Analog Devices (ADI) FY2020 results: revenue $5.6 billion, down 6.5% on the year
Analog Devices Inc. (ADI) reported revenue of $5.6 billion for fiscal 2020, the year ended 31 October 2020, down 6.5% on the year before. Net income was $1.2 billion, down 10.4%, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 24 November 2020.
Revenue
$5.6 billion
-6.5% on the year
FY2013FY2020
Operating margin
26.7%
28.6% a year earlier
FY2013FY2020
Net income
$1.2 billion
-10.4% on the year
FY2013FY2020
Diluted EPS
$3.28
-10.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
5,603
5,991
6,225
-6.5%
Cost of revenue
1,913
1,977
1,974
-3.3%
Gross profit
3,690
4,014
4,250
-8.1%
Gross margin
65.9%
67.0%
68.3%
Research and development
1,051
1,130
1,165
-7.1%
Selling, general and administrative
660
648
696
+1.8%
Operating income
1,498
1,711
1,900
-12.4%
Operating margin
26.7%
28.6%
30.5%
Interest expense
193
229
254
-15.6%
Pre-tax income
1,312
1,486
1,655
-11.7%
Income tax
90.9
123
148
-26.0%
Effective tax rate
6.9%
8.3%
9.0%
Net income
1,221
1,363
1,507
-10.4%
Net margin
21.8%
22.8%
24.2%
Diluted EPS
$3.28
$3.65
$3.97
-10.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,008
2,253
2,442
-10.9%
Capital expenditure
166
275
255
-39.8%
Free cash flow
1,843
1,978
2,187
-6.8%
Free cash flow margin
32.9%
33.0%
35.1%
Cash from investing
-181
-293
-314
Cash from financing
-1,421
-2,127
-2,358
Depreciation and amortisation
811
811
799
-0.0%
Share-based compensation
150
150
151
-0.5%
Buybacks
244
613
226
-60.1%
Dividends paid
886
777
703
+14.0%
Dividend per share
$2.40
$2.10
$1.89
+14.3%
Diluted shares, weighted
372m
373m
375m
-0.2%
Shares outstanding at period end
369m
368m
370m
+0.3%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
11,998
11,709
11,268
+2.5%
Debt
5,145
5,492
6,333
-6.3%
Operating lease liabilities
288
n/a
n/a
Other liabilities
4,037
4,192
2,849
-3.7%
Total liabilities and equity
21,469
21,393
20,450
+0.4%
Fixed assets
1,121
1,220
1,154
-8.1%
Goodwill
12,278
12,257
12,253
+0.2%
Intangible assets
3,650
4,217
4,778
-13.4%
Investments
86.7
77.3
28.7
+12.2%
Cash and equivalents
1,056
648
817
+62.9%
Receivables
738
635
640
+16.1%
Inventory
608
610
587
-0.3%
Other assets
1,931
1,728
193
+11.8%
Total assets
21,469
21,393
20,450
+0.4%
10-K for the year ended 31 October 2020, filed 24 November 2020: the filing.