# Analog Devices (ADI)
> 데이터변환·신호처리·전력관리 아날로그 반도체 세계 2위로, 매출의 45%가 산업·자동화·계측에서 나오는 경기민감형 포트폴리오다. 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.
Canonical: https://valuechain.wiki/analog-devices · Updated: 2026-07-12T03:36:26.881209+00:00 · Source: ValueChain.wiki (refined facts, cited)

**인용용 요약**: 밸류체인 그래프 기준 Analog Devices의 직접 연결 기업은 4곳(관계 기준 공급 1·매출 3)이고, 사슬을 2차까지 넓히면 73곳에 닿는다. 링크의 근거 출처는 7건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).

## Financials & segments
- 총매출: FY2025 매출 $11.0B (+17%)
- 고객 집중도: 산업·전장 중심. 자체팹+파운드리.
- 사업부문: 산업(45%), 전장, 통신·데이터센터, 컨슈머

## Annual stock return (as of 2026-07-10)
- 2021: +21%
- 2022: -4.9%
- 2023: +23.4%
- 2024: +8.8%
- 2025: +29.8%
- 2026 YTD: +46.7%

## Value-chain annual returns (top→bottom: demand → node → supply; YTD as of 2026-07-10)
| Company | Chain | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Nebius | lead3 | · | · | · | · | +202.2% | +162.4% |
| Datadog | lead3 | +80.9% | -58.7% | +65.1% | +17.7% | -4.8% | +89.4% |
| 팔로알토 네트웍스 | lead3 | +56.7% | -24.8% | +111.3% | +23.4% | +1.2% | +76.9% |
| CrowdStrike | lead3 | -3.3% | -48.6% | +142.5% | +34% | +37% | +59.7% |
| Illumina | lead3 | +2.8% | -46.9% | -31.1% | -1.3% | -1.8% | +45% |
| 플래닛랩스 | lead3 | · | -29.3% | -43.2% | +63.6% | +388.1% | +32.1% |
| Starbucks Corp | lead3 | +11.1% | -13.2% | -1.2% | -2.5% | -5.3% | +27.4% |
| CoreWeave | lead3 | · | · | · | · | · | +24.1% |
| 존슨 컨트롤스 | lead3 | +77.4% | -19.3% | -7.6% | +39.8% | +53% | +20% |
| Snowflake | lead3 | +20.4% | -57.6% | +38.6% | -22.4% | +42.1% | +19.2% |
| Airbnb Inc | lead3 | · | -48.6% | +59.2% | -3.5% | +3.3% | +9.5% |
| Lockheed Martin | lead3 | +3.2% | +40.5% | -4.3% | +10% | +2.5% | +9.5% |
| RTX | lead3 | +23.3% | +20% | -14.4% | +40.8% | +61.4% | +7.6% |
| Costco Wholesale | lead3 | +51.8% | -19% | +49% | +39.6% | -5.4% | +6.6% |
| Procter & Gamble | lead3 | +20.5% | -5% | -0.9% | +17.3% | -12.3% | +4.1% |
| Walmart Inc | lead3 | +2% | -0.5% | +12.9% | +74% | +24.5% | +2.6% |
| 마쓰다 | lead3 | +18.8% | +22.8% | +81.1% | -39% | +17.3% | -3.2% |
| Schrödinger | lead3 | -56% | -46.3% | +91.5% | -46.1% | -7.3% | -7.8% |
| MercadoLibre | lead3 | -19.5% | -37.2% | +85.7% | +8.2% | +18.5% | -8% |
| Uber | lead3 | -17.8% | -41% | +149% | -2% | +35.5% | -8.8% |
| McDonald's | lead3 | +27.8% | +0.5% | +15.1% | +0.1% | +7.9% | -9% |
| LVMH | lead3 | +46.6% | +12.7% | -1.8% | -7.3% | -20.4% | -9% |
| Recursion Pharmaceuticals | lead3 | · | -55% | +27.9% | -31.4% | -39.5% | -13% |
| Disney | lead3 | -14.5% | -43.9% | +4.3% | +24.4% | +3.3% | -15.3% |
| 메이퇀 | lead3 | -38.1% | -20.7% | -64.2% | +137.6% | -34.6% | -19% |
| Coupang | lead3 | · | -49.9% | +10.1% | +35.8% | +7.3% | -20.3% |
| Netflix | lead3 | +11.4% | -51.1% | +65.1% | +83.1% | +5.2% | -21.7% |
| Shopify | lead3 | +21.7% | -74.8% | +124.4% | +36.5% | +51.4% | -23.9% |
| Palantir | lead3 | -22.7% | -64.7% | +167.4% | +340.5% | +135% | -28.7% |
| ServiceNow | lead3 | +17.9% | -40.2% | +82% | +50.1% | -27.7% | -29.7% |
