Analog Devices, Inc. (ADI)
Analog Devices designs high-performance analog, mixed-signal, and power-management chips for industrial, communications, and automotive markets.
ADI vs APH: how the two businesses compare
- Bigger business: APH, with $23.1B of yearly revenue, about 2.1× ADI's $11.0B.
- More profitable: ADI keeps 21 cents of each sales dollar as profit, against 18 cents at APH.
- More cash from each sale: ADI turns 44 cents of each sales dollar into operating cash flow, against 23 cents at APH.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Amphenol (APH) is the larger business by reported revenue: $23.1B in its fiscal year ended Dec 2025, about 2.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and APH's 18.5%. The SEC places them in related industries (Semiconductors & Related Devices; Electronic Connectors), and both map to the Tariffs & trade research theme.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Information Technology
- Different
- Separate classifications
- Different
- ADI October 31 · APH December 31
- Feb 11, 2026
ADI vs APH: quick comparison
| Company fact | ADI | APH |
|---|---|---|
| Company | Analog Devices, Inc. | Amphenol Corporation |
| Exchange | NASDAQ | NYSE |
| SEC industry | Semiconductors & Related Devices | Electronic Connectors |
| Fiscal year-end | October 31 | December 31 |
| Latest annual filing | 10-K · 2025-11-25 | 10-K · 2026-02-11 |
ADI vs APH: audited financials
- Scale: APH's $23.1B of revenue is about 2.1× ADI's $11.0B.
- Net margin: ADI kept 20.6% of revenue as net income versus 18.5% at APH.
- Cash conversion: operating cash flow equalled ADI 43.7% of revenue, or 2.12× net income; APH 23.3% of revenue, or 1.26× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end about 2 months apart (2025-11-01 for ADI, 2025-12-31 for APH), so each figure reflects somewhat different demand and cost conditions.
| Metric | ADI | APH |
|---|---|---|
| Revenue | $11.0B2024-11-03 to 2025-11-01 · SEC filing | $23.1B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $2.3B2024-11-03 to 2025-11-01 · SEC filing | $4.3B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $4.8B2024-11-03 to 2025-11-01 · SEC filing | $5.4B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $4.562024-11-03 to 2025-11-01 · SEC filing | $3.342025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 20.6%2024-11-03 to 2025-11-01 · SEC filing | 18.5%2025-01-01 to 2025-12-31 · SEC filing |
ADI: FY ending 2025-11-01 · APH: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ADI and APH overlap, and where they don't
Overlap
- Related SEC industries: both sit in SIC major group 36.
- Shared research theme: Tariffs & trade.
Differences
- Different four-digit SIC codes: ADI is 3674 (Semiconductors & Related Devices); APH is 3678 (Electronic Connectors).
- Offset fiscal calendars: ADI's year ends October 31 and APH's December 31, about 2 months apart.
- Scale: APH reported about 2.1× the annual revenue of ADI.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Amphenol Corporation (APH)
Amphenol makes electronic connectors, cables, and sensors used across communications, industrial, automotive, and defense systems.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves ADI
We have not yet published a company-specific driver list for ADI. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2025-11-25.
What moves APH
We have not yet published a company-specific driver list for APH. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-11.
The investment question
You now know APH reports about 2.1× ADI's revenue, and ADI keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to tariffs & trade, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. ADI's fiscal year ends October 31, while APH's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 27 matched transaction rows for ADI and 10 matched transaction rows for APH. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
ADI primary filings
APH primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
ADI vs APH FAQs
Are ADI and APH direct competitors?
Not necessarily. Analog Devices files as Semiconductors & Related Devices and Amphenol as Electronic Connectors. The pair is compared because both map to the Tariffs & trade research theme, not because the filings show head-to-head competition.
Is ADI or APH the bigger company by revenue?
Amphenol (APH) is the larger business by reported revenue: $23.1B in its fiscal year ended Dec 2025, about 2.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and APH's 18.5%. The SEC places them in related industries (Semiconductors & Related Devices; Electronic Connectors), and both map to the Tariffs & trade research theme. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, ADI or APH?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this ADI vs APH comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Analog Devices, Inc. and Amphenol Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
ADI vs APH compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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