Analog Devices, Inc. (ADI) Balance Sheet

NASDAQ: ADIAssets, liabilities, debt and equity over 10 years.

ADI balance sheet, FY2025

October 31, 2025 · U.S. dollars

$47.99B assets = $14.18B liabilities + $33.82B equity

Both columns are drawn to the same scale: what ADI owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ADI financial health

Current ratio2.19

Comfortable · current assets cover current liabilities 2.19×

Debt / equity0.26

Low leverage · $0.26 of debt for each $1 of equity

Equity / assets70.5%

Equity-funded · of assets funded by shareholders

Cash / debt42.2%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles72.8%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

ADI balance sheet trends, FY2016–FY2025

Analog Devices, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$7.97BFY2016	$47.99BFY2025	+22.1%/yr
Total liabilities	$2.80BFY2016	$14.18BFY2025	+19.7%/yr
Shareholders’ equity	$5.17BFY2016	$33.82BFY2025	+23.2%/yr
Cash & short-term investments	$4.06BFY2016	$3.65BFY2025	−1.2%/yr
Total debt	$1.73BFY2016	$8.66BFY2025	+19.6%/yr
Net cash (debt)	$2.32BFY2016	−$5.01BFY2025	−$7.3B
Working capital	$4.19BFY2016	$3.86BFY2025	−$329.7M
Book value per share	$16.54FY2016	$68.08FY2025	+17.0%/yr
Current ratio	6.35FY2016	2.19FY2025	−4.16
Debt / equity	0.34FY2016	0.26FY2025	−0.08
Shares outstanding	312.3MFY2016	496.7MFY2025	+5.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ADI assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ADI liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ADI debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ADI balance sheet

