Texas Instruments (TXN)
Market Price (10/30/2026): $312.06 | Market Cap: $285.3 BilInvestor Relations Sector: Information Technology | Industry: Semiconductors
Texas Instruments (TXN)
Market Price (10/30/2026): $312.06Market Cap: $285.3 BilSector: Information TechnologyIndustry: Semiconductors
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 41% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 9.9 Bil, FCF LTM is 7.3 Bil Stock buyback supportStock Buyback 3Y Total is 2.7 Bil Low stock price volatilityVol 12M is 42% Megatrend and thematic driversMegatrends include Artificial Intelligence, Automation & Robotics, Electric Vehicles & Autonomous Driving, and Smart Grids & Grid Modernization. Show more. | Key risksTXN key risks include [1] a massive capital expenditure program to build out manufacturing capacity, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 41% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 48%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 35%, CFO LTM is 9.9 Bil, FCF LTM is 7.3 Bil |
| Stock buyback supportStock Buyback 3Y Total is 2.7 Bil |
| Low stock price volatilityVol 12M is 42% |
| Megatrend and thematic driversMegatrends include Artificial Intelligence, Automation & Robotics, Electric Vehicles & Autonomous Driving, and Smart Grids & Grid Modernization. Show more. |
| Key risksTXN key risks include [1] a massive capital expenditure program to build out manufacturing capacity, Show more. |
Qualitative Assessment
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Texas Instruments (TXN) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Outperformance and Upbeat Fiscal Q4 Guidance. Texas Instruments reported robust results for fiscal Q3 2026 (ending September 30, 2026) on October 21, 2026, significantly beating analyst expectations. The company posted revenue of $6.06 billion, a 28% increase year-over-year and 11% sequentially, surpassing consensus estimates of approximately $5.92 billion. Diluted earnings per share (EPS) reached $2.62, up 77% year-over-year, beating analyst consensus of roughly $2.42. Furthermore, Texas Instruments issued strong fiscal Q4 2026 guidance, projecting revenue between $5.8 billion and $6.3 billion and EPS from $2.45 to $2.79, both of which topped analyst estimates and suggested stronger underlying demand than typical seasonal trends.
2. Robust and Broad-Based Demand Across Key End Markets. The company experienced broad-based growth across its industrial, automotive, and data center markets, indicating strong product relevance and market positioning. In fiscal Q3 2026, industrial revenue surged more than 40% year-over-year, while automotive revenue increased in the mid-teens, and data center revenue saw a significant jump of approximately 95% year-over-year. This widespread demand contributed significantly to the company's strong top-line performance.
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Texas Instruments (TXN) stock has gained about 5% since 6/30/2026 because of the following key factors:
1. Strong Fiscal Q3 2026 Earnings Outperformance and Upbeat Fiscal Q4 Guidance. Texas Instruments reported robust results for fiscal Q3 2026 (ending September 30, 2026) on October 21, 2026, significantly beating analyst expectations. The company posted revenue of $6.06 billion, a 28% increase year-over-year and 11% sequentially, surpassing consensus estimates of approximately $5.92 billion. Diluted earnings per share (EPS) reached $2.62, up 77% year-over-year, beating analyst consensus of roughly $2.42. Furthermore, Texas Instruments issued strong fiscal Q4 2026 guidance, projecting revenue between $5.8 billion and $6.3 billion and EPS from $2.45 to $2.79, both of which topped analyst estimates and suggested stronger underlying demand than typical seasonal trends.
2. Robust and Broad-Based Demand Across Key End Markets. The company experienced broad-based growth across its industrial, automotive, and data center markets, indicating strong product relevance and market positioning. In fiscal Q3 2026, industrial revenue surged more than 40% year-over-year, while automotive revenue increased in the mid-teens, and data center revenue saw a significant jump of approximately 95% year-over-year. This widespread demand contributed significantly to the company's strong top-line performance.
3. Favorable Macroeconomic Trends in the Semiconductor Industry. The broader semiconductor market entered an upcycle in fiscal Q2 2026, with this momentum continuing to build throughout fiscal Q3 2026. The semiconductor industry as a whole was projected to achieve substantial earnings growth of 85.5% on 62.8% higher revenue in fiscal Q3 2026, benefiting companies like Texas Instruments. This industry-wide tailwind provided a supportive environment for TXN's stock appreciation.
4. Commitment to Shareholder Returns and Strong Free Cash Flow Generation. Texas Instruments underscored its commitment to shareholders by increasing its quarterly cash dividend by 7% to $1.52 per share, marking the 23rd consecutive year of dividend increases. Over the trailing twelve months, the company generated $8.4 billion in free cash flow, demonstrating its robust business model and ability to return capital to owners, with $5.8 billion returned to owners during this period.
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Stock Movement Drivers
Fundamental Drivers
The 5.0% change in TXN stock from 6/30/2026 to 10/29/2026 was primarily driven by a 17.7% change in the company's Net Income Margin (%).| (LTM values as of) | 6302026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 296.55 | 311.42 | 5.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,438 | 20,766 | 12.6% |
| Net Income Margin (%) | 29.1% | 34.3% | 17.7% |
| P/E Multiple | 50.2 | 40.0 | -20.3% |
| Shares Outstanding (Mil) | 909 | 914 | -0.5% |
| Cumulative Contribution | 5.0% |
Market Drivers
6/30/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| TXN | 5.0% | |
| Market (SPY) | 3.0% | 52.0% |
| Sector (XLK) | -0.9% | 69.9% |
Fundamental Drivers
The 62.1% change in TXN stock from 3/31/2026 to 10/29/2026 was primarily driven by a 21.1% change in the company's Net Income Margin (%).| (LTM values as of) | 3312026 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 192.17 | 311.42 | 62.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,682 | 20,766 | 17.4% |
| Net Income Margin (%) | 28.3% | 34.3% | 21.1% |
| P/E Multiple | 34.9 | 40.0 | 14.6% |
| Shares Outstanding (Mil) | 909 | 914 | -0.5% |
| Cumulative Contribution | 62.1% |
Market Drivers
3/31/2026 to 10/29/2026| Return | Correlation | |
|---|---|---|
| TXN | 62.1% | |
| Market (SPY) | 18.6% | 47.0% |
| Sector (XLK) | 42.2% | 52.4% |
Fundamental Drivers
The 73.9% change in TXN stock from 9/30/2025 to 10/29/2026 was primarily driven by a 24.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 9302025 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 179.09 | 311.42 | 73.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,675 | 20,766 | 24.5% |
| Net Income Margin (%) | 30.2% | 34.3% | 13.3% |
| P/E Multiple | 32.3 | 40.0 | 24.0% |
| Shares Outstanding (Mil) | 908 | 914 | -0.7% |
| Cumulative Contribution | 73.9% |
Market Drivers
9/30/2025 to 10/29/2026| Return | Correlation | |
|---|---|---|
| TXN | 73.9% | |
| Market (SPY) | 16.4% | 45.0% |
| Sector (XLK) | 34.5% | 48.3% |
Fundamental Drivers
The 113.4% change in TXN stock from 9/30/2023 to 10/29/2026 was primarily driven by a 132.2% change in the company's P/E Multiple.| (LTM values as of) | 9302023 | 10292026 | Change |
|---|---|---|---|
| Stock Price ($) | 145.93 | 311.42 | 113.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,821 | 20,766 | 10.3% |
| Net Income Margin (%) | 40.8% | 34.3% | -16.1% |
| P/E Multiple | 17.2 | 40.0 | 132.2% |
| Shares Outstanding (Mil) | 908 | 914 | -0.7% |
| Cumulative Contribution | 113.4% |
Market Drivers
9/30/2023 to 10/29/2026| Return | Correlation | |
|---|---|---|
| TXN | 113.4% | |
| Market (SPY) | 86.2% | 56.3% |
| Sector (XLK) | 134.4% | 56.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| TXN Return | 18% | -10% | 6% | 13% | -4% | 82% | 121% |
| Peers Return | 51% | -15% | 48% | 10% | 17% | 29% | 220% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| TXN Win Rate | 67% | 42% | 58% | 50% | 50% | 50% | |
| Peers Win Rate | 67% | 42% | 67% | 40% | 50% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| TXN Max Drawdown | -10% | -22% | -23% | -16% | -30% | -23% | |
