ADI Analog Devices, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗
$377.15
Price · Aug 18, 2026
Fundamentals as of May 20, 2026
52W Range
$223–$446
69% of range
Analyst Rating
BUY
37 analysts
Price Target
$458
+21% upside
P/E (TTM)
82.5
ROE
6.6%
Net Profit Margin
20.6%

About Analog Devices, Inc. - Common Stock Company overview from Wikipedia

Analog Devices, Inc. (ADI), also known simply as Analog, is an American multinational semiconductor company specializing in data conversion, signal processing, and power management technology, headquartered in Wilmington, Massachusetts.

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Analog Devices, Inc. (ADI), also known simply as Analog, is an American multinational semiconductor company specializing in data conversion, signal processing, and power management technology, headquartered in Wilmington, Massachusetts.

The company manufactures analog, mixed-signal and digital signal processing (DSP) integrated circuits (ICs) used in electronic equipment. These technologies are used to convert, condition and process real-world phenomena, such as light, sound, temperature, motion, and pressure into electrical signals.

Analog Devices has approximately 100,000 customers in the following industries: communications, computer, instrumentation, military/aerospace, automotive, and consumer electronics applications.

Products and technologies

Analog Devices products include analog signal processing and digital signal processing technologies. These technologies include data converters, amplifiers, radio frequency (RF) technologies, embedded processors or digital signal processing (DSP) ICs, power management, and interface products.

Data converters include analog-to-digital converters (ADCs) and digital-to-analog converters (DACs) that convert electrical signal representations of real-world analog phenomena, such as light, sound, waveforms, temperature, motion, and pressure into digital signals or data, and back again. Analog Devices ADC and DAC ICs are used in medical systems, scientific instrumentation, wireless and wired communications, radar, industrial process control, audio and video equipment, and other digital-processing-based systems, where an accurate signal conversion is critical. Data converters account for more than 50% of ADI's revenue. ADI's companion amplifier ICs provide accurate, high-speed and precise signals for driving data converters and are key for applications such as digital audio, current sensing, and precision instrumentation.

The company's data converter chips are used by National Instruments in high-precision measurement instrumentation systems. Its data converters and amplifiers are also used by scientists and researchers in project "IceCube" – an underground neutrino telescope that uses digital optical modules (DOMS) to detect subatomic particles in the South Pole.

Power management products for customers in the industrial, wireless infrastructure and digital camera markets support signal chain design requirements, such as dynamic range, transient performance, and reliability.

Interface products include a broad range of interface IC products offered by the company in product categories such as CAN (controller area network), digital isolators, level translators, LVDS, mobile I/O expander and keyboard controller, USB, and RS-232.

Amplifiers includes precision and operational amplifiers, instrumentation, current sense, differential amplifiers, audio amplifiers, video amplifiers/buffers/filters, variable gain amplifiers, comparators, voltage, other specialty amplifiers and products for special linear functions.

Radio frequency integrated circuits (RFICs) address the RF signal chain and simplify RF system development. The company's RF portfolio includes TruPwr RMS power detectors and logarithmic amplifiers; PLL and DDS synthesizers; RF prescalers; variable gain amplifiers; ADC drivers, gain blocks, LNAs and other RF amplifiers.

Processors and DSP are programmable signal processing integrated circuits that execute specialized software programs, or algorithms, associated with processing digitized real-time data. Analog Devices Processors and DSPs are the Blackfin, SHARC, SigmaDSP, TigerSHARC, ADSP-21xx and Precision Analog Microcontrollers. These make up the company's embedded processing and DSP portfolio, that are multi-DSP signal processing,

Historical

Analog Devices had a line of micro-electromechanical systems (MEMS) microphones until it sold that business to InvenSense in 2013. Analog Devices MEMS microphones were found in smart phones, tablet PCs, security systems, and medical applications. ADI's MEMS accelerometers were designed into game pad controllers by Microsoft, Logitech and Pellican.

History

The company was founded by Ray Stata and Matthew Lorber, two MIT graduates, in 1965. The same year, the company released its first product, the Model 101 operational amplifier (op amp), which was a hockey-puck sized module used in test and measurement equipment. In 1967, the company published the first issue of its technical magazine, Analog Dialogue.

In 1969, Analog Devices filed an initial public offering and became a publicly traded company. Ten years later, the company was listed on the New York Stock Exchange.

In 1973, the company was the first to launch laser trim wafers and the first CMOS digital-to-analog converter. By 1996, the company reported over $1 billion in company revenue. That same year, Jerald Fishman was named president and CEO, a position he held until his death in 2013 (see below).

In 2000, Analog Devices's sales grew by over 75% to $2.578 Billion and the company acquired five companies including BCO Technologies PLC, a manufacturer of thick film semiconductors, for $150 million.

By 2004, Analog Devices had a customer base of 60,000 and its portfolio included over 10,000 products.

In January 2008, ON Semiconductor completed the acquisition of the CPU Voltage and PC Thermal Monitoring Business from Analog Devices., for $184 million.

In 2012, the company led the worldwide data converter market with a 48.5% share, according to analyst firm Databeans. Also, the company moved its listing from the NYSE to Nasdaq effective April 2, 2012.

In July 2016, Analog and Linear Technology agreed that Analog would acquire Linear in an approximately $14.8 billion cash and stock deal.

In July 2020, Analog agreed to acquire Maxim Integrated in an all stock deal that values the combined company at $68 billion.

Locations

Analog Devices is headquartered in Wilmington, Massachusetts, with regional headquarters

located in Shanghai, China; Munich, Germany; Limerick, Ireland; and Tokyo, Japan.

Analog Devices has fabrication plants located in the United States and in Ireland. The company's testing facilities are located in General Trias, Philippines; Chonburi, Thailand; and Penang, Malaysia.

Design centers are located in Australia, Canada, China, Egypt, England, Germany, India, Italy,

Japan, Scotland, Spain, Taiwan, Turkey and the United States.

Employees

Raymond Stata is a founder of Analog Devices and was responsible for the business strategy and product roadmap. After founding the company in 1965, Stata served as the company's chairman of the board of directors from 1973 to 2022, CEO from 1973 to 1996 and president from 1971 to 1991. In addition, Stata is also a trustee of the Massachusetts Institute of Technology, his alma mater and was awarded the IEEE Founders medal in 2003. Stata received the EE Times "Lifetime Achievement" award in 2008. Stata served as the chairman of the Semiconductor Industry Association for the year 2011.

Vincent Roche became president and CEO of Analog Devices in May 2013 and chairman of the board in June 2022. He first joined the company in 1988 as a marketing director in Limerick, Ireland. Vincent Roche was ranked as part of The 25 Smartest CEOs in America (no. 4), as reported by Forbes in this article from March 26, 2025: How Top CEOs Use Language To Lead And Inspire https://www.forbes.com/sites/carolinecastrillon/2025/03/26/how-top-ceos-use-language-to-lead-and-inspire/ He also serves on the board of directors of the Semiconductor Industry Association / SIA: Vincent Roche - Semiconductor Industry Association https://www.semiconductors.org/board/vincent-roche/ Vincent Roche's bio from the ADI corporate page can be found here: Leadership Team - Analog Devices https://investor.analog.com/governance/leadership-team

Barrie Gilbert was named the first Technology Fellow of Analog Devices in 1979. In addition, Gilbert was an IEEE Life Fellow and held over 65 patents. Gilbert is best known for the "Gilbert cell" – an electronic multiplying mixer. At Analog Devices, Gilbert started the company's Northwest Labs design center in Oregon and continued to work on RF products crafted with high-speed nonlinear circuit techniques.

Paul Brokaw is an expert on integrated circuit design who has spent most of his career at Analog Devices, where he holds the position of Analog Fellow. Brokaw is the inventor of many analog IC circuits, including the Brokaw bandgap reference and holds over 100 patents. He is also an IEEE Life Fellow.

Robert Adams is Technical Fellow and manager of audio development at Analog Devices Inc. Adams holds many patents related to the audio and electronic field. He is a member of the IEEE and a Fellow in the Audio Engineering Society. Adams received a finalist ranking for the EDN Innovation and Innovator of the Year award in 1995.

