NASDAQ · Technology

Texas Instruments Incorporated

TXN · Semiconductors

$281.05

▲ 0.1 (0.04%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Texas Instruments Incorporated at $281.05.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 57.0%

Operating Margin 34.7%

Net Income Margin 28.3%

Fin. Health C

Years to Pay Off Debt 2.8 yrs

Working Capital vs Long-Term Debt -$3.0B

Working Capital $10.6B

Valuation F

Margin of Safety 0.0%

Price-to-Book 15.72x

Cash Flow C

Free Cash Flow $2.6B

CapEx % of Net Income 91.0%

Owner Earnings $11.6B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $255.8B

Enterprise Value $264.7B

P/E (TTM) 48.04

Dividend Yield 1.98%

Exchange NASDAQ

Key Margins

Gross Profit 57.0%

Operating Margin 34.7%

Net Margin 28.3%

Company Info

Sector Technology

Industry Semiconductors

Employees 33000

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Texas Instruments Incorporated at $281.05.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $281.05, the stock trades at a 500% premium to its Graham Number of $46.83. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Texas Instruments Incorporated

Texas Instruments Incorporated designs, manufactures, and sells semiconductors to electronics designers and manufacturers in the United States, China, the rest of Asia, Europe, the Middle East, Africa, Japan, and internationally. It operates through Analog and Embedded Processing segments. The Analog segment offers power products to manage power requirements across various voltage levels, including battery-management solutions, DC/DC switching regulators, AC/DC and isolated controllers and converters, power switches, linear regulators, voltage references, multiphase controllers and power stages, and lighting products. This segment also provides signal chain products that sense, condition, and measure real-world signals and convert them into data to be transferred or converted for further processing and control, such as amplifiers, data converters, interface products, motor drives, clocks, and logic and sensing products. The Embedded Processing segment offers microcontrollers, processors, wireless connectivity, and radar products; and applications processors for specific computing activity. It also provides DLP products primarily for use in projecting high-definition images; calculators; and application-specific integrated circuits. Its products are used in various markets, such as industrial, automotive, personal electronics, communications equipment, enterprise systems, calculators, and others. The company markets and sells its semiconductor products through direct sales and distributors, as well as through its website. Texas Instruments Incorporated was founded in 1930 and is headquartered in Dallas, Texas.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	57.0% ▼	58.1%	62.9%	68.8%	N/A
Operating Margin %	34.7% ▲	34.1%	41.8%	51.9%	N/A
Net Income %	28.3% ▼	30.7%	37.2%	43.7%	N/A
Diluted EPS	5.45 ▲	5.20	7.07	9.41	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$34.6B	$35.5B	$32.3B	$27.2B	N/A
Total Debt	$14.0B ↑	$13.6B	$11.2B	$8.7B	N/A
Working Capital	$10.6B ▼	$11.4B	$11.8B	$11.0B	N/A
Years to Pay Debt	2.81	2.83	1.72	1.00	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.6B ▲	$1.5B	$1.3B	$5.9B	N/A
Owner Earnings	$11.6B	$11.2B	$12.8B	$12.5B	N/A
CapEx % of Net Income	91.0%	100.4%	77.9%	32.0%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-14,508	14,880	0	-32,896
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	8,369,000	7,417,000	9,009,000	11,482,000
