---
title: Analog Devices (ADI) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/adi
ticker: ADI
as_of: 2026-10-17
sector: Technology
industry: Semiconductors
---
# Analog Devices (ADI)

Analog Devices (ADI) closed at $395.44 on Oct 16, 2026, overvalued by 99% vs its model value of $198.78 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $395.44 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $198.78 |
| Price vs model | overvalued by 99% vs model |
| Range of that model | $139.76 – $342.95 |
| Market value | $191.6B |
| P/E (fiscal 2025) | 86.7 |
| Net margin (fiscal 2025) | 20.6% |
| Free cash flow (fiscal 2025) | $4.3B |
| Dividend yield (trailing twelve months) | 1.08% |
| Beta | 1.23 |
| Cost of capital (WACC) | 9.63% |
| Business classification | Cyclical (Revenue declining (~-5% recent), High profitability (21% net margin), Pays dividends, Highly cyclical earnings) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.08% |
| Dividends per share, last 12 months | $4.29 |
| Dividends / free cash flow (fiscal 2025) | 45.0% |
| Raised | 22+ years in a row |
| Growth over 5 years | 9.8% a year |
| Latest payment | $1.10, ex-date Sep 1, 2026, paid Sep 15, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 26, 2021 | $2.69 |
| To Aug 29, 2022 | $2.97 |
| To Sep 1, 2023 | $3.34 |
| To Sep 3, 2024 | $3.62 |
| To Sep 2, 2025 | $3.89 |
| Trailing twelve months (to Sep 1, 2026) | $4.29 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $198.78 | $139.76 | $342.95 |
| DCF · Perpetuity growth · 10y | cross check | $265.54 | $187.69 | $453.67 |
| DCF · EBITDA exit · 5y | cross check | $639.40 | $531.12 | $764.70 |
| DCF · EBITDA exit · 10y | cross check | $717.76 | $554.88 | $927.23 |
| P/E · peers | cross check | $370.87 | $332.52 | $515.74 |
| P/E · own history | cross check | $404.56 | $300.68 | $586.31 |
| PEG | sanity check | $321.70 | $321.70 | $321.70 |
| EV/EBITDA · peers | cross check | $480.18 | $299.38 | $647.50 |
| EV/Revenue · peers | cross check | $181.30 | $77.16 | $273.95 |
| Earnings power value | cross check | $40.83 | $33.68 | $50.62 |
| Dividend discount | cross check | $84.87 | $60.95 | $125.83 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 33 open-market sales ($16.4M); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 12, 2026 | ROCHE VINCENT | Chair & CEO | Bona fide gift | 13,305 | $0 |
| Oct 8, 2026 | Jain Vivek | Chief Operations/Tech Officer | Open-market sell | 3,305.062 | $1.3M |
| Oct 7, 2026 | Jain Vivek | Chief Operations/Tech Officer | Open-market sell | 2,000 | $819,576 |
| Oct 6, 2026 | STATA RAY | Director | Open-market sell (10b5-1 plan) | 100 | $41,839.6 |
| Oct 6, 2026 | STATA RAY | Director | Open-market sell (10b5-1 plan) | 428 | $179,531.8 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 17, 2026 | 8-K | 1.01 Entry into a Material Agreement; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/6281/000119312526394361/d175690d8k.htm |
| Sep 9, 2026 | 8-K | 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/6281/000119312526385938/d924057d8k.htm |
| Aug 19, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/6281/000000628126000073/adi-20260801.htm |
| Aug 19, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/6281/000000628126000072/adi-20260819.htm |
| Jul 29, 2026 | 8-K | 8.01 Other Events | https://www.sec.gov/Archives/edgar/data/6281/000119312526324223/d158253d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| First Pacific Advisors | 2026-06-30 | 1,598,506 | $634.9M |
| Thomas Gayner | 2026-06-30 | 999,671 | $397.0M |
| AKO Capital | 2026-06-30 | 616,881 | $245.0M |
| Bridgewater | 2026-06-30 | 203,208 | $80.7M |

12 tracked managers in all.

## About

Analog Devices, Inc. (ADI) is a technology leader specializing in the conception, production, validation, and global marketing of integrated circuits (ICs), software solutions, and advanced subsystems. Their offerings leverage sophisticated analog, mixed-signal, and digital signal processing technologies. The company's comprehensive product lineup features data converters, which are critical for transforming real-world analog signals into digital data and subsequently converting digital data back into analog signals. They also provide power management and reference devices, essential for power conversion, driver supervision, system sequencing, and energy optimization in industries such as automotive, telecommunications, industrial applications, and premium consumer markets. These power ICs are supported by integrated performance, integration, and software design simulation tools for prec…

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Source: https://sweetvaluelab.com/stocks/adi (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.