Analog Devices, Inc. (ADI)
POSITIVEファンダメンタル
69
株価
$369.20
時価総額
-
パート1 · 企業の価値
概要
Analog Devices designs and manufactures chips that translate the physical world — sound, temperature, motion, radio signals, electrical current — into digital data a computer can use, and back again. These analog and mixed-signal circuits sit inside factory sensors, car safety systems, cell towers and consumer gadgets. Unlike purely digital chipmakers, ADI keeps some of its own fabrication plants alongside outside foundries, giving it more control over supply for its oldest and most specialized product lines.
収益の仕組み
Revenue comes from selling physical chips, either directly to large manufacturers or through distributors who resell to thousands of smaller customers. More than half of sales go through distributors, so the company's own visibility into final demand is partly filtered through the inventory decisions of those middlemen. Because a chip design, once built into a customer's product, tends to stay there for years, each design win produces revenue well beyond the initial sale.
セグメント別売上高
Sensors and control chips for factory automation, test equipment, healthcare instruments, and aerospace and defense electronics.
Chips for in-car networking, battery management in electric vehicles, and driver-assistance sensors, sold to carmakers and their suppliers.
Components for smartphones, wearables, home entertainment and other portable electronics.
Chips for cell towers, wireless base stations and the wired networking equipment inside data centres, boosted recently by AI-driven data-centre buildout.
競争優位性（moat）
スイッチングコスト · 狭いAnalog chip designs are embedded deep inside a customer's product and stay there for the life of that product, often a decade or more, because re-qualifying a substitute part means re-testing and re-certifying the whole system. This makes each design win sticky. It is not a monopoly, though: Texas Instruments, Infineon and others compete hard for the next design win before it locks in.
需要を左右する要因
景気循環型Demand tracks capital spending and inventory levels across four very different industries at once, which usually smooths the cycle — but not always: total revenue fell 23% in fiscal 2024 as customers worked down excess chip inventory built up after pandemic-era shortages, then rebounded 17% in fiscal 2025 as that inventory normalized and demand recovered.
主なリスク
- Sharp semiconductor cycles — Revenue fell 23% in fiscal 2024 as customers corrected excess inventory, then rose 17% in fiscal 2025. Swings of this size can recur whenever the industry over- or under-orders relative to real demand.
- Reliance on distributors — Distributors generated 56% of fiscal 2025 revenue. The company extends them credit without collateral and is not protected if one of them defaults or goes bankrupt.
- Manufacturing concentration risk — Part of production still runs through ADI's own aging fabrication plants, and part through outside foundries; a disruption at either, or a shortfall in leading-edge outsourced capacity, can constrain shipments.
- Competitive and geopolitical pressure — Established rivals compete for every design win, while Chinese policy is actively funding domestic analog-chip suppliers to displace foreign vendors like ADI in their home market.
顧客集中度
主要顧客が売上高の37%を占める
Two distributors each accounted for more than 10% of fiscal 2025 revenue (24% and 13%). These are resellers serving thousands of end customers, not single large buyers, but ADI does not require letters of credit from them and carries their credit risk.
強気材料
Buyers argue that four diversified end markets and design cycles measured in years, not quarters, make ADI's revenue steadier than a typical chipmaker's, that margins expand sharply once volumes recover from an inventory correction, and that AI-driven data-centre buildout is now a real growth driver inside Communications.
弱気材料
Sellers fear that the 2024 inventory correction shows how violently demand can swing even across four markets at once, that heavy reliance on distributors obscures real end demand until it is too late to react, and that Chinese domestic competitors, subsidized by the state, will keep taking share in lower-end analog products.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
The closest rival in high-performance analog and mixed-signal chips, selling data converters, amplifiers and power-management parts to the same industrial, automotive and communications customers, and increasingly through the same broad catalog channel.
Goes after the same automotive and industrial power and battery-management designs, where its power semiconductors and sensors are the alternative to ADI's signal-chain and BMS content.
Sells overlapping analog, interface and power products to the same broad base of industrial and automotive designers, competing socket by socket through distribution rather than on a handful of large accounts.
Competes head-on in automotive electronics — battery management, in-vehicle networking and radar — and in industrial edge processing, the end markets that drive most of ADI's revenue.
Competes across the same industrial-automation, automotive and consumer sockets with a comparable mix of analog, sensor, power and microcontroller products, especially in Europe and China.
After absorbing Intersil and Dialog it sells the same precision analog, power-management and timing products alongside its microcontrollers, competing for automotive and industrial signal-chain designs.
