MeritValue

ANALOG DEVICES INC

ADIdata completeness 100%19 fiscal years on file
i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$7.32B1$12B2$12.3B3$9.43B3$11B3
Net income$1.39B4$2.75B5$3.31B6$1.64B6$2.27B6
Operating cash flow$2.74B7$4.48B8$4.82B9$3.85B9$4.81B9
Capital expenditure$343.7M10$699.3M11$1.26B12$730.5M12$533.6M12
Free cash flow (derived)$2.39B7$3.78B8$3.56B9$3.12B9$4.28B9
Total debt$516.7M13$6.55B14$6.95B15$8.53B16$9.04B16
Cash & equivalents$1.98B17$1.47B18$958.1M19$1.99B20$2.5B20
Diluted shares401.3M523.2M506.0M498.7M496.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
You’d own
0.0000020%
of the whole company
Your share of last year’s profit
$45.65
Your share of its debt
$181.96
Your share of free cash flow
$86.14
iii. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
$270.26
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth14.1%
  • fcfBase$3.56B
DCF · Growth Exit 5Y
$177.04
assumptions (10)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth14.1%
  • fcfBase$3.56B
Earnings Power Value
$48.1
assumptions (8)
  • riskFreeRate4.5%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.27B
  • growthAssumed0.0%
Graham Number
$83.58
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

iv. The price question — last, on purpose
What does today’s price assume?
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years14.1%
Discount rate (WACC)8.78%
Terminal growth2.5%
At your growth, a share is worth $177.04

Default growth 14.1%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-10-30 · accession 0000006281-23-000203 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-10-29 · accession 0000006281-24-000204 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-10-28 · accession 0000006281-25-000153 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-10-30 · accession 0000006281-23-000203 (NetIncomeLoss)
  5. 10-K · period ending 2022-10-29 · accession 0000006281-24-000204 (NetIncomeLoss)
  6. 10-K · period ending 2023-10-28 · accession 0000006281-25-000153 (NetIncomeLoss)
  7. 10-K · period ending 2021-10-30 · accession 0000006281-23-000203 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-10-29 · accession 0000006281-24-000204 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-10-28 · accession 0000006281-25-000153 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-10-30 · accession 0000006281-23-000203 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-10-29 · accession 0000006281-24-000204 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-10-28 · accession 0000006281-25-000153 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-10-30 · accession 0000006281-22-000250 (DebtCurrent)
  14. 10-K · period ending 2022-10-29 · accession 0000006281-23-000203 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-10-28 · accession 0000006281-24-000204 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-11-02 · accession 0000006281-25-000153 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-10-30 · accession 0000006281-22-000250 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-10-29 · accession 0000006281-23-000203 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-10-28 · accession 0000006281-24-000204 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-11-02 · accession 0000006281-25-000153 (CashAndCashEquivalentsAtCarryingValue)