Analysis of Inventory
Inventory Disclosure
Analog Devices Inc., balance sheet: inventory
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).
- Inventory Trends Overview
- There is a consistent upward trend in the total inventories held, increasing from 608,260 thousand US dollars in 2020 to a peak of 1,642,214 thousand US dollars in 2023. A slight decrease is observed in 2024, followed by a resurgence in 2025.
- Raw Materials
- Raw materials inventory shows a significant increase from 33,806 thousand US dollars in 2020 to 128,142 thousand in 2023. However, the figures decline notably in 2024 and 2025, falling back to 70,183 thousand. This suggests a reduction in raw material stockholding after the 2023 peak.
- Work in Process
- Work in process inventory experiences steady growth with values rising from 443,690 thousand US dollars in 2020 to 1,125,819 thousand in 2023. Despite a slight dip in 2024 to 1,047,022 thousand, it reaches the highest reported level of 1,218,625 thousand in 2025.
- Finished Goods
- Finished goods also increase from 130,764 thousand US dollars in 2020 to 388,253 thousand in 2023. A temporary decline occurs in 2024 to 307,057 thousand but rebounds to 367,515 thousand in 2025, indicating possible variations in sales or production scheduling.
- Inventory Composition
- Work in process consistently represents the largest component of total inventories, accounting for a growing share across the period. Finished goods and raw materials exhibit more fluctuation, with raw materials peaking earlier and then declining, suggesting adjustments in procurement strategies or production cycles.