Analog Devices, Inc.

The grade, in three tenses

Headline 6.1 out of ten, 9 of 9 metrics filed: past 7.1 out of ten, present 6.1 out of ten, future 5.1 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 7.6 out of ten. No warning events in its filings since 2017. 76th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.2 out of ten. +9.7% a year over 9 filed years; profitable in 9 of 9. 62nd percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 8.5 out of ten. Share count shrank 1.7% a year. 83% of cash flow returned. Insiders: 206 sales, 0 purchases. 85th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.8 out of ten. ROE 7%: 7¢ of profit per shareholder dollar. Leverage 30%: owes 30¢ per asset dollar. 58th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 7.1 out of ten. top 29% of 97 in its family; net margin 20.6%. 71st percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. top 47% of 66 in its family for leadership; chief executive since 2013. 53rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 6.0 out of ten. top 40% of 94 in its family for room to expand. 60th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 3.7 out of ten. bottom 37% of 93 in its family for growth drivers. 37th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 5.4 out of ten. top 46% of 88 in its family for expectations against reality. 54th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2025-11-25 for the period ended 2025-11-01 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-08-19 for the period ended 2026-08-01 (on EDGAR). Newest results release: Form 8-K filed 2026-08-19 (on EDGAR). Newest filing: Form 4, 2026-10-09. Filings on record since 1994. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2025-11-25.

The people

Vincent Roche has been chief executive of Analog Devices and a director since May 2013, president since 2012 and chair of the board since March 2022. He began his career at the company in 1988 and has held key posts across corporate leadership, worldwide sales, strategic marketing, business development and product management. [1, 2]

The proxy statement names four other executive officers. Richard C. Puccio, Jr. has been chief financial officer since February 2024; before that he was finance chief of Amazon Web Services from 2021, and for 21 years a partner at PwC, serving mainly technology and semiconductor clients. Vivek Jain has run global operations and technology, meaning manufacturing and the supply chain, since August 2021, as executive vice president since May 2022; he came with the purchase of Maxim, where he had led technology and manufacturing from June 2009, and had earlier managed a plant at Intel. Martin Cotter, who joined as a design engineer in 1986, has led the vertical business units, the teams for industrial, automotive, aerospace, defense and communications, healthcare and consumer customers, since December 2024, and is also president of Analog Devices EMEA (Europe, the Middle East and Africa). Dr. Katsu Nakamura, who joined as a design engineer in 1994, has been chief customer officer, over global sales and marketing, since November 2024. [3, 4, 5, 6, 7, 8, 9, 10, 11, 12]

Ten directors were nominated for election at the 2026 annual meeting, eight of them independent. Ray Stata, the co-founder, still sits on the board at 91: he was an executive officer from the founding in 1965 until April 2012, chief executive from 1973 to November 1996 and chair from 1973 until March 2022, when Roche was elected chair. Stephen M. Jennings, a former Deloitte principal, is the lead independent director. On January 20, 2026 Susie Wee told the board she would not stand for re-election, and the same day Yoky Matsuoka, an executive officer of Panasonic Holdings since October 2019, was appointed a director. [13, 14, 15, 1, 16, 17, 18]

At the end of fiscal 2025 the company counted about 24,500 employees, about 13,000 of them in engineering roles, more than half. About 60% of the workforce is male and 40% female; the senior leadership team is 73% male and 27% female. Voluntary turnover in fiscal 2025 was about 7.2%. [19, 20]

How it operates

Analog Devices designs, makes, tests and sells chips that connect the physical world to electronics, along with the software and subsystems around them. Its analog chips take continuous real-world signals, such as temperature, pressure, light, sound or motion, and condition, amplify or transform them; its data converters, its largest and most diverse product family, turn those signals into digital data and digital data back into signals. Around them it sells power management chips, amplifiers, radio-frequency (RF) chips, processors for devices at the edge of networks, and sensors, among them MEMS sensors (tiny mechanical structures built with chipmaking methods, such as accelerometers that sense acceleration and gyroscopes that sense rotation): more than 75,000 products in all. It adds design software, such as its CodeFusion Studio development platform and Power Studio, launched in fiscal 2025, as part of what it calls an evolution from component supplier to full-system and solutions provider. [21, 22, 23, 24, 25, 26, 27, 28]

Its chips end up in equipment of almost every kind. In industry: factory robots, motion control and power supplies; automated test equipment and measuring instruments; radar, navigation and satellite systems; medical equipment from ultrasound, PET and MRI scanners to insulin pumps and glucose monitors; and utility meters, wind turbines, solar inverters and electric-vehicle chargers. In cars: battery monitoring and management, audio, connectivity and video. In communications: cellular base stations and, in data centers, power delivery and high-speed connections for AI and cloud computing. In consumer products: phones, tablets, wearables, earbuds and hearing devices. [29, 30, 31, 32, 33, 34, 35, 36, 37]

