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

03

Price $417.15

Market Cap $203.19B

P/E (TTM) 47.5

EPS (TTM) $8.79

Revenue (TTM) $14.10B

Div Yield 0.95%

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

04

range

bars

Bar granularity adapts to the selected period — hover the chart to see open/high/low/close for a bar.

Stock splits 10

Ex-date	Split	Type
March 16, 2000	2-for-1	Forward
Jan. 7, 1997	4-for-3	Forward
Jan. 4, 1996	3-for-2	Forward
Jan. 5, 1995	3-for-2	Forward
April 15, 1986	4-for-3	Forward
April 17, 1984	4-for-3	Forward
April 5, 1983	3-for-2	Forward
April 13, 1982	5-for-4	Forward
April 7, 1981	5-for-4	Forward
April 16, 1980	5-for-4	Forward

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

05 · wikidata

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

2026: Empower Semiconductor

2026: Alif Semiconductor

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

06

Revenue$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

Net margin30.6%

2016-10-29 → 2025-11-01

Valuation & Ratios 07–12

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

Metric	ADI	5Y avg	Peer Median	Verdict
P/E (TTM)	47.55Y avg ≈44.5	≈44.5	54.3	Fair value
P/S	18.45Y avg ≈9.5	≈9.5	13.9	Undervalued
P/B	6.05Y avg ≈2.6	≈2.6	7.4	Undervalued
EV / EBITDA	71.05Y avg ≈40.3	≈40.3	40.8	Fair value
Price / FCF	47.55Y avg ≈28.5	≈28.5	·	·
Price / Cash Flow	42.25Y avg ≈23.8	≈23.8	41.9	Undervalued
EV / Revenue	18.95Y avg ≈10.1	≈10.1	·	·
EV / FCF	48.65Y avg ≈29.9	≈29.9	·	·
PEG Ratio	≈7.0	·	·	·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

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

Metric	ADI	5Y avg	Peer Median	Verdict
Gross Margin (TTM)	66.1%5Y avg ≈61.4%	≈61.4%	55.2%	Top tier
Operating Margin (TTM)	36.3%5Y avg ≈25.9%	≈25.9%	20.0%	Top tier
EBITDA Margin	26.6%5Y avg ≈25.9%	≈25.9%	20.5%	Top tier
Pretax Margin (TTM)	34.7%5Y avg ≈23.3%	≈23.3%	29.5%	Top tier
Net Profit Margin (TTM)	30.6%5Y avg ≈21.3%	≈21.3%	23.2%	Top tier
ROA	4.7%5Y avg ≈4.8%	≈4.8%	12.6%	Weak
ROE	6.6%5Y avg ≈6.7%	≈6.7%	18.0%	Weak
ROIC	5.8%5Y avg ≈6.2%	≈6.2%	12.8%	Weak

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric	ADI	5Y avg	Peer Median	Verdict
Debt / Equity	0.35Y avg ≈0.2	≈0.2	0.2	Above avg
Current Ratio	2.25Y avg ≈1.9	≈1.9	3.6	Low liquidity
Quick Ratio	1.65Y avg ≈1.2	≈1.2	1.8	Low liquidity
Long-Term Debt / Equity	0.25Y avg ≈0.2	≈0.2	0.2	In line

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

Metric	ADI	5Y avg	Peer Median	Verdict
Revenue YoY	16.9%5Y avg ≈18.1%	≈18.1%	·	·
Revenue CAGR 3Y	-2.8%5Y avg ≈12.0%	≈12.0%	·	·
Revenue CAGR 5Y	14.5%	·	·	·
EPS YoY	39.0%5Y avg ≈14.2%	≈14.2%	·	·
Net Income YoY	38.6%5Y avg ≈24.0%	≈24.0%	·	·
EPS CAGR 3Y	-4.6%5Y avg ≈6.5%	≈6.5%	·	·
EPS CAGR 5Y	6.8%	·	·	·
Net Income CAGR 3Y	-6.2%5Y avg ≈13.0%	≈13.0%	·	·
Net Income CAGR 5Y	13.2%	·	·	·

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

Metric	ADI	5Y avg	Peer Median	Verdict
EPS (Diluted)	$4.565Y avg ≈$4.62	≈$4.62	·	·
Revenue / Share	$22.195Y avg ≈$21.32	≈$21.32	·	·
Cash Flow / Share	$9.695Y avg ≈$8.46	≈$8.46	·	·
Cash / Share	$5.105Y avg ≈$3.54	≈$3.54	·	·

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric	ADI	5Y avg	Peer Median	Verdict
Asset Turnover	0.25Y avg ≈0.2	≈0.2	0.5	Weak
Inventory Turnover	2.75Y avg ≈3.0	≈3.0	2.9	Weak
Receivables Turnover	7.95Y avg ≈7.2	≈7.2	9.6	Weak
Revenue / Employee	≈$449.8K	·	·	·

value · ≈ 5Y avg · industry median · verdict relative to median

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

13

Dividend Yield0.95%

Payout Ratio84.9%

Annualized Payout≈$4.40Paid quarterly

5Y Div CAGR≈9.8%Per share, split-adjusted

Growth Streak≈21Consecutive years of dividend growth

Ex-date	Amount	Currency	Yield
Sep 1, 2026	$1.10	USD	≈1.2%
Jun 2, 2026	$1.10	USD	≈0.99%
Mar 3, 2026	$1.10	USD	≈1.2%
Dec 8, 2025	$0.99	USD	≈1.4%
Sep 2, 2025	$0.99	USD	≈1.6%
Jun 4, 2025	$0.99	USD	≈1.7%
Mar 4, 2025	$0.99	USD	≈1.7%
Dec 9, 2024	$0.92	USD	≈1.7%
Sep 3, 2024	$0.92	USD	≈1.7%
Jun 4, 2024	$0.92	USD	≈1.5%
Mar 4, 2024	$0.92	USD	≈1.8%
Dec 1, 2023	$0.86	USD	≈1.9%
Sep 1, 2023	$0.86	USD	≈1.8%
Jun 2, 2023	$0.86	USD	≈1.8%
Feb 24, 2023	$0.86	USD	≈1.7%
Dec 2, 2022	$0.76	USD	≈1.8%
Aug 29, 2022	$0.76	USD	≈1.9%
May 27, 2022	$0.76	USD	≈1.7%
Feb 24, 2022	$0.76	USD	≈1.8%
Dec 2, 2021	$0.69	USD	≈1.5%

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

14

Avg Surprise 4.2%

Period	Report	EPS Actual	EPS Est	Surprise
Sept. 30, 2026	Aug 19, 2026	$3.45	$3.37	2.4%
June 30, 2026	May 20, 2026	$3.09	$2.93	5.3%
March 31, 2026		$2.46	$2.33	5.4%
Dec. 31, 2025		$2.26	$2.24	0.75%
Sept. 30, 2025		$2.05	$1.97	3.9%
June 30, 2025		$1.85	$1.72	7.7%

