ADI
Analog Devices, Inc.
ADI's fundamentals are strong: revenue grew 34% and its operating margin rose 11 points to 36%. At 49x earnings, it's trading above its usual 41x. Analysts expect that strong growth to continue.
ADI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
ADI's revenue, profitability, cash flow and balance sheet are all currently healthy.
ADI PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 24x | $409 | — |
| Cheap | 30x | $252 | -38% |
| Fair | 41x | $349 | -15% |
| Current | 49x | $409 | — |
| Expensive | 63x | $535 | +31% |
Historical ranges are pointers, not guarantees.
ADI's PE is in its fair range at 49x. If earnings grow as analysts expect, today's price would be 24x next year's earnings, in its cheap range.
ADI Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for ADI, with profitability improving.
ADI Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $16.89 | +100% |
| Q3 2026 | $8.43 | +116% |
| Q2 2026 | $6.73 | +84% |
| Q1 2026 | $5.47 | +75% |
| Q4 2025 | $4.56 | +39% |
| Q3 2025 | $3.91 | +17% |
| Q2 2025 | $3.66 | -15% |
| Q1 2025 | $3.13 | -44% |
| Q4 2024 | $3.28 | -50% |
ADI earned $8.43 per share over the past year, up 116% from the year before.
ADI Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4B | +40% |
| Q2 2026 | $3.6B | +37% |
| Q1 2026 | $3.2B | +30% |
| Q4 2025 | $3.1B | +26% |
| Q3 2025 | $2.9B | +25% |
| Q2 2025 | $2.6B | +22% |
| Q1 2025 | $2.4B | -3.6% |
| Q4 2024 | $2.4B | -10% |
ADI's revenue has grown year over year for six quarters in a row: $4B last quarter, up 40% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 40% | +12 points |
| Q2 2026 | 38% | +12 points |
| Q1 2026 | 32% | +11 points |
| Q4 2025 | 31% | +7.4 points |
| Q3 2025 | 28% | +7.1 points |
| Q2 2025 | 26% | +7.8 points |
| Q1 2025 | 20% | -3 points |
| Q4 2024 | 23% | 0 points |
ADI's operating margin was 40% last quarter, up 12 points from the same quarter a year ago, near the top of its range since 2019.
ADI Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.5B | +34% |
| Q2 2026 | $734.3M | +0.7% |
| Q1 2026 | $1.3B | +29% |
| Q4 2025 | $1.5B | +68% |
| Q3 2025 | $1.1B | +55% |
| Q2 2025 | $729.2M | +18% |
| Q1 2025 | $977.8M | +6.8% |
| Q4 2024 | $885.4M | +25% |
ADI's free cash flow has been positive every quarter for seven years: $4.9B over the past year, up 34% from the year before.
ADI Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -1.6M shares |
| 1 year | -1.6% | -7.9M shares |
| 3 years | -2.9% | -14.7M shares |
| 5 years | +31% | +116M shares |
| Available history | +31% | +116M shares |
ADI has 489M diluted shares, down 1.6% from a year ago, with $3.1B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.2B |
| Q2 2026 | $772.9M |
| Q1 2026 | $516.5M |
| Q4 2025 | $680.5M |
| Q3 2025 | $1.1B |
| Q2 2025 | $248.6M |
| Q1 2025 | $160.4M |
| Q4 2024 | $94.9M |
ADI spent $3.1B buying back its own shares over the past year, up 98% from the year before.
ADI Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Healthy |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 1.1x | Healthy |
| Q4 2025 | 1.3x | Healthy |
| Q3 2025 | 1.4x | Healthy |
| Q2 2025 | 1.1x | Healthy |
| Q1 2025 | 1.3x | Healthy |
| Q4 2024 | 1.4x | Healthy |
ADI's net debt is about a year of its operating earnings (EBITDA), down from 1.4 years a year ago.
ADI Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.7 | Neutral |
| Stochastic | 56.9 | Neutral |
ADI's weekly RSI is 56 (neutral) and its Stochastic is 57 (neutral).
ADI PE vs Technology Sector
| Metric | ADI | Sector median | Relative |
|---|---|---|---|
| PE | 49x | 28x | 74% above |
| PE % | 62 | 35 | 27 pts above |
ADI is trading at 49x earnings, a 74% premium to the Technology sector's median of 28x.
ADI Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $399.2 | 2.5% above |
| 20 week MA | $385.6 | 6.1% above |
| 50 week MA | $360.9 | 13% above |
| 100 week MA | $292.3 | 40% above |
| 200 week MA | $245.2 | 67% above |
ADI is in an uptrend: it's above all five of its weekly moving averages, and 67% above its 200-week average.
ADI Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $119.5 | $144.5 | +21% |
| 2021 | $144.5 | $172.7 | +20% |
| 2022 | $172.7 | $163.8 | -5.1% |
| 2023 | $163.8 | $198.6 | +21% |
| 2024 | $198.6 | $217.0 | +9.3% |
| 2025 | $217.0 | $276.8 | +28% |
| 2026 YTD | $276.8 | $409.3 | +48% |
ADI has finished higher in five of the last six years. It's up 48% so far in 2026.