Analog Devices, Inc.
Information Technology · Semiconductors
Analog/mixed-signal duopolist with $TXN. Long-cycle franchise: 75%+ of revenue from products designed in 5+ years ago, gross margin band 65-70%.
- Industrial cycle bottomed late 2025; book-to-bill back above 1.0 after 6-quarter destock
- Auto content per vehicle compounding (BMS, ADAS sensing, infotainment power) - auto seg +18% FY25
- AI rack content: power delivery + optical I/O sensing into hyperscaler builds (cooling-dc-infra read-through)
- Maxim synergies tracked $400M run-rate, gross margin back to 67% by Q4 FY25
- $2.5B+ annual buyback cadence, 2.0% dividend yield, ~50% FCF margin
- Industrial 45% of revenue - slower recovery than semis-cap-eq cohort ($AMAT $LRCX) implies
- China auto exposure (~20% of auto seg) under pricing pressure from local analog
- Trading at ~28x forward PE vs $TXN 24x and historical median 22x - multiple compression risk on cycle stall
- Capex-light model means limited operating leverage on volume recovery
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