Analog Devices (ADI)
Forward P/E 26.26x against a peer median of 26.81x gives a ratio of 0.98x, squarely in the fairly-priced band, even though trailing P/E 50.05x looks high against depressed trailing earnings. PEG 0.96 says the forward multiple is roughly in line with expected earnings growth, and latest-quarter revenue grew +39.6% YoY (PRIMARY/EDGAR), close to the semiconductor cluster's +36.5% median. Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising, and ADI is growing with it rather than ahead of the price.
What would change this label: Moves to UNDERVALUED if the forward P/E falls below ~24x (ratio under 0.90x) while revenue growth holds above +25% YoY; moves to OVERVALUED if revenue growth slows below +10% YoY for two consecutive quarters while the forward P/E stays above ~26x.
Analog Devices makes the chips that turn real-world signals like temperature and motion into digital data. Its shares cost about the same, relative to expected profits, as similar chip companies — and its sales grew about 40% in the latest quarter, which supports that price. It is neither a bargain nor overpriced; you are paying a fair price for a growing business.
Both lines start at 100 on 2020-09-01. Over the full window Analog Devices returned +258.16% and the S&P 500 +118.28% (price returns; dividends not reinvested). Worst peak-to-trough fall for Analog Devices: -32.5% (2025-02-20 to 2025-04-04). Source: Nasdaq official daily history.
What the label rests on
Forward P/E 26.26x against a peer median of 26.81x gives a ratio of 0.98x, squarely in the fairly-priced band, even though trailing P/E 50.05x looks high against depressed trailing earnings. PEG 0.96 says the forward multiple is roughly in line with expected earnings growth, and latest-quarter revenue grew +39.6% YoY (PRIMARY/EDGAR), close to the semiconductor cluster's +36.5% median. Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising, and ADI is growing with it rather than ahead of the price. The company’s forward P/E is 26.3× against a peer median of 26.8×. Its own history: UNVERIFIED — no sourced range available. Sector demand read: Delivered demand check: the Semiconductors group's median latest-quarter revenue growth was 36.5% year over year (SEC filings) — demand rising. Latest-quarter sales growth was +39.6% versus a year earlier (SEC filings).
| Company | Price (Oct 28, 2026) | Forward P/E | Trailing P/E |
|---|---|---|---|
| Analog Devices (ADI) | $421.45 | 26.3× | 50.0× |
| MRVL | $247.88 | 43.9× | 83.3× |
| QCOM | $182.56 | 19.8× | 21.2× |
| TXN | $306.04 | 26.8× | 39.7× |
| NXPI | $253.50 | 14.4× | 19.9× |
| MPWR | $1,211.89 | 37.5× | 73.9× |
| Peer median | 26.8× |
Multiples: stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026. Peer set chosen by sector; the median is the middle value of the set. The label and its numbers were recorded in the programme’s label registry on Oct 28, 2026 and will be scored at 6 and 12 months.
Sales, profit and cash
Gross margin = gross profit divided by sales, from SEC filings.
Free cash flow = cash from operations minus spending on plant and equipment, both from the company’s SEC cash-flow statement. Gaps are quarters where that spending line is not separately tagged in the filings — shown as gaps, never estimated.
| Quarter | Sales | Gross margin | Net income | EPS (GAAP, diluted) | Free cash flow |
|---|---|---|---|---|---|
| Q/E Aug 2026 2026-08-01 | $4.0B | 67.3% | $1.3B | 2.74 | $1.5B |
| Q/E May 2026 2026-05-02 | $3.6B | 67.3% | $1.2B | 2.40 | $734M |
| Q/E Jan 2026 2026-01-31 | $3.2B | 64.7% | $831M | 1.69 | $1.3B |
| Q/E Nov 2025 2025-11-01 | $3.1B | 63.1% | $788M | — | $1.5B |
| Q/E Aug 2025 2025-08-02 | $2.9B | 62.1% | $519M | 1.04 | $1.1B |
| Q/E May 2025 2025-05-03 | $2.6B | 61.0% | $570M | 1.14 | $729M |
| Q/E Feb 2025 2025-02-01 | $2.4B | 59.0% | $391M | 0.78 | $978M |
| Q/E Nov 2024 2024-11-02 | $2.4B | 58.0% | $478M | — | $885M |
| Q/E Aug 2024 2024-08-03 | $2.3B | 56.7% | $392M | 0.79 | $701M |
| Q/E May 2024 2024-05-04 | $2.2B | 54.7% | $302M | 0.61 | $620M |
| Q/E Feb 2024 2024-02-03 | $2.5B | 58.7% | $463M | 0.93 | $916M |
| Q/E Oct 2023 2023-10-28 | $2.7B | 60.6% | $498M | — | $711M |
The last twelve reported quarters. Full 24-quarter history sits in the data pack behind this page. A dash means the figure is not tagged as a standalone quarter in the company’s SEC facts (the usual case is the fourth quarter, which many companies only report inside the full-year filing) — it is missing, not zero.