Jerald G. Fishman was the CEO and president of Analog Devices from 1996 until his death on 28 March 2013. In 2004, Fishman was named CEO of the Year by Electronic Business. He was a 35-year veteran of Analog Devices and also served on the board of directors of Analog Devices, Cognex Corporation and Xilinx.

Mahdi Mohammad Sadeghi was fired after his arrest in 2024 on charges of providing material support to a terrorist organization. Sadeghi was accused of evading U.S. sanctions by facilitating indirect sales of technology to the Iranian military, which was used by the Islamic Resistance in Iraq in the Tower 22 drone attack on a U.S. military outpost in 2024.

Markets

Healthcare

Analog Devices sells linear, mixed-signal, MEMS and digital signal processing technologies for medical imaging, patient monitoring, medical instrumentation and home healthcare. The company's precision signal-processing components and Blackfin digital signal processors are included in Karmelsonix's Wholter, an overnight pulmonary monitor, and the Wheezometer, a personal asthmatic assessment device. Accelerometers produced by Analog Devices are included in ZOLL Medical's PocketCPR, which measures the depth of chest compressions and provides audible and visual feedback to a rescuer to allow adjustment to proper depth and to the correct rate of compression. In March 2024, the company announced that it had received U.S. FDA 510(k) clearance for Sensinel, a compact, wearable, non-invasive remote Cardiopulmonary Management (CPM) System that captures cardiopulmonary measurements for chronic disease management such as heart failure.

Automotive

Analog Devices develops components for safety systems, such as stability control systems and driver assistance systems, infotainment and interior applications. Powertrain systems in hybrid and electric vehicles use high-precision data conversion products in battery monitoring and control systems. In June 2025, ADI announced the formation of OpenGMSL Association to revolutionize the future on In-Vehicle Connectivity by creating a worldwide standard for transmission of video and high-speed data in the automotive ecosystem.

Industrial

Analog Devices industrial market includes process control systems that help drive productivity, energy efficiency and reliability.

Consumer

Analog Devices has technology for consumer electronics, which includes signal processing circuits for image processing, auto focus, and image stabilization for digital still cameras and camcorders, audio and video processors for home theater systems, DVD recorders, and high-definition televisions and advanced touch screen controllers for portable media devices.

Analog Dialogue

In 1967, Analog Devices first published Analog Dialogue. Dan Sheingold took the position of editor two years later, which he held for over four decades. The current editor is Bernhard Siegel. It is currently the longest-running in-house publication in the electronics industry.

Analog Dialogue is a forum for the exchange of circuits, systems, and software for real-world signal processing and is the technical magazine published by Analog Devices. It discusses products, applications, technology, and techniques for analog, digital, and mixed-signal processing. Analog Dialogue is published monthly on the Web. The featured technical articles are also compiled in quarterly print editions.

Communities

Community

In 2009, Analog Devices announced EngineerZone, an online technical support community. EngineerZone was launched so the design engineering community (customers, prospects, partners, employees and students) can ask questions, share knowledge and search for answers to their questions in an open forum. EngineerZone currently hosts over 100 English forums to discuss ADI products and share projects with other engineers. Members are encouraged to self-serve by searching their rich knowledge base of FAQs and to respond to fellow member's threads. EZ China is also available for members seeking support in simplified Chinese.

Resources

Analog Devices offers reference circuits through its Circuits from the Lab program. These circuits are engineered and tested for quick system integration to help solve design challenges ranging from common to complex. Reference circuits are smaller, modular designs that are more broadly applicable than application-specific reference designs.

Each reference circuit is documented with test data, theory of operation, and component selection decision criteria. In addition, reference circuits are tailored to meet real-world system integration needs and may also include board layout schematics, CAD tools models, device drivers, and evaluation hardware.

Acquisitions

1969: Pastoriza Electronics

1971: Nova Devices

1978: Computer Labs

1984: International Imaging Systems

1990: Precision Monolithics, Inc.

1991: Edsun Laboratories-Tech Assets

1996: Mosaic Microsystems Ltd.

1997: Medialight Inc.

1999: Edinburgh Portable Compilers | White Mountain DSP

2000: BCO Technologies PLC, Signal Processing Associates, Integrated Micro Instruments Inc., Chiplogic Inc. and Staccato Systems Inc.

2006: AudioAsics A/S, Integrant Technologies and TTPCom Ltd.-Certain Property

2011: Lyric Semiconductor, Inc.

2014: Hittite Microwave Corporation (HITT)

2016: Linear Technology, Sypris Electronics and Cyber Security Solutions Business

2018: Symeo GmbH

2019: Test Motors

2020: Maxim Integrated

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ADI Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$377.15
Market Cap
$184.13B
P/E (TTM)
82.5
EPS (TTM)
$4.56
Revenue (TTM)
$11.02B
Div Yield
1.0%
ROE
6.6%
Debt/Equity
0.3
52W Range
$223 – $446

ADI Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $11.02B
10-point trend, +222.1%
2016-10-29 → 2025-11-01
EPS $4.56
6-point trend, +39.0%
2020-10-31 → 2025-11-01
Free Cash Flow $4.28B
10-point trend, +270.9%
2016-10-29 → 2025-11-01
Margins 20.6%
10-point trend, -5.6%
2016-10-29 → 2025-11-01

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ADI
Peer Median
P/E (TTM)
5-point trend, +2.4%
82.5
67.2
P/S (TTM)
5-point trend, -16.5%
16.7
18.3
P/B
5-point trend, +41.3%
5.4
7.0
EV / EBITDA
3-point trend, +82.0%
64.5
—
Price / FCF
5-point trend, -29.7%
43.0
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ADI
Peer Median
Gross Margin
5-point trend, -0.6%
61.5%
55.3%
Operating Margin
5-point trend, +15.1%
26.6%
—
Net Profit Margin
5-point trend, +8.3%
20.6%
25.6%
ROA
5-point trend, +24.9%
4.7%
13.8%
ROE
5-point trend, +18.2%
6.6%
20.4%
ROIC
5-point trend, +24.0%
5.8%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ADI
Peer Median
Debt / Equity
3-point trend, +30.0%
0.3
44.9
Current Ratio
5-point trend, +12.8%
2.2
2.5
Quick Ratio
5-point trend, +26.4%
1.6
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ADI
Peer Median
Revenue YoY
5-point trend, +50.6%
16.9%
—
Revenue CAGR 3Y
5-point trend, +50.6%
-2.8%
—
Revenue CAGR 5Y
5-point trend, +50.6%
14.5%
—
EPS YoY
5-point trend, +31.8%
39.0%
—
Net Income YoY
5-point trend, +63.1%
38.6%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ADI
Peer Median
EPS (Diluted)
5-point trend, +31.8%
$4.56
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ADI
Peer Median
Payout Ratio
5-point trend, +6.4%
84.9%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.0%
Payout Ratio
84.9%
5Y Div CAGR
—
Ex-dateAmount
June 2, 2026$1.1000
March 3, 2026$1.1000
Dec. 8, 2025$0.9900
Sept. 2, 2025$0.9900
June 4, 2025$0.9900
March 4, 2025$0.9900
Dec. 9, 2024$0.9200
Sept. 3, 2024$0.9200
June 4, 2024$0.9200
March 4, 2024$0.9200
Dec. 1, 2023$0.8600
Sept. 1, 2023$0.8600
June 2, 2023$0.8600
Feb. 24, 2023$0.8600
Dec. 2, 2022$0.7600
Aug. 29, 2022$0.7600
May 27, 2022$0.7600
Feb. 24, 2022$0.7600
Dec. 2, 2021$0.6900
Aug. 26, 2021$0.6900

ADI Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 37 analysts
  • Strong Buy 12 32.4%
  • Buy 20 54.1%
  • Hold 5 13.5%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

