Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Analog Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-08-02), 10-Q (reporting date: 2025-05-03), 10-Q (reporting date: 2025-02-01), 10-K (reporting date: 2024-11-02), 10-Q (reporting date: 2024-08-03), 10-Q (reporting date: 2024-05-04), 10-Q (reporting date: 2024-02-03), 10-K (reporting date: 2023-10-28), 10-Q (reporting date: 2023-07-29), 10-Q (reporting date: 2023-04-29), 10-Q (reporting date: 2023-01-28), 10-K (reporting date: 2022-10-29), 10-Q (reporting date: 2022-07-30), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-29), 10-K (reporting date: 2021-10-30), 10-Q (reporting date: 2021-07-31), 10-Q (reporting date: 2021-05-01), 10-Q (reporting date: 2021-01-30), 10-K (reporting date: 2020-10-31), 10-Q (reporting date: 2020-08-01), 10-Q (reporting date: 2020-05-02), 10-Q (reporting date: 2020-02-01), 10-K (reporting date: 2019-11-02), 10-Q (reporting date: 2019-08-03), 10-Q (reporting date: 2019-05-04), 10-Q (reporting date: 2019-02-02).
- Revenue and Cost of Sales Trends
- Revenue consistently represents 100% as the baseline. Cost of sales, expressed as a percentage of revenue, shows considerable variability. It started around 32.5% to 34.9% from early 2019 through early 2020, then exhibited a sharp increase to over 50% in late 2020 and early 2021, before returning to a lower range around 34% to 38% in subsequent quarters. From 2022 onward, cost of sales gradually increased again, reaching approximately 38% by mid-2025.
- Gross Margin Dynamics
- Gross margin as a percentage of revenue inversely mirrors cost of sales trends. Initially, it remained stable in the mid-to-high 60% range until late 2019, then fell sharply to below 50% during late 2020 and early 2021, coinciding with the spike in cost of sales. Following this period, the gross margin recovered to around 65%, before steadily declining again to a low 58-60% range by around 2023, with a slight improvement toward 62% by mid-2025.
- Research and Development Expenses
- R&D expenses consistently accounted for a significant portion of revenue, initially near 19% but trending downward over time to values around 13-18%. The expense ratio improved significantly from 2020 onward, reaching a low near 12.7% in some quarters around 2022 and then fluctuating slightly upward toward 16-17% by mid-2025.
- Selling, Marketing, General and Administrative Expenses
- These expenses varied moderately, fluctuating between approximately 10% and 13.5%. Notably, there were spikes around early 2020 (above 15%), and again in late 2021 (above 13%), but generally, this expense line remained within the 10-12% band during most periods.
- Amortization of Intangibles
- The amortization expense consistently accounted for between roughly 6.5% and 9.5% of revenue, with occasional spikes, especially in late 2021 when it rose above 9%, before declining to about 6.5% in mid-2025.
- Special Charges, Net
- Special charges were typically minor, mostly below 1%, but occasionally increased significantly, such as in late 2019 (-4.49%), late 2021 (-3.96%), and late 2022 (-4.44%). Some quarters showed negligible or positive special charges, indicating sparse irregular expenses impacting financials.
- Operating Expenses and Income
- Operating expenses (sum of R&D, SG&A, amortization, and special charges) generally ranged between 30% and 44% of revenue. There were notable spikes coinciding with special charges. Correspondingly, operating income fluctuated substantially: initially over 29% but fell sharply to around 4% in late 2021 during expense spikes. It rebounded strongly thereafter, reaching above 34% by mid-2023, then declined to a low early 2025, before recovering to near 28% by mid-2025.
- Interest and Nonoperating Income/Expenses
- Interest expense as a percentage of revenue declined over the analyzed periods, starting near 3.8-4% and dropping to around 2.7% by mid-2025. Interest income increased steadily from near zero to just above 1% in recent periods, reflecting potentially growing investment income. Nonoperating income/expense mostly represented a slight negative impact, fluctuating between -1% and -4%, with an unusual loss in late 2021 (-9.2% loss on extinguishment of debt). The net effect of financing and other nonoperating items slightly eroded income before taxes in most periods.
- Income Before Income Taxes and Tax Provision
- Income before taxes closely tracked operating income adjusted for interest and other expenses. It ranged from approximately 26% early on, dipped below zero in late 2021 due to unusual items, then recovered robustly to above 33% in mid-2023, declining again to about 18-23% in the latest periods. Tax provision showed variability with some quarters reflecting a tax benefit (positive %) and others a tax provision of around 1% to 3%. A notable large positive tax benefit appeared in late 2021.
- Net Income Trends
- Net income as a percentage of revenue followed overall trends in operating and pre-tax income. It stayed above 20% in most quarters from 2019 to early 2021, dropped sharply during periods with increased cost of sales and special charges (early and late 2021), then generally recovered to around 29-30% by mid-2023. In recent quarters, net income fluctuated between 14% and 22%, reflecting the combined effects of operational efficiency, one-time charges, and changes in nonoperating income and taxes.
- Overall Summary
- The financial performance exhibits cyclicality driven chiefly by fluctuations in cost of sales and special charges. Periods with elevated costs and special expenses correspond to depressed gross margin and net income. Over time, cost management reflects some improvement following peaks in cost ratios, and operational efficiency appears to strengthen post-2021. Interest expense reduces gradually, while interest income grows, improving the net impact of financing activities. Tax provisions are irregular, occasionally enhancing net profitability. Overall, profitability demonstrates resilience with recoveries following periods of elevated expenses.