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Texas Instruments Incorporated (TXN)

NASDAQ / Technology / Semiconductors

Share price

279.12 USD Market dataClose of Oct 15, 2026

Market capitalisation

254.90B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 6, 2026
Ratios computed
Oct 14, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

19.0% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

51.31x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

1.0% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 13.37B USDFY2016 Net income: 3.60B USDFY2017 Revenue: 14.96B USDFY2017 Net income: 3.68B USDFY2018 Revenue: 15.78B USDFY2018 Net income: 5.58B USDFY2019 Revenue: 14.38B USDFY2019 Net income: 5.02B USDFY2020 Revenue: 14.46B USDFY2020 Net income: 5.59B USDFY2021 Revenue: 18.34B USDFY2021 Net income: 7.77B USDFY2022 Revenue: 20.03B USDFY2022 Net income: 8.75B USDFY2023 Revenue: 17.52B USDFY2023 Net income: 6.51B USDFY2024 Revenue: 15.64B USDFY2024 Net income: 4.80B USDFY2025 Revenue: 17.68B USDFY2025 Net income: 5.00B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
1 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 51.31x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits above the highest.

Today, against the Semiconductors industry (51 companies), 51.31x sits at the 48th percentile; the middle half of that group runs from 34.72x to 102.11x.

Is it good

Return on invested capital was 19.0% in FY2025, in the band labelled "Above the cost of capital" (12.0% to 20.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Semiconductors industry (34 companies), 19.0% sits at the 78th percentile; the middle half of that group runs from 0.6% to 16.1%.

Is it safe

Interest coverage was 11.09x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Texas Instruments Incorporated's return on invested capital stayed above the median of the Semiconductors industry, year by year. (FY2021 to FY2025, 5 fiscal years of Texas Instruments Incorporated with a comparable figure)
The direction
Which way Texas Instruments Incorporated's return on invested capital has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Texas Instruments Incorporated)
What could explain it
What in Texas Instruments Incorporated's filed statements could explain the movements. (13 readings drawn from the statement lines Texas Instruments Incorporated filed)
What to check next
What to check next on Texas Instruments Incorporated, and where in its filings. (8 questions for Texas Instruments Incorporated)
In one paragraph
One paragraph on Texas Instruments Incorporated's returns, cash, balance sheet and price. (16 of sixteen figures read for Texas Instruments Incorporated)

These are TXN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research TXNPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 6, 2026, accession 0000097476-26-000059.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Texas Instruments Incorporated: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax19.0% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Return on equity30.7% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Return on capital employed, pre-tax19.2% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Return on assets14.5% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Gross margin57.0% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Operating margin34.1% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Net margin28.3% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
TXN 28.3%
ARM 19.8%KLAC 35.6%LRCX 31.3%AMAT 24.7%AMD 12.5%
12.5%35.6%
Net margin: TXN against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Texas Instruments Incorporated: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.91 ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Current ratio4.35 ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Quick ratio2.83 ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Interest coverage11.09x ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Altman Z-score11.96 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Net debt9.90B ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Total assets 34.59BTotal liabilities 18.31BShareholders' equity 16.27BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Texas Instruments Incorporated owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 6, 2026, 0000097476-26-000059).

Texas Instruments Incorporated: balance sheet position
Total assets34.59B FiledFY2025 10-K, filed Feb 6, 2026
Total liabilities18.31B FiledFY2025 10-K, filed Feb 6, 2026
Shareholders' equity16.27B FiledFY2025 10-K, filed Feb 6, 2026
Cash4.88B FiledFY2025 10-K, filed Feb 6, 2026
Total debt14.78B FiledFY2025 10-K, filed Feb 6, 2026
Net debt9.90B
Current ratio4.35
Debt to equity0.91

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Texas Instruments Incorporated: what the market charges, each with its source
FigureValue, source and document
Price to earnings51.31x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
P/E on trailing twelve months42.82x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book15.75x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Price to sales14.49x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Enterprise value to EBIT44.46x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Enterprise value to EBITDA33.72x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Diluted earnings per share5.45 USD FiledFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Graham number46.84 USD ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059