30 analysts · 2026-08-18
Median target $455.00 +20.6%
Mean target $457.73 +21.4%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
0.10%
Period EPS Actual EPS Est Surprise
June 30, 2026 $3.09 $2.93 0.16%
March 31, 2026 $2.46 $2.33 0.13%
Dec. 31, 2025 $2.26 $2.24 0.02%
Sept. 30, 2025 $2.05 $1.97 0.08%
June 30, 2025 $1.85 $1.72 0.13%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ADI $114.64B 51.3 16.9% 20.6% 6.6% 61.5%
MU $136.88B 16.1 48.9% 22.8% 16.6% 39.8%
AMD — 81.1 34.3% — — —
INTC $180.78B -603.3 -0.47% -0.51% -0.25% 34.8%
TXN — 31.8 13.1% 28.3% 30.1% 57.0%
MRVL $68.75B 26.4 42.1% 32.6% 19.3% 51.0%
QCOM $181.72B 33.8 13.7% 12.5% 22.7% —
MPWR $44.15B 70.5 26.4% 22.3% 18.0% 55.2%
ALAB $28.31B 136.4 115.1% 25.7% 17.5% 75.7%
MRVL $68.75B 26.4 42.1% 32.6% 19.3% 51.0%
CBRS — — — — — —

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 18
Annual Income Statement data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, +284.7% $11.02B $9.43B $12.31B $12.01B $7.32B $5.60B $5.99B $6.22B $5.25B $3.42B $3.44B $2.86B
Cost of Revenue 12-point trend, +310.4% $4.25B $4.05B $4.43B $4.48B $2.79B $1.91B $1.98B $1.97B $2.08B $1.19B $1.18B $1.03B
Gross Profit 12-point trend, +270.1% $6.77B $5.38B $7.88B $7.53B $4.53B $3.69B $4.01B $4.25B $3.17B $2.23B $2.26B $1.83B
R&D Expense 12-point trend, +215.5% $1.77B $1.49B $1.66B $1.70B $1.30B $1.05B $1.13B $1.17B $968M $654M $637M $560M
SG&A Expense 12-point trend, +176.1% $1.26B $1.07B $1.27B $1.27B $915M $660M $648M $696M $691M $461M $479M $455M
Operating Expenses 12-point trend, +256.4% $3.84B $3.35B $4.05B $4.25B $2.83B $2.19B $2.30B $2.35B $2.01B $1.20B $1.43B $1.08B
Operating Income 12-point trend, +289.7% $2.93B $2.03B $3.82B $3.28B $1.69B $1.50B $1.71B $1.90B $1.16B $1.03B $831M $752M
Interest Expense 10-point trend, +660.8% · · $265M $200M $185M $193M $229M $254M $251M $89M $27M $35M
Interest Income 12-point trend, +764.7% $105M $79M $41M $7M $1M $4M $10M $9M $30M $21M $9M $12M
Other Non-op 12-point trend, -1402.7% $-8M $-12M $8M $14M $35M $2M $-6M $-69.0K $-8M $-4M $-2M $-528.0K
Pretax Income 12-point trend, +271.9% $2.71B $1.78B $3.61B $3.10B $1.33B $1.31B $1.49B $1.66B $935M $957M $810M $729M
Income Tax 12-point trend, +344.7% $445M $142M $293M $350M $-62M $91M $123M $148M $129M $95M $113M $100M
Net Income 12-point trend, +260.3% $2.27B $1.64B $3.31B $2.75B $1.39B $1.22B $1.36B $1.51B $805M $862M $697M $629M
EPS (Basic) 6-point trend, +38.7% $4.59 $3.30 $6.60 $5.29 $3.50 $3.31 · · · · · ·
EPS (Diluted) 6-point trend, +39.0% $4.56 $3.28 $6.55 $5.25 $3.46 $3.28 · · · · · ·
Shares (Basic) 12-point trend, +57.9% 494,381,000 496,166,000 502,232,000 519,226,000 397,462,000 368,633,000 369,133,000 370,430,000 346,371,000 308,736,000 312,660,000 313,195,000
Shares (Diluted) 12-point trend, +56.2% 496,709,000 498,697,000 505,959,000 523,178,000 401,288,000 371,973,000 372,871,000 374,938,000 350,484,000 312,308,000 316,872,000 318,027,000
EBITDA 12-point trend, +289.7% $2.93B $2.03B $3.82B $3.28B $1.69B $1.50B $1.71B $1.88B $1.06B $1.03B $831M $752M
Balance Sheet 28
Annual Balance Sheet data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, +339.1% $2.50B $1.99B $958M $1.47B $1.98B $1.06B $648M $817M $1.05B $921M $884M $569M
Short-term Investments 7-point trend, -49.8% $1.15B $372M $0 · · · · · $0 $3.13B $2.14B $2.30B
Receivables 12-point trend, +262.1% $1.44B $1.34B $1.47B $1.80B $1.46B $738M $635M $640M $689M $478M $467M $397M
Inventory 12-point trend, +350.2% $1.66B $1.45B $1.64B $1.40B $1.20B $608M $610M $587M $551M $377M $412M $368M
Prepaid Expense 12-point trend, +701.7% $363M $337M $314M $267M $741M $116M $92M $69M $60M $59M $41M $45M
Current Assets 12-point trend, +86.5% $7.11B $5.48B $4.38B $4.94B $5.38B $2.52B $1.99B $2.11B $2.35B $4.97B $4.08B $3.81B
PP&E (Net) 12-point trend, +432.7% $3.32B $3.42B $3.22B $2.40B $1.98B $1.12B $1.22B $1.15B $1.11B $636M $644M $622M
PP&E (Gross) 12-point trend, +198.8% $7.41B $7.19B $6.64B $5.55B $4.94B $3.89B $3.81B $3.53B $3.30B $2.68B $2.60B $2.48B
Accum. Depreciation 12-point trend, +120.4% $4.09B $3.77B $3.42B $3.15B $2.96B $2.77B $2.59B $2.37B $2.20B $2.04B $1.96B $1.86B
Goodwill 12-point trend, +1540.6% $26.95B $26.91B $26.91B $26.91B $26.92B $12.28B $12.26B $12.25B $12.22B $1.68B $1.64B $1.64B
Intangibles 12-point trend, +1093.6% $8.01B $9.59B $11.31B $13.27B $15.27B $3.65B $4.22B $4.78B $5.32B $549M $584M $671M
Other Non-current Assets 12-point trend, +1392.1% $743M $749M $743M $520M $384M $17.83B $18.19B $63M $56M $47M $41M $50M
Total Assets 12-point trend, +599.6% $47.99B $48.23B $48.79B $50.30B $52.32B $21.47B $21.39B $20.44B $21.14B $7.97B $7.06B $6.86B
Accounts Payable 12-point trend, +291.3% $544M $487M $493M $582M $443M $227M $225M $261M $237M $171M $174M $139M
Accrued Liabilities 12-point trend, +618.7% $1.65B $1.11B $1.35B $1.59B $1.48B $956M $796M $630M $499M $256M $250M $229M
Short-term Debt 4-point trend, +446639000.00 $447M $948M $547M $0 · · · · · · · ·
Current Liabilities 12-point trend, +357.8% $3.25B $2.99B $3.20B $2.44B $2.77B $1.36B $1.51B $1.05B $1.60B $783M $1.11B $709M
Capital Leases 6-point trend, -1.6% $284M $319M $360M $337M $296M $288M · · · · · ·
Deferred Tax 12-point trend, +817.5% $2.16B $2.62B $3.13B $3.62B $3.94B $1.92B $2.09B $990M $1.67B $110M $227M $236M
Other Non-current Liabilities 12-point trend, +98.4% $522M $544M $581M $515M $556M $449M $240M $112M $76M $153M $126M $263M
Long-term Debt 5-point trend, +20.2% $8.15B $7.03B $6.40B $6.58B $6.78B · · · · · · ·
Total Debt 3-point trend, +23.6% $8.59B $7.58B $6.95B · · · · · · · · ·
Common Stock 12-point trend, +57.3% $82M $83M $83M $85M $88M $62M $61M $62M $61M $51M $52M $52M
Retained Earnings 12-point trend, +149.1% $10.54B $10.20B $10.36B $8.72B $7.52B $7.24B $6.90B $5.98B $4.91B $4.79B $4.44B $4.23B
AOCI 12-point trend, +8.3% $-155M $-185M $-188M $-198M $-187M $-249M $-188M $-58M $-61M $-74M $-51M $-169M
Stockholders' Equity 12-point trend, +610.7% $33.82B $35.18B $35.57B $36.47B $37.99B $12.00B $11.71B $11.27B $10.16B $5.17B $5.07B $4.76B
Liabilities + Equity 12-point trend, +599.6% $47.99B $48.23B $48.79B $50.30B $52.32B $21.47B $21.39B $20.44B $21.14B $7.97B $7.06B $6.86B
Shares Outstanding 12-point trend, +57.3% 489,654,097 496,297,000 496,262,000 509,296,000 525,331,000 369,485,000 368,302,369 370,159,553 368,635,788 368,635,788 312,060,682 311,204,926
Cash Flow 14
