{"schemaVersion":1,"research":true,"symbol":"adi","name":"Analog Devices","topic":"moat","path":"/stock/adi/moat","status":"stale","version":7,"updatedAt":"2026-10-19T15:44:06.955Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"uncertain","summary":"ADI has proprietary processes, reusable technology platforms and long-lived analog products that support a plausible intangible-assets advantage. The passages do not establish the comparative barriers to replication or material customer switching costs. Actual competitive price declines and market-share losses in certain markets constrain pricing power. Strong demand, cash generation and operating recovery demonstrate execution, but do not establish durable protection from competition.","advantages":[{"mechanism":"intangible_assets","claim":"Proprietary manufacturing processes and technology reused across products are established capabilities. Their ability to sustain a defensible economic advantage remains insufficiently demonstrated; comparative performance superiority is principally an issuer assertion.","durability":"Long product life cycles and reuse of existing platforms support potential persistence, but the catalog does not establish the duration of competitive protection or competitors' replication costs.","risks":"Competition has already reduced selling prices, gross margins and market share in certain markets. Alternate-source products, independent technology development and potential exposure of proprietary information could weaken differentiation.","invalidation":"The proposed advantage would be invalidated by evidence that competitors routinely match relevant performance and reliability without substantial development barriers, or that comparable products consistently displace ADI's established products through price competition.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5"],"counterEvidenceIds":["e6","e7","e8","e9"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"Business / Production Resources","excerpt":"Our IC products are fabricated on proprietary processes at our internal production facilities in Wilmington, Massachusetts; Camas, Washington; Beaverton, Oregon; and Limerick, Ireland and also on a mix of proprietary and non-proprietary processes at third-party wafer fabricators."},{"id":"e2","sourceId":"filing-1","location":"Notes / Industry and Segment Information","excerpt":"The Company uses a highly-integrated approach in developing its products in that discrete technologies developed by the Company are frequently integrated across many of its products, and substantially all of the Company’s ICs are manufactured under similar processes with raw materials in either the Company’s own production facilities or by third-party wafer fabricators using proprietary processes."},{"id":"e3","sourceId":"filing-1","location":"Business / Products / reuse of core technology","excerpt":"In certain cases, because we have already developed the core technology platform for our general-purpose products, we can create application-specific solutions quickly and efficiently."},{"id":"e4","sourceId":"filing-1","location":"Business / Products / analog product life cycles","excerpt":"Our analog ICs typically have long product life cycles."},{"id":"e5","sourceId":"filing-1","location":"Business / Products / issuer comparison with competing products","excerpt":"We believe that the principal advantages these products have as compared to competitors’ products include higher accuracy, higher speed, smaller size, lower power consumption and fewer components, resulting in improved performance and reliability."},{"id":"e6","sourceId":"filing-1","location":"Risk Factors / realized competitive pricing and market-share erosion","excerpt":"Increased competition in certain markets has resulted in and may continue to result in declining average selling prices, reduced gross margins and loss of market share in those markets."},{"id":"e7","sourceId":"filing-1","location":"Business / Sales Channels / alternate-source products","excerpt":"Some of them also sell products that compete with our products, including those for which we are an alternate source."},{"id":"e8","sourceId":"filing-1","location":"Risk Factors / independent development and patent design-arounds","excerpt":"Our competitors may also be able to develop similar technology independently or design around our patents."},{"id":"e9","sourceId":"filing-2","location":"Risk Factors / June 2026 data exfiltration and potential proprietary exposure","excerpt":"As occurred in the June 2026 incident, such events can result in the exfiltration of data from our systems and could expose our proprietary information or that of our employees, contractors, partners, customers, suppliers or other third parties to misappropriation or misuse."