Common-Size Balance Sheet: Assets
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- Income Statement
- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
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Texas Instruments Inc., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The composition of assets has undergone notable shifts between 2021 and 2025. A consistent decline is observed in the proportion of current assets relative to total assets, while long-term assets have increased correspondingly. Within current assets, the allocation among components has also changed significantly.
- Liquidity and Short-Term Investments
- Cash and cash equivalents decreased as a percentage of total assets from 18.77% in 2021 to 9.32% in 2025. Simultaneously, short-term investments experienced a more substantial decrease, falling from 20.70% in 2021 to 4.79% in 2025. This suggests a strategic shift away from highly liquid assets towards longer-term investments or operational deployments of capital.
- Current Asset Composition
- While the overall proportion of current assets decreased, inventories increased steadily from 7.74% in 2021 to 13.89% in 2025. Accounts receivable remained relatively stable, with a slight decrease from 6.89% to 5.68% over the period. Prepaid expenses and other current assets exhibited a significant increase, rising from 1.36% to 6.08% in 2025, potentially indicating increased upfront costs related to future operations.
- Long-Term Asset Growth
- Property, plant, and equipment (PP&E) consistently increased as a percentage of total assets, rising from 20.83% in 2021 to 35.62% in 2025. This indicates substantial investment in fixed assets. Goodwill decreased from 17.68% to 12.52% over the same period, potentially due to impairment or amortization. Other long-term assets experienced a considerable increase, growing from 3.03% to 7.68%, suggesting strategic acquisitions or long-term investments.
- CHIPS Act Incentives
- The emergence and growth of CHIPS Act incentives as a component of both current and long-term assets is noteworthy. Beginning in 2023, these incentives increased from 1.54% of total assets to 4.94% in current assets and from 2.66% to 4.74% in long-term assets by 2025. This suggests a growing reliance on, or recognition of, government funding for long-term projects.
- Other Asset Trends
- Deferred tax assets showed a consistent increase, rising from 1.07% to 2.80% of total assets, potentially indicating increased tax benefits or deferred tax liabilities. Capitalized software licenses and overfunded retirement plans remained relatively stable, with minor fluctuations throughout the period.
In summary, the asset allocation demonstrates a strategic shift towards long-term investments in PP&E and other long-term assets, coupled with a decrease in highly liquid assets. The increasing prominence of CHIPS Act incentives and the growth in inventories and prepaid expenses are also significant observations.