# Analog Devices (ADI.US)

Canonical: https://gigainvestors.com/s/ADI

Analysis as of: 2026-10-16T07:26:12.675Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $403.95 per share; close as of 2026-10-15.

Estimated value: low $109.00 per share, central $123.45 per share, high $142.69 per share. Buy at or below the central value $123.45 per share. Valuation as of 2026-10-16T07:26:12.675Z; scenarios are not confidence intervals.

Expected annual return: 5.0% at the stated quote. About 5.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.22×

- FY2018: 0.31×

- FY2019: 0.29×

- FY2020: 0.27×

- FY2021: 0.23×

- FY2022: 0.27×

- FY2023: 0.31×

- FY2024: 0.22×

- FY2025: 0.27×

- LTM to Jul 2026: 0.36×

### moat: fail

- Recent gross margin fell 4.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 22.5%

- ROIC, second-lowest year: 13.8%

- Typical minus recent gross margin: 4.0 pp

- Typical gross margin (annual median): 65.5%

- Recent gross margin (lower of latest and 3-year median): 61.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.6%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 79.6%

- FY2017: 21.1%

- FY2018: 38.2%

- FY2019: 36.5%

- FY2020: 36.2%

- FY2021: 10.6%

- FY2022: 19.8%

- FY2023: 23.9%

- FY2024: 13.8%

- FY2025: 20.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.55×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $18B

- Net income, five-year total: $11B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 4.7 pp

- Working capital / revenue, final three-year average: 22.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.53×

- FY2022: 1.58×

- FY2023: 1.31×

- FY2024: 1.84×

- FY2025: 1.65×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 38.2% vs 20.6%

- Per-share earnings: 2.30 to 4.56 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 4.6%

- Ordinary dilution, 5-year annual growth: 6.0%

- Market cap gain: $91B

- Cumulative retained earnings: $5.8B

- Diluted shares, 10-year annual growth: 4.6%

- Diluted shares, 5-year annual growth: 6.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.0%

- Per-share value change: $2.27

- Per-share value, starting three-year median: $2.30

- Per-share value, ending three-year median: $4.56

- Buybacks concentrated in cheaper years (correlation): 0.36

- Average buyback yield: 1.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $42B

- Cumulative net income, 10 years: $17B

- ROIC, first three-year median: 38.2%

- ROIC, last three-year median: 20.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.76

- FY2017: $2.30

- FY2018: $4.02

- FY2019: $3.66

- FY2020: $3.28

- FY2021: $3.46

- FY2022: $5.25

- FY2023: $6.55

- FY2024: $3.28

- FY2025: $4.56

### accounting: pass

- Sloan accruals: -5.3%

- Receivables to sales index (DSRI): 0.92×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 6.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.12×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -1.5%

- FY2018: -4.6%

- FY2019: -4.2%

- FY2020: -3.7%

- FY2021: -2.6%

- FY2022: -3.4%

- FY2023: -3.1%

- FY2024: -4.6%

- FY2025: -5.3%

## Holders

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Sarah Ketterer](https://gigainvestors.com/CAU): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Glenn Greenberg](https://gigainvestors.com/CCM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Steven Romick](https://gigainvestors.com/FPA): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Wallace Weitz](https://gigainvestors.com/WIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 16.2% a year for ten years · "ADI's Communications Segment Surges on AI Demand: What's Ahead?" (finance.yahoo.com, Sep 2026) · sales +16.9%

Story as of 2026-10-16T09:58:14.109Z; price observation 2026-10-15.

