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Texas Instruments Inc. (TXN)
Enterprise Value to FCFF (EV/FCFF)
Difficulty: Intermediate
Free Cash Flow to The Firm (FCFF)
Texas Instruments Inc., FCFF calculation
USD $ in millions
Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
| Item | Description | The company |
|---|---|---|
| FCFF | Free cash flow to the firm is the cash flow available to the Texas Instruments Inc.’s suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made. | Texas Instruments Inc.’s FCFF increased from 2016 to 2017 and from 2017 to 2018. |
Interest Paid, Net of Tax
Texas Instruments Inc., interest paid, net of tax calculation
USD $ in millions
Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
2018 Calculations
2 Cash payments for interest on long-term debt, tax = Cash payments for interest on long-term debt × EITR
= × =
Enterprise Value to FCFF Ratio, Current
Texas Instruments Inc., current EV/FCFF calculation, comparison to benchmarks
| Selected Financial Data (USD $ in millions) | |
| Enterprise value (EV) | |
| Free cash flow to the firm (FCFF) | |
| Ratio | |
| EV/FCFF | |
| Benchmarks | |
| EV/FCFF, Competitors | |
| Apple Inc. | |
| Applied Materials Inc. | |
| Broadcom Inc. | |
| Cisco Systems Inc. | |
| HP Inc. | |
| Intel Corp. | |
| NVIDIA Corp. | |
| Qualcomm Inc. | |
| EV/FCFF, Sector | |
| Technology Hardware & Equipment | |
| EV/FCFF, Industry | |
| Technology | |
Based on: 10-K (filing date: 2019-02-22).
If company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.
Enterprise Value to FCFF Ratio, Historical
Texas Instruments Inc., historical EV/FCFF calculation, comparison to benchmarks
Based on: 10-K (filing date: 2019-02-22), 10-K (filing date: 2018-02-22), 10-K (filing date: 2017-02-23), 10-K (filing date: 2016-02-24), 10-K (filing date: 2015-02-24).
2018 Calculations
3 EV/FCFF = EV ÷ FCFF
= ÷ =
| Ratio | Description | The company |
|---|---|---|
| EV/FCFF | Enterprise value to free cash flow to the firm is whole company valuation indicator. | Texas Instruments Inc.’s EV/FCFF ratio increased from 2016 to 2017 but then declined significantly from 2017 to 2018. |