Analog Devices, Inc. (ADI)
Analog Devices designs high-performance analog, mixed-signal, and power-management chips for industrial, communications, and automotive markets.
ADI vs LRCX: how the two businesses compare
- Bigger business: LRCX, with $23.2B of yearly revenue, about 2.1× ADI's $11.0B.
- More profitable: LRCX keeps 31 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 25 cents at LRCX.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 2.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and LRCX's 31.3%. The SEC classifies them differently (Semiconductors & Related Devices; Special Industry Machinery, NEC); 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 · LRCX June 27
- Aug 7, 2026
ADI vs LRCX: quick comparison
| Company fact | ADI | LRCX |
|---|---|---|
| Company | Analog Devices, Inc. | Lam Research Corporation |
| Exchange | NASDAQ | NASDAQ |
| SEC industry | Semiconductors & Related Devices | Special Industry Machinery, NEC |
| Fiscal year-end | October 31 | June 27 |
| Latest annual filing | 10-K · 2025-11-25 | 10-K · 2026-08-07 |
ADI vs LRCX: audited financials
- Scale: LRCX's $23.2B of revenue is about 2.1× ADI's $11.0B.
- Net margin: LRCX kept 31.3% 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; LRCX 25.2% of revenue, or 0.81× 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 8 months apart (2025-11-01 for ADI, 2026-06-28 for LRCX), so each figure reflects somewhat different demand and cost conditions.
| Metric | ADI | LRCX |
|---|---|---|
| Revenue | $11.0B2024-11-03 to 2025-11-01 · SEC filing | $23.2B2025-06-30 to 2026-06-28 · SEC filing |
| Net income | $2.3B2024-11-03 to 2025-11-01 · SEC filing | $7.3B2025-06-30 to 2026-06-28 · SEC filing |
| Operating cash flow | $4.8B2024-11-03 to 2025-11-01 · SEC filing | $5.9B2025-06-30 to 2026-06-28 · SEC filing |
| Diluted EPS | $4.562024-11-03 to 2025-11-01 · SEC filing | $5.762025-06-30 to 2026-06-28 · SEC filing |
| Net margin | 20.6%2024-11-03 to 2025-11-01 · SEC filing | 31.3%2025-06-30 to 2026-06-28 · SEC filing |
ADI: FY ending 2025-11-01 · LRCX: FY ending 2026-06-28. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where ADI and LRCX overlap, and where they don't
Overlap
- Shared research theme: Tariffs & trade.
Differences
- Different SEC industries: ADI files as Semiconductors & Related Devices; LRCX as Special Industry Machinery, NEC.
- Offset fiscal calendars: ADI's year ends October 31 and LRCX's June 27, about 8 months apart.
- Only LRCX maps to Artificial intelligence.
- Scale: LRCX reported about 2.1× the annual revenue of ADI.
- Profitability: net margin of 20.6% for ADI versus 31.3% for LRCX.
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.
Lam Research Corporation (LRCX)
Lam Research supplies wafer-fabrication equipment specializing in etch and deposition steps for advanced memory and logic chips.
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 LRCX
We have not yet published a company-specific driver list for LRCX. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-08-07.
The investment question
You now know LRCX reports about 2.1× ADI's revenue, and LRCX 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.
Members-only research
Members-only research on ADI and LRCX
- Lam Research and the economics of harder-to-build memory
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The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
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 LRCX's ends June 27. 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 39 matched transaction rows for LRCX. 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
LRCX 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 LRCX FAQs
Are ADI and LRCX direct competitors?
Not necessarily. Analog Devices files as Semiconductors & Related Devices and Lam Research as Special Industry Machinery, NEC. 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 LRCX the bigger company by revenue?
Lam Research (LRCX) is the larger business by reported revenue: $23.2B in its fiscal year ended Jun 2026, about 2.1× ADI's $11.0B (fiscal year ended Nov 2025). ADI's net margin was 20.6% and LRCX's 31.3%. The SEC classifies them differently (Semiconductors & Related Devices; Special Industry Machinery, NEC); 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 LRCX?
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 LRCX 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 Lam Research 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 LRCX 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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