Price needs cash profits to grow 16.2% a year for ten years

- 2025-05-22: Analog Devices forecasts third-quarter results above estimates ([finance.yahoo.com](https://finance.yahoo.com/news/chipmaker-analog-devices-beats-second-111154829.html))

- 2025-08-20: Analog Devices Eyes Solid Finish To 2025 Fueled By Strong Industrial, Auto Sales ([finance.yahoo.com](https://finance.yahoo.com/news/analog-devices-eyes-solid-finish-123255387.html))

- 2025-11-25: Analog Devices forecasts $3.1B Q1 revenue as industrial and communications lead FY26 growth ([seekingalpha.com](https://seekingalpha.com/news/4526002-analog-devices-forecasts-3_1b-q1-revenue-as-industrial-and-communications-lead-fy26-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-19: ADI Q4 Deep Dive: Industrial and Data Center Momentum Power Strong Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/adi-q4-deep-dive-industrial-053240995.html))

- 2026-05-20: Analog Devices beats estimates, guides above expectations ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/analog-devices-beats-estimates-guides-115119783.html))

- 2026-09-14: ADI's Communications Segment Surges on AI Demand: What's Ahead? ([finance.yahoo.com](https://finance.yahoo.com/technology/ai/articles/adis-communications-segment-surges-ai-142900496.html))

### Sales · FY2024–2025

sales +16.9%; source https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm; observed 2025-11-25.

- FY2016: $3.4B 

- FY2017: $5.2B 

- FY2018: $6.2B 

- FY2019: $6.0B 

- FY2020: $5.6B 

- FY2021: $7.3B 

- FY2022: $12B 

- FY2023: $12B 

- FY2024: $9.4B 

- FY2025: $11B 

### Gross margin · FY2025

gross margin 61.5%; source https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm; observed 2025-11-25.

- FY2016: 65.1% 

- FY2017: 67.2% 

- FY2018: 68.3% 

- FY2019: 67.0% 

- FY2020: 65.9% 

- FY2021: 66.4% 

- FY2022: 65.0% 

- FY2023: 64.0% 

- FY2024: 57.1% 

- FY2025: 61.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are USD 11 billion.

- Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm (filed 2025-11-25); FY2025: revenue 11019707000; grossProfit 6773478000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADI.US: Analog Devices, Inc. engages in the design, manufacture, testing, and marketing of integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. It provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs. The company also offers amplifiers to condition analog signals; and radio frequency and microwave ICs to support cellular infrastructure; and micro-electro-mechanical systems technology solutions, including accelerometers used to sense acceleration, gyroscopes for sense rotation, inertial measurement units to sense multiple degrees of freedom, and broadband switches for radio and instrument systems, as well as isolators. In addition, it provides digital signal processing and system products for numeric calculations. The company serves clients in the industrial, automotive, consumer, instrumentation, aerospace, defense and healthcare, and communications markets through a direct sales force, third-party distributors, and independent sales representatives, as well as online. The company was incorporated in 1965 and is headquartered in Wilmington, Massachusetts.

### Why customers stay

Margins ranged from 57.1% to 64% during 2023–25; it earns 22.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: grossProfit / revenue = 64%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: grossProfit / revenue = 57.1%.

- Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm (filed 2025-11-25); FY2025: grossProfit / revenue = 61.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); 10-year return on capital observations [[2016,0.7960954639203962],[2017,0.2110314411663081],[2018,0.3816191807248283],[2019,0.36530522382156777],[2020,0.3623212360554895],[2021,0.10630365474663882],[2022,0.19805240933266355],[2023,0.2388044711091393],[2024,0.13799784009662228],[2025,0.20631258205515735]]; median 0.2249179561377237. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 2.2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2016: growth capex 0; upkeep 127397000; owner earnings 944057000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2017: growth capex 0; upkeep 204098000; owner earnings 1185340000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2018: growth capex 0; upkeep 254876000; owner earnings 2051167000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2019: growth capex 0; upkeep 275372000; owner earnings 1898890000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2020: growth capex 0; upkeep 165692000; owner earnings 1865992000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2021: growth capex 0; upkeep 343676000; owner earnings 2121380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2022: growth capex 0; upkeep 699308000; owner earnings 4346752000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2023: growth capex 0; upkeep 1261463000; owner earnings 4346219000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); FY2024: growth capex 0; upkeep 730463000; owner earnings 3009126000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm (filed 2025-11-25); FY2025: growth capex 0; upkeep 533552000; owner earnings 3732635000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Dividend observations: [[2016,513180000],[2017,602119000],[2018,703307000],[2019,777481000],[2020,886155000],[2021,1109344000],[2022,1544552000],[2023,1679106000],[2024,1795459000],[2025,1924413000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm (filed 2025-11-25); FY2025: cash repurchases 2164638000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ADI.US SharesStats.PercentInsiders = 0.23500000000000001 percentage points; cache date 2026-10-16.

