Analog DevicesADI

Analog DevicesADI

Revenue: is the business selling more than it used to?

$12.3B+2% YoYFY 2023

→Revenue reached $12.3B in 2023, compounding +30% a year since 2020 and the pace is picking up. The trailing twelve months are already running at $13.9B, ahead of the last full year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Net income: how much of that revenue becomes profit?

$3.3B+21% YoYFY 2023

→Net income was $3.3B in 2023, compounding +40% a year over three years. Trailing twelve-month profit stands at $4.1B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

How fast is it growing, year by year?

+2.4%revenue growth, FY 2023

→Revenue grew +2% in 2023 against a five-year average of +31%. Earnings grew faster (+21%), so each new dollar of sales is arriving more profitably.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Revenue per share: is your slice growing as fast as the company?

$24.32revenue per share, FY 2023

→Revenue per share reached $24.32 in 2023, compounding +17% a year against +30% for ADI as a whole. Dilution absorbed about 12.7 points of that growth. Free cash flow per share stands at $7.03.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Free cash flow: what is left in real cash after everything?

$3.6B−6% YoYFY 2023

→Free cash flow was $3.6B in 2023, compounding +24% a year since 2020. The trailing twelve months stand at $4.9B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Where does each dollar of revenue actually go?

→Of $12.3B in 2023 sales, $3.3B reaches net profit - 27 cents on the dollar. The largest single deduction is producing the product ($4.4B).

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

How much of every sales dollar ends up as free cash?

→29 cents of every sales dollar became free cash in 2023, down 4 points since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is research and development, at 13% of revenue (capital spending 10%, stock compensation 2%). That share has fallen since 2020, so the cost of competing is easing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in 3 of the last 5 years, most recently +17% against +2%. Each additional dollar of sales is landing more profitably than the last - the definition of operating leverage.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin widened 4 points to 31% since 2020. After everything, 27 cents of each sales dollar reaches net profit.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

What does it earn on the money it uses?

→ROE of 12% and ROCE of 8% sit close together, so the returns come from the business itself rather than from borrowing.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

What has the market paid for ADI over time?

44.3xP/E today

→At 44.3x earnings, the market is paying +54% more than ADI's own 6-year median of 28.8x. Expectations are elevated, so more has to go right to justify the price. Today's multiple is the highest in the charted history.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

What cash return does the business throw off per dollar of market value?

2.8%FCF yield today

→Every dollar of market value currently buys 2.8% of annual free cash flow, less than its 6-year median of 4.8% - you are paying up for the same cash.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Could it handle its debt if things went wrong?

→Debt of $8.1B sits against $2.2B of cash, or 0.2x shareholders' equity. Earnings cover the interest bill 14 times over, so the debt is comfortably serviced.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Is the company's own capital growing?

→The company's own capital shrank from $35.5B in 2023 to $33.6B (-6%). Buybacks or losses are drawing the buffer down - the distinction matters.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

How much goes back, and how much leaks out as stock comp?

→Shareholders received $3.0B in buybacks and $1.7B in dividends in 2023. Stock compensation issued $300M of new shares in the same year, offsetting 6% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

How fast is your ownership being diluted - or concentrated?

→The share count shrank 3.3% in 2023. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Is the dividend cheque growing?

→The dividend per share reached $3.32 in 2023, compounding +12% a year since 2017.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Can it afford the dividend?

→The dividend consumed 51% of profit and 47% of free cash flow in 2023. That leaves room to keep paying through a weak year.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Does ADI earn more on its capital than that capital costs?

→ADI earns 8.4% on the capital it employs, below the 10% most investors treat as the cost of capital. It was 7.6% in 2020, so the trend is up, though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

ADI has issued or retired shares - did shareholders end up better off?

→ADI issued +73% more shares from 2009 to 2023, but revenue per share still rose +253%. The dilution bought more growth than it cost existing holders.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01

Analog DevicesADI

Are the people running it buying or selling?

→Insiders sold $59M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 9 filings were grants, option exercises or tax withholding, which say nothing either way.

Source: SEC EDGAR (XBRL company facts) · as at 2026-08-01