| Peers Max Drawdown | -17% | -34% | -25% | -28% | -41% | -34% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ADI, NXPI, MCHP, ON, AVGO. See TXN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/29/2026 (YTD)
How Low Can It Go
| Event | TXN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.4% | -7.8% |
| % Gain to Breakeven | 11.7% | 8.5% |
| Time to Breakeven | 15 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.3% | -9.5% |
| % Gain to Breakeven | 30.3% | 10.5% |
| Time to Breakeven | 189 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.6% | 32.4% |
| Time to Breakeven | 216 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.8% | -33.7% |
| % Gain to Breakeven | 42.4% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -18.1% | -19.2% |
| % Gain to Breakeven | 22.2% | 23.8% |
| Time to Breakeven | 44 days | 105 days |
In The Past
Texas Instruments's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
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Asset Allocation
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| Event | TXN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.8% | -18.8% |
| % Gain to Breakeven | 34.8% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -23.3% | -9.5% |
| % Gain to Breakeven | 30.3% | 10.5% |
| Time to Breakeven | 189 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.6% | 32.4% |
| Time to Breakeven | 216 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.8% | -33.7% |
| % Gain to Breakeven | 42.4% | 50.9% |
| Time to Breakeven | 84 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -21.6% | -17.9% |
| % Gain to Breakeven | 27.5% | 21.8% |
| Time to Breakeven | 66 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -58.6% | -53.4% |
| % Gain to Breakeven | 141.8% | 114.4% |
| Time to Breakeven | 630 days | 1085 days |
In The Past
Texas Instruments's stock fell -25.8% during the 2025 US Tariff Shock. Such a loss loss requires a 34.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Texas Instruments (TXN)
Texas Instruments (TXN) is a global semiconductor company that designs, manufactures, and sells a wide range of integrated circuits to electronics designers and manufacturers. Essentially, they create the foundational electronic components that enable modern technology to function, specializing in chips that manage power and process signals crucial for various electronic systems.
The company operates primarily through two segments: Analog and Embedded Processing. The Analog segment produces power management chips that regulate electricity in devices, along with signal chain products like amplifiers and data converters that sense and process real-world signals. The Embedded Processing segment focuses on microcontrollers, digital signal processors (DSPs), and applications processors, which act as the "brains" of electronic devices, performing computations and controlling various functions. Beyond these core segments, Texas Instruments also develops DLP products for high-definition images in projectors, as well as calculators and application-specific integrated circuits.
Texas Instruments serves a vast array of end markets globally. Its semiconductors are critical components for industries such as industrial automation, automotive electronics, personal electronics (like smartphones and computers), communications equipment, and enterprise systems. The company sells its products directly to customers, through a network of distributors, and via its website, providing essential building blocks for countless electronic products worldwide.
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Here are 1-3 brief analogies for Texas Instruments (TXN):
- The 3M of semiconductors: Similar to how 3M makes a vast array of essential, often unseen components and materials used across countless industries, Texas Instruments provides a wide range of foundational microchips that power almost all modern electronic devices.
- The Intel for 'everything else' electronic: If Intel builds the main processing 'brains' for computers, Texas Instruments makes many of the essential 'nervous system' and power management chips that enable nearly every other electronic device, from cars and industrial equipment to personal gadgets.
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- Analog Power Products: Semiconductors designed to efficiently manage power requirements in various electronic systems.
- Analog Signal Chain Products: Semiconductors that sense, condition, and measure signals for processing and control in electronic devices.
- Microcontrollers (MCUs): Integrated circuits used for controlling specific functions within electronic equipment.
- Digital Signal Processors (DSPs): Specialized microprocessors optimized for rapid mathematical computations.
- Applications Processors: Advanced processors designed for specific computing activities in a wide range of devices.
- DLP Products: Digital micromirror devices primarily utilized in projectors to create high-definition images.
- Calculators: Handheld electronic devices used for performing mathematical computations.
- Application-Specific Integrated Circuits (ASICs): Custom-designed integrated circuits tailored for particular applications.
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Haviv Ilan, Chairman, President and Chief Executive Officer
Haviv Ilan became Chairman of the board in 2026 and President and Chief Executive Officer of Texas Instruments (TI) in 2023, having served on the company's board of directors since 2021. He began his career at TI in 1999 when the company acquired Butterfly, a wireless startup company he was involved with. Prior to becoming CEO, Ilan served as executive vice president and chief operating officer, overseeing TI's business and sales organizations, technology and manufacturing operations, and IT solutions. He holds bachelor's and master's degrees in electrical engineering from Tel Aviv University and an MBA from the Joint International Executive MBA Program at Northwestern University's Kellogg School of Management and Tel Aviv University's Leon Recanati Graduate School of Business Administration.
Rafael Lizardi, Senior Vice President and Chief Financial Officer
Rafael Lizardi is a Senior Vice President and Chief Financial Officer of Texas Instruments. He joined TI in 2001 and has held various leadership positions in finance and operations, including corporate controller. Prior to joining TI, he served five years as a captain in the U.S. Army Corps of Engineers. Lizardi holds a bachelor's degree in electrical engineering from The U.S. Military Academy at West Point and a Master of Business Administration from Stanford University. He is also a Certified Management Accountant.
Ahmad S. Bahai, Senior Vice President and Chief Technology Officer
Ahmad S. Bahai serves as the Senior Vice President and Chief Technology Officer at Texas Instruments, where he is responsible for driving the company's technological vision and strategy, including overseeing research and development efforts. Before joining Texas Instruments, he co-founded Iospan Wireless Inc. His background also includes roles such as Chief Technology Officer at National Semiconductor and Co-Founder of Algorex Corporation. Dr. Bahai holds a Research Doctorate in Electrical and Electronics Engineering from the University of California, Berkeley, and a Master of Science from Imperial College London. He has also been a professor at both MIT and Stanford University.
Krunali Patel, Senior Vice President and Chief Information Officer, Information Technology (IT) Solutions
Krunali Patel is the Senior Vice President and Chief Information Officer of Texas Instruments, responsible for the Information Technology Solutions organization. She joined TI in 1996. Throughout her career at TI, which spans over two decades, she has held various roles, including Electrical Design Engineer and Vice President of Information Technology. Prior to her current role, Patel served as vice president of TI's design and manufacturing IT solutions organization, where she led the development and implementation of information technology strategies and roadmaps for manufacturing automation.
Amichai Ron, Senior Vice President, Embedded Processing and DLP Products
Amichai Ron is a Senior Vice President overseeing Embedded Processing and DLP Products at Texas Instruments.
