Demand and volumepositive · 5 filings
“Inventory increased primarily as a result of building inventory levels to support increased demand.”10-Q · Aug 19, 2026 ↗
Analog Devices, Inc.
ADI
Market read
Analog Devices, Inc.'s current read is isolated; its market group is not confirming.
The latest filing evidence is available. 0 of 17 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.
What changed
- Revenue increased 37.2% versus the comparable filing period.
Company-1.1% todayVolume comparison unavailable
Market group0 of 17 activeSemiconductors · unavailable
Disclosed network0 of 8 confirmingNo filing-linked name is confirming now
What would change this read
Watch this read- Inventory rose 4.6% as ADI said it built levels to support increased demand.
Invalidation: The isolated read changes if ADI's group or a disclosed connection begins moving with it.
Research brief
The story so far
The latest filing evidence is available. 0 of 17 group members are active now; 0 filing-linked outsiders are moving with the group, and 0 of 13 directly disclosed connections are confirming.
Evidence that supports
- Revenue increased 37.2% versus the comparable filing period.
- Operating margin improved 12.4 percentage points.
- Net income increased 106.5% versus the comparable filing period.
Evidence that challenges
No thresholded adverse filing evidence is available yet.
What would clarify the read
- Inventory rose 4.6% as ADI said it built levels to support increased demand.
Company research
Understand the business, not just the ticker
Business model and earnings drivers
Use the company’s filings to identify the few operating, demand, cost, capital and regulatory variables that determine its earnings power.
Key research questions
- Which operating variable is changing?
- Is that change durable, cyclical or one-off?
- What evidence would disprove the current interpretation?
Annual periods9
Price observations601
Usable filing statements76
Verified relationships9
Evidence supporting the case
- Latest annual revenue changed +16.9% year over year.
- Operating margin changed +5.0 percentage points in the latest annual period.
- Net margin changed +3.2 percentage points in the latest annual period.
- Demand and volume has repeated favorable evidence across 5 filings.
Evidence challenging the case
No qualifying adverse evidence was identified; that is not proof there is no downside.
Questions before a position
- P/E is 68% above the available filing-peer median; determine whether growth and quality justify the difference.
- EV/sales is 23% above the available filing-peer median; determine whether growth and quality justify the difference.
Longer-term price context
Price as of Sep 10, 2026
361.256m+13.2%12m+45.6%24m+64.9%
Annual trajectory
Reported annual revenue and per-share history. This is accounting history, not a forecast.
PeriodRevenueYoYDiluted EPSShare change
2021-10-30$7.3B+30.6%$3.46+7.9%
2022-10-29$12.0B+64.2%$5.25+30.4%
2023-10-28$12.3B+2.4%$6.55-3.3%
2024-11-02$9.4B-23.4%$3.28-1.4%
2025-11-01$11.0B+16.9%$4.56-0.4%
What management says matters
Persistent and emerging business drivers
Product pipeline and R&Dmixed · 5 filings
“Research and Development (R&D) Three Months Ended Nine Months Ended August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change R&D expenses $ 533,480 $ 454,251 $ 79,229 17 % $ 1,510,203 $ 1,298,980 $ 211,223 16 % R&D expen…”10-Q · Aug 19, 2026 ↗
Restructuring and cost reductionsnegative · 3 filings
“The decrease in the nine-month period was partially offset by a $15.6 million impairment charge recorded in the first quarter of fiscal 2026 related to the asset group in our leased facilities in San Jose, California.”10-Q · Aug 19, 2026 ↗
Data center and AI demandpositive · 2 filings
“The increase in the Consumer end market was primarily related to portable consumer products and the increase in the Communications end market was primarily driven by growth in the wireline sub-market from data center infrastructure expansion in support of AI…”10-K · Nov 25, 2025 ↗
Valuation discipline
Descriptive valuation snapshot
Price/sales 16.3× · EV/sales 16.8×. Comparisons use only industry-matched filing peers.
