Analysis of Debt
Total Debt (Carrying Amount)
Analog Devices Inc., balance sheet: debt
US$ in thousands
Based on: 10-K (reporting date: 2025-11-01), 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31).
The analysis of the debt data reveals several trends regarding the company's short-term and long-term liabilities over the reported periods.
- Current Debt
- The current portion of debt shows some inconsistency in reporting, with values available in certain years only. It started at approximately $516.7 million in late 2021, then decreased to around $499 million in late 2023, followed by a further reduction to about $399.6 million in late 2024. This trend indicates a gradual decrease in short-term debt liabilities during these years.
- Commercial Paper Notes
- This category appears only from late 2023, presenting values above $547 million, remaining relatively stable through late 2024, and then declining to approximately $446.6 million by late 2025. This suggests the company engaged in commercial paper financing starting in late 2023, with a slight reduction by the end of the most recent period.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt exhibited a general upward trend with some fluctuations. It rose significantly from about $5.15 billion in late 2020 to $6.25 billion by late 2021, continuing an upward trajectory to nearly $6.55 billion in late 2022. A decline to approximately $5.9 billion was observed in late 2023, followed by a notable increase reaching roughly $8.15 billion by late 2025. This pattern indicates periods of both debt repayment and new borrowings, with a strong increase towards the most recent period.
- Total Debt (Carrying Amount)
- Total debt, comprising both current and long-term portions, generally increased over the span. Starting from about $5.15 billion in late 2020, total debt peaked near $6.77 billion in late 2021, followed by a slight decrease to roughly $6.55 billion in late 2022. It then escalated to approximately $6.95 billion in late 2023 and continued rising to about $8.59 billion by late 2025. This underscores an overall growing debt burden, with an acceleration in debt accumulation in recent years.
In summary, the company's debt profile indicates an increasing reliance on long-term borrowing with intermittent adjustments. The emergence of commercial paper as a financing instrument since late 2023 adds to the short-term liabilities but exhibits a decreasing trend in the last reported period. The total debt growth suggests an expansion of financial obligations, particularly notable in the latest years analyzed. Monitoring the impact of such debt levels on financial flexibility and interest obligations would be advisable going forward.
Total Debt (Fair Value)
| Nov 1, 2025 | |
|---|---|
| Selected Financial Data (US$ in thousands) | |
| Commercial paper notes | 446,639) |
| Notes | 7,536,579) |
| Total debt (fair value) | 7,983,218) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.93 |
Based on: 10-K (reporting date: 2025-11-01).
Weighted-average Interest Rate on Debt
Weighted-average interest rate on debt: 3.61%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 3.50% | 895,623) | 31,347) | |
| 3.45% | 436,916) | 15,074) | |
| 4.25% | 856,345) | 36,395) | |
| 1.70% | 704,186) | 11,971) | |
| 4.50% | 659,834) | 29,693) | |
| 2.10% | 884,390) | 18,572) | |
| 4.25% | 301,546) | 12,816) | |
| 5.05% | 571,370) | 28,854) | |
| 4.50% | 138,756) | 6,244) | |
| 2.80% | 555,925) | 15,566) | |
| 5.30% | 327,992) | 17,384) | |
| 2.95% | 662,609) | 19,547) | |
| 5.30% | 541,087) | 28,678) | |
| Total | 7,536,579) | 272,139) | |
| 3.61% | |||
Based on: 10-K (reporting date: 2025-11-01).
1 US$ in thousands
2 Weighted-average interest rate = 100 × 272,139 ÷ 7,536,579 = 3.61%