TXNTEXAS INSTRUMENTS INC

Semiconductors & Related Devices

Revenue: $17.7B; 13% YoY
Operating margin: 34.1%; 2.5% YoY
EBITDA: $7.9B; 14% YoY
Market cap: $274.9B
Employees: 33,000; $536K revenue each
Net debt / EBITDA: 1.2×; $9.3B net debt
AI in 10-K: 1.3; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
143% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
91% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
12% of assets
Over 40% of assets
Shareholder dissentNo
83% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$536K · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.3 per 10K words · 41st pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$274.9B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$125M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$18.3B	$20.0B	$17.5B	$15.6B	$17.7B	13%
Operating income	$9.0B	$10.1B	$7.3B	$5.5B	$6.0B	10%
Net income	$7.8B	$8.7B	$6.5B	$4.8B	$5.0B	4.2%
Operating cash flow	$8.8B	$8.7B	$6.4B	$6.3B	$7.2B	13%
Capex	$2.5B	$2.8B	$5.1B	$4.8B	$4.5B	5.6%
Stock-based comp	$230M	$289M	$362M	$387M	$419M	8.3%
Buybacks	$527M	$3.6B	$293M	$929M	$1.5B	59%
Dividends	$3.9B	$4.3B	$4.6B	$4.8B	$5.0B	4.3%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $125M · 52
Net: −$125M

Pay vs performance

No pay-versus-performance disclosure yet.