Total Unusual Items	-117,000	124,000	0	-257,000
Total Unusual Items Excluding Goodwill	-117,000	124,000	0	-257,000
Net Income From Continuing Operation Net Minority Interest	5,001,000	4,799,000	6,510,000	8,749,000
Reconciled Depreciation	1,999,000	1,580,000	1,238,000	979,000
Reconciled Cost Of Revenue	7,599,000	6,547,000	6,500,000	6,257,000
EBITDA	8,252,000	7,541,000	9,009,000	11,225,000
EBIT	6,253,000	5,961,000	7,771,000	10,246,000
Net Interest Income	-543,000	-508,000	-353,000	-214,000
Interest Expense	543,000	508,000	353,000	214,000
Normalized Income	5,103,492	4,689,880	6,510,000	8,973,104
Net Income From Continuing And Discontinued Operation	5,001,000	4,799,000	6,510,000	8,749,000
Total Expenses	11,542,000	10,300,000	10,188,000	9,631,000
Total Operating Income As Reported	6,023,000	5,465,000	7,331,000	10,140,000
Diluted Average Shares	913,000	919,000	916,000	926,000
Basic Average Shares	909,000	912,000	908,000	916,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	4,973,000	4,775,000	6,477,000	8,710,000
Average Dilution Earnings			1,000	1,000	0
Net Income Common Stockholders	4,973,000	4,775,000	6,476,000	8,709,000
Otherunder Preferred Stock Dividend	28,000	24,000	34,000	40,000
Net Income	5,001,000	4,799,000	6,510,000	8,749,000
Net Income Including Noncontrolling Interests	5,001,000	4,799,000	6,510,000	8,749,000
Net Income Continuous Operations	5,001,000	4,799,000	6,510,000	8,749,000
Tax Provision	709,000	654,000	908,000	1,283,000
Pretax Income	5,710,000	5,453,000	7,418,000	10,032,000
Other Income Expense	113,000	620,000	440,000	-151,000
Other Non Operating Income Expenses	230,000	496,000	440,000	106,000
Special Income Charges	-117,000	124,000	0	-257,000
Gain On Sale Of Ppe	0	132,000	0	0
Impairment Of Capital Assets	32,000	0	0
Restructuring And Mergern Acquisition	85,000	8,000	0	257,000
Net Non Operating Interest Income Expense	-543,000	-508,000	-353,000	-214,000
Interest Expense Non Operating	543,000	508,000	353,000	214,000
Operating Income	6,140,000	5,341,000	7,331,000	10,397,000
Operating Expense	3,943,000	3,753,000	3,688,000	3,374,000
Research And Development	2,083,000	1,959,000	1,863,000	1,670,000
Selling General And Administration	1,860,000	1,794,000	1,825,000	1,704,000
Gross Profit	10,083,000	9,094,000	11,019,000	13,771,000
Cost Of Revenue	7,599,000	6,547,000	6,500,000	6,257,000
Total Revenue	17,682,000	15,641,000	17,519,000	20,028,000
Operating Revenue	17,682,000	15,641,000	17,519,000	20,028,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	834,000	830,000	832,000	835,000
Ordinary Shares Number	907,000	911,217	909,000	906,000
Share Issued	1,741,000	1,741,217	1,741,000	1,741,000
Net Debt	10,823,000	10,396,000	8,259,000	5,685,000
Total Debt	14,048,000	13,596,000	11,223,000	8,735,000
Tangible Book Value	11,705,000	12,284,000	12,312,000	10,063,000
Invested Capital	30,321,000	30,499,000	28,120,000	23,312,000
Working Capital	10,591,000	11,383,000	11,802,000	11,036,000
Net Tangible Assets	11,705,000	12,284,000	12,312,000	10,063,000
Capital Lease Obligations				344,000	383,000
Common Stock Equity	16,273,000	16,903,000	16,897,000	14,577,000
Total Capitalization	29,821,000	29,749,000	27,521,000	22,812,000
Total Equity Gross Minority Interest	16,273,000	16,903,000	16,897,000	14,577,000
Stockholders Equity	16,273,000	16,903,000	16,897,000	14,577,000
Gains Losses Not Affecting Retained Earnings	-85,000	-140,000	-205,000	-254,000
Other Equity Adjustments	-85,000	-140,000	-205,000	-254,000
