ANALOG DEVICES INC
$397.97
−11.32 (−2.77%) · delayed · Nov 13, 2026
Five-year price
52w $224.25 to $445.91
- Market cap
- $192.8B
- Enterprise value
- $198.5B
- P/E
- 87.3×
- 83.0× on 3y avg EPS
- EV / EBIT
- 67.7×
- FCF yield
- 2.2%
- ROIC
- 6.2%
- Debt / equity
- 0.24
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 6.2%
- ○ROE > 15% (5y avg)5y avg ROE 6.4%
- ●Stable operating marginsMargin volatility 3.3% (σ, 5y)
- ●Earnings convert to cashFCF / net income 159% (5y avg)
- ●Growing revenueRevenue CAGR 5y 14.5%
- ○Shrinking share countDiluted shares 33.5% over 5y
Value
0
- ○P/E below 15P/E 87.3
- ○EV/EBIT below 12EV/EBIT 67.7
- ○FCF yield above 6%FCF yield 2.2%
- ○Price below Graham NumberGraham Number $84.62
- ○P/B below 3P/B 5.7
Safety
100
- ●Debt / equity below 0.5D/E 0.24
- ●Debt payable in < 4 yrs of earningsNet debt $5.6B
- ●Interest coverage > 8xCoverage 9.2x
- ●Current ratio > 1.5Current ratio 2.19
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
67
- ●Adequate size (revenue > $2B)Revenue $11.0B
- ●Strong condition (current ratio ≥ 2)Current ratio 2.19
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- –Earnings growth ≥ 33% (10y, 3y avgs)n/a
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 83.0
- ○P/E × P/B ≤ 22.5Product 473.1
Valuation lab
What do you have to believe?
At $397.97, the market is pricing in about 16.8% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $5.6B · 485M shares · 5y revenue CAGR 14.5%
Intrinsic value
$320.34
Price
$397.97
Premium paid
24%
What the price implies
The market is paying for 16.8% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
66% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 3,421 | 5,246 | 6,225 | 5,991 | 5,603 | 7,318 | 12,014 | 12,306 | 9,427 | 11,020 |
| Gross profit | 2,227 | 3,168 | 4,250 | 4,014 | 3,690 | 4,525 | 7,532 | 7,877 | 5,381 | 6,773 |
| Operating income | 1,028 | 1,163 | 1,900 | 1,711 | 1,498 | 1,692 | 3,279 | 3,823 | 2,033 | 2,932 |
| Operating margin | 30.0% | 22.2% | 30.5% | 28.6% | 26.7% | 23.1% | 27.3% | 31.1% | 21.6% | 26.6% |
| Pre-tax income | 957 | 935 | 1,655 | 1,486 | 1,312 | 1,329 | 3,099 | 3,608 | 1,777 | 2,712 |
| Income tax | 95 | 129 | 148 | 123 | 91 | (62) | 350 | 293 | 142 | 445 |
| Net income | 862 | 805 | 1,507 | 1,363 | 1,221 | 1,390 | 2,749 | 3,315 | 1,635 | 2,267 |
| EPS (diluted) | — | — | — | — | 3.28 | 3.46 | 5.25 | 6.55 | 3.28 | 4.56 |
| Diluted shares | 312 | 350 | 375 | 373 | 372 | 401 | 523 | 506 | 499 | 497 |
Who owns it