CompetitorsNarrow moat
Analog Devices (ADI) — moat facet
ADI names no competitors and gives no market share; its evidence of winning is an adjusted operating margin of 50% in the latest quarter.
Analog Devices competes everywhere and says very little about it. Its fiscal 2025 10-K names no competitors and discloses no market share: "We compete with a number of semiconductor companies in markets that are highly competitive."1 It lists the grounds of competition as "innovation, design, quality and reliability of products, product performance, features and functionality, product pricing, availability and capacity, technological service and support and the availability of integrated system solutions"2.
Its own evidence of winning is its margin. Adjusted operating margin was 40.9% in fiscal 2024 and 41.9% in 20253, and 50.0% in the third quarter of fiscal 20264. A company in a fight on price does not earn half its revenue as adjusted operating profit.
The four pages describe four different relationships. Texas Instruments: The Rival That Built is the peer that chose the opposite strategy. Maxim: The Competitor It Bought is the rival removed by purchase. The State-Funded Newcomers are the rivals that need no return. Distributors Who Stock the Alternatives is the channel that sells ADI's parts and its rivals' side by side.
What the filings do not show is sockets. Nobody outside ADI can see how many designs it wins or loses against a named rival, and ADI does not say. The competitive position has to be read from margins, revenue by end market and the share of revenue in each geography.
The 10-K is frank that ADI's size gives it no immunity. "Many companies have sufficient financial, manufacturing, technical, sales and marketing resources to develop and market products that compete with our products."5 It adds that some competitors "may have more advantageous supply or development relationships with our current and potential customers or suppliers"6. That is a company describing a contested market socket by socket, not one that expects to dominate it.
The position is narrow. ADI's advantage is its catalogue and processes, argued under The Moat, not a dominant share of any market. What would show it slipping is the adjusted operating margin: below 40% in a year when revenue grows would mean competition, not the cycle, was setting the price.
Adjusted operating margin 41.9% in FY2025 and 50.0% in Q3 FY2026.
The margin that shows ADI is not in a price war; below 40% while revenue grows would say it is.
Source: Analog Devices Q3 FY2026 results release ↗- ReportedIts fiscal 2025 10-K names no competitors and discloses no market share: "We compete with a number of semiconductor companies in markets that are highly competitive." It lists the grounds of competition as "innovation, design, quality and reliability of products, product performance, features and functionality, product pricing, availability and capacity, technological service and support and the availability of integrated system solutions".Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - Item 1 business: products, customers, engineers, competition and strategy. — FY2025 · publ. 25 November 2025 · source ↗
- ReportedIts fiscal 2025 10-K names no competitors and discloses no market share: "We compete with a number of semiconductor companies in markets that are highly competitive." It lists the grounds of competition as "innovation, design, quality and reliability of products, product performance, features and functionality, product pricing, availability and capacity, technological service and support and the availability of integrated system solutions".Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - Item 1 business: products, customers, engineers, competition and strategy. — FY2025 · publ. 25 November 2025 · source ↗
- ReportedAdjusted operating margin was 40.9% in fiscal 2024 and 41.9% in 2025, and 50.0% in the third quarter of fiscal 2026.Analog Devices fourth-quarter and fiscal 2025 results release, Form 8-K exhibit 99.1 - full-year income statement, adjusted measures, cash flow, capital returns and balance sheet. — FY2025 · publ. 25 November 2025 · source ↗
- ReportedAdjusted operating margin was 40.9% in fiscal 2024 and 41.9% in 2025, and 50.0% in the third quarter of fiscal 2026.Analog Devices third-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue by end market, margins, EPS, cash flow, balance sheet and fourth-quarter guidance - highlights, income statement, adjusted measures and fourth-quarter guidance. — Q3 FY2026 · publ. 19 August 2026 · source ↗
- Reported"Many companies have sufficient financial, manufacturing, technical, sales and marketing resources to develop and market products that compete with our products." It adds that some competitors "may have more advantageous supply or development relationships with our current and potential customers or suppliers".Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - Item 1A risk factors: foundries, Taiwan, distributors, trade, state-backed competitors and variable consideration. — FY2025 · publ. 25 November 2025 · source ↗
- Reported"Many companies have sufficient financial, manufacturing, technical, sales and marketing resources to develop and market products that compete with our products." It adds that some competitors "may have more advantageous supply or development relationships with our current and potential customers or suppliers".Analog Devices Form 10-K for fiscal 2025 (year ended 1 November 2025) - Item 1A risk factors: foundries, Taiwan, distributors, trade, state-backed competitors and variable consideration. — FY2025 · publ. 25 November 2025 · source ↗
- Analog Devices Form 10-K, FY2025
- Analog Devices Q4 FY2025 results release
- Analog Devices Q3 FY2026 results release