Latest Ratios: P/E Ratio 84.0x · EV/EBITDA 39.1x · ROE 6.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $186.6B | $116.3B | $112.4B | $81.2B | $75.8B | $69.6B | $44.1B | $40.8B | $31.4B | $32.0B | $19.8B |
| Enterprise Value | $192.7B | $122.5B | $118.1B | $87.3B | $80.9B | $74.5B | $48.2B | $45.6B | $36.9B | $38.8B | $20.7B |
| P/E Ratio → | 83.99 | 51.34 | 68.74 | 24.51 | 27.60 | 50.14 | 36.14 | 29.88 | 20.98 | 39.83 | 23.02 |
| P/S Ratio | 16.93 | 10.55 | 11.93 | 6.60 | 6.31 | 9.51 | 7.87 | 6.81 | 5.04 | 6.09 | 5.80 |
| P/B Ratio | 5.63 | 3.44 | 3.20 | 2.28 | 2.08 | 1.83 | 3.67 | 3.48 | 2.79 | 3.15 | 3.84 |
| P/FCF | 43.60 | 27.18 | 36.02 | 22.85 | 20.07 | 29.11 | 23.93 | 20.62 | 14.35 | 35.19 | 17.20 |
| P/OCF | 38.77 | 24.17 | 29.19 | 16.86 | 16.94 | 25.45 | 21.95 | 18.10 | 12.85 | 28.73 | 15.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 11.11 | 12.53 | 7.09 | 6.74 | 10.18 | 8.61 | 7.62 | 5.93 | 7.39 | 6.04 |
| EV / EBITDA | 39.08 | 24.83 | 28.55 | 14.27 | 14.51 | 26.91 | 20.88 | 18.09 | 13.67 | 22.20 | 16.68 |
| EV / EBIT | 65.72 | 40.42 | 56.25 | 22.54 | 24.53 | 49.20 | 32.04 | 26.61 | 19.33 | 32.70 | 19.75 |
| EV / FCF | — | 28.62 | 37.83 | 24.55 | 21.43 | 31.14 | 26.17 | 23.07 | 16.87 | 42.68 | 17.90 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 61.5% | 61.5% | 57.1% | 64.0% | 65.0% | 66.4% | 65.9% | 67.0% | 68.3% | 67.2% | 65.1% |
| Operating Margin | 26.6% | 26.6% | 21.6% | 31.1% | 27.3% | 23.1% | 26.7% | 28.6% | 30.5% | 22.2% | 30.0% |
| Net Profit Margin | 20.6% | 20.6% | 17.3% | 26.9% | 22.9% | 19.0% | 21.8% | 22.8% | 24.2% | 15.4% | 25.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.6% | 6.6% | 4.6% | 9.2% | 7.4% | 5.6% | 10.3% | 11.9% | 14.1% | 10.5% | 16.8% |
| ROA | 4.7% | 4.7% | 3.4% | 6.7% | 5.4% | 3.8% | 5.7% | 6.5% | 7.2% | 5.5% | 11.5% |
| ROIC | 5.4% | 5.4% | 3.7% | 6.9% | 5.8% | 4.3% | 6.9% | 7.7% | 8.4% | 7.6% | 14.0% |
| ROCE | 6.5% | 6.5% | 4.5% | 8.2% | 6.7% | 4.9% | 7.5% | 8.7% | 9.8% | 8.7% | 15.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.26 | 0.26 | 0.22 | 0.20 | 0.18 | 0.18 | 0.43 | 0.47 | 0.56 | 0.77 | 0.34 |
| Debt / EBITDA | 1.76 | 1.76 | 1.85 | 1.15 | 1.18 | 2.47 | 2.25 | 2.18 | 2.35 | 4.49 | 1.40 |
| Net Debt / Equity | — | 0.18 | 0.16 | 0.17 | 0.14 | 0.13 | 0.34 | 0.41 | 0.49 | 0.67 | 0.16 |
| Net Debt / EBITDA | 1.25 | 1.25 | 1.37 | 0.99 | 0.92 | 1.75 | 1.79 | 1.92 | 2.04 | 3.89 | 0.66 |
| Debt / FCF | — | 1.44 | 1.81 | 1.70 | 1.36 | 2.03 | 2.24 | 2.45 | 2.52 | 7.49 | 0.70 |
| Interest Coverage | 9.54 | 9.54 | 6.52 | 14.63 | 16.46 | 8.19 | 7.79 | 7.49 | 7.53 | 4.73 | 11.78 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.19 | 2.19 | 1.84 | 1.37 | 2.02 | 1.94 | 1.84 | 1.32 | 2.01 | 1.47 | 6.35 |
| Quick Ratio | 1.68 | 1.68 | 1.35 | 0.86 | 1.45 | 1.51 | 1.40 | 0.91 | 1.45 | 1.13 | 5.87 |
| Cash Ratio | 1.13 | 1.13 | 0.79 | 0.30 | 0.60 | 0.71 | 0.77 | 0.43 | 0.78 | 0.66 | 5.18 |
| Asset Turnover | — | 0.23 | 0.20 | 0.25 | 0.24 | 0.14 | 0.26 | 0.28 | 0.30 | 0.25 | 0.43 |
| Inventory Turnover | 2.56 | 2.56 | 2.79 | 2.70 | 3.01 | 2.05 | 3.14 | 3.24 | 3.36 | 3.12 | 3.17 |
| Days Sales Outstanding | — | 47.57 | 51.74 | 43.59 | 54.70 | 72.77 | 48.05 | 38.70 | 37.51 | 47.93 | 50.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.7% | 1.6% | 2.1% | 2.0% | 1.6% | 2.0% | 1.9% | 2.2% | 1.9% | 2.6% |
| Payout Ratio | 84.9% | 84.9% | 109.8% | 50.7% | 56.2% | 79.8% | 72.6% | 57.0% | 46.7% | 74.8% | 59.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.2% | 1.9% | 1.5% | 4.1% | 3.6% | 2.0% | 2.8% | 3.3% | 4.8% | 2.5% | 4.3% |
| FCF Yield | 2.3% | 3.7% | 2.8% | 4.4% | 5.0% | 3.4% | 4.2% | 4.8% | 7.0% | 2.8% | 5.8% |
| Buyback Yield | 1.2% | 1.9% | 0.5% | 3.6% | 3.4% | 4.5% | 0.6% | 1.5% | 0.7% | 0.1% | 1.9% |
| Total Shareholder Yield | 2.2% | 3.5% | 2.1% | 5.7% | 5.4% | 6.1% | 2.6% | 3.4% | 3.0% | 2.0% | 4.5% |