### What could break it

Many of these factors and risks are present and may be exacerbated within our business operations in China.

- Source: https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm (filed 2025-11-25); A significant portion of our revenue is derived from customers in international markets, and we expect that international sales will continue to account for a significant portion of our revenue in the future. Many of these factors and risks are present and may be exacerbated within our business operations in China. For example, changes in U.S.-China relations, the political environment or international trade policies could result in further revisions to laws or regulations or their interpretation and enforcement, increased taxation, trade sanctions, the imposition of 11 additional import or export duties and tariffs, restrictions on imports or exports, currency revaluations or retaliatory actions, which have had and may continue to have an adverse effect on our business plans and operating results.

### What the price says

The price assumes cash profits grow 16.2% yearly over ten years; actual growth was 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-25); Ten-year compound average after fade. Initial solved rate 0.2221174291939152. Price 403.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.4147226640410007 → FY2025 7.514731965798888. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $64.10 per share

- 2016-11: $74.24 per share

- 2016-12: $72.62 per share

- 2017-01: $74.94 per share

- 2017-02: $81.93 per share

- 2017-03: $81.95 per share

- 2017-04: $76.20 per share

- 2017-05: $85.76 per share

- 2017-06: $77.80 per share

- 2017-07: $79.01 per share

- 2017-08: $83.67 per share

- 2017-09: $86.17 per share

- 2017-10: $91.30 per share

- 2017-11: $86.11 per share

- 2017-12: $89.03 per share

- 2018-01: $91.88 per share

- 2018-02: $90.15 per share

- 2018-03: $91.13 per share

- 2018-04: $87.35 per share

- 2018-05: $97.18 per share

- 2018-06: $95.92 per share

- 2018-07: $96.14 per share

- 2018-08: $98.85 per share

- 2018-09: $92.46 per share

- 2018-10: $83.71 per share

- 2018-11: $91.92 per share

- 2018-12: $85.83 per share

- 2019-01: $98.86 per share

- 2019-02: $106.96 per share

- 2019-03: $105.27 per share

- 2019-04: $116.24 per share

- 2019-05: $96.62 per share

- 2019-06: $112.87 per share

- 2019-07: $117.46 per share

- 2019-08: $109.83 per share

- 2019-09: $111.73 per share

- 2019-10: $106.63 per share

- 2019-11: $112.95 per share

- 2019-12: $118.84 per share

- 2020-01: $109.75 per share

- 2020-02: $109.05 per share

- 2020-03: $89.65 per share

- 2020-04: $109.60 per share

- 2020-05: $112.95 per share

- 2020-06: $122.64 per share

- 2020-07: $114.85 per share

- 2020-08: $116.88 per share

- 2020-09: $116.74 per share

- 2020-10: $118.53 per share

