Texas Instruments Incorporated
- Open
- 284.62
- Day high
- 289.25
- Day low
- 279.24
- Prev close
- 291.22
- Volume
- 7.1M
- Mkt cap
- $258.5B
- P/E (TTM)
- 48.2
- EPS (TTM)
- $5.89
- P/B
- 15.4
- P/S
- 14.0
- Yield
- 0.50%
- Per share
- $1.42
- ▼Insiders net selling -$87.2M over the last 3 months (0 open-market buys, 31 sales)
- 🏛Institutions mixed (13F)
Texas Instruments Incorporated (TXN) is a Technology company listed on NASDAQ. The stock is up 31% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 31 sales (SEC Form 4). Drillr has 2 published research articles covering TXN.
Texas Instruments Incorporated (TXN) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 20 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TXN earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 22, 2026 | $1.36 | $1.68 | +23.5% | $4.8B | +6.6% |
| Jan 27, 2026 | $1.29 | $1.27 | -1.6% | $4.4B | -0.3% |
| Oct 21, 2025 | $1.49 | $1.48 | -0.7% | $4.7B | +2.1% |
| Jul 22, 2025 | $1.36 | $1.41 | +3.7% | $4.4B | +1.9% |
| Apr 23, 2025 | $1.07 | $1.28 | +19.6% | $4.1B | +4.1% |
| Jan 23, 2025 | $1.20 | $1.30 | +8.3% | $4.0B | +3.2% |
| Oct 22, 2024 | $1.38 | $1.47 | +6.5% | $4.2B | +0.8% |
| Jul 23, 2024 | $1.17 | $1.22 | +4.3% | $3.8B | +0.0% |
| Jan 23, 2024 | $1.47 | $1.49 | +1.4% | $4.1B | -1.0% |
| Jul 25, 2023 | $1.76 | $1.87 | +6.3% | $4.5B | +3.7% |
| Jan 24, 2023 | $1.98 | $2.13 | +7.6% | $4.7B | +1.2% |
| Jul 26, 2022 | $2.12 | $2.45 | +15.6% | $5.2B | +12.3% |
TXN insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | PATSLEY PAMELA Hdirector | Grant | 85 | — |
| Jun 22, 2026 | FARMER CURTIS Cdirector | Grant | 85 | — |
| May 29, 2026 | Craighead Martin Sdirector | Sell | 9,643 | $320.41 |
| May 29, 2026 | Craighead Martin Sdirector | Sell | 357 | $321.01 |
| May 15, 2026 | BAHAI AHMADofficer: Sr. Vice President | Sell | 5,000 | $309.13 |
| May 15, 2026 | Lizardi Rafael Rofficer: Sr. Vice President & CFO | Sell | 14,156 | $308.54 |
| May 15, 2026 | Lizardi Rafael Rofficer: Sr. Vice President & CFO | Sell | 1,459 | $309.45 |
| May 15, 2026 | BAHAI AHMADofficer: Sr. Vice President | Option | 5,000 | $110.15 |
| May 15, 2026 | Lizardi Rafael Rofficer: Sr. Vice President & CFO | Option | 47,734 | $174.81 |
| May 15, 2026 | Lizardi Rafael Rofficer: Sr. Vice President & CFO | Sell | 32,119 | $307.85 |
| May 14, 2026 | COX CARRIE SMITHdirector | Option | 4,532 | $104.41 |
| May 14, 2026 | COX CARRIE SMITHdirector | Sell | 445 | $307.04 |
| May 14, 2026 | COX CARRIE SMITHdirector | Sell | 8,393 | $306.37 |
| May 14, 2026 | COX CARRIE SMITHdirector | Option | 4,306 | $110.15 |
| May 12, 2026 | Leonard Shanon Jofficer: Sr. Vice President | Sell | 4,963 | $295.22 |
Source: TXN SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full TXN insider & 13F page →TXN research & analysis
Can Texas Instruments' $5.2B Guidance Lift Analog Peers Trading at 2023 Trough Multiples?
Texas Instruments' Q2 guidance of $5.2B (11% above consensus) confirms industrial demand recovery, but Analog Devices and ON Semiconductor trade at 18-19x forward—400-500bp below TXN—despite identical end-market exposure. Long ADI and ON over 90 days targets 5-8% outperformance as Q2 results validate the turn.