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

15

Income Statement 18

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

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

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

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

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

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

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	$3.89	$3.62	$3.34	$2.97	·	·	·	·	·	·	·	·
Dividend Paid / Share	$3.89	$3.62	$3.34	$2.97	$2.69	$2.40	$2.10	$1.89	$1.77	$1.66	$1.57	$1.45
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

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%	·	·	·	·	·	·	·	·	·	·	·
Dividends Paid CAGR 5Y	16.8%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 16

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

Metric	Q4 2026	Q2 2026	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
Revenue	$4.02B	$3.62B	$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
Cost of Revenue	$1.31B	$1.18B	$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
Gross Profit	$2.71B	$2.44B	$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
R&D Expense	$533M	$509M	$467M	$506M	$454M	$442M	$403M	$379M	$363M	$355M	$391M	$407M	$424M	$416M	$414M	$421M
SG&A Expense	$397M	$363M	$345M	$360M	$326M	$303M	$285M	$277M	$257M	$244M	$290M	$289M	$334M	$324M	$326M	$337M
Operating Expenses	$1.09B	$1.06B	$1.05B	$991M	$972M	$934M	$939M	$847M	$820M	$794M	$888M	$1.01B	$1.03B	$1.02B	$994M	$1.04B
Operating Income	$1.61B	$1.38B	$997M	$1.13B	$818M	$678M	$491M	$569M	$491M	$386M	$586M	$634M	$929M	$1.13B	$1.13B	$1.10B
Interest Expense	·	·	·	·	·	·	·	·	·	$77M	$77M	·	$69M	$63M	$60M	·
Interest Income	$25M	$29M	$32M	$31M	$27M	$22M	$23M	$28M	$26M	$15M	$9M	$9M	$9M	$13M	$11M	$4M
Other Non-op	$-4M	$4M	$3M	$2M	$-2M	$962.0K	$-4M	$2M	$-10M	$314.0K	$-5M	$-128.0K	$6M	$10M	$-8M	$-11M
Pretax Income	$1.55B	$1.32B	$946M	$1.08B	$763M	$626M	$436M	$516M	$423M	$325M	$513M	$572M	$875M	$1.09B	$1.07B	$1.05B
Income Tax	$206M	$148M	$115M	$111M	$245M	$56M	$44M	$38M	$31M	$22M	$51M	$73M	$-2M	$110M	$112M	$112M
Net Income	$1.34B	$1.18B	$831M	$966M	$519M	$570M	$391M	$478M	$392M	$302M	$463M	$498M	$877M	$978M	$961M	$936M
EPS (Basic)	$2.76	$2.41	$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
EPS (Diluted)	$2.74	$2.40	$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
Shares (Basic)	486,021,000	487,605,000	488,874,000	·	494,390,000	496,173,000	496,116,000	·	496,338,000	496,130,000	495,765,000	·	500,018,000	504,715,000	507,121,000	·
Shares (Diluted)	488,837,000	490,458,000	491,656,000	·	496,726,000	498,201,000	498,668,000	·	498,794,000	498,533,000	498,741,000	·	503,503,000	508,725,000	511,184,000	·
EBITDA	$1.61B	$1.38B	$997M	·	$818M	$678M	$491M	·	$491M	$386M	$586M	·	$929M	$1.13B	$1.13B	·

Balance Sheet 28

Metric	Q4 2026	Q2 2026	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
Cash & Equivalents	$2.17B	$2.44B	$2.91B	$2.50B	$2.32B	$2.38B	$2.35B	$1.99B	$2.11B	$1.94B	$1.30B	·	$1.15B	$1.18B	$1.67B	·
Short-term Investments	·	·	·	$1.15B	·	·	·	$372M	·	$424M	·	·	·	·	·	·
Receivables	$2.39B	$2.05B	$1.36B	$1.44B	$1.55B	$1.38B	$1.19B	$1.34B	$1.13B	$1.00B	$1.20B	·	$1.62B	$1.62B	$1.63B	·
Inventory	$1.93B	$1.85B	$1.77B	$1.66B	$1.60B	$1.52B	$1.47B	$1.45B	$1.43B	$1.48B	$1.55B	·	$1.71B	$1.65B	$1.52B	·
Prepaid Expense	$427M	$470M	$426M	$363M	$305M	$305M	$345M	$337M	$342M	$346M	$362M	·	$360M	$303M	$338M	·
Current Assets	$7.07B	$7.81B	$7.60B	$7.11B	$6.92B	$5.59B	$5.73B	$5.48B	$5.44B	$5.19B	$4.42B	·	$4.84B	$4.74B	$5.16B	·
PP&E (Net)	$3.35B	$3.29B	$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
PP&E (Gross)	·	·	·	$7.41B	·	·	·	$7.19B	·	·	·	·	·	·	·	·
Accum. Depreciation	·	·	·	$4.09B	·	·	·	$3.77B	·	·	·	·	·	·	·	·
Goodwill	$27.99B	$26.97B	$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	·
Intangibles	$7.47B	$7.26B	$7.63B	$8.01B	$8.40B	$8.79B	$9.18B	$9.59B	$10.00B	$10.43B	$10.87B	·	$11.76B	$12.26B	$12.76B	·
Other Non-current Assets	$853M	$889M	$806M	$743M	$696M	$702M	$718M	$749M	$767M	$762M	$734M	·	$688M	$634M	$605M	·
Total Assets	$48.42B	$47.95B	$47.99B	$47.99B	$48.19B	$47.34B	$47.97B	$48.23B	$48.62B	$48.86B	$48.39B	·	$49.35B	$49.54B	$50.23B	·
Accounts Payable	$682M	$599M	$549M	$544M	$491M	$429M	$369M	$487M	$425M	$423M	$398M	·	$586M	$569M	$535M	·
Accrued Liabilities	$2.16B	$2.08B	$1.58B	$1.65B	$1.46B	$1.35B	$1.17B	$1.11B	$957M	$1.07B	$1.07B	·	$1.28B	$1.51B	$1.39B	·
Short-term Debt	$1.01B	$550M	$543M	$447M	$549M	$549M	$548M	$948M	$547M	$548M	$544M	·	$545M	$254M	·	·
Current Liabilities	$5.66B	$4.46B	$4.33B	$3.25B	$2.98B	$2.69B	$2.97B	$2.99B	$3.23B	$3.30B	$2.92B	·	$2.83B	$2.65B	$2.43B	·
Capital Leases	·	·	·	$284M	·	·	·	$319M	·	·	·	·	·	·	·	·
Deferred Tax	$1.84B	$1.91B	$2.00B	$2.16B	$2.37B	$2.38B	$2.51B	$2.62B	$2.74B	$2.89B	$2.98B	·	$3.15B	$3.33B	$3.48B	·
Other Non-current Liabilities	$517M	$522M	$534M	$522M	$516M	$519M	$531M	$544M	$537M	$549M	$579M	·	$582M	$560M	$537M	·
Long-term Debt	$8.12B	$8.13B	$8.14B	$8.15B	$8.14B	$6.65B	$7.02B	$7.03B	$7.55B	$7.51B	$6.45B	·	$6.52B	$6.52B	$6.58B	·
Total Debt	·	·	$8.68B	·	$8.69B	$7.20B	$7.57B	·	$8.10B	$8.06B	$6.99B	·	$545M	$254M	·	·
Common Stock	$81M	$81M	$81M	$82M	$82M	$83M	$83M	$83M	$83M	$83M	$83M	·	$83M	$84M	$84M	·
Retained Earnings	$12.33B	$11.53B	$10.89B	$10.54B	$10.24B	$10.21B	$10.13B	$10.20B	$10.18B	$10.24B	$10.39B	·	$10.29B	$9.84B	$9.30B	·
AOCI	$-149M	$-152M	$-148M	$-155M	$-173M	$-168M	$-185M	$-185M	$-170M	$-177M	$-181M	·	$-171M	$-172M	$-170M	·
Stockholders' Equity	$33.55B	$33.74B	$33.79B	$33.82B	$34.09B	$35.01B	$35.07B	$35.18B	$35.19B	$35.25B	$35.55B	·	$35.90B	$36.01B	$36.53B	·
Liabilities + Equity	$48.42B	$47.95B	$47.99B	$47.99B	$48.19B	$47.34B	$47.97B	$48.23B	$48.62B	$48.86B	$48.39B	·	$49.35B	$49.54B	$50.23B	·
Shares Outstanding	484,565,465	487,087,040	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

