Financials Analog Devices, Inc.

Equities

ADI

US0326541051

Semiconductors

Market Closed - Nasdaq Other stock markets 16:00:00 2025-07-08 EDT			5-day change	1st Jan Change
245.15 ^USD	+1.38%		+1.87%	+15.39%

07-08	KeyBanc Adjusts Price Target on Analog Devices to $300 From $285, Maintains Overweight Rating	MT
07-07	UBS Lowers Price Target on Analog Devices to $280 From $285, Maintains Buy Rating	MT

Projected Income Statement: Analog Devices, Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	5,603	7,318	12,014	12,306	9,427	10,633	11,864	12,955
Change	-	30.61%	64.16%	2.43%	-23.39%	12.79%	11.58%	9.2%
EBITDA ¹	2,468	3,335	6,223	6,120	4,216	4,776	5,453	6,621
Change	-	35.13%	86.58%	-1.64%	-31.12%	13.3%	14.17%	21.41%
EBIT ¹	2,234	3,104	5,939	6,014	3,853	4,419	5,151	5,919
Change	-	38.91%	91.36%	1.27%	-35.94%	14.7%	16.57%	14.9%
Interest Paid ¹	-189	-183.6	-193.5	-223.4	-223.4	-217.6	-219.3	-267.7
Earnings before Tax (EBT) ¹	1,312	1,329	3,099	3,608	1,777	2,535	3,446	4,396
Change	-	1.3%	133.21%	16.43%	-50.74%	42.64%	35.94%	27.55%
Net income ¹	1,221	1,390	2,749	3,315	1,635	2,242	3,017	3,776
Change	-	13.9%	97.68%	20.59%	-50.66%	37.11%	34.54%	25.16%
Announcement Date	11/24/20	11/23/21	11/22/22	11/21/23	11/26/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2
Net sales ¹	1,456	1,526	1,558	1,661	1,759	2,340	2,684	2,972	3,110	3,248	3,250	3,263	3,076	2,716	2,513	2,159	2,312	2,443	2,423	2,640	2,759	2,821	2,819	2,912	3,040	3,154	3,108	3,218
Change	-	4.82%	2.11%	6.61%	5.87%	33.02%	14.73%	10.72%	4.64%	4.43%	0.06%	0.41%	-5.71%	-11.7%	-7.5%	-14.08%	7.09%	5.67%	-0.82%	8.95%	4.49%	2.25%	-0.06%	3.31%	4.39%	3.74%	-1.46%	3.54%
EBITDA ¹	673.4	693.5	691.1	746.1	816.6	1,081	1,293	1,567	1,633	1,729	1,744	1,751	1,556	1,233	1,139	930.8	1,044	1,102	1,079	1,188	1,231	1,255	1,199	1,248	1,350	1,451	1,396	1,489
Change	-	2.99%	-0.33%	7.95%	9.45%	32.41%	19.62%	21.15%	4.21%	5.92%	0.86%	0.39%	-11.12%	-20.8%	-7.62%	-18.26%	12.18%	5.54%	-2.04%	10.08%	3.58%	1.93%	-4.42%	4.04%	8.23%	7.44%	-3.76%	6.65%
EBIT ¹	615.8	636.4	634.8	693.6	766.4	1,009	1,228	1,495	1,557	1,659	1,659	1,671	1,470	1,215	1,054	841.9	951.8	1,005	981	1,088	1,154	1,197	1,179	1,252	1,338	1,414	1,407	1,474
Change	-	3.35%	-0.25%	9.26%	10.49%	31.64%	21.74%	21.73%	4.16%	6.52%	0.01%	0.71%	-12.01%	-17.39%	-13.18%	-20.15%	13.05%	5.56%	-2.36%	10.9%	6.08%	3.69%	-1.49%	6.22%	6.82%	5.69%	-0.49%	4.78%
Charge d'intérêts ¹	-45.41	-48.07	-42.27	-42.78	-44.36	-54.2	-51.75	-48.98	-49.39	-43.38	-49.62	-50.68	-60.55	-62.5	-67.97	-61.83	-58.75	-62.5	-51.78	-52.98	-54.6	-53.9	-54.89	-54.5	-54.12	-53.8	-53.91	-68.74
Earnings before Tax (EBT) ¹	373	417.3	436.6	476	572.3	-156.2	323.6	879.2	847.9	1,048	1,073	1,088	874.8	571.8	513.4	324.6	423	516.3	435.6	625.9	693.7	747.1	763.5	797.8	873.5	989.6	1,100	1,135
Change	-	11.87%	4.63%	9.02%	20.23%	-127.29%	307.19%	171.75%	-3.56%	23.6%	2.43%	1.35%	-19.59%	-34.64%	-10.21%	-36.78%	30.31%	22.07%	-15.64%	43.7%	10.83%	7.69%	2.2%	4.49%	9.49%	13.29%	11.16%	3.22%
Net income ¹	362.7	386.5	388.5	422.9	503.3	75.69	280.1	783.3	749	936.2	961.5	977.7	877	498.4	462.7	302.2	392.2	478.1	391.3	569.8	615.7	650.3	645.1	706.8	790.8	871.9	856.2	912
Change	-	6.58%	0.52%	8.85%	19.01%	-84.96%	270.05%	179.66%	-4.38%	25%	2.7%	1.68%	-10.29%	-43.17%	-7.16%	-34.68%	29.77%	21.89%	-18.15%	45.6%	8.06%	5.63%	-0.8%	9.57%	11.89%	10.26%	-1.8%	6.51%
Announcement Date	8/19/20	11/24/20	2/17/21	5/19/21	8/18/21	11/23/21	2/16/22	5/18/22	8/17/22	11/22/22	2/15/23	5/24/23	8/23/23	11/21/23	2/21/24	5/22/24	8/21/24	11/26/24	2/19/25	5/22/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Analog Devices, Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	4,089	4,792	5,078	4,944	5,219	4,088	3,542	3,422
Change	-	17.19%	5.97%	-2.64%	5.56%	-21.66%	-13.36%	-3.39%
Announcement Date	11/24/20	11/23/21	11/22/22	11/21/23	11/26/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Analog Devices, Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	166	343.7	699.3	1,261	730.5	509.5	631.6	770.8
Change	-	107.03%	103.48%	80.39%	-42.09%	-30.25%	23.97%	22.02%
Free Cash Flow (FCF) ¹	1,843	2,391	3,776	3,556	3,122	3,796	4,464	5,303
Change	-	29.73%	57.93%	-5.82%	-12.21%	21.59%	17.59%	18.79%
Announcement Date	11/24/20	11/23/21	11/22/22	11/21/23	11/26/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Analog Devices, Inc.