ADIONNXPIQCOM Drops 25.5% as Mobile Chips Stall — While NVDA, AMD and MU Pull Ahead
Qualcomm's 25.5% plunge underscores mobile and auto chip slowdown, hurting QCOM, NXPI, and TXN, while AI tailwinds propel NVDA, AMD, and MU. The article analyzes exposure, financials, and ranks conviction plays amid the sector divide.
QCOMNXPINVDA
Texas Instruments Incorporated company profile
Overview
Texas Instruments Incorporated (NASDAQ:TXN) is a Dallas-based semiconductor company founded in 1930 that has evolved from its origins as an oil exploration services company into one of the world's largest manufacturers of analog and embedded processing chips. The company designs, manufactures, and sells semiconductors globally to electronics designers and manufacturers across diverse industries. TXN has been publicly traded since 1972 and operates primarily through two main business segments: Analog and Embedded Processing, serving customers in industrial, automotive, personal electronics, communications, and enterprise markets.
Business
Texas Instruments operates in the semiconductor industry, specifically focusing on analog semiconductors and embedded processing chips that serve as fundamental building blocks in virtually all electronic devices. The company's products enable electronic systems to sense, process, and control real-world signals and data. The Analog segment represents the larger portion of TXN's business, offering two main product categories. Power products manage electrical power requirements across various voltage levels, including battery-management solutions, DC/DC switching regulators, AC/DC converters, power switches, and voltage regulators - essentially the components that ensure electronic devices receive clean, stable power. Signal chain products sense, condition, and measure real-world signals (like temperature, pressure, or sound) and convert them into digital information that can be processed, including amplifiers, data converters, interface products, motor drives, and sensing products. The Embedded Processing segment produces the "brains" of electronic systems. Microcontrollers are small computers that control specific functions within devices like washing machines, car engines, or industrial equipment. Digital signal processors handle complex mathematical computations, particularly for audio, video, and communications applications. Applications processors are specialized chips designed for specific computing tasks. Based on recent financial data, the Analog segment generates approximately 75-80% of total revenue, while Embedded Processing accounts for roughly 15-20%, with the remaining revenue coming from other products including DLP (Digital Light Processing) technology for projectors and educational calculators. The company serves five primary end markets: Industrial (34% of 2024 revenue) including factory automation, building automation, and grid infrastructure; Automotive (35% of 2024 revenue) covering everything from engine control to infotainment and electric vehicle systems; Personal Electronics (20% of 2024 revenue) such as smartphones, tablets, and wearables; Enterprise Systems (5% of 2024 revenue) including servers and networking equipment; and Communications Equipment (4% of 2024 revenue) for telecom infrastructure.
Revenue model
Texas Instruments generates revenue primarily through direct product sales of semiconductor chips to original equipment manufacturers (OEMs), contract manufacturers, and distributors worldwide. The company operates on a business-to-business model, selling components that are integrated into end products rather than selling directly to consumers. The company's revenue streams include direct sales to large industrial and automotive customers, sales through a global network of distributors who serve smaller customers, and online sales through ti.com, which has become an increasingly important channel for reaching design engineers and smaller customers. TXN also provides extensive technical support and design resources, though these services primarily support product sales rather than generate separate revenue. The company's profitability is influenced by several key factors. Positive margin drivers include the company's broad product portfolio that allows for cross-selling opportunities, long product lifecycles (often 10-15 years) that provide stable revenue streams, the company's focus on higher-value analog products which typically command better margins than digital commodities, and economies of scale from high-volume manufacturing. The transition to internal 300-millimeter wafer fabrication provides long-term cost advantages and supply chain control. Margin pressures come from intense competition, particularly from Chinese competitors in certain market segments, cyclical demand patterns in key end markets like automotive and industrial that can lead to underutilized manufacturing capacity, and significant ongoing capital expenditures (approximately $5 billion annually through 2026) for new fabrication facilities that increase depreciation expenses. Pricing in the semiconductor industry generally experiences low single-digit annual declines, and fluctuations in factory utilization rates directly impact gross margins since semiconductor manufacturing involves high fixed costs. The company's financial model benefits from relatively predictable cash flows due to the essential nature of its products across diverse end markets, though it remains subject to broader economic cycles and inventory adjustments by customers. Geographic diversification helps mitigate regional economic risks, though China represents about 20% of revenue, creating some concentration risk.