Most of it is sold through distributors, companies that buy chips for resale: they brought in 56% of fiscal 2025 revenue, against 58% the year before. Direct customers, mainly original equipment manufacturers (OEMs), took 43%, and the US government, its prime contractors and some commercial customers about 1%. Two distributors each took more than a tenth of revenue: one 24%, the same share as in fiscal 2024, and another 13%; no other customer passed a tenth. The company has sales offices, representatives or distributors in about 50 countries. It typically signs no long-term sales contracts, and most orders can be canceled within a reasonable notice period without significant penalty. [38, 39, 40, 41, 42, 43, 44]

By the location of the distributor or equipment maker that bought the chips, the United States brought in 3.2 billion dollars, 29.4% of fiscal 2025 revenue, up 14.0%; China 2.9 billion, 25.9%, up 34.3%; Europe, mainly Germany, the Netherlands, France and Israel, 2.3 billion, 20.7%; the rest of Asia, mainly Taiwan, South Korea, Malaysia and Singapore, 13.5%; and Japan 9.0%, the only region that shrank, down 8.8%. The filing notes that this can differ from where the end customers are, particularly when a contract manufacturer buys through distributors. [45, 46, 47]

Unlike fabless chip designers, which hire others to make their chips, Analog Devices runs its own wafer fabs, in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland, on manufacturing processes tailored to analog and mixed-signal chips. Even so, it buys more than half of its wafers each year from outside foundries such as TSMC. It sorts and tests wafers at its own sites in the Philippines and Thailand and makes extensive use of subcontractors for assembly and testing. Its assembly and test plant in Penang, Malaysia was classified as held for sale in the fourth quarter of fiscal 2025, and the subsidiary that held it was sold in the third quarter of fiscal 2026. [48, 49, 50, 51, 52, 53]

The specifics

Analog Devices was incorporated in Massachusetts in 1965 and is still headquartered near Boston, in Wilmington. Buying businesses is part of its strategy. The acquisition the filing still reports on is Maxim Integrated Products: its head of technology and manufacturing, Vivek Jain, took over the company's global operations after the deal, in August 2021, and integrating Maxim and consolidating its manufacturing and office footprint had cost 591.6 million dollars in net special charges by November 1, 2025. A separate reorganization begun in fiscal 2023, with voluntary and involuntary job cuts, cost another 155.9 million. On July 7, 2026 it completed the purchase of Empower Semiconductor, a provider of integrated voltage regulators and power management products, for about 1.5 billion dollars; the company counts a stronger power technology portfolio among the benefits it expects. [54, 55, 6, 56, 57, 58, 59]

In its own account, its edge is six decades of analog know-how: it calls itself one of the world's largest suppliers of high-performance analog chips, with several thousand analog products, many sold to several hundred end customers and kept in production for a long time. At November 1, 2025 it held about 4,780 US patents and about 500 published pending US applications, and it sometimes keeps a significant invention as a trade secret instead of patenting it. It believes its competitive position rests largely on its people's system and application knowledge and skills, with patents giving some advantage and protection. Research and development cost 1.8 billion dollars in fiscal 2025, 16% of revenue. [60, 61, 62, 63, 64, 65, 66]

The filing names no competitor. It describes rivals with the resources to match its products, emerging specialists, and companies abroad backed by well-funded government efforts to build home-grown chip industries, and it warns that government incentives such as the US CHIPS Act may not be available to it on acceptable terms. Trade rules cut deeper: export restrictions limit its sales to certain Chinese companies and to those that deal with them, have already affected its revenue in China and elsewhere, and may lead customers to stockpile its chips or switch to suppliers the rules do not reach. It also flags the tariffs announced in 2025 and a Commerce Department investigation into imported semiconductors opened in April 2025. Most of its profit is earned in Ireland: pretax income was primarily generated there, at a 12.5% tax rate. [67, 68, 69, 70, 71, 72, 73, 74]

The newest quarterly report changes one risk factor, to add a cyber incident in June 2026 in which files were taken from some of its systems. Its operations were not interrupted; the company said that, on what it knew, it did not believe the incident reasonably likely to affect its business materially, while its investigation of what was taken continued. [75, 76, 77]

