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Makes analog and embedded chips (power management, sensing, signal chains) used across industrial and automotive electronics.
Makes analog and embedded chips (power management, sensing, signal chains) used across industrial and automotive electronics.
Sells a very broad catalogue of standard chips to a very large number of customers, so no single buyer dominates, and chips stay in production for decades. It makes nearly all of its own output and is partway through a large factory build-out in Texas and Utah.
Moat: narrow (scale, cost advantage, installed base). Owns its own 300mm analog fabs, giving a durable cost edge in a highly fragmented analog chip market.
Headquarters: Dallas, Texas, US · Founded: 1930 · Employees: 33,000
Size Texas Instruments (TXN) is a United States Information Technology company (Semiconductors) with a market value of $253B, the 43rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $277.36 on 6 Nov 2026.
Performance Over six months the shares fell 3.6%, against -14.4% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 18 in its peer set.
Growth Revenue grew 20.3% over the last twelve months (peer median +30.6%); the operating margin is 41.1% (peer median 23.5%).
Valuation It trades at 24.6× forward earnings against a peer median of 23.6× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 16.0 points above its cost of capital (11.5% WACC).
Credit Texas Instruments has 23 bonds outstanding ($13.7B), rated A+ by the agencies and trading like AA- at a weighted spread of 58 bp.
Short interest Short interest is 2.2% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $20.8B | $17.7B | $15.6B | $17.5B | $20.0B |
| Revenue growth | — | +13% | -11% | -13% | — |
| Gross profit | $12.5B | $10.1B | $9.09B | $11.0B | $13.8B |
| EBITDA | $10.8B | $8.14B | $6.92B | $8.57B | $11.4B |
| Net income | $7.07B | $4.97B | $4.78B | $6.48B | $8.71B |
| Free cash flow | $7.32B | $2.60B | $1.50B | $1.35B | $5.92B |
| Capital expenditure | $2.58B | $4.55B | $4.82B | $5.07B | $2.80B |
| Total debt | $13.6B | $14.8B | $14.4B | $11.8B | $9.15B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Texas Instruments TXN | $253B | -4% | +20% | 41% | 24.6× | 23.3% |
| Analog Devices ADI | $176B | -13% | +34% | 36% | 22.4× | 27.8% |
| ON Semiconductor ON | $24.6B | -39% | +3% | 19% | 14.3× | 20.0% |
| STM STM | $41.0B | -29% | +16% | 7% | 17.3× | 38.6% |
| Infineon Technologies IFX.DE | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TXN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | -29.0% | 2nd highest of 20 |
| 6-month return | -3.6% | -14.4% | 5th highest of 18 |
| Distance from 52-week high | -17.0% | -49.6% | highest of 20 |
| Revenue growth (TTM) | +20.3% | +30.6% | 7th lowest of 20 |
| Operating margin | 41.1% | 23.5% | 6th highest of 20 |
| Forward P/E | 24.6× | 23.6× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 23.3% | 27.7% | 6th least demanding of 15 |
| Growth delivered (Del g) | +4.1% | +16.5% | 2nd lowest of 15 |
| Hurdle (Req g minus delivered) | +19.2 pp | +10.6 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +16.0 pp | +2.5 pp | 8th highest of 20 |
| EV / EBITDA | 24.0× | 16.9× | 7th most expensive of 14 |
| Net debt / EBITDA | 0.5× | 0.0× | 6th most indebted of 15 |
| Bond spread | 58 bp | 78 bp | 2nd tightest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Texas Instruments TXN | United States | $253B | -4% | +20% | 41% | 24.6× | 23.3% | +4.1% |
| Intel INTC | United States | $299B | -55% | +12% | 11% | 39.9× | 46.1% | -7.5% |
| Arm ARM | United States | $204B | -18% | +25% | 17% | 67.7× | n/a | n/a |
| KLA KLAC | United States | $180B | -26% | +16% | 43% | 22.3× | 23.5% | +14.4% |
| Qualcomm QCOM | United States | $177B | -24% | +2% | 24% | 17.0× | 15.9% | +5.1% |
| Analog Devices ADI | United States | $176B | -13% | +34% | 36% | 22.4× | 27.8% | +14.5% |
| Mediatek 2454.TW | Taiwan | $164B | +7% | +6% | 15% | 24.7× | 40.7% | +13.1% |
| CXMT 688825.SS | China | $411B | n/a | +156% | 13% | n/a | n/a | n/a |
| Marvell Technology MRVL | United States | $124B | -17% | +31% | 17% | 25.0× | 54.4% | +22.5% |
| ASML ASML.AS | Netherlands | $550B | -6% | +23% | 39% | 31.1× | 28.9% | +18.5% |
| SK hynix 000660.KS | South Korea | $608B | -12% | +220% | 74% | 3.1× | -3.1% | +24.9% |
| Kioxia 285A.T | Japan | $88.9B | +139% | +265% | 70% | 2.5× | -3.0% | +18.8% |
| Advanced Micro Devices AMD | United States | $733B | -1% | +42% | 18% | 30.0× | 60.9% | +28.8% |
| Micron Technology MU | United States | $781B | -8% | +256% | 75% | 3.9× | 7.1% | +36.9% |
| Zhongji Innolight 3308.HK | Hong Kong | $80.7B | n/a | +177% | 41% | 16.7× | 27.6% | +39.3% |
| SMIC 0981.HK | Hong Kong | $76.7B | -41% | +20% | 9% | 32.9× | n/a | n/a |
| Cambricon Technologies 688256.SS | China | $75.7B | -30% | +104% | 33% | 87.3× | n/a | n/a |
| SamsungElec 005930.KS | South Korea | $886B | -14% | +88% | 46% | 4.0× | -7.2% | +7.1% |
| Ase Technology 3711.TW | Taiwan | $70.4B | +2% | +25% | 11% | 17.3× | n/a | n/a |
| Infineon Technologies IFX.DE | Germany | $66.8B | -33% | +6% | 13% | 26.0× | 30.2% | +11.3% |
Texas Instruments has 23 bonds outstanding with $13.7B face value. The agencies rate it A+; its bonds trade like AA-. Weighted yield 5.43%, a spread of 58 bp over government bonds.