Treasury Stock	42,130,000	40,895,000	40,284,000	40,214,000
Retained Earnings	52,236,000	52,262,000	52,283,000	50,353,000
Additional Paid In Capital	4,511,000	3,935,000	3,362,000	2,951,000
Capital Stock	1,741,000	1,741,000	1,741,000	1,741,000
Common Stock	1,741,000	1,741,000	1,741,000	1,741,000
Total Liabilities Net Minority Interest	18,312,000	18,606,000	15,451,000	12,630,000
Total Non Current Liabilities Net Minority Interest	15,153,000	14,963,000	12,131,000	9,645,000
Other Non Current Liabilities	1,415,000	1,954,000	1,336,000	1,226,000
Employee Benefits	124,000	110,000	108,000	118,000
Non Current Pension And Other Postretirement Benefit Plans	124,000	110,000	108,000	118,000
Tradeand Other Payables Non Current				302,000	403,000
Non Current Deferred Liabilities	66,000	53,000	63,000	66,000
Non Current Deferred Taxes Liabilities	66,000	53,000	63,000	66,000
Long Term Debt And Capital Lease Obligation	13,548,000	12,846,000	10,624,000	8,235,000
Long Term Capital Lease Obligation				344,000	383,000
Long Term Debt	13,548,000	12,846,000	10,624,000	8,235,000
Current Liabilities	3,159,000	3,643,000	3,320,000	2,985,000
Other Current Liabilities	707,000	723,000	570,000	455,000
Current Debt And Capital Lease Obligation	500,000	750,000	599,000	500,000
Current Debt	500,000	750,000	599,000	500,000
Other Current Borrowings	500,000	750,000	599,000	500,000
Pensionand Other Post Retirement Benefit Plans Current	829,000	839,000	836,000	799,000
Payables And Accrued Expenses	1,123,000	1,331,000	1,315,000	1,231,000
Current Accrued Expenses	300,000	352,000	341,000	191,000
Payables	823,000	979,000	974,000	1,040,000
Total Tax Payable	67,000	159,000	172,000	189,000
Income Tax Payable	67,000	159,000	172,000	189,000
Accounts Payable	756,000	820,000	802,000	851,000
Total Assets	34,585,000	35,509,000	32,348,000	27,207,000
Total Non Current Assets	20,835,000	20,483,000	17,226,000	13,186,000
Other Non Current Assets	2,656,000	3,348,000	1,712,000	740,000
Defined Pension Benefit	324,000	233,000	173,000	188,000
Non Current Deferred Assets	967,000	936,000	757,000	473,000
Non Current Deferred Taxes Assets	967,000	936,000	757,000	473,000
Non Current Accounts Receivable			859,000	395,000
Goodwill And Other Intangible Assets	4,568,000	4,619,000	4,585,000	4,514,000
Other Intangible Assets	238,000	257,000	223,000	152,000
Goodwill	4,330,000	4,362,000	4,362,000	4,362,000
Net PPE	12,320,000	11,347,000	9,999,000	6,876,000
Accumulated Depreciation	-5,362,000	-3,907,000	-3,269,000	-3,074,000
Gross PPE	17,682,000	15,254,000	13,268,000	9,950,000
Machinery Furniture Equipment	10,690,000	8,717,000	7,569,000	5,664,000
Buildings And Improvements	6,830,000	6,424,000	5,549,000	4,154,000
Land And Improvements	162,000	113,000	150,000	132,000
Current Assets	13,750,000	15,026,000	15,122,000	14,021,000
Other Current Assets	2,102,000	1,200,000	761,000	302,000
Prepaid Assets				302,000	335,000
Inventory	4,804,000	4,527,000	3,999,000	2,757,000
Finished Goods	1,967,000	1,918,000	1,470,000	858,000
Work In Process	2,372,000	2,214,000	2,109,000	1,546,000
Raw Materials	465,000	395,000	420,000	353,000
Receivables	1,963,000	1,719,000	1,787,000	1,895,000
Taxes Receivable			497,000	0
Accounts Receivable	1,963,000	1,719,000	1,787,000	1,895,000
Allowance For Doubtful Accounts Receivable	-22,000	-21,000	-16,000	-13,000
Gross Accounts Receivable	1,985,000	1,740,000	1,803,000	1,908,000
Cash Cash Equivalents And Short Term Investments	4,881,000	7,580,000	8,575,000	9,067,000
Other Short Term Investments	1,656,000	4,380,000	5,611,000	6,017,000
