Analog Devices

ADI’s moat rests on high switching costs from design-in sockets that often persist 7 to 15 years, plus intangible assets in proprietary analog IP, applications expertise, and trusted quality.

The firm holds leading share in converters and a deep catalog across precision, power, RF, and mixed-signal, serving >100k customers through both distribution and direct channels. Its resilient, hybrid internal/external manufacturing network and ongoing capacity investments further entrench customer reliance by improving delivery assurance.

Risks to moat durability include Texas Instruments’ cost-scale push, accelerating Chinese analog entrants, and regulatory/trade frictions. Overall, we judge the moat as strong and durable, with multiple reinforcing elements.