- 2020-11: $139.08 per share

- 2020-12: $147.73 per share

- 2021-01: $147.33 per share

- 2021-02: $155.82 per share

- 2021-03: $155.08 per share

- 2021-04: $153.16 per share

- 2021-05: $164.60 per share

- 2021-06: $172.16 per share

- 2021-07: $167.42 per share

- 2021-08: $162.95 per share

- 2021-09: $167.48 per share

- 2021-10: $173.49 per share

- 2021-11: $180.25 per share

- 2021-12: $175.77 per share

- 2022-01: $163.97 per share

- 2022-02: $160.29 per share

- 2022-03: $165.18 per share

- 2022-04: $154.38 per share

- 2022-05: $168.40 per share

- 2022-06: $146.09 per share

- 2022-07: $171.96 per share

- 2022-08: $151.53 per share

- 2022-09: $139.34 per share

- 2022-10: $142.62 per share

- 2022-11: $171.91 per share

- 2022-12: $164.03 per share

- 2023-01: $171.47 per share

- 2023-02: $183.47 per share

- 2023-03: $197.22 per share

- 2023-04: $179.88 per share

- 2023-05: $177.69 per share

- 2023-06: $194.81 per share

- 2023-07: $199.53 per share

- 2023-08: $181.78 per share

- 2023-09: $175.09 per share

- 2023-10: $157.33 per share

- 2023-11: $183.38 per share

- 2023-12: $198.56 per share

- 2024-01: $192.36 per share

- 2024-02: $191.82 per share

- 2024-03: $197.79 per share

- 2024-04: $200.61 per share

- 2024-05: $234.49 per share

- 2024-06: $228.26 per share

- 2024-07: $231.38 per share

- 2024-08: $234.84 per share

- 2024-09: $230.17 per share

- 2024-10: $223.11 per share

- 2024-11: $218.05 per share

- 2024-12: $212.46 per share

- 2025-01: $211.89 per share

- 2025-02: $230.06 per share

- 2025-03: $201.67 per share

- 2025-04: $194.92 per share

- 2025-05: $213.98 per share

- 2025-06: $238.02 per share

- 2025-07: $224.63 per share

- 2025-08: $251.31 per share

- 2025-09: $245.70 per share

- 2025-10: $234.13 per share

- 2025-11: $265.34 per share

- 2025-12: $271.20 per share

- 2026-01: $310.88 per share

- 2026-02: $355.79 per share

- 2026-03: $318.14 per share

- 2026-04: $402.26 per share

- 2026-05: $413.85 per share

- 2026-06: $397.17 per share

- 2026-07: $367.41 per share

- 2026-08: $362.14 per share

- 2026-09: $396.71 per share

- 2026-10: $414.70 per share

## Annual estimated value (USD per share)

- FY2016: low $47.44 per share, central $60.12 per share, high $68.28 per share

- FY2017: low $39.66 per share, central $44.75 per share, high $51.54 per share

- FY2018: low $42.84 per share, central $48.50 per share, high $56.02 per share

- FY2019: low $49.88 per share, central $56.56 per share, high $65.45 per share

- FY2020: low $54.72 per share, central $61.92 per share, high $71.49 per share

- FY2021: low $67.74 per share, central $76.46 per share, high $88.05 per share

- FY2022: low $85.06 per share, central $96.46 per share, high $111.64 per share

- FY2023: low $89.94 per share, central $102.15 per share, high $118.40 per share

