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Analog Devices

ADI
67
Semiconductors · Technology
Also trades as: 0HFN.L GBP 3.99 (-0.34%)
Price
$395.44
-8.51 (-2.11%)
Market Cap
$191.62B
Exchange
NASDAQ
Winston Score
67
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Oct 18, 2026 · filings through Aug 1, 2026

§How the score breaks down

Quality
Strong
21/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
9/10
Valuation
Good
5/10
Ownership
Weak
2/15
Dividends
Good
3/5

67 of 100 counted points = Winston Score 67.

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Share count rising — dilution

+23.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 401.3M (2021) → 496.7M (2025)

§Winston Score History

The full picture

Analog Devices (ADI) makes semiconductors called analog and mixed-signal chips. These chips convert real-world signals — like sound, temperature, pressure, and motion — into digital data that computers can process. ADI sells to customers in industries like industrial automation, cars, healthcare equipment, and communications infrastructure.

ADI earns money by selling chips directly to manufacturers who build them into their products. The company operates globally, with significant revenue from the United States, Europe, and Asia, and generates roughly $9–10 billion in annual revenue. Its competitive edge comes from deep engineering expertise and long customer design cycles — once an ADI chip is designed into a product, it is very hard to replace. The biggest growth driver is the expansion of industrial automation and electric vehicles, both of which need more sophisticated sensing and data conversion. The main risk is that ADI's revenue is sensitive to inventory cycles, meaning customers sometimes over-order and then sharply cut purchases.

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Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+39.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+162.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1.8B/ year

↑ Rising (+19% vs prior year)

16.0% of revenue

In line with sector average (15%)

Investing heavily in future products and technology

Insider Activity

0.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Analog Devices grew revenue 40% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
67.3%
Premium pricing power — 67.3% gross margin
Profit after running costs
Operating Margin
40.1%
Excellent — 40.1% operating margin
Return on the money invested
ROCE
11.6%
Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth
Sales YoY
+33.6%
Fast-growing sales (+33.6% YoY)
Profit growth
EPS YoY
+114.4%
Earnings growing fast (+114.4% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
134%
Turns 134% of profit into real cash
Spare cash per sale
FCF Margin
35.6%
Converts sales into free cash efficiently (35.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.27
Conservative — low debt load (0.27)
Covers its interest
Interest Cover
14.07x
Comfortably covers interest (14.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
46.7x
Expensive — P/E 46.7

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+25.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (46.7 → 21.3)

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Dividends

Dividend
Dividend Yield
1.05%
Small dividend — 1.05% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+10.3%
Dividend growing fast (10.3% YoY)
Payout Ratio
49%
no trend
Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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