| 킹소프트 오피스 | lead3 | -41.3% | +16% | -23.7% | +47.1% | +7.6% | -30.2% |
| Dell | lead2 | +51.2% | -26.6% | +95.9% | +53% | +11.2% | +248.1% |
| Lenovo | lead2 | -4.6% | -20.9% | +36.2% | +18.2% | -0.6% | +175.7% |
| HPE | lead2 | +37.4% | +4.5% | +9.7% | +29.1% | +15.5% | +104% |
| TeraWulf | lead2 | +77.1% | -95.5% | +258.2% | +135.8% | +103% | +91.2% |
| Aurora Innovation | lead2 | · | -89.3% | +261.2% | +44.2% | -39% | +66.1% |
| Mercury Systems | lead2 | -37.5% | -18.7% | -18.3% | +14.8% | +73.8% | +47.9% |
| 에이수스(ASUS) | lead2 | +35.5% | -12.9% | +72% | +41.1% | -14.1% | +46.7% |
| Wiwynn | lead2 | +24.7% | -22.3% | +206.4% | +3.5% | +64.4% | +45.1% |
| 기가바이트 | lead2 | +82.3% | -3.4% | +173.2% | -15.9% | -4.7% | +44.4% |
| Cloudflare | lead2 | +73% | -65.6% | +84.2% | +29.3% | +83.1% | +36.1% |
| Quanta | lead2 | +22.2% | -12.8% | +254.5% | +12.7% | +8.9% | +33.4% |
| SK텔레콤 | lead2 | +7.9% | -12% | +15.8% | +15.5% | +37.5% | +23.4% |
| Celestica | lead2 | +37.9% | +1.3% | +159.8% | +215.2% | +220.3% | +21.7% |
| 지리자동차 | lead2 | -40.8% | -22.9% | -40.3% | +98.5% | +14.5% | +18.9% |
| 위스트론 | lead2 | +7.9% | +9.7% | +272.7% | -1.6% | +22.7% | +14.8% |
| 알파벳 (구글) | lead2 | +65.3% | -39.1% | +58.3% | +36% | +66% | +14.3% |
| Foxconn | lead2 | -5.1% | +2.8% | +7.8% | +80.1% | +26.9% | +10.9% |
| IREN | lead2 | · | -92.3% | +472% | +37.3% | +284.6% | +8.9% |
| 아마존 | lead2 | +2.4% | -49.6% | +80.9% | +44.4% | +5.2% | +6.3% |
| 메타 플랫폼스 | lead2 | +23.1% | -64.2% | +194.1% | +66% | +13.1% | +1.6% |
| Tempus AI | lead2 | · | · | · | · | +74.9% | -1.4% |
| IBM | lead2 | +16.7% | +10.6% | +21.8% | +39.3% | +38.2% | -1.6% |
| Super Micro | lead2 | +38.8% | +86.8% | +246.2% | +7.2% | -4% | -3.3% |
| 제너럴 모터스 | lead2 | +40.8% | -42.4% | +7.9% | +49.8% | +54.2% | -3.8% |
| IonQ | lead2 | · | -79.3% | +259.1% | +237.1% | +7.4% | -4.5% |
| 현대차 | lead2 | -16.7% | -4.7% | +16.2% | +12.3% | +158.8% | -7.8% |
| Toyota Motor Corporation | lead2 | +58.1% | -13.4% | +63% | +1.8% | +21.8% | -18.2% |
| 마이크로소프트 | lead2 | +52.5% | -28% | +58.2% | +12.9% | +15.6% | -20% |
| 알리바바 | lead2 | -49% | -25.8% | -10.8% | +11.8% | +75.8% | -22.7% |
| 텐센트 | lead2 | -28.6% | -14.2% | -28.7% | +49.8% | +52.1% | -23.2% |
| 바이두 | lead2 | · | -8.2% | -23.4% | -13.5% | +74.2% | -24.5% |
| Rigetti Computing | lead2 | · | -92.9% | +35.1% | +1449.2% | +45.2% | -25.3% |
| Oracle | lead2 | +36.9% | -4.6% | +30.9% | +60% | +18.1% | -27.4% |
| Kratos | lead2 | -29.3% | -46.8% | +96.6% | +30% | +187.8% | -36.5% |
| Pony.ai | lead2 | · | · | · | · | +1% | -54.6% |
| Apple | lead1 | +34.6% | -26.4% | +49% | +30.7% | +9.1% | +16.2% |
| NVIDIA | lead1 | +125.5% | -50.3% | +239% | +171.2% | +38.9% | +13.3% |
| Tesla | lead1 | +49.8% | -65% | +101.7% | +62.5% | +11.4% | -9.3% |
| Analog Devices | node | +21% | -4.9% | +23.4% | +8.8% | +29.8% | +46.7% |
| TSMC | benef1 | +12.1% | -36.7% | +42.3% | +92.6% | +55.9% | +43.6% |
| 섬코 | benef2 | -4.3% | -3.9% | +21.3% | -48.1% | +41.7% | +225.8% |
| GlobalWafers | benef2 | +26.9% | -29.9% | +14.3% | -39% | +48.9% | +171.6% |
