ADI Analog Devices, Inc. - Common Stock

NASDAQ · Semiconductors · View on SEC EDGAR ↗

$405.32

Price · May 20, 2026

Fundamentals as of Feb 18, 2026

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

Price

$405.32

Market Cap

$114.64B

P/E (TTM)

51.3

EPS (TTM)

$4.56

Revenue (TTM)

$11.02B

Div Yield

1.7%

ROE

6.6%

Debt/Equity

0.3

52W Range

$206 – $436

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

2016-10-29 → 2025-11-01

EPS $4.56

2020-10-31 → 2025-11-01

Free Cash Flow $4.28B

2016-10-29 → 2025-11-01

Margins 20.6%

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)

51.3

33.1

P/S (TTM)

10.4

9.2

P/B

3.4

5.5

EV / EBITDA

40.8

—

Price / FCF

26.8

—

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

Metric

5Y trend

ADI

Peer Median

Gross Margin

61.5%

54.6%

Operating Margin

26.6%

—

Net Profit Margin

20.6%

25.6%

ROA

4.7%

11.1%

ROE

6.6%

19.9%

ROIC

5.8%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

ADI

Peer Median

Debt / Equity

0.3

31.8

Current Ratio

2.2

2.4

Quick Ratio

1.6

—

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

Metric

5Y trend

ADI

Peer Median

Revenue YoY

16.9%

—

Revenue CAGR 3Y

-2.8%

—

Revenue CAGR 5Y

14.5%

—

EPS YoY

39.0%

—

Net Income YoY

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)

$4.56

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

ADI

Peer Median

Payout Ratio

84.9%

—

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

Dividend Yield

1.7%

Payout Ratio

84.9%

5Y Div CAGR

—

Ex-date	Amount
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
May 27, 2021	$0.6900

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

BUY 41 analysts

Strong Buy 12 29.3%
Buy 22 53.7%
Hold 7 17.1%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

31 analysts · 2026-05-19

Median $400.00

Now $405.32

Low $295.00

High $510.00

Median target $400.00 -1.3%

Mean target $408.03 +0.7%

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 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%
QCOM	$181.72B	33.8	13.7%	12.5%	22.7%	—
MRVL	$68.75B	26.4	42.1%	32.6%	19.3%	51.0%
MPWR	$44.15B	70.5	26.4%	22.3%	18.0%	55.2%
MCHP	$26.08B	-4841.0	-42.4%	-0.01%	-0.01%	56.1%
MRVL	$68.75B	26.4	42.1%	32.6%	19.3%	51.0%