Analog Devices, Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Assets
Cash & short-term investments	$3.65B	$2.36B	$958.1M	$1.47B	$1.98B	$1.06B	$648.3M	$816.6M	$1.05B	$4.06B
Cash & equivalents	$2.50B	$1.99B	$958.1M	$1.47B	$1.98B	$1.06B	$648.3M	$816.6M	$1.05B	$921.1M
Short-term investments	$1.15B	$371.8M	$316.0M	$454.5M	—	$86.7M	—	$0	$0	$3.13B
Receivables	$1.44B	$1.34B	$1.47B	$1.80B	$1.46B	$737.5M	$635.1M	$639.7M	$689.0M	$477.6M
Inventory	$1.66B	$1.45B	$1.64B	$1.40B	$1.20B	$608.3M	$609.9M	$586.8M	$550.8M	$376.6M
Other current assets	$363.3M	$337.5M	$314.0M	$267.0M	$740.7M	$116.0M	$91.8M	$69.1M	$63.7M	$64.9M
Total current assets	$7.11B	$5.48B	$4.38B	$4.94B	$5.38B	$2.52B	$1.99B	$2.11B	$2.35B	$4.97B
Property, plant & equipment (net)	$3.32B	$3.42B	$3.22B	$2.40B	$1.98B	$1.12B	$1.22B	$1.15B	$1.11B	$636.1M
Goodwill & intangible assets	$34.96B	$36.50B	$38.23B	$40.18B	$42.19B	$15.93B	$16.47B	$17.03B	$17.54B	$2.23B
Long-term investments	$0	$0	$0	$122.3M	$127.9M	$86.7M	$30.2M	$28.7M	$24.8M	$21.9M
Other non-current assets	$2.61B	$2.83B	$2.97B	$2.66B	$2.65B	$1.81B	$1.68B	$123.8M	$120.9M	$108.9M
Total assets	$47.99B	$48.23B	$48.79B	$50.30B	$52.32B	$21.47B	$21.39B	$20.45B	$21.14B	$7.97B
Liabilities
Accounts payable	$543.8M	$487.5M	$493.0M	$582.2M	$443.4M	$227.3M	$225.3M	$260.9M	$236.6M	$171.4M
Short-term debt	$519.5M	$1.02B	$1.11B	$53.6M	$569.2M	$39.9M	$299.7M	$67.0M	$300.0M	$1.73B
Deferred revenue	—	—	$1.52B	—	−$443.4M	−$39.9M	−$225.3M	$487.4M	$474.0M	$351.5M
Total current liabilities	$3.25B	$2.99B	$3.20B	$2.44B	$2.77B	$1.36B	$1.51B	$1.05B	$1.60B	$782.9M
Long-term debt	$8.15B	$6.63B	$5.90B	$6.55B	$6.25B	$5.15B	$5.19B	$6.27B	$7.55B	$1.73B
Lease obligations	$72.9M	$68.1M	$64.7M	$53.6M	$52.6M	$39.9M	—	—	—	—
Other long-term liabilities	$2.79B	$3.43B	$4.13B	$4.85B	$5.31B	$2.96B	$2.98B	$1.85B	$1.83B	$289.5M
Total liabilities	$14.18B	$13.05B	$13.23B	$13.84B	$14.33B	$9.47B	$9.68B	$9.17B	$10.98B	$2.80B
Shareholders' equity
Common stock & paid-in capital	$81.6M	$82.7M	$82.7M	$84.9M	$87.6M	$61.6M	$61.4M	$61.7M	$61.4M	$51.4M
Retained earnings (deficit)	$10.54B	$10.20B	$10.36B	$8.72B	$7.52B	$7.24B	$6.90B	$5.98B	$4.91B	$4.79B
Treasury stock	—	—	—	—	—	—	—	$0	$0	$0
Accumulated other comprehensive income	−$154.6M	−$185.3M	−$188.3M	−$198.2M	−$186.6M	−$249.5M	−$187.8M	−$58.4M	−$61.4M	−$73.8M
Minority interest	—	—	—	—	—	—	—	$0	$0	$0
Total shareholders' equity	$33.82B	$35.18B	$35.57B	$36.47B	$37.99B	$12.00B	$11.71B	$11.27B	$10.16B	$5.17B
Key figures
Total debt	$8.66B	$7.65B	$7.01B	$6.60B	$6.82B	$5.19B	$5.49B	$6.33B	$7.85B	$1.73B
Net cash (debt)	−$5.01B	−$5.29B	−$6.06B	−$5.13B	−$4.84B	−$4.13B	−$4.84B	−$5.52B	−$6.80B	$2.32B
Working capital	$3.86B	$2.50B	$1.18B	$2.50B	$2.61B	$1.15B	$476.5M	$1.06B	$755.0M	$4.19B
Tangible book value	−$1.14B	−$1.32B	−$2.66B	−$3.71B	−$4.19B	−$3.93B	−$4.76B	−$5.76B	−$7.38B	$2.94B
Book value per share	$68.08	$70.54	$70.29	$69.70	$94.68	$32.25	$31.40	$30.05	$28.99	$16.54
Shares outstanding	496.7M	498.7M	506.0M	523.2M	401.3M	372.0M	372.9M	374.9M	350.5M	312.3M
Current ratio	2.19	1.84	1.37	2.02	1.94	1.84	1.32	2.01	1.47	6.35
Quick ratio	1.57	1.24	0.76	1.34	1.24	1.31	0.85	1.38	1.09	5.79
Debt / equity	0.26	0.22	0.20	0.18	0.18	0.43	0.47	0.56	0.77	0.34
Equity / assets	70.5%	72.9%	72.9%	72.5%	72.6%	55.9%	54.7%	55.1%	48.1%	64.8%