Annual Cash Flow data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Stock-based Comp 12-point trend, +532.8% $322M $263M $300M $323M $244M $150M $150M $151M $104M $63M $69M $51M
Deferred Tax 12-point trend, -217.4% $-247M $-368M $-453M $-327M $-407M $-114M $-91M $-730M $-810M $8M $-52M $-78M
Amort. of Intangibles 12-point trend, +5605.0% $1.59B $1.74B $1.96B $2.01B $843M $577M $571M $571M $389M $75M $92M $28M
Restructuring 7-point trend, +40.2% · · · · · $52M $96M $61M $49M $14M $0 $37M
Operating Cash Flow 12-point trend, +452.1% $4.81B $3.85B $4.82B $4.48B $2.74B $2.01B $2.25B $2.44B $1.15B $1.29B $908M $872M
CapEx 12-point trend, +199.9% $534M $730M $1.26B $699M $344M $166M $275M $255M $204M $127M $154M $178M
Investing Cash Flow 12-point trend, -1051.6% $-1.32B $-1.10B $-1.27B $-657M $2.14B $-181M $-293M $-314M $-6.62B $-1.22B $-17M $-115M
Stock Repurchased 12-point trend, +507.5% $2.16B $616M $2.96B $2.58B $2.61B $244M $613M $226M $47M $370M $227M $356M
Net Stock Activity 12-point trend, -507.5% $-2.16B $-616M $-2.96B $-2.58B $-2.61B $-244M $-613M $-226M $-47M $-370M $-227M $-356M
Dividends Paid 12-point trend, +323.7% $1.92B $1.80B $1.68B $1.54B $1.11B $886M $777M $703M $602M $513M $491M $454M
Financing Cash Flow 12-point trend, -417.3% $-2.98B $-1.71B $-4.06B $-4.29B $-3.96B $-1.42B $-2.13B $-2.36B $5.59B $-33M $-572M $-577M
Net Change in Cash 12-point trend, +186.8% $508M $1.03B $-513M $-507M $922M $408M $-168M $-231M $127M $37M $315M $177M
Free Cash Flow 12-point trend, +516.8% $4.28B $3.12B $3.56B $3.78B $2.39B $1.84B $1.98B $2.19B $908M $1.15B $754M $694M
Levered FCF 10-point trend, +399.2% · · $3.31B $3.60B $2.20B $1.66B $1.77B $1.96B $688M $1.07B $731M $664M
Profitability 8
Annual Profitability data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 12-point trend, -3.8% 61.5% 57.1% 64.0% 62.7% 61.8% 65.9% 67.0% 68.3% 59.9% 65.1% 65.8% 63.9%
Operating Margin 12-point trend, +1.3% 26.6% 21.6% 31.1% 27.3% 23.1% 26.7% 28.5% 30.3% 20.7% 30.0% 24.2% 26.3%
Net Margin 12-point trend, -6.3% 20.6% 17.3% 26.9% 22.9% 19.0% 21.8% 22.8% 24.1% 14.2% 25.2% 20.3% 22.0%
Pretax Margin 12-point trend, -3.3% 24.6% 18.9% 29.3% 25.8% 18.2% 23.4% 24.8% 26.4% 16.2% 28.0% 23.6% 25.5%
EBITDA Margin 12-point trend, +1.3% 26.6% 21.6% 31.1% 27.3% 23.1% 26.7% 28.5% 30.3% 20.7% 30.0% 24.2% 26.3%
ROA 12-point trend, -50.5% 4.7% 3.4% 6.7% 5.4% 3.8% 5.7% 6.5% 7.2% 5.0% 11.5% 10.0% 9.5%
ROE 12-point trend, -50.4% 6.6% 4.6% 9.2% 7.4% 5.6% 10.3% 11.9% 14.1% 9.5% 16.8% 14.2% 13.2%
ROIC 12-point trend, -57.7% 5.8% 4.4% 8.3% 8.0% 4.7% 11.6% 13.4% 15.6% 9.1% 17.9% 14.1% 13.7%
Liquidity & Solvency 5
Annual Liquidity & Solvency data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 12-point trend, -59.3% 2.2 1.8 1.4 2.0 1.9 1.8 1.3 1.5 1.5 6.4 3.7 5.4
Quick Ratio 12-point trend, -65.9% 1.6 1.2 0.8 1.3 1.2 1.3 0.9 1.0 1.1 5.8 3.1 4.6
Debt / Equity 3-point trend, +30.0% 0.3 0.2 0.2 · · · · · · · · ·
LT Debt / Equity 3-point trend, +45.1% 0.2 0.2 0.2 · · · · · · · · ·
Interest Coverage 10-point trend, -33.2% · · 14.4 16.4 9.2 7.8 7.5 7.4 4.2 11.6 30.7 21.6
Efficiency 3
Annual Efficiency data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 12-point trend, -47.1% 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.3 0.4 0.5 0.5 0.4
Inventory Turnover 12-point trend, -13.9% 2.7 2.6 2.9 3.4 3.1 3.1 3.3 3.5 4.4 3.0 3.0 3.2
Receivables Turnover 12-point trend, +0.1% 7.9 6.7 7.5 7.4 6.7 8.2 9.4 9.3 8.8 7.2 8.0 7.9
Per Share 7
Annual Per Share data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 12-point trend, +351.7% $69.06 $70.88 $71.67 $71.60 $72.32 $32.47 $31.79 $29.69 $27.57 $16.76 $16.26 $15.29
Revenue / Share 12-point trend, +146.3% $22.19 $18.90 $24.32 $22.96 $18.24 $15.06 $16.07 $16.54 $14.57 $10.96 $10.84 $9.01
Cash Flow / Share 12-point trend, +253.5% $9.69 $7.73 $9.52 $8.55 $6.82 $5.40 $6.04 $6.51 $3.17 $4.10 $2.86 $2.74
Cash / Share 12-point trend, +179.1% $5.10 $4.01 $1.93 $2.89 $3.77 $2.86 $1.76 $2.21 $2.84 $2.99 $2.83 $1.83
Dividend / Share 4-point trend, +31.0% $4 $4 $3 $3 · · · · · · · ·
Dividend Paid / Share 12-point trend, +168.3% $4 $4 $3 $3 $3 $2 $2 $2 $2 $2 $2 $1
EPS (TTM) 10-point trend, +107.3% $4.56 $3.28 $6.55 $5.25 $3.46 $3.28 · $4.00 $2.07 $2.76 $2.20 ·
Growth Rates 10
Annual Growth Rates data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -44.8% 16.9% -23.4% 2.4% 64.2% 30.6% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -109.5% -2.8% 8.8% 30.0% · · · · · · · · ·
Revenue CAGR 5Y 14.5% · · · · · · · · · · ·
EPS YoY 5-point trend, +610.7% 39.0% -49.9% 24.8% 51.7% 5.5% · · · · · · ·
EPS CAGR 3Y 3-point trend, -117.7% -4.6% -1.8% 25.9% · · · · · · · · ·
EPS CAGR 5Y 6.8% · · · · · · · · · · ·
Net Income YoY 5-point trend, +178.1% 38.6% -50.7% 20.6% 97.7% 13.9% · · · · · · ·
Net Income CAGR 3Y 3-point trend, -115.7% -6.2% 5.6% 39.5% · · · · · · · · ·
Net Income CAGR 5Y 13.2% · · · · · · · · · · ·
Dividend CAGR 5Y 16.8% · · · · · · · · · · ·
Valuation (TTM) 16
Annual Valuation (TTM) data for ADI
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 12-point trend, +284.7% $11.02B $9.43B $12.31B $12.01B $7.32B $5.60B $5.99B $6.22B $5.25B $3.42B $3.44B $2.86B
Net Income TTM 12-point trend, +260.3% $2.27B $1.64B $3.31B $2.75B $1.39B $1.22B $1.36B $1.51B $805M $862M $697M $629M
Market Cap 12-point trend, +642.4% $114.64B $111.91B $79.68B $73.79B $91.14B $43.80B $40.28B $32.27B $33.62B $19.58B $18.76B $15.44B
Enterprise Value 3-point trend, +39.6% $119.58B $117.12B $85.68B · · · · · · · · ·
P/E 10-point trend, +87.9% 51.3 68.7 24.5 27.6 50.1 36.1 · 21.8 44.1 23.0 27.3 ·
P/S 12-point trend, +93.0% 10.4 11.9 6.5 6.1 12.5 7.8 6.7 5.2 6.4 5.7 5.5 5.4
P/B 12-point trend, +4.5% 3.4 3.2 2.2 2.0 2.4 3.7 3.4 2.9 3.3 3.8 3.7 3.2
P / Cash Flow 12-point trend, +34.5% 23.8 29.0 16.5 16.5 33.3 21.8 17.9 13.2 30.2 15.3 20.7 17.7
P / FCF 12-point trend, +20.4% 26.8 35.8 22.4 19.5 38.1 23.8 20.4 14.8 37.0 17.0 24.9 22.3
EV / EBITDA 3-point trend, +82.0% 40.8 57.6 22.4 · · · · · · · · ·
EV / FCF 3-point trend, +16.0% 27.9 37.5 24.1 · · · · · · · · ·
EV / Revenue 3-point trend, +55.9% 10.9 12.4 7.0 · · · · · · · · ·
Dividend Yield 12-point trend, -42.9% 1.7% 1.6% 2.1% 2.1% 1.2% 2.0% 1.9% 2.2% 1.8% 2.6% 2.6% 2.9%
Earnings Yield 10-point trend, -46.7% 1.9% 1.5% 4.1% 3.6% 2.0% 2.8% · 4.6% 2.3% 4.3% 3.7% ·
Payout Ratio 12-point trend, +17.6% 84.9% 109.8% 50.7% 56.2% 79.8% 72.6% 57.0% 47.0% 82.8% 59.6% 70.5% 72.2%
Annual Payout 12-point trend, +323.7% $1.92B $1.80B $1.68B $1.54B $1.11B $886M $777M $703M $602M $513M $491M $454M