What drives growth, line by line

Revenue rose 16.9% in fiscal 2025 to 11.0 billion dollars, recovering part of the 23.4% fall of fiscal 2024 from 12.3 billion in fiscal 2023. The filing credits a broad-based increase in demand, partly offset by the extra week of operations fiscal 2024 had. Gross margin widened to 61.5% from 57.1%, mainly because its factories ran fuller on higher demand and the amortization of acquired intangible assets fell, and net income rose 39% to 2.3 billion dollars. [65, 78, 79, 80, 81]

Industrial. The largest line: 4.9 billion dollars, 44.7% of fiscal 2025 revenue, up 14.9%. Beyond stronger demand, the filing credits customers' inventories returning to normal and growth in test equipment and in aerospace and defense. Industrial made up 53% of revenue in fiscal 2023 and 46% in fiscal 2024. [45, 82, 83]

Automotive. 3.3 billion dollars, 29.7% of revenue, up 15.5%, driven mainly by connectivity products, the filing says. Automotive's share of revenue has risen from 24% in fiscal 2023 to 30%, the second-largest line after industrial. [45, 84, 83]

Consumer. 1.4 billion dollars, 13.0% of revenue, up 18.8%, mainly on portable consumer products, the smartphones, tablets, handheld games and wearables its chips go into. [45, 85, 37]

Communications. 1.4 billion dollars, 12.5% of revenue and the fastest-growing line, up 26.2%. The filing credits the wireline sub-market, meaning wired network equipment, as data-center infrastructure expanded to support AI applications. [45, 85]

The newest quarterly report shows growth speeding up: revenue for the quarter ended August 1, 2026 rose 40% on the year, and 36% over nine months, on broad-based demand. Communications grew fastest, up 84% in the quarter, led by the data-center sub-market on AI-related infrastructure spending. Industrial rose 53%, with every sub-market growing and test equipment and aerospace and defense growing most, and made up 49% of the quarter's revenue; automotive rose 16% and consumer 6%. Gross margin reached 67.3%, against 62.1% a year earlier, on fuller factories and a more favorable mix of products. [86, 87, 88, 89, 90]

What comes next, in the company's own words: it expected capital spending in fiscal 2026 of about 4% to 6% of that year's revenue, after 533.6 million dollars in fiscal 2025 and 1.3 billion in fiscal 2023; it expects to continue developing new technologies and processes for new products, whose success it views as critical to future growth; and it is building software and AI tools around its chips in what it calls an evolution from component supplier to full-system and solutions provider. [91, 65, 92, 27]

What the desk infers (inferred, not filed)

• A large part of the fall in fiscal 2024 and of the recovery since came from customers and distributors running down their stocks of Analog Devices chips and then rebuilding them, on top of changes in end demand; the industrial market, which leans heavily on distributors, carried the swing. Because: Revenue fell 23.4% in fiscal 2024, then rose 16.9% in fiscal 2025. [65] Industrial's share of revenue dropped from 53% in fiscal 2023 to 46% in fiscal 2024. [83] The filing credits the fiscal 2025 industrial increase primarily to customer inventory balances normalizing. [82] The distributor channel's share moves with industrial's: the annual report ties its fall to industrial's smaller share, and the newest quarterly report ties its rise to industrial's larger one. [93, 94] Distributors typically keep an inventory of its products, and in weak markets customers rely on the shorter lead times suppliers offer. [95, 96] Confidence 65 of 100. Wrong if: A filing showing that distributor and customer inventories of its chips held steady through fiscal 2024 and 2025, so that its shipments tracked end demand throughout.
• The company's biggest single exposure is a distributor, not an end customer: the same distributor has taken about a quarter of revenue three years running, on open credit, so its health and its stocking decisions weigh on results more than any one buyer of the chips. Because: The largest distributor took 24%, 24% and 25% of revenue in the last three fiscal years, and a second took 13% in fiscal 2025. [40] No other customer took more than a tenth of revenue in any of those years. [41] It generally does not require letters of credit from its distributors, including the largest, and is not protected against their default. [97] Distributors can receive price adjustment credits and return slow-moving products for credit. [98] Confidence 80 of 100. Wrong if: A filing naming an end customer with a larger share of revenue than the largest distributor, or that distributor's share falling below a tenth of revenue.
• China's jump to about a quarter of fiscal 2025 revenue likely overstates demand from Chinese end products: part of it is probably contract manufacturers in China buying for companies elsewhere, and part may be customers building stocks ahead of export restrictions and tariffs. Because: China was the fastest-growing large region in fiscal 2025, up 34.3%, against 14.0% for the United States and 8.3% for Europe. [45] The filing books revenue where the buying distributor or equipment maker sits, which may differ from where the end customers are, particularly when a contract manufacturer buys through distributors. [46] It says export restrictions may lead customers to amass large inventories of its products. [71] It says the tariffs of 2025 have led customers to advance, delay, reduce or cancel orders and shift buying patterns. [72, 99] Confidence 50 of 100. Wrong if: A filing that reports revenue by the end customer's location with China's share as high as the purchaser-based figure, or China keeping its share through a year with no new trade restrictions.
• With the Penang plant sold, the company's own chip back end is now wafer probing and testing in the Philippines and Thailand, and putting its chips into packages rests largely with subcontractors; Thailand is where it added equipment in fiscal 2025. Because: The annual report describes Penang as its assembly, wafer sort and testing facility and its Philippine and Thai sites as wafer sort and test facilities, and says subcontractors already did much of its assembly and testing. [51] Its table of main sites lists wafer probe and testing at Cavite in the Philippines and Chonburi in Thailand, assembly at Penang, and final assembly of certain modules and subsystems at Chelmsford, Massachusetts. [100, 101] It classified the Penang facility as held for sale in the fourth quarter of fiscal 2025 and sold the Penang subsidiary in the third quarter of fiscal 2026. [52, 53] Its plant and equipment in Thailand grew over fiscal 2025 while the Philippines' shrank. [102] Its repositioning program set out to consolidate its global footprint, manufacturing included. [56] Confidence 60 of 100. Wrong if: A filing naming a company-run chip assembly plant other than Penang, or showing Penang's assembly work moved to another of its own sites.

