Analog Devices, Inc. (ADI) is a global leader in the semiconductor industry, specializing in solving complex engineering challenges by providing integrated circuits (ICs), software, and subsystems that utilize high-performance analog, mixed-signal, and digital signal processing technologies . The company operates in one reportable segment, focusing on the design, development, manufacturing, and marketing of a wide range of ICs, which are the primary source of its revenue . ADI's product portfolio includes data converters, amplifiers, power management, radio frequency ICs, edge processors, and other sensors, catering to diverse applications across industrial, automotive, communications, and consumer markets .
- Industrial Solutions - Provides ICs and subsystems for industrial applications, focusing on automation, instrumentation, and energy management.
- Automotive Solutions - Offers ICs and technologies for automotive applications, enhancing vehicle safety, efficiency, and connectivity.
- Communications Solutions - Delivers ICs and systems for communication networks, supporting infrastructure and wireless connectivity.
- Consumer Electronics - Supplies ICs for consumer devices, improving audio, video, and sensor functionalities.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Vincent Roche ExecutiveBoard | CEO and Chair of the Board | None | CEO since 2013, Chair since 2022. Over 35 years at ADI, recognized as one of America’s Most Innovative Leaders by Forbes in 2019. | View Report → |
Alan Lee Executive | Senior VP and CTO | None | Joined ADI in 2023. Former Corporate VP of Research at AMD. Leads ADI's long-term technology strategy. | |
Janene Asgeirsson Executive | Senior VP, Chief Legal Officer, Secretary | None | Leads ADI's legal, governance, and compliance functions. Former Chief Legal Officer at Acacia Communications. | |
Katsu Nakamura Executive | Senior VP and Chief Customer Officer | Executive Committee Member, Symposia on VLSI Technology and Circuits | Joined ADI in 1994. Oversees global sales and marketing. Recognized as an IEEE Fellow. | |
Martin Cotter Executive | Senior VP, Vertical Business Units | None | Over 35 years at ADI. Leads key sectors like Industrial, Automotive, and Healthcare. Former President of ADI EMEA. | |
Michael Sondel Executive | Corporate VP and Chief Accounting Officer | None | Current Chief Accounting Officer. No additional details on prior roles or external affiliations. | |
Richard C. Puccio, Jr. Executive | Executive Vice President and CFO | None | Joined ADI in 2024. Former CFO of AWS and Partner at PwC. Extensive experience in financial strategy and operations. | |
Rob Oshana Executive | Senior VP, Software and Digital Platforms | Adjunct Professor at UT Austin; Corporate Advisory Boards at SMU and UT Austin | Leads ADI's embedded systems and software strategy. Former VP at NXP Semiconductors. | |
Venu Gopinathan Executive | VP, Emerging Business Unit | None | ADI Fellow. Leads new business models leveraging ADI's technology portfolio. Former Managing Director of Medical Products. | |
Andr\u00e9 Andonian Board | Director | CEO of Andonian Advisory; Chair of Asia Pacific at Flagship Pioneering; Board Member at AEM Holdings | Former McKinsey Senior Partner. Expertise in transforming global companies and talent development. | |
Andrea F. Wainer Board | Director | EVP at Abbott Laboratories; Trustee at Goodman Theatre | Leads Abbott's diagnostics businesses. Extensive healthcare and diagnostics expertise. | |
Edward H. Frank Board | Director | Executive Chair at Gradient Technologies; Board Member at SiTime and Rocket Lab; Trustee at Carnegie Mellon University | Semiconductor and cybersecurity expert. Former VP at Apple. | |
Karen M. Golz Board | Director | Board Member at Aspen Technology and iRobot; Trustee at University of Illinois Foundation | Retired EY Partner. Expertise in accounting, risk management, and governance. | |
Laurie H. Glimcher Board | Director | Professor at Harvard Medical School; President Emerita of Dana-Farber Cancer Institute | Renowned immunologist and academic leader. Former CEO of Dana-Farber Cancer Institute. | |
Mercedes Johnson Board | Director | Board Member at Teradyne and Synopsys | Former CFO at Avago Technologies. Extensive financial leadership in the semiconductor industry. | |
Peter B. Henry Board | Director | Board Member at Citigroup and Nike; Chair of National Bureau of Economic Research | Economist and former Dean of NYU Stern. Expertise in global economics and finance. | |
Ray Stata Board | Director | None | Co-founder of ADI. Former CEO and Chair of the Board. Nearly 60 years of experience in the semiconductor industry. | |
Stephen M. Jennings Board | Lead Independent Director | None | Former Deloitte Strategy Principal and Global Board Member. Expertise in corporate governance and strategy. | |
Susie Wee Board | Director | CEO of DevAI; Visiting Committee Member at MIT EECS | Former VP at Google and Cisco. Expert in IT, AI, and software innovation. |
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Given that your Industrial segment growth in Q4 was lower than expected and you are guiding Q1 down sequentially, what are the key factors that will drive Industrial growth above seasonal trends in fiscal '25, and when do you anticipate this acceleration?
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With gross margins being pressured due to mix and low utilization rates, particularly in your Industrial segment, what specific strategies are you implementing to improve gross margins back to 70%, and how dependent is this improvement on revenue reaching $2.7 billion or more?
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As AI moves to the edge and considering your recent investments in software platforms like CodeFusion Studio and ADI Assure, how do you see these software initiatives differentiating Analog Devices from competitors, and what impact do you expect them to have on your overall business and market positioning?
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In your Automotive business, while growth areas like GMSL, A2B, and functional safe power grew over 10% in '24, the other half of your automotive portfolio declined by 10%; what are your plans to address the decline in your standard product portfolio and drive overall growth in Automotive in fiscal '25?