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-11-012024-11-022023-10-282022-10-292021-10-30
Revenue $11.02B$9.43B$12.31B$12.01B$7.32B
Gross Margin % 61.5%57.1%64.0%62.7%61.8%
Operating Margin % 26.6%21.6%31.1%27.3%23.1%
Net Income $2.27B$1.64B$3.31B$2.75B$1.39B
Diluted EPS $4.56$3.28$6.55$5.25$3.46
Balance Sheet
2025-11-012024-11-022023-10-282022-10-292021-10-30
Debt / Equity 0.30.20.2——
Current Ratio 2.21.81.42.01.9
Quick Ratio 1.61.20.81.31.2
Cash Flow
2025-11-012024-11-022023-10-282022-10-292021-10-30
Free Cash Flow $4.28B$3.12B$3.56B$3.78B$2.39B

ADI AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

I see Analog Devices riding a semiconductor demand wave into 2026Q2, with pricing power intact and earnings accelerating. The stock has surged 41% from April lows around $172 to recent closes near $245, confirming broad market conviction in the recovery. EPS TTM has climbed to $4.57, meaning the core business is delivering more profit per share as volumes rebound. Net margin TTM at 20.58% underscores operational leverage kicking in, a key edge over cyclical peers.

↓ Bearish

My read is that ADI's lofty valuation leaves no room for error in a volatile chip sector, especially with returns lagging top peers. P/E TTM sits at 58.6, pricing in perfection when earnings growth could stall on inventory gluts. ROE TTM of just 6.57% trails leaders like AVGO's 31%, signaling weak capital efficiency despite buybacks. Debt/equity rising to 25.41% adds risk if rates stay elevated or demand softens.

Claude NEUTRAL 0.62
↑ Bullish

Analog Devices is quietly improving its profitability while the market still prices it like a cyclical chip stock. Net margin expanded to 20.58% from 18.65% a year ago, and that tells me the company is extracting more value per dollar of revenue even as gross margins hold steady at 61.47%. EPS grew to $4.57 from $3.67 in the same span. The stock trades at 58.6 times trailing earnings, which is actually below Broadcom's 71x and well below AMD's 105x. If ADI can sustain this margin trajectory, the valuation multiple compresses naturally and you get both earnings growth and multiple expansion.

↓ Bearish

The return on equity of 6.6% is anemic for a company trading at 58 times earnings—it suggests the business is not deploying capital efficiently despite the premium valuation. Debt-to-equity jumped to 25.41 from 20.56 in a single quarter, a red flag that management is leveraging the balance sheet aggressively. The price has run 42% in twelve weeks, from $172 to $245, on what appears to be sentiment rather than fundamental acceleration. At this valuation, ADI needs to prove it can sustain double-digit earnings growth for years. One miss and the multiple compresses hard.

Gemini NEUTRAL 0.70
↑ Bullish

Analog Devices is successfully widening its profit margins even as the broader semiconductor cycle remains choppy. The company maintained a 61.47% gross margin over the trailing twelve months. This reflects a persistent ability to command premium pricing for its specialized signal processing hardware despite fluctuating industrial demand. Furthermore, the net profit margin has climbed to 20.58%. This indicates that management is effectively converting top-line revenue into bottom-line earnings, providing a solid cushion as they navigate the current capital-intensive environment.

↓ Bearish

The valuation premium currently attached to Analog Devices is difficult to justify given its relatively sluggish capital efficiency. The stock trades at a 58.56 P/E ratio. This suggests investors are paying a high price for earnings growth that has yet to fully materialize in the share price. Additionally, the return on equity sits at just 6.57%. This is a meager return on the capital shareholders have invested, especially when compared to more efficient peers in the chip sector who are generating significantly higher returns on their invested equity.

Chatgpt NEUTRAL 0.62
↑ Bullish

I think ADI has durable margin power and cash flow that can lift the stock into 2026Q2. EPS TTM: 4.57 per share. That implies a solid run-rate earnings base for ADI. Gross margin: 61.47%. This margin supports strong operating leverage as volumes recover. Current ratio: 2.19. This liquidity cushion backs capex and potential buybacks without putting strain on the balance sheet. Claude, Grok, Gemini, I'll keep an eye on how the leverage evolves.

↓ Bearish

I think the valuation is stretched for this quality tier. P/E TTM: 58.57. That implies the stock is priced for very strong growth and can suffer if earnings disappoint. ROE TTM: 6.57%. That is well below peers, signaling weaker efficiency turning equity into profit. Debt/Equity: 25.41. That leverage could constrain flexibility if rates stay elevated or demand softens. Claude, Grok, Gemini, I'll be watching the ROE gap and leverage closely. That risk is not unique to ADI; peers look richer on several metrics.

Round 2 — Responses & Rebuttals

Grok

Claude, your bearish take on debt-to-equity jumping to 25.41 overlooks the ample liquidity cushion that makes it manageable. At a current ratio of 2.19, ADI holds more than twice the short-term assets needed to cover liabilities, freeing management to invest in growth without panic. This isn't aggressive leveraging—it's smart capital allocation in a recovering cycle, especially with net margins expanding to 20.58%.

Claude

I need to push back on Grok's read of that 41% price move as 'broad market conviction in the recovery.' The stock ran from $172 in late April to $245 in early July—that's real momentum, but it happened while ROE actually fell from 5.22% to 6.57%, which is still anemic. The earnings beat is real: EPS up from $3.67 to $4.57. But Grok, you're treating the price action as validation of fundamentals when the move looks more like multiple expansion on hope than earnings acceleration on proof. That's exactly the risk I flagged—one miss and the multiple compresses hard.

Gemini

Claude, your point about ADI's margin trajectory is compelling, but I think you are underestimating the risk hidden in the debt-to-equity ratio. That figure has climbed to 25.41. This means the company is increasingly relying on borrowed money to fuel its operations rather than organic cash flow, which is a dangerous move in a high-rate environment. While you see potential for multiple expansion, I fear that rising leverage will actually force the market to discount the stock further, regardless of how well the margins hold up.

Chatgpt

Claude, your leverage concern misses the bigger picture of ADI's liquidity cushion and cash generation. Debt/Equity is 25.41. That level mostly reflects using debt to fund buybacks and capex, which can lift earnings per share while preserving balance-sheet flexibility. In plain terms, ADI can continue investing and buying back shares while maintaining liquidity, as long as rates stay favorable for now.

Round 3 — Final Rebuttals

G
Grok

Claude, you claimed ROE fell from 5.22% to 6.57%, but the data shows it rose—that's actual progress in capital efficiency, not decline. For ADI, this uptick means shareholders are getting more profit per dollar of equity as earnings accelerate, directly supporting the price run from $172 to $245. ChatGPT, I agree your point on debt funding buybacks aligns here; it's enhancing EPS without eroding returns. This bolsters my hold into 2026Q2, as fundamentals are catching up to sentiment.

C
Claude

I want to push back on ChatGPT and Grok on the debt-to-equity reading. You're both treating 25.41 as manageable because the current ratio is 2.19, but that's a liquidity argument, not a leverage argument—they're different risks. A 25.41 D/E ratio means ADI has $25 of debt for every $1 of equity, which is structurally high for a semiconductor company, even with strong cash flow. The current ratio tells you ADI can pay short-term bills; it doesn't tell you whether that debt load constrains strategic flexibility or crushes returns if margins compress. Grok, the net margin at 20.58% is real, but it's not insulating the company from the fact that leverage amplifies downside in a downturn. That's the actual risk, and liquidity doesn't erase it.

G
Gemini

Grok, I disagree with your assessment that the current 2.19 current ratio effectively neutralizes the leverage risk Claude and I flagged. That ratio measures short-term liquidity, but it does nothing to address the long-term structural debt burden reflected in the 25.41 debt-to-equity ratio. This indicates a growing reliance on external financing to support operations, which is a structural vulnerability if the industrial demand cycle stalls. I am particularly concerned about ADI's heavy exposure to the automotive and industrial sectors; if those end-markets see a slowdown in 2026, that debt becomes a significant drag on cash flow.

C
Chatgpt

Claude, Grok, Gemini, I side with Claude on the number—it's about 42%, not 41% for the price move we've seen since late April. Price moved roughly 42% from a late-April $172 dip to a $245 print. That magnitude signals multiple expansion rather than a clear earnings upgrade, so the stock could stall if 2026 results don’t confirm stronger profit growth and sustained margin upside remains elusive.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $255.00 6M Target $275.00 Reasoning I expect ADI to deliver steady gains into 2026Q2 as earnings acceleration validates the rally from $172 lows, though leverage caps big upside. The key catalyst is the 2026Q2 earnings print in late July, where sustained net margins near 20.6% could prompt analysts to lift targets and spark 5-10% multiple expansion. A concrete risk is automotive sector weakness revealed in that guidance, amplifying the 25.41 debt/equity burden and forcing deleveraging. At 58.6 P/E now, ADI trades as if perfection is guaranteed; for this company, that means no room for end-market slowdowns without a sharp 15% pullback.
C Claude 3M Target $228.00 6M Target $215.00 Reasoning ADI has priced in margin recovery and earnings acceleration, but the 6.6% ROE—even after the uptick Grok flagged—remains structurally weak for a 58.6x P/E multiple. My thesis: the stock compresses on valuation mean reversion, not fundamental collapse. Catalyst: 2026Q2 earnings in late July will reveal whether the 20.58% net margin holds or contracts under industrial demand pressure. Risk: if automotive and industrial verticals accelerate faster than consensus expects, multiple stays elevated. The 58.6x P/E assumes years of double-digit EPS growth; one quarter of flat guidance triggers a 10–15% pullback. I'm revising my hold to a modest downside bias over six months as sentiment normalizes.
G Gemini 3M Target $235.00 6M Target $255.00 Reasoning I believe Analog Devices is entering a consolidation phase as the market reconciles its premium valuation with cyclical industrial realities. My 6-month target relies on the 2026Q2 earnings print, where I expect management to demonstrate that their specialized signal processing hardware is capturing higher-margin demand in automotive sectors. The primary risk is a macro-driven slowdown in industrial capital expenditures that would force a contraction in their 61.47% gross margin. At a 58.56 P/E ratio, the stock is priced for perfection, meaning any guidance revision downward will likely trigger a sharp correction. I am holding because the current liquidity cushion provides a buffer, but I expect volatility until earnings growth catches up to the current share price.
C Chatgpt 3M Target $210.00 6M Target $235.00 Reasoning I think ADI can drift higher into 2026Q2 on margin durability and a recovering demand cycle. Catalyst: the Q2 2026 earnings release in late July, with EPS above consensus and a raised full-year outlook. Risk: a disappointing print or a sharper-than-expected slowdown in auto and industrial end-markets could trigger meaningful multiple compression. 3-month target: around 210. 6-month target: around 235. P/E is about 58.6x. That premium means any miss could trigger a sharp re-rating.

