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Company Research10 May 2024
The Suppliers Making the iPhone Possible
An article exploring the relationship of the suppliers working with Apple to make the iPhone and other products possible.
Analog Devices (ADI) investor relations material
Analog Devices JPMorgan U.S. All Stars Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.JPMorgan U.S. All Stars Conference summary16 Sep, 2025
Industry cycle and business trends
Recovery began in late 2024 after a deep downturn and inventory correction, with sequential growth across all end markets and geographies in 2025.
Industrial, automotive, and consumer segments have shown strong resilience and growth, with industrial leading the upturn and auto on track for a record year despite a Q4 correction.
Consumer business achieved four consecutive quarters of strong growth due to portfolio diversification, and comms infrastructure benefits from AI-driven demand.
Mass market industrial and automation segments are now recovering, confirming entry into a cyclical upturn.
Geopolitical and trade uncertainties, including China’s anti-dumping probe, are being monitored, but high-end product focus and stable pricing mitigate risk.
Orders, inventory, and operational discipline
Bookings momentum remains strong, with six out of the last seven quarters showing sequential order improvements.
Turns business spiked during the upturn, contributing to revenue outperformance; Q4 guidance anticipates normalization.
Inventory strategy prioritizes holding more on the balance sheet for flexibility, with channel inventory kept lean (below six weeks) to enable rapid response to demand shifts.
Backend cycle times are now around six weeks, supporting quick conversion from die bank to finished goods.
Seasonal revenue patterns are expected, with Q4 typically down low to mid-single digits and a pickup in the April quarter.
Long-term growth, design wins, and market exposure
Long-term targets include 7–10% revenue CAGR and $15 EPS power, but the severe downturn has pushed this goal beyond 2027.
Growth drivers include alignment with mega trends (energy transition, auto electrification, automation), pricing discipline, and Maxim acquisition synergies.
Record design win years in 2024 and 2025, with broad-based success, especially in automotive, industrial, and comms.
Industrial segment breakdown: instrumentation/test (30–40%), automation/ADI (each >20%), healthcare (10–12%), and energy management.
Aerospace and defense surpassed $1B annualized revenue, driven by high-value modules and subsystems, with strong positions in guidance and microwave comms.
Impact of China's antidumping probe?
When will ADI reach $15 EPS target?
Are 1.6T optical/power wins on track?
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Q4 202525 Nov, 2025
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Frequently asked questions
Interpreting Analog Signals
Analog Devices, sometimes referred to simply as Analog or ADI, is an American semiconductor company operating globally. Its headquarters are located in Wilmington, Massachusetts, and Analog Devices shares trade on the Nasdaq. The company designs and manufactures integrated circuits, software, and various systems that use analog, digital signals, and mixed-signal processing. They produce and sell data converter products that relay analog signals into digital data, and vice versa.
History
Analog Devices was founded by Ray Stata and Matthew Lorber in 1965. The two MIT graduates released their first product in the same year (a module used in measurement equipment). The company had its IPO in 1969 and quickly grew as it expanded its product portfolio. Since 1967, the company has published Analog Dialogue, a publication containing industry news and discussion. Today, it's published monthly on the web and in quarterly print editions and is the longest-running in-house publication in the entire industry.
The products
As previously mentioned, Analog Devices develops and manufactures various signal-processing semiconductors used in electronic equipment. Its products are used to convert and translate things such as light, temperature, motion, and similar things into digital signals. The company's products are incredibly widespread, and most people own and interact with several things in their day-to-day that contain several components supplied by Analog Devices.
Analog Devices operate in an incredibly competitive environment. When looking at the company’s peers, one finds names such as Micron Technology, Intel, Texas Instruments, and other semiconductor companies among the competition.
A Truly Global Reach
Analog Devices has around 100,000 customers in a wide range of industries, ranging from everything from communications and consumer electronics to military and automotive. The headquarters are in the US, but Analog Devices also has regional headquarters set up in Asia and Europe. The company also runs testing sites in both the US and Ireland.
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