Analog Devices (ADI) FY2019 results: revenue $6.0 billion, down 3.8% on the year
Analog Devices Inc. (ADI) reported revenue of $6.0 billion for fiscal 2019, the year ended 2 November 2019, down 3.8% on the year before. Net income was $1.4 billion, down 9.6%, and diluted earnings per share $3.65. The figures are the company's own, from the 10-K it filed with the SEC on 26 November 2019.
Revenue
$6.0 billion
-3.8% on the year
FY2012FY2019
Operating margin
28.6%
30.5% a year earlier
FY2012FY2019
Net income
$1.4 billion
-9.6% on the year
FY2012FY2019
Diluted EPS
$3.65
-8.1% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
5,991
6,225
5,246
-3.8%
Cost of revenue
1,977
1,974
2,078
+0.2%
Gross profit
4,014
4,250
3,168
-5.6%
Gross margin
67.0%
68.3%
60.4%
Research and development
1,130
1,165
969
-3.0%
Selling, general and administrative
648
696
691
-6.9%
Operating income
1,711
1,900
1,163
-9.9%
Operating margin
28.6%
30.5%
22.2%
Interest expense
229
254
251
-9.7%
Pre-tax income
1,486
1,655
935
-10.2%
Income tax
123
148
129
-17.3%
Effective tax rate
8.3%
9.0%
13.8%
Net income
1,363
1,507
805
-9.6%
Net margin
22.8%
24.2%
15.4%
Diluted EPS
$3.65
$3.97
$2.07
-8.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
2,253
2,442
1,154
-7.7%
Capital expenditure
275
255
204
+8.0%
Free cash flow
1,978
2,187
950
-9.6%
Free cash flow margin
33.0%
35.1%
18.1%
Cash from investing
-293
-314
-6,618
Cash from financing
-2,127
-2,358
5,587
Depreciation and amortisation
811
799
584
+1.5%
Share-based compensation
150
151
104
-0.6%
Buybacks
613
226
46.5
+171.3%
Dividends paid
777
703
602
+10.5%
Dividend per share
$2.10
$1.89
$1.77
+11.1%
Diluted shares, weighted
373m
375m
350m
-0.6%
Shares outstanding at period end
368m
370m
369m
-0.5%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
11,709
11,268
10,162
+3.9%
Debt
5,492
6,333
7,851
-13.3%
Other liabilities
4,192
2,849
3,129
+47.1%
Total liabilities and equity
21,393
20,450
21,141
+4.6%
Fixed assets
1,220
1,154
1,107
+5.7%
Goodwill
12,257
12,253
12,217
+0.0%
Intangible assets
4,217
4,778
5,319
-11.7%
Investments
77.3
28.7
24.8
+169.1%
Cash and equivalents
648
817
1,048
-20.6%
Receivables
635
640
689
-0.7%
Inventory
610
587
551
+3.9%
Other assets
1,728
193
185
+795.9%
Total assets
21,393
20,450
21,141
+4.6%
10-K for the year ended 2 November 2019, filed 26 November 2019: the filing.