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- The cyclical nature of the semiconductor industry and fluctuations in demand across its key end markets (industrial, automotive, personal electronics, communications equipment, and enterprise systems) pose a significant risk to Texas Instruments. Economic downturns or shifts in technology adoption within these markets can lead to reduced orders and revenue.
- Intense competition within the analog and embedded processing semiconductor markets, coupled with rapid technological advancements, presents a continuous risk of pricing pressure and product obsolescence. Texas Instruments must constantly innovate to maintain its competitive edge and market share.
- Global supply chain disruptions and geopolitical risks, such as trade tensions and restrictions on technology transfer, could adversely impact Texas Instruments' manufacturing operations, raw material procurement, and ability to sell products in key international markets.
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Texas Instruments (TXN) operates in significant addressable markets for its semiconductor products, specifically within the Analog and Embedded Processing segments. The company's main products, including analog semiconductors, microcontrollers, and digital signal processors, serve substantial global markets.
Analog Segment
The global analog semiconductors market was valued at approximately USD 87.5 billion in 2024 and is projected to grow to about USD 178.9 billion by 2034, with a compound annual growth rate (CAGR) of 7.4% from 2025 to 2034. Another estimate places the global analog semiconductor market size at USD 101.22 billion in 2024, anticipated to reach USD 180.24 billion by 2034, expanding at a CAGR of 5.94% from 2025 to 2034. The market for analog semiconductors was also reported at USD 88.65 billion in 2023, with projections to reach USD 156.4 billion by 2032.
Embedded Processing Segment
Microcontrollers
The global microcontroller market size was estimated at USD 40.23 billion in 2025 and is projected to reach USD 105.32 billion by 2033, growing at a CAGR of 13.0% from 2026 to 2033. Other reports indicate the global microcontroller market size was USD 28.8 billion in 2024, with a projection to reach USD 67.4 billion by 2032 at a CAGR of 11.4% from 2025 to 2032. Additionally, the market was valued at USD 34.75 billion in 2025 and is estimated to grow to USD 62.74 billion by 2031.
Digital Signal Processors (DSPs)
The global Digital Signal Processors (DSP) market size was approximately USD 17.23 billion in 2025, expected to grow to USD 18.75 billion in 2026, and is projected to reach USD 25.16 billion by 2030. Another analysis estimates the global DSP market size at USD 25.69 billion in 2024, with a projection to reach USD 59.30 billion by 2035, exhibiting a CAGR of 7.9% during 2025-2035. The market was also valued at USD 11.02 billion in 2025 and is projected to grow to USD 21.87 billion by 2034.
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Here are 3-5 expected drivers of future revenue growth for Texas Instruments (symbol: TXN) over the next 2-3 years:
- Strong Growth in Industrial, Automotive, and Data Center Markets: Texas Instruments has strategically focused on these three markets, which collectively represented approximately 75% of its revenue in 2025, a significant increase from 43% in 2013. These segments are anticipated to be the primary drivers of growth for the foreseeable future. Specifically, the industrial market saw a 12% year-on-year increase in 2025 and is expected to experience a broad-based rebound. The automotive sector grew 6% year-on-year in 2025. The data center market has shown particularly robust growth, with a 64% year-on-year increase in 2025 and a 70% year-over-year surge in Q4 2025. Analysts project the data center business to account for over 12% of total revenue in 2026, up from about 9% in 2025, driven by trends toward higher power density and AI applications.
- Advantage from 300mm Manufacturing Capacity Expansion: The company is concluding a six-year period of elevated capital expenditures aimed at expanding its 300-millimeter wafer fabrication capacity. These investments are designed to provide dependable, low-cost manufacturing at scale, which is expected to reduce costs, ensure future supply, and enable Texas Instruments to achieve higher margins as chip demand normalizes. This strengthened manufacturing capability is a key competitive advantage.
- Acquisition of Silicon Labs' Analog and Mixed-Signal Assets: Texas Instruments announced its intention to acquire the analog and mixed-signal assets from Silicon Labs, with the transaction expected to close in the first half of 2027. This acquisition is expected to bolster TI's industrial exposure and integrate a broad wireless connectivity portfolio, thereby enhancing its IoT capabilities. The company anticipates revenue synergies by integrating these newly acquired products into its existing distribution channels and leveraging its e-commerce platform.
- Broad Product Portfolio and Diversified End Markets: Texas Instruments benefits from a diverse product portfolio across its Analog and Embedded Processing segments, serving a wide array of end markets including industrial, automotive, personal electronics, and communications equipment. This diversification provides resilience against market seasonality and cyclical downturns and positions the company to capitalize on new technological advancements across these sectors. The Analog segment, which constituted a substantial 77.6% of the company's total revenues in Q2 2025, continues to expand rapidly.
- Improving Semiconductor Market Conditions and Order Rates: The broader semiconductor market is showing signs of recovery, which is positively impacting Texas Instruments. The company has reported increasing orders, contributing to its positive forward guidance. Analysts have noted improved order rates, particularly from industrial and data center clients, suggesting that the overall semiconductor recovery is allowing Texas Instruments to project growth above typical seasonal patterns.
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Share Repurchases
- Texas Instruments' annual share repurchases were approximately $527 million in 2021, $3.615 billion in 2022, $293 million in 2023, $929 million in 2024, and $1.477 billion in 2025.
- In September 2022, the board authorized an additional $15 billion for common stock repurchases, supplementing approximately $8.2 billion remaining from prior authorizations as of June 2022.
- Texas Instruments returned $6.48 billion to shareholders through dividends and buybacks in 2025.
Outbound Investments
- In February 2026, Texas Instruments entered into a definitive agreement to acquire Silicon Labs for approximately $7.5 billion in an all-cash transaction, expected to close in the first half of 2027. This acquisition is aimed at expanding TI's embedded wireless connectivity solutions portfolio and leveraging its new fabrication plants.
Capital Expenditures
- Capital expenditures amounted to $2.462 billion in 2021, $2.797 billion in 2022, $5.071 billion in 2023, and $4.82 billion in 2024. For 2025, actual capital expenditures totaled $4.55 billion.
- The company's capital expenditures for 2026 are projected to significantly decrease to a range of $2 billion to $3 billion.
- The primary focus of these substantial capital expenditures has been a multi-year, multi-billion dollar investment plan to expand internal 300mm wafer fabrication capacity across new facilities in Texas (Richardson, Sherman) and Utah, as part of a larger plan to invest over $60 billion in U.S. manufacturing.