},{"id":"e10","sourceId":"filing-1","location":"Business / order cancellation and distributor adjustment terms","excerpt":"As is customary in the semiconductor industry, we allow most orders to be canceled within a reasonable notification period or deliveries to be delayed by customers without significant penalty, while also allowing certain distributors to receive price adjustment credits and to return qualifying products for credit, typically as determined by us, in order to reduce the amounts of slow-moving, discontinued or obsolete product from their inventory."},{"id":"e11","sourceId":"filing-1","location":"Business / absence of typical long-term sales contracts","excerpt":"We typically do not have long-term sales contracts with our customers."},{"id":"e12","sourceId":"filing-1","location":"Revenue Recognition / distributor price-protection discounts","excerpt":"Price protection represents price discounts granted to certain distributors to allow the distributor to earn an appropriate margin on sales negotiated with certain customers and in the event of a price decrease subsequent to the date the product was shipped and billed to the distributor."},{"id":"e13","sourceId":"filing-1","location":"Auditor's Report / distributor revenue and price-protection liability","excerpt":"During 2025, sales to distributors were $6.1 billion net of expected price protection credits and rights of return for which the liability balance as of November 1, 2025 was $785 million, of which the vast majority relates to the price protection credits."},{"id":"e14","sourceId":"filing-2","location":"MD&A / Revenue Trends by End Market","excerpt":"Three Months Ended August 1, 2026 August 2, 2025 Revenue % of Revenue* Y/Y% Revenue % of Revenue* Industrial $ 1,971,926 49 % 53 % $ 1,292,988 45 % Automotive 998,227 25 % 16 % 857,146 30 % Communications 654,515 16 % 84 % 354,768 12 % Consumer 397,231 10 % 6 % 375,446 13 % Total revenue $ 4,021,899 100 % 40 % $ 2,880,348 100 % Nine Months Ended August 1, 2026 August 2, 2025 Revenue % of Revenue* Y/Y% Revenue % of Revenue* Industrial $ 5,269,825 49 % 50 % $ 3,512,896 44 % Automotive 2,685,246 25 % 9 % 2,454,845 31 % Communications 1,659,553 15 % 72 % 965,036 12 % Consumer 1,191,003 11 % 18 % 1,010,813 13 % Total revenue $ 10,805,627 100 % 36 % $ 7,943,590 100 % * The sum of the individual percentages may not equal the total due to rounding."},{"id":"e15","sourceId":"filing-2","location":"MD&A / Gross Margin / results and utilization and mix explanation","excerpt":"Gross Margin Three Months Ended Nine Months Ended August 1, 2026 August 2, 2025 $ Change % Change August 1, 2026 August 2, 2025 $ Change % Change Gross margin $ 2,707,544 $ 1,789,748 $ 917,796 51 % $ 7,192,318 $ 4,831,661 $ 2,360,657 49 % Gross margin % 67.3 % 62.1 % 66.6 % 60.8 % Gross margin percentage increased by 520 and 580 basis points in the three- and nine-month periods ended August 1, 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."},{"id":"e16","sourceId":"filing-2","location":"Condensed Consolidated Statements of Income / nine-month operating results","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share amounts) Three Months Ended Nine Months Ended August 1, 2026 August 2, 2025 August 1, 2026 August 2, 2025 Revenue $ 4,021,899 $ 2,880,348 $ 10,805,627 $ 7,943,590 Cost of sales 1,314,355 1,090,600 3,613,309 3,111,929 Gross margin 2,707,544 1,789,748 7,192,318 4,831,661 Operating expenses: Research and development 533,480 454,251 1,510,203 1,298,980 Selling, marketing, general and administrative 397,326 325,706 1,105,389 913,171 Amortization of intangibles 187,985 187,415 563,285 562,245 Special charges, net (24,216) 4,348 23,766 69,980 Total operating expenses 1,094,575 971,720 3,202,643 2,844,376 Operating income: 1,612,969 818,028 3,989,675 1,987,285 Nonoperating expense (income): Interest expense 88,728 79,592 262,692 229,559 Interest income (25,377) (27,083) (86,199) (72,295) Other, net 3,749 2,110 (3,386) 5,108 Total nonoperating expense (income) 67,100 54,619 173,107 162,372 Income before income taxes 1,545,869 763,409 3,816,568 1,824,913 Provision for income taxes 205,779 244,891 469,302 345,309 Net income $ 1,340,090 $ 518,518 $ 3,347,266 $ 1,479,604 Shares used to compute earnings per common share – basic 486,021 494,390 487,500 495,560 Shares used to compute earnings per common share – diluted 488,837 496,726 490,317 497,865 Basic earnings per common share $ 2.76 $ 1.05 $ 6.87 $ 2.99 Diluted earnings per common share $ 2.74 $ 1.04 $ 6.83 $ 2.97 See accompanying notes."