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

Income Statement 18

Annual Income Statement data for ADI
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$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	$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	$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	$1.77B	$1.49B	$1.66B	$1.70B	$1.30B	$1.05B	$1.13B	$1.17B	$968M	$654M	$637M	$560M
SG&A Expense	$1.26B	$1.07B	$1.27B	$1.27B	$915M	$660M	$648M	$696M	$691M	$461M	$479M	$455M
Operating Expenses	$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	$2.93B	$2.03B	$3.82B	$3.28B	$1.69B	$1.50B	$1.71B	$1.90B	$1.16B	$1.03B	$831M	$752M
Interest Expense	·	·	$265M	$200M	$185M	$193M	$229M	$254M	$251M	$89M	$27M	$35M
Interest Income	$105M	$79M	$41M	$7M	$1M	$4M	$10M	$9M	$30M	$21M	$9M	$12M
Other Non-op	$-8M	$-12M	$8M	$14M	$35M	$2M	$-6M	$-69.0K	$-8M	$-4M	$-2M	$-528.0K
Pretax Income	$2.71B	$1.78B	$3.61B	$3.10B	$1.33B	$1.31B	$1.49B	$1.66B	$935M	$957M	$810M	$729M
Income Tax	$445M	$142M	$293M	$350M	$-62M	$91M	$123M	$148M	$129M	$95M	$113M	$100M
Net Income	$2.27B	$1.64B	$3.31B	$2.75B	$1.39B	$1.22B	$1.36B	$1.51B	$805M	$862M	$697M	$629M
EPS (Basic)	$4.59	$3.30	$6.60	$5.29	$3.50	$3.31	·	·	·	·	·	·
EPS (Diluted)	$4.56	$3.28	$6.55	$5.25	$3.46	$3.28	·	·	·	·	·	·
Shares (Basic)	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)	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	$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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$2.50B	$1.99B	$958M	$1.47B	$1.98B	$1.06B	$648M	$817M	$1.05B	$921M	$884M	$569M
Short-term Investments	$1.15B	$372M	$0	·	·	·	·	·	$0	$3.13B	$2.14B	$2.30B
Receivables	$1.44B	$1.34B	$1.47B	$1.80B	$1.46B	$738M	$635M	$640M	$689M	$478M	$467M	$397M
Inventory	$1.66B	$1.45B	$1.64B	$1.40B	$1.20B	$608M	$610M	$587M	$551M	$377M	$412M	$368M
Prepaid Expense	$363M	$337M	$314M	$267M	$741M	$116M	$92M	$69M	$60M	$59M	$41M	$45M
Current Assets	$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)	$3.32B	$3.42B	$3.22B	$2.40B	$1.98B	$1.12B	$1.22B	$1.15B	$1.11B	$636M	$644M	$622M
PP&E (Gross)	$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	$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	$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	$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	$743M	$749M	$743M	$520M	$384M	$17.83B	$18.19B	$63M	$56M	$47M	$41M	$50M
Total Assets	$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	$544M	$487M	$493M	$582M	$443M	$227M	$225M	$261M	$237M	$171M	$174M	$139M
Accrued Liabilities	$1.65B	$1.11B	$1.35B	$1.59B	$1.48B	$956M	$796M	$630M	$499M	$256M	$250M	$229M
Short-term Debt	$447M	$948M	$547M	$0	·	·	·	·	·	·	·	·
Current Liabilities	$3.25B	$2.99B	$3.20B	$2.44B	$2.77B	$1.36B	$1.51B	$1.05B	$1.60B	$783M	$1.11B	$709M
Capital Leases	$284M	$319M	$360M	$337M	$296M	$288M	·	·	·	·	·	·
Deferred Tax	$2.16B	$2.62B	$3.13B	$3.62B	$3.94B	$1.92B	$2.09B	$990M	$1.67B	$110M	$227M	$236M
Other Non-current Liabilities	$522M	$544M	$581M	$515M	$556M	$449M	$240M	$112M	$76M	$153M	$126M	$263M
Long-term Debt	$8.15B	$7.03B	$6.40B	$6.58B	$6.78B	·	·	·	·	·	·	·
Total Debt	$8.59B	$7.58B	$6.95B	·	·	·	·	·	·	·	·	·
Common Stock	$82M	$83M	$83M	$85M	$88M	$62M	$61M	$62M	$61M	$51M	$52M	$52M
Retained Earnings	$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	$-155M	$-185M	$-188M	$-198M	$-187M	$-249M	$-188M	$-58M	$-61M	$-74M	$-51M	$-169M
Stockholders' Equity	$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	$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	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Stock-based Comp	$322M	$263M	$300M	$323M	$244M	$150M	$150M	$151M	$104M	$63M	$69M	$51M
Deferred Tax	$-247M	$-368M	$-453M	$-327M	$-407M	$-114M	$-91M	$-730M	$-810M	$8M	$-52M	$-78M
Amort. of Intangibles	$1.59B	$1.74B	$1.96B	$2.01B	$843M	$577M	$571M	$571M	$389M	$75M	$92M	$28M