Peer Outperformance in Semiconductors
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| TXN | Texas Instruments | 5.6% | 40.0x | 99.4% | 139.3% | 90.2% | — |
| ADI | Analog Devices | 5.4% | 50.9x | 86.6% | 191.3% | 171.5% | +81pp |
| PENG | Penguin Solutions | 8.2% | 18.1x | 162.6% | 337.1% | 119.9% | +30pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 10 | 33.8% | 133.1% | 253.1% | FLEX 650% · TTMI 562% · JBL 387% |
| Technology Distributors | 9 | 42.2% | 96.0% | 90.9% | AVT 174% · SNX 159% · CNXN 97% |
| Semiconductor Materials & Equipment | 28 | 55.9% | 84.8% | 71.4% | AXTI 645% · LRCX 375% · KLAC 372% |
| Communications Equipment | 36 | 8.9% | 87.9% | 58.8% | LITE 1014% · AAOI 935% · ANET 619% |
| Electronic Components | 26 | 1.3% | 71.6% | 56.0% | CLS 2779% · BELFA 1192% · APH 347% |
| Semiconductors ← | 55 | 5.9% | 59.0% | 17.8% | MU 1285% · NVDA 739% · AVGO 609% |
| Technology Hardware, Storage & Peripherals | 21 | 13.9% | 107.7% | 9.1% | WDC 916% · SMCI 873% · DELL 846% |
| Internet Services & Infrastructure | 6 | 8.4% | 51.8% | -1.7% | GDDY 53% · VRSN 40% · DOCN 2% |
| Electronic Equipment & Instruments | 27 | -7.2% | 33.9% | -4.7% | PI 162% · OSIS 124% · KEYS 83% |
| IT Consulting & Other Services | 30 | -26.5% | -2.8% | -25.2% | CHRN 410821% · APLD 314% · ADEA 168% |
| Application Software | 126 | -17.7% | -4.3% | -47.1% | PLTR 659% · FROG 202% · AGYS 143% |
| Systems Software | 69 | -8.4% | 34.0% | -49.2% | ZETA 296% · CRWD 271% · CVLT 179% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 287.25 |
| Mkt Cap | 138.0 |
| Rev LTM | 13,840 |
| Op Inc LTM | 4,449 |
| FCF LTM | 4,135 |
| FCF 3Y Avg | 2,676 |
| CFO LTM | 4,673 |
| CFO 3Y Avg | 3,891 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 18.8% |
| Rev Chg 3Y Avg | 1.9% |
| Rev Chg Q | 30.4% |
| QoQ Delta Rev Chg LTM | 7.1% |
| Op Inc Chg LTM | 58.2% |
| Op Inc Chg 3Y Avg | 11.4% |
| Op Mgn LTM | 32.1% |
| Op Mgn 3Y Avg | 27.7% |
| QoQ Delta Op Mgn LTM | 2.4% |
| CFO/Rev LTM | 33.7% |
| CFO/Rev 3Y Avg | 33.8% |
| FCF/Rev LTM | 25.9% |
| FCF/Rev 3Y Avg | 21.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 138.0 |
| P/S | 11.5 |
| P/Op Inc | 37.7 |
| P/EBIT | 37.4 |
| P/E | 46.1 |
| P/CFO | 34.5 |
| Total Yield | 3.2% |
| Dividend Yield | 1.3% |
| FCF Yield 3Y Avg | 2.7% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.8% |
| 3M Rtn | 11.0% |
| 6M Rtn | -9.5% |
| 12M Rtn | 34.9% |
| 3Y Rtn | 96.0% |
| 1M Excs Rtn | 4.0% |
| 3M Excs Rtn | 3.1% |
| 6M Excs Rtn | -18.2% |
| 12M Excs Rtn | 20.4% |
| 3Y Excs Rtn | 6.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Analog | 14,006 | 12,161 | 13,040 | 15,359 | 14,050 |
| Embedded Processing | 2,697 | 2,533 | 3,368 | 3,261 | 3,049 |
| Other | 979 | 947 | 1,111 | 1,408 | 1,245 |
| Total | 17,682 | 15,641 | 17,519 | 20,028 | 18,344 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Analog | 5,412 | 4,608 | 5,821 | 8,359 | 7,393 |
| Other | 307 | 505 | 502 | 528 | 393 |
| Embedded Processing | 304 | 352 | 1,008 | 1,253 | 1,174 |
| Total | 6,023 | 5,465 | 7,331 | 10,140 | 8,960 |
| $ Mil | 2007 | 2006 | 2005 | 2004 | 2002 |
|---|---|---|---|---|---|
| Semiconductor | 6,757 | 7,115 | 6,472 | 6,459 | 6,251 |
| Educational Technology | 108 | 103 | |||
| Educational & Productivity Solutions | 90 | 91 | 96 | ||
| Sensors & Controls | 479 | 413 | 383 | ||
| Total | 6,865 | 7,218 | 7,041 | 6,963 | 6,730 |
Price Behavior
| Market Price | $311.42 | |
| Market Cap ($ Bil) | 284.6 | |
| First Trading Date | 06/01/1972 | |
| Distance from 52W High | -5.8% | |
| 50 Days | 200 Days | |
| DMA Price | $274.93 | $257.77 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 13.3% | 20.8% |
| 3M | 1YR | |
| Volatility | 31.6% | 42.5% |
| Downside Capture | 114.03 | 102.27 |
| Upside Capture | 157.91 | 165.76 |
| Correlation (S&P 500) | 43.6% | 43.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.84 | 1.05 | 1.53 | 1.83 | 1.46 | 1.36 |
| Up Beta | -1.06 | 1.33 | 1.74 | 1.80 | 1.41 | 1.52 |
| Down Beta | 2.44 | 1.49 | 2.34 | 2.86 | 1.89 | 1.42 |
| Up Capture | 132% | 89% | 111% | 206% | 188% | 178% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 14 | 23 | 33 | 68 | 130 | 387 |
| Down Capture | -12% | 92% | 152% | 131% | 110% | 105% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 8 | 19 | 31 | 58 | 120 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TXN | |
|---|---|---|---|---|
| TXN | 91.9% | 42.5% | 1.63 | - |
| Sector ETF (XLK) | 25.6% | 26.7% | 0.82 | 47.9% |
| Equity (SPY) | 13.0% | 12.7% | 0.67 | 44.3% |
| Gold (GLD) | 1.2% | 28.4% | 0.03 | 24.8% |
| Commodities (DBC) | 49.5% | 20.6% | 1.83 | -6.8% |
| Real Estate (VNQ) | 7.2% | 14.0% | 0.25 | 6.2% |
| Bitcoin (BTCUSD) | -29.5% | 43.4% | -0.69 | 17.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TXN | |
|---|---|---|---|---|
| TXN | 12.3% | 33.8% | 0.40 | - |
| Sector ETF (XLK) | 19.8% | 26.0% | 0.67 | 63.9% |
| Equity (SPY) | 12.6% | 17.1% | 0.55 | 62.5% |
| Gold (GLD) | 17.2% | 18.9% | 0.73 | 13.5% |
| Commodities (DBC) | 9.4% | 19.5% | 0.36 | 10.4% |
| Real Estate (VNQ) | 1.0% | 18.9% | -0.06 | 39.6% |
| Bitcoin (BTCUSD) | 5.1% | 51.6% | 0.28 | 23.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with TXN | |
|---|---|---|---|---|
| TXN | 19.4% | 31.9% | 0.62 | - |
| Sector ETF (XLK) | 24.3% | 25.1% | 0.88 | 71.2% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 68.9% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 9.9% |
| Commodities (DBC) | 8.1% | 18.1% | 0.36 | 18.3% |
| Real Estate (VNQ) | 5.2% | 20.7% | 0.21 | 43.9% |
| Bitcoin (BTCUSD) | 62.3% | 66.2% | 1.02 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 10/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -1.8% | 8.8% | |
| 7/22/2026 | -3.1% | -7.8% | -9.3% |