| 어플라이드 머티어리얼즈 | benef2 | +83.6% | -37.5% | +68% | +1.1% | +59.6% | +135% |
| 램리서치 | benef2 | +53.7% | -40.7% | +88.6% | -6.8% | +139.2% | +105% |
| Onto Innovation | benef2 | +112.9% | -32.7% | +124.6% | +9% | -5.3% | +103.6% |
| KLA | benef2 | +68% | -11.2% | +56% | +9.4% | +94.5% | +91% |
| SCREEN Holdings | benef2 | +40.7% | -13.2% | +220.1% | -24.1% | +84.9% | +86.3% |
| Teradyne | benef2 | +36.8% | -46.3% | +24.8% | +16.5% | +54.4% | +85.9% |
| Resonac | benef2 | -2.6% | -4% | +37.5% | +30.3% | +137.9% | +80.4% |
| 도쿄일렉트론 | benef2 | +40.4% | -14.5% | +89.8% | -4.4% | +61.6% | +78.2% |
| 퀴니티 일렉트로닉스 | benef2 | · | · | · | · | · | +76.3% |
| Entegris | benef2 | +44.6% | -52.5% | +83.5% | -17.1% | -14.6% | +72.8% |
| ASML | benef2 | +64.1% | -30.5% | +39.9% | -7.7% | +55.8% | +68.6% |
| Global Unichip | benef2 | +21.4% | +67.6% | +99.4% | -13.7% | +101.4% | +66.4% |
| BESI | benef2 | +33.7% | -6.1% | +121.8% | -9.3% | +35% | +56.2% |
| Fujimi | benef2 | +64.7% | -1.6% | +40.4% | -24.2% | +28.4% | +54.6% |
| 신에쓰화학 | benef2 | +6.3% | +3.1% | +57.8% | -15.6% | +7.6% | +44% |
| Tokyo Ohka Kogyo | benef2 | -2.7% | -3% | +63.8% | +4.3% | +111.5% | +42.9% |
| Ebara | benef2 | +58.1% | +2.3% | +76.1% | +41% | +84% | +32.3% |
| ASM International | benef2 | +44.2% | +2.9% | +68.7% | +10.3% | +25.9% | +28.8% |
| Linde | benef2 | +33.4% | -4.4% | +27.7% | +3.2% | +3.2% | +25.1% |
| Cadence Design Systems | benef2 | +36.6% | -13.8% | +69.6% | +10.3% | +4% | +22.9% |
| Lasertec | benef2 | +78.9% | +2.4% | +57% | -60.6% | +138.9% | +22.4% |
| Advantest | benef2 | +17% | -2.3% | +155.7% | +49.5% | +196% | +17.1% |
| Air Liquide | benef2 | +14.1% | +7.9% | +20.9% | +8.5% | -4.8% | +12.5% |
| 디스코 | benef2 | -6.6% | +27.7% | +218.5% | +11.6% | +49.6% | +10.2% |
| 이오테크닉스 | benef2 | +7.6% | -28.2% | +130.5% | -16.2% | +163.2% | +0.7% |
| HPSP | benef2 | · | · | +216.5% | -30.4% | +54.7% | -4.5% |
| Synopsys | benef2 | +42.1% | -13.4% | +61.3% | -5.7% | -3.2% | -5.2% |
| Photronics | benef2 | +68.9% | -10.7% | +86.4% | -24.9% | +35.8% | -6.6% |
| 리노공업 | benef2 | +21% | -5.3% | +18.3% | +9.5% | +150.1% | -30.3% |
| 이코르 | benef3 | +52.7% | -41.7% | +25.4% | -4.2% | -42.8% | +444.2% |
| MKS Instruments | benef3 | +16.4% | -51% | +22.6% | +2.2% | +54.4% | +131% |
| 어드밴스드에너지 | benef3 | -5.7% | -5.4% | +27.5% | +6.6% | +81.6% | +47.2% |
| SMC Corporation | benef3 | +0.9% | +4.5% | +28.6% | -28% | +4.2% | +26.6% |
| 듀폰 | benef3 | +15.4% | -13.4% | +14.4% | +1% | +28.7% | +12.6% |
| 요코가와전기 | benef3 | -15.9% | +23.6% | +30.6% | +18.8% | +52.3% | +9.4% |
| 원익QnC | benef3 | +26.2% | +2% | +11.9% | -33.7% | +53.4% | +9.3% |
| 지멘스 | benef3 | +12.2% | +5.1% | +20.1% | +28% | +26.4% | +8.7% |
| 티씨케이 | benef3 | -10.1% | -16.9% | +2.8% | -28.7% | +225.7% | -2.5% |
| 호야 | benef3 | +10.8% | -3% | +34.4% | +11.3% | +24.9% | -2.9% |
| 히타치 | benef3 | +40.6% | +16.7% | +75.4% | +71.1% | +37.5% | -11.8% |
| 하나머티리얼즈 | benef3 | +106% | -30.5% | +26.1% | -47.4% | +173.9% | -15.7% |