Restructuring	·	·	·	·	·	$52M	$96M	$61M	$49M	$14M	$0	$37M
Operating Cash Flow	$4.81B	$3.85B	$4.82B	$4.48B	$2.74B	$2.01B	$2.25B	$2.44B	$1.15B	$1.29B	$908M	$872M
CapEx	$534M	$730M	$1.26B	$699M	$344M	$166M	$275M	$255M	$204M	$127M	$154M	$178M
Investing Cash Flow	$-1.32B	$-1.10B	$-1.27B	$-657M	$2.14B	$-181M	$-293M	$-314M	$-6.62B	$-1.22B	$-17M	$-115M
Stock Repurchased	$2.16B	$616M	$2.96B	$2.58B	$2.61B	$244M	$613M	$226M	$47M	$370M	$227M	$356M
Net Stock Activity	$-2.16B	$-616M	$-2.96B	$-2.58B	$-2.61B	$-244M	$-613M	$-226M	$-47M	$-370M	$-227M	$-356M
Dividends Paid	$1.92B	$1.80B	$1.68B	$1.54B	$1.11B	$886M	$777M	$703M	$602M	$513M	$491M	$454M
Financing Cash Flow	$-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	$508M	$1.03B	$-513M	$-507M	$922M	$408M	$-168M	$-231M	$127M	$37M	$315M	$177M
Free Cash Flow	$4.28B	$3.12B	$3.56B	$3.78B	$2.39B	$1.84B	$1.98B	$2.19B	$908M	$1.15B	$754M	$694M
Levered FCF	·	·	$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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	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	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	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	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	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	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	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	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	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	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	0.3	0.2	0.2	·	·	·	·	·	·	·	·	·
LT Debt / Equity	0.2	0.2	0.2	·	·	·	·	·	·	·	·	·
Interest Coverage	·	·	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	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	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	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$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	$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	$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	$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	$4	$3	$3	·	·	·	·	·	·	·	·
Dividend Paid / Share	$4	$4	$3	$3	$3	$2	$2	$2	$2	$2	$2	$1
EPS (TTM)	$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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	16.9%	-23.4%	2.4%	64.2%	30.6%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-2.8%	8.8%	30.0%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	14.5%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	39.0%	-49.9%	24.8%	51.7%	5.5%	·	·	·	·	·	·	·
EPS CAGR 3Y	-4.6%	-1.8%	25.9%	·	·	·	·	·	·	·	·	·
EPS CAGR 5Y	6.8%	·	·	·	·	·	·	·	·	·	·	·
Net Income YoY	38.6%	-50.7%	20.6%	97.7%	13.9%	·	·	·	·	·	·	·
Net Income CAGR 3Y	-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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$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	$2.27B	$1.64B	$3.31B	$2.75B	$1.39B	$1.22B	$1.36B	$1.51B	$805M	$862M	$697M	$629M
Market Cap	$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	$119.58B	$117.12B	$85.68B	·	·	·	·	·	·	·	·	·
P/E	51.3	68.7	24.5	27.6	50.1	36.1	·	21.8	44.1	23.0	27.3	·
P/S	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	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	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	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	40.8	57.6	22.4	·	·	·	·	·	·	·	·	·
EV / FCF	27.9	37.5	24.1	·	·	·	·	·	·	·	·	·
EV / Revenue	10.9	12.4	7.0	·	·	·	·	·	·	·	·	·
Dividend Yield	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	1.9%	1.5%	4.1%	3.6%	2.0%	2.8%	·	4.6%	2.3%	4.3%	3.7%	·
Payout Ratio	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	$1.92B	$1.80B	$1.68B	$1.54B	$1.11B	$886M	$777M	$703M	$602M	$513M	$491M	$454M