| 4/22/2026 | 19.4% | 13.9% | 26.9% |
| 1/27/2026 | 9.9% | 15.3% | 8.8% |
| 10/21/2025 | -5.6% | -7.7% | -12.4% |
| 7/22/2025 | -13.3% | -11.0% | -5.9% |
| 4/23/2025 | 6.6% | 6.1% | 19.5% |
| 1/23/2025 | -7.5% | -7.6% | 0.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 13 | 13 |
| # Negative | 17 | 12 | 11 |
| Median Positive | 6.1% | 6.1% | 5.8% |
| Median Negative | -3.5% | -4.4% | -4.2% |
| Max Positive | 19.4% | 15.3% | 26.9% |
| Max Negative | -13.3% | -11.0% | -12.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/21/2026 | -1.8% | 8.8% | |
| 7/22/2026 | -3.1% | -7.8% | -9.3% |
| 4/22/2026 | 19.4% | 13.9% | 26.9% |
| 1/27/2026 | 9.9% | 15.3% | 8.8% |
| 10/21/2025 | -5.6% | -7.7% | -12.4% |
| 7/22/2025 | -13.3% | -11.0% | -5.9% |
| 4/23/2025 | 6.6% | 6.1% | 19.5% |
| 1/23/2025 | -7.5% | -7.6% | 0.8% |
| 10/22/2024 | 4.0% | 9.0% | 2.8% |
| 7/23/2024 | -0.0% | 1.4% | 5.8% |
| 4/23/2024 | 5.6% | 6.6% | 23.3% |
| 1/23/2024 | -2.4% | -6.3% | -4.4% |
| 10/24/2023 | -3.5% | -2.5% | 5.7% |
| 7/25/2023 | -5.4% | -3.5% | -8.1% |
| 4/25/2023 | -2.9% | -3.2% | -0.6% |
| 1/24/2023 | -1.1% | 0.8% | -2.3% |
| 10/25/2022 | -2.6% | 1.3% | 11.3% |
| 7/26/2022 | 6.7% | 10.9% | 7.8% |
| 4/26/2022 | 0.6% | 2.4% | 1.6% |
| 1/25/2022 | 2.5% | 4.9% | -1.9% |
| 10/26/2021 | -5.0% | -3.3% | -1.1% |
| 7/21/2021 | -5.3% | -3.3% | -4.2% |
| 4/27/2021 | -4.4% | -5.4% | -0.4% |
| 1/26/2021 | -5.0% | 2.5% | 0.1% |
| 10/20/2020 | -3.1% | -2.5% | 2.5% |
| SUMMARY STATS | |||
| # Positive | 8 | 13 | 13 |
| # Negative | 17 | 12 | 11 |
| Median Positive | 6.1% | 6.1% | 5.8% |
| Median Negative | -3.5% | -4.4% | -4.2% |
| Max Positive | 19.4% | 15.3% | 26.9% |
| Max Negative | -13.3% | -11.0% | -12.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/23/2026 | 10-Q |
| 06/30/2026 | 07/24/2026 | 10-Q |
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/06/2026 | 10-K |
| 09/30/2025 | 10/23/2025 | 10-Q |
| 06/30/2025 | 07/29/2025 | 10-Q |
| 03/31/2025 | 04/24/2025 | 10-Q |
| 12/31/2024 | 02/14/2025 | 10-K |
| 09/30/2024 | 10/23/2024 | 10-Q |
| 06/30/2024 | 07/24/2024 | 10-Q |
| 03/31/2024 | 04/24/2024 | 10-Q |
| 12/31/2023 | 02/02/2024 | 10-K |
| 09/30/2023 | 10/25/2023 | 10-Q |
| 06/30/2023 | 07/26/2023 | 10-Q |
| 03/31/2023 | 04/26/2023 | 10-Q |
| 12/31/2022 | 02/03/2023 | 10-K |
| 09/30/2022 | 10/26/2022 | 10-Q |
| 06/30/2022 | 07/27/2022 | 10-Q |
| 03/31/2022 | 04/27/2022 | 10-Q |
| 12/31/2021 | 02/04/2022 | 10-K |
| 09/30/2021 | 10/27/2021 | 10-Q |
| 06/30/2021 | 07/22/2021 | 10-Q |
| 03/31/2021 | 04/28/2021 | 10-Q |
| 12/31/2020 | 02/05/2021 | 10-K |
| 09/30/2020 | 10/21/2020 | 10-Q |
| 06/30/2020 | 07/22/2020 | 10-Q |
| 03/31/2020 | 04/22/2020 | 10-Q |
| 12/31/2019 | 02/20/2020 | 10-K |
Recent Forward Guidance
Updated 10/22/2026Latest: Q3 2026 Earnings Reported 10/21/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Revenue | Reported | 5.80 Bil | 6.05 Bil | 6.30 Bil | 2.5% | Higher New | Guidance: 5.90 Bil for Q3 2026 | |
| Q4 2026 EPS | Reported | 2.45 | 2.62 | 2.79 | 9.2% | Higher New | Guidance: 2.4 for Q3 2026 | |
Prior: Q2 2026 Earnings Reported 7/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Revenue | Reported | 5.65 Bil | 5.90 Bil | 6.15 Bil | 13.5% | Higher New | Guidance: 5.20 Bil for Q2 2026 | |
| Q3 2026 EPS | Reported | 2.23 | 2.4 | 2.57 | 25.7% | Higher New | Guidance: 1.91 for Q2 2026 | |
Q1 2026 Earnings Reported 4/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue | Reported | 5.00 Bil | 5.20 Bil | 5.40 Bil | 15.6% | Higher New | Guidance: 4.50 Bil for Q1 2026 | |
| Q2 2026 Earnings per share | Reported | 1.77 | 1.91 | 2.05 | 41.5% | Higher New | Guidance: 1.35 for Q1 2026 | |
Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Revenue | Reported | 4.32 Bil | 4.50 Bil | 4.68 Bil | 2.3% | Higher New | Guidance: 4.40 Bil for Q4 2025 | |
| Q1 2026 EPS | Reported | 1.22 | 1.35 | 1.48 | 7.1% | Higher New | Guidance: 1.26 for Q4 2025 | |
Insider Activity
Updated 10/29/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, Janet F | Direct | Sell | 10292026 | 302.46 | 4,306 | 1,302,404 | 3,430,228 | Form | |
| 2 | Patsley, Pamela H | Direct | Sell | 10292026 | 301.56 | 4,532 | 1,366,670 | 10,399,900 | Form | |
| 3 | Sanchez, Robert E | Direct | Sell | 10292026 | 302.21 | 6,065 | 1,832,923 | 6,527,804 | Form | |
| 4 | Abraham, Tsedeniya | Sr. Vice President | Direct | Sell | 8312026 | 264.63 | 7,000 | 1,852,413 | 6,134,398 | Form |
| 5 | Craighead, Martin S | Direct | Sell | 5292026 | 320.43 | 10,000 | 3,204,289 | 4,601,039 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, Janet F | Direct | Sell | 10292026 | 302.46 | 4,306 | 1,302,404 | 3,430,228 | Form | |
| 2 | Patsley, Pamela H | Direct | Sell | 10292026 | 301.56 | 4,532 | 1,366,670 | 10,399,900 | Form | |
| 3 | Sanchez, Robert E | Direct | Sell | 10292026 | 302.21 | 6,065 | 1,832,923 | 6,527,804 | Form | |
| 4 | Abraham, Tsedeniya | Sr. Vice President | Direct | Sell | 8312026 | 264.63 | 7,000 | 1,852,413 | 6,134,398 | Form |
| 5 | Craighead, Martin S | Direct | Sell | 5292026 | 320.43 | 10,000 | 3,204,289 | 4,601,039 | Form | |
| 6 | Cox, Carrie Smith | Direct | Sell | 5142026 | 306.41 | 8,838 | 2,708,029 | 11,528,885 | Form | |
| 7 | Leonard, Shanon J | Sr. Vice President | Direct | Sell | 5122026 | 295.22 | 4,963 | 1,465,186 | 7,341,281 | Form |
| 8 | Knecht, Julie C | VP & Chief Accounting Officer | Direct | Sell | 5042026 | 278.70 | 9,956 | 2,774,786 | 2,541,789 | Form |
| 9 | Gary, Mark | Sr. Vice President | Direct | Sell | 5012026 | 279.25 | 13,689 | 3,822,671 | 12,719,059 | Form |
| 10 | Roberts, Mark T | Sr. Vice President | Direct | Sell | 5012026 | 280.34 | 28,080 | 7,871,934 | 15,084,790 | Form |