Cash Flow 13

Metric	Q4 2026	Q2 2026	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
Stock-based Comp	$96M	$82M	$86M	$86M	$85M	·	$78M	$70M	$64M	$58M	$70M	$73M	$83M	$69M	$75M	$81M
Deferred Tax	$-161M	$-60M	$-61M	$-282M	$154M	·	$-59M	$-98M	$-105M	$-62M	$-102M	$-22M	$-151M	$-134M	$-146M	$-122M
Amort. of Intangibles	$390M	$386M	$385M	$390M	$385M	·	$417M	$423M	$438M	$439M	$441M	$453M	$501M	$502M	$502M	$502M
Operating Cash Flow	$1.60B	$872M	$1.37B	$1.70B	$1.17B	·	$1.13B	$1.05B	$855M	$808M	$1.14B	$1.19B	$1.14B	$1.08B	$1.41B	$1.15B
CapEx	$146M	$138M	$109M	$215M	$79M	·	$149M	$165M	$154M	$188M	$223M	$476M	$325M	$284M	$176M	$305M
Investing Cash Flow	$-715M	$-52M	$-107M	$-225M	$-1.23B	·	$-194M	$-112M	$-172M	$-602M	$-219M	$-479M	$-327M	$-285M	$-176M	$-306M
Stock Repurchased	$1.16B	$773M	$516M	$680M	$1.08B	·	$160M	$95M	$118M	$222M	$180M	$470M	$687M	$1.15B	$655M	$818M
Net Stock Activity	·	·	$-516M	·	·	·	$-160M	·	·	·	$-180M	·	·	·	$-655M	·
Dividends Paid	$535M	$536M	$484M	$487M	$490M	·	$456M	$457M	$456M	$456M	$426M	$428M	$430M	$435M	$385M	$390M
Financing Cash Flow	$-1.16B	$-1.29B	$-855M	$-1.30B	$10M	·	$-574M	$-1.05B	$-517M	$430M	$-574M	$-899M	$-844M	$-1.29B	$-1.03B	$-887M
Net Change in Cash	$-271M	$-469M	$406M	$178M	$-55M	·	$359M	$-115M	$166M	$636M	$345M	$-191M	$-28M	$-493M	$200M	$-54M
Free Cash Flow	·	·	$1.26B	·	·	·	$978M	·	·	·	$916M	·	·	·	$1.23B	·
Levered FCF	·	·	·	·	·	·	·	·	·	·	$846M	·	·	·	$1.18B	·

Profitability 8

Metric	Q4 2026	Q2 2026	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
Gross Margin	67.3%	67.3%	64.7%	·	62.1%	61.0%	59.0%	·	56.7%	54.7%	58.7%	·	63.8%	65.7%	65.4%	·
Operating Margin	40.1%	38.1%	31.6%	·	28.4%	25.7%	20.3%	·	21.2%	17.9%	23.3%	·	30.2%	34.6%	34.8%	·
Net Margin	33.3%	32.5%	26.3%	·	18.0%	21.6%	16.2%	·	17.0%	14.0%	18.4%	·	28.5%	30.0%	29.6%	·
Pretax Margin	38.4%	36.6%	29.9%	·	26.5%	23.7%	18.0%	·	18.3%	15.0%	20.4%	·	28.4%	33.3%	33.0%	·
EBITDA Margin	40.1%	38.1%	31.6%	·	28.4%	25.7%	20.3%	·	21.2%	17.9%	23.3%	·	30.2%	34.6%	34.8%	·
ROA	·	·	1.7%	·	1.1%	1.2%	0.81%	·	0.80%	0.61%	0.94%	·	1.8%	1.9%	1.9%	·
ROE	·	·	2.4%	·	1.5%	1.6%	1.1%	·	1.1%	0.85%	1.3%	·	2.4%	2.7%	2.6%	·
ROIC	·	·	2.1%	·	1.3%	1.5%	1.0%	·	1.1%	0.83%	1.2%	·	2.6%	2.8%	2.8%	·

Liquidity & Solvency 5

Metric	Q4 2026	Q2 2026	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
Current Ratio	·	·	1.8	·	2.3	2.1	1.9	·	1.7	1.6	1.5	·	1.7	1.8	2.1	·
Quick Ratio	·	·	1.0	·	1.3	1.4	1.2	·	1.0	1.0	0.9	·	1.0	1.1	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	·

Efficiency 3

Metric	Q4 2026	Q2 2026	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
Asset Turnover	·	·	0.1	·	0.1	0.1	0.1	·	0.0	0.0	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	·
Receivables Turnover	·	·	2.5	·	2.1	2.2	2.0	·	1.7	1.6	1.8	·	1.8	2.0	2.0	·

Per Share 7

Metric	Q4 2026	Q2 2026	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
Book Value / Share	·	·	$69.21	·	$69.29	$70.55	$70.71	·	$70.88	$71.03	$71.68	·	$72.05	$71.82	$72.22	·
Revenue / Share	$8.23	$7.39	$6.43	·	$5.80	$5.30	$4.86	·	$4.64	$4.33	$5.04	·	$6.11	$6.41	$6.36	·
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	·
Dividend / Share	$1.10	$1.10	$0.99	$1.06	$0.99	$0.99	$0.92	$0.92	$0.92	$0.92	$0.86	·	·	·	·	·
Dividend Paid / Share	$1.10	$1.10	$0.99	$1.06	$0.99	$0.99	$0.92	$0.92	$0.92	$0.92	$0.86	$0.86	$0.86	$0.86	$0.76	$0.76
EPS (TTM)	·	·	·	·	·	·	·	·	$3.34	$4.29	$5.60	·	$7.33	$7.03	$6.60	·