- FY2024: low $73.17 per share, central $82.66 per share, high $95.29 per share

- FY2025: low $89.05 per share, central $100.37 per share, high $115.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:31:47.975Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/6281/000000628125000153/adi-20251101.htm); period 2025-11-01, filed 2025-11-25.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Nicolai Tangen](https://gigainvestors.com/AKO): 616,881 ADI shares; USD 245,007,000 reported position value; 5.71% of portfolio; reduce; quarter 2026 Q2.
- [Sarah Ketterer](https://gigainvestors.com/CAU): 142,050 ADI shares; USD 56,418,000 reported position value; 0.61% of portfolio; reduce; quarter 2026 Q2.
- [Glenn Greenberg](https://gigainvestors.com/CCM): 612 ADI shares; USD 243,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 19,210 ADI shares; USD 7,630,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Steven Romick](https://gigainvestors.com/FPA): 1,598,506 ADI shares; USD 634,879,000 reported position value; 7.97% of portfolio; reduce; quarter 2026 Q2.
- [Francois Rochon](https://gigainvestors.com/GC): 93,310 ADI shares; USD 37,060,000 reported position value; 1.25% of portfolio; reduce; quarter 2026 Q2.
- [Thomas Gayner](https://gigainvestors.com/MKL): 999,671 ADI shares; USD 397,040,000 reported position value; 3.02% of portfolio; reduce; quarter 2026 Q2.
- [Andrew Adams](https://gigainvestors.com/MPF): 509 ADI shares; USD 202,000 reported position value; 0% of portfolio; reduce; quarter 2026 Q2.
- [Wallace Weitz](https://gigainvestors.com/WIM): 85,225 ADI shares; USD 33,849,000 reported position value; 2.34% of portfolio; reduce; quarter 2026 Q2.
- [William Von Mueffling](https://gigainvestors.com/cc): 88,014 ADI shares; USD 34,957,000 reported position value; 5.26% of portfolio; reduce; quarter 2026 Q2.
- [Lee Ainslie](https://gigainvestors.com/mc): 2,704 ADI shares; USD 1,074,000 reported position value; 0.01% of portfolio; new; quarter 2026 Q2.

# ADI — Analog Devices

Held by 11 investors · USD 1,448,359,000 total · 2026 Q2 · reported price USD 397.17 (split-adjusted).
Page: https://gigainvestors.com/s/ADI

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Steven Romick (https://gigainvestors.com/FPA) | USD 634,879,000 | 8.0% | reduce -7.23% |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 397,040,000 | 3.0% | reduce -2.3% |
| Nicolai Tangen (https://gigainvestors.com/AKO) | USD 245,007,000 | 5.7% | reduce -40.08% |
| Sarah Ketterer (https://gigainvestors.com/CAU) | USD 56,418,000 | 0.6% | reduce -29.62% |
| Francois Rochon (https://gigainvestors.com/GC) | USD 37,060,000 | 1.3% | reduce -45.45% |
| William Von Mueffling (https://gigainvestors.com/cc) | USD 34,957,000 | 5.3% | reduce -95.4% |
| Wallace Weitz (https://gigainvestors.com/WIM) | USD 33,849,000 | 2.3% | reduce -19.86% |
| David Hoeft (https://gigainvestors.com/DAC) | USD 7,630,000 | 0.0% | reduce -4.05% |
| Lee Ainslie (https://gigainvestors.com/mc) | USD 1,074,000 | <0.1% | new |
| Glenn Greenberg (https://gigainvestors.com/CCM) | USD 243,000 | <0.1% | new |
| Andrew Adams (https://gigainvestors.com/MPF) | USD 202,000 | 0.0% | reduce -21.45% |