貸借対照表と流動性
売上高
$13.88B
直近12か月（2026/8/1まで）
純利益
$4.14B
直近12か月（2026/8/1まで）
フリーキャッシュフロー
$4.28B
自己資本合計
$33.82B
負債合計
$14.18B
流動比率
1.25
利払い倍率
14.07
負債/EBITDA
1.32
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$258.81
現在株価
$369.20
安全マージン
-42.7%
適正価値レンジ
$168.23 - $349.40
推定方法
バリュエーション指標
P/E レシオ
44.03
ROE
6.7%
P/B レシオ
5.36
P/FCF
36.43
粗利益率
65.8%
ROIC
9.1%
収益性レーダー
Value Creation (Economic Moat)
ROIC
9.1%
WACC
11.1%
ROIC − WACC
-1.9 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（21）
- EPS shows upward trend
- EPS CAGR 6.37%
- Price CAGR 17.78%
- ROIC 9.1%
- Gross Margin 65.8%
- Debt/Equity ratio
- Operating Margin 35.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 9.8%
- Revenue Growth 5Y 14.5%
- Analyst Consensus 86% Buy
- Earnings Surprise avg 3.5%
- Earnings Quality (OCF/NI) 1.34
- Share Dilution -0.3%
- Net Margin Trend 29.8% vs 18.8%
- Piotroski F-Score 8/9
不合格（6）
- P/FCF 36.43
- P/B Ratio 5.36
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 8.33
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Vincent T. Roche | CEO & Chair of the Board of Directors | 65 |
| Dr. Raymond S. Stata Ph.D. | Co-Founder & Director | 91 |
| Mr. Richard C. Puccio Jr. | Executive VP & CFO | 57 |
| Mr. Vivek Jain | Executive Vice President of Global Operations & Technology | 65 |
| Mr. Martin Cotter | Senior Vice President of Vertical Business Units & President of ADI EMEA | 60 |
| Dr. Katsufumi Nakamura | Senior VP & Chief Customer Officer | 59 |
| Mr. Michael Sondel | Corporate VP & Chief Accounting Officer | 48 |
| Jeff Ambrosi | Head of Investor Relations & Senior Director | - |
| Ms. Janene I. Asgeirsson J.D. | Senior VP, Chief Legal Officer & Corporate Secretary | 55 |
| Ms. Mariya K. Trickett | Senior VP & Chief People Officer | 42 |
監査リスク
4
取締役会リスク
9
報酬リスク
7
株主権利リスク
6
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for ADI, sourced from Markets Gazette.
- 6d agoPOSITIVEAnalog Devices, un altro trimestre in crescita che batte le attese
Analog Devices Inc. reported its third fiscal quarter 2026 results, surpassing expectations with revenue growth. The semiconductor manufacturer, serving industrial, automotive, and communications sectors, saw its fiscal third quarter end on August 1st with positive revenue trends. This performance indicates continued strength in demand for its specialized chips, suggesting robust execution and market positioning. Investors will likely view this as a positive indicator of the company's operational efficiency and its ability to capitalize on key growth markets, potentially leading to upward stock movement.
- 6/17/2026NEUTRALHere's How Much You Would Have Made Owning Analog Devices Stock In The Last 10 Years
An analysis of Analog Devices Inc. (ADI) stock reveals that a hypothetical investment made 10 years ago would have yielded substantial returns. While specific figures are not provided in the summary, the implication is that ADI has been a strong performer over the past decade. This historical performance data is crucial for investors evaluating the company's long-term growth trajectory and its potential for future capital appreciation. It suggests a pattern of consistent value creation, though past performance is not indicative of future results.
- 6/10/2026POSITIVE$100 Invested In Analog Devices 15 Years Ago Would Be Worth This Much Today
An investment of $100 in Analog Devices (ADI) 15 years ago would have grown substantially by today, reflecting the company's consistent performance and market position in the semiconductor industry. While specific figures are not provided in the title, such a hypothetical scenario typically indicates significant capital appreciation, likely driven by strong revenue growth, product innovation, and strategic acquisitions. Investors considering ADI should note its historical ability to deliver shareholder value, suggesting potential for continued long-term growth.
- 5/25/2026POSITIVEUAE-linked ADI Chain gains Ledger support amid stablecoin growth
UAE-linked ADI Chain has secured integration with Ledger, a prominent self-custody platform for digital assets. This partnership allows ADI token holders to access Ledger's secure environment, bolstering the ADI Chain's expanding network for stablecoins and tokenized assets. The move is expected to enhance user trust and accessibility, potentially driving greater adoption and liquidity for ADI tokens and its associated ecosystem.
- 5/25/2026NEGATIVEA Congress Member Sold Up To $60K In Analog Devices Stock: Here's What You Need To Know
A U.S. Congress member disclosed the sale of Analog Devices (ADI) stock, with transactions ranging from $15,001 to $60,000. The sale occurred on May 21, 2026. While the exact amount and timing are not fully detailed, such insider selling can be interpreted as a bearish signal by market participants. Investors often view stock sales by elected officials, who have access to non-public information, as a potential indicator of future underperformance or a lack of confidence in the company's prospects.
- 5/25/2026NEUTRALExploring The Competitive Space: Analog Devices Versus Industry Peers In Semiconductors & Semiconductor Equipment
This article provides a comparative analysis of Analog Devices Inc. within the broader Semiconductors & Semiconductor Equipment industry. It explores the competitive landscape, positioning ADI against its industry peers. While no specific financial figures or forward-looking statements are detailed, the analysis aims to offer investors insights into the company's market standing and competitive dynamics. Investors should consider this information as part of a broader due diligence process to understand Analog Devices' strategic positioning and potential challenges or advantages relative to competitors in the semiconductor sector.
- 5/20/2026POSITIVEAnalog Devices Cashes In On AI Infrastructure Boom
Analog Devices Inc. (ADI) reported Q2 results exceeding analyst expectations, with revenue reaching $3.62 billion and earnings per share at $3.09. This performance was significantly bolstered by robust demand from AI data centers and industrial sectors. The company's ability to capitalize on the burgeoning AI infrastructure market highlights its strategic positioning and technological relevance. Investors will likely view this as a strong indicator of continued growth potential, potentially leading to positive market sentiment and upward price adjustments for ADI stock.
- 5/19/2026POSITIVEAnalog Devices Reportedly In Talks To Buy AI Chip Firm Empower Semiconductor For $1.5 Billion
Analog Devices Inc. is reportedly in advanced talks to acquire Empower Semiconductor for approximately $1.5 billion. This strategic move aims to significantly enhance Analog Devices' capabilities in the rapidly growing AI data center and processor chip markets. Empower Semiconductor specializes in advanced power management solutions crucial for high-performance computing. The acquisition, if finalized, would bolster ADI's product portfolio and competitive position in the AI hardware ecosystem, potentially driving future revenue growth and market share expansion for the company.
via Markets Gazette