Valuation (TTM) 13

Metric	Q4 2026	Q2 2026	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
Revenue TTM	·	·	·	·	·	·	·	·	$9.70B	$10.46B	$11.57B	·	$12.84B	$12.87B	$12.58B	·
Net Income TTM	·	·	·	·	·	·	·	·	$1.66B	$2.14B	$2.82B	·	$3.75B	$3.62B	$3.43B	·
Market Cap	·	·	$153.69B	·	$109.07B	$98.55B	$105.09B	·	$103.25B	$99.06B	$95.26B	·	$98.88B	$90.20B	$86.41B	·
Enterprise Value	·	·	$159.47B	·	$115.44B	$103.37B	$110.31B	·	$109.25B	$104.75B	$100.95B	·	$98.27B	$89.27B	·	·
P/E	·	·	·	·	·	·	·	·	62.3	46.5	34.3	·	27.1	25.6	25.9	·
P/S	·	·	·	·	·	·	·	·	10.6	9.5	8.2	·	7.7	7.0	6.9	·
P/B	·	·	4.5	·	3.2	2.8	3.0	·	2.9	2.8	2.7	·	2.8	2.5	2.4	·
P / Cash Flow	·	·	112.3	·	·	·	93.3	·	·	·	83.7	·	·	·	61.4	·
EV / Revenue	·	·	·	·	·	·	·	·	11.3	10.0	8.7	·	7.7	6.9	·	·
Dividend Yield	1.1%	·	·	·	1.7%	·	·	·	1.7%	1.8%	1.8%	·	1.7%	1.8%	1.8%	·
Earnings Yield	·	·	·	·	·	·	·	·	1.6%	2.1%	2.9%	·	3.7%	3.9%	3.9%	·
Payout Ratio	·	·	58.3%	·	·	·	116.6%	·	·	·	92.1%	·	·	·	40.1%	·
Annual Payout	$2.04B	$2.00B	·	·	$1.86B	·	·	·	$1.77B	$1.74B	$1.72B	·	$1.64B	$1.61B	$1.57B	·

Most recent period on the left · null values shown as ·

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

16

Metric	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

Metric	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

Metric	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

Institutional owners (13F) 2,479 filers · $185.7B total · As of Sept. 30, 2026

17

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.

Holders 2,479

Value held $185.7B

New positions 293

Exited positions 112

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
293 (-28 vs prior Q)	112 (+20 vs prior Q)	899 (+132 vs prior Q)	839 (+12 vs prior Q)	+13.7M

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
BlackRock, Inc.	$18,610,868,323	46,858,696	10.02%	Shares
VANGUARD GROUP INC	$13,802,256,451	50,893,276	7.43%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$12,650,026,545	31,850,408	6.81%	Shares
STATE STREET CORP	$9,397,438,973	23,660,999	5.06%	Shares
Invesco Ltd.	$6,757,687,313	17,014,597	3.64%	Shares
JPMORGAN CHASE & CO	$6,617,307,108	16,890,363	3.56%	Shares
VANGUARD PORTFOLIO MANAGEMENT LLC	$5,821,641,206	14,657,807	3.14%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$4,925,274,692	12,422,798	2.65%	Shares
BANK OF AMERICA CORP /DE/	$3,573,080,802	8,996,351	1.92%	Shares
VAN ECK ASSOCIATES CORP	$3,345,316,442	8,422,883	1.80%	Shares
MORGAN STANLEY	$3,278,482,300	8,254,604	1.77%	Shares
WELLS FARGO & COMPANY/MN	$3,265,415,514	8,221,709	1.76%	Shares
NORGES BANK	$3,244,536,142	8,169,137	1.75%	Shares
FMR LLC	$3,095,884,355	7,794,859	1.67%	Shares
NORTHERN TRUST CORP	$2,271,085,579	5,718,170	1.22%	Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	$2,153,919,421	5,399,929	1.16%	Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC	$2,118,183,757	6,658,024	1.14%	Shares
AMERIPRISE FINANCIAL INC	$1,977,248,070	4,977,740	1.06%	Shares
RAYMOND JAMES FINANCIAL INC	$1,859,316,174	4,681,411	1.00%	Shares
FRANKLIN RESOURCES INC	$1,686,210,055	4,245,562	0.91%	Shares
GOLDMAN SACHS GROUP INC	$1,574,533,210	3,964,381	0.85%	Shares
UBS Group AG	$1,538,920,160	3,874,714	0.83%	Shares
Legal & General Group Plc	$1,525,166,954	3,840,086	0.82%	Shares
Swedbank AB	$1,515,972,869	3,816,937	0.82%	Shares
Amundi	$1,426,997,206	3,592,957	0.77%	Shares
Bank of New York Mellon Corp	$1,326,066,440	3,338,789	0.71%	Shares
PRIMECAP MANAGEMENT CO/CA/	$1,242,478,827	3,128,329	0.67%	Shares
Nuveen, LLC	$1,214,408,075	3,057,653	0.65%	Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	$1,183,725,070	2,980,399	0.64%	Shares
NEUBERGER BERMAN GROUP LLC	$1,131,113,741	2,847,987	0.61%	Shares
BARCLAYS PLC	$1,108,402,578	2,790,751	0.60%	Shares
VANGUARD FIDUCIARY TRUST CO	$1,090,198,685	2,744,917	0.59%	Shares
DIMENSIONAL FUND ADVISORS LP	$955,453,831	2,405,850	0.51%	Shares
ROYAL BANK OF CANADA	$888,822,000	2,237,888	0.48%	Shares
ALKEON CAPITAL MANAGEMENT LLC	$821,777,707	2,069,083	0.44%	Shares
CITIGROUP INC	$817,982,625	2,059,528	0.44%	Shares
Rafferty Asset Management, LLC	$784,425,048	1,975,036	0.42%	Shares
Sumitomo Mitsui Trust Group, Inc.	$692,812,227	1,744,372	0.37%	Shares
CANADA PENSION PLAN INVESTMENT BOARD	$678,715,472	1,708,879	0.37%	Shares
DEUTSCHE BANK AG\	$671,459,174	1,690,609	0.36%	Shares
LAZARD ASSET MANAGEMENT LLC	$645,430,263	1,625,073	0.35%	Shares
ENVESTNET ASSET MANAGEMENT INC	$640,582,547	1,612,872	0.35%	Shares
First Pacific Advisors, LP	$634,878,628	1,598,506	0.34%	Shares
Robeco Institutional Asset Management B.V.	$632,029,331	1,591,332	0.34%	Shares
BNP PARIBAS FINANCIAL MARKETS	$603,852,502	1,520,388	0.33%	Shares
HSBC HOLDINGS PLC	$570,476,350	1,437,121	0.31%	Shares
AMERICAN CENTURY COMPANIES INC	$558,303,948	1,405,705	0.30%	Shares
National Pension Service	$556,955,066	1,402,309	0.30%	Shares
Swiss National Bank	$546,885,217	1,376,955	0.29%	Shares
TRUIST FINANCIAL CORP	$530,410,050	1,335,474	0.29%	Shares

