ADI vs CRUS: How Analog Devices and Cirrus Logic Compare (2026)

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: CRUS is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. ADI and CRUS share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined ADI and CRUS exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Analog Devices designs, manufactures, and markets integrated circuits, software, and subsystem products that convert real-world analog signals into digital data and back again. Its core product families include data converters, amplifiers, power management ICs, radio frequency and microwave chips, and MEMS-based sensors such as accelerometers and gyroscopes. ADI sells into four end markets: Industrial (the largest, roughly half of revenue), Automotive, Communications, and Consumer. Revenue is generated primarily through direct sales to original equipment manufacturers and through a global distribution network spanning North and South America, Europe, Japan, China, and the rest of Asia. The company's hybrid manufacturing model combines owned fabs with foundry partnerships, giving it flexibility in capacity and cost management.

Full ADI guide

Cirrus Logic, Inc. is a fabless semiconductor company based in Austin, Texas that designs low-power, high-precision analog and mixed-signal integrated circuits. Its two product families are audio (smart codecs, boosted amplifiers, haptic and sensing drivers) and high-performance mixed-signal, or HPMS (camera controllers, power converters, and battery and display-related silicon). Those chips ship primarily into smartphones, with a growing presence in laptops, tablets, and AR/VR headsets. The company outsources fabrication and focuses on circuit design, software, and the tight co-engineering relationships that get a part designed into a flagship handset years before it ships.

Full CRUS guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• ADI drivers: Industrial Automation and the Intelligent Edge; AI Infrastructure and Automated Test Equipment.
• CRUS drivers: Rising silicon content per smartphone; Laptop and PC diversification.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Analog semiconductors are cyclical, and a slowdown in industrial capital spending or a prolonged pause in automotive orders can deflate revenue quickly, as seen during the fiscal 2024 trough. For CRUS, customer concentration is the dominant risk and it is extreme: Apple represented approximately 91% of fiscal 2026 net sales, so a design loss, a component redesign, or a shift in Apple's in-house silicon strategy could reset revenue in a single product cycle.

Pick ADI if you believe its drivers more; CRUS if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the ADI and CRUS guides.

ADI. ADI's trailing P/E of roughly 60 to 70x is above its own 10-year historical average of approximately 38x, reflecting the market's pricing of a sustained earnings recovery and secular growth from industrial automation and AI infrastructure. The forward P/E of approximately 32x is more moderate and assumes continued double-digit earnings growth into fiscal 2026. Free cash flow conversion at 39% of revenue is well above the semiconductor sector average, providing a tangible foundation for the valuation premium, though it does not eliminate the risk of multiple compression if growth expectations are not met.

CRUS. Cirrus Logic trades at a low-to-mid-teens multiple on trailing earnings despite gross margin above 50%, return on equity above 20%, and a near-debt-free balance sheet, a gap the market generally attributes to Apple concentration. Fourth-quarter fiscal 2026 revenue was ~$448.5 million, and guidance for the June 2026 quarter was ~$430 million to ~$490 million. The stock has traded in a wide ~$92 to ~$180 range over 52 weeks, which reflects how sharply sentiment swings on single-customer news.

Headline figures (approximate, June 27, 2026 (based on fiscal year 2025 results reported November 25, 2025, and fiscal Q1 2026 results reported February 18, 2026)): ADI shows revenue (fiscal year 2025) ~$11.0 billion, revenue (fiscal q1 2026) ~$3.16 billion, free cash flow (fiscal year 2025) ~$4.3 billion (~39% of revenue), gross margin (ttm) ~62% to 63%; CRUS shows revenue (ttm) ~$2.00B (+5.3% YoY, a record), net income (ttm) ~$414M (+25% YoY), gaap eps (fy26) ~$7.85 (non-GAAP ~$9.26), gross margin (fy26) ~53%.

ADI and CRUS are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined ADI and CRUS exposure against your real portfolio. It is not an investment adviser.