Direct Answer
60 SEC filers are classified under the Standard Industrial Classification code that describes the analog semiconductors industry, and their latest annual reports show $542.8 billion of combined revenue and a median operating margin of -2.3%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics.
Industry Overview
Analog semiconductor makers produce chips that sense and convert real-world signals and manage power, used across industrial, automotive, communications and consumer devices. Products have long lives and customers qualify them for years, which supports margins. The first numbers to compare across companies here are revenue by end market, gross margin and share of industrial and automotive.
Key Industry Metrics
- Revenue by end market: Sales divided among industrial, automotive, communications and consumer uses. Industrial and automotive tend to be steadier and longer lived, so mix helps explain cyclicality.
- Gross margin: Revenue left after wafers, assembly and test. Long-lived products, internal manufacturing and utilization support high margins, which drop when factories run below capacity.
- Share of industrial and automotive: The portion of revenue from factories and cars. These markets favor long product lives and qualification, so a higher share generally means steadier demand and pricing.
- Inventory days: Days of sales held as finished chips and work in progress. Rising days can signal weakening orders or a build ahead of demand, so compare with customer inventory trends.
- Capital spending and capacity: Money spent on factories and capacity, including newer wafer sizes. It shapes future cost per chip but is committed ahead of demand, so compare it with revenue and cash generation.
Primary Macro Drivers
- Industrial and automotive demand: Factories and vehicles use many analog chips for sensing and power, so production and design activity in those markets drive revenue by end market.
- Customer inventory cycles: Customers hold stock and adjust orders with their own cycles, so shipments can swing above or below real demand; watch inventory days.
- Capacity and 300-millimeter conversion: Owning capacity on larger wafers lowers cost per chip and improves margin, but takes years and spending to build and must be filled.
- Pricing: Long product lives and customer qualification give suppliers some control over prices, which supports gross margin when capacity is tight.
Major Risks
- Inventory corrections: After periods of over-ordering, customers draw down stock and cut purchases, causing sharp revenue declines; watch inventory days and book-to-bill.
- Cyclicality: Orders follow industrial and automotive activity and distributor stocking, so downturns hit sales quickly; watch revenue by end market.
- Competition from Chinese suppliers: Local suppliers selling lower-priced analog parts pressure pricing in some lines; watch gross margin, share commentary and the industrial mix.
- Capital intensity: Plants require large spending and fixed costs, so weak utilization pulls down margin; watch capital spending against revenue and utilization.
Industry Characteristics
| Characteristic | Profile |
|---|---|
| Cyclicality | Cyclical |
| Capital Intensity | High |
| Regulatory Intensity | Low |
| Industry Maturity | Mature |
| Geographic Importance | Global |
Analog Semiconductors Filers in the SEC Record
60 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification code 3674. Their latest fiscal years end between 2025 and 2026, and together they reported $542.8 billion of revenue. Median revenue growth over the prior year was 20.3%. Median operating margin was -2.3% and median net margin -1.7%. Median total liabilities were 34% of total assets, and 27 of 60 reported a profit in their latest year.
| Company | Revenue | Growth | Operating margin | Net margin | Year |
|---|---|---|---|---|---|
| Nvidia Corp | $215.9 billion | 65.5% | 60.4% | 55.6% | FY 2026 |
| Broadcom Inc. | $63.9 billion | 23.9% | 39.9% | 36.2% | FY 2025 |
| Intel Corp | $52.9 billion | -0.5% | -4.2% | -0.5% | FY 2025 |
| Micron Technology Inc | $37.4 billion | 48.9% | 26.1% | 22.8% | FY 2025 |
| Advanced Micro Devices Inc | $34.6 billion | 34.3% | 10.7% | 12.5% | FY 2025 |
| Applied Materials Inc | $28.4 billion | 4.4% | 29.2% | 24.7% | FY 2025 |
| Texas Instruments Inc | $17.7 billion | 13.0% | 34.1% | 28.3% | FY 2025 |
| Nxp Semiconductors N.V. | $12.3 billion | -2.7% | 24.8% | 16.5% | FY 2025 |
The 8 largest of 60 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code.
Where to Go Next
The Analog Semiconductors guide describes how the industry earns money, what to measure and what can go wrong. To see how it compares, read the neighbouring industries in the same sector, then apply the same checks to a specific company.
More in Information Technology
- Information Technology sector overview
- Analytics Software
- AI Software Platforms
- Application Security
- AI Servers
- Application Software
- AI Data Lifecycle Services
- Artificial Intelligence Software
- AI Application Software
Put it to work
Frequently Asked Questions
What are the main KPIs for the Analog Semiconductors industry?
Key performance indicators for the Analog Semiconductors industry include: Revenue by end market, Gross margin, Share of industrial and automotive, Inventory days, Capital spending and capacity. Which matter most depends on the company's model, so compare them across several companies rather than relying on one.
How cyclical is the Analog Semiconductors industry?
The Analog Semiconductors industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing.
What are the biggest risks in the Analog Semiconductors industry?
The primary risks for Analog Semiconductors companies include: Inventory corrections, Cyclicality, Competition from Chinese suppliers, Capital intensity. Investors should assess each company's exposure to these factors and its track record of navigating them.