Analog chips · Industrial/auto signal chain
Analog Devices
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.
ADI Updated Jul 12, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Analog Devices is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 78 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $11.0B (+17%)
- Customer concentration · Industrial/auto led; hybrid fab model.
- Segments · Industrial (45%) · Automotive · Comms/datacenter · Consumer
Revenue from
- Industrial · test & measurement · energy (analog) High confidence· Revenue ~$11B · 2025 · FY2025 revenue (+17%)
Supplies analog/signal-processing ICs to industrial/automation (45% of revenue). - Apple High confidence· Revenue share 14% · FY2017 · Apple share of ADI revenue (historical peak)
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%).Confirms EN SEC EDGAR Published Nov 21, 2017: Analog Devices FY2017 Form 10-K (Apple largest customer 14%)Confirms EN eeNews Europe Published Oct 1, 2015: Teardown: ADI provides Force Touch controller in iPhone - Telecom · data centers (analog) Medium confidence
Supplies power/signal analog to comms infrastructure and data centers — a cyclical segment that, with industrial, drove FY2025 growth. - Automotive electronics · automotive (battery · sensing) Medium confidence
EV BMS, isolation and sensing. - Tesla Medium confidence
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.Confirms EN TechInsights Published Jul 1, 2023: Teardown of Tesla FSD Computer HW4.0 (ADI audio processors) - NVIDIA Low confidence
ADI is among the ~15 silicon providers in NVIDIA's 800 VDC AI-data-center power ecosystem (2027 target; non-exclusive, forward-looking).Confirms EN NVIDIA Published Aug 21, 2025: Building the 800 VDC Ecosystem for AI Factories (ADI among silicon providers)
Pays to
- TSMC Medium confidence
Outsources some advanced nodes to TSMC (hybrid fabs).Confirms EN PR Newswire Published Feb 22, 2024: Analog Devices strengthens capacity through expanded TSMC partnership - in-house fab & back-end (undisclosed) Low confidence
In-house wafer fabs and test.
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Amazon | lead2 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| Tempus AI | lead2 | · | · | · | · | +74.9 | +9.4 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| Meta Platforms | lead2 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Tesla | lead1 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Analog Devices | node | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| TSMC | benef1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Global Unichip | benef2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| SUMCO Corporation | benef2 | -4.3 | -3.9 | +21.3 | -48.1 | +41.7 | +100.6 |
| GlobalWafers | benef2 | +26.9 | -29.9 | +14.3 | -39 | +48.9 | +98.1 |
| Teradyne | benef2 | +36.8 | -46.3 | +24.8 | +16.5 | +54.4 | +84.6 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| Resonac | benef2 | -2.6 | -4 | +37.5 | +30.3 | +137.9 | +73.5 |
| Onto Innovation | benef2 | +112.9 | -32.7 | +124.6 | +9 | -5.3 | +69.8 |
| Entegris | benef2 | +44.6 | -52.5 | +83.5 | -17.1 | -14.6 | +65.1 |
| ASML | benef2 | +64.1 | -30.5 | +39.9 | -7.7 | +55.8 | +61.1 |
| KLA | benef2 | +68 | -11.2 | +56 | +9.4 | +94.5 | +53.3 |
| Qnity Electronics | benef2 | · | · | · | · | · | +47.8 |
| SCREEN Holdings | benef2 | +40.7 | -13.2 | +220.1 | -24.1 | +84.9 | +33.7 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Advantest | benef2 | +17 | -2.3 | +155.7 | +49.5 | +196 | +29.9 |
| Fujimi Incorporated | benef2 | +64.7 | -1.6 | +40.4 | -24.2 | +28.4 | +23.4 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +21.3 |
| BESI | benef2 | +33.7 | -6.1 | +121.8 | -9.3 | +35 | +20.3 |
| EO Technics | benef2 | +7.6 | -28.2 | +130.5 | -16.2 | +163.2 | +17.8 |
| ASM International | benef2 | +44.2 | +2.9 | +68.7 | +10.3 | +25.9 | +16.7 |
| Tokyo Ohka Kogyo (TOK) | benef2 | -2.7 | -3 | +63.8 | +4.3 | +111.5 | +14.1 |
| Shin-Etsu Chemical | benef2 | +6.3 | +3.1 | +57.8 | -15.6 | +7.6 | +13.8 |
| Linde | benef2 | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +13.1 |
| HPSP | benef2 | · | · | +216.5 | -30.4 | +54.7 | +9.2 |
| Ebara | benef2 | +58.1 | +2.3 | +76.1 | +41 | +84 | -4.2 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Lasertec | benef2 | +78.9 | +2.4 | +57 | -60.6 | +138.9 | -8.5 |
| Photronics | benef2 | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
| Disco Corporation | benef2 | -6.6 | +27.7 | +218.5 | +11.6 | +49.6 | -17.3 |
| Leeno Industrial | benef2 | +21 | -5.3 | +18.3 | +9.5 | +150.1 | -37.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Analog Devices operates across NASDAQ, Analog chips, Industrial/auto signal chain. It stayed steadily positive in recent years and is +34.8% in 2026. Demand side (avg +6.8%), the stock (+34.8%) and supply side (avg +41.9%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is TSMC (+41.9%) and the furthest behind is Tesla (-21.3%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its hybrid fab model — in-house fabs blended with TSMC foundry — lowers outsourcing dependence and is a relative strength amid supply-chain swings.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $521 · Price $362.25 (09-04) · Upside +44%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Cantor Fitzgerald · Matthew Prisco | Overweight | $550 | Jun 29, 2026 | Report ↗ |
| Stifel · Tore Svanberg | Buy | $498 | Jun 24, 2026 | Report ↗ |
| Wells Fargo | Overweight | $515 | May 21, 2026 | Report ↗ |
Buy consensus firming as Cantor ($550) and Wells Fargo ($515) lead a wave of target hikes on industrial recovery and AI-driven demand.