Analog Devices Inc., FCFF calculation

US$ in thousands

12 months ended:	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019	Nov 3, 2018
Net income	3,314,579)	2,748,561)	1,390,422)	1,220,761)	1,363,011)	1,495,432)
Net noncash charges	2,148,645)	2,610,506)	1,452,702)	634,304)	925,372)	250,038)
Change in operating assets and liabilities	(645,590)	(883,665)	(108,055)	153,422)	(35,283)	696,891)
Net cash provided by operating activities	4,817,634)	4,475,402)	2,735,069)	2,008,487)	2,253,100)	2,442,361)
Cash paid during the fiscal year for interest, net of tax¹	189,633)	153,413)	156,294)	172,974)	197,209)	223,025)
Additions to property, plant and equipment, net	(1,261,463)	(699,308)	(343,676)	(165,692)	(275,372)	(254,876)
Free cash flow to the firm (FCFF)	3,745,804)	3,929,507)	2,547,687)	2,015,769)	2,174,937)	2,410,510)

Based on: 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), 10-K (reporting date: 2019-11-02), 10-K (reporting date: 2018-11-03).

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the Analog Devices Inc. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Analog Devices Inc. FCFF increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

Analog Devices Inc., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019	Nov 3, 2018
Effective Income Tax Rate (EITR)
EITR¹	8.13%	11.30%	21.00%	6.93%	8.76%	4.46%
Interest Paid, Net of Tax
Cash paid during the fiscal year for interest, before tax	206,415)	172,957)	197,841)	185,854)	216,143)	233,436)
Less: Cash paid during the fiscal year for interest, tax²	16,782)	19,544)	41,547)	12,880)	18,934)	10,411)
Cash paid during the fiscal year for interest, net of tax	189,633)	153,413)	156,294)	172,974)	197,209)	223,025)

Based on: 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), 10-K (reporting date: 2019-11-02), 10-K (reporting date: 2018-11-03).

¹ See details »

² 2023 Calculation
Cash paid during the fiscal year for interest, tax = Cash paid during the fiscal year for interest × EITR
= 206,415 × 8.13% = 16,782

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Analog Devices Inc., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	103,436,623)
Free cash flow to the firm (FCFF)	3,745,804)
Valuation Ratio
EV/FCFF	27.61
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	203.71
Applied Materials Inc.	21.09
Broadcom Inc.	31.91
Intel Corp.	—
KLA Corp.	25.91
Lam Research Corp.	24.04
Micron Technology Inc.	—
NVIDIA Corp.	72.52
ON Semiconductor Corp.	57.17
Qualcomm Inc.	17.00
Texas Instruments Inc.	99.22
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	102.95
EV/FCFF, Industry
Information Technology	41.77

Based on: 10-K (reporting date: 2023-10-28).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

Analog Devices Inc., historical EV/FCFF calculation, comparison to benchmarks

	Oct 28, 2023	Oct 29, 2022	Oct 30, 2021	Oct 31, 2020	Nov 2, 2019	Nov 3, 2018
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	95,938,101)	90,858,768)	99,766,443)	54,668,030)	47,157,856)	38,674,976)
Free cash flow to the firm (FCFF)²	3,745,804)	3,929,507)	2,547,687)	2,015,769)	2,174,937)	2,410,510)
Valuation Ratio
EV/FCFF³	25.61	23.12	39.16	27.12	21.68	16.04
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	225.41	38.82	43.41	126.98	169.58	—
Applied Materials Inc.	17.40	19.06	26.22	22.52	18.91	9.96
Broadcom Inc.	28.53	14.74	19.47	16.54	15.04	13.02
Intel Corp.	—	—	16.94	11.08	17.39	—
KLA Corp.	19.99	19.05	26.29	18.70	20.92	14.15
Lam Research Corp.	17.99	24.03	24.02	25.91	9.83	10.36
Micron Technology Inc.	—	18.28	33.81	292.39	14.33	5.37
NVIDIA Corp.	142.90	78.07	69.47	41.65	27.92	—
ON Semiconductor Corp.	67.36	20.67	19.86	33.03	46.88	—
Qualcomm Inc.	11.61	18.18	17.47	30.89	14.91	22.53
Texas Instruments Inc.	90.39	27.05	24.23	27.67	20.75	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	61.21	34.74	26.16	22.06	18.29	—
EV/FCFF, Industry
Information Technology	34.25	27.01	27.93	24.12	19.69	—

Based on: 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), 10-K (reporting date: 2019-11-02), 10-K (reporting date: 2018-11-03).

¹ See details »

² See details »

³ 2023 Calculation
EV/FCFF = EV ÷ FCFF
= 95,938,101 ÷ 3,745,804 = 25.61

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Analog Devices Inc. EV/FCFF ratio decreased from 2021 to 2022 but then slightly increased from 2022 to 2023.

Analog Devices Inc. (NASDAQ:ADI)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical