2M | 0.4% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-06 | Puccio Richard C Jr | Chief Financial Officer | 1,500 | $632K | 2.9% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-02 | Jain Vivek | Chief Operations/Tech Officer | 2,000 | $834K | 4.2% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-10-02 | Nakamura Katsufumi | Chief Customer Officer | 1,200 | $498K | 7.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-10-01 | Roche Vincent | Chair & CEO | 10,000 | $4.0M | 5% | Yes (adopted December 3, 2025) | Routine (sold in Aug & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-09-22 | Puccio Richard C Jr | Chief Financial Officer | 1,500 | $573K | 2.8% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08…2026-09-09 | Stata Ray | Director | 2,832 | $1.0M | 0.4% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-08 | Puccio Richard C Jr | EVP and CFO | 1,500 | $545K | 2.8% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-09-01 | Roche Vincent | Chair & CEO | 10,000 | $3.6M | 4.6% | Yes (adopted December 3, 2025) | Routine (sold in Aug & Sep & Dec each year 2023–2025) |
| 2026-08-27 | Golz Karen | Director | 1,000 | $375K | 9.1% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-08-26 | Puccio Richard C Jr | EVP and CFO | 2,683 | $1.0M | 4.7% | Yes (adopted May 21, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-04…2026-08-05 | Stata Ray | Director | 2,832 | $1.1M | 0.4% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Roche Vincent | Chair & CEO | 10,000 | $3.6M | 4.5% | Yes (adopted December 3, 2025) | Routine (sold in Aug & Sep & Dec each year 2023–2025) |
| 2026-07-13 | Golz Karen | Director | 1,000 | $390K | 8.3% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07…2026-07-08 | Stata Ray | Director | 2,832 | $1.1M | 0.4% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-01 | Roche Vincent | Chair & CEO | 10,000 | $3.9M | 4.5% | Yes (adopted December 3, 2025) | Routine (sold in Aug & Sep & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-12 | Golz Karen | Director | 1,000 | $412K | 7.7% | Yes (adopted March 12, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-10 | Stata Ray | Director | 1,416 | $564K | 0.2% | Yes (adopted March 6, 2026) | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.94 on a 1–5 scale), 34 analysts; mean target USD 472.44 (low 365, high 675).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | TD Cowen | Target raised | Buy | $460 → $475 |
| 2026-09-08 | TD Cowen | Reiterated | Buy | $460 |
| 2026-08-24 | Baird | Target raised | Outperform | $450 → $675 |
| 2026-08-21 | BMO Capital | Initiated | Outperform | $430 |
| 2026-08-20 | JP Morgan | Target raised | Overweight | $450 → $500 |
| 2026-08-20 | Morgan Stanley | Target raised | Overweight | $428 → $458 |
| 2026-08-20 | Bernstein | Upgrade | Market Perform → Outperform | $430 → $465 |
| 2026-08-20 | Wells Fargo | Target lowered | Overweight | $515 → $500 |
| 2026-08-20 | TD Cowen | Reiterated | Buy | $460 |
| 2026-08-20 | Seaport Global | Upgrade | Neutral → Buy | $425 |
| 2026-08-20 | Needham | Target raised | Buy | $440 → $450 |
| 2026-08-17 | Cantor Fitzgerald | Reiterated | Overweight | $550 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +60.5% | +135.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +60.8% | +18.6% |
| Volatility (annualized) | 36.2% | 31.3% |
| Max drawdown | -20.7% (Jun 2026→Jul 2026) | -30.8% (Feb 2025→Mar 2025) |

## Peers (Semiconductors)
QCOM (QUALCOMM Incorporated) USD 172.83 -2.88% · MRVL (Marvell Technology, Inc.) USD 223.47 -8.70% · ARM (Arm Holdings plc) USD 210.1 -7.28% · TXN (Texas Instruments Incorporated) USD 279.5 -1.81% · ASX (ASE Technology Holding Co., Ltd) USD 37.74 -11.01% · INTC (Intel Corporation) USD 85.49 -8.04%

## More
Full page: https://nexqual.com/ADI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ADI's own 10-K filed 2025-11-25 (https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | TSMC (TSM) | "We currently source more than half of our wafer requirements annually from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, and the remainder is sourced inter…" |