Cash And Cash Equivalents	3,225,000	3,200,000	2,964,000	3,050,000
Cash Equivalents	2,841,000	2,457,000	2,163,000	2,343,000
Cash Financial	384,000	743,000	801,000	707,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,603,000	1,498,000	1,349,000	5,923,000
Repurchase Of Capital Stock	-1,477,000	-929,000	-293,000	-3,615,000
Repayment Of Debt	-750,000	-600,000	-500,000	-500,000
Issuance Of Debt	1,199,000	2,980,000	3,000,000	1,494,000
Issuance Of Capital Stock	400,000	517,000	263,000	241,000
Capital Expenditure	-4,550,000	-4,820,000	-5,071,000	-2,797,000
Income Tax Paid Supplemental Data	335,000	588,000	0	0
End Cash Position	3,225,000	3,200,000	2,964,000	3,050,000
Beginning Cash Position	3,200,000	2,964,000	3,050,000	4,631,000
Changes In Cash	25,000	236,000	-86,000	-1,581,000
Financing Cash Flow	-5,689,000	-2,880,000	-2,144,000	-6,718,000
Cash Flow From Continuing Financing Activities	-5,689,000	-2,880,000	-2,144,000	-6,718,000
Net Other Financing Charges	-62,000	-53,000	-57,000	-41,000
Cash Dividends Paid	-4,999,000	-4,795,000	-4,557,000	-4,297,000
Common Stock Dividend Paid	-4,999,000	-4,795,000	-4,557,000	-4,297,000
Net Common Stock Issuance	-1,077,000	-412,000	-30,000	-3,374,000
Common Stock Payments	-1,477,000	-929,000	-293,000	-3,615,000
Common Stock Issuance	400,000	517,000	263,000	241,000
Net Issuance Payments Of Debt	449,000	2,380,000	2,500,000	994,000
Net Long Term Debt Issuance	449,000	2,380,000	2,500,000	994,000
Long Term Debt Payments	-750,000	-600,000	-500,000	-500,000
Long Term Debt Issuance	1,199,000	2,980,000	3,000,000	1,494,000
Investing Cash Flow	-1,439,000	-3,202,000	-4,362,000	-3,583,000
Cash Flow From Continuing Investing Activities	-1,439,000	-3,202,000	-4,362,000	-3,583,000
Net Other Investing Changes	327,000	147,000	27,000	40,000
Net Investment Purchase And Sale	2,784,000	1,471,000	682,000	-826,000
Sale Of Investment	6,308,000	11,187,000	13,387,000	13,657,000
Purchase Of Investment	-3,524,000	-9,716,000	-12,705,000	-14,483,000
Capital Expenditure Reported	-4,550,000	-4,820,000	-5,071,000	-2,797,000
Operating Cash Flow	7,153,000	6,318,000	6,420,000	8,720,000
Cash Flow From Continuing Operating Activities	7,153,000	6,318,000	6,420,000	8,720,000
Change In Working Capital	-271,000	257,000	-1,099,000	-813,000
Change In Other Working Capital			29,000	22,000	7,000
Change In Payables And Accrued Expense	240,000	710,000	-11,000	222,000
Change In Accrued Expense	-28,000	-12,000	29,000	22,000
Change In Payable	268,000	722,000	-40,000	200,000
Change In Account Payable	77,000	125,000	-33,000	106,000
Change In Tax Payable	191,000	597,000	-7,000	94,000
Change In Income Tax Payable	191,000	597,000	-7,000	94,000
Change In Prepaid Assets	10,000	7,000	46,000	6,000
Change In Inventory	-277,000	-528,000	-1,242,000	-847,000
Change In Receivables	-244,000	68,000	108,000	-194,000
Changes In Account Receivables	-244,000	68,000	108,000	-194,000
Other Non Cash Items	22,000	-368,000	-292,000	-290,000
Stock Based Compensation	419,000	387,000	362,000	289,000
Deferred Tax	-19,000	-210,000	-299,000	-191,000
Deferred Income Tax	-19,000	-210,000	-299,000	-191,000
Depreciation Amortization Depletion	1,999,000	1,580,000	1,238,000	979,000
Depreciation And Amortization	1,999,000	1,580,000	1,238,000	979,000
Amortization Cash Flow	81,000	72,000	63,000	54,000
Amortization Of Intangibles	81,000	72,000	63,000	54,000
Depreciation	1,918,000	1,508,000	1,175,000	925,000
Operating Gains Losses	2,000	-127,000		-3,000	-57,000
Net Income From Continuing Operations	5,001,000	4,799,000	6,510,000	8,749,000

