Stock Analysis on Net

Texas Instruments Inc. (NASDAQ:TXN)

$24.99

Price to Sales (P/S)
since 2005

Microsoft Excel

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Calculation

Texas Instruments Inc., P/S, long-term trends, calculation

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of Texas Instruments Inc. Annual Report.

Over the observed period, the share price exhibited significant fluctuations with an initial moderate increase followed by a notable decline, and then a strong upward trend in more recent years. Starting from approximately $29.85 in early 2006, the share price remained relatively stable until early 2008, after which it halved by early 2009, dropping to around $15.29. Subsequently, the share price embarked on a substantial recovery and growth phase, peaking at $183.03 by early 2025, despite some minor volatility towards the end of the period.

Sales per share showed a less volatile pattern relative to the share price. Initially increasing from $8.37 in 2006 to just over $10 in 2008, sales per share declined slightly during the economic downturn around 2009 to $8.4. From this low point, sales per share generally trended upward, reaching a high near $22.10 by early 2023, although a decline was observed in the final years, reducing to about $17.18 by early 2025. Despite the fluctuation, the overall trajectory was one of growth, with occasional periods of stagnation or slight decreases.

The price-to-sales (P/S) ratio reflected changes in both share price and sales per share but indicated a significant increase in valuation multiples over time. Initially around 3.57 in early 2006, the P/S ratio declined to its lowest point at 1.56 in early 2009, in conjunction with the drop in share price and relatively stable sales per share. Thereafter, the P/S ratio increased sharply, exceeding 10 in early 2025. This rise suggests that the market valuation grew faster than sales, implying increased investor confidence or expectations of future growth. Notably, higher P/S ratios from 2014 onward indicate a premium valuation relative to historical levels.

In summary, the analyzed data reveals a company that experienced a sharp market value contraction during the 2008-2009 financial crisis followed by a strong recovery and expansion phase. Sales per share grew steadily with some recent softness, while the P/S ratio increased markedly, indicative of heightened market expectations or improved profitability prospects despite the recent decreases in sales per share. These trends highlight evolving market perceptions and operational developments over the examined timeline.


Comparison to Competitors

Texas Instruments Inc., P/S, long-term trends, comparison to competitors

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).


Comparison to Sector (Semiconductors & Semiconductor Equipment)

Texas Instruments Inc., P/S, long-term trends, comparison to sector (semiconductors & semiconductor equipment)

Microsoft Excel

Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).


Comparison to Industry (Information Technology)