},{"id":"e17","sourceId":"filing-2","location":"Condensed Consolidated Statements of Cash Flows / spending, distributions and financing","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) Nine Months Ended August 1, 2026 August 2, 2025 Cash flows from operating activities: Net income $ 3,347,266 $ 1,479,604 Adjustments to reconcile net income to net cash provided by operations: Depreciation 315,298 301,323 Amortization of intangibles 1,160,358 1,202,179 Stock-based compensation expense 263,651 235,108 Deferred income taxes (281,941) (97,318) Other (19,377) (1,496) Changes in operating assets and liabilities (940,740) (8,008) Total adjustments 497,249 1,631,788 Net cash provided by operating activities 3,844,515 3,111,392 Cash flows from investing activities: Purchases of short-term available-for-sale investments — (1,150,240) Maturities of short-term available-for-sale investments 990,657 372,778 Additions to property, plant and equipment, net (392,677) (318,399) Proceeds from sale of property, plant and equipment, net — 58,892 Proceeds from sale of a subsidiary, net 96,592 — Payments for acquisitions, net of cash acquired (1,536,049) (45,652) Other (32,425) (13,595) Net cash used for investing activities (873,902) (1,096,216) Cash flows from financing activities: Proceeds from debt — 1,490,785 Debt repayments — (399,998) Proceeds from commercial paper notes 13,061,198 6,867,508 Payments of commercial paper notes (12,502,732) (6,866,581) Repurchase of common stock (2,446,409) (1,484,166) Dividend payments to shareholders (1,556,028) (1,437,521) Proceeds from employee stock plans 121,171 104,329 Other 18,651 40,317 Net cash used for financing activities (3,304,149) (1,685,327) Net (decrease) increase in cash and cash equivalents (333,536) 329,849 Cash and cash equivalents at beginning of period 2,499,406 1,991,342 Cash and cash equivalents at end of period $ 2,165,870 $ 2,321,191 See accompanying notes."},{"id":"e18","sourceId":"filing-2","location":"Condensed Consolidated Statements of Shareholders' Equity / repurchases and issuance","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited) (in thousands) Three Months Ended August 1, 2026 Capital in Accumulated Other Common Stock Excess of Retained Comprehensive Shares Amount Par Value Earnings Loss BALANCE, MAY 2, 2026 487,087 $ 81,183 $ 22,287,095 $ 11,525,998 $ (152,243) Net income 1,340,090 Dividends declared and paid - $1.10 per share (535,309) Issuance of stock under stock plans and other 360 59 61,625 Stock-based compensation expense 96,255 Other comprehensive income 3,152 Common stock repurchased (2,882) (480) (1,156,528) BALANCE, AUGUST 1, 2026 484,565 $ 80,762 $ 21,288,447 $ 12,330,779 $ (149,091) Nine Months Ended August 1, 2026 Capital in Accumulated Other Common Stock Excess of Retained Comprehensive Shares Amount Par Value Earnings Loss BALANCE, NOVEMBER 1, 2025 489,654 $ 81,611 $ 23,349,185 $ 10,539,541 $ (154,582) Net income 3,347,266 Dividends declared and paid - $3.19 per share (1,556,028) Issuance of stock under stock plans and other 2,023 337 120,834 Stock-based compensation expense 263,651 Other comprehensive income 5,491 Common stock repurchased (7,112) (1,186) (2,445,223) BALANCE, AUGUST 1, 2026 484,565 $ 80,762 $ 21,288,447 $ 12,330,779 $ (149,091) See accompanying notes."},{"id":"e19","sourceId":"filing-8","location":"Transaction Details / agreed upfront cash consideration","excerpt":"$1.35 billion of upfront consideration in cash, subject to the terms of the definitive agreement."},{"id":"e20","sourceId":"filing-8","location":"Transaction Details / contingent consideration","excerpt":"In addition, ADI may pay an incremental contingent consideration of up to $200 million."},{"id":"e21","sourceId":"filing-8","location":"Transaction Details / expected closing and conditions","excerpt":"of calendar year 2026, subject to customary closing conditions and the expiration of the applicable waiting period (and any extension thereof) under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended."},{"id":"e22","sourceId":"filing-3","location":"Executive Compensation / actual historical cash incentive payout factors","excerpt":"For fiscal year 2025 the variable cash incentive payout factor under our executive performance incentive plan was approximately 161% of target, compared to approximately 27% for fiscal year 2024 and approximately 182% for the fiscal year ended October 29, 2023 (fiscal year 2023)."