Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).

Current Valuation Ratios
Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Analog Devices Inc., current price multiples

	Analog Devices Inc.		Advanced Micro Devices Inc.	Applied Materials Inc.	Broadcom Inc.	Intel Corp.	KLA Corp.	Lam Research Corp.	Micron Technology Inc.	NVIDIA Corp.	Qualcomm Inc.	Texas Instruments Inc.		Semiconductors & Semiconductor Equipment		Information Technology
Selected Financial Data
Current share price (P)
No. shares of common stock outstanding
Growth rate (g)

Earnings per share (EPS)
Next year expected EPS
Operating profit per share
Sales per share
Book value per share (BVPS)
Valuation Ratios (Price Multiples)
Price to earnings (P/E)
Price to next year expected earnings
Price-earnings-growth (PEG)
Price to operating profit (P/OP)
Price to sales (P/S)
Price to book value (P/BV)

Based on: 10-K (reporting date: 2024-11-02).

If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.

Analog Devices Inc., historical price multiples

		Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
	Price to earnings (P/E)
	Price to operating profit (P/OP)
	Price to sales (P/S)
	Price to book value (P/BV)

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

Price to earnings (P/E) ratio: The P/E ratio exhibits significant volatility over the analyzed periods. Initially, it increased from 31.04 in 2019 to a peak of 68.31 in 2021, indicating heightened market optimism or higher growth expectations. However, this was followed by a substantial decline to 27.14 by 2023, suggesting either improved earnings performance or reduced investor enthusiasm. The value rises sharply again to 66.48 in 2024, pointing to renewed optimism or anticipation of future growth.
Price to operating profit (P/OP) ratio: This ratio mirrors the trend of the P/E ratio with high fluctuations. It rose from 24.74 in 2019 to a high of 56.12 in 2021, then dropped to 23.53 in 2023 before rebounding to 53.48 in 2024. The pattern suggests the market’s changing perception of the company’s operational profitability or shifts in operating profit margins relative to stock price movements.
Price to sales (P/S) ratio: The P/S ratio follows a similar trajectory, increasing from 7.06 in 2019 to a peak of 12.98 in 2021, then decreasing to around 7.31 in 2023, and rising again to 11.53 in 2024. This pattern may indicate fluctuations in market valuation relative to sales, reflecting either changes in sales growth prospects or adjustments in investor sentiment toward the company’s revenue generation.
Price to book value (P/BV) ratio: The P/BV ratio demonstrates less dramatic changes compared to other valuation metrics. It rises from 3.61 in 2019 to 4.22 in 2020, then declines to a low of 2.35 in 2022. A modest recovery to 3.09 in 2024 is observed. This suggests variations in the market’s valuation of the company’s net asset value, possibly influenced by changes in book value or shifts in investor perception of the company’s asset base stability.

Download chart

Analog Devices Inc., historical P/E calculation, comparison to benchmarks

		Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Net income (in thousands)
	Earnings per share (EPS)²
	Share price^1, 3
	Valuation Ratio
	P/E ratio⁴
	Benchmarks
	P/E Ratio, Competitors⁵
	Advanced Micro Devices Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Intel Corp.
	KLA Corp.
	Lam Research Corp.
	Micron Technology Inc.
	NVIDIA Corp.
	Qualcomm Inc.
	Texas Instruments Inc.
	P/E Ratio, Sector
	Semiconductors & Semiconductor Equipment
	P/E Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
EPS = Net income ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Analog Devices Inc. Annual Report.