Income Statement 18

Quarterly Income Statement data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue	$3.16B	$3.29B	$2.88B	$2.64B	$2.42B	$2.44B	$2.31B	$2.16B	$2.51B	$2.72B	$3.08B	$3.26B	$3.25B	$3.25B	$3.11B	$2.97B
Cost of Revenue	$1.12B	$1.17B	$1.09B	$1.03B	$993M	$1.03B	$1.00B	$979M	$1.04B	$1.07B	$1.11B	$1.12B	$1.13B	$1.10B	$1.07B	$1.03B
Gross Profit	$2.04B	$2.12B	$1.79B	$1.61B	$1.43B	$1.42B	$1.31B	$1.18B	$1.47B	$1.65B	$1.96B	$2.14B	$2.12B	$2.14B	$2.04B	$1.94B
R&D Expense	$467M	$506M	$454M	$442M	$403M	$379M	$363M	$355M	$391M	$407M	$424M	$416M	$414M	$421M	$432M	$421M
SG&A Expense	$345M	$360M	$326M	$303M	$285M	$277M	$257M	$244M	$290M	$289M	$334M	$324M	$326M	$337M	$327M	$305M
Operating Expenses	$1.05B	$991M	$972M	$934M	$939M	$847M	$820M	$794M	$888M	$1.01B	$1.03B	$1.02B	$994M	$1.04B	$1.15B	$1.03B
Operating Income	$997M	$1.13B	$818M	$678M	$491M	$569M	$491M	$386M	$586M	$634M	$929M	$1.13B	$1.13B	$1.10B	$893M	$918M
Interest Expense	·	·	·	·	·	·	·	$77M	$77M	·	$69M	$63M	$60M	·	$51M	$50M
Interest Income	$32M	$31M	$27M	$22M	$23M	$28M	$26M	$15M	$9M	$9M	$9M	$13M	$11M	$4M	$2M	$563.0K
Other Non-op	$3M	$2M	$-2M	$962.0K	$-4M	$2M	$-10M	$314.0K	$-5M	$-128.0K	$6M	$10M	$-8M	$-11M	$4M	$10M
Pretax Income	$946M	$1.08B	$763M	$626M	$436M	$516M	$423M	$325M	$513M	$572M	$875M	$1.09B	$1.07B	$1.05B	$848M	$879M
Income Tax	$115M	$111M	$245M	$56M	$44M	$38M	$31M	$22M	$51M	$73M	$-2M	$110M	$112M	$112M	$99M	$96M
Net Income	$831M	$966M	$519M	$570M	$391M	$478M	$392M	$302M	$463M	$498M	$877M	$978M	$961M	$936M	$749M	$783M
EPS (Basic)	$1.70	$1.96	$1.05	$1.15	$0.79	$0.97	$0.79	$0.61	$0.93	$1.01	$1.75	$1.94	$1.90	$1.81	$1.45	$1.50
EPS (Diluted)	$1.69	$1.96	$1.04	$1.14	$0.78	$0.95	$0.79	$0.61	$0.93	$1.01	$1.74	$1.92	$1.88	$1.79	$1.44	$1.49
Shares (Basic)	488,874,000	-992,241,000	494,390,000	496,173,000	496,116,000	-992,067,000	496,338,000	496,130,000	495,765,000	-1,009,622,000	500,018,000	504,715,000	507,121,000	-1,045,446,000	517,011,000	522,370,000
Shares (Diluted)	491,656,000	-997,353,000	496,726,000	498,201,000	498,668,000	-997,371,000	498,794,000	498,533,000	498,741,000	-1,017,453,000	503,503,000	508,725,000	511,184,000	-1,053,778,000	520,550,000	526,264,000
EBITDA	$997M	·	$818M	$678M	$491M	·	$491M	$386M	$586M	·	$929M	$1.13B	$1.13B	·	$893M	$918M

