ADI vs TXN: Analog Devices and Texas Instruments compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Texas Instruments is the larger company, worth $251.5B, about 1.3 times Analog Devices.
- Analog Devices grew revenue faster over the last year (+39.6% vs +22.8%).
- Texas Instruments keeps more of each dollar of revenue as operating profit (37.3% vs 35.5%).
- On earnings, Texas Instruments is the cheaper stock (47.2x vs 71.7x).
- Texas Instruments's price assumes faster free cash flow growth: about 26% a year, against 16% for Analog Devices (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ADI | TXN |
|---|---|---|
| Market cap | $191.5B | $251.5B |
| Share price | $406.19 | $283.74 |
| Revenue (last fiscal year) | $11.0B | $17.7B |
| Free cash flow (last fiscal year) | $4.3B | $2.6B |
| Revenue growth, last year | +39.6% | +22.8% |
| Revenue growth per year, last 5 fiscal years | +10.8% | -0.9% |
| Operating margin | 35.5% | 37.3% |
| Net margin | 29.8% | 31.1% |
| Return on equity | 12.3% | 33.6% |
| P/E (trailing) | 71.7x | 47.2x |
| Price / free cash flow | 44.8x | 96.6x |
| EV / EBITDA | 27.8x | 27.8x |
| FCF growth the price implies | 15.6% | 25.9% |
| Dividend yield | 1.0% | 2.0% |
| Debt / equity | 0.44x | 0.99x |
| Fundamental grade | B | B |
| Superinvestors holding it | 14 | 15 |
| Insider purchases, last 12 months | 4 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Analog Devices
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $7.3B | $2.4B | 23.1% |
| 2022 | $12.0B | $3.8B | 27.3% |
| 2023 | $12.3B | $3.6B | 31.1% |
| 2024 | $9.4B | $3.1B | 21.6% |
| 2025 | $11.0B | $4.3B | 26.6% |
Texas Instruments
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.3B | $6.3B | 48.8% |
| 2022 | $20.0B | $5.9B | 50.6% |
| 2023 | $17.5B | $1.3B | 41.8% |
| 2024 | $15.6B | $1.5B | 34.9% |
| 2025 | $17.7B | $2.6B | 34.1% |
Where the revenue comes from
Analog Devices · by segments, 2025
Industrial$4.9B45%
Automotive$3.3B30%
Consumer$1.4B13%
Communications$1.4B13%
Texas Instruments · by segments, 2025
Analog$14.0B79%
Embedded Processing$2.7B15%
Other$979M6%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ADI in InvestinglyQuestions
Which is bigger, Analog Devices or Texas Instruments?
Texas Instruments (TXN), at $251.5B against $191.5B.
Is ADI or TXN cheaper?
By trailing P/E, Texas Instruments (47.2x) is cheaper than Analog Devices (71.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ADI or TXN?
Analog Devices: revenue grew +39.6% over the last year, against +22.8%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.