Earnings: getting better or worse?
Each box is one quarter’s earnings per share (EPS). Green means EPS was higher than the same quarter a year earlier; red means lower; a dash means the figure is not tagged in the filings.
Basis: GAAP diluted EPS from SEC company facts, compared with the same quarter a year earlier.
Key facts
| Item | Value |
|---|---|
| Company (legal name in filings) | ANALOG DEVICES INC |
| Chief executive | Vincent Roche (source: https://www.prnewswire.com/news-releases/analog-devices-to-report-fourth-quarter-fiscal-year-2026-financial-results-on-tuesday-november-24-2026-302916844.html) |
| Sector | Technology — Semiconductors — analog and mixed-signal integrated circuits for industrial, automotive and communications markets |
| Share price (Oct 28, 2026) | $421.45 |
| Market value (market cap) | $206.1B — share price times shares outstanding of 484,565,465 (SEC filings; SEC EDGAR dei EntityCommonStockSharesOutstanding (latest)) |
| Sales, last twelve months | $13.9B |
| Net income, last twelve months | $4.1B |
| Free cash flow, last twelve months | $4.9B |
| Latest reported quarter | Q/E Aug 2026 (of 24 quarters in the data pack) |
| Six-year price return vs S&P 500 | +258.16% vs +118.28% |
| Worst peak-to-trough fall | -32.5% (2025-02-20 to 2025-04-04) |
What we could not verify
- TTM GAAP diluted EPS could not be summed from company facts because at least one of the last four quarters (typically Q4) has no standalone tagged EPS; trailing P/E is therefore taken from the labelled secondary source in valuation_label.md.
- Own-history P/E range not yet compiled for this company in the Phase 1 batch run; the label rests on peer-median, growth and PEG evidence.
- Guidance record (each quarter scored against the guidance the company gave the quarter before) is not yet compiled for this company — it is a Phase 2 layer. The earnings strip below therefore uses reported EPS versus a year earlier, which is fully sourced from filings.
The IT factor — the most exciting thing the market is overlooking — is not assessed on an X-Ray page. It belongs to the Deep Dive (Phase 2), where it gets the evidence standard it needs. Leadership-era scoring (the six years split by chief executive) is likewise a Phase 2 layer; this page names the current chief executive only, from a sourced profile.
Sources
- SEC EDGAR submissions — Filing index; company legal name.
https://data.sec.gov/submissions/CIK0000006281.json - SEC EDGAR company facts — Quarterly financial spine: revenue, gross profit, net income, GAAP diluted EPS, operating cash flow, PP&E capex, buybacks, dividends, diluted shares.
https://data.sec.gov/api/xbrl/companyfacts/CIK0000006281.json - Nasdaq official daily history — Daily closes for the company; SPY (assetclass=etf) saved as raw/nasdaq_spy_raw.json over identical dates.
https://api.nasdaq.com/api/quote/ADI/historical?assetclass=stocks - Valuation multiples and peer figures — stockanalysis.com (SECONDARY, S&P Global data), fetched Oct 28, 2026; see valuation_label.md in the data pack.
Conventions: earliest-filed value per period, as first reported; cash-flow years-to-date differenced quarter by quarter; EPS never differenced; free cash flow = operating cash flow minus plant-and-equipment spending. This page is a dated snapshot — updates are new versions, never silent edits.