We publish no fair value or price target of our own. Value TXN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Texas Instruments Incorporated today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Texas Instruments Incorporated: valuation
Share price279.12 USD
Market capitalisation254.90B USD
Enterprise value to EBITDA33.72x
Graham number46.84 USD
Diluted earnings per share, FY20255.45 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 3, 2017: low 16.23x, median 24.70x, high 56.80x, latest 42.82x. 2,310 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Texas Instruments Incorporated

  1. Arm Holdings plc American Depositary Shares (ARM)Market cap 261.40B USD
  2. KLA Corporation (KLAC)Market cap 227.70B USD
  3. Lam Research Corporation (LRCX)Market cap 347.20B USD
  4. Applied Materials, Inc. (AMAT)Market cap 341.30B USD
  5. Advanced Micro Devices, Inc. (AMD)Market cap 917.80B USD

Same industry (Semiconductors) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Texas Instruments Incorporated: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield1.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Free cash flow2.60B USD ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Free cash flow margin14.7% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Dividend yield2.0% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Payout ratio100.0% ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
FY2016 Free cash flow: 4.08B USDFY2016 Net income: 3.60B USDFY2017 Free cash flow: 4.67B USDFY2017 Net income: 3.68B USDFY2018 Free cash flow: 6.06B USDFY2018 Net income: 5.58B USDFY2019 Free cash flow: 5.80B USDFY2019 Net income: 5.02B USDFY2020 Free cash flow: 5.49B USDFY2020 Net income: 5.59B USDFY2021 Free cash flow: 6.29B USDFY2021 Net income: 7.77B USDFY2022 Free cash flow: 5.92B USDFY2022 Net income: 8.75B USDFY2023 Free cash flow: 1.35B USDFY2023 Net income: 6.51B USDFY2024 Free cash flow: 1.50B USDFY2024 Net income: 4.80B USDFY2025 Free cash flow: 2.60B USDFY2025 Net income: 5.00B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Texas Instruments Incorporated: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
51.31xFY2025Oct 15, 2026
15.75xFY2025Oct 15, 2026
44.46xFY2025Oct 15, 2026
1.0%FY2025Oct 15, 2026
19.0%FY2025Feb 6, 2026
2.0%FY2025Oct 15, 2026
0.91FY2025Feb 6, 2026
4.35FY2025Feb 6, 2026
14.49xFY2025Oct 15, 2026
n/aFY2025Oct 15, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
11.96FY2025Oct 15, 2026
-2.75FY2025Feb 6, 2026
7/9FY2025Feb 6, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Texas Instruments Incorporated filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Texas Instruments Incorporated: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202517.68B6.02B5.00B5.452.60B34.1%30.7%10-K, Feb 6, 20260000097476-26-000059
FY202415.64B5.46B4.80B5.201.50B34.9%28.4%10-K, Feb 14, 20250000097476-25-000007
FY202317.52B7.33B6.51B7.071.35B41.9%38.5%10-K, Feb 2, 20240000097476-24-000007
FY202220.03B10.14B8.75B9.415.92B50.6%60.0%10-K, Feb 3, 20230000097476-23-000007
FY202118.34B8.96B7.77B8.266.29B48.8%58.3%10-K, Feb 4, 20220000097476-22-000009
FY202014.46B5.89B5.59B5.975.49B40.8%60.9%10-K, Feb 5, 20210000097476-21-000006
FY201914.38B5.72B5.02B5.245.80B39.8%56.3%10-K, Feb 20, 20200000097476-20-000009
FY201815.78B6.71B5.58B5.596.06B42.5%62.0%10-K, Feb 22, 20190001564590-19-003839
FY201714.96B6.08B3.68B3.614.67B40.7%35.6%10-K, Feb 22, 20180001564590-18-002832
FY201613.37B4.86B3.60B3.484.08B36.3%34.3%10-K, Feb 23, 20170001564590-17-002142
  • Revenue, compound annual growth FY2016 to FY2025: 3.2%
  • Earnings, compound annual growth FY2016 to FY2025: 3.7%
  • Earnings per share, compound annual growth FY2016 to FY2025: 5.1%
  • Free cash flow, compound annual growth FY2016 to FY2025: -4.9%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Texas Instruments Incorporated: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.75 ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Piotroski F-score7/9 ComputedFY2025 10-K, filed Feb 6, 2026, 0000097476-26-000059
Named tests met1 of 30 Computed
Beta1.24 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 1 met, 29 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(1)
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • One figure could not be read on this company: PEG Ratio.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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