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Analog Devices key statistics and ratios

In fiscal 2025, Analog Devices had return on equity of 6.6%, an operating margin of 26.6%, debt equal to 25.4% of equity and a current ratio of 2.19. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Oct 20092010Oct 20102011Oct 20112012Nov 20122013Nov 20132014Nov 20142015Oct 20152016Oct 20162017Oct 20172018Nov 20182019Nov 20192020Oct 20202021Oct 20212022Oct 20222023Oct 20232024Nov 20242025Nov 2025LTMAug 2026
Gross margin55.5%65.2%66.4%64.5%64.3%63.9%65.8%65.1%62.0%68.5%67.0%65.9%61.8%62.7%64.0%57.1%61.5%65.8%
Operating margin14.1%32.6%35.8%30.5%28.6%26.3%24.2%30.0%22.8%30.6%28.6%26.7%23.1%27.3%31.1%21.6%26.6%35.5%
Net margin12.3%25.8%29.0%24.1%25.6%22.0%20.3%25.2%15.8%24.3%22.8%21.8%19.0%22.9%26.9%17.3%20.6%29.8%
Free-cash-flow margin18.7%31.9%26.0%25.3%30.0%24.2%21.9%34.0%18.6%35.3%33.0%32.9%32.7%31.4%28.9%33.1%38.8%35.6%
Return on equity9.8%24.9%24.8%16.4%15.1%13.3%14.2%16.8%10.5%14.1%11.9%10.3%5.6%7.4%9.2%4.6%6.6%12.3%
Return on assets7.4%18.5%18.1%12.0%11.2%9.5%10.0%11.5%5.5%7.2%6.5%5.7%3.8%5.4%6.7%3.4%4.7%8.6%
Asset turnover0.600.720.620.500.440.430.490.460.350.300.290.260.200.230.250.190.230.29
Current ratio6.445.418.358.949.595.383.666.351.472.011.321.841.942.021.371.842.191.25
Debt to equity15.0%12.5%23.0%19.4%18.4%18.3%17.1%33.5%77.3%56.2%46.9%42.9%17.8%18.0%19.5%22.7%25.4%27.2%
Interest cover (operating income ÷ interest)69.6x86.3x56.0x31.2x27.8x21.6x30.7x11.6x4.6x7.5x7.5x7.8x9.2x16.4x14.4x6.3x9.2x14.1x
Effective tax rate16.8%21.1%18.9%19.9%17.4%13.7%14.0%10.0%13.8%9.0%8.3%6.9%−4.6%11.3%8.1%8.0%16.4%12.1%
R&D as % of revenue22.2%17.8%16.9%18.9%19.5%19.5%18.6%19.1%19.0%18.8%18.9%18.7%17.7%14.2%13.5%15.8%16.0%14.2%
SG&A as % of revenue16.5%14.1%13.6%14.7%15.0%15.9%13.9%13.5%13.5%11.2%10.8%11.8%12.5%10.5%10.3%11.3%11.4%10.4%
Capital spending as % of revenue2.8%4.0%4.1%4.9%4.7%6.2%4.5%3.7%4.0%4.1%4.6%3.0%4.7%5.8%10.3%7.7%4.8%4.4%
Free cash flow ÷ net income151.8%123.5%89.6%104.8%117.2%110.2%108.2%135.1%118.0%145.2%145.1%151.0%172.0%137.4%107.3%190.9%188.7%119.4%
Dividends ÷ net income94.0%35.1%32.5%52.9%60.3%72.2%70.5%59.6%74.8%46.7%57.0%72.6%79.8%56.2%50.7%109.8%84.9%49.4%
Dividends and buybacks ÷ free cash flow63.0%32.9%78.7%74.1%59.1%116.8%95.2%75.9%68.3%42.5%70.3%61.4%155.3%109.1%130.6%77.2%95.6%104.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · August 1, 2026
What it owns · $48.4bn
Short-term assets $7.1bnLonger-term assets $41.4bn
What it owes, and who funded it · $39.2bn
Short-term liabilities $5.7bnShareholders' equity $33.6bn
  • Short-term assets cover short-term liabilities $7.1bn of assets due within a year against $5.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $2.2bn of cash against $8.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 24% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 17% to 24% over five years.
  • A year's operating cash flow covers at least 20% of debt $5.5bn of operating cash flow against $8.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $4.9bn against $351m of interest.

From Analog Devices's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

85 /100

Strong moat

How hard Analog Devices's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 18 / 20

    Cash operating profit has been a median 13.8% of total assets over 10 years.

  • Pricing power 18 / 20

    Gross margin has been a median 65.3%, moving by 3.9 percentage points (standard deviation) across 10 years.

  • Durability 19 / 20

    Operating margin has been a median 27.4%; its worst year was 20.5%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 33.2% of revenue.

  • Discipline 9 / 20

    The diluted share count rose 31.9% over five years; stock-based pay has been a median 2.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Analog Devices's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Analog Devices.