Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Income Statement
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- Analysis of Profitability Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
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- Net Profit Margin since 2005
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Historical Valuation Ratios (Summary)
Analog Devices Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 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).
The valuation metrics exhibit a cyclical pattern characterized by a period of expansion, a significant correction through 2023, and a subsequent recovery and expansion phase leading into 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both ratios demonstrate a high degree of correlation, reflecting similar trends in market sentiment relative to profitability. An initial surge saw the P/E ratio climb from 41.93 in January 2021 to a peak of 68.72 in January 2022. This was followed by a sustained decline, reaching a trough of 23.57 in July 2023. A sharp reversal occurred in early 2024, with the P/E ratio peaking at 76.64 in February 2024 before stabilizing in the 54.00 to 62.00 range. The P/OP ratio mirrored this movement, falling from highs of 56.12 to a low of 20.41 in April 2023, followed by a recovery to a peak of 61.84 in February 2024.
- Price to Sales (P/S)
- The P/S ratio remained relatively stable between 7.00 and 13.00 for the first three years of the period. A contraction is observed between October 2021 and July 2023, with the ratio hitting a minimum of 6.75 in April 2023. Following this period, a consistent upward trend is evident, with the ratio expanding significantly to reach 15.22 by May 2026, indicating an increasing market premium attributed to the company's revenue generation.
- Price to Book Value (P/BV)
- The P/BV ratio underwent a notable structural shift. After starting at 4.88 in January 2021, the ratio dropped sharply in late 2021 and remained suppressed between 2.24 and 2.72 throughout most of 2022 and 2023. Beginning in January 2024, a steady appreciation is observed, with the ratio climbing to 5.75 by May 2026, surpassing the initial valuations seen at the start of the period.
Overall, the analysis indicates a valuation trough in the first half of 2023 across all measured ratios. The subsequent increase in P/S and P/BV ratios toward 2026 suggests a fundamental re-rating of the company's assets and sales capacity, while the volatility in P/E and P/OP ratios suggests more fluctuating investor expectations regarding short-term earnings growth.
Price to Earnings (P/E)
Analog Devices Inc., historical P/E calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Net income (in thousands) | |||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Analog Devices Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics reveal a period of significant volatility in the price-to-earnings (P/E) ratio, primarily driven by the inverse relationship between a generally ascending share price and fluctuating quarterly earnings per share (EPS).
- Share Price Trajectory
- A sustained upward trend is observed in the share price, which climbed from 159.75 US$ in January 2021 to 398.05 US$ by May 2026. The growth was relatively steady until early 2026, where a sharp acceleration occurred, with the price increasing from 241.66 US$ in February 2024 to its peak in May 2026.
- Earnings per Share (EPS) Fluctuations
- EPS exhibited cyclical behavior, reaching a peak of 7.53 US$ in July 2023. This was followed by a marked contraction, with earnings falling to a low of 3.15 US$ by February 2024. A recovery phase is evident in the subsequent periods, with EPS returning to 6.80 US$ by May 2026.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio experienced three distinct phases. First, a period of expansion occurred between October 2021 and January 2022, where the ratio climbed to approximately 68. Second, a compression phase took place between April 2022 and July 2023, reaching a minimum of 23.57 as earnings peaked. Third, a rapid expansion occurred between October 2023 and February 2024, peaking at 76.64. This spike was the result of share price appreciation coinciding with a significant drop in EPS. In the final periods leading to May 2026, the ratio stabilized within a range of 54.43 to 62.47.
Price to Operating Profit (P/OP)
Analog Devices Inc., historical P/OP calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating incomeQ2 2026
+ Operating incomeQ1 2026
+ Operating incomeQ4 2025
+ Operating incomeQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Analog Devices Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The Price to Operating Profit (P/OP) ratio exhibits significant volatility over the analyzed period, reflecting divergent trends between the company's market valuation and its operational earnings capacity.
- Initial Valuation Fluctuations (2021–2022)
- During the early stages of the period, the P/OP ratio shifted from 34.90 in January 2021 to a peak of 56.12 by October 2021. This spike was primarily driven by a sharp decrease in operating profit per share, which fell from 5.58 in July 2021 to 3.22 in October 2021, while the share price simultaneously increased.
- Valuation Compression Phase (2022–2023)
- A period of valuation compression occurred between April 2022 and April 2023, with the P/OP ratio reaching its lowest point of 20.41. This downward trend was characterized by a strong expansion in operating profit per share, which grew from 3.83 in April 2022 to a peak of 8.49 in April 2023, outpacing the growth in share price during this interval.
- Expansion and Peak Valuation (2023–2025)
- The P/OP ratio entered a phase of rapid expansion starting in October 2023, culminating in a period high of 61.84 in February 2025. This trend resulted from a combination of rising share prices and a simultaneous contraction in operating profit per share, which declined from 7.70 in October 2023 to 3.91 in February 2025.