Show all 2,479 institutional owners →

Company insiders 63 insiders · 33 officers · 31 directors

19

Insider	Role	Last activity	Shares owned	Sells 12m	Net 12m
Vincent Roche	Chair & CEO	Sept. 18, 2026 G	115,460	15	$-61,145,832
Jerald Fishman	CEO	March 13, 2013 M	358,945	0	$0
Richard C Puccio Jr	Chief Financial Officer	Sept. 22, 2026 S	51,177	3	$-2,123,704
James Michael Mollica	Interim CFO	Dec. 11, 2023 A	·	0	$0
Prashanth Mahendra-Rajah	EVP, Finance & CFO	Oct. 25, 2023 M	47,576	0	$0
David Zinsner	SVP, Finance & CFO	March 17, 2017 A	30,068	0	$0
Joseph E Mcdonough	VP, FINANCE & CFO	June 3, 2008 M	3,756	0	$0
Katsufumi Nakamura	SVP, Chief Customer Officer	Aug. 17, 2026 F	16,049	2	$-295,315
Michael Sondel	CAO (principal acct. officer)	Aug. 17, 2026 F	15,638	3	$-6,070,386
Martin Cotter	SVP, Vertical Business Units	Aug. 17, 2026 F	55,648	3	$-11,494,642
Vivek Jain	EVP, Global Operations	Aug. 17, 2026 F	47,733	1	$-1,572,178
Gregory M Bryant	EVP & Pres. Global Bus. Units	Nov. 1, 2024 S	59,093	0	$0
Anelise Angelino Sacks	EVP, Chief Customer Officer	Sept. 10, 2024 A	22,010	0	$0
Gregory N. Henderson	SVP, Atmtve, Comm, ArSpc & Def	Aug. 26, 2021 A	5,858	0	$0
Steve Pietkiewicz	SVP, Power Products	Jan. 6, 2021 S	30,312	0	$0
Yusuf Jamal	SVP, Ind, Hlthcr, Cons, IoT	May 23, 2019 M	0	0	$0
Margaret K Seif	SVP, CPO and CLO	March 29, 2019 M	21,869	0	$0
Eileen Wynne	VP, Chief Accounting Officer	Feb. 21, 2019 M	2,152	0	$0
Real Peter	SVP & Chief Technology Officer	Aug. 31, 2018 M	13,600	0	$0
Jean Philibert	SVP, Human Resources	Nov. 22, 2017 M	0	0	$0
Rick D Hess	Executive Vice President	April 3, 2017 M	49,557	0	$0
Richard Meaney	Senior Vice President	Sept. 16, 2016 M	24,484	0	$0
William R Matson	SVP, Human Resources	Nov. 27, 2015 M	22,542	0	$0
Robert R Marshall	SVP, WORLDWIDE MFG.	March 24, 2015 M	20,259	0	$0
Thomas Wessel	SVP, WW Sales & Mkting	March 23, 2015 S	0	0	$0
Robert P Mcadam	EVP, STR BUS SGMT GRP	July 1, 2014 M	198,550	0	$0
Samuel H Fuller	VP, RESEARCH & DEVELOPMENT	March 4, 2014 M	14,678	0	$0
Robert Yung	VP, Corp Dev & Chief Strat Off	March 12, 2013 A	0	0	$0
Seamus M. Brennan	VP, Chief Accounting Officer	March 5, 2013 M	11,597	0	$0
Brian Mcaloon	VP, DSP & SYS PRODUCTS GRP	Dec. 20, 2007 M	23,204	0	$0
William Giudice	VP & GEN MGR, MCRO PROD DIV	April 13, 2007 M	516	0	$0
William A Martin	TREASURER	Aug. 29, 2006 M	0	0	$0
Tracy S Keogh	VP, HUMAN RESOURCES	Dec. 6, 2005 A	393	0	$0
Ray Stata	Director	Sept. 9, 2026 S	110,263	170	$-15,270,036
Karen Golz	Director	Aug. 27, 2026 S	10,019	3	$-1,176,280
Andre' Andonian	Director	March 11, 2026 A	4,869	0	$0
Andrea F Wainer	Director	March 11, 2026 A	2,325	0	$0
Yoky Matsuoka	Director	March 11, 2026 A	844	0	$0
Edward H. Frank	Director	March 11, 2026 A	5,865	1	$-242,740
Peter B. Henry	Director	March 11, 2026 A	3,426	0	$0
Mercedes Johnson	Director	March 11, 2026 A	4,948	0	$0
Stephen M Jennings	Director	March 11, 2026 A	4,000	0	$0
Susie Wee	Director	March 12, 2025 A	9,344	0	$0
Laurie H Glimeher	Director	March 12, 2025 A	7,123	0	$0
James Champy	Director	July 1, 2024 G	7,886	0	$0
Anantha P. Chandrakasan	Director	March 8, 2024 M	8,853	0	$0
Kenton J Sicchitano	Director	March 8, 2024 M	28,717	0	$0
Tunc Doluca	Director	March 1, 2023 S	59,657	0	$0
Bruce R Evans	Director	June 17, 2022 P	104,008	0	$0
Mark M Little	Director	Aug. 26, 2021 A	8	0	$0
Lisa T Su	Director	March 11, 2020 M	15,030	0	$0
Neil S Novich	Director	March 11, 2020 M	26,930	0	$0
Robert H Swanson JR	Director	April 17, 2017 A	·	0	$0
Richard M Beyer	Director	March 8, 2017 M	5,630	0	$0
John C Hodgson	Director	March 8, 2017 M	11,235	0	$0
Yves Andre Istel	Director	March 9, 2016 M	15,765	0	$0
Jose E Almeida	Director	March 11, 2015 A	230	0	$0
Grant F Saviers	Director	March 11, 2015 M	16,395	0	$0
Paul J Severino	Director	March 12, 2014 M	23,355	0	$0
John L Doyle	Director	March 13, 2012 M	11,983	0	$0
Christine King	Director	Jan. 3, 2008 A	1,000	0	$0
Lester C Thurow	Director	Jan. 4, 2007 A	3,000	0	$0
Joseph John Hassett	·	Dec. 15, 2020 A	17,317	0	$0