| Shares Outstanding | — | $497M | $499M | $506M | $523M | $401M | $372M | $373M | $375M | $350M | $312M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying ADI stock.
Analog Devices, Inc.'s current P/E ratio is 84.0x. The historical average is 33.1x. This places it at the 97th percentile of its historical range.
Analog Devices, Inc.'s current EV/EBITDA is 39.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.3x.
Analog Devices, Inc.'s return on equity (ROE) is 6.6%. The historical average is 14.3%.
Based on historical data, Analog Devices, Inc. is trading at a P/E of 84.0x. This is at the 97th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Analog Devices, Inc.'s current dividend yield is 1.01% with a payout ratio of 84.9%.
Analog Devices, Inc. has 61.5% gross margin and 26.6% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Analog Devices, Inc.'s Debt/EBITDA ratio is 1.8x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Geopolitical supply chain exposure
Metrics are mathematically derived from official filings.
Premium Valuation Reflects Structural Durability
According to current market data, ADI trades at a forward P/E of 31.40, which, while elevated relative to historical averages, appears to be supported by the company's high-margin analog portfolio and its ability to maintain pricing power in a cyclical semiconductor environment compared to its broader peer group.
The current valuation suggests that investors are pricing in a long-term growth trajectory driven by content gains in automotive and industrial automation rather than mere cyclical recovery. While the P/E multiple is high, it reflects the scarcity of high-quality analog assets that possess the defensive characteristics of long design-in lifecycles.
Capital Efficiency Improving Post-Integration
Based on reported financial figures, ADI's ROIC has trended upward from 0.7% in 2024Q2 to 2.6% in 2026Q2, indicating that the company is successfully beginning to generate superior returns on the significant capital deployed for its large-scale acquisitions of Linear Technology and Maxim Integrated over the past decade.
The steady expansion in ROIC suggests that management's integration strategy is effectively converting acquired intangible assets into operational earnings. Investors should monitor whether this trend continues as the company moves past the heavy amortization phase associated with its recent M&A activity.
Working Capital Dynamics Remain Strained
As reported in recent quarterly filings, ADI's cash conversion cycle remains elevated at 138 days in 2026Q2, primarily driven by a high days-inventory-outstanding metric of 139 days, which suggests that the company is currently carrying significant inventory levels as it navigates the normalization of industry-wide lead times.
The persistent length of the cash conversion cycle highlights the capital-intensive nature of maintaining a broad, high-performance analog portfolio. While this inventory buffer provides a competitive advantage in supply-constrained environments, it may temporarily weigh on free cash flow generation until channel inventory levels fully normalize.
Misapplication of P/E Multiples
Based on an analysis of semiconductor business models, the P/E ratio is frequently misapplied to ADI, as it fails to account for the significant non-cash amortization of intangible assets resulting from past acquisitions, which artificially depresses GAAP earnings and obscures the company's true underlying cash-generating earning power.
Investors should prioritize EV/EBITDA or P/FCF metrics to better assess the company's operational performance, as these ratios neutralize the impact of acquisition-related accounting adjustments. Relying solely on P/E may lead to an inaccurate perception of the company's valuation relative to its actual cash-flow-generating capabilities.