## Total held by quarter

- 2010 Q3: USD 67,793,352 · 1 holder · USD 31.38
- 2010 Q4: USD 139,433,961 · 1 holder · USD 37.67
- 2011 Q1: USD 175,566,239 · 1 holder · USD 39.38
- 2011 Q2: USD 223,681,930 · 1 holder · USD 39.14
- 2011 Q3: USD 181,656,750 · 1 holder · USD 31.25
- 2011 Q4: USD 218,897,245 · 1 holder · USD 35.78
- 2012 Q1: USD 257,253,302 · 1 holder · USD 40.40
- 2012 Q2: USD 250,571,649 · 2 holders · USD 37.67
- 2012 Q3: USD 271,197,308 · 2 holders · USD 39.19
- 2012 Q4: USD 270,873,298 · 2 holders · USD 42.06
- 2013 Q1: USD 310,789,230 · 1 holder · USD 46.49
- 2013 Q2: USD 302,671,490 · 1 holder · USD 45.06
- 2013 Q3: USD 312,561,101 · 1 holder · USD 47.05
- 2013 Q4: USD 338,037,638 · 1 holder · USD 50.93
- 2014 Q1: USD 351,020,149 · 1 holder · USD 53.14
- 2014 Q2: USD 357,812,172 · 1 holder · USD 54.07
- 2014 Q3: USD 324,484,798 · 1 holder · USD 49.49
- 2014 Q4: USD 430,478,373 · 1 holder · USD 55.52
- 2015 Q1: USD 487,341,099 · 1 holder · USD 63.00
- 2015 Q2: USD 482,572,268 · 1 holder · USD 64.19
- 2015 Q3: USD 463,513,806 · 2 holders · USD 56.41
- 2015 Q4: USD 464,227,350 · 2 holders · USD 55.32
- 2016 Q1: USD 483,351,486 · 3 holders · USD 59.19
- 2016 Q2: USD 455,878,198 · 3 holders · USD 56.64
- 2016 Q3: USD 516,925,544 · 4 holders · USD 64.45
- 2016 Q4: USD 567,115,505 · 3 holders · USD 72.62
- 2017 Q1: USD 648,232,614 · 4 holders · USD 81.95
- 2017 Q2: USD 601,034,642 · 4 holders · USD 77.80
- 2017 Q3: USD 637,287,470 · 3 holders · USD 86.17
- 2017 Q4: USD 565,078,930 · 2 holders · USD 89.03
- 2018 Q1: USD 572,120,610 · 2 holders · USD 91.13
- 2018 Q2: USD 592,006,058 · 2 holders · USD 95.92
- 2018 Q3: USD 540,315,899 · 2 holders · USD 92.46
- 2018 Q4: USD 508,160,978 · 2 holders · USD 85.83
- 2019 Q1: USD 626,408,609 · 2 holders · USD 105.27
- 2019 Q2: USD 666,540,467 · 2 holders · USD 112.87
- 2019 Q3: USD 659,626,770 · 2 holders · USD 111.73
- 2019 Q4: USD 691,933,608 · 3 holders · USD 118.84
- 2020 Q1: USD 541,704,625 · 4 holders · USD 89.65
- 2020 Q2: USD 722,807,858 · 3 holders · USD 122.64
- 2020 Q3: USD 679,526,613 · 2 holders · USD 116.74
- 2020 Q4: USD 972,490,635 · 3 holders · USD 147.73
- 2021 Q1: USD 795,634,839 · 3 holders · USD 155.08
- 2021 Q2: USD 1,061,498,966 · 4 holders · USD 172.16
- 2021 Q3: USD 1,280,192,333 · 3 holders · USD 167.48
- 2021 Q4: USD 1,292,372,799 · 4 holders · USD 175.77
- 2022 Q1: USD 1,333,290,161 · 4 holders · USD 165.18
- 2022 Q2: USD 1,286,645,270 · 4 holders · USD 146.09
- 2022 Q3: USD 1,162,338,452 · 4 holders · USD 139.34
- 2022 Q4: USD 1,027,658,004 · 4 holders · USD 164.03
- 2023 Q1: USD 1,239,702,334 · 5 holders · USD 197.22
- 2023 Q2: USD 1,246,510,682 · 6 holders · USD 194.81
- 2023 Q3: USD 907,548,549 · 5 holders · USD 175.09
- 2023 Q4: USD 1,070,649,420 · 6 holders · USD 198.56
- 2024 Q1: USD 1,580,251,724 · 8 holders · USD 197.79
- 2024 Q2: USD 1,808,538,676 · 8 holders · USD 228.26
- 2024 Q3: USD 1,705,982,984 · 8 holders · USD 230.17
- 2024 Q4: USD 1,586,111,520 · 8 holders · USD 212.46
- 2025 Q1: USD 1,517,341,889 · 8 holders · USD 201.67
- 2025 Q2: USD 1,761,460,275 · 8 holders · USD 238.02
- 2025 Q3: USD 1,765,921,639 · 8 holders · USD 245.70
- 2025 Q4: USD 1,873,521,259 · 8 holders · USD 271.20
- 2026 Q1: USD 1,968,421,976 · 9 holders · USD 318.14
- 2026 Q2: USD 1,448,359,000 · 11 holders · USD 397.17