Who Owns Analog Devices Company?

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Who really controls Analog Devices?

Founded in 1965 and strengthened by the 2021 ~$21 billion Maxim Integrated acquisition, Analog Devices now leads mixed-signal semiconductors for industrial, automotive, and communications markets. Its shareholder base is mainly institutional, typical of S&P 500 firms.

Major ownership rests with institutional investors and index funds, while insiders and the board influence strategy; recent buybacks and index flows affect voting power and market cap near $95–110 billion.

Explore product strategy and competitive dynamics: Analog Devices Porter's Five Forces Analysis

Founders and Early Ownership of Analog Devices trace to 1965 when MIT-trained engineers Raymond Stata and Matthew 'Mat' Lorber established the company to commercialize precision operational amplifiers and data conversion technologies; early equity was concentrated with the two founders supplemented by small allocations to early employees and friends-and-family investors common on Boston’s Route 128.

Founding team

Raymond Stata and Matthew 'Mat' Lorber co-founded ADI in 1965 focused on analog ICs and data converters.

Early ownership split

Ownership was concentrated between the two founders with smaller stakes reserved for early hires and local backers.

Capital sources

Seed and early growth capital came from private placements and reinvested cash; no formal VC control is recorded in founding years.

Founder stakes over time

By the early 1970s Stata was documented as the dominant founder-shareholder; Lorber retained a meaningful but smaller stake before gradual sell-downs.

Shareholder protections

Early agreements reportedly included buy-sell and right-of-first-refusal clauses to preserve continuity and founder control.

Orderly transitions

Throughout the 1970s–1980s founder sell-downs were programmatic with no recorded litigation-driven buyouts, preserving strategic control under Stata.

Early employee vesting aligned engineering leadership with product milestones in precision analog; ADI reached profitability and broadened its shareholder base ahead of its IPO while maintaining significant founder influence during initial public-market entry.

Key facts & early ownership signals

Founders, private placements, and reinvested cash shaped initial ownership; institutional investor presence rose only after public listing.

• Founders: Raymond Stata (dominant by early 1970s) and Matthew 'Mat' Lorber (meaningful, later reduced)
• No documented formal venture-capital control during founding period
• Early rounds used buy-sell and ROFR terms to protect continuity
• Employee equity and vesting tied to engineering milestones in analog and data conversion

For historical context on market peers and how ownership compares across competitors see Competitors Landscape of Analog Devices.

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Key events shaping Analog Devices ownership include the 1969 IPO establishing one-share-one-vote common equity, decades of growing institutionalization under founder Raymond Stata, and the transformative August 2021 all‑stock acquisition of Maxim Integrated that materially broadened ADI’s institutional shareholder base.

The ownership profile as of 2024–2025 filings shows predominately institutional holders, low insider stakes, and no government or corporate parent, driving governance that emphasizes independent directors, capital returns, and ESG alignment.

Ownership snapshot and governance effects

Institutional investors dominate ADI’s cap table; passive managers shaped voting dynamics after the Maxim acquisition.

• Top holders: Vanguard Group and BlackRock typically rank first and second, each often holding about 7–10% combined across products
• State Street commonly holds 4–6% via SPDR and custody index funds
• Other major institutions include Fidelity (FMR), Capital Group, T. Rowe Price, Wellington with positions generally 1–4%
• Insider ownership: named executives and directors usually well under 2% total; no single insider commonly exceeds 1%

Key strategic effects: rising passive ownership increased sensitivity to index inclusion and ESG; the Maxim transaction strengthened ADI’s data‑converter and power franchises, aligning shareholder expectations toward durable free cash flow, margin expansion, dividends and buybacks supported by large long‑only managers; governance relies on independent directors and shareholder proposals rather than founder control. Read more on the company’s business model in Revenue Streams & Business Model of Analog Devices

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The current Analog Devices board (2024–2025) is led by Chair and CEO Vincent Roche and comprises a majority of independent directors with expertise in semiconductors, industrial technology, and finance; founders no longer serve in executive roles and institutional investors hold the largest voting influence.

ADI maintains a one-share-one-vote capital structure with no dual-class or super-voting stock, so voting power tracks economic ownership and large index funds materially shape proxy outcomes.

Board and Voting Highlights

Institutional ownership dominates voting outcomes; Vanguard, BlackRock and State Street are the largest routine voters and influence proxy results.

• One-share-one-vote structure means proportional voting power
• Board majority independent with semiconductor and finance expertise
• Engagement topics: board refreshment, executive pay linked to FCF and ROIC, climate disclosures
• No recent proxy battles; shareholder proposals see typical S&P 500 turnout

As of mid-2025, institutional investors hold over 70% of outstanding shares (largest managers: Vanguard, BlackRock, State Street), insider ownership remains below 5%, and ADI receives routine engagement on capital allocation and governance consistent with its shareholder base and proxy voting patterns; see a concise company timeline in this Brief History of Analog Devices.

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Recent ownership trends at Analog Devices show sustained institutional dominance, rising active interest after the Maxim integration, and steady capital returns via dividends and buybacks, keeping insider stakes low and proxy influence concentrated among major passive investors.

Institutional investors remain the primary channel for 'Who owns Analog Devices' questions, with 'Analog Devices largest shareholders' dominated by passive funds while active managers increase exposure driven by improved FCF metrics and buyback-fueled share count reductions.

Capital returns profile

Management emphasizes balanced returns: ongoing quarterly dividends and opportunistic buybacks under multibillion authorizations to sustain shareholder yield.

Institutional ownership mix

Passive giants hold a concentrated proxy position (>20% collectively), while active funds and quality-growth managers have increased allocations post-integration.

M&A expectations

After Maxim, analysts expect smaller tuck-ins and power/analog consolidations rather than another transformative merger; this shapes 'Analog Devices ownership history and changes' views.

How to track holders

Use SEC Form 13F, institutional filings, and company proxy statements to see 'analog devices shareholder breakdown by percentage' and 'analog devices insider ownership filings'; see related company context in Mission, Vision & Core Values of Analog Devices.

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