TX
Texas Instruments Inc
TXN—
Texas Instruments Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 34.8% TTM is 14x industry median (2.4%) - structural analog/embedded dominance enables pricing power[Operating Margin TTM]
- Capex of 4.8B TTM (28% of revenue) vs industry median 18.6M - massive fab buildout consuming FCF, only 2.1B FCF remains[Capital Expenditure TTM]
- EPS declined 15% over 3Y despite 6% 1Y growth - cyclical recovery incomplete, dividend payout ratio 98% strains coverage[EPS Growth 3Y]
Watch Triggers
- Free Cash Flow TTM: Falls below 1.5B or dividend coverage <1x — Current 2.1B FCF barely covers 5.0B dividend; further compression forces cut
- Inventory: Exceeds 5.5B or days >150 — 4.8B inventory at cycle trough; buildup signals demand weakness
- Capital Expenditure TTM: Remains above 4B beyond 2026 — Extended capex cycle delays FCF normalization and dividend safety
Bull Case
Industry-leading margins (35% operating, 29% net TTM) with 16% ROIC despite peak capex cycle - returns expand as fabs ramp
Operating Margin TTMROIC TTMCapital Expenditure TTM
Dividend yield 3.3% (5.44/share TTM) with 71% 5Y avg payout ratio signals confidence; current 98% payout is cyclical trough
Dividends Paid Per Share TTMDividend Payout Ratio Avg 5Y
Bear Case
Debt of 14B (0.84 D/E) with 532M interest expense TTM pressures FCF; net debt 10.7B limits flexibility during downturn
Total DebtDebt to EquityNet Debt
P/E 32.5x at industry median but P/S 9.6x is 3.2x median - premium pricing assumes flawless execution on capacity ramp
P/E RatioP/S Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
55%
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Forward Thesis
Fab capacity expansion positions TXN for analog share gains as reshoring accelerates
3-5ymed
- 12.3B PPE (35% of assets) vs 4.6B intangibles - tangible manufacturing moat
- R&D at 2.1B TTM (12% of revenue) sustains product differentiation
- CHIPS Act subsidies reduce effective capex burden
Capex 4.8B TTM is 258x industry medianROIC 16.1% TTM despite heavy investment cycleInventory 4.8B supports demand recovery
Valuation Context
Caveats
Public Strategies Rankings
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TXN Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$175.1B | — | ||
$185.84B | — | ||
34 | — | ||
$17.27B | +9.9% | — | |
$5.57 | +5.9% | — | |
34.8% | -0.2% | — | |
29.2% | -2.4% | — | |
$2.08B | +41.7% | — | |
0.30 | +0.5% | — | |
Beta 5Y (Monthly) | unknown | — |
TXN Dividend History
105 dividends
2026
$1.420001/30/26$1.4200
2025
$5.500010/31/25$1.4200
07/31/25$1.3600
04/30/25$1.3600
01/31/25$1.3600
2024
$5.260010/31/24$1.3600
07/31/24$1.3000
05/07/24$1.3000
01/30/24$1.3000
2023
$5.020010/30/23$1.3000
07/28/23$1.2400
05/05/23$1.2400
01/30/23$1.2400
2022
$4.690010/28/22$1.2400
07/29/22$1.1500
05/06/22$1.1500
01/28/22$1.1500
2021
$4.210010/29/21$1.1500
07/23/21$1.0200
04/30/21$1.0200
01/29/21$1.0200
2020
$3.720010/29/20$1.0200
07/30/20$0.9000
05/01/20$0.9000
01/30/20$0.9000
2019
$3.210010/30/19$0.9000
07/30/19$0.7700
05/03/19$0.7700
01/30/19$0.7700
2018
$2.630010/30/18$0.7700
07/30/18$0.6200
05/04/18$0.6200
01/30/18$0.6200
2017
$2.120010/30/17$0.6200
07/27/17$0.5000
04/27/17$0.5000
01/27/17$0.5000
2016
$1.640011/03/16$0.5000
07/28/16$0.3800
04/28/16$0.3800
01/28/16$0.3800
2015
$1.400010/28/15$0.3800
07/29/15$0.3400
04/28/15$0.3400
01/28/15$0.3400
2014
$1.240010/29/14$0.3400
07/29/14$0.3000
04/28/14$0.3000
01/29/14$0.3000
2013
$1.070010/29/13$0.3000
07/29/13$0.2800
04/26/13$0.2800
01/29/13$0.2100
2012
$0.720010/29/12$0.2100
07/27/12$0.1700
04/26/12$0.1700
01/27/12$0.1700
2011
$0.560010/27/11$0.1700
07/28/11$0.1300
04/28/11$0.1300
01/27/11$0.1300
2010
$0.490010/28/10$0.1300
07/28/10$0.1200
04/28/10$0.1200
01/28/10$0.1200
