ADI · CIK 6281
What Analog Devices, Inc. told the SEC could break it.
Analog Devices' register is bracketed by concentration at both ends of its chip business. On the sell side, independent third-party distributors carried about 56% of fiscal 2025 revenue — and because they also represent rival product lines, they could cut their sales effort or drop ADI with little notice. On the supply side, more than half of its external wafer and foundry purchases come from a limited number of suppliers such as TSMC, with some specialized processing sole-sourced. A geopolitical thread runs through it: its manufacturing and test sit across the U.S., Ireland, the Philippines, Thailand, and Malaysia, and it flags U.S.–China trade and export restrictions plus Taiwan Strait tensions as risks to that Taiwan-centered foundry supply.
4 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- independent distributors = ~56% of revenue (no individual distributor >10%)high
Sales to third-party distributors accounted for ~56% of Analog Devices' revenue in fiscal 2025; these distributors represent multiple companies' product lines, could reduce sales effort or terminate representation with little notice, and no individual distributor exceeded 10% of revenue.
“Sales to third-party distributors accounted for approximately 56% of our revenue in the year ended November 1, 2025. These independent distributors generally represent product lines offered by several companies and thus could reduce their sales efforts for our products.”
SEC filing →As of 2025
Geographic concentration
- internal manufacturing/test in US, Ireland, Philippines, Thailand, Malaysiamedium
ADI relies on internal manufacturing operations in the U.S., Ireland, the Philippines, Thailand and Malaysia (plus assembly/test in Penang, Malaysia — now held-for-sale — and Philippines/Thailand); a prolonged disruption at one or more facilities could materially harm results.
“we also rely on our internal manufacturing operations located in the United States, Ireland, the Philippines, Thailand and Malaysia. A prolonged disruption, shut-down or inability to utilize one or more of our or our third parties' manufacturing facilities due to natural or man-made disasters”
SEC filing →As of 2025
Regulatory & policy
- U.S.-China trade/export restrictions, tariffs, Taiwan Strait tensionsmedium
ADI faces trade-policy, tariff, export-classification and export-control restrictions particularly with respect to China (plus Taiwan Strait, Russia-Ukraine and Middle East tensions); U.S.-China relations changes could bring further tariffs, sanctions or retaliatory actions adversely affecting results.
“trade policy, commercial, travel, export or taxation disputes or restrictions, import, export or sector-based tariffs, changes to export classifications or other restrictions imposed by the U.S. government or by the governments of the countries in which we do business, particularly with respect to China”
Supplier concentration
- >half of wafer/foundry services from limited suppliers (TSMC); sole-source specialized processing vendorsmedium
More than half of ADI's external wafer and foundry-service purchases come from a limited number of suppliers such as TSMC; in certain instances a single vendor is the sole source of highly specialized processing services or materials, with Taiwan Strait tensions adding concentration risk.
“more than half of the Company's purchases of external wafer and foundry services are from a limited number of suppliers, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others. If these suppliers or any of the Company's other key suppliers are unable or unwilling to manufacture and deliver sufficient quantities of components”
SEC filing →As of 2025
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
Taiwan Semiconductor Manufacturing Company (TSMC)
“We currently source more than half of our wafer requirements annually from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, and the remainder is sourced internally.”
Cited →
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