| 11 | Yunus, Mohammad | Sr. Vice President | Direct | Sell | 4302026 | 270.44 | 51,098 | 13,818,951 | 14,294,385 | Form |
| 12 | Kane, Katharine | SVP and General Counsel | Direct | Sell | 4282026 | 270.41 | 6,125 | 1,656,283 | 6,817,667 | Form |
| 13 | Bahai, Ahmad | Sr. Vice President | Direct | Sell | 4282026 | 268.40 | 3,660 | 982,359 | 11,412,278 | Form |
| 14 | Leonard, Shanon J | Sr. Vice President | Direct | Sell | 4272026 | 277.95 | 18,189 | 5,055,707 | 8,887,582 | Form |
| 15 | Bluedorn, Todd M | Direct | Sell | 4272026 | 274.25 | 4,306 | 1,180,930 | 2,246,399 | Form | |
| 16 | Ron, Amichai | Sr. Vice President | Direct | Sell | 4272026 | 272.43 | 18,365 | 5,003,214 | 22,090,149 | Form |
| 17 | Blinn, Mark A | Trust | Sell | 4272026 | 277.51 | 15,000 | Form | |||
| 18 | Lizardi, Rafael R | Sr. Vice President & CFO | Direct | Sell | 4272026 | 274.23 | 40,541 | 11,117,556 | 23,442,547 | Form |
| 19 | Patsley, Pamela H | Direct | Sell | 4272026 | 276.11 | 4,306 | 1,188,918 | 9,522,116 | Form | |
| 20 | Witzsche, Christine | Sr. Vice President | Direct | Sell | 4272026 | 275.52 | 3,625 | 998,771 | 7,058,070 | Form |
| 21 | Kozanian, Hagop H | Sr. Vice President | Direct | Sell | 2182026 | 225.95 | 6,843 | 1,546,168 | 17,042,188 | Form |
| 22 | Bahai, Ahmad | Sr. Vice President | Direct | Sell | 2122026 | 230.79 | 6,500 | 1,500,117 | 9,805,687 | Form |
| 23 | Gary, Mark | Sr. Vice President | Direct | Sell | 2122026 | 230.10 | 12,921 | 2,973,107 | 10,480,310 | Form |
| 24 | Lizardi, Rafael R | Sr. Vice President & CFO | Direct | Sell | 2122026 | 230.78 | 7,096 | 1,637,611 | 19,721,031 | Form |
| 25 | Gary, Mark | Sr. Vice President | Direct | Sell | 2122026 | 220.83 | 10,248 | 2,263,098 | 10,058,285 | Form |
| 26 | Lizardi, Rafael R | Sr. Vice President & CFO | Direct | Sell | 2122026 | 220.74 | 64,532 | 14,244,539 | 20,429,121 | Form |
| 27 | Roberts, Mark T | Sr. Vice President | Direct | Sell | 2102026 | 221.16 | 4,461 | 986,604 | 14,167,195 | Form |
| 28 | Blinn, Mark A | Direct | Sell | 2062026 | 221.58 | 3,144 | 696,647 | 2,585,836 | Form | |
| 29 | Bahai, Ahmad | Sr. Vice President | Direct | Sell | 2062026 | 223.46 | 3,000 | 670,387 | 9,494,462 | Form |
| 30 | Kirk, Ronald | Direct | Sell | 11252025 | 162.33 | 9,990 | 1,621,688 | 2,424,740 | Form | |
| 31 | Witzsche, Christine | Sr. Vice President | Direct | Sell | 11142025 | 164.31 | 1,000 | 164,306 | 3,421,019 | Form |
Investor Activity (13F)
Updated Oct 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Indivisible Partners | $250.5 Mil | 22.2% | 482 | ADD +23.0% | 13F |
| Caledonia Investments PLC | $100.5 Mil | 11.7% | 15 | Hold | 13F |
| Camrose Capital Investment Partners LLP | $87.6 Mil | 11.5% | 10 | ADD +32.5% | 13F |
| ADAPT Investment Managers SA | $28.8 Mil | 9.8% | 34 | New | 13F |
| Slate Path Capital LP | $518.4 Mil | 7.7% | 44 | New | 13F |
| Metropolis Capital Ltd | $226.8 Mil | 7.7% | 16 | TRIM -43.9% | 13F |
| Manchester Global Management (UK) Ltd | $40.8 Mil | 5.4% | 23 | New | 13F |
| RIT Capital Partners PLC | $15.8 Mil | 4.2% | 12 | TRIM -58.8% | 13F |
| Longview Partners (Guernsey) LTD | $294.8 Mil | 4.2% | 25 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $260.2 Mil | 4.0% | 25 | Hold | 13F |
| Fundsmith LLP | $509.3 Mil | 4.0% | 34 | Hold | 13F |
| Fundsmith Investment Services LTD. | $168.3 Mil | 3.8% | 24 | Hold | 13F |
| Local Pensions Partnership Investment Ltd | $176.3 Mil | 3.8% | 32 | TRIM -9.2% | 13F |
| Nishkama Capital, LLC | $25.0 Mil | 3.6% | 39 | ADD +128.4% | 13F |
| Cambridge Financial Group, Inc. | $8.6 Mil | 3.2% | 33 | Hold | 13F |
| Eldred Rock Partners, LLC | $12.0 Mil | 3.1% | 31 | Hold | 13F |
| D1 Capital Partners L.P. | $340.3 Mil | 3.0% | 44 | ADD +260.8% | 13F |
| Brilliance Asset Management LTD | $8.9 Mil | 2.6% | 16 | ADD +27.1% | 13F |
| Hamlin Capital Management, LLC | $108.6 Mil | 2.6% | 30 | ADD +26.9% | 13F |
| LHM, Inc. | $5.9 Mil | 2.3% | 22 | ADD +20.9% | 13F |
| Iyo Bank, Ltd. | $6.2 Mil | 2.2% | 35 | Hold | 13F |
| Weitz Investment Management, Inc. | $31.1 Mil | 2.2% | 49 | Hold | 13F |
| Kinsale Capital Group, Inc. | $12.0 Mil | 1.9% | 41 | ADD +5.2% | 13F |
| Walter Public Investments Inc. | $7.1 Mil | 1.7% | 48 | ADD +2260.3% | 13F |
| Haverford Financial Services, Inc. | $5.3 Mil | 1.6% | 46 | TRIM -7.7% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Slate Path Capital LP | $518.4 Mil | 7.7% | 44 | New | 13F |
| Longview Partners (Guernsey) LTD | $294.8 Mil | 4.2% | 25 | New | 13F |
| Manchester Global Management (UK) Ltd | $40.8 Mil | 5.4% | 23 | New | 13F |
| ADAPT Investment Managers SA | $28.8 Mil | 9.8% | 34 | New | 13F |
| Woodbridge Co Ltd | $14.0 Mil | 0.1% | 46 | New | 13F |
| WS Management LLLP | $7.8 Mil | 1.0% | 35 | New | 13F |
| Walter Public Investments Inc. | $7.1 Mil | 1.7% | 48 | ADD +2260.3% | 13F |
| D1 Capital Partners L.P. | $340.3 Mil | 3.0% | 44 | ADD +260.8% | 13F |
| Nishkama Capital, LLC | $25.0 Mil | 3.6% | 39 | ADD +128.4% | 13F |
| Camrose Capital Investment Partners LLP | $87.6 Mil | 11.5% | 10 | ADD +32.5% | 13F |
| Brilliance Asset Management LTD | $8.9 Mil | 2.6% | 16 | ADD +27.1% | 13F |
| Hamlin Capital Management, LLC | $108.6 Mil | 2.6% | 30 | ADD +26.9% | 13F |
| Indivisible Partners | $250.5 Mil | 22.2% | 482 | ADD +23.0% | 13F |
| LHM, Inc. | $5.9 Mil | 2.3% | 22 | ADD +20.9% | 13F |
| Kinsale Capital Group, Inc. | $12.0 Mil | 1.9% | 41 | ADD +5.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Vantage Wealth | $18.6 Mil | 4.0% | 30 | Exited | Dec 31, 2025 | 13F |
| Benchstone Capital Management LP | $16.4 Mil | 1.8% | 43 | Exited | Dec 31, 2025 | 13F |
| Regents Gate Capital LLP | $9.4 Mil | 3.0% | 37 | Exited | Dec 31, 2025 | 13F |
