Analog Devices (ADI)

High-performance analog/mixed-signal — signal chain for comms, industrial, data-center power

AI exposure 20% — derived from reported segment revenue, not asserted.

Where it sits

Silicon Layer → Analog, Logic & Mixed-Signal ICs · figures rebased to Q3 FY2026, reported 2026-08-19

Industrial (51%) — incl. automation, instrumentation leads 3 businesses in this sub-tier that together are 91% of revenue, so Analog, Logic & Mixed-Signal ICs is effectively the whole company rather than one leg of it. The remaining 9% (Consumer (9%)) is deliberately off-map.

Reported segments

Analog Devices ($4.02B Q3 FY2026, +40% YoY and +11% sequential — a record, at a 72.5% gross margin and 50% operating margin). Reports one segment with four end markets: Industrial 49% ($1.97B, +53%, led by automated test equipment and aerospace/defence) = primary B1 Analog, Logic & Mixed-Signal ICs; Automotive 25% ($998M, +16% on electric powertrain and ADAS content); Communications 16% (+84% YoY, +18% sequential — the fastest, on data-centre demand); Consumer 10%. Management named data centre and industrial as the growth leaders. Q4 guided to $4.2-$4.4B and $3.71-$4.01 EPS, above consensus.

How the 20% is built

Investment read

Moat. High-performance analog moat (precision signal chain, hard to replicate) + Maxim/Linear acquisitions. Sticky, high-margin, long design cycles.

Bottleneck / pricing power. Pricing power is disclosed, not inferred: 73% adjusted gross margin and 49% adjusted operating margin in Q2 FY2026 (+360bps and +780bps YoY). Precision signal chain has few credible substitutes, and data-center revenue grew more than 90% YoY on optical interconnect and power.

Role in the AI stack. The high-performance analog signal-chain supplier.

Connected companies

Others in Analog, Logic & Mixed-Signal ICs

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