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 as of 2026-07-09)

## Money in · revenue from (6)
### 산업·계측·에너지 (아날로그) (high)
- metric: 매출 ~$11B · 2025 · FY2025 매출(+17%)
- note: 산업·자동화·계측에 아날로그·신호처리 IC 공급(매출 45%).
- [confirms] 세미콘 (KO, news, published 2026-01-01) https://www.semicone.com/article-107.html: "산업이 ADI 매출의 45%."
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm: "FY2025 매출 $110억(+17%), 산업 45%."

### Apple (high)  → /apple.md
- metric: 매출 비중 14% · FY2017 · Apple share of ADI revenue (historical peak)
- note: 애플에 아날로그·믹스드시그널 칩 공급(포스터치 컨트롤러 등). FY2017 기준 애플이 ADI 최대 단일 고객으로 매출의 약 14%(이후 10% 미만으로 미공개).
- [confirms] SEC EDGAR (EN, filing, published 2017-11-21) https://www.sec.gov/Archives/edgar/data/0000006281/000000628117000144/adi-10282017x10k.htm: "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."
- [confirms] eeNews Europe (EN, news, published 2015-10-01) https://www.eenewseurope.com/en/teardown-adi-provides-force-touch-controller-in-iphone/: "ADI가 아이폰 포스터치 컨트롤러를 공급."