- Recent Stabilization Trend (2025–2026)
- In the final periods observed, the P/OP ratio stabilized and moderated, ending at 46.83 in May 2026. This correction was supported by a robust recovery in operating profit per share, which rose from 3.91 in February 2025 to 8.50 in May 2026, offsetting the substantial increase in the share price to 398.05.
Price to Sales (P/S)
Analog Devices Inc., historical P/S calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Revenue (in thousands) | |||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Analog Devices Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The valuation metrics for the period between January 2021 and May 2026 exhibit a distinct cyclical pattern, characterized by an initial contraction in the price-to-sales (P/S) ratio followed by a period of significant valuation expansion.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio began the analyzed period at 10.06, experiencing a peak of 12.98 in October 2021 before entering a prolonged downward trend. This contraction reached its nadir in April 2023, where the ratio fell to 6.75. Following this trough, a recovery phase commenced, with the ratio returning to double digits by February 2024. The final segment of the period shows an aggressive upward trajectory, culminating in a peak ratio of 15.22 by May 2026, the highest value in the dataset.
- Share Price Dynamics
- The share price demonstrated general growth over the observed timeframe, despite periodic volatility. After fluctuating between 153.12 and 196.18 through January 2023, a substantial acceleration in price was observed starting in early 2024. The price climbed from 193.72 in October 2023 to 398.05 by May 2026, representing a significant increase in market valuation.
- Sales per Share Performance
- Revenue efficiency, measured by sales per share, showed a growth phase from January 2021 (15.88) to a peak in April 2023 (25.67). However, a subsequent decline occurred, with sales per share dropping to a low of 18.83 by February 2025. A recovery in revenue generation is evident in the final quarters, with sales per share rising back to 26.16 by May 2026.
- Correlation Analysis
- The divergence between share price and sales per share is most evident between 2024 and 2026. During this window, the P/S ratio expanded rapidly because the increase in share price significantly outpaced the recovery in sales per share. This suggests a shift in market sentiment toward a higher valuation multiple, as the market paid a premium for each dollar of sales compared to the 2022-2023 period.
Price to Book Value (P/BV)
Analog Devices Inc., historical P/BV calculation (quarterly data)
| May 2, 2026 | Jan 31, 2026 | Nov 1, 2025 | Aug 2, 2025 | May 3, 2025 | Feb 1, 2025 | Nov 2, 2024 | Aug 3, 2024 | May 4, 2024 | Feb 3, 2024 | Oct 28, 2023 | Jul 29, 2023 | Apr 29, 2023 | Jan 28, 2023 | Oct 29, 2022 | Jul 30, 2022 | Apr 30, 2022 | Jan 29, 2022 | Oct 30, 2021 | Jul 31, 2021 | May 1, 2021 | Jan 30, 2021 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Shareholders’ equity (in thousands) | |||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | |||||||||||||||||||||||||||||
| Applied Materials Inc. | |||||||||||||||||||||||||||||
| Broadcom Inc. | |||||||||||||||||||||||||||||
| Intel Corp. | |||||||||||||||||||||||||||||
| KLA Corp. | |||||||||||||||||||||||||||||
| Lam Research Corp. | |||||||||||||||||||||||||||||
| Micron Technology Inc. | |||||||||||||||||||||||||||||
| NVIDIA Corp. | |||||||||||||||||||||||||||||
| Qualcomm Inc. | |||||||||||||||||||||||||||||
| Texas Instruments Inc. | |||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2026-05-02), 10-Q (reporting date: 2026-01-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Analog Devices Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The valuation of the common stock exhibits distinct phases characterized by a structural shift in book value followed by a significant expansion of the market premium over the analyzed period.
- Book Value Structural Shift
- A substantial increase in book value per share occurred between July 31, 2021, and October 30, 2021, where the value rose from US$ 33.31 to US$ 72.32. This abrupt adjustment resulted in an immediate contraction of the Price to Book Value (P/BV) ratio, which fell from 4.98 to 2.50, effectively resetting the valuation baseline despite a simultaneous increase in the share price.
- Period of Relative Stability
- Following the 2021 adjustment, the P/BV ratio remained relatively stable from October 2021 through January 2023, fluctuating within a narrow range between 2.24 and 2.72. During this phase, the book value per share showed minimal volatility, maintaining a level near US$ 72.00.
- Gradual Valuation Recovery
- A consistent upward trajectory in the P/BV ratio began in February 2024, rising from 3.38 to 3.65 by November 2025. This increase was driven by an appreciating share price while the book value per share entered a period of gradual decline, decreasing from US$ 71.68 in October 2023 to US$ 69.06 by November 2025.
- Accelerated Market Premium
- The final phase of the analysis shows a sharp acceleration in the valuation multiple. The P/BV ratio climbed from 3.65 in November 2025 to a period high of 5.75 by May 2, 2026. This spike corresponds with a significant surge in the share price to US$ 398.05, indicating that the market assigned a premium to the stock that far exceeded historical levels seen since the 2021 book value shift.