Competitive moat
Texas Instruments possesses a moderately strong competitive moat built on several sustainable advantages, though it faces increasing competitive pressures in certain segments. The company's primary moat stems from its manufacturing scale and cost advantages, particularly its transition to internal 300-millimeter wafer fabrication which provides both cost benefits and supply chain control that smaller competitors cannot easily replicate. The company's broad product portfolio of over 80,000 products creates significant switching costs for customers who prefer to source multiple components from a single supplier, reducing design complexity and supply chain management. This breadth also enables TXN to maintain relationships across economic cycles, as weakness in one product area can be offset by strength in others. Long product lifecycles in TXN's target markets (industrial and automotive applications often require 10-15 year product availability commitments) create barriers to entry for competitors who must demonstrate long-term viability and support capabilities. The company's extensive applications engineering support and design resources further entrench customer relationships. However, the moat faces several challenges. Chinese competition is intensifying across multiple product categories, with local competitors offering competitive products at lower prices, particularly in the Chinese domestic market. The semiconductor industry's tendency toward commoditization over time pressures margins, and rapid technological changes can erode advantages in specific product categories. Potential disruption could come from continued Chinese market share gains, breakthrough technologies that obsolete current analog approaches, or new entrants with innovative business models. The company's focus on automotive and industrial markets provides some protection since these applications prioritize reliability and long-term support over cutting-edge performance, but this advantage may diminish as Chinese competitors mature and demonstrate comparable reliability. The strength of TXN's moat is moderate rather than exceptional - sufficient to maintain market position and profitability in the near to medium term, but requiring continuous investment and innovation to sustain long-term competitive advantages.
Risks & safety
Texas Instruments demonstrates a strong margin of safety with robust financial health, though trading at elevated valuations that reduce the safety buffer. **Financial Strength:** - Strong balance sheet with $3.2 billion in cash and short-term investments as of Q1 2025 - Current ratio of 5.26 indicates excellent liquidity - Debt-to-equity ratio of 0.78 is manageable, with total debt well-covered by cash flows - No significant solvency concerns given strong cash generation capabilities **Cash Flow and Profitability:** - Operating cash flow of $6.3 billion in 2024 demonstrates strong cash generation - Free cash flow of $1.5 billion in 2024, though down from $5.9 billion in 2022 due to heavy capital expenditures - Currently in elevated CapEx cycle ($5 billion annually) for fab expansion, temporarily depressing free cash flow - Strong return on equity of 28% in 2024 indicates efficient capital allocation **Valuation Concerns:** - Trading at 35.6x P/E ratio based on 2024 earnings, significantly above historical averages - EV/EBITDA of 24.1x suggests expensive valuation relative to cash flow generation - Price-to-book ratio of 10.1x indicates premium valuation - Current valuation leaves limited margin for error if growth disappoints **Other Considerations:** - Cyclical nature of semiconductor industry creates earnings volatility risk - Heavy ongoing capital expenditures will continue pressuring free cash flow through 2026 - Geopolitical tensions, particularly regarding China (20% of revenue), create additional uncertainty
Recent development
Over the past few years, Texas Instruments has executed several strategic initiatives focused on long-term positioning and capacity expansion. The company has significantly shifted its end market focus toward industrial and automotive applications, which now comprise 70% of revenue compared to 42% in 2013. This strategic pivot targets markets with longer product lifecycles, higher reliability requirements, and growing semiconductor content. The most significant development has been TXN's massive manufacturing expansion program, involving approximately $5 billion in annual capital expenditures through 2026. The company is constructing new 300-millimeter fabrication facilities in Texas and Utah, supported by $1.6 billion in CHIPS Act funding received, with expectations of $7.5-$9.5 billion total over the program's life. This expansion aims to create "geopolitically dependable" manufacturing capacity, addressing customer concerns about supply chain security. The company has made substantial investments in its embedded processing portfolio, transitioning more production to internal manufacturing facilities and achieving strong design-win momentum in automotive and industrial applications. Despite near-term revenue declines in this segment, management views it as strategically important for long-term growth. TXN has also enhanced its digital sales platform through continued investments in ti.com, which has become an increasingly important channel for reaching design engineers and smaller customers. This platform supports the company's strategy of serving a broader customer base more efficiently. Recent quarters have shown the company navigating a challenging market environment with customer inventory corrections across most end markets. Management has demonstrated discipline in managing factory loadings and inventory levels while maintaining long-term strategic investments. The company has also shown flexibility in manufacturing, developing capabilities to route products through different facilities to address potential geopolitical supply chain disruptions. Throughout this period, TXN has maintained its commitment to returning capital to shareholders, with $6.4 billion returned in the past twelve months through dividends and share repurchases, including 21 consecutive years of dividend increases.
TXN company profile · for informational purposes only — not investment advice.
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