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Institutional owners (13F) 2,500 filers · $108.2B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
296 (-16 vs prior Q) 109 (+16 vs prior Q) 853 (+99 vs prior Q) 829 (+12 vs prior Q) +58.4M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $12,650,026,545 31,850,408 11.69% Shares
VANGUARD GROUP INC $12,508,240,296 46,121,830 11.56% Shares
STATE STREET CORP $9,397,438,973 23,660,999 8.68% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $5,821,641,206 14,657,807 5.38% Shares
GEODE CAPITAL MANAGEMENT, LLC $4,290,461,200 10,824,456 3.96% Shares
NORGES BANK $3,244,536,142 8,169,137 3.00% Shares
VAN ECK ASSOCIATES CORP $3,115,382,019 7,843,951 2.88% Shares
FMR LLC $1,927,952,538 4,854,225 1.78% Shares
AMERIPRISE FINANCIAL INC $1,611,390,671 4,057,486 1.49% Shares
RAYMOND JAMES FINANCIAL INC $1,252,683,472 3,154,023 1.16% Shares
PRIMECAP MANAGEMENT CO/CA/ $1,242,478,827 3,128,329 1.15% Shares
NEUBERGER BERMAN GROUP LLC $1,101,881,632 2,774,386 1.02% Shares
VANGUARD FIDUCIARY TRUST CO $1,090,198,685 2,744,917 1.01% Shares
BANK OF AMERICA CORP /DE/ $979,177,358 2,465,386 0.90% Shares
UBS Group AG $978,653,490 2,464,067 0.90% Shares
DIMENSIONAL FUND ADVISORS LP $846,863,263 2,132,245 0.78% Shares
BARCLAYS PLC $822,113,305 2,069,928 0.76% Shares
Rafferty Asset Management, LLC $784,425,048 1,975,036 0.72% Shares
Sumitomo Mitsui Trust Group, Inc. $692,812,227 1,744,372 0.64% Shares
CANADA PENSION PLAN INVESTMENT BOARD $678,715,472 1,708,879 0.63% Shares
LAZARD ASSET MANAGEMENT LLC $644,041,757 1,621,577 0.60% Shares
ENVESTNET ASSET MANAGEMENT INC $640,582,547 1,612,872 0.59% Shares
First Pacific Advisors, LP $634,878,628 1,598,506 0.59% Shares
Robeco Institutional Asset Management B.V. $632,029,331 1,591,332 0.58% Shares
BNP PARIBAS FINANCIAL MARKETS $603,852,502 1,520,388 0.56% Shares
AMERICAN CENTURY COMPANIES INC $558,303,948 1,405,705 0.52% Shares
National Pension Service $556,955,066 1,402,309 0.51% Shares
BlackRock, Inc. $551,123,418 1,387,626 0.51% Shares
Swiss National Bank $546,885,217 1,376,955 0.51% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $519,423,997 1,632,690 0.48% Shares
Legal & General Group Plc $501,406,075 1,262,447 0.46% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $500,413,944 1,259,949 0.46% Shares
FIRST TRUST ADVISORS LP $490,818,433 1,235,789 0.45% Shares
VICTORY CAPITAL MANAGEMENT INC $488,831,659 1,230,737 0.45% Shares
GOLDMAN SACHS GROUP INC $463,541,844 1,167,112 0.43% Shares
Pictet Asset Management Holding SA $451,313,406 1,136,323 0.42% Shares
ALLIANCEBERNSTEIN L.P. $446,866,125 1,404,621 0.41% Shares
Vanguard Global Advisers, LLC $419,295,149 1,055,707 0.39% Shares
California Public Employees Retirement System $401,969,005 1,012,083 0.37% Shares
Squarepoint Ops LLC $375,608,832 945,713 0.35% Shares
CAPITOLIS LIQUID GLOBAL MARKETS LLC $373,198,805 939,645 0.34% Shares
Alecta Tjanstepension Omsesidigt $366,420,838 923,300 0.34% Shares
Alyeska Investment Group, L.P. $355,550,953 895,211 0.33% Shares
VANGUARD ASSET MANAGEMENT, Ltd $354,758,599 893,216 0.33% Shares
PineStone Asset Management Inc. $351,095,500 883,993 0.32% Shares
Ensign Peak Advisors, Inc $346,788,986 873,150 0.32% Shares
RHUMBLINE ADVISERS $344,837,940 868,238 0.32% Shares
JONES FINANCIAL COMPANIES LLLP $301,138,642 778,317 0.28% Shares
CITADEL ADVISORS LLC $296,368,254 746,200 0.27% Put option
ROYAL BANK OF CANADA $295,715,000 744,554 0.27% Shares
CITADEL ADVISORS LLC $286,280,136 720,800 0.26% Call option
JANE STREET GROUP, LLC $260,543,520 656,000 0.24% Call option
PRUDENTIAL FINANCIAL INC $253,701,075 638,772 0.23% Shares
WELLINGTON MANAGEMENT GROUP LLP $251,795,454 633,974 0.23% Shares
AVIVA PLC $250,803,720 631,477 0.23% Shares
LPL Financial LLC $245,655,252 618,514 0.23% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $240,056,991 754,564 0.22% Shares
ProShare Advisors LLC $240,045,180 604,389 0.22% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $239,377,574 604,092 0.22% Shares
Nuveen, LLC $228,299,757 574,816 0.21% Shares
ING GROEP NV $225,973,446 568,959 0.21% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $225,601,074 568,032 0.21% Shares
Palestra Capital Management LLC $225,174,737 566,948 0.21% Shares
CINCINNATI INSURANCE CO $224,247,742 564,614 0.21% Shares
TD Asset Management Inc $220,316,157 554,715 0.20% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $218,217,510 549,431 0.20% Shares
FLOSSBACH VON STORCH SE $215,714,942 543,130 0.20% Shares
Public Sector Pension Investment Board $213,126,982 536,614 0.20% Shares
JANE STREET GROUP, LLC $212,525,667 535,100 0.20% Put option
Assenagon Asset Management S.A. $210,075,128 528,930 0.19% Shares
Robeco Schweiz AG $209,511,941 527,512 0.19% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $207,085,232 521,402 0.19% Shares
NEW YORK STATE COMMON RETIREMENT FUND $205,811,905 518,196 0.19% Shares
Caisse de depot et placement du Quebec $195,830,229 493,064 0.18% Shares
HUNTINGTON NATIONAL BANK $194,861,913 490,625 0.18% Shares
BROWN ADVISORY INC $188,729,986 475,187 0.17% Shares
Fenimore Asset Management Inc $187,450,433 471,965 0.17% Shares
OAKTOP CAPITAL MANAGEMENT II, L.P. $185,159,066 466,196 0.17% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $181,914,589 458,177 0.17% Shares
DAVENPORT & Co LLC $177,453,619 448,231 0.16% Shares
CINCINNATI FINANCIAL CORP $177,086,188 445,870 0.16% Shares
Baird Financial Group, Inc. $172,844,969 435,191 0.16% Shares
Capital International Investors $167,852,413 422,621 0.16% Shares
PANAGORA ASSET MANAGEMENT INC $165,080,930 415,643 0.15% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $164,588,440 414,403 0.15% Shares
Bahl & Gaynor LLC $160,833,992 404,950 0.15% Shares
Man Group plc $160,123,454 403,161 0.15% Shares
JOHNSON INVESTMENT COUNSEL INC $159,953,302 402,733 0.15% Shares
FLPUTNAM INVESTMENT MANAGEMENT CO $159,915,878 402,638 0.15% Shares
Unisphere Establishment $158,868,000 400,000 0.15% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $158,485,525 399,037 0.15% Shares
Focus Partners Wealth $154,362,278 388,663 0.14% Shares
Cartenna Capital, LP $152,910,450 385,000 0.14% Shares
Fiera Capital Corp $152,288,482 383,434 0.14% Shares
Quantinno Capital Management LP $151,396,994 381,189 0.14% Shares
Altshuler Shaham Ltd $150,527,430 379,000 0.14% Shares
MILLENNIUM MANAGEMENT LLC $148,859,316 374,800 0.14% Call option
NEOS Investment Management LLC $148,442,288 373,750 0.14% Shares
Qube Research & Technologies Ltd $146,440,154 368,709 0.14% Shares
Oribel Capital Management, LP $144,411,012 363,600 0.13% Shares