| Columbus Hill Capital Management, L.P. | $6.4 Mil | 0.9% | 25 | Exited | Dec 31, 2025 | 13F |
| Grunden Financial Advisory, Inc. | $6.0 Mil | 2.3% | 35 | Exited | Dec 31, 2025 | 13F |
| RIT Capital Partners PLC | $15.8 Mil | 4.2% | 12 | TRIM -58.8% | Mar 31, 2026 | 13F |
| Metropolis Capital Ltd | $226.8 Mil | 7.7% | 16 | TRIM -43.9% | Mar 31, 2026 | 13F |
| Local Pensions Partnership Investment Ltd | $176.3 Mil | 3.8% | 32 | TRIM -9.2% | Mar 31, 2026 | 13F |
| Troy Asset Management Ltd | $32.2 Mil | 1.0% | 30 | TRIM -8.2% | Mar 31, 2026 | 13F |
| Haverford Financial Services, Inc. | $5.3 Mil | 1.6% | 46 | TRIM -7.7% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Slate Path Capital LP | $518.4 Mil | 7.7% | 44 | New | 13F |
| Fundsmith LLP | $509.3 Mil | 4.0% | 34 | Hold | 13F |
| D1 Capital Partners L.P. | $340.3 Mil | 3.0% | 44 | ADD +260.8% | 13F |
| Longview Partners (Guernsey) LTD | $294.8 Mil | 4.2% | 25 | New | 13F |
| Rothschild & Co Wealth Management UK Ltd | $260.2 Mil | 4.0% | 25 | Hold | 13F |
| Indivisible Partners | $250.5 Mil | 22.2% | 482 | ADD +23.0% | 13F |
| Metropolis Capital Ltd | $226.8 Mil | 7.7% | 16 | TRIM -43.9% | 13F |
| Local Pensions Partnership Investment Ltd | $176.3 Mil | 3.8% | 32 | TRIM -9.2% | 13F |
| Fundsmith Investment Services LTD. | $168.3 Mil | 3.8% | 24 | Hold | 13F |
| Hamlin Capital Management, LLC | $108.6 Mil | 2.6% | 30 | ADD +26.9% | 13F |
| Caledonia Investments PLC | $100.5 Mil | 11.7% | 15 | Hold | 13F |
| Camrose Capital Investment Partners LLP | $87.6 Mil | 11.5% | 10 | ADD +32.5% | 13F |
| Manchester Global Management (UK) Ltd | $40.8 Mil | 5.4% | 23 | New | 13F |
| Troy Asset Management Ltd | $32.2 Mil | 1.0% | 30 | TRIM -8.2% | 13F |
| Weitz Investment Management, Inc. | $31.1 Mil | 2.2% | 49 | Hold | 13F |
| ADAPT Investment Managers SA | $28.8 Mil | 9.8% | 34 | New | 13F |
| Nishkama Capital, LLC | $25.0 Mil | 3.6% | 39 | ADD +128.4% | 13F |
| RIT Capital Partners PLC | $15.8 Mil | 4.2% | 12 | TRIM -58.8% | 13F |
| Woodbridge Co Ltd | $14.0 Mil | 0.1% | 46 | New | 13F |
| Kinsale Capital Group, Inc. | $12.0 Mil | 1.9% | 41 | ADD +5.2% | 13F |
| Eldred Rock Partners, LLC | $12.0 Mil | 3.1% | 31 | Hold | 13F |
| Brilliance Asset Management LTD | $8.9 Mil | 2.6% | 16 | ADD +27.1% | 13F |
| Cambridge Financial Group, Inc. | $8.6 Mil | 3.2% | 33 | Hold | 13F |
| WS Management LLLP | $7.8 Mil | 1.0% | 35 | New | 13F |
| Walter Public Investments Inc. | $7.1 Mil | 1.7% | 48 | ADD +2260.3% | 13F |
TXN Trade Sentinel
High Conviction
CONVICTION RATIONALE
Conviction is high as Texas Instruments is capitalizing on a strong cyclical recovery. Revenue growth is accelerating, reaching 27.7% in the latest quarter, which drives significant margin expansion due to the company's manufacturing scale. Management's flawless execution and an 'above seasonal' forecast for the fourth quarter suggest this momentum is sustainable in the near term.
STOCK ARCHETYPE
Component Manufacturer(Number of chips sold) x (Average Selling Price) Factory utilization and product mix. As a company that owns most of its manufacturing capacity, a significant portion of operating costs are fixed. Higher factory loadings spread these fixed costs over more output, increasing profit margins.
INVESTMENT THESIS
Evidence suggests yes, as accelerating demand drives powerful operating leverage and margin expansion.
- Latest-quarter revenue growth accelerated to 27.7% year-over-year.
- Gross margin expanded by 6.8 percentage points from a year earlier.
- Q4 2026 revenue guidance was raised by 2.5%.
- Inventory declined YoY, indicating strong sell-through.
- A positive book-to-bill ratio was achieved in Q3 2026.
PRIMARY RISK
The current upswing may be a temporary cyclical peak, with signs of weakness potentially masked by aggressive sales. Accounts receivable grew 80.4% year-over-year, far outpacing revenue.
- Accounts receivable grew 80.4% YoY in the latest quarter.
- The semiconductor market is inherently cyclical, with rapid demand shifts.
- Products shipped into China represented about 50% of revenue in 2025.
- The stock has returned 87.0% over the last twelve months.
| KPI | Status | Rationale |
|---|---|---|
| Revenue Growth by End Market | 27.7% year-over-year growth for the quarter ended 9/30/2026 - Accelerating | The year-over-year revenue growth trajectory shows clear acceleration. This is driven by what management described on its October 21st call as broad demand, with particularly strong growth in key end markets: Industrial grew over 40% YoY, Automotive grew mid-teens YoY, and Data Center was up about 95% YoY. |
| Inventory Days | 194 (Q3 2026) | Measures the average number of days the company holds its inventory before selling it. Management's strategy is to build broad-based products ahead of demand to maintain high customer service levels. The level varies with market conditions. |
| Free cash flow per share growth | not stated in available sources (not stated in available sources) | Management states this is the ultimate measure to generate value and the company's primary objective. It reflects the company's ability to generate cash for owners after investing in the business. |
| Inventory-versus-revenue growth divergence | -31 percentage points (Q3 2026) | Compares the year-over-year growth rate of inventory to the growth rate of revenue. A large negative divergence, as seen in the latest quarter (inventory grew -3.3% while revenue grew 27.7%), indicates strong demand is drawing down inventory levels. |
Operating Leverage vs. Cyclical Peak
BULL VIEW
Bulls believe accelerating revenue (27.7% YoY) and disciplined execution are driving a highly profitable upcycle, with strong forward guidance suggesting more room to run.