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Given the volatility and high competition in the data center power management market, can you provide more details on your design win traction and how you plan to capitalize on medium-term opportunities, especially with your new product introductions and ecosystem strategy?
Research analysts who have asked questions during ANALOG DEVICES earnings calls.
Christopher Danely
Citigroup Inc.
4 questions for ADI
Joshua Buchalter
TD Cowen
4 questions for ADI
Tore Svanberg
Stifel Financial Corp.
4 questions for ADI
Vivek Arya
Bank of America Corporation
4 questions for ADI
Joseph Moore
Morgan Stanley
3 questions for ADI
Stacy Rasgon
Bernstein Research
3 questions for ADI
Harlan Sur
JPMorgan Chase & Co.
2 questions for ADI
Ross Seymore
Deutsche Bank
2 questions for ADI
Timothy Arcuri
UBS
2 questions for ADI
Blayne Curtis
Jefferies Financial Group
1 question for ADI
Chris Caso
Wolfe Research LLC
1 question for ADI
Christopher Caso
Wolfe Research
1 question for ADI
Christopher Muse
Cantor Fitzgerald
1 question for ADI
Christopher Rolland
Susquehanna Financial Group
1 question for ADI
Harsh Kumar
Piper Sandler & Co.
1 question for ADI
Jim Schneider
Goldman Sachs
1 question for ADI
Joe Moore
Morgan Stanley
1 question for ADI
William Stein
Truist Securities
1 question for ADI
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Maxim Integrated Products, Inc. | 2021 | ADI completed the acquisition on August 26, 2021, where Maxim stockholders received 0.6300 shares of ADI common stock for each Maxim share, amounting to approximately $28.0 billion in total consideration. This deal strategically enhanced ADI's high-performance analog semiconductor portfolio, expanded its revenue and free cash flow base, garnered necessary regulatory and shareholder approvals, and resulted in key board changes as detailed in the acquisition documentation. |
Recent press releases and 8-K filings for ADI.
- ASE will acquire 100% equity of Analog Devices Sdn. Bhd., including the 680,000 sq ft Penang facility (operational since 1994), under a binding MOU.
- Transaction includes a long-term supply agreement and co-investment to upskill and expand the facility, enhancing manufacturing capabilities.
- Definitive agreements are expected in Q4 2025, with closing anticipated in H1 2026, subject to regulatory approvals.
- Move aims to bolster global supply chain resilience and increase operational flexibility to meet growing customer demand.
- Analog Devices confirmed a cyclical upturn since the Q2 FY2024 bottom, with sequential order improvements in six of the last seven quarters and growth across all industrial end markets in Q3.
- Automotive revenue is on track for a third consecutive record year, with high-growth sockets (connectivity, functional safety, BMS) comprising ~50% of auto sales; pull-in normalization is expected by Q4 FY2025.
- AI/data center revenues are projected at $500–600 million in FY2025 (up >30% YoY), with key design wins in vertical power and optical modules slated to ramp in 2026, adding about $100 million annually.
- Inventory days on the balance sheet stand at 160 days, while channel inventories remain below six weeks; ADI plans to keep days flat in Q4 by adding inventory to support the upturn and leverage six-week backend cycle times.
- The company aims to restore gross margins to around 70% in Q4 FY2025 through improved utilization and a higher-margin industrial mix, targeting a return to 74% in the longer term as capacity and mix normalize.
- Analog Devices delivered $2.88 B in Q3 revenue, up 9% sequentially and 25% year-over-year; segment performance included industrial +23% YoY (45% of revenue), automotive +22%, communications +40%, and consumer +21%.
- Non-GAAP gross margin was 69.2%, operating margin 42.2% (each +100 bps sequentially and YoY), and EPS reached $2.50, up 30% year-over-year.
- On a trailing-12-month basis, free cash flow was $3.7 B (35% of revenue); cash and short-term investments totaled $3.5 B, and $3.5 B was returned to shareholders over the last four quarters.
- Q4 guidance calls for $3.0 B ± $0.1 B in revenue, operating margin of 43.5% ± 100 bps, and adjusted EPS of $2.22 ± $0.10, with expected sequential growth in industrial, communications, and consumer, and a decline in automotive.
- On June 16, 2025, Analog Devices issued $850 million of 4.250% Senior Notes due June 15, 2028 and $650 million of 4.500% Senior Notes due June 15, 2030 in an underwritten public offering.
- The Notes are unsecured, unsubordinated obligations, rank equally with all existing and future senior unsecured indebtedness and carry no subsidiary guarantees.
- Interest on each series is payable semi-annually on June 15 and December 15, beginning December 15, 2025.
- The company may redeem the Notes at its option prior to the Par Call Date at the greater of the present value of remaining payments (discounted at the Treasury Rate + 10 bps) or 100% of principal (plus accrued interest), and at 100% thereafter.
- Manufacturing Flexibility: The company emphasized its hybrid manufacturing strategy, with about 70% of products produced through internal and external facilities, helping maintain strong margins despite cyclical revenue declines.
- Growth Targets and Synergies: ADI projects long-term growth in the 7%-10% range, driven by pricing tailwinds, $1B in revenue synergies from the Maxim acquisition, and robust demand in sectors like automotive, industrial, and AI.
- Global Footprint and Innovation: The firm highlighted a diversified manufacturing presence across the US, Ireland, and Asia while increasing investments in R&D and digital/AI capabilities to address competitive pressures, particularly in China.
- Analog Devices Inc filed an 8-K on April 11, 2025, announcing the execution of a Fourth Amended and Restated Credit Agreement establishing a revolving credit facility with an aggregate principal amount of $3.0 billion, maturing on April 11, 2030.
- The credit agreement, which remains undrawn, features annual extension options and flexible borrowing terms including Term SOFR and Base Rate Loans, with associated fee structures.