Analog Devices, Inc. (ADI)
Analog Devices designs high-performance analog, mixed-signal, and power-management chips for industrial, communications, and automotive markets.
ADI vs KLAC: how the two businesses compare
- Bigger business: KLAC, with $12.2B of yearly revenue, about 1.1× ADI's $11.0B.
- More profitable: KLAC keeps 33 cents of each sales dollar as profit, against 21 cents at ADI.
- More cash from each sale: ADI turns 44 cents of each sales dollar into operating cash flow, against 34 cents at KLAC.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
KLA (KLAC) is the larger business by reported revenue: $12.2B in its fiscal year ended Jun 2025, about 1.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and KLAC's 33.4%. The SEC classifies them differently (Semiconductors & Related Devices; Optical Instruments & Lenses); what connects them is shared exposure to the Tariffs & trade research theme, not a common industry.
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 · KLAC June 30
- Aug 6, 2026
ADI vs KLAC: quick comparison
| Company fact | ADI | KLAC |
|---|---|---|
| Company | Analog Devices, Inc. | KLA Corporation |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Semiconductors & Related Devices | Optical Instruments & Lenses |
| Fiscal year-end | October 31 | June 30 |
| Latest annual filing | 10-K · 2025-11-25 | 10-K · 2026-08-06 |
ADI vs KLAC: audited financials
- Scale: KLAC's $12.2B of revenue is about 1.1× ADI's $11.0B.
- Net margin: KLAC kept 33.4% of revenue as net income versus 20.6% at ADI.
- Cash conversion: operating cash flow equalled ADI 43.7% of revenue, or 2.12× net income; KLAC 33.6% of revenue, or 1.00× 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 4 months apart (2025-11-01 for ADI, 2025-06-30 for KLAC), so each figure reflects somewhat different demand and cost conditions.
| Metric | ADI | KLAC |
|---|---|---|
| Revenue | $11.0B2024-11-03 to 2025-11-01 · SEC filing | $12.2B2024-07-01 to 2025-06-30 · SEC filing |
| Net income | $2.3B2024-11-03 to 2025-11-01 · SEC filing | $4.1B2024-07-01 to 2025-06-30 · SEC filing |
| Operating cash flow | $4.8B2024-11-03 to 2025-11-01 · SEC filing | $4.1B2024-07-01 to 2025-06-30 · SEC filing |
| Diluted EPS | $4.562024-11-03 to 2025-11-01 · SEC filing | $3.042024-07-01 to 2025-06-30 · SEC filing |
| Net margin | 20.6%2024-11-03 to 2025-11-01 · SEC filing | 33.4%2024-07-01 to 2025-06-30 · SEC filing |
ADI: FY ending 2025-11-01 · KLAC: FY ending 2025-06-30. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ADI and KLAC overlap, and where they don't
Overlap
- Shared research theme: Tariffs & trade.
Differences
- Different SEC industries: ADI files as Semiconductors & Related Devices; KLAC as Optical Instruments & Lenses.
- Offset fiscal calendars: ADI's year ends October 31 and KLAC's June 30, about 4 months apart.
- Only KLAC maps to Artificial intelligence.
- Profitability: net margin of 20.6% for ADI versus 33.4% for KLAC.
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.
KLA Corporation (KLAC)
KLA makes the process-control and inspection systems chipmakers rely on to detect defects during semiconductor manufacturing.
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 KLAC
We have not yet published a company-specific driver list for KLAC. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-06.
The investment question
You now know KLAC reports about 1.1× ADI's revenue, and KLAC 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 KLAC's ends June 30. 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 KLAC. 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
KLAC 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 KLAC FAQs
Are ADI and KLAC direct competitors?
Not necessarily. Analog Devices files as Semiconductors & Related Devices and KLA as Optical Instruments & Lenses. 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 KLAC the bigger company by revenue?
KLA (KLAC) is the larger business by reported revenue: $12.2B in its fiscal year ended Jun 2025, about 1.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and KLAC's 33.4%. The SEC classifies them differently (Semiconductors & Related Devices; Optical Instruments & Lenses); what connects them is shared exposure to the Tariffs & trade research theme, not a common industry. 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 KLAC?
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 KLAC 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 KLA 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 KLAC 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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