Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
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Analog Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-05-03), 10-Q (reporting date: 2025-02-01), 10-K (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-Q (reporting date: 2024-02-03), 10-K (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-K (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-K (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-30), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-Q (reporting date: 2020-02-01), 10-K (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-02).
- Revenue and Cost of Sales
- Revenue consistently represents 100% of total, serving as the baseline for all other financial ratios. Cost of sales has fluctuated notably, initially around 32-35%, but then spiked sharply to ranges above 40% in several quarters, particularly around late 2021 and 2022. This indicates periods of increased production costs or supply chain pressures, which negatively impact gross margin.
- Gross Margin
- Gross margin generally stayed within the mid-60% range initially, but a dramatic decline occurred in late 2021 where it dropped to under 50%, before recovering partially back to around 60% by 2024. The gross margin volatility reflects changes in cost management or pricing power, with a notable compression in quarters impacted by high cost of sales.
- Research and Development Expenses
- R&D expense as a percentage of revenue shows a gradual decreasing trend over time, falling from about 18-19% in early periods to a low of roughly 13-14% in 2022, though rising again slightly towards 16-17% by 2024. This indicates a shift in investment strategy, possibly reflecting efficiency improvements or prioritization of R&D spending.
- Selling, General and Administrative Expenses
- SG&A expenses fluctuated moderately around 10-12% of revenue, with spikes near 15% in early 2020. Post-2021, these expenses generally stabilized around 10-12%, indicating relatively controlled operating overheads despite market fluctuations.
- Amortization of Intangibles
- This cost category remained fairly steady, mostly within 6.5-8.5% of revenue. A notable increase to over 9% occurred in late 2021, contributing to the compression of operating income during that period.
- Special Charges, Net
- Special charges fluctuated considerably with occasional spikes, notably in the fourth quarter of 2019 and late 2021, where they reached around 4-4.5%. These irregular expenses likely reflect restructuring, impairment, or other one-off costs impacting operating results.
- Operating Expenses and Operating Income
- Total operating expenses as a percentage of revenue varied widely from about 32% to above 44%, with occasional spikes coinciding with special charges and amortization increases. Operating income correspondingly fluctuated, peaking at over 34% of revenue in several quarters before dropping sharply to as low as approximately 4% in late 2021, then recovering to about 25% by early 2024. This demonstrates sensitivity of operating profitability to expense management and extraordinary items.
- Interest and Nonoperating Items
- Interest expense gradually declined from near 4% to under 3% by 2024, indicating improved debt management or lower interest rates. Interest income showed a steady increase, rising from negligible to over 1% of revenue, contributing positively to net earnings. Nonoperating income/expense was consistently a modest negative factor, with occasional larger negative impacts such as the loss on extinguishment of debt in late 2021, leading to substantial nonoperating expense temporarily depressing income before taxes.
- Income Before Income Taxes and Net Income
- Income before income taxes mirrored operating income trends, declining sharply during the late 2021 period but recovering thereafter. The provision for income taxes was generally between -1% and -3% of revenue, with some variance including a positive tax benefit quarter in late 2021. Net income followed a similar pattern to pre-tax income, showing strong profitability above 20% of revenue for many quarters but dropping to near 3% during the significant operating challenges in late 2021 before rebounding to over 20% again by 2024.
- Overall Analysis
- The data indicates a stable revenue base throughout the periods analyzed, with variable cost pressures impacting gross margin and profitability. Operating and net income margins experienced significant volatility primarily in late 2021, driven by a combination of cost spikes, special charges, and nonoperating losses. Subsequent periods show recovery and controlled operating expenses, with improving interest expense trends and growing interest income, supporting renewed profitability. Research and development expenses showed a downward trend initially but increased again later, reflecting shifting investment priorities. The overall financial performance reveals resilience amid cost challenges and some extraordinary charges.