Analog Devices, Inc. quarterly balance sheet
	Jul '26	Apr '26	Jan '26	Oct '25	Jul '25	Apr '25	Jan '25	Oct '24	Jul '24	Apr '24	Jan '24	Oct '23
Assets
Cash & short-term investments	$2.32B	$3.44B	$4.05B	$3.65B	$3.47B	$2.38B	$2.72B	$2.36B	$2.55B	$2.36B	$1.30B	$958.1M
Cash & equivalents	$2.17B	$2.44B	$2.91B	$2.50B	$2.32B	$2.38B	$2.35B	$1.99B	$2.11B	$1.94B	$1.30B	$958.1M
Short-term investments	$159.1M	$1.00B	$1.14B	$1.15B	$1.15B	$0	$371.5M	$371.8M	$439.7M	$424.1M	—	$316.0M
Receivables	$2.39B	$2.05B	$1.36B	$1.44B	$1.55B	$1.38B	$1.19B	$1.34B	$1.13B	$1.00B	$1.20B	$1.47B
Inventory	$1.93B	$1.85B	$1.77B	$1.66B	$1.60B	$1.52B	$1.47B	$1.45B	$1.43B	$1.48B	$1.55B	$1.64B
Other current assets	$426.5M	$470.3M	$426.4M	$363.3M	$305.2M	$305.0M	$344.5M	$337.5M	$342.1M	$346.1M	$362.4M	$314.0M
Total current assets	$7.07B	$7.81B	$7.60B	$7.11B	$6.92B	$5.59B	$5.73B	$5.48B	$5.44B	$5.19B	$4.42B	$4.38B
Property, plant & equipment (net)	$3.35B	$3.29B	$3.25B	$3.32B	$3.30B	$3.34B	$3.36B	$3.42B	$3.40B	$3.42B	$3.28B	$3.22B
Goodwill & intangible assets	$35.46B	$34.23B	$34.57B	$34.96B	$35.35B	$35.73B	$36.13B	$36.50B	$36.91B	$37.34B	$37.78B	$38.23B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$2.54B	$2.62B	$2.57B	$2.61B	$2.62B	$2.69B	$2.75B	$2.83B	$2.87B	$2.91B	$2.91B	$2.97B
Total assets	$48.42B	$47.95B	$47.99B	$47.99B	$48.19B	$47.34B	$47.97B	$48.23B	$48.62B	$48.86B	$48.39B	$48.79B
Liabilities
Accounts payable	$682.2M	$598.6M	$549.1M	$543.8M	$490.7M	$429.4M	$368.9M	$487.5M	$424.7M	$422.7M	$398.1M	$493.0M
Short-term debt	$2.35B	$1.45B	$1.44B	$519.5M	$548.7M	$548.7M	$948.3M	$1.02B	$1.45B	$1.45B	$1.04B	$1.11B
Deferred revenue	—	—	—	—	—	—	—	—	$398.3M	$361.0M	$410.0M	$1.52B
Total current liabilities	$5.66B	$4.46B	$4.33B	$3.25B	$2.98B	$2.69B	$2.97B	$2.99B	$3.23B	$3.30B	$2.92B	$3.20B
Long-term debt	$6.77B	$7.24B	$7.24B	$8.15B	$8.14B	$6.65B	$6.62B	$6.63B	$6.66B	$6.61B	$5.95B	$5.90B
Lease obligations	—	—	—	$72.9M	—	—	—	$68.1M	—	—	—	$64.7M
Other long-term liabilities	$2.45B	$2.51B	$2.63B	$2.79B	$2.99B	$2.99B	$3.31B	$3.43B	$3.55B	$3.70B	$3.97B	$4.13B
Total liabilities	$14.87B	$14.21B	$14.20B	$14.18B	$14.11B	$12.33B	$12.90B	$13.05B	$13.43B	$13.61B	$12.84B	$13.23B
Shareholders' equity
Common stock & paid-in capital	$80.8M	$81.2M	$81.4M	$81.6M	$82.0M	$82.7M	$82.7M	$82.7M	$82.8M	$82.7M	$82.7M	$82.7M
Retained earnings (deficit)	$12.33B	$11.53B	$10.89B	$10.54B	$10.24B	$10.21B	$10.13B	$10.20B	$10.18B	$10.24B	$10.39B	$10.36B
Accumulated other comprehensive income	−$149.1M	−$152.2M	−$148.4M	−$154.6M	−$173.1M	−$167.6M	−$185.0M	−$185.3M	−$169.7M	−$180.9M	−$181.3M	−$188.3M
Total shareholders' equity	$33.55B	$33.74B	$33.79B	$33.82B	$34.09B	$35.01B	$35.07B	$35.18B	$35.19B	$35.25B	$35.55B	$35.57B
Key figures
Total debt	$9.12B	$8.68B	$8.68B	$8.66B	$8.69B	$7.20B	$7.57B	$7.65B	$8.10B	$8.06B	$6.99B	$7.01B
Net cash (debt)	−$6.80B	−$5.25B	−$4.63B	−$5.01B	−$5.22B	−$4.82B	−$4.85B	−$5.29B	−$5.56B	−$5.69B	−$5.69B	−$6.06B
Working capital	$1.42B	$3.35B	$3.27B	$3.86B	$3.95B	$2.90B	$2.76B	$2.50B	$2.22B	$1.90B	$1.49B	$1.18B
Tangible book value	−$1.91B	−$486.5M	−$787.1M	−$1.14B	−$1.26B	−$721.9M	−$1.06B	−$1.32B	−$1.72B	−$2.10B	−$2.24B	−$2.66B
Book value per share	$68.43	$68.80	$68.72	$68.56	$68.62	$70.27	$70.33	$70.53	$70.55	$70.70	$71.28	$70.29
Shares outstanding	490.3M	490.5M	491.7M	493.2M	496.7M	498.2M	498.7M	498.7M	498.8M	498.5M	498.7M	506.0M
Current ratio	1.25	1.75	1.76	2.19	2.32	2.08	1.93	1.84	1.69	1.58	1.51	1.37
Quick ratio	0.83	1.23	1.25	1.57	1.69	1.40	1.32	1.24	1.14	1.02	0.86	0.76
Debt / equity	0.27	0.26	0.26	0.26	0.25	0.21	0.22	0.22	0.23	0.23	0.20	0.20
Equity / assets	69.3%	70.4%	70.4%	70.5%	70.7%	73.9%	73.1%	72.9%	72.4%	72.1%	73.5%	72.9%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 25, 2025); data from EODHD.