Fiscal Period: November	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	44.05%	45.57%	51.79%	49.74%	44.72%	44.92%	45.96%	51.11%
EBIT Margin (%)	39.88%	42.41%	49.44%	48.88%	40.87%	41.56%	43.42%	45.69%
EBT Margin (%)	23.41%	18.16%	25.79%	29.32%	18.85%	23.84%	29.05%	33.93%
Net margin (%)	21.79%	19%	22.88%	26.94%	17.35%	21.09%	25.43%	29.14%
FCF margin (%)	32.89%	32.67%	31.43%	28.9%	33.12%	35.7%	37.63%	40.93%
FCF / Net Income (%)	150.97%	171.96%	137.38%	107.29%	190.92%	169.31%	147.98%	140.45%
Profitability
ROA	5.67%	7.03%	9.76%	10.3%	6.56%	6.5%	8.24%	8.88%
ROE	15.35%	10.37%	13.45%	14.17%	9%	10.75%	12.41%	14.73%
Financial Health
Leverage (Debt/EBITDA)	1.66x	1.44x	0.82x	0.81x	1.24x	0.86x	0.65x	0.52x
Debt / Free cash flow	2.22x	2x	1.34x	1.39x	1.67x	1.08x	0.79x	0.65x
Capital Intensity
CAPEX / Current Assets (%)	2.96%	4.7%	5.82%	10.25%	7.75%	4.79%	5.32%	5.95%
CAPEX / EBITDA (%)	6.73%	10.31%	11.24%	20.61%	17.33%	10.67%	11.58%	11.64%
CAPEX / FCF (%)	9.01%	14.37%	18.52%	35.47%	23.4%	13.42%	14.15%	14.53%
Items per share
Cash flow per share ¹	5.4	6.816	8.6	9.522	7.725	7.699	9.596	10.77
Change	-	26.22%	26.18%	10.72%	-18.87%	-0.34%	24.64%	12.23%
Dividend per Share ¹	2.4	2.76	2.97	3.44	3.62	3.915	4.213	4.72
Change	-	15%	7.61%	15.82%	5.23%	8.15%	7.62%	12.02%
Book Value Per Share ¹	32.25	94.68	71.6	71.67	70.88	70.3	70.43	69.49
Change	-	193.57%	-24.37%	0.09%	-1.1%	-0.81%	0.18%	-1.33%
EPS ¹	3.28	3.46	5.25	6.55	3.28	4.535	6.212	8.01
Change	-	5.49%	51.73%	24.76%	-49.92%	38.27%	36.97%	28.95%
Nbr of stocks (in thousands)	369,560	537,411	514,342	498,314	496,493	496,248	496,248	496,248
Announcement Date	11/24/20	11/23/21	11/22/22	11/21/23	11/26/24	-	-	-