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

ETF ownership Held by 183 ETFs

20

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
PSI · Invesco Exchange-Traded Fund Trust	4.71%	347,959 SH	Oct. 2, 2026	Daily
SOXQ · Invesco Exchange-Traded Fund Trust …	4.02%	321,566 SH	Oct. 2, 2026	Daily
SOXX · iShares Trust	3.89%	4,666,713 SH	Sept. 11, 2026	Daily
ULTY · Tidal Trust II	3.88%	78,300 NS	July 31, 2026	N-PORT
EQTY · Valued Advisers Trust	3.69%	143,052 NS	July 31, 2026	N-PORT
SOXY · Tidal Trust II	3.20%	5,568 NS	July 31, 2026	N-PORT
QQQG · Pacer Funds Trust	3.16%	1,755 NS	July 31, 2026	N-PORT
IWFG · New York Life Investments Active ET…	3.00%	4,946 NS	July 31, 2026	N-PORT
CHPY · Tidal Trust II	2.90%	80,767 NS	July 31, 2026	N-PORT
XT · iShares Trust	2.88%	309,008 SH	Sept. 11, 2026	Daily
SOXL · Direxion Shares ETF Trust	2.80%	1,480,973 NS	July 31, 2026	N-PORT
TDVI · First Trust Exchange-Traded Fund IV	2.77%	39,487 NS	July 31, 2026	N-PORT
HEQQ · J.P. Morgan Exchange-Traded Fund Tr…	2.08%	1,692 NS	July 31, 2026	N-PORT
TECB · iShares Trust	1.81%	24,779 SH	Sept. 11, 2026	Daily
NUDV · Nushares ETF Trust	1.81%	2,476 NS	July 31, 2026	N-PORT
COWG · Pacer Funds Trust	1.67%	100,357 NS	July 31, 2026	N-PORT
TEC · Harbor ETF Trust	1.64%	283 NS	July 31, 2026	N-PORT
VFMV · VANGUARD WELLINGTON FUND	1.53%	16,134 SH	Aug. 19, 2026	Daily
FDLO · FIDELITY COVINGTON TRUST	1.49%	57,565 NS	July 31, 2026	N-PORT
PWB · Invesco Exchange-Traded Fund Trust	1.47%	99,242 SH	Oct. 2, 2026	Daily
PEXL · Pacer Funds Trust	1.47%	2,023 NS	July 31, 2026	N-PORT
RSPT · Invesco Exchange-Traded Fund Trust	1.42%	217,518 SH	Oct. 2, 2026	Daily
NULV · Nushares ETF Trust	1.41%	84,283 NS	July 31, 2026	N-PORT
SEMI · Columbia ETF Trust I	1.36%	1,396 NS	July 31, 2026	N-PORT
QLV · FlexShares Trust	1.26%	5,628 NS	July 31, 2026	N-PORT
NULG · Nushares ETF Trust	1.25%	90,810 NS	July 31, 2026	N-PORT
FMAG · FIDELITY COVINGTON TRUST	1.24%	8,334 NS	July 31, 2026	N-PORT
FTLS · First Trust Exchange-Traded Fund III	1.24%	84,037 NS	July 31, 2026	N-PORT
AGRW · ALLSPRING EXCHANGE-TRADED FUNDS TRU…	1.23%	3,771 NS	July 31, 2026	N-PORT
FXL · First Trust Exchange-Traded AlphaDE…	1.22%	85,649 NS	July 31, 2026	N-PORT
NULC · Nushares ETF Trust	1.19%	2,279 NS	July 31, 2026	N-PORT
AMOM · Exchange Listed Funds Trust	1.19%	772 NS	July 31, 2026	N-PORT
ALRG · ALLSPRING EXCHANGE-TRADED FUNDS TRU…	1.10%	251 NS	July 31, 2026	N-PORT
QTOP · iShares Trust	1.04%	8,171 SH	Sept. 11, 2026	Daily
XOEF · iShares Trust	0.99%	614 SH	Sept. 11, 2026	Daily
INFO · Harbor ETF Trust	0.94%	21,631 NS	July 31, 2026	N-PORT
SPMO · Invesco Exchange-Traded Fund Trust …	0.93%	533,339 SH	Oct. 2, 2026	Daily
MGV · VANGUARD WORLD FUND	0.91%	306,152 SH	Aug. 19, 2026	Daily
QQQE · Direxion Shares ETF Trust	0.90%	32,844 NS	July 31, 2026	N-PORT
FTC · First Trust Exchange-Traded AlphaDE…	0.90%	32,358 NS	July 31, 2026	N-PORT
WINN · Harbor ETF Trust	0.90%	27,686 NS	July 31, 2026	N-PORT
PABU · iShares Trust	0.89%	61,535 SH	Sept. 11, 2026	Daily
IWLG · New York Life Investments Active ET…	0.88%	7,484 NS	July 31, 2026	N-PORT
IYW · iShares Trust	0.87%	604,886 SH	Sept. 11, 2026	Daily
TECL · Direxion Shares ETF Trust	0.86%	119,267 NS	July 31, 2026	N-PORT
SPHB · Invesco Exchange-Traded Fund Trust …	0.85%	20,342 SH	Oct. 2, 2026	Daily
VIG · VANGUARD SPECIALIZED FUNDS	0.85%	2,758,101 SH	Aug. 19, 2026	Daily
PTNQ · Pacer Funds Trust	0.82%	26,638 NS	July 31, 2026	N-PORT
QQQM · Invesco Exchange-Traded Fund Trust …	0.82%	2,229,399 SH	Oct. 2, 2026	Daily
QQQ · Invesco QQQ Trust, Series 1	0.82%	10,149,103 SH	Oct. 2, 2026	Daily
QQWZ · Pacer Funds Trust	0.82%	1,127 NS	July 31, 2026	N-PORT
MTUM · iShares Trust	0.81%	544,661 SH	Sept. 11, 2026	Daily
VYM · VANGUARD WHITEHALL FUNDS	0.80%	1,948,642 SH	Aug. 19, 2026	Daily
JOET · Virtus ETF Trust II	0.79%	5,249 NS	July 31, 2026	N-PORT
VGT · VANGUARD WORLD FUND	0.79%	3,365,359 SH	Aug. 19, 2026	Daily
IGM · iShares Trust	0.79%	230,328 SH	Sept. 11, 2026	Daily
FTEC · FIDELITY COVINGTON TRUST	0.78%	419,464 NS	July 31, 2026	N-PORT
DFUV · Dimensional ETF Trust	0.76%	319,784 NS	July 31, 2026	N-PORT
QSIX · Pacer Funds Trust	0.75%	376 NS	July 31, 2026	N-PORT
PFM · Invesco Exchange-Traded Fund Trust	0.72%	13,815 SH	Oct. 2, 2026	Daily
VTV · VANGUARD INDEX FUNDS	0.72%	4,631,723 SH	Aug. 19, 2026	Daily
DFLV · Dimensional ETF Trust	0.72%	131,786 NS	July 31, 2026	N-PORT
USXF · iShares Trust	0.71%	28,970 SH	Sept. 11, 2026	Daily
LCOW · Pacer Funds Trust	0.71%	499 NS	July 31, 2026	N-PORT
ALTL · Pacer Funds Trust	0.71%	1,772 NS	July 31, 2026	N-PORT
USMV · iShares Trust	0.70%	459,879 SH	Sept. 11, 2026	Daily
VOOV · VANGUARD ADMIRAL FUNDS	0.67%	112,413 SH	Aug. 19, 2026	Daily
ACVF · ETF Opportunities Trust	0.66%	2,717 NS	July 31, 2026	N-PORT
JVAL · J.P. Morgan Exchange-Traded Fund Tr…	0.65%	14,811 NS	July 31, 2026	N-PORT
JMOM · J.P. Morgan Exchange-Traded Fund Tr…	0.65%	44,123 NS	July 31, 2026	N-PORT
IXN · iShares Trust	0.64%	166,761 SH	Sept. 11, 2026	Daily
JQUA · J.P. Morgan Exchange-Traded Fund Tr…	0.64%	142,388 NS	July 31, 2026	N-PORT
ESMV · iShares Trust	0.62%	133 SH	Sept. 11, 2026	Daily
IIGD · Invesco Exchange-Traded Self-Indexe…	0.62%	190,000	Oct. 2, 2026	Daily
IWX · iShares Trust	0.61%	65,503 SH	Sept. 11, 2026	Daily
REVS · Columbia ETF Trust I	0.59%	5,378 NS	July 31, 2026	N-PORT
IVE · iShares Trust	0.59%	810,749 SH	Sept. 11, 2026	Daily
JOYT · J.P. Morgan Exchange-Traded Fund Tr…	0.58%	1,547 NS	July 31, 2026	N-PORT
IUSV · iShares Trust	0.56%	427,182 SH	Sept. 11, 2026	Daily
HELO · J.P. Morgan Exchange-Traded Fund Tr…	0.53%	66,723 NS	July 31, 2026	N-PORT
IQSU · New York Life Investments ETF Trust	0.53%	4,701 NS	July 31, 2026	N-PORT
TRFM · ETF Series Solutions	0.52%	3,485 NS	July 31, 2026	N-PORT
SUSL · iShares Trust	0.52%	17,191 SH	Sept. 11, 2026	Daily
GTOS · Invesco Actively Managed Exchange-T…	0.51%	612,000	Oct. 2, 2026	Daily
VONV · VANGUARD SCOTTSDALE FUNDS	0.50%	273,780 SH	Aug. 19, 2026	Daily
DSI · iShares Trust	0.50%	74,446 SH	Sept. 11, 2026	Daily
EVUS · iShares Trust	0.49%	5,191 SH	Sept. 11, 2026	Daily
SPTE · SP Funds Trust	0.48%	2,767 NS	July 31, 2026	N-PORT
HIBL · Direxion Shares ETF Trust	0.48%	977 NS	July 31, 2026	N-PORT
