Financials Analog Devices, Inc.

Equities

ADI

US0326541051

Semiconductors

Market Closed - Nasdaq Other stock markets 16:00:00 2025-12-05 EST			5-day change	1st Jan Change
281.29 ^USD	+1.45%		+6.01%	+32.40%

12-02	Analog Devices, Inc. Presents at UBS Global Technology and AI Conference 2025, Dec-02-2025 10:15 AM
12-02	Citic Securities Adjusts Price Target on Analog Devices to $295 From $280, Maintains Add Rating	MT

Projected Income Statement: Analog Devices, Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	7,318	12,014	12,306	9,427	11,020	13,023	14,092	15,568
Change	-	64.16%	2.43%	-23.39%	16.89%	18.18%	8.21%	10.47%
EBITDA ¹	3,335	6,223	6,120	4,216	6,621	7,833	8,653	9,804
Change	-	86.58%	-1.64%	-31.12%	57.06%	18.3%	10.47%	13.3%
EBIT ¹	3,104	5,939	6,014	3,853	4,622	5,799	6,488	7,380
Change	-	91.36%	1.27%	-35.94%	19.97%	25.47%	11.87%	13.76%
Interest Paid ¹	-183.6	-193.5	-223.4	-223.4	-212.4	-232.9	-211.5	-42
Earnings before Tax (EBT) ¹	1,329	3,099	3,608	1,777	2,712	3,887	4,547	5,259
Change	-	133.21%	16.43%	-50.74%	52.59%	43.33%	16.97%	15.67%
Net income ¹	1,390	2,749	3,315	1,635	2,267	3,551	4,147	4,891
Change	-	97.68%	20.59%	-50.66%	38.65%	56.62%	16.79%	17.93%
Announcement Date	11/23/21	11/22/22	11/21/23	11/26/24	11/25/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: November	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	2027 Q3	2027 Q4
Net sales ¹	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	2,880	3,076	3,102	3,211	3,319	3,404	3,317	3,437	3,586	3,685
Change	-	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%	9.1%	6.8%	0.83%	3.54%	3.37%	2.54%	-2.56%	3.63%	4.34%	2.75%
EBITDA ¹	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	1,497	1,589	1,702	1,833	1,857	1,925	1,996	2,055	1,986	2,051	2,145	2,223
Change	-	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%	35.81%	6.14%	7.17%	7.69%	1.28%	3.67%	3.67%	2.97%	-3.38%	3.32%	4.54%	3.65%
EBIT ¹	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	1,215	1,338	1,352	1,424	1,493	1,545	1,487	1,569	1,668	1,739
Change	-	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%	11.69%	10.11%	1.03%	5.35%	4.86%	3.43%	-3.75%	5.57%	6.26%	4.3%
Charge d'intérêts ¹	-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	-52.51	-55.19	-58.65	-58.52	-58.38	-58.75	-54.18	-54.29	-54.22	-54.33
Earnings before Tax (EBT) ¹	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	763.4	887.2	851.8	972.4	980.4	1,060	979.7	1,043	1,142	1,217
Change	-	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%	21.96%	16.22%	-3.99%	14.16%	0.82%	8.12%	-7.58%	6.48%	9.46%	6.6%
Net income ¹	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	518.5	787.7	797	862.6	919.8	970.5	912.4	986.8	1,080	1,153
Change	-	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%	-9%	51.92%	1.17%	8.24%	6.63%	5.51%	-5.99%	8.16%	9.46%	6.78%
Announcement Date	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	8/20/25	11/25/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Analog Devices, Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	4,792	5,078	4,944	5,219	4,939	3,604	4,014	1,029
Change	-	5.97%	-2.64%	5.56%	-5.37%	-27.04%	11.38%	-74.36%
Announcement Date	11/23/21	11/22/22	11/21/23	11/26/24	11/25/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Analog Devices, Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	343.7	699.3	1,261	730.5	533.6	621	663.6	734.5
Change	-	103.48%	80.39%	-42.09%	-26.96%	16.39%	6.85%	10.69%
Free Cash Flow (FCF) ¹	2,391	3,776	3,556	3,122	4,279	4,725	5,408	5,838
Change	-	57.93%	-5.82%	-12.21%	37.05%	10.43%	14.46%	7.96%
Announcement Date	11/23/21	11/22/22	11/21/23	11/26/24	11/25/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Analog Devices, Inc.

Fiscal Period: November	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	45.57%	51.79%	49.74%	44.72%	60.08%	60.15%	61.4%	62.98%
EBIT Margin (%)	42.41%	49.44%	48.88%	40.87%	41.94%	44.53%	46.04%	47.41%
EBT Margin (%)	18.16%	25.79%	29.32%	18.85%	24.61%	29.85%	32.26%	33.78%
Net margin (%)	19%	22.88%	26.94%	17.35%	20.58%	27.27%	29.43%	31.42%
FCF margin (%)	32.67%	31.43%	28.9%	33.12%	38.83%	36.28%	38.38%	37.5%
FCF / Net Income (%)	171.96%	137.38%	107.29%	190.92%	188.71%	133.05%	130.41%	119.37%
Profitability
ROA	7.03%	9.76%	10.3%	6.56%	8.04%	7.58%	8.72%	9.35%
ROE	10.37%	13.45%	14.17%	9%	11.22%	13.95%	15.71%	17.44%
Financial Health
Leverage (Debt/EBITDA)	1.44x	0.82x	0.81x	1.24x	0.75x	0.46x	0.46x	0.1x
Debt / Free cash flow	2x	1.34x	1.39x	1.67x	1.15x	0.76x	0.74x	0.18x
Capital Intensity
CAPEX / Current Assets (%)	4.7%	5.82%	10.25%	7.75%	4.84%	4.77%	4.71%	4.72%
CAPEX / EBITDA (%)	10.31%	11.24%	20.61%	17.33%	8.06%	7.93%	7.67%	7.49%
CAPEX / FCF (%)	14.37%	18.52%	35.47%	23.4%	12.47%	13.14%	12.27%	12.58%
Items per share
Cash flow per share ¹	6.816	8.6	9.522	7.725	9.688	10.92	12.6	14.12
Change	-	26.18%	10.72%	-18.87%	25.41%	12.72%	15.34%	12.15%
Dividend per Share ¹	2.76	2.97	3.44	3.62	3.96	4.193	4.613	5.087
Change	-	7.61%	15.82%	5.23%	9.39%	5.88%	10.03%	10.27%
Book Value Per Share ¹	94.68	71.6	71.67	70.88	68.08	69.33	69.44	73.22
Change	-	-24.37%	0.09%	-1.1%	-3.95%	1.83%	0.16%	5.44%
EPS ¹	3.46	5.25	6.55	3.28	4.56	7.208	8.573	10.7
Change	-	51.73%	24.76%	-49.92%	39.02%	58.07%	18.94%	24.79%
Nbr of stocks (in thousands)	537,411	514,342	498,314	496,493	491,955	489,654	489,654	489,654
Announcement Date	11/23/21	11/22/22	11/21/23	11/26/24	11/25/25	-	-	-