},{"id":"e23","sourceId":"filing-3","location":"Executive Compensation / existing three-year financial performance awards","excerpt":"The Compensation and Talent Committee continued to include Financial Metric PRSUs as part of our annual equity program for our executive officers, based on non-GAAP operating profit in dollars, to incentivize long-term profitable growth measured over a three-year period."},{"id":"e24","sourceId":"filing-3","location":"Executive Compensation / ownership, clawback and trading safeguards","excerpt":"For example: What We Do What We Don’t Do uReview compensation practices of peers aligned with ADI’s business uProvide for annual cash incentives that are based solely on our financial performance uDesign compensation programs to align a significant portion of equity awards to long-term performance achievement uTie incentive awards to challenging performance targets aligned with our corporate strategy uCap payouts for Relative TSR PRSUs at target if absolute TSR is negative and set target objectives at above-median relative TSR performance uProvide for compensation clawbacks pursuant to a clawback policy for our CEO and other officers uRequire significant share ownership by executive officers pursuant to stock ownership guidelines uConduct an annual “say-on-pay” vote uNo hedging and pledging of ADI securities uNo excessive perquisites to our executive officers uNo gross-ups or compensation paid to officers or directors for any income tax owed for approved travel 44 Executive Compensation Process for Determining Compensation Roles and Responsibilities As part of its annual review of our executive compensation programs, including NEO compensation, our Compensation and Talent Committee solicits the input of Mr."},{"id":"e25","sourceId":"filing-3","location":"Executive Compensation / discretion to adjust performance metrics","excerpt":"The Compensation and Talent Committee may adjust the OPBT margin and year-over-year revenue growth metrics in its sole discretion to exclude special items such as (but not limited to) restructuring-related expense, acquisition-related expense, amortization of intangibles, gain or loss on disposition of businesses, non-recurring royalty payments, and other similar non-cash or non-recurring items."},{"id":"e26","sourceId":"filing-3","location":"Executive Compensation / existing change-in-control acceleration","excerpt":"Under our 2020 Plan and our 2006 Plan, in the event of a change in control, all of our employees who continue to remain employed on the closing of the change in control, including our NEOs, would have the vesting of one-half of the shares of common stock subject to their then outstanding unvested equity awards accelerate and become immediately exercisable and free from forfeiture."},{"id":"e27","sourceId":"filing-3","location":"Board of Directors / annual elections","excerpt":"Wainer Director Election Process All members of our Board of Directors are elected annually by our shareholders."},{"id":"e28","sourceId":"filing-3","location":"Board of Directors / independence as disclosed in January 2026","excerpt":"Our Board of Directors currently consists of eleven directors, of whom nine are deemed to be “independent directors” as defined and in accordance with the Nasdaq Stock Market, Inc."},{"id":"e29","sourceId":"filing-3","location":"Corporate Governance / independent standing committees","excerpt":"Each of the committees is comprised of independent, non-employee directors."},{"id":"e30","sourceId":"filing-2","location":"Signatures / combined CEO and board chair","excerpt":"ANALOG DEVICES, INC. Date: August 19, 2026 By: /s/ Vincent Roche Vincent Roche Chief Executive Officer and Chair of the Board of Directors (Principal Executive Officer) Date: August 19, 2026 By: /s/ Richard C."},{"id":"e31","sourceId":"filing-2","location":"Risk Factors / uninterrupted operations and ongoing cyber investigation","excerpt":"While our operations were not interrupted as a result of the June 2026 incident, and based on information currently known, we do not believe this incident is reasonably likely to materially impact our business, operations, or financial condition, our investigation into the nature and scope of the exfiltrated information remains ongoing."},{"id":"e32","sourceId":"filing-7","location":"Product-lifecycle policy / issuer webpage retrieved October 18, 2026","excerpt":"Producing the same products decade after decade is a cornerstone of our business"},{"id":"e33","sourceId":"filing-3","location":"Beneficial Ownership / executive and director holdings as of January 8, 2026","excerpt":"Puccio, Jr.\n6,519 \n6,519 \n*\nVincent Roche(6)\n104,628 \n686,226 \n790,854 \n*\nRay Stata(7)\n784,257 \n7,640 \n791,897 \n*\nAndrea F."