Analog Devices Inc. (ADI) intrinsic value & 10-year financials
Analog Devices Inc. (ADI) has a Graham intrinsic value of $78.60 per share. At $395.44 on Oct 17, 2026, the stock trades 403% above that value. Over the last 10 fiscal years revenue grew 13.9% a year to $11.0B, with an average return on invested capital of 10.6%.
- Graham intrinsic value
- $78.60
- Share price (Oct 17, 2026)
- $395.44
- Price vs Graham value
- 403% above
- Market cap
- $196.4B
- Revenue (FY2025)
- $11.0B
- Revenue growth (10-yr CAGR)
- 13.9%
- ROIC (10-yr avg)
- 10.6%
- Free cash flow (FY2025)
- $4.3B
ADI 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $11.0B | $2.3B | $4.56 | $4.3B | 26.6% | 6.1% |
| FY2024 | $9.4B | $1.6B | $3.28 | $3.1B | 21.6% | 4.6% |
| FY2023 | $12.3B | $3.3B | $6.55 | $3.6B | 31.1% | 8.4% |
| FY2022 | $12.0B | $2.7B | $5.25 | $3.8B | 27.3% | 7.4% |
| FY2021 | $7.3B | $1.4B | $3.46 | $2.4B | 23.1% | 7.1% |
| FY2020 | $5.6B | $1.2B | $3.28 | $1.8B | 26.7% | 12.4% |
| FY2019 | $6.0B | $1.4B | — | $2.0B | 28.6% | 13.8% |
| FY2018 | $6.2B | $1.5B | — | $2.2B | 30.2% | 16.2% |
| FY2017 | $5.2B | $727.3M | — | $908.5M | 20.1% | 12.1% |
| FY2016 | $3.4B | $861.7M | — | $1.2B | 30.0% | 17.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Analog Devices is a consistent compounder, expanding top-line revenue at 13.9% annually over the past decade.
Analog Devices returns on capital have been average, hovering around 10.6% ROIC over the decade.
Analog Devices has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Analog Devices is modeled at 5.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $78.60 per share.