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FY2025 매출 $110억(+17%)의 회복은 산업·통신 재고 사이클 반등이 이끌었고, 전기차 BMS·고전압절연·센싱으로 전장 비중을 키우고 있다. 자체 팹과 TSMC 파운드리를 혼합한 하이브리드 팹으로 외주 의존을 낮춘 것이 공급망 변수에서의 상대적 강점이다.","lead_en":"The world's No.2 in analog/mixed-signal (data conversion, signal processing, power), with a cyclical portfolio where 45% of revenue comes from industrial, automation and test. Its FY2025 revenue of $11.0B (+17%) rebounded on the industrial and communications inventory cycle, and it is growing automotive exposure through EV BMS, high-voltage isolation and sensing. Its hybrid fab model — in-house fabs blended with TSMC foundry — lowers outsourcing dependence and is a relative strength amid supply-chain swings.","segments":{"fy":2025,"parts":[{"desc":"매출의 45%로 최대 부문. 자동화·계측·에너지용 아날로그·신호처리 IC — 산업 재고 사이클이 실적의 축.","name":"산업(45%)"},{"desc":"EV BMS·고전압절연·센싱으로 채택 확대. GM이 주력 BMS 고객, 테슬라는 FSD 오디오 콘텐츠.","name":"전장"},{"desc":"통신 인프라·데이터센터 전력·신호. 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Chemical","tier":2,"returns_yearly":{"2021":6.3,"2022":3.1,"2023":57.8,"2024":-15.6,"2025":7.6,"2026":44}},{"slug":"tokyo-ohka","name":"Tokyo Ohka Kogyo","name_en":"Tokyo Ohka Kogyo (TOK)","tier":2,"returns_yearly":{"2021":-2.7,"2022":-3,"2023":63.8,"2024":4.3,"2025":111.5,"2026":42.9}},{"slug":"ebara","name":"Ebara","name_en":"Ebara","tier":2,"returns_yearly":{"2021":58.1,"2022":2.3,"2023":76.1,"2024":41,"2025":84,"2026":32.3}},{"slug":"asm-international","name":"ASM International","name_en":"ASM International","tier":2,"returns_yearly":{"2021":44.2,"2022":2.9,"2023":68.7,"2024":10.3,"2025":25.9,"2026":28.8}},{"slug":"linde","name":"Linde","name_en":"Linde","tier":2,"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":2,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"lasertec","name":"Lasertec","name_en":"Lasertec","tier":2,"returns_yearly":{"2021":78.9,"2022":2.4,"2023":57,"2024":-60.6,"2025":138.9,"2026":22.4}},{"slug":"advantest","name":"Advantest","name_en":"Advantest","tier":2,"returns_yearly":{"2021":17,"2022":-2.3,"2023":155.7,"2024":49.5,"2025":196,"2026":17.1}},{"slug":"air-liquide","name":"Air Liquide","name_en":"Air Liquide","tier":2,"returns_yearly":{"2021":14.1,"2022":7.9,"2023":20.9,"2024":8.5,"2025":-4.8,"2026":12.5}},{"slug":"disco","name":"디스코","name_en":"Disco Corporation","tier":2,"returns_yearly":{"2021":-6.6,"2022":27.7,"2023":218.5,"2024":11.6,"2025":49.6,"2026":10.2}},{"slug":"eo-technics","name":"이오테크닉스","name_en":"EO Technics","tier":2,"returns_yearly":{"2021":7.6,"2022":-28.2,"2023":130.5,"2024":-16.2,"2025":163.2,"2026":0.7}},{"slug":"hpsp","name":"HPSP","name_en":"HPSP","tier":2,"returns_yearly":{"2023":216.5,"2024":-30.4,"2025":54.7,"2026":-4.5}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":2,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"photronics","name":"Photronics","name_en":"Photronics","tier":2,"returns_yearly":{"2021":68.9,"2022":-10.7,"2023":86.4,"2024":-24.9,"2025":35.8,"2026":-6.6}},{"slug":"leeno","name":"리노공업","name_en":"Leeno Industrial","tier":2,"returns_yearly":{"2021":21,"2022":-5.3,"2023":18.3,"2024":9.5,"2025":150.1,"2026":-30.3}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":2,"returns_yearly":null},{"slug":"hitachi-hightech","name":"히타치 