Information Technology · Semiconductors · US stock · price as of 16 Oct 2026
Key indicators
Price
$395.44
52-week range
$220.71 – $444.56
Market cap
$193.3B
P/E (trailing)
47.0×
EV / EBITDA
40.5×
Free-cash-flow yield
2.6%
Dividend yield
1.1%
Revenue (last 12 months)
$13.9B
Revenue growth (3y a year)
−2.8%
Operating margin
35.5%
Return on invested capital
10.8%
Net debt / EBITDA
1.4×
Fair value
Blended fair value$156.32 range $150 – $163
Versus priceOvervalued−61% to fair value
Peer multiples
$214.84
Fundamentals-adjusted multiple
$141.62
10-year DCF (market-scaled)
$112.51
Earnings power value (floor, not blended)
$43.87
Model uncertainty
Medium
X-Ray Score
40/ 100 · High confidence · ahead of 21% of sector peers
Valuation28
Growth27
Profitability42
Financial health57
Dividends51
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Analog Devices designs semiconductors that convert real-world signals such as sound, light, temperature, motion and radio waves into digital data, and that manage power. Its chips go into industrial equipment, cars, communications networks, medical devices and consumer electronics. Customers are manufacturers that build these chips into their own products. The company has grown through acquisitions, including Linear Technology and Maxim Integrated.
Revenue comes from supplying chips under designs that often stay in customers' products for many years. It totals $13.9 billion over the last twelve months, but revenue growth over three years is -2.8% a year. The operating margin is 35.5%, and the business earns a profit of 11% on the capital invested in it. Analog Devices carries net debt of 1.4 times EBITDA, and the dividend yield is 1.1%.
StocksXray gives Analog Devices Inc an X-Ray Score of 40 out of 100 (high confidence), ahead of 21% of the S&P 500 stocks in its sector. Its strongest lens is financial health (57) and its weakest is growth (27).
Our fair value blend is $156.32 (range $149.72 to $163.12). At $395.44 the stock trades 153% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Analog Devices Inc (ADI)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$159.53
$135.66
$153.18
$218.92
$231.24
$395.44
Market cap
$64.0B
$71.0B
$77.5B
$109.2B
$114.9B
$193.3B
P/E
46.1×
25.8×
23.4×
66.7×
50.7×
47.0×
EV / revenue
9.5×
6.3×
6.8×
12.2×
10.9×
14.4×
EV / EBITDA
41.0×
23.2×
21.8×
56.7×
41.0×
40.5×
Price / free cash flow
26.8×
18.8×
21.8×
35.0×
26.8×
39.2×
Free-cash-flow yield
3.7%
5.3%
4.6%
2.9%
3.7%
2.6%
Price / book
1.7×
1.9×
2.2×
3.1×
3.4×
5.8×
Dividend yield
1.69%
2.19%
2.18%
1.65%
1.68%
1.08%
Fundamentals checklist ● 2 Good · ● 6 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.9%Average
Free-cash-flow yield2.6%Average
Risk models
Altman Z score4.1×Average
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)−4.6%Bad
Free-cash-flow growth (3y)4.3%Bad
Revenue growth (3y)−2.8%Bad
Growth consistency60%Bad
Balance sheet
Current ratio1.3×Average
Net debt / EBITDA1.4×Average
Interest cover14.1×Average
Valuation
Fair value vs price0.4×Bad
EBIT / EV yield2.5%Bad
Profitability
Return on invested capital10.8%Bad
Operating margin35.5%Good
Gross profitability18.9%Bad
XStocksXray
Analog Devices Inc (ADI)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
7,318
12,014
12,306
9,427
11,020
13,882
Gross profit
4,525
7,532
7,877
5,381
6,773
9,134
Operating income
1,692
3,279
3,823
2,033
2,932
4,935
Net income
1,390
2,749
3,315
1,635
2,267
4,135
Diluted EPS ($)
3.46
5.25
6.55
3.28
4.56
8.41
Free cash flow
2,391
3,776
3,556
3,122
4,279
4,937
Gross margin
61.8%
62.7%
64.0%
57.1%
61.5%
65.8%
Operating margin
23.1%
27.3%
31.1%
21.6%
26.6%
35.5%
Net margin
19.0%
22.9%
26.9%
17.3%
20.6%
29.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
52,322
50,302
48,794
48,228
47,993
48,424
Cash
1,978
1,471
958
1,991
2,499
2,166
Total debt
7,294
6,549
6,949
8,529
9,038
9,122
Equity
37,993
36,465
35,565
35,176
33,816
33,551
Dividend per share ($)
2.69
2.97
3.34
3.62
3.89
4.18
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.