}],"changes":["The uncertain verdict is retained after re-examining the current catalog; all four moat criteria remain null because durable competitive protection is not established.","Previously assessed pricing and management grades are supported anew by current catalog references rather than carried forward as evidence.","The earlier capital-discipline reference to Alif is supported here only as an agreed, conditional transaction, not completed spending or demonstrated acquisition returns.","The product-lifecycle webpage supports an issuer policy statement; October 18, 2026 is its retrieval date, not an established publication date."],"limitations":["The competitive passages name no current competing companies. Supplier names, acquisition targets and compensation-related entities do not establish named competitor coverage.","The catalog lacks quantified switching costs, customer cohort purchasing histories, comparative replication costs and sustained company-wide price realization.","Proprietary processes and reported results are concrete disclosures; superiority, customer trust and future AI or acquisition benefits remain issuer claims or potential.","The January 2026 proxy establishes governance and incentive arrangements at its disclosure date, not subsequent election results or later ownership. Proposed plan provisions are not treated as proof of adoption or vesting.","The latest supplied operating results cover August 1, 2026. Acquisition returns and the ultimate consequences of the June 2026 cybersecurity incident remain unresolved."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":null,"rationale":"Proprietary processes and platform reuse establish differentiated capabilities, but do not establish a durable comparative barrier. Realized erosion in certain markets does not prove a uniformly weak company-wide position.","evidenceIds":["e1","e2","e3","e6"]},{"criterion":"durability","grade":null,"rationale":"Long product life cycles and the lifecycle policy support potential persistence. They do not establish how long ADI can defend its economics against replication or substitution.","evidenceIds":["e4","e8","e32"]},{"criterion":"customer_dependency","grade":null,"rationale":"Application-specific development suggests customer integration, but the passages do not establish material redesign, qualification or replacement costs. Alternate-source offerings and cancellation rights limit inference.","evidenceIds":["e3","e7","e10"]},{"criterion":"erosion_resilience","grade":null,"rationale":"Strong recent demand and operating recovery coexist with actual competitive erosion in certain markets. The evidence cannot distinguish durable competitive resilience from cyclical recovery.","evidenceIds":["e6","e14","e15"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":1,"rationale":"Competition has caused selling-price declines in certain markets. Distributor discounts and a substantial price-protection liability reinforce pricing constraints, although they do not measure company-wide price changes.","evidenceIds":["e6","e12","e13"]},{"criterion":"retention","grade":2,"rationale":"Long product lives and growth across all disclosed end markets provide indirect evidence of continuing demand. Repeat purchasing is not quantified, and alternate-source products and cancellation rights constrain the assessment.","evidenceIds":["e4","e7","e10","e14"]},{"criterion":"margin_resilience","grade":2,"rationale":"Nine-month gross margin improved from 60.8% to 66.6%, demonstrating recovery. The disclosed explanation emphasizes utilization and mix; actual competitive margin erosion limits evidence of resilience attributable to pricing power.","evidenceIds":["e6","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"The usual absence of long-term sales contracts and discretion over certain distributor credits offer flexibility. Price-protection discounts and penalty-light customer cancellations constrain the economic benefit of those terms.","evidenceIds":["e10","e11","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Nine-month operating cash flow of $3.845 billion covered $392.7 million of capital spending, and repurchases reduced shares despite issuance. Dividends and repurchases exceeded operating cash flow before capital spending; acquisitions consumed $1.536 billion alongside net commercial-paper borrowing. The conditional Alif consideration adds commitments whose returns remain unproven.","evidenceIds":["e17","e18","e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual cash payouts varied with performance, and existing three-year performance awards, ownership