Sources

1. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Roche was elected as Chair of our Board of Directors in March 2022. Mr. Roche has served as our President since 2012 and was appointed CEO and elected as a director in May 2013.”
2. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Roche began his career with us in 1988 and has served in key positions spanning corporate leadership, worldwide sales, strategic marketing, business development, and product management over his more than 30-year tenure.”
3. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Each of Messrs. Roche, Cotter, Jain, and Puccio and Dr. Nakamura is an “executive officer” as defined by Rule 3b-7 of the Exchange Act.”
4. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Puccio has served as our Executive Vice President and Chief Financial Officer (CFO) since February 2024 where he is responsible for setting ADI's financial strategy and leading our global finance operation. Before joining ADI, Mr. Puccio served as CFO of Amazon Web Services (AWS), an $88B revenue business, since 2021.”
5. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “During his 21 years as a Partner at PwC, Mr. Puccio primarily served clients in the global technology, semiconductor, and semiconductor capital equipment industries, and later led a large team supporting Dell.”
6. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Jain has served as our Executive Vice President of Global Operations and Technology since May 2022, where he is responsible for global manufacturing and supply chain operation, and previously served as our Senior Vice President of Global Operations and Technology from August 2021 to May 2022. Mr. Jain assumed this position following our acquisition of Maxim, where he served in a similar capacity as the Senior Vice President of the Technology and Manufacturing Group from June 2009 to August 2021.”
7. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Jain’s additional experience includes serving as a Plant Manager at Intel's Technology Development and Manufacturing facility”
8. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Cotter has served as our Senior Vice President, Vertical Business Units (VBU) since December 2024 and also serves as President of Analog Devices EMEA. He oversees key sectors including Industrial & Multi-Markets, Automotive, Aerospace, Defense & Communications, Healthcare, and Consumer.”
9. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Cotter joined ADI in 1986 as a design engineer.”
10. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Dr. Nakamura has served as our Senior Vice President and Chief Customer Officer since November 2024 where he is responsible for ADI’s customer strategy”
11. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Dr. Nakamura oversees our global sales, marketing, and digital go-to-market”
12. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Dr. Nakamura joined ADI in 1994 as a design engineer, developing ADI’s early technologies in CMOS data converters for embedded applications.”
13. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “8 of 10 Director nominees are independent, or 80%”
14. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Mr. Stata is our co-founder and served as an executive officer from our inception in 1965 until April 2012, including as our CEO from 1973 to November 1996 and as our President from 1971 to November 1991. Mr. Stata also served as the Chair of our Board of Directors from 1973 until March 2022.”
15. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “RAY STATA Co-Founder and Former Chair of the Board of Directors of Analog Devices, Inc. 91 1965”
16. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “STEPHEN M. JENNINGS Lead Independent Director and Former Principal of Deloitte LLP”
17. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “On January 20, 2026, Susie Wee informed our Board of Directors that she decided not to stand for re-election at the Annual Meeting. Dr. Wee will continue to serve as a member of the Board of Directors through the date of the Annual Meeting. Also on January 20, 2026, Yoky Matsuoka was appointed to our Board of Directors.”
18. Analog Devices, Inc., Form DEF 14A filed 2026-01-23: “Dr. Matsuoka has served as an executive officer of Panasonic Holdings Corporation responsible for global innovation and new businesses, since October 2019.”
19. Analog Devices, Inc., Form 10-K filed 2025-11-25: “As of November 1, 2025, we had approximately 24,500 employees, of whom approximately 13,000 are in engineering roles. Approximately 60% of our workforce is male and 40% female. Our senior leadership team is 73% male and 27% female”
20. Analog Devices, Inc., Form 10-K filed 2025-11-25: “For fiscal 2025, our voluntary employee turnover rate was approximately 7.2%.”
21. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We design, manufacture, test and market a broad portfolio of solutions, including integrated circuits (ICs), software and subsystems that leverage high-performance analog, mixed-signal and digital signal processing technologies.”
22. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our comprehensive product portfolio, deep domain expertise and advanced manufacturing capabilities extend across high-performance precision and high-speed mixed-signal, power management and processing technologies – including data converters, amplifiers, power management, radio frequency (RF) ICs, edge processors and other sensors.”
23. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our analog ICs monitor, condition, amplify or transform continuous analog signals associated with physical properties, such as temperature, pressure, weight, light, sound or motion, and play an important role in bridging real world phenomena to a variety of electronic systems.”
24. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Data converters translate real-world analog signals into digital data and also translate digital data into analog signals. Data converters remain our largest and most diverse product family”
25. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our product offerings include more than 75,000 stock keeping units (SKUs) that can be aggregated into the following general categories”
26. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our MEMS product portfolio includes accelerometers used to sense acceleration, gyroscopes used to sense rotation”
27. Analog Devices, Inc., Form 10-K filed 2025-11-25: “As part of our evolution from a component supplier to a full-system and solutions provider, we recently introduced an upgrade to our open-source embedded development platform, CodeFusion Studio 2.0”
28. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In fiscal 2025, we also launched Power Studio, a digital simulation and design ecosystem integrating new system-level and IC-level design capabilities into a single product family.”
29. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Condition-based monitoring (CbM) • Industrial power supplies • Industrial robotics • Industrial motion control • Factory and process control”
30. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Automated test equipment • Automotive and energy test • Electronic test and measurement • Life sciences and drug discovery”
31. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Navigation systems • Radar systems • Space and satellite communications • Security devices”
32. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Ultrasound, PET and MRI systems • Anesthesia equipment • X-Ray equipment (CT and DX-Ray) • Lab and point of care diagnostic equipment • Image guided therapy • Robotic surgery, surgical tools and instruments • Multi-parameter vital signs monitors • Blood analyzers and infusion pumps • Remote patient monitoring and wellness • Renal therapy and organ transplant systems • Continuous glucose monitoring • Insulin pumps”
33. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Utility meters • Wind turbines • Electric vehicle charging infrastructure • Solar inverters”
34. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Audio, voice processing and connectivity • Battery monitoring and management systems • Video processing and networking • Intelligent power solutions”
35. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Cellular base station equipment • Satellite and terrestrial broadband access equipment”
36. Analog Devices, Inc., Form 10-K filed 2025-11-25: “This market is driven by rapid adoption of AI, machine learning and hyperscale architectures, which require advanced power delivery, thermal management and high-speed connectivity solutions to address the growing demand for high-performance computing and cloud infrastructure.”
37. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Portable devices (smartphones, tablets, handheld gaming and wearable technology) for media and vital signs monitoring applications • Prosumer audio/video equipment • Hearable devices (headphones, earbuds and hearing health)”
38. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Distributors $ 6,144,819 56 % $ 5,505,779 58 % Direct customers 4,718,993 43 % 3,772,945 40 % Other 155,895 1 % 148,433 2”
39. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Distributors are customers that buy products with the intention of reselling them. Direct customers are non-distributor customers and consist primarily of original equipment manufacturers (OEMs). Other customers include the U.S. government, government prime contractors and certain commercial customers for which revenue is recorded over time.”
40. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Year Ended November 1, 2025 November 2, 2024 October 28, 2023 Distributor 1 24% 24% 25% Distributor 2 * 12% 10% Distributor 3 13% 12%”
41. Analog Devices, Inc., Form 10-K filed 2025-11-25: “No other customer accounted for greater than 10% of total revenue in any period presented.”
42. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We have direct sales offices, sales representatives and/or distributors in approximately 50 countries.”
43. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We typically do not have long-term sales contracts with our customers.”
44. Analog Devices, Inc., Form 10-K filed 2025-11-25: “As is customary in the semiconductor industry, we allow most orders to be canceled within a reasonable notification period or deliveries to be delayed by customers without significant penalty”
45. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
46. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Geographic revenue information for fiscal 2025 and fiscal 2024 reflects the geographic location of the distributors or OEMs who purchased the Company’s products. This may differ from the geographic location of the end customers particularly in cases where a third-party contract manufacturer purchases the Company’s products through distributors.”