PEVC · Pacer Funds Trust	0.47%	31 NS	July 31, 2026	N-PORT
BSCQ · Invesco Exchange-Traded Self-Indexe…	0.46%	14,509,000	Oct. 2, 2026	Daily
FAD · First Trust Exchange-Traded AlphaDE…	0.45%	7,034 NS	July 31, 2026	N-PORT
IWD · iShares Trust	0.44%	1,007,815 SH	Sept. 11, 2026	Daily
GLBL · Pacer Funds Trust	0.43%	13 NS	July 31, 2026	N-PORT
FEX · First Trust Exchange-Traded AlphaDE…	0.42%	17,739 NS	July 31, 2026	N-PORT
DGRO · iShares Trust	0.42%	494,736 SH	Sept. 11, 2026	Daily
VFMO · VANGUARD WELLINGTON FUND	0.39%	19,446 SH	Aug. 19, 2026	Daily
SUSA · iShares Trust	0.36%	40,124 SH	Sept. 11, 2026	Daily
MGC · VANGUARD WORLD FUND	0.36%	97,288 SH	Aug. 19, 2026	Daily
BSCS · Invesco Exchange-Traded Self-Indexe…	0.36%	13,010,000	Oct. 2, 2026	Daily
JPUS · J.P. Morgan Exchange-Traded Fund Tr…	0.35%	4,321 NS	July 31, 2026	N-PORT
QVML · Invesco Exchange-Traded Fund Trust …	0.33%	13,711 SH	Oct. 2, 2026	Daily
USCL · iShares Trust	0.33%	25,818 SH	Sept. 11, 2026	Daily
TOPC · iShares Trust	0.33%	298 SH	Sept. 11, 2026	Daily
FBCV · FIDELITY COVINGTON TRUST	0.32%	1,553 NS	July 31, 2026	N-PORT
IWL · iShares Trust	0.31%	18,976 SH	Sept. 11, 2026	Daily
VV · VANGUARD INDEX FUNDS	0.31%	568,874 SH	Aug. 19, 2026	Daily
PBP · Invesco Exchange-Traded Fund Trust	0.30%	2,898 SH	Oct. 2, 2026	Daily
XVV · iShares Trust	0.30%	5,617 SH	Sept. 11, 2026	Daily
VOO · VANGUARD INDEX FUNDS	0.30%	12,682,375 SH	Aug. 19, 2026	Daily
PBUS · Invesco Exchange-Traded Fund Trust …	0.30%	84,332 SH	Oct. 2, 2026	Daily
ILCG · iShares Trust	0.30%	25,426 SH	Sept. 11, 2026	Daily
FBUF · Fidelity Greenwood Street Trust	0.30%	192 NS	July 31, 2026	N-PORT
ACIO · ETF Series Solutions	0.29%	18,404 NS	July 31, 2026	N-PORT
DFVX · Dimensional ETF Trust	0.29%	4,109 NS	July 31, 2026	N-PORT
ESGU · iShares Trust	0.28%	140,507 SH	Sept. 11, 2026	Daily
ADME · ETF Series Solutions	0.28%	2,259 NS	July 31, 2026	N-PORT
VONE · VANGUARD SCOTTSDALE FUNDS	0.28%	80,712 SH	Aug. 19, 2026	Daily
PTLC · Pacer Funds Trust	0.28%	24,808 NS	July 31, 2026	N-PORT
BBUS · J.P. Morgan Exchange-Traded Fund Tr…	0.28%	67,349 NS	July 31, 2026	N-PORT
BKLC · BNY Mellon ETF Trust	0.28%	41,247 NS	July 31, 2026	N-PORT
VOTE · TCW ETF Trust	0.28%	8,260 NS	July 31, 2026	N-PORT
ACWV · iShares, Inc.	0.27%	25,408 SH	Sept. 11, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.27%	15,466,088 SH	Aug. 19, 2026	Daily
VTHR · VANGUARD SCOTTSDALE FUNDS	0.27%	41,106 SH	Aug. 19, 2026	Daily
TOV · EA Series Trust	0.27%	1,927 NS	July 31, 2026	N-PORT
IVV · iShares Trust	0.27%	6,153,385 SH	Sept. 11, 2026	Daily
VOXP · Advisors Series Trust	0.27%	42 NS	July 31, 2026	N-PORT
ILCB · iShares Trust	0.27%	9,478 SH	Sept. 11, 2026	Daily
DFUS · Dimensional ETF Trust	0.26%	147,706 NS	July 31, 2026	N-PORT
SPUU · Direxion Shares ETF Trust	0.26%	1,842 NS	July 31, 2026	N-PORT
QDPL · Pacer Funds Trust	0.25%	11,753 NS	July 31, 2026	N-PORT
IWB · iShares Trust	0.25%	338,250 SH	Sept. 11, 2026	Daily
PHDG · Invesco Actively Managed Exchange-T…	0.25%	384 SH	Oct. 2, 2026	Daily
IYY · iShares Trust	0.25%	20,899 SH	Sept. 11, 2026	Daily
PRF · Invesco Exchange-Traded Fund Trust	0.25%	60,551 SH	Oct. 2, 2026	Daily
IWV · iShares Trust	0.24%	134,649 SH	Sept. 11, 2026	Daily
ITOT · iShares Trust	0.24%	635,599 SH	Sept. 11, 2026	Daily
ILCV · iShares Trust	0.24%	8,836 SH	Sept. 11, 2026	Daily
RSP · Invesco Exchange-Traded Fund Trust	0.23%	535,082 SH	Oct. 2, 2026	Daily
HCMT · Direxion Shares ETF Trust	0.22%	3,398 NS	July 31, 2026	N-PORT
OMFL · Invesco Exchange-Traded Self-Indexe…	0.22%	25,669 SH	Oct. 2, 2026	Daily
PFIG · Invesco Exchange-Traded Fund Trust …	0.21%	290,000	Oct. 2, 2026	Daily
SPXL · Direxion Shares ETF Trust	0.21%	38,166 NS	July 31, 2026	N-PORT
TOK · iShares Trust	0.21%	1,350 SH	Sept. 11, 2026	Daily
DFAU · Dimensional ETF Trust	0.21%	69,511 NS	July 31, 2026	N-PORT
CRBN · iShares Trust	0.20%	6,609 SH	Sept. 11, 2026	Daily
IUS · Invesco Exchange-Traded Self-Indexe…	0.20%	4,830 SH	Oct. 2, 2026	Daily
EUSA · iShares, Inc.	0.20%	10,453 SH	Sept. 11, 2026	Daily
QLC · FlexShares Trust	0.19%	5,376 NS	July 31, 2026	N-PORT
URTH · iShares, Inc.	0.19%	43,981 SH	Sept. 11, 2026	Daily
TILT · FlexShares Trust	0.18%	10,902 NS	July 31, 2026	N-PORT
EGUS · iShares Trust	0.18%	138 SH	Sept. 11, 2026	Daily
BSCU · Invesco Exchange-Traded Self-Indexe…	0.17%	4,844,000	Sept. 30, 2026	Daily
ACWI · iShares Trust	0.17%	155,348 SH	Sept. 11, 2026	Daily
VT · VANGUARD INTERNATIONAL EQUITY INDEX…	0.17%	409,061 SH	Aug. 19, 2026	Daily
DCOR · Dimensional ETF Trust	0.16%	14,829 NS	July 31, 2026	N-PORT
LRGF · iShares Trust	0.16%	16,146 SH	Sept. 11, 2026	Daily
PWS · Pacer Funds Trust	0.15%	101 NS	July 31, 2026	N-PORT
SIZE · iShares Trust	0.15%	1,820 SH	Sept. 11, 2026	Daily
DFSU · Dimensional ETF Trust	0.13%	7,765 NS	July 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.12%	152,291 NS	July 31, 2026	N-PORT
DXUV · Dimensional ETF Trust	0.10%	1,528 NS	July 31, 2026	N-PORT
GLOF · iShares Trust	0.10%	531 SH	Sept. 11, 2026	Daily
RWL · Invesco Exchange-Traded Fund Trust …	0.08%	18,935 SH	Oct. 2, 2026	Daily
EQAL · Invesco Exchange-Traded Fund Trust …	0.07%	1,400 SH	Oct. 2, 2026	Daily
ROUS · Lattice Strategies Trust	0.06%	1,172 NS	July 31, 2026	N-PORT
IWY · iShares Trust	0.04%	19,037 SH	Sept. 11, 2026	Daily
LGDX · Tidal Trust III	0.04%	169 NS	July 31, 2026	N-PORT
VONG · VANGUARD SCOTTSDALE FUNDS	0.04%	54,847 SH	Aug. 19, 2026	Daily
DYNF · BlackRock ETF Trust	0.04%	45,950 SH	Sept. 11, 2026	Daily
IWF · iShares Trust	0.04%	130,188 SH	Sept. 11, 2026	Daily
GTO · Invesco Actively Managed Exchange-T…	0.04%	1,170,000	Oct. 2, 2026	Daily
FYEE · Fidelity Greenwood Street Trust	0.00%	18 NS	July 31, 2026	N-PORT
FHEQ · Fidelity Greenwood Street Trust	0.00%	8 NS	July 31, 2026	N-PORT
BIV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BLV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BSV · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
BND · VANGUARD BOND INDEX FUNDS	·	·	July 15, 2026	Daily
VCIT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VCLT · VANGUARD SCOTTSDALE FUNDS	·	·	July 15, 2026	Daily
VTC · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily
BNDW · VANGUARD SCOTTSDALE FUNDS	·	·	July 30, 2026	Daily

