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Analog Devices Inc ADI

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Stock XNAS Rating as of
$180.57 −0.06 (0.03%)
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Company Report

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Analog Devices Earnings: We Expect Firm to Weather the Current Cyclical Downturn

Brian Colello

Wide-moat Analog Devices reported decent fiscal fourth-quarter results but provided investors with a modestly disappointing outlook for fiscal 2024's first quarter, as it is facing a cyclical downturn across several end markets. We think the company is taking the right steps to weather the storm. We’re confident that it is not losing market share, still has industry-leading analog design expertise, and benefits from high switching costs across its customer base. We maintain our $196 fair value estimate and view the shares as modestly undervalued.

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Price vs Fair Value

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ADI is trading within a range we consider fairly valued.
Price
$180.57
Fair Value
$985.00
Uncertainty
Medium
1-Star Price
$565.70
5-Star Price
$214.10
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Analog Devices has tens of thousands of customers and is not reliant on the fortunes of any single chip buyer.

Bears

Despite its strong position and diverse exposure, Analog Devices is still vulnerable to the cyclicality of the overall semiconductor industry.

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News

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Trading Information

Previous Close Price
$180.63
Day Range
$180.17–183.00
52-Week Range
$154.99–200.10
Bid/Ask
$179.00 / $181.50
Market Cap
$89.61 Bil
Volume/Avg
2.8 Mil / 3.2 Mil

Key Statistics

Price/Earnings (Normalized)
17.91
Price/Sales
7.42
Dividend Yield
1.91%
Dividend Yield (Forward)
1.91%
Total Yield
5.21%

Company Profile

Analog Devices is a leading analog, mixed signal, and digital signal processing chipmaker. The firm has a significant market share lead in converter chips, which are used to translate analog signals to digital and vice versa. The company serves tens of thousands of customers, and more than half of its chip sales are made to industrial and automotive end markets. Analog Devices' chips are also incorporated into wireless infrastructure equipment.
Sector
Technology
Industry
Semiconductors
Stock Style Box
Large Core
Total Number of Employees
26,000
Website
https://www.analog.com

Competitors

Valuation

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Metric
ADI
MCHP
TXN
Price/Earnings (Normalized)
 17.9112.9420.41
Price/Book Value
 2.526.498.52
Price/Sales
 7.425.177.89
Price/Cash Flow
 16.7212.2918.04
Price/Earnings
ADI
MCHP
TXN

Financial Strength

Metric
ADI
MCHP
TXN
Quick Ratio
 0.760.584.12
Current Ratio
 1.371.035.69
Interest Coverage
 14.4818.4726.51
Quick Ratio
ADI
MCHP
TXN

Profitability

Metric
ADI
MCHP
TXN
Return on Assets (Normalized)
 7.53%21.82%25.70%
Return on Equity (Normalized)
 10.36%54.48%48.49%
Return on Invested Capital (Normalized)
 9.20%28.31%30.58%
Return on Assets
ADI
MCHP
TXN

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