ADI
Analog Devices, Inc.
ADI has slightly lower modeled downside risk, despite its lower overall score.
MU
Micron Technology, Inc.
MU has the edge over ADI overall, supported by stronger valuation and stronger modeled upside.
ADI Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Healthy |
ADI's revenue, profitability, cash flow and balance sheet are all currently healthy.
MU Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
MU's revenue, profitability, cash flow and balance sheet are all currently strong.
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.
MU PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 4.6x | $798 | — |
| Cheap | 10x | $777 | -2.7% |
| Current | 11x | $798 | — |
| Fair | 22x | $1,646 | +106% |
| Expensive | 32x | $2,404 | +201% |
Historical ranges are pointers, not guarantees.
MU has the edge over ADI in the historical PE scenario, which offers more potential upside but is not a forecast.
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.
MU Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Broad | |
| Moderate |
Analysts expect strong earnings and revenue growth for MU, 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.
MU Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $174.95 | +135% |
| Q3 2026 | $74.33 | +879% |
| Q2 2026 | $44.17 | +693% |
| Q1 2026 | $21.18 | +405% |
| Q4 2025 | $10.52 | +201% |
| Q3 2025 | $7.59 | +984% |
| Q2 2025 | $5.57 | +$6.99 |
| Q1 2025 | $4.19 | +$7.64 |
| Q4 2024 | $3.49 | +$9.77 |
MU has the edge over ADI on earnings, with more consistent year-over-year improvement.
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.
MU Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $54.2B | +379% |
| Q2 2026 | $41.5B | +346% |
| Q1 2026 | $23.9B | +196% |
| Q4 2025 | $13.6B | +57% |
| Q3 2025 | $11.3B | +46% |
| Q2 2025 | $9.3B | +37% |
| Q1 2025 | $8.1B | +38% |
| Q4 2024 | $8.7B | +84% |
MU has the edge over ADI on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 81% | +48 points |
| Q2 2026 | 80% | +57 points |
| Q1 2026 | 68% | +46 points |
| Q4 2025 | 45% | +20 points |
| Q3 2025 | 32% | +13 points |
| Q2 2025 | 23% | +13 points |
| Q1 2025 | 22% | +19 points |
| Q4 2024 | 25% | +49 points |
MU has the edge over ADI on profitability, with a higher operating margin.
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 has the edge over MU on cash flow, with more consistent year-over-year improvement.
MU Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $32.9B | +45543% |
| Q2 2026 | $17.6B | +951% |
| Q1 2026 | $5.5B | +$5.6B |
| Q4 2025 | $3B | +7853% |
| Q3 2025 | $72M | -75% |
| Q2 2025 | $1.7B | +322% |
| Q1 2025 | -$113M | +$52M |
| Q4 2024 | $38M | +$433M |
MU generated $59B in free cash flow over the past year, more than ten times what it generated 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 the edge over MU on shareholder dilution, with a more favorable share count trend.
| 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.
MU Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.2% | -2M shares |
| 1 year | +1.6% | +18M shares |
| 3 years | +4.6% | +50M shares |
| 5 years | +0.2% | +2M shares |
| Available history | +1.2% | +14M shares |
MU has 1.1B diluted shares, up 1.6% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | — |
| Q2 2026 | — |
| Q1 2026 | $350M |
| Q4 2025 | $300M |
| Q3 2024 | $300M |
| Q2 2024 | — |
| Q1 2024 | — |
| Q4 2023 | — |
MU has spent almost nothing on buybacks in the past year.
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.
MU Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.3x | Net Cash |
| Q2 2026 | -0.3x | Net Cash |
| Q1 2026 | -0.1x | Net Cash |
| Q4 2025 | 0.1x | Very low |
| Q3 2025 | 0.3x | Very low |
| Q2 2025 | 0.3x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
MU has the edge over ADI on leverage, with a lower net debt burden relative to earnings.
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).
MU Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 47.1 | Neutral |
| Stochastic | 26.9 | Neutral |
MU's weekly RSI is 47 (neutral) and its Stochastic is 27 (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.
MU PE vs Technology Sector
| Metric | MU | Sector median | Relative |
|---|---|---|---|
| PE | 11x | 28x | 61% below |
| PE % | 18 | 35 | 17 pts below |
MU has the edge over ADI on valuation relative to its sector.
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 has the edge over MU on trend strength, trading above more of its moving averages.
MU Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $914.5 | 13% below |
| 20 week MA | $931.0 | 14% below |
| 50 week MA | $685.9 | 16% above |
| 100 week MA | $405.4 | 97% above |
| 200 week MA | $246.0 | 225% above |
MU has pulled back, but its long-term trend is still up: it's below its 8- and 20-week averages, but 225% 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.
MU Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $54.0 | $70.6 | +31% |
| 2021 | $70.6 | $94.4 | +34% |
| 2022 | $94.4 | $50.2 | -47% |
| 2023 | $50.2 | $85.3 | +70% |
| 2024 | $85.3 | $88.6 | +3.9% |
| 2025 | $88.6 | $284.8 | +221% |
| 2026 YTD | $284.8 | $798.4 | +180% |
MU has the edge over ADI on returns for 2026, with the stronger performance.