### 통신·데이터센터 (아날로그) (mid)
- note: 통신 인프라·데이터센터에 전력·신호 아날로그 공급 — 산업과 함께 FY2025 성장을 견인한 경기 연동 부문.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm: "통신·산업이 FY2025 성장 견인."

### 전장·자동차 (배터리·센싱) (mid)
- note: 전기차 BMS·고전압절연·센싱.
- [confirms] 세미콘 (KO, news, published 2026-01-01) https://www.semicone.com/article-107.html: "전기차·자율주행에 ADI 솔루션 채택."

### Tesla (mid)  → /tesla.md
- note: 테슬라 FSD 컴퓨터 HW4.0에 ADI 오디오 프로세서 2종 탑재(분해 확인). ADI의 주력 자동차 BMS는 GM(비노드)이며 테슬라는 FSD 오디오 콘텐츠.
- [confirms] TechInsights (EN, research, published 2023-07-01) https://www.techinsights.com/products/ddt-2307-807: "테슬라 FSD HW4.0 분해에서 ADI 오디오 프로세서 2종 확인."

### NVIDIA (low)  → /nvidia.md
- note: 엔비디아 800VDC AI 데이터센터 전력 아키텍처(2027 목표) 실리콘 공급 생태계에 ADI 포함(약 15개사 중 하나, 비독점·선행).
- [confirms] NVIDIA (EN, ir, published 2025-08-21) https://developer.nvidia.com/blog/building-the-800-vdc-ecosystem-for-efficient-scalable-ai-factories/: "Silicon providers: AOS, Analog Devices, Efficient Power Conversion, Infineon, MPS, Navitas, onsemi, Renesas, STMicroelectronics, Texas Instruments..."

## Money out · pays to (2)
### TSMC (mid)  → /tsmc.md
- note: 일부 첨단 노드를 TSMC에 위탁(혼합 팹).
- [confirms] 세미콘 (KO, news, published 2026-01-01) https://www.semicone.com/article-107.html: "ADI는 자체팹 + TSMC 등 파운드리 혼합."
- [confirms] PR Newswire (EN, ir, published 2024-02-22) https://www.prnewswire.com/news-releases/analog-devices-strengthens-capacity-and-resiliency-through-expanded-partnership-with-tsmc-302068216.html: "ADI의 30년 TSMC 파트너십 확대, JASM(구마모토) 통해 40nm 이하 장기 캐파 확보(wBMS·GMSL)."

### 자체 팹·후공정 (비공개) (low)
- note: 자체 웨이퍼 팹·테스트.
- [confirms] SEC EDGAR (EN, filing, published 2025-11-25) https://www.sec.gov/Archives/edgar/data/0000006281/000000628125000151/adiq425exhibit991.htm: "ADI 다수 공정을 자체 팹에서."

## 질문별 엔드포인트
- 누가 아나로그디바이스의 고객인가? 아나로그디바이스의 매출은 어디서 오는가? → https://valuechain.wiki/analog-devices/customers.md
- 아나로그디바이스의 주요 공급사는 어디인가? 아나로그디바이스의 비용은 누구에게 가는가? → https://valuechain.wiki/analog-devices/suppliers.md
- 아나로그디바이스 주가가 움직이면 누가 수혜를 보는가? 아나로그디바이스의 가치사슬 파급은 어디까지인가? → https://valuechain.wiki/analog-devices/ripple.md
- 증권가가 보는 아나로그디바이스: 목표주가와 투자의견은? → https://valuechain.wiki/analog-devices/consensus.md

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_Generated for LLM/agent consumption. Each edge lists stance (confirms/mentions/contradicts), source publisher, language, date, and excerpt for verification._