하이테크","name_en":"Hitachi High-Tech","tier":2,"returns_yearly":null},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":3,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":3,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"dupont","name":"듀폰","name_en":"DuPont","tier":3,"returns_yearly":{"2021":15.4,"2022":-13.4,"2023":14.4,"2024":1,"2025":28.7,"2026":12.6}},{"slug":"yokogawa-electric","name":"요코가와전기","name_en":"Yokogawa Electric","tier":3,"returns_yearly":{"2021":-15.9,"2022":23.6,"2023":30.6,"2024":18.8,"2025":52.3,"2026":9.4}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hoya","name":"호야","name_en":"Hoya Corporation","tier":3,"returns_yearly":{"2021":10.8,"2022":-3,"2023":34.4,"2024":11.3,"2025":24.9,"2026":-2.9}},{"slug":"hitachi","name":"히타치","name_en":"Hitachi","tier":3,"returns_yearly":{"2021":40.6,"2022":16.7,"2023":75.4,"2024":71.1,"2025":37.5,"2026":-11.8}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":3,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":3,"returns_yearly":null}],"analysis":"세계 2위 아날로그 강자로, 매출의 45%를 차지하는 산업·계측 부문이 실적의 사이클 축이다. FY2025 +17% 회복은 산업·통신 재고 조정이 끝나며 나온 반등이고, 전장은 EV BMS·절연·센싱으로 구조적 성장축을 이룬다 — 다만 주력 BMS 고객은 GM(비노드)이고 테슬라 콘텐츠는 FSD 오디오 프로세서에 그친다. 리스크는 산업 수요의 경기민감성과 애플 등 소비자 고객 비중 변동(FY2017 애플 14% 후 미공개)이며, 자체 팹+TSMC 혼합 구조가 파운드리 공급 변수를 완충한다. 그래프상 상류는 TSMC(첨단 노드 위탁), 하류는 산업·전장·데이터센터 전반으로 퍼지는 광범위한 신호체인 노출이다.","analysis_en":"The world's No.2 analog player, with the industrial and test segment (45% of revenue) as the cyclical axis of results. The FY2025 +17% rebound came as the industrial and communications inventory correction ended, while automotive forms a structural growth leg via EV BMS, isolation and sensing — though the flagship BMS customer is GM (a non-node) and the Tesla content is limited to FSD audio processors. Risks are the cyclicality of industrial demand and swings in consumer-customer weight (Apple was 14% in FY2017, undisclosed since), while the in-house-plus-TSMC hybrid fab buffers foundry supply variability. Upstream on the graph sits TSMC (advanced-node outsourcing); downstream is broad signal-chain exposure spanning industrial, automotive and data centers.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"산업·계측·에너지 (아날로그)","counterparty_slug":null,"confidence":"high","metric":{"type":"revenue","unit":"USD","basis":"FY2025 매출(+17%)","value":11000000000,"period":"2025","basis_en":"FY2025 revenue (+17%)","qualifier":"approx"},"note":"산업·자동화·계측에 아날로그·신호처리 IC 공급(매출 45%).","note_en":"Supplies analog/signal-processing ICs to industrial/automation (45% of revenue).","sources":[{"stance":"confirms","publisher":"세미콘","publisher_en":"Semicone","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.semicone.com/article-107.html","title":"아날로그 IC 리더 아나로그디바이스(ADI)","title_en":"Analog IC leader Analog Devices (ADI)","excerpt":"산업이 ADI 매출의 45%.","excerpt_en":"Industrial is 45% of ADI revenue."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm","title":"Analog Devices FY2025 실적(8-K)","title_en":"Analog Devices FY2025 results (8-K)","excerpt":"FY2025 매출 $110억(+17%), 산업 45%.","excerpt_en":"FY2025 revenue $11.0B (+17%), industrial 45%."