Analog Devices management check
ADI · Information Technology · Semiconductors · CEO Vincent Roche
Filings as of
4 good · 2 to watch · 1 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $216, against $274 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.74 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.2% of net income$27.5m of reported pay in fiscal 2025, against $2.3bn of net income.
- Watch
Do they own the stock?
CEO stake ≈ 1.8 years of payThe CEO holds 125,460.083 shares, directly or through trusts (unvested awards not counted): about 1.8 years of pay. 7 insiders sold $68.3m in the last six months and none bought. 114 of 123 sales ran on pre-arranged 10b5-1 plans.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.9% a year over the last three fiscal years. Stock-based pay was 2.9% of revenue in the latest year.
- Good
Is leadership stable?
9 leadership filings in 3 yearsCEO in the pay table: Vincent Roche. 9 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Information Technology.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 23 | 33 | |
| Pay for performance | 87 | 87 | |
| CEO cost | 43 | 35 | |
| Skin in the game | 28 | 47 | |
| Dilution | 61 | 56 | |
| Stable leadership | 80 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Semiconductors, by management score. Analog Devices is 39th of 73 in its sector.
- 20NVDANvidia86
- 101ONON Semiconductor76
- 112AVGOBroadcom75
- 117MUMicron Technology75
- 132FSLRFirst Solar73
- 235MRVLMarvell Technology66
- 236QCOMQualcomm65
- 314ADIAnalog Devices60
- 319MPWRMonolithic Power Systems60
- 373TXNTexas Instruments56
Pay versus performance
From the proxy statement filed January 23, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Vincent Roche | $27.5m | $54.0m | $6.7m | $216 | $274 | $2.3bn |
| 2024 | Vincent Roche | $22.4m | $64.9m | $7.9m | $204 | $181 | $1.6bn |
| 2023 | Vincent Roche | $25.5m | $27.4m | $8.3m | $143 | $131 | $3.3bn |
| 2022 | Vincent Roche | $22.1m | $11.4m | $14.3m | $127 | $122 | $2.7bn |
| 2021 | Vincent Roche | $30.8m | $59.6m | $6.0m | $149 | $168 | $1.4bn |
The board says pay is tied most to OPBT Margin. Its other key measures: Revenue Growth, Adjusted Operating Income, Relative Total Shareholder Return (TSR).
Insiders and the CEO's stake
Vincent Roche (Chair & CEO) held 125,460.083 shares directly after their latest Form 4 on Oct 1, 2026, roughly $49.8m at that filing's price.
7 insiders sold $68.3m in the last six months and none bought. 114 of 123 sales ran on pre-arranged 10b5-1 plans.
- SoldVincent RocheChair & CEO$47.4mOct 1, 2026
- SoldMartin CotterSVP, Vertical Business Units$7.4mJun 2, 2026
- SoldRay StataDirector · 10b5-1 plan$5.5mOct 7, 2026
- SoldRichard C Jr PuccioChief Financial Officer · 10b5-1 plan$3.3mOct 20, 2026
Leadership and governance on file
- Mar 12, 2026Leadership change8-K 5.02
- Jan 23, 2026Leadership change8-K 5.02
- May 27, 2025Leadership change8-K 5.02
- Jan 13, 2025Leadership change8-K 5.02
- Nov 20, 2024Leadership change8-K 5.02
- Oct 10, 2024Leadership change8-K 5.02
- Jan 25, 2024Leadership change8-K 5.02
- Jan 19, 2024Leadership change8-K 5.02
- Dec 7, 2023Leadership change8-K 5.02
- Oct 13, 2023Leadership change8-K 5.02
- Oct 4, 2023Leadership change8-K 5.02
- Jun 5, 2023Leadership change8-K 5.02
Latest shareholder vote results: Mar 12, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $19.0bn returned to owners in buybacks and dividends, 167% of net income, and $1.5bn of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $7.3bn | $12.0bn | $12.3bn | $9.4bn | $11.0bn |
| Net income | $1.4bn | $2.7bn | $3.3bn | $1.6bn | $2.3bn |
| Stock-based pay | $243.6m | $323.5m | $299.8m | $262.7m | $321.6m |
| Buybacks | $2.6bn | $2.6bn | $3.0bn | $615.6m | $2.2bn |
| Dividends | $1.1bn | $1.5bn | $1.7bn | $1.8bn | $1.9bn |
| Diluted shares | 401m | 523m | 506m | 499m | 497m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.