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Analog Devices supplies chips that process signals associated with physical properties and regulate voltage and power in electronic equipment. Equipment makers and companies building electronic subsystems buy these chips for use in their products. Industrial applications generate the largest share of revenue, followed by automotive applications; together they account for most of the business.
Most revenue comes from distributors that buy chips for resale, with direct sales to equipment makers providing much of the rest. Many of its analog chips have long product lives and serve numerous customers. Customers typically do not make long-term purchase commitments, however, so the company can incur manufacturing costs before forecast demand becomes firm orders.
Analog Devices combines its own factories with outsourced production. It relies on outside foundries, including Taiwan Semiconductor Manufacturing Company, for most of its wafer needs and extensively outsources assembly and testing, making supplier capacity and deliveries important to fulfilling orders. U.S. export restrictions also limit sales to certain Chinese companies and their business partners.
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Analog Devices’ results depend chiefly on industrial and automotive analog-chip demand, with Infineon Technologies and Renesas Electronics also important competitors to watch.
Texas Instruments shares Analog Devices’ exposure to broad analog-chip demand: both sell extensive chip portfolios to electronics designers and manufacturers. Watch Texas Instruments’ Analog revenue for signs of demand across that shared customer base.
ON Semiconductor and Analog Devices both depend heavily on automotive and industrial customers and compete in chips that handle analog and digital signals. ON Semiconductor’s automotive and industrial sales offer a demand check for Analog Devices’ two largest end markets.
NXP challenges Analog Devices for automotive and industrial customers buying analog, interface and connectivity chips. Watch NXP’s connectivity products in those systems, since connectivity solutions drove Analog Devices’ automotive growth in fiscal 2025.
STMicroelectronics competes with Analog Devices to supply automotive and industrial electronics manufacturers with chips that process signals and control power. Its work with automotive parts suppliers and increasingly with carmakers is worth watching for demand in this shared market.
Microchip shares Analog Devices’ exposure to industrial and automotive applications, selling customers chips that control functions inside equipment while also competing in analog products. Demand for its automotive and industrial microcontrollers offers another view of these shared applications.
Monolithic Power Systems competes with Analog Devices for electronics manufacturers’ purchases of chips that regulate voltage and manage power. Watch its automotive, industrial and communications sales rather than treating its larger computing and enterprise-data businesses as a match for Analog Devices.
Allegro MicroSystems, Inc. shares Analog Devices’ exposure to automotive and industrial customers buying chips that sense physical changes and regulate power. Watch demand for Allegro’s magnetic sensors and motor-control chips in those systems.
Analog Devices pays TSMC to manufacture wafers from its chip designs, so TSMC’s capacity and Taiwan-related disruptions can affect Analog Devices’ production and shipments. Analog Devices sources more than half its annual wafer needs from outside manufacturers, including TSMC—not from TSMC alone.
MACOM Technology Solutions Holdings, Inc competes with Analog Devices to sell high-performance analog and radio-frequency components that customers build into defense, industrial and communications systems. Watch its defense and test-equipment demand, two areas that also supported Analog Devices’ industrial growth in fiscal 2025.
MaxLinear competes with Analog Devices for communications-equipment customers buying radio-frequency, mixed-signal, power-management and interface chips. Demand for its base-station radios and data-center optical-transceiver chips provides a concrete check on communications infrastructure spending.
Cirrus Logic competes with Analog Devices to sell precision chips that convert and process audio signals and manage power. Its Audio and high-precision mixed-signal product-line revenue is worth watching for demand in consumer-electronics components, rather than Analog Devices’ larger industrial business.
Semtech Corp competes with Analog Devices to sell electronics manufacturers analog and mixed-signal chips, including power and sensing devices. Watch its Analog Mixed Signal and Wireless sales for the overlapping chip business, keeping its connected-device services separate.
Diodes overlaps with Analog Devices in sales of analog and mixed-signal devices, but puts more emphasis on standard components and individual semiconductor devices. Its standard-semiconductor sales offer a broader component-demand comparison, not a direct match for Analog Devices’ product mix.
Skyworks competes with Analog Devices to supply customers with wireless-communications chips and selected analog and mixed-signal products. Watch its cellular-infrastructure and broadband business for the communications overlap; its smartphone products are a different part of the comparison.
Texas Instruments Incorporated earningsTXN
Texas Instruments’ Analog revenue will show how electronics makers that also buy from Analog Devices are spending on analog chips, offering a read on the market both companies serve.
Focus on the change in Texas Instruments’ Analog revenue. Growth would suggest that electronics makers served by both companies are supporting demand for analog chips, a constructive sign for the market Analog Devices serves; a decline would point to softer demand among that shared customer base. Their product and customer mixes differ, so this indicates the direction of the shared market, not Analog Devices’ own results.
MaxLinear, Inc. earningsMXL
Demand for MaxLinear’s base-station radio and data-center optical-transceiver chips will show how communications-equipment customers are spending on infrastructure, a useful read for Analog Devices’ communications business.
Watch demand for MaxLinear’s base-station radio and data-center optical-transceiver products. Stronger demand would indicate that communications-equipment customers are spending more on this infrastructure, a more supportive backdrop for Analog Devices’ communications business; weaker demand would mean less support from this market. The companies’ products are not identical, so this is a read on that slice of communications demand, not on Analog Devices overall.
Analog Devices, Inc. earningsThis company
Industrial and automotive make up most of Analog Devices’ revenue, and this report will show whether demand in those markets is turning into shipments that support factory utilization and margins.
Read industrial and automotive revenue alongside gross margin, the share of sales left after the cost of products sold. If both markets grow and gross margin holds or rises, demand is translating into shipments and production is helping support profitability; if revenue weakens and gross margin falls, orders may not be filling capacity and costs may weigh more heavily. More than half of Analog Devices’ revenue comes through distributors, whose inventory changes can affect shipments, so sales are not a pure measure of end demand. Together, the figures show whether growth is broad enough to absorb manufacturing costs.