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

21

rating · 39 analysts BUY

Median target $463.50 +11.1%

13 33.3% Strong Buy

22 56.4% Buy

4 10.3% Hold

0 0.0% Sell

0 0.0% Strong Sell

12-Month Price Target

32 analysts · 2026-09-29

Mean target $470.72 +12.8%

Now Current price $417.15

Low$365.00 Mean$470.72 High$675.00

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

22

FY basis, prices as of each company's last fiscal year-end close.

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%
MCHP	$35.02B	293.7	7.1%	4.9%	3.5%	57.7%

Latest News Recent headlines mentioning this company

23

Scale and Longevity of Earnings Inflection Create Compelling Entry Point in Analog Devices (ADI) Yahoo Finance · 1 month ago Analog Devices (ADI)’s Strong Forecast Points to Continued AI-Driven Growth Yahoo Finance · 1 month, 1 week ago Is Analog Devices, Inc. (ADI) A Good Stock To Buy Now? Yahoo Finance · 3 months, 3 weeks ago JPMorgan Raises its Price Target on Analog Devices (ADI) Yahoo Finance · 3 months, 4 weeks ago Want to Buy Analog Devices Inc (ADI) Stock? Listen to Argus First Yahoo Finance · 4 months ago Jim Cramer Discusses Texas Instruments’ (TXN) Market Yahoo Finance · 4 months, 1 week ago Jim Cramer Discusses Analog Devices’ (ADI) Market Yahoo Finance · 4 months, 1 week ago Analog Devices Sees Strong Growth In Q3; Declares Dividend 11% - Update Nasdaq · 4 months, 1 week ago Analog Devices Announces Increase In Q2 Profit Nasdaq · 4 months, 1 week ago SPY, IBM, ADI, PEP: Large Inflows Detected at ETF Nasdaq · 4 months, 2 weeks ago

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

24

Panel Verdict NEUTRAL Confidence 0.68 4 of 4 reported forecast spread ·

Analog Devices faces a tug-of-war between its impressive margin expansion and a valuation that leaves little room for error. Claude and Gemini expressed skepticism over the company's high debt-to-equity ratio and sluggish capital efficiency, while Grok and ChatGPT highlighted strong liquidity and operational leverage as reasons for optimism. The panel ultimately split on whether the stock's 58.6x P/E multiple is justified by future growth or vulnerable to a sharp correction if industrial dema...

Round 1 — Opening Takes

Grok NEUTRAL

Confidence 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

Confidence 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

Confidence 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

Confidence 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
Grok	$255.00	$275.00	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.
Claude	$228.00	$215.00	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.
Gemini	$235.00	$255.00	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.
Chatgpt	$210.00	$235.00	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.