⁴ 2024 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price demonstrated an overall upward trend across the observed period. It increased from $114.89 in November 2019 to $219.05 by November 2024, more than doubling over five years. Notably, there was a peak at $180.79 in 2021, followed by a slight decline in 2022 before rising again and reaching the highest value in 2024.
Earnings per Share (EPS): EPS showed considerable volatility during the period. It initially decreased from $3.70 in 2019 to a low of $2.65 in 2021. Subsequently, there was a significant recovery with EPS increasing sharply to $5.40 in 2022 and further to $6.68 in 2023. However, the latest figure for 2024 indicates a substantial drop to $3.29, suggesting some instability or one-off factors affecting earnings.
Price-to-Earnings (P/E) Ratio: The P/E ratio reflected a fluctuating valuation relative to earnings. It started at 31.04 in 2019, peaked dramatically at 68.31 in 2021, then fell to a more moderate level of 27.14 in 2023. The ratio surged again to 66.48 in 2024. This pattern suggests varying market sentiment and possibly fluctuating investor expectations concerning future growth or risk, especially given the large swings in EPS during these years.
Summary: The financial data reveal a general rise in the company's share price over five years, despite some fluctuations. Earnings per share displayed significant volatility, with a notable increase in 2022 and 2023 before a sharp decline in 2024. The P/E ratio movement indicates inconsistent market valuation, correlating with earnings performance and share price changes. Together, these trends suggest an environment of fluctuating profitability and investor uncertainty during the latest period, with market confidence not consistently aligned with earnings results.

Download chart

Analog Devices Inc., historical P/OP calculation, comparison to benchmarks

		Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Operating income (in thousands)
	Operating profit per share²
	Share price^1, 3
	Valuation Ratio
	P/OP ratio⁴
	Benchmarks
	P/OP Ratio, Competitors⁵
	Advanced Micro Devices Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Intel Corp.
	KLA Corp.
	Lam Research Corp.
	Micron Technology Inc.
	NVIDIA Corp.
	Qualcomm Inc.
	Texas Instruments Inc.
	P/OP Ratio, Sector
	Semiconductors & Semiconductor Equipment
	P/OP Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
Operating profit per share = Operating income ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Analog Devices Inc. Annual Report.

⁴ 2024 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trends: The share price experienced an overall upward trajectory from November 2019 to November 2024. Starting at $114.89 in 2019, it rose steadily to reach $219.05 by 2024. Notable increases occurred between 2020 and 2021, and again from 2023 to 2024, indicating strong market valuation growth over this period. A slight dip is observed in 2022, where the price decreased to $168.43 from $180.79 in 2021, before recovering and exceeding past highs in subsequent years.
Operating Profit Per Share (OPPS) Trends: The operating profit per share showed variability over the analyzed period. Beginning at $4.64 in 2019, it declined to $3.22 by 2021, reflecting a contraction in operational efficiency or profitability in the short term. However, a significant rebound occurred in 2022 and 2023, with OPPS rising to $6.44 and $7.70 respectively, suggesting improved operational performance during these years. In 2024, OPPS declined again to $4.10, indicating reduced operating profitability compared to the previous two years.
Price-to-Operating Profit Ratio (P/OP) Trends: The P/OP ratio demonstrated considerable fluctuations. It started at 24.74 in 2019, increased sharply to 56.12 in 2021, which coincided with the period of declining operating profit per share and rising share price, pointing to elevated valuation levels relative to operating profits. The ratio then decreased substantially to 23.53 in 2023, reflecting the improved operating profit and the relatively stable share price. However, it surged again to 53.48 in 2024, despite the decline in OPPS, indicating a high market expectation or premium being placed on the stock relative to its operating profit in that year.

Download chart

Analog Devices Inc., historical P/S calculation, comparison to benchmarks

		Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Revenue (in thousands)
	Sales per share²
	Share price^1, 3
	Valuation Ratio
	P/S ratio⁴
	Benchmarks
	P/S Ratio, Competitors⁵
	Advanced Micro Devices Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Intel Corp.
	KLA Corp.
	Lam Research Corp.
	Micron Technology Inc.
	NVIDIA Corp.
	Qualcomm Inc.
	Texas Instruments Inc.
	P/S Ratio, Sector
	Semiconductors & Semiconductor Equipment
	P/S Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
Sales per share = Revenue ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Analog Devices Inc. Annual Report.

⁴ 2024 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =

⁵ Click competitor name to see calculations.

