Common-Size Income Statement
Quarterly Data
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- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Analog Devices Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-11-01), 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).
- Revenue and Cost of Sales
- Revenue is consistently maintained at 100% across all periods, serving as the baseline for analysis. Cost of sales displays significant fluctuations, starting around 34-35% initially, declining to approximately 30-31% mid-period, but then showing a notable spike to over 50% in the period ending October 2021 before gradually declining to around 37% by late 2025. This variability notably impacts gross margin trends.
- Gross Margin
- Gross margin follows an inverse pattern to cost of sales, beginning near 65-67%, then experiencing a marked drop to approximately 48% during the October 2021 quarter, which corresponds to the spike in cost of sales. Following this, gross margin steadily recovers, reaching over 63% by late 2025. This trend indicates fluctuations in production or procurement efficiency, with a period of significant margin compression.
- Research and Development Expenses
- R&D expenses as a percentage of revenue gradually decrease over time, starting near 19.7% and declining to approximately 15-16% by late 2025. This trend suggests a scaling or optimization in R&D spending relative to revenue, potentially reflecting efficiency improvements or strategic adjustments in development activities.
- Selling, Marketing, General and Administrative Expenses (SG&A)
- SG&A expenses demonstrate moderate variability but generally decline from about 15% early on to around 11% by the end of the period. There is a brief increase to approximately 13.5% in the October 2021 quarter, aligning with the period of gross margin and cost of sales disturbances. Overall, SG&A expenses show a trend toward better cost control.
- Amortization of Intangibles
- Amortization expenses as a percentage of revenue remain relatively stable, fluctuating between 6% and 9%, with a slight peak coinciding with the October 2021 quarter. This suggests consistent intangible asset amortization charges, with a temporary increase during the margin compression period.
- Special Charges and Operating Expenses
- Special charges are generally low but demonstrate occasional spikes, notably a significant negative charge in October 2021, coinciding with other adverse financial effects. Operating expenses as a whole reduce from about 44% to near 32% of revenue by the end of the series, showing improved operational efficiency, albeit with short-term volatility.
- Operating Income
- Operating income trends align closely with gross margin and operating expense fluctuations. It peaks above 34% during mid-2021 periods, suffers a sharp decline to about 4% in the October 2021 quarter, then recovers steadily to roughly 31% by late 2025. This pattern signifies temporary challenges followed by a return to strong operating profitability.
- Interest Expense and Income
- Interest expense exhibits a gradual reduction from about 3.7% early on to levels below 3% later, with some volatility. Interest income, conversely, shows a consistent increase, rising from near zero to over 1% by late 2025, enhancing net interest impact positively over time.
- Nonoperating Income (Expense) and Other Items
- Nonoperating income/expense fluctuates, most notably featuring a large negative impact (-10.9%) in the October 2021 quarter, alongside a loss on extinguishment of debt recorded exclusively in the same period. Other net items fluctuate around zero without clear trends.
- Income Before Taxes and Taxes
- Income before income taxes closely mirrors operating income trends, with a pronounced dip into negative territory in October 2021, followed by recovery to above 28% of revenue late in the timeline. The provision for income taxes generally increases with profitability, except for periods showing positive tax benefits coinciding with the margin compression events.
- Net Income
- Net income exhibits a strong pattern, increasing steadily from about 15.6% to nearly 30% through early 2023, followed by a sharp fall to low teens and even single digits in late 2023, recovering again to exceed 25% by the latest period. These fluctuations largely reflect operating income and tax provision volatility, emphasizing the impact of the mid-series disruptions and subsequent recovery phases.
- Summary
- The financial data reveals a significant disruption event around October 2021, marked by elevated cost of sales, compressed margins, increased special charges, and adverse non-operating impacts including debt extinguishment losses. Despite this, the company demonstrates resilience with effective cost management, improved R&D and SG&A efficiency, and a steady recovery in profitability metrics through to late 2025. Interest income growth further supports net profitability, while stable amortization and other expenses aid in maintaining consistent expense profiles outside the disruption period.