47. Analog Devices, Inc., Form 10-K filed 2025-11-25: “the predominant regions comprising “Europe” are Germany, the Netherlands, France and Israel; and the predominant regions comprising “Rest of Asia” are Taiwan, South Korea, Malaysia and Singapore.”
48. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We utilize, develop and employ a wide variety of manufacturing processes, primarily based on bipolar and complementary metal-oxide semiconductor (CMOS) transistors, which are specifically tailored for use in fabricating high-performance analog, DSP and mixed-signal ICs.”
49. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our IC products are fabricated on proprietary processes at our internal production facilities in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland and also on a mix of proprietary and non-proprietary processes at third-party wafer fabricators.”
50. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We currently source more than half of our wafer requirements annually from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, and the remainder is sourced internally.”
51. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In addition, we operate an assembly, wafer sort and testing facility in Penang, Malaysia and wafer sort and test facilities in the Philippines and Thailand. We also make extensive use of third-party subcontractors for the assembly and testing of our products.”
52. Analog Devices, Inc., Form 10-K filed 2025-11-25: “During the fourth quarter of fiscal 2025, the Company determined its facility located in Penang, Malaysia met the held for sale criteria specified in ASC 360.”
53. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “During the third quarter of fiscal 2026, the Company completed the sale of a subsidiary in Penang, Malaysia, which included its facility and certain equipment previously classified as held for sale.”
54. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We were incorporated in Massachusetts in 1965 with our corporate headquarters near Boston in Wilmington, Massachusetts.”
55. Analog Devices, Inc., Form 10-K filed 2025-11-25: “An element of our business strategy involves expansion through the acquisitions of businesses, assets, products or technologies that allow us to complement our existing product offerings”
56. Analog Devices, Inc., Form 10-K filed 2025-11-25: “The Company recorded net special charges of $591.6 million on a cumulative basis through November 1, 2025, as part of the integration of the acquisition of Maxim Integrated Products, Inc. (Maxim) and continued organizational initiatives to consolidate its global footprint related to certain manufacturing, engineering, sales, marketing and administrative offices and to better align its global workforce with the Company’s long-term strategic plan.”
57. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In fiscal 2023, the Company committed to a plan to reorganize its business (the Q4 2023 Plan). The Company recorded net special charges of $155.9 million on a cumulative basis through November 2, 2024 related to the Q4 2023 Plan. The Q4 2023 Plan, consisting of voluntary and involuntary reductions-in-force and other cost-savings initiatives”
58. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “On July 7, 2026, the Company completed the acquisition of all of the voting interests of Empower Semiconductor, Inc. (Empower), a provider of integrated voltage regulators and power management solutions, for approximately $1.5 billion.”
59. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “The goodwill is attributable to the expected future economic benefits arising from the acquisition, including the enhancement of the Company’s power technology portfolio.”
60. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our analog and mixed-signal IC technology have been the foundation of our business for six decades, and we are one of the world’s largest suppliers of high-performance analog ICs.”
61. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our product portfolio includes several thousand analog ICs, many of which can have several hundred end customers. Our analog ICs typically have long product life cycles.”
62. Analog Devices, Inc., Form 10-K filed 2025-11-25: “As of November 1, 2025, we held approximately 4,780 U.S. patents and approximately 500 published pending U.S. patent applications.”
63. Analog Devices, Inc., Form 10-K filed 2025-11-25: “we may elect, in certain cases, not to seek patent protection even for significant inventions, if we determine other protection, such as maintaining the invention as a trade secret, to be more advantageous.”
64. Analog Devices, Inc., Form 10-K filed 2025-11-25: “While our patents, copyrights, trademarks and trade secrets provide some advantage and protection, we believe our competitive position and future success is largely determined by such factors as the system and application knowledge, innovative skills, technological expertise and management ability and experience of our personnel”
65. The record on this page: the filed annual figures (EDGAR's company facts)
66. Analog Devices, Inc., Form 10-K filed 2025-11-25: “R&D expenses $ 1,766,001 $ 1,487,863 $ 278,138 19 % R&D expenses as a % of revenue 16 % 16”
67. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Many companies have sufficient financial, manufacturing, technical, sales and marketing resources to develop and market products that compete with our products.”
68. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Our competitors also include both emerging companies selling specialized products in markets we serve and companies outside of the United States, including entities associated with well-funded efforts by foreign governments to create indigenous semiconductor industries.”
69. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Government incentives, including any that may be offered in connection with the CHIPS Act, may not be available to us on acceptable terms or at all.”
70. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In addition, export restrictions limit our ability to sell to certain Chinese companies and to third parties that do business with those companies. These restrictions, which have continued to expand over the past several years, have impacted our revenues and results of operations in China and elsewhere.”
71. Analog Devices, Inc., Form 10-K filed 2025-11-25: “These and similar restrictions have created, and may continue to create, uncertainty and caution with our current or prospective customers and may cause them to amass large inventories of our products, replace our products with products from another supplier that is not subject to the export restrictions”
72. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In 2025, the U.S. government announced a series of tariffs, including tariffs targeting a broad range of imports and targeted tariffs on goods from specific countries and industries.”
73. Analog Devices, Inc., Form 10-K filed 2025-11-25: “For example, in April 2025, the Department of Commerce launched an investigation into the national security impacts of imported semiconductors and semiconductor manufacturing equipment.”
74. Analog Devices, Inc., Form 10-K filed 2025-11-25: “For fiscal 2025 and fiscal 2024 our pretax income was primarily generated in Ireland at a tax rate of 12.5%.”
75. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “Except for the risk factor set forth below, there have been no material changes from the factors disclosed in the 2025 Form 10-K.”
76. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “We have experienced cybersecurity attacks and incidents, such as the June 2026 incident and other cybersecurity events, some of which resulted in the exfiltration of files from certain affected systems. While our operations were not interrupted as a result of the June 2026 incident, and based on information currently known, we do not believe this incident is reasonably likely to materially impact our business, operations, or financial condition, our investigation into the nature and scope of the exfiltrated information remains ongoing.”
77. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “As occurred in the June 2026 incident, such events can result in the exfiltration of data from our systems and could expose our proprietary information or that of our employees, contractors, partners, customers, suppliers or other third parties to misappropriation or misuse.”
78. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Revenue $ 11,019,707 $ 9,427,157 $ 1,592,550 17 % Gross margin % 61.5 % 57.1 % Net income $ 2,267,342 $ 1,635,273 $ 632,069 39”
79. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Revenue increased 17% in fiscal 2025 as compared to fiscal 2024 as a result of broad-based increase in demand for our products.”
80. Analog Devices, Inc., Form 10-K filed 2025-11-25: “These increases were partially offset by the impact of an additional week of operations in fiscal 2024 as compared to fiscal 2025.”
81. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Gross margin percentage in fiscal 2025 increased by 440 basis points compared to fiscal 2024, primarily due to higher utilization of our factories due to increased customer demand as well as a decrease in amortization expense related to acquired intangible assets.”
82. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In addition to increased demand, the increase in the Industrial end market was primarily due to customer inventory balances normalizing and growth in the test equipment and aerospace and defense sub-markets.”
83. Analog Devices, Inc., Form 10-K filed 2025-11-25: “End Market* Percent of Fiscal 2025 Revenue Percent of Fiscal 2024 Revenue Percent of Fiscal 2023 Revenue Industrial 45% 46% 53% Automotive 30% 30% 24% Consumer 13% 13% 10% Communications 13% 12% 13%”
84. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In the Automotive end market, the increase was primarily driven by increases from connectivity solutions.”
85. Analog Devices, Inc., Form 10-K filed 2025-11-25: “The increase in the Consumer end market was primarily related to portable consumer products and the increase in the Communications end market was primarily driven by growth in the wireline sub-market from data center infrastructure expansion in support of AI applications.”
86. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “Three Months Ended August 1, 2026 August 2, 2025 Revenue % of Revenue* Y/Y% Revenue % of Revenue* Industrial $ 1,971,926 49 % 53 % $ 1,292,988 45 % Automotive 998,227 25 % 16 % 857,146 30 % Communications 654,515 16 % 84 % 354,768 12 % Consumer 397,231 10 % 6 % 375,446 13 % Total revenue $ 4,021,899 100 % 40 % $ 2,880,348 100”
87. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “Revenue increased 40% and 36% in the three- and nine-month periods ended August 1, 2026 as compared to the same periods of the prior fiscal year, reflecting broad-based demand across end markets. Within Industrial, all sub-markets grew”
88. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “with test equipment and aerospace and defense representing the highest growth. The strongest growth within Communications came from the data center sub-market, driven by artificial intelligence-related infrastructure investments.”
89. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “Revenue $ 4,021,899 $ 2,880,348 $ 1,141,551 40 % Gross margin % 67.3 % 62.1”
90. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “Gross margin percentage increased by 520 and 580 basis points in the three- and nine-month periods ended August 1, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets.”
91. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Net additions to property, plant and equipment were $533.6 million in fiscal 2025. We expect capital expenditures for fiscal 2026 to be between approximately 4% and 6% of fiscal 2026 revenue.”
92. Analog Devices, Inc., Form 10-K filed 2025-11-25: “R&D expenses as a percentage of revenue will fluctuate from year-to-year depending on the amount of revenue and the success of new product development efforts, which we view as critical to our future growth. We expect to continue the development of innovative technologies and processes for new products.”
93. Analog Devices, Inc., Form 10-K filed 2025-11-25: “As a percentage of total revenue, the decrease in the distributor channel is primarily due to the decrease in the percentage of revenue from our Industrial end market.”
94. Analog Devices, Inc., Form 10-Q filed 2026-08-19: “As a percentage of total revenue, the increase in the distributor channel is primarily due to the increase in the percentage of revenue from our Industrial end market.”
95. Analog Devices, Inc., Form 10-K filed 2025-11-25: “These distributors typically maintain an inventory of our products.”
96. Analog Devices, Inc., Form 10-K filed 2025-11-25: “impacted by the tendency of customers to rely on shorter lead times available from suppliers, including us, in periods of depressed demand.”
97. Analog Devices, Inc., Form 10-K filed 2025-11-25: “In addition, we generally do not require letters of credit from our distributors, including our largest distributor, and are not protected against accounts receivable default or declarations of bankruptcy by these distributors.”
98. Analog Devices, Inc., Form 10-K filed 2025-11-25: “We make sales to distributors under agreements that allow certain distributors to receive price adjustment credits and to return qualifying products for credit, typically as determined by us, in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory.”
99. Analog Devices, Inc., Form 10-K filed 2025-11-25: “These changes have, and similar changes in the future may continue to, increase the cost or reduce the availability of raw materials and supplies we need to operate, cause customers to advance, delay, reduce, or cancel orders, shift buying patterns, impact demand in our end markets”
100. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Cavite, Philippines Wafer probe and testing, warehouse, engineering and administrative offices 1,486,000 sq. ft. Wilmington, MA Corporate headquarters, wafer fabrication, testing, engineering, sales, marketing and administrative offices 826,000 sq. ft. Chonburi Province, Thailand Wafer probe and testing, warehouse, engineering and administrative offices 744,000 sq. ft. Limerick, Ireland Wafer fabrication, wafer probe and testing, warehouse and distribution, engineering and administrative offices 708,500 sq. ft. Penang, Malaysia (1) (2) Wafer probe and testing, assembly and engineering offices 697,000 sq. ft.”
101. Analog Devices, Inc., Form 10-K filed 2025-11-25: “Chelmsford, MA Final assembly of certain module and subsystem-level products, testing, engineering and administrative offices 237,000 sq. ft.”
102. Analog Devices, Inc., Form 10-K filed 2025-11-25: “2025 2024 2023 Revenue United States $ 3,238,145 $ 2,840,426 $ 4,165,296 Rest of North and South America 162,470 62,318 88,579 Europe 2,285,598 2,109,529 3,001,871 Japan 989,916 1,085,631 1,397,119 China 2,858,286 2,128,840 2,229,631 Rest of Asia 1,485,292 1,200,413 1,423,043 Subtotal all foreign regions 7,781,562 6,586,731 8,140,243 Total revenue $ 11,019,707 $ 9,427,157 $ 12,305,539 Property, plant and equipment United States $ 1,832,598 $ 1,907,527 $ 1,577,914 Ireland 651,330 625,658 573,684 Philippines 432,972 468,900 620,453 Thailand 263,939 195,150 209,660”

Where the revenue comes from

Lines of business in fiscal 2025: Industrial 45%, Automotive 30%, Consumer 13%, Communications 13%. By geography: United States 29%, China 26%, Europe 21%, Rest of Asia 14%, Japan 9%, Rest of North and South America 2%. As tagged in its annual report (Form 10-K, filed 2025-11-25).

Who runs it

Roche, Vincent (Chair & CEO); Stata, Ray (CHAIRMAN OF THE BOARD); Puccio, Richard C Jr (Chief Financial Officer); Jain, Vivek (Chief Operations/Tech Officer); Nakamura, Katsufumi (Chief Customer Officer); Cotter, Martin (SVP, Vertical Business Units); Sondel, Michael (CAO (principal acct. officer)); Golz, Karen (director); Andonian, Andre' (director); Frank, Edward H. (director); and 5 more. 15 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-10-09.

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