Share Price: The share price shows an overall upward trend over the analyzed periods. Starting at $114.89 in late 2019, it increased steadily to $136.89 in 2020 and then sharply rose to $180.79 in 2021. There was a slight decline in 2022 to $168.43, followed by a recovery in 2023 to $181.25, and a notable increase to $219.05 in 2024, indicating strong investor confidence and positive market sentiment in the later years.
Sales per Share: Sales per share exhibit a fluctuating pattern. Initial values declined from $16.27 in 2019 to $15.16 in 2020 and further to $13.93 in 2021. However, a significant increase occurred in 2022, rising sharply to $23.59, peaking at $24.80 in 2023, followed by a decrease to $18.99 in 2024. This volatility suggests periods of both contraction and expansion in sales, with a peak in the mid-period indicating possibly strong operational performance before a normalization.
Price-to-Sales (P/S) Ratio: The P/S ratio shows considerable variation, beginning at 7.06 in 2019 and reaching a high of 12.98 in 2021. This peak corresponds with a period of decreasing sales per share but rising share price, indicating market expectations of future growth or profitability. It then drops sharply to 7.14 in 2022 and remains relatively stable at 7.31 in 2023 before rising again to 11.53 in 2024. These fluctuations reflect changing investor valuation relative to the company’s sales performance, with the higher ratios signaling a potentially more favorable market valuation compared to sales.

Download chart

Analog Devices Inc., historical P/BV calculation, comparison to benchmarks

		Nov 2, 2024	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019
	No. shares of common stock outstanding¹
	Selected Financial Data (US$)
	Shareholders’ equity (in thousands)
	Book value per share (BVPS)²
	Share price^1, 3
	Valuation Ratio
	P/BV ratio⁴
	Benchmarks
	P/BV Ratio, Competitors⁵
	Advanced Micro Devices Inc.
	Applied Materials Inc.
	Broadcom Inc.
	Intel Corp.
	KLA Corp.
	Lam Research Corp.
	Micron Technology Inc.
	NVIDIA Corp.
	Qualcomm Inc.
	Texas Instruments Inc.
	P/BV Ratio, Sector
	Semiconductors & Semiconductor Equipment
	P/BV Ratio, Industry
	Information Technology

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).

¹ Data adjusted for splits and stock dividends.

² 2024 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =

³ Closing price as at the filing date of Analog Devices Inc. Annual Report.

⁴ 2024 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =

⁵ Click competitor name to see calculations.

Share Price Trend: The share price demonstrates an overall increasing trend over the observed periods. Starting at $114.89 in November 2019, the price rose significantly to $136.89 by October 2020, and then experienced a substantial jump to $180.79 in October 2021. A slight decline occurred in October 2022 to $168.43, followed by a recovery and further increase to $181.25 in October 2023 and more pronounced growth to $219.05 by November 2024.
Book Value Per Share (BVPS) Trend: The book value per share showed minimal growth from $31.79 in November 2019 to $32.47 in October 2020. Thereafter, a sharp increase was observed, almost doubling to $72.32 in October 2021. From this point forward, the BVPS remained relatively stable, with a slight decrease to $71.6 in October 2022, followed by marginal fluctuations ending at $70.88 in November 2024.
Price to Book Value Ratio (P/BV) Trend: The P/BV ratio initially climbed from 3.61 in November 2019 to a peak of 4.22 in October 2020, indicating that the share price was becoming more expensive relative to its book value. This ratio then experienced a notable decline to 2.5 in October 2021 and a further reduction to 2.35 in October 2022. A modest increase followed to 2.53 in October 2023, with a significant rise thereafter to 3.09 in November 2024, reflecting a reassessment of the market valuation relative to the company's equity.
Overall Observations: The share price has generally trended upwards with some short-term volatility, while the book value per share saw a major increase early in the period and remained stable thereafter. The P/BV ratio peaked early in the period, declined significantly during 2021-2022, and then partially recovered by 2024. This pattern suggests an initial market optimism followed by a correction relative to book value, eventually leading to renewed investor confidence reflected in the higher P/BV ratio and share price in the most recent period.

Download chart

	Analog Devices Inc.	Other companies (not purchased previously)
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality
Stock Price Trends

	All companies
Financial Statements
Common-Size Financial Statements
Analysis of Financial Ratios
Relative Valuation
Discounted Cash Flow (DCF) Valuation
Economic Value Added (EVA)
Long-term Trends
Analysis of Components of Financial Statements
Financial Reporting Quality
Stock Price Trends

Analog Devices Inc. (NASDAQ:ADI)

Common Stock Valuation Ratios (Price Multiples)

Paying user area

Try for free

Current Valuation Ratios

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)