Balance Sheet 28

Quarterly Balance Sheet data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Cash & Equivalents	$2.91B	$2.50B	$2.32B	$2.38B	$2.35B	$1.99B	$2.11B	$1.94B	$1.30B	·	$1.15B	$1.18B	$1.67B	·	$1.52B	$1.74B
Short-term Investments	·	$1.15B	·	·	·	$372M	·	$424M	·	·	·	·	·	·	·	·
Receivables	$1.36B	$1.44B	$1.55B	$1.38B	$1.19B	$1.34B	$1.13B	$1.00B	$1.20B	·	$1.62B	$1.62B	$1.63B	·	$1.74B	$1.61B
Inventory	$1.77B	$1.66B	$1.60B	$1.52B	$1.47B	$1.45B	$1.43B	$1.48B	$1.55B	·	$1.71B	$1.65B	$1.52B	·	$1.20B	$1.08B
Prepaid Expense	$426M	$363M	$305M	$305M	$345M	$337M	$342M	$346M	$362M	·	$360M	$303M	$338M	·	$219M	$213M
Current Assets	$7.60B	$7.11B	$6.92B	$5.59B	$5.73B	$5.48B	$5.44B	$5.19B	$4.42B	·	$4.84B	$4.74B	$5.16B	·	$4.69B	$4.63B
PP&E (Net)	$3.25B	$3.32B	$3.30B	$3.34B	$3.36B	$3.42B	$3.40B	$3.42B	$3.28B	$3.22B	$2.92B	$2.74B	$2.52B	$2.40B	$2.18B	$2.09B
PP&E (Gross)	·	$7.41B	·	·	·	$7.19B	·	·	·	·	·	·	·	·	·	·
Accum. Depreciation	·	$4.09B	·	·	·	$3.77B	·	·	·	·	·	·	·	·	·	·
Goodwill	$26.95B	$26.95B	$26.95B	$26.95B	$26.95B	$26.91B	$26.91B	$26.91B	$26.91B	$26.91B	$26.91B	$26.91B	$26.91B	·	$26.92B	$26.92B
Intangibles	$7.63B	$8.01B	$8.40B	$8.79B	$9.18B	$9.59B	$10.00B	$10.43B	$10.87B	·	$11.76B	$12.26B	$12.76B	·	$13.76B	$14.26B
Other Non-current Assets	$806M	$743M	$696M	$702M	$718M	$749M	$767M	$762M	$734M	·	$688M	$634M	$605M	·	$495M	$565M
Total Assets	$47.99B	$47.99B	$48.19B	$47.34B	$47.97B	$48.23B	$48.62B	$48.86B	$48.39B	·	$49.35B	$49.54B	$50.23B	·	$50.35B	$50.80B
Accounts Payable	$549M	$544M	$491M	$429M	$369M	$487M	$425M	$423M	$398M	·	$586M	$569M	$535M	·	$545M	$451M
Accrued Liabilities	$1.58B	$1.65B	$1.46B	$1.35B	$1.17B	$1.11B	$957M	$1.07B	$1.07B	·	$1.28B	$1.51B	$1.39B	·	$1.45B	$1.54B
Short-term Debt	$543M	$447M	$549M	$549M	$548M	$948M	$547M	$548M	$544M	·	$545M	$254M	·	·	·	·
Current Liabilities	$4.33B	$3.25B	$2.98B	$2.69B	$2.97B	$2.99B	$3.23B	$3.30B	$2.92B	·	$2.83B	$2.65B	$2.43B	·	$2.44B	$2.33B
Capital Leases	·	$284M	·	·	·	$319M	·	·	·	·	·	·	·	·	·	·
Deferred Tax	$2.00B	$2.16B	$2.37B	$2.38B	$2.51B	$2.62B	$2.74B	$2.89B	$2.98B	·	$3.15B	$3.33B	$3.48B	·	$3.76B	$3.87B
Other Non-current Liabilities	$534M	$522M	$516M	$519M	$531M	$544M	$537M	$549M	$579M	·	$582M	$560M	$537M	·	$536M	$550M
Long-term Debt	$8.14B	$8.15B	$8.14B	$6.65B	$7.02B	$7.03B	$7.55B	$7.51B	$6.45B	·	$6.52B	$6.52B	$6.58B	·	$6.28B	$6.28B
Total Debt	$8.68B	·	$8.69B	$7.20B	$7.57B	·	$8.10B	$8.06B	$6.99B	·	$545M	$254M	·	·	·	·
Common Stock	$81M	$82M	$82M	$83M	$83M	$83M	$83M	$83M	$83M	·	$83M	$84M	$84M	·	$86M	$87M
Retained Earnings	$10.89B	$10.54B	$10.24B	$10.21B	$10.13B	$10.20B	$10.18B	$10.24B	$10.39B	·	$10.29B	$9.84B	$9.30B	·	$8.18B	$7.82B
AOCI	$-148M	$-155M	$-173M	$-168M	$-185M	$-185M	$-170M	$-177M	$-181M	·	$-171M	$-172M	$-170M	·	$-213M	$-208M
Stockholders' Equity	$33.79B	$33.82B	$34.09B	$35.01B	$35.07B	$35.18B	$35.19B	$35.25B	$35.55B	·	$35.90B	$36.01B	$36.53B	·	$36.64B	$37.10B
Liabilities + Equity	$47.99B	$47.99B	$48.19B	$47.34B	$47.97B	$48.23B	$48.62B	$48.86B	$48.39B	·	$49.35B	$49.54B	$50.23B	·	$50.35B	$50.80B
Shares Outstanding	488,204,157	489,654,097	491,955,436	496,248,196	495,976,483	496,296,854	496,493,455	496,216,857	495,908,150	496,262,000	498,313,956	501,418,304	505,852,499	509,296,000	514,341,531	519,806,028