Other companies that name ADI in their own reports (relationship from ADI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| competitor | CIRRUS LOGIC, INC. (CRUS) | 10-K 2026-05-21 | "Our primary competitors include, but are not limited to, AKM Semiconductor Inc., Analog Devices Inc., QUALCOMM Incorporated, Realtek Semiconductor Corporation, Renesas Electronics Corporation, Shangha…" |
| customer | ASE Technology Holding Co., Ltd. (ASX) | 20-F 2026-04-01 | "For example, in 2023, we acquired HCC Group to expand our automotive wireless business, in 2024, we acquired Infineon Group's manufacturing subsidiaries in the Philippines and South Korea to expand po…" |
| supplier | SYPRIS SOLUTIONS INC (SYPR) | 10-K 2026-03-26 | "Our customers include large aerospace and defense companies such as Northrop Grumman Corporation (Northrop Grumman), Lockheed Martin (Lockheed), L3Harris Technologies (L3Harris), Collins Aerospace Sys…" |
| competitor | MONOLITHIC POWER SYSTEMS, INC. (MPWR) | 10-K 2026-02-27 | "We consider our primary competitors to include Analog Devices, Infineon Technologies, NXP Semiconductors, ON Semiconductor, Power Integrations, Renesas Electronics, ROHM Semiconductor, Semtech, STMicr…" |
| partner | Xperi Inc. (XPER) | 10-K 2026-02-26 | "We have devoted significant time and resources to develop a broad range of solutions with key partners including Amlogic, Analog Devices, Cadence, Cirrus Logic, MediaTek, NXP, Qualcomm, Realtek, Synap…" |
| competitor | NXP Semiconductors N.V. (NXPI) | 10-K 2026-02-19 | "Our primary key public competitors in alphabetical order include, but are not limited to, Analog Devices Inc., Broadcom Inc., Infineon Technologies AG, Microchip Technology Inc., Qualcomm Inc., Renesa…" |
| competitor | ON SEMICONDUCTOR CORP (ON) | 10-K 2026-02-09 | "Competitors for certain of AMG's products and solutions include: Texas Instruments Incorporated, Analog Devices, Inc., Infineon, STMicroelectronics, Renesas Electronics Corporation, Monolithic Power S…" |
| competitor | ADVANCED MICRO DEVICES INC (AMD) | 10-K 2026-02-04 | "We expect continued competition from our primary FPGA competitors such as Altera, Lattice Semiconductor Corporation and Microsemi Corporation, and from ASSP vendors such as Broadcom Corporation, Marve…" |
| competitor | MAXLINEAR, INC (MXL) | 10-K 2026-01-29 | "Our primary merchant semiconductor competitors include Broadcom, Inc., Qualcomm Incorporated, Realtek Semiconductor Corp., Skyworks Solutions, Inc., Credo Semiconductor Inc., MediaTek, Inc., Marvell T…" |
| competitor | MACOM Technology Solutions Holdings, Inc. (MTSI) | 10-K 2025-11-14 | "We primarily compete with Analog Devices, Inc. ("ADI"), Broadcom Inc. ("Broadcom"), Credo Technology Group Holding Ltd. ("Credo"), Marvell Technology Inc. ("Marvell"), MaxLinear Inc. ("MaxLinear"), Mi…" |
| competitor | SKYWORKS SOLUTIONS, INC. (SWKS) | 10-K 2025-11-07 | "Our competitors include Analog Devices, Broadcom, Cirrus Logic, Murata Manufacturing, NXP Semiconductors, Qorvo, Qualcomm, and Texas Instruments." |

## Revenue by region (fiscal year ended 2025-11-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $7.78B | 70.6% | +18.1% |
| — China (part of Non Us) | $2.86B | 25.9% | +34.3% |
| — Europe (part of Non Us) | $2.29B | 20.7% | +8.3% |
| — Rest Of Asia (part of Non Us) | $1.49B | 13.5% | +23.7% |
| — Japan (part of Non Us) | $989.9M | 9.0% | -8.8% |
| — Rest Of North & South America (part of Non Us) | $162.5M | 1.5% | +160.7% |
| United States | $3.24B | 29.4% | +14.0% |
| Total revenue | $11.02B | 100% | — |

## Customer concentration

Period ended 2025-11-01: 24%, 13% of revenue from unnamed direct customers (10-K, filed 2025-11-25).

## Company outlook (8-K filed 2026-08-19)

- "Outlook for the Fourth Quarter of Fiscal Year 2026 For the fourth quarter of fiscal 2026, we are forecasting revenue of $4.3 billion, +/- $100 million."
- "At the midpoint of this revenue outlook, we expect reported operating margin of approximately 42.6%, +/-150 bps, and adjusted operating margin of approximately 52.0%, +/-100 bps."
- "Our fourth quarter fiscal 2026 outlook is based on current expectations and actual results may differ materially as a result of, among other things, the important factors discussed at the end of this release."
- "The statements about our fourth quarter fiscal 2026 outlook supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements."

Analysts expect $4.32B for the current quarter, +0.5% vs the guidance midpoint $4.30B. Source: https://www.sec.gov/Archives/edgar/data/6281/000000628126000072/adi3q26exhibit991earnings.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $3.88 | $3.54 | +9.8% | $4.32B | 26 |
| Next quarter (ends 2027-01-31) | $3.81 | $3.46 | +10.0% | $4.31B | 26 |
| Current fiscal year (ends 2026-10-31) | $12.88 | $12.43 | +3.6% | $15.13B | 29 |
| Next fiscal year (ends 2027-10-31) | $16.50 | $15.06 | +9.5% | $18.39B | 30 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-27 (includes earnings 2026-11-24): ±11.4%; earnings reaction alone ±3.3%; last 8 reports averaged ±5.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 50.6% | ±6.0% |
| 2026-11-06 | 14 | 47.4% | ±7.7% |
| 2026-11-13 | 21 | 45.3% | ±9.0% |
| 2026-11-20 | 28 | 44.4% | ±10.0% |
| 2026-11-27 | 35 | 45.5% | ±11.4% |
| 2026-12-04 | 42 | 44.6% | ±12.3% |
| 2026-12-18 | 56 | 43.9% | ±13.9% |
| 2027-01-15 | 84 | 41.9% | ±16.1% |