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"revenue_share","unit":"%","basis":"Apple share of ADI revenue (historical peak)","value":14,"period":"FY2017","basis_en":"Apple share of ADI revenue (historical peak)","qualifier":"historical"},"note":"애플에 아날로그·믹스드시그널 칩 공급(포스터치 컨트롤러 등). FY2017 기준 애플이 ADI 최대 단일 고객으로 매출의 약 14%(이후 10% 미만으로 미공개).","note_en":"Supplies analog/mixed-signal chips to Apple (Force Touch controller). Apple was ADI's largest single end customer at ~14% of revenue in FY2017 (since undisclosed below 10%).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2017-11-21","url":"https://www.sec.gov/Archives/edgar/data/0000006281/000000628117000144/adi-10282017x10k.htm","title":"Analog Devices FY2017 10-K (애플 최대고객 14%)","title_en":"Analog Devices FY2017 Form 10-K (Apple largest customer 14%)","excerpt":"The Company's largest single end customer, Apple Inc., represented approximately 14%, 12% and 13% of total revenue in fiscal years 2017, 2016 and 2015.","excerpt_en":"The Company's largest single end customer, Apple Inc., represented approximately 14%, 12% and 13% of total revenue in fiscal years 2017, 2016 and 2015."},{"stance":"confirms","publisher":"eeNews Europe","publisher_en":"eeNews Europe","kind":"news","lang":"en","published_at":"2015-10-01","url":"https://www.eenewseurope.com/en/teardown-adi-provides-force-touch-controller-in-iphone/","title":"분해: ADI가 아이폰 포스터치 컨트롤러 공급","title_en":"Teardown: ADI provides Force Touch controller in iPhone","excerpt":"ADI가 아이폰 포스터치 컨트롤러를 공급.","excerpt_en":"ADI provides the Force Touch controller in the iPhone."}]},{"direction":"cost","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"mid","metric":null,"note":"일부 첨단 노드를 TSMC에 위탁(혼합 팹).","note_en":"Outsources some advanced nodes to TSMC (hybrid fabs).","sources":[{"stance":"confirms","publisher":"세미콘","publisher_en":"Semicone","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.semicone.com/article-107.html","title":"아날로그 IC 리더 아나로그디바이스(ADI)","title_en":"Analog IC leader Analog Devices (ADI)","excerpt":"ADI는 자체팹 + TSMC 등 파운드리 혼합.","excerpt_en":"ADI uses in-house fabs plus TSMC."},{"stance":"confirms","publisher":"PR Newswire","publisher_en":"PR Newswire","kind":"ir","lang":"en","published_at":"2024-02-22","url":"https://www.prnewswire.com/news-releases/analog-devices-strengthens-capacity-and-resiliency-through-expanded-partnership-with-tsmc-302068216.html","title":"ADI, TSMC와 파운드리 파트너십 확대(JASM 40nm)","title_en":"Analog Devices strengthens capacity through expanded TSMC partnership","excerpt":"ADI의 30년 TSMC 파트너십 확대, JASM(구마모토) 통해 40nm 이하 장기 캐파 확보(wBMS·GMSL).","excerpt_en":"ADI expands its 30-year TSMC partnership, securing long-term 40nm-and-finer capacity via JASM (Kumamoto) for wBMS and GMSL."}]},{"direction":"revenue","counterparty":"통신·데이터센터 (아날로그)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"통신 인프라·데이터센터에 전력·신호 아날로그 공급 — 산업과 함께 FY2025 성장을 견인한 경기 연동 부문.","note_en":"Supplies power/signal analog to comms infrastructure and data centers — a cyclical segment that, with industrial, drove FY2025 growth.