ADI financial position

At the end of fiscal 2025 (October 31, 2025), Analog Devices had total assets of $48.0 billion (down 0.5% from a year earlier), total liabilities of $14.2 billion and shareholders' equity of $33.8 billion. It held $3.7 billion in cash and short-term investments against $8.7 billion of debt, net debt of $5.0 billion. Its current ratio was 2.19. In the latest quarter (ended July 31, 2026) total assets were $48.4 billion and equity $33.6 billion.

Related: ADI income statement, ADI cash flow statement, ADI key metrics. See the ADI stock overview for the latest quote and news.

ADI balance sheet FAQ

What are Analog Devices's total assets?

Analog Devices reported total assets of $48.0 billion at the end of fiscal 2025 (October 31, 2025), compared with $48.2 billion a year earlier.

How much debt does Analog Devices have?

Analog Devices had $8.7 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.26.

How much cash does Analog Devices have?

Analog Devices held $3.7 billion in cash and short-term investments at the end of fiscal 2025; with $8.7 billion of debt that is net debt of $5.0 billion.

What is Analog Devices's book value?

Analog Devices's shareholders' equity (book value) was $33.8 billion at the end of fiscal 2025, or $68.08 per share.

What is Analog Devices's current ratio?

Analog Devices had current assets of $7.1 billion and current liabilities of $3.2 billion, a current ratio of 2.19 (it can cover its short-term obligations).

How much goodwill does Analog Devices have?

Analog Devices carried $35.0 billion of goodwill and intangible assets, 72.8% of total assets, at the end of fiscal 2025.