Company insiders 63 insiders · 32 officers · 29 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Jerald Fishman CEO March 13, 2013 M 358,945 0 0 $0
Richard C Puccio Jr EVP and CFO April 7, 2026 A 57,969 0 0 $0
James Michael Mollica Interim CFO Dec. 11, 2023 A — 0 0 $0
Prashanth Mahendra-Rajah EVP, Finance & CFO Oct. 25, 2023 M 47,576 0 0 $0
David Zinsner SVP, Finance & CFO March 17, 2017 A 30,068 0 0 $0
Joseph E Mcdonough VP, FINANCE & CFO June 3, 2008 M 3,756 0 0 $0
Martin Cotter SVP, Vertical Business Units June 2, 2026 M 56,332 0 1 $-7,354,292
Katsufumi Nakamura SVP, Chief Customer Officer April 7, 2026 A 16,230 0 0 $0
Michael Sondel CAO (principal acct. officer) April 7, 2026 A 15,855 0 0 $0
Vivek Jain EVP, Global Operations April 7, 2026 A 48,823 0 0 $0
Gregory M Bryant EVP & Pres. Global Bus. Units Nov. 1, 2024 S 59,093 0 0 $0
Anelise Angelino Sacks EVP, Chief Customer Officer Sept. 10, 2024 A 22,010 0 0 $0
Gregory N. Henderson SVP, Atmtve, Comm, ArSpc & Def Aug. 26, 2021 A 5,858 0 0 $0
Steve Pietkiewicz SVP, Power Products Jan. 6, 2021 S 30,312 0 0 $0
Yusuf Jamal SVP, Ind, Hlthcr, Cons, IoT May 23, 2019 M 0 0 0 $0
Margaret K Seif SVP, CPO and CLO March 29, 2019 M 21,869 0 0 $0
Eileen Wynne VP, Chief Accounting Officer Feb. 21, 2019 M 2,152 0 0 $0
Real Peter SVP & Chief Technology Officer Aug. 31, 2018 M 13,600 0 0 $0
Jean Philibert SVP, Human Resources Nov. 22, 2017 M 0 0 0 $0
Rick D Hess Executive Vice President April 3, 2017 M 49,557 0 0 $0
Richard Meaney Senior Vice President Sept. 16, 2016 M 24,484 0 0 $0
William R Matson SVP, Human Resources Nov. 27, 2015 M 22,542 0 0 $0
Robert R Marshall SVP, WORLDWIDE MFG. March 24, 2015 M 20,259 0 0 $0
Thomas Wessel SVP, WW Sales & Mkting March 23, 2015 S 0 0 0 $0
Robert P Mcadam EVP, STR BUS SGMT GRP July 1, 2014 M 198,550 0 0 $0
Samuel H Fuller VP, RESEARCH & DEVELOPMENT March 4, 2014 M 14,678 0 0 $0
Robert Yung VP, Corp Dev & Chief Strat Off March 12, 2013 A 0 0 0 $0
Seamus M. Brennan VP, Chief Accounting Officer March 5, 2013 M 11,597 0 0 $0
Brian Mcaloon VP, DSP & SYS PRODUCTS GRP Dec. 20, 2007 M 23,204 0 0 $0
William Giudice VP & GEN MGR, MCRO PROD DIV April 13, 2007 M 516 0 0 $0
William A Martin TREASURER Aug. 29, 2006 M 0 0 0 $0
Tracy S Keogh VP, HUMAN RESOURCES Dec. 6, 2005 A 393 0 0 $0
Karen Golz Director July 13, 2026 S 11,019 0 2 $-801,780
Mercedes Johnson Director March 11, 2026 A 4,948 0 0 $0
Stephen M Jennings Director March 11, 2026 A 4,000 0 0 $0
Yoky Matsuoka Director Feb. 17, 2026 A 97 0 0 $0
Andre' Andonian Director March 12, 2025 A 4,238 0 0 $0
Susie Wee Director March 12, 2025 A 9,344 0 0 $0
Andrea F Wainer Director March 12, 2025 A 1,596 0 0 $0
Edward H. Frank Director March 12, 2025 A 6,118 0 0 $0
Peter B. Henry Director March 12, 2025 A 2,679 0 0 $0
Laurie H Glimeher Director March 12, 2025 A 7,123 0 0 $0
James Champy Director July 1, 2024 G 7,886 0 0 $0
Anantha P. Chandrakasan Director March 8, 2024 M 8,853 0 0 $0
Kenton J Sicchitano Director March 8, 2024 M 28,717 0 0 $0
Tunc Doluca Director March 1, 2023 S 59,657 0 0 $0
Bruce R Evans Director June 17, 2022 P 104,008 0 0 $0
Mark M Little Director Aug. 26, 2021 A 8 0 0 $0
Lisa T Su Director March 11, 2020 M 15,030 0 0 $0
Neil S Novich Director March 11, 2020 M 26,930 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 252 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
ULTY · Tidal Trust II 5.46% 116,000 NS April 30, 2026 N-PORT
PSI · Invesco Exchange-Traded Fund Trust 5.07% 329,575 SH Aug. 8, 2026 Daily
QQQA · ProShares Trust 4.21% 4,622 NS May 31, 2026 N-PORT
SOXQ · Invesco Exchange-Traded Fund Trust … 3.95% 292,039 SH Aug. 8, 2026 Daily
SOXX · iShares Trust 3.94% 4,545,270 SH Aug. 8, 2026 Daily
SOXY · Tidal Trust II 3.94% 4,880 NS April 30, 2026 N-PORT
NRSH · Tidal Trust I 3.57% 2,446 NS April 30, 2026 N-PORT
CHPY · Tidal Trust II 3.52% 54,520 NS April 30, 2026 N-PORT
CHPS · DBX ETF Trust 3.49% 7,549 NS May 29, 2026 N-PORT
IWFG · New York Life Investments Active ET… 3.40% 4,857 NS April 30, 2026 N-PORT
QQQG · Pacer Funds Trust 3.14% 880 NS April 30, 2026 N-PORT
XT · iShares Trust 2.97% 308,279 SH Aug. 8, 2026 Daily
HGRO · ETF Opportunities Trust 2.87% 6,933 NS April 30, 2026 N-PORT
TDVI · First Trust Exchange-Traded Fund IV 2.76% 28,636 NS April 30, 2026 N-PORT
MFSV · MFS Active Exchange Traded Funds Tr… 2.74% 31,441 NS May 31, 2026 N-PORT
TDV · ProShares Trust 2.66% 18,601 NS May 31, 2026 N-PORT
XPND · First Trust Exchange-Traded Fund VI… 2.59% 2,568 NS May 31, 2026 N-PORT
HEQQ · J.P. Morgan Exchange-Traded Fund Tr… 2.56% 2,017 NS April 30, 2026 N-PORT
FLV · AMERICAN CENTURY ETF TRUST 2.52% 21,446 NS May 31, 2026 N-PORT
NUDV · Nushares ETF Trust 2.36% 2,660 NS April 30, 2026 N-PORT
EQTY · Valued Advisers Trust 2.20% 71,798 NS April 30, 2026 N-PORT
COWG · Pacer Funds Trust 2.09% 113,002 NS April 30, 2026 N-PORT
NULV · Nushares ETF Trust 2.02% 104,454 NS April 30, 2026 N-PORT
SOXL · Direxion Shares ETF Trust 1.95% 822,382 NS April 30, 2026 N-PORT
TECB · iShares Trust 1.94% 24,779 SH Aug. 8, 2026 Daily
TEC · Harbor ETF Trust 1.89% 318 NS April 30, 2026 N-PORT
PEXL · Pacer Funds Trust 1.84% 2,092 NS April 30, 2026 N-PORT
LOWV · AB Active ETFs, Inc. 1.80% 8,911 NS May 31, 2026 N-PORT
FDLO · FIDELITY COVINGTON TRUST 1.69% 58,555 NS April 30, 2026 N-PORT
ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 1.61% 296 NS April 30, 2026 N-PORT
ACLC · AMERICAN CENTURY ETF TRUST 1.59% 11,812 NS May 31, 2026 N-PORT
FTLS · First Trust Exchange-Traded Fund III 1.58% 90,283 NS April 30, 2026 N-PORT
QLV · FlexShares Trust 1.53% 6,461 NS April 30, 2026 N-PORT
VFMV · VANGUARD WELLINGTON FUND 1.53% 16,134 SH Aug. 8, 2026 Daily
ZECP · Zacks Trust 1.52% 12,606 NS May 31, 2026 N-PORT
SEMI · Columbia ETF Trust I 1.48% 1,565 NS April 30, 2026 N-PORT
MTUM · iShares Trust 1.45% 977,846 SH Aug. 8, 2026 Daily
FMAG · FIDELITY COVINGTON TRUST 1.45% 9,100 NS April 30, 2026 N-PORT
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU… 1.43% 3,771 NS April 30, 2026 N-PORT
FLCV · Federated Hermes ETF Trust 1.40% 3,263 NS May 31, 2026 N-PORT
PWB · Invesco Exchange-Traded Fund Trust 1.32% 81,928 SH Aug. 8, 2026 Daily
RSPT · Invesco Exchange-Traded Fund Trust 1.28% 192,775 SH Aug. 8, 2026 Daily
QQQE · Direxion Shares ETF Trust 1.17% 35,386 NS April 30, 2026 N-PORT
NBCR · Neuberger Berman ETF Trust 1.10% 23,575 NS May 31, 2026 N-PORT
QTOP · iShares Trust 1.08% 8,257 SH Aug. 8, 2026 Daily
TECL · Direxion Shares ETF Trust 1.02% 119,594 NS April 30, 2026 N-PORT
IWLG · New York Life Investments Active ET… 1.01% 7,970 NS April 30, 2026 N-PORT
XOEF · iShares Trust 1.01% 614 SH Aug. 8, 2026 Daily
WINN · Harbor ETF Trust 1.00% 27,156 NS April 30, 2026 N-PORT
FWD · AB Active ETFs, Inc. 0.96% 66,951 NS May 31, 2026 N-PORT