CORE TENSION
Can accelerating revenue (27.7% YoY) and strong guidance offset fears of a cyclical peak signaled by accounts receivable growth (80.4% YoY)?
PREVAILING SENTIMENT
The latest evidence favors the bulls. A positive book-to-bill ratio and an 'above seasonal' Q4 forecast provide tangible, forward-looking support for continued demand strength.
BEAR VIEW
Bears see the 80.4% YoY growth in accounts receivable as a red flag for a cyclical peak, suggesting current strength is unsustainable and pulled-forward.
| Timeline | Event & Metric To Watch |
|---|---|
Nov. 10, 2026 | Quarterly Dividend Payment Watch: Company to pay a quarterly cash dividend of $1.52 per share of common stock. |
November 9, 2026 | New Debt Issuance Watch: Company to issue four series of senior unsecured notes for an aggregate principal amount of $2.0 billion. |
12/9/2026 | Peer Results Signal Slowdown Watch: Broadcom's revenue guidance and commentary on data center and industrial demand trends. |
1/25/2027 | Next Earnings Report Watch: Company is scheduled to report its next quarterly earnings for the period ending 12/31/2026. |
2/1/2027 | Automotive Recovery Falters Watch: Automotive segment results and guidance from peers NXP (reports 2/1/2027), ON Semi, and Analog Devices. |
February 2027 | Key Peer Earnings Watch: Peers NXP (NXPI), Microchip (MCHP), ON Semi (ON), and Analog Devices (ADI) report earnings, providing auto/industrial updates. |
No set date | Geopolitical Shock Affecting China Watch: New U.S. or China trade tariffs, export controls, or other administrative measures targeting the semiconductor industry. |
WITHIN_SIX_MONTHS | Acquisition Integration Challenges Watch: Updates on regulatory approvals, closing timeline, and management commentary on synergy realization and integration plans. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-26 | New Debt Priced for Acquisition Details: On October 26, 2026, the company announced the pricing of $2.0 billion in senior unsecured notes to help finance the acquisition of Silicon Laboratories Inc. | +8.5% $284.69 -> $308.91 |
2026-10-21 | Strong Q3 Results and Guidance Details: The company reported Q3 revenue of $6.06 billion, up 27.7% year-over-year, and guided Q4 revenue higher by 2.5% and Q4 EPS higher by 9.2%. | +0.6% $277.78 -> $279.50 |
2026-09-17 | Quarterly Dividend Increased Details: On September 17, 2026, the company announced a 7% increase in its quarterly cash dividend to $1.52 per share, marking 23 consecutive years of increases. | +2.3% $260.67 -> $266.64 |
2026-07-22 | Q2 Earnings Met With Negative Reaction Details: The company reported Q2 revenue of $5.5 billion, up 23% year-over-year. The two-day stock reaction around the July 22, 2026 earnings call was -2.0%. | -2.2% $289.82 -> $283.54 |
2026-06-02 | CFO Transition Announced Details: On June 2, 2026, the company announced that Julie Knecht would become the new CFO effective August 1, 2026, succeeding Rafael Lizardi who planned to retire. | +5.2% $291.71 -> $307.02 |
2026-04-28 | New Graphing Calculator Launched Details: On April 28, 2026, the company announced the launch of the TI-84 Evo Graphing Calculator, described as the most advanced TI-84 ever built. | -0.1% $266.77 -> $266.49 |
2026-04-22 | Strong Q1 Earnings Reaction Details: The stock had a two-day reaction of 21.0% around the earnings call dated April 22, 2026, signaling a significant positive market surprise. | +21.1% $230.79 -> $279.37 |
Position Sizing
4% - 6%
NORMAL POSITION
Sizing is volatility-based: TXN trades at roughly 32% annualized realized (three-month) volatility versus about 11% for the S&P 500 (3.0x the market). A 4% - 6% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ADI - Analog Devices
Higher-Performance ExposureAnalog Devices exhibits higher gross margins, suggesting a richer product mix and leadership in the highest-performance, highest-value niches of the analog market.
NXPI - NXP Semiconductors
Automotive FocusNXP Semiconductors has a strong, established position in the automotive market, which is a key secular growth driver for the entire semiconductor industry.
A disciplined, high-margin manufacturer of foundational analog and embedded chips, leveraging its scale and cost advantages to generate and return significant free cash flow to shareholders.
Texas Instruments operates with a long-term owner's mindset, focused on maximizing free cash flow per share. Its strategy is built on four competitive advantages: in-house manufacturing for cost control, a vast product portfolio, direct market channels, and diverse, long-lived products. The company is currently benefiting from a strong cyclical recovery and secular growth trends in industrial, automotive, and data center markets, which is driving strong revenue growth and profitability.
Sustained or accelerating revenue growth in the industrial, automotive, and data center end markets; evidence of continued pricing power in 2027 negotiations; and margin expansion from higher factory utilization.
A sharp cyclical downturn in the semiconductor market leading to a rapid decrease in demand; significant erosion of its manufacturing cost advantage; or geopolitical tensions, particularly with China, disrupting sales or supply chains.
Short-term stock price fluctuations not tied to fundamental changes in demand, supply, or competitive positioning.
Repricing Catalyst
The ongoing strong cyclical recovery combined with secular growth in key end markets, which has led to accelerating revenue growth, expanding margins, and positive guidance revisions.
Analog
$15.6B TTM (80% of Total) · 42% MarginWhat It Is
Sells Analog semiconductors, including Power and Signal Chain products, to electronics designers and manufacturers in markets like industrial, automotive, data center, personal electronics, and communications equipment. Power products manage electrical energy in systems, while Signal Chain products sense, condition, and measure real-world signals.
Who Pays & How
Electronics manufacturers pay for these chips to provide power management and interface capabilities in their products. They choose TI for its broad portfolio and ability to provide critical components for managing power and converting real-world signals into digital data for processing.
Competition
Embedded Processing
$2.9B TTM (15% of Total) · 16% MarginWhat It Is
Sells Embedded Processing products, which are the digital "brains" of electronic equipment, to customers in markets like industrial and automotive. The portfolio includes microcontrollers, processors, and wireless connectivity products designed to handle specific tasks.
Who Pays & How
Electronics manufacturers pay for these chips to provide processing and control capabilities in their equipment. Customers often invest their own R&D to develop software for TI's products, which tends to increase the length of the customer relationship as they prefer to reuse software across product generations.
Competition
Other
$938M TTM (5% of Total) · 29% MarginWhat It Is
This segment includes revenue from DLP® products (used for projecting high-definition images), calculators, and certain custom semiconductors known as application-specific integrated circuits (ASICs).
Who Pays & How
A variety of customers, including those in consumer electronics and education, pay for these products.
Competition
Texas Instruments — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Semiconductors Resources |
| EE Times |
| Semiconductor Engineering |
| Semiconductor Digest |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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