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm","title":"Analog Devices FY2025 실적(8-K)","title_en":"Analog Devices FY2025 results (8-K)","excerpt":"통신·산업이 FY2025 성장 견인.","excerpt_en":"Communications and industrial led FY2025 growth."}]},{"direction":"revenue","counterparty":"전장·자동차 (배터리·센싱)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"전기차 BMS·고전압절연·센싱.","note_en":"EV BMS, isolation and sensing.","sources":[{"stance":"confirms","publisher":"세미콘","publisher_en":"Semicone","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://www.semicone.com/article-107.html","title":"아날로그 IC 리더 아나로그디바이스(ADI)","title_en":"Analog IC leader Analog Devices (ADI)","excerpt":"전기차·자율주행에 ADI 솔루션 채택.","excerpt_en":"ADI adopted in EV/ADAS."}]},{"direction":"revenue","counterparty":"Tesla","counterparty_slug":"tesla","confidence":"mid","metric":{"as_of":"2023-07-01","qualifier":"teardown_content"},"note":"테슬라 FSD 컴퓨터 HW4.0에 ADI 오디오 프로세서 2종 탑재(분해 확인). ADI의 주력 자동차 BMS는 GM(비노드)이며 테슬라는 FSD 오디오 콘텐츠.","note_en":"Two ADI audio processors are inside Tesla's FSD Computer HW4.0 (teardown). ADI's flagship automotive BMS win is GM (non-node); the Tesla content is FSD audio.","sources":[{"stance":"confirms","publisher":"TechInsights","publisher_en":"TechInsights","kind":"research","lang":"en","published_at":"2023-07-01","url":"https://www.techinsights.com/products/ddt-2307-807","title":"테슬라 FSD HW4.0 분해(ADI 오디오 프로세서 탑재)","title_en":"Teardown of Tesla FSD Computer HW4.0 (ADI audio processors)","excerpt":"테슬라 FSD HW4.0 분해에서 ADI 오디오 프로세서 2종 확인.","excerpt_en":"Teardown of the Tesla FSD Computer HW4.0 identifies two ADI audio processors."}]},{"direction":"cost","counterparty":"자체 팹·후공정 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"자체 웨이퍼 팹·테스트.","note_en":"In-house wafer fabs and test.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-11-25","url":"https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm","title":"Analog Devices FY2025 실적(8-K)","title_en":"Analog Devices FY2025 results (8-K)","excerpt":"ADI 다수 공정을 자체 팹에서.","excerpt_en":"ADI runs many processes in its own fabs."}]},{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"low","metric":{"as_of":"2025-08-21","qualifier":"forward_looking_ecosystem"},"note":"엔비디아 800VDC AI 데이터센터 전력 아키텍처(2027 목표) 실리콘 공급 생태계에 ADI 포함(약 15개사 중 하나, 비독점·선행).","note_en":"ADI is among the ~15 silicon providers in NVIDIA's 800 VDC AI-data-center power ecosystem (2027 target; non-exclusive, forward-looking).","sources":[{"stance":"confirms","publisher":"NVIDIA","publisher_en":"NVIDIA","kind":"ir","lang":"en","published_at":"2025-08-21","url":"https://developer.nvidia.com/blog/building-the-800-vdc-ecosystem-for-efficient-scalable-ai-factories/","title":"엔비디아 800VDC AI 데이터센터 전력 생태계(ADI 포함)","title_en":"Building the 800 VDC Ecosystem for AI Factories (ADI among silicon providers)","excerpt":"Silicon providers: AOS, Analog Devices, Efficient Power Conversion, Infineon, MPS, Navitas, onsemi, Renesas, STMicroelectronics, Texas Instruments...","excerpt_en":"Silicon providers: AOS, Analog Devices, Efficient Power Conversion, Infineon, MPS, Navitas, onsemi, Renesas, STMicroelectronics, Texas Instruments..."}]}]}