Cash Flow 13

Quarterly Cash Flow data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Stock-based Comp	$86M	$86M	$85M	·	$78M	$70M	$64M	$58M	$70M	$73M	$83M	$69M	$75M	$81M	$85M	$71M
Deferred Tax	$-61M	$-282M	$154M	·	$-59M	$-98M	$-105M	$-62M	$-102M	$-22M	$-151M	$-134M	$-146M	$-122M	$-82M	$-88M
Amort. of Intangibles	$385M	$390M	$385M	·	$417M	$423M	$438M	$439M	$441M	$453M	$501M	$502M	$502M	$502M	$503M	$504M
Operating Cash Flow	$1.37B	$1.70B	$1.17B	·	$1.13B	$1.05B	$855M	$808M	$1.14B	$1.19B	$1.14B	$1.08B	$1.41B	$1.15B	$1.25B	$1.22B
CapEx	$109M	$215M	$79M	·	$149M	$165M	$154M	$188M	$223M	$476M	$325M	$284M	$176M	$305M	$165M	$119M
Investing Cash Flow	$-107M	$-225M	$-1.23B	·	$-194M	$-112M	$-172M	$-602M	$-219M	$-479M	$-327M	$-285M	$-176M	$-306M	$-134M	$-114M
Stock Repurchased	$516M	$680M	$1.08B	·	$160M	$95M	$118M	$222M	$180M	$470M	$687M	$1.15B	$655M	$818M	$906M	$777M
Net Stock Activity	$-516M	·	·	·	$-160M	·	·	·	$-180M	·	·	·	$-655M	·	·	·
Dividends Paid	$484M	$487M	$490M	·	$456M	$457M	$456M	$456M	$426M	$428M	$430M	$435M	$385M	$390M	$394M	$398M
Financing Cash Flow	$-855M	$-1.30B	$10M	·	$-574M	$-1.05B	$-517M	$430M	$-574M	$-899M	$-844M	$-1.29B	$-1.03B	$-887M	$-1.32B	$-1.15B
Net Change in Cash	$406M	$178M	$-55M	·	$359M	$-115M	$166M	$636M	$345M	$-191M	$-28M	$-493M	$200M	$-54M	$-213M	$-53M
Free Cash Flow	$1.26B	·	·	·	$978M	·	·	·	$916M	·	·	·	$1.23B	·	·	·
Levered FCF	·	·	·	·	·	·	·	·	$846M	·	·	·	$1.18B	·	·	·

Profitability 8

Quarterly Profitability data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Gross Margin	64.7%	·	62.1%	61.0%	59.0%	·	56.7%	54.7%	58.7%	·	63.8%	65.7%	65.4%	·	65.7%	65.4%
Operating Margin	31.6%	·	28.4%	25.7%	20.3%	·	21.2%	17.9%	23.3%	·	30.2%	34.6%	34.8%	·	28.7%	30.9%
Net Margin	26.3%	·	18.0%	21.6%	16.2%	·	17.0%	14.0%	18.4%	·	28.5%	30.0%	29.6%	·	24.1%	26.4%
Pretax Margin	29.9%	·	26.5%	23.7%	18.0%	·	18.3%	15.0%	20.4%	·	28.4%	33.3%	33.0%	·	27.3%	29.6%
EBITDA Margin	31.6%	·	28.4%	25.7%	20.3%	·	21.2%	17.9%	23.3%	·	30.2%	34.6%	34.8%	·	28.7%	30.9%
ROA	1.7%	·	1.1%	1.2%	0.81%	·	0.80%	0.61%	0.94%	·	1.8%	1.9%	1.9%	·	2.1%	2.2%
ROE	2.4%	·	1.5%	1.6%	1.1%	·	1.1%	0.85%	1.3%	·	2.4%	2.7%	2.6%	·	3.1%	3.2%
ROIC	2.1%	·	1.3%	1.5%	1.0%	·	1.1%	0.83%	1.2%	·	2.6%	2.8%	2.8%	·	2.1%	2.2%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Current Ratio	1.8	·	2.3	2.1	1.9	·	1.7	1.6	1.5	·	1.7	1.8	2.1	·	1.9	2.0
Quick Ratio	1.0	·	1.3	1.4	1.2	·	1.0	1.0	0.9	·	1.0	1.1	1.4	·	1.3	1.4
Debt / Equity	0.3	·	0.3	0.2	0.2	·	0.2	0.2	0.2	·	0.0	0.0	·	·	·	·
LT Debt / Equity	0.2	·	0.2	0.2	0.2	·	0.2	0.2	0.2	·	·	·	·	·	·	·
Interest Coverage	·	·	·	·	·	·	·	5.0	7.6	·	13.4	17.8	18.7	·	17.5	18.5

