Analog Devices (ADI) designs and sells high-performance analog, mixed-signal, and power semiconductors — chips that sense, measure, and process real-world signals like temperature, motion, sound, and electrical current, converting them between analog and digital. ADI's core product families include data converters, amplifiers, RF/microwave ICs, power management ICs, sensors, and DSPs. ADI sells primarily to OEMs, reaching customers through a direct sales force and third-party distributors across roughly 50 countries. ADI organizes its business into four end markets: industrial (~45% of revenue), automotive (~30%), communications (~13%), and consumer (~13%). In industrial, ADI has a leading position in automated test equipment for AI chips and a growing aerospace and defense business. In automotive, ADI's primary franchises are in-vehicle connectivity (A2B audio bus, GMSL video) and battery management systems for EVs. In communications, ADI's data center business — driven by power management and optical control ICs for AI infrastructure — crossed a $1B annualized run rate in FY25. ADI's chips are specified into customer products at the design stage, and once designed in, ADI typically supplies that product for many years, since switching components mid-production is costly. ADI commands ASPs roughly 4x the industry average, reflecting its focus on high-performance niches where accuracy and reliability matter more than price. ADI operates a hybrid manufacturing model combining internal fabs in the U.S. and Ireland with outsourced wafer production and overseas assembly. ADI targets returning 100% of free cash flow to shareholders via dividends and buybacks.