2009
$0.450010/28/09$0.1200
07/29/09$0.1100
04/28/09$0.1100
01/28/09$0.1100
2008
$0.410010/29/08$0.1100
07/29/08$0.1000
04/28/08$0.1000
01/29/08$0.1000
2007
$0.300010/29/07$0.1000
07/27/07$0.0800
04/26/07$0.0800
01/29/07$0.0400
2006
$0.130010/27/06$0.0400
07/27/06$0.0300
04/27/06$0.0300
01/27/06$0.0300
2005
$0.105010/27/05$0.0300
07/28/05$0.0250
04/28/05$0.0250
01/27/05$0.0250
2004
$0.088910/28/04$0.0250
07/28/04$0.0213
04/28/04$0.0213
01/28/04$0.0213
2003
$0.085210/29/03$0.0213
07/29/03$0.0213
04/28/03$0.0213
01/29/03$0.0213
2002
$0.085210/29/02$0.0213
07/29/02$0.0213
04/26/02$0.0213
01/29/02$0.0213
2001
$0.085210/29/01$0.0213
07/27/01$0.0213
04/26/01$0.0213
01/29/01$0.0213
2000
$0.085210/27/00$0.0213
07/27/00$0.0213
04/27/00$0.0213
01/27/00$0.0213
TXN Stock Splits
1 stock split
05/23/000.5:1 split
TXN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
10/23/25 | 09/30/25 | 10-Q | |
07/29/25 | 06/30/25 | 10-Q | |
04/24/25 | 03/31/25 | 10-Q | |
02/14/25 | 12/31/24 | 10-K | |
10/23/24 | 09/30/24 | 10-Q | |
07/24/24 | 06/30/24 | 10-Q | |
04/24/24 | 03/31/24 | 10-Q | |
02/02/24 | 12/31/23 | 10-K | |
10/25/23 | 09/30/23 | 10-Q | |
07/26/23 | 06/30/23 | 10-Q | |
04/26/23 | 03/31/23 | 10-Q | |
02/03/23 | 12/31/22 | 10-K | |
10/26/22 | 09/30/22 | 10-Q | |
07/27/22 | 06/30/22 | 10-Q | |
04/27/22 | 03/31/22 | 10-Q | |
02/04/22 | 12/31/21 | 10-K | |
10/27/21 | 09/30/21 | 10-Q | |
07/22/21 | 06/30/21 | 10-Q | |
04/28/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-K | |
10/21/20 | 09/30/20 | 10-Q | |
07/22/20 | 06/30/20 | 10-Q | |
04/22/20 | 03/31/20 | 10-Q | |
02/20/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
07/31/19 | 06/30/19 | 10-Q | |
04/30/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/02/18 | 06/30/18 | 10-Q | |
05/03/18 | 03/31/18 | 10-Q | |
02/22/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/03/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/23/17 | 12/31/16 | 10-K | |
11/03/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/04/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
02/24/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
07/31/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/24/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/22/13 | 12/31/12 | 10-K | |
11/02/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/24/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/05/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
07/22/10 | 06/30/10 | 10-Q | |
04/30/10 | 03/31/10 | 10-Q | |
02/23/10 | 12/31/09 | 10-K | |
10/30/09 | 09/30/09 | 10-Q | |
07/29/09 | 06/30/09 | 10-Q | |
04/29/09 | 03/31/09 | 10-Q | |
02/24/09 | 12/31/08 | 10-K | |
10/31/08 | 09/30/08 | 10-Q | |
07/31/08 | 06/30/08 | 10-Q | |
05/01/08 | 03/31/08 | 10-Q | |
02/26/08 | 12/31/07 | 10-K | |
11/01/07 | 09/30/07 | 10-Q | |
08/01/07 | 06/30/07 | 10-Q | |
05/03/07 | 03/31/07 | 10-Q | |
02/28/07 | 12/31/06 | 10-K | |
10/30/06 | 09/30/06 | 10-Q | |
08/02/06 | 06/30/06 | 10-Q | |
05/02/06 | 03/31/06 | 10-Q | |
02/28/06 | 12/31/05 | 10-K | |
11/03/05 | 09/30/05 | 10-Q | |
08/04/05 | 06/30/05 | 10-Q | |
05/05/05 | 03/31/05 | 10-Q | |
02/28/05 | 12/31/04 | 10-K | |
11/04/04 | 09/30/04 | 10-Q | |
07/30/04 | 06/30/04 | 10-Q | |
04/28/04 | 03/31/04 | 10-Q | |
02/27/04 | 12/31/03 | 10-K | |
10/27/03 | 09/30/03 | 10-Q | |
07/28/03 | 06/30/03 | 10-Q | |
04/25/03 | 03/31/03 | 10-Q | |
03/03/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
07/29/02 | 06/30/02 | 10-Q | |
04/26/02 | 03/31/02 | 10-Q | |
03/04/02 | 12/31/01 | 10-K405 | |
10/24/01 | 09/30/01 | 10-Q | |
07/27/01 | 06/30/01 | 10-Q | |
04/27/01 | 03/31/01 | 10-Q | |
02/28/01 | 12/31/00 | 10-K405 | |
10/24/00 | 09/30/00 | 10-Q | |
07/27/00 | 06/30/00 | 10-Q | |
04/21/00 | 03/31/00 | 10-Q |