Analog Devices (ADI): a high-quality compounder navigating cyclical recovery and geopolitical crosscurrents
From The Gemini Brief - Investment Deep Dives · 00:43:43
Show by Lukasz Tomicki and LRT Capital Management LLC
Slide Deck Analog Devices (ADI) is the second-largest pure-play analog semiconductor company globally with ~$11B in revenue, operating at structurally superior margins (69% adjusted gross, 42% adjusted operating, 39% FCF) that reflect genuine competitive advantages in high-performance analog design. The business is recovering from a severe cyclical trough—FY2024 revenue declined 23% peak-to-trough—and is now guiding […]
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