Forensic Analysis · Hybrid · as of Nov 8, 2026

Analog Devices Inc (ADI)

A forensic read on Analog Devices Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Safe

Financial health

4.2

Distress distance

Clean

Earnings quality

Forensic signals

6.6%

ROE

16.9%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Analog Devices Inc earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 4.2, placing it in the Safe zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.7%

FY2025

Return on invested capital. Return on invested capital is 5.7% in the latest fiscal year, against 7.6% in FY2023, having run between 4.1% and 7.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $3.4B in FY2023 and $2.5B in FY2025, with operating income at 31.1% of revenue in FY2023, 21.6% in FY2024 and 26.6% in FY2025. The capital base behind it went from $45.1B in FY2023 to $42.9B in FY2025 (-5%), while the revenue it carried went from $12.3B to $11.0B.

96% of FCF

FY2025

Shareholder returns. Returned $4.1B to shareholders (buybacks + dividends) in FY2025 — 96% of free cash flow. Right at the limit of what free cash flow covers — little room before it's funded by debt or the balance sheet. That ratio has actually been EASING, not tightening further — down from ~131% of free cash flow two years back. Counting the $322M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 103%.

Key fundamentals

Latest Revenue$11.02B

Revenue Growth YoY+16.9%

Revenue CAGR (2yr)-5.4%

Net Margin20.6%

Free Cash Flow$4.28B

Return on Equity6.6%

Debt / Equity0.24x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.