requirements, clawbacks and trading restrictions support alignment. Metric-adjustment discretion and partial change-in-control acceleration are counterweights. Disclosed ownership supports exposure without implying controlling ownership.","evidenceIds":["e22","e23","e24","e25","e26","e33"]},{"criterion":"execution","grade":3,"rationale":"Broad end-market growth, approximately doubled nine-month operating income and increased operating cash generation demonstrate strong recent execution through indirect operating evidence. Demand recovery also contributed. Data exfiltration is a realized control weakness, although operations continued uninterrupted and the investigation remained ongoing.","evidenceIds":["e14","e16","e17","e9","e31"]},{"criterion":"governance","grade":2,"rationale":"Annual elections, nine independent directors out of eleven at the proxy date, and independent standing committees support oversight. Combined CEO-chair leadership, incentive-adjustment discretion and change-in-control acceleration provide counterweights; exceptional governance effectiveness is not demonstrated.","evidenceIds":["e27","e28","e29","e30","e25","e26"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-7","basisHash":"538e04627f128b1c3c1a946725001803c3baece10f9e876c067bfd0211de3ff6","updatedAt":"2026-10-19T15:44:06.955Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm","publishedAt":"2025-11-25","sha256":"c0e8b3bdf57e53e6c257bf7ace8115d2016bb23ac649b858ab36819bae9ea281","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628126000073/adi-20260801.htm","publishedAt":"2026-08-19","sha256":"18559e796db265bfbf8e318ee7606e40e7527c0f6f2aef36bfe643c4b29d6d37","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628126000010/adi-20260122.htm","publishedAt":"2026-01-23","sha256":"45cbc9f6c8c32298797a2a13143f4e85821337b8e83ffc17915f52cc2c4992a8","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628124000204/adi-20241102.htm","publishedAt":"2024-11-26","sha256":"d49b8d3c001c27c7e8aade5722a57fe75f444522431cd1f5f7c3db3f8a5b776d","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628123000203/adi-20231028.htm","publishedAt":"2023-11-21","sha256":"d5848a0d1b07105b3bcca02913750b6adbc53ccb9a9ec41be83973b3efb8afe3","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628126000052/adi-20260502.htm","publishedAt":"2026-05-20","sha256":"687a39fdff6926402f5b0e0636494feec7244763159d169e681772dc0316dc74","dateKind":"filed","citationPolicy":"numeric-lines-1"},{"id":"filing-7","url":"https://www.analog.com/en/support/product-life-cycle-information.html","publishedAt":"2026-10-18","dateKind":"retrieved","sha256":"5a3cadcf206232a8985e97411287d4ea1177a42a6e6383fe92bf3c3fd7f13037","captureFormat":"reviewed-excerpt","label":"ADI product-lifecycle policy; issuer statement, not independent proof of comparative advantage","citationPolicy":"numeric-lines-1"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/6281/000119312526385938/d924057dex991.htm","publishedAt":"2026-09-09","sha256":"ffd0ee2457f73813c3294d4e2ea7148a3fbfdca10ce78d18d4d730e567f83539","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628126000072/adi3q26exhibit991earnings.htm","publishedAt":"2026-08-19","sha256":"9a4cf7d938243465128c1c3371c82dfa0973ed9479d52d055e3d67a3109d164d","citationPolicy":"numeric-lines-1","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/6281/000000628126000050/adi2q26exhibit991earnings.htm","publishedAt":"2026-05-20","sha256":"c0b2ffd4346127079c73aae43c68521a44ed6c61db1e01ffa6b77ff32fc172ab","citationPolicy":"numeric-lines-1","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:b006d53adfee184185d6903cd4429543b34c08e86fd2d4f1ac7a0dee47046133","usage":{"input_tokens":161897,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":2932,"reasoning_output_tokens":75}},"signals":[{"period":"2021","end":"2021-10-30","values":{"gross_margin":61.83158187586546,"operating_margin":23.122914299878413,"roic":null,"fcf_margin":32.676954685837636,"sbc_revenue":3.3287985738737182},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2022","end":"2022-10-29","values":{"gross_margin":62.697714898668245,"operating_margin":27.290767659903448,"roic":6.896738183140272,"fcf_margin":31.430903716703405,"sbc_revenue":2.692594186110101},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%."}},{"period":"2025","end":"2025-11-01","values":{"gross_margin":61.4669518890112,"operating_margin":26.611379050277833,"roic":6.047716168503816,"fcf_margin":38.82725738533701,"sbc_revenue":2.9180449171652203},"issues":{"software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. 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