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Analog Devices

ADI on Nasdaq. Semiconductors & related devices. Market value $203.1bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to July 2026. Quality checks use five annual reports, the latest for the year to October 2025.

Should I look at this?

Good business, but not cheap right now

Why it could be worth it

What to watch out for

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to July 2026
2.4%low

For every $100 of what the whole company costs, it produced $2.43 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to July 2026
42.6×full

You pay 42.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to October 2025
6.0%five-year median

Each dollar kept in the business earns 6 cents a year. Above 10 is good.

Quality score: 88 of 100. Price score: 24 of 100. Our list needs 70 on quality and 60 on price.

$419.10 a share, 88% above its 1-year low

Over the past year the price has ranged from $223.47 to $445.91.

Dividend: 0.9% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

2.4
3.8
3.6
3.1
4.3
4.9
2021202220232024202512 monthsto Jul '26
Revenue
$7.3bn$12.0bn$12.3bn$9.4bn$11.0bn
Operating margin
23.1%27.3%31.1%21.6%26.6%
Debt to equity
n/a0.180.200.230.25
Shares outstanding
0.51bn0.50bn0.50bn0.49bn0.48bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Nothing unusual
  • Financial strength (Piotroski)8 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.25× equity
  • Revenue growth, five yearsStrong, 14.5% a year
  • Buying back its own sharesYes, 5% fewer since 2021

The quarter to July 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $4 billion last quarter, up 40% on a year ago.
  • Profit: $1.3 billion, up 158% on a year ago.
  • It keeps 36 cents of each $1 of sales as operating profit, up from 25 cents a year earlier.
  • Spare cash over the past 12 months: $4.9 billion, up from $3.7 billion.
  • 2% fewer shares than a year ago. Each share owns a bit more of the company.
  • Debt is $7 billion more than cash, up from $6.4 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
October 2024$2.4bn
January 2025$2.4bn
April 2025$2.6bn
July 2025$2.9bn
October 2025$3.1bn
January 2026$3.2bn
April 2026$3.6bn
July 2026$4.0bn
Profit by quarter
Profit by quarter
Quarter toAmount
October 2024$478m
January 2025$391m
April 2025$570m
July 2025$519m
October 2025$788m
January 2026$831m
April 2026$1.2bn
July 2026$1.3bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
24 November 2026
Last annual report (10-K)
25 November 2025
Next quarterly (estimated, 10-Q)
18 November 2026

Who owns it

19 long-term investors we follow own it, up from 17 last quarter. 2,278 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 9 sold $96m, $53m of it under preset trading plans.

  • Puccio Richard C Jr
    Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    22 September 2026
    Shares
    1,500
    Price
    $382.19
    Value
    $573,285
  • STATA RAY
    Director
    Sold
    under a preset trading plan
    Date
    9 September 2026
    Shares
    1,416
    Price
    $363.79
    Value
    $515,125
  • STATA RAY
    Director
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    1,416
    Price
    $362.85
    Value
    $513,791
  • Puccio Richard C Jr
    EVP and CFO
    Sold
    under a preset trading plan
    Date
    8 September 2026
    Shares
    1,500
    Price
    $363.65
    Value
    $545,475
  • ROCHE VINCENT
    Chair & CEO, Director
    Sold
    under a preset trading plan
    Date
    1 September 2026
    Shares
    10,000
    Price
    $356.33
    Value
    $4m
  • Golz Karen
    Director
    Sold
    under a preset trading plan
    Date
    27 August 2026
    Shares
    1,000
    Price
    $374.50
    Value
    $374,500
  • Puccio Richard C Jr
    EVP and CFO
    Sold
    under a preset trading plan
    Date
    26 August 2026
    Shares
    2,683
    Price
    $374.56
    Value
    $1m
  • STATA RAY
    Director
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    1,416
    Price
    $378.56
    Value
    $536,040
  • STATA RAY
    Director
    Sold
    under a preset trading plan
    Date
    4 August 2026
    Shares
    1,416
    Price
    $377.37
    Value
    $534,357
  • ROCHE VINCENT
    Chair & CEO, Director
    Sold
    under a preset trading plan
    Date
    3 August 2026
    Shares
    10,000
    Price
    $363.00
    Value
    $4m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Nov 2025, plus the 10-Q filed 19 Aug 2026 and 10 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 42.6× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.