These metrics estimate what Texas Instruments Incorporated is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$46.83

Margin of Safety

Market Cap ÷ Company Value

1.83

P/B Ratio

15.72

Warren's Owner Earnings

$11.6B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$17.7B

vs > $1.5B revenue

✅ Strong Financial Condition

4.35x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.98%

vs Uninterrupted dividends

❌ Earnings Growth

-42.1% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

48.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

15.72x P/B (P/E×P/B: 755.1)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-5.01

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$74.96

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	91.0%	100.4%	77.9%	32.0%	N/A
Repurchase of Capital Stock	-$1.5B	-$929M	-$293M	-$3.6B	N/A
Free Cash Flow	$2.6B ▲	$1.5B ▲	$1.3B ▼	$5.9B •	N/A •
Warren's Owner Earnings	$11.6B	$11.2B	$12.8B	$12.5B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TXN	$281.05	$255.8B	48.04	57.0%	28.3%	$17.7B
NVDA NVIDIA Corporation	$198.73	$4,830.1B	40.6	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$342.79	$558.9B	131.8	52.5%	12.5%	$34.6B
INTC Intel Corporation	$96.14	$483.2B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.44	$178.6B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$416.04	$1,969.8B	80.9	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.29%

Low — management has little skin in the game

Return on Equity (ROE)

30.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

14.5%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$1.5B

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+3.3% YoY

Debt is roughly stable

Leadership Team

Haviv Ilan

President, CEO & Chairman

Age 56

Pay: $4,669,421

0.093% of net income

Rafael Lizardi

Senior VP & CFO

Age 52

Pay: $2,312,941

0.046% of net income

Hagop Kozanian

Senior Vice President of Analog Signal Chain

Age 42

Pay: $2,397,946

0.048% of net income

Amichai Ron

Senior Vice President of Embedded Processing & DLP® Products

Age 47

Pay: $2,328,645

0.047% of net income

Christine Witzsche

Senior Vice President of Communications & Investor Relations

Age 40

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	10.61%	96,527,471
Blackrock Inc.	8.68%	79,040,582
State Street Corporation	4.77%	43,446,720
JPMORGAN CHASE & CO	3.11%	28,324,885
Charles Schwab Investment Management, Inc.	2.67%	24,288,604
Geode Capital Management, LLC	2.51%	22,865,312
Invesco Ltd.	2.00%	18,184,514
Wellington Management Group, LLP	1.77%	16,071,401

Risk Analysis

Beta (Market Risk)

1.30

Moderate volatility — moves slightly more than market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.84x

Conservative balance sheet — low financial risk

Current Ratio

4.46x

Strong liquidity — Graham approved

52-Week Price Range

Low: $152.73 Current: $281.05 High: $287.83

Currently at 95% of 52-week range

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