Efficiency 3

Quarterly Efficiency data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Asset Turnover	0.1	·	0.1	0.1	0.1	·	0.0	0.0	0.1	·	0.1	0.1	0.1	·	0.1	0.1
Inventory Turnover	0.7	·	0.7	0.7	0.7	·	0.6	0.6	0.7	·	0.8	0.8	0.9	·	1.1	1.2
Receivables Turnover	2.5	·	2.1	2.2	2.0	·	1.7	1.6	1.8	·	1.8	2.0	2.0	·	2.4	2.5

Per Share 7

Quarterly Per Share data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Book Value / Share	$69.21	·	$69.29	$70.55	$70.71	·	$70.88	$71.03	$71.68	·	$72.05	$71.82	$72.22	·	$71.23	$71.37
Revenue / Share	$6.43	·	$5.80	$5.30	$4.86	·	$4.64	$4.33	$5.04	·	$6.11	$6.41	$6.36	·	$5.97	$5.65
Cash Flow / Share	$2.78	·	·	·	$2.26	·	·	·	$2.28	·	·	·	$2.75	·	·	·
Cash / Share	$5.95	·	$4.72	$4.79	$4.74	·	$4.24	$3.91	$2.63	·	$2.31	$2.35	$3.30	·	$2.96	$3.34
Dividend / Share	$1	$1	$1	$1	$1	$1	$1	$1	$1	·	·	·	·	·	·	·
Dividend Paid / Share	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1	$1
EPS (TTM)	$4.65	·	·	$3.49	$2.96	·	$4.07	$5.20	$6.47	·	$6.98	$6.73	$5.34	·	$4.81	$4.51

Valuation (TTM) 14

Quarterly Valuation (TTM) data for ADI
Metric	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022
Revenue TTM	$11.10B	·	·	$9.80B	$9.32B	·	$10.06B	$11.01B	$12.10B	·	$12.70B	$12.59B	$12.02B	·	$10.53B	$9.08B
Net Income TTM	$2.31B	·	·	$1.74B	$1.48B	·	$2.03B	$2.62B	$3.28B	·	$3.57B	$3.47B	$2.77B	·	$2.32B	$1.99B
Market Cap	$153.69B	·	$109.07B	$98.55B	$105.09B	·	$103.25B	$99.06B	$95.26B	·	$98.88B	$90.20B	$86.41B	·	$88.45B	$80.25B
Enterprise Value	$159.47B	·	$115.44B	$103.37B	$110.31B	·	$109.25B	$104.75B	$100.95B	·	$98.27B	$89.27B	·	·	·	·
P/E	67.7	·	·	56.9	71.6	·	51.1	38.4	29.7	·	28.4	26.7	32.0	·	35.8	34.2
P/S	13.8	·	·	10.1	11.3	·	10.3	9.0	7.9	·	7.8	7.2	7.2	·	8.4	8.8
P/B	4.5	·	3.2	2.8	3.0	·	2.9	2.8	2.7	·	2.8	2.5	2.4	·	2.4	2.2
P / Cash Flow	112.3	·	·	·	93.3	·	·	·	83.7	·	·	·	61.4	·	·	·
P / FCF	122.1	·	·	·	107.5	·	·	·	104.0	·	·	·	70.2	·	·	·
EV / EBITDA	159.9	·	141.1	152.5	224.5	·	222.4	271.3	172.3	·	105.7	79.1	·	·	·	·
EV / FCF	126.6	·	·	·	112.8	·	·	·	110.2	·	·	·	·	·	·	·
EV / Revenue	14.4	·	·	10.5	11.8	·	10.9	9.5	8.3	·	7.7	7.1	·	·	·	·
Earnings Yield	1.5%	·	·	1.8%	1.4%	·	2.0%	2.6%	3.4%	·	3.5%	3.7%	3.1%	·	2.8%	2.9%
Payout Ratio	58.3%	·	·	·	116.6%	·	·	·	92.1%	·	·	·	40.1%	·	·	·

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

Income Statement

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
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

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
Debt / Equity	0.3	0.2	0.2	—	—
Current Ratio	2.2	1.8	1.4	2.0	1.9
Quick Ratio	1.6	1.2	0.8	1.3	1.2

Cash Flow

	2025-11-01	2024-11-02	2023-10-28	2022-10-29	2021-10-30
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

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.

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.

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.

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

Round 1 — Opening Takes

Round 2 — Responses & Rebuttals

Round 3 — Final Rebuttals

Price Forecasts

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