Scenario scaffold
Mechanical 2.0-year scenarios are available as editable assumptions, not consensus.
Price action
How the market is pricing the story
361.25-1.1% today
Jodie does not have enough daily observations to draw a useful short-term chart for this asset. The latest quoted price was checked 10 Sept, 15:55 GMT-4; this is a coverage limitation, not a flat-price conclusion.
Developments
No sourced recent-development timeline yet
Jodie has not returned a relevant primary source or news item for ADI. This is an evidence-coverage gap, not a conclusion that nothing material happened.
Business and financial condition
Reported financial figures are not available yet
Jodie has not returned structured SEC XBRL fundamentals for this asset. This is a coverage limitation, not an assessment of the business or its financial health.
Latest filing assessment · baseline
Fundamentals strengthened in the latest filing
10-Q filed 2026-05-20 against the comparable filing from 2025-05-22.
OperationsconstructiveEvidence score +4
liquidityneutralEvidence score 0
valuationdiscount
What improved
- Revenue increased 37.2% versus the comparable filing period.
- Operating margin improved 12.4 percentage points.
- Net income increased 106.5% versus the comparable filing period.
What weakened
No thresholded deterioration was identified.
Filing receipts
“Gross Margin Three Months Ended Six Months Ended May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change Gross margin $ 2,439,798 $ 1,611,610 $ 828,188 51 % $ 4,484,773 $ 3,041,913 $ 1,442,860 47 % Gross margin % 67.3 % 61.0 % 66.1 % 60.1 % Gross margin percentage increased by 630 and 600 basis points in the three- and six-month periods ended May 2, 2026 as compared to the same periods of the prior fiscal year, primarily due to higher utilization of our manufacturing fixed costs as a result of increased customer demand and favorable mix of products sold into our end markets.”
“Current liabilities increased to $4.5 billion at May 2, 2026 as compared to $3.2 billion at the end of fiscal 2025 primarily due to the reclassification of $0.9 billion of debt due in December 2026 to current liabilities as well as an increase in accrued liabilities, partially offset by a decrease in income taxes payable.”
“Special Charges, Net Three Months Ended Six Months Ended May 2, 2026 May 3, 2025 $ Change % Change May 2, 2026 May 3, 2025 $ Change % Change Special charges, net $ — $ 1,745 $ (1,745) (100) % $ 47,982 $ 65,632 $ (17,650) (27) % Special charges, net decreased in the three- and six-month periods ended May 2, 2026, as compared to the same periods of the prior fiscal year, primarily due to decreased charges related to our Global Repositioning Actions.”
Retrospective baseline calibration. It was generated after the filing date and is not part of Jodie's live track record.
Business ecosystem
The relationships behind ADI
Customers, suppliers, partners and competitors named in company filings—not inferred from headlines.
Depends on
TSMTaiwan Semiconductor Manufacturing Company LimitedsupplierNov 25, 2025 ▾
“We currently source more than half of our wafer requirements annually from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, and the remainder is sourced internally.”
Depended on by
TXNTexas Instruments IncorporatedsupplierOct 23, 2025 ▾
“Details of financial results – third quarter 2025 compared with third quarter 2024 Revenue of $4.74 billion increased $591 million, or 14%, due to higher revenue from increased demand in our Analog segment and, to a lesser extent, in our Embedded Processing s…”
Filing peers
Companies whose filings use similar operating language.
Open the three relationships above to see Jodie’s filing proof. Pro unlocks 13 more links, every receipt, and alerts when connected names begin moving. Unlock the full network →
What is moving around it
Live connections
ADI is currently a Follower in the organic co-movement group Semiconductors. This group is discovered from market behaviour rather than assigned from an industry taxonomy. 2 filing-linked names are in the relationship map; none is currently confirmed as moving with the group.
Context history
Theme membership history
No durable theme membership has been observed for this name yet.