Texas Instruments Inc., current enterprise value calculation

Current share price (P)	$286.08
No. shares of common stock outstanding	913,247,686
US$ in millions
Common equity (market value)¹	261,262)
Add: Preferred stock, $25 par value; none issued (per books)	—)
Total equity	261,262)
Add: Current portion of long-term debt (per books)	500)
Add: Long-term debt, excluding current portion (per books)	13,548)
Total equity and debt	275,310)
Less: Cash and cash equivalents	3,225)
Less: Short-term investments	1,656)
Enterprise value (EV)	270,429)

Based on: 10-K (reporting date: 2025-12-31).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 286.08 × 913,247,686

Texas Instruments Inc., EV calculation

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Share price^1, 2	$221.44	$183.03	$159.20	$182.29	$171.42
No. shares of common stock outstanding¹	907,550,774	910,332,971	909,287,673	906,205,795	923,547,062
US$ in millions
Common equity (market value)³	200,968)	166,618)	144,759)	165,192)	158,314)
Add: Preferred stock, $25 par value; none issued (book value)	—)	—)	—)	—)	—)
Total equity	200,968)	166,618)	144,759)	165,192)	158,314)
Add: Current portion of long-term debt (book value)	500)	750)	599)	500)	500)
Add: Long-term debt, excluding current portion (book value)	13,548)	12,846)	10,624)	8,235)	7,241)
Total equity and debt	215,016)	180,214)	155,982)	173,927)	166,055)
Less: Cash and cash equivalents	3,225)	3,200)	2,964)	3,050)	4,631)
Less: Short-term investments	1,656)	4,380)	5,611)	6,017)	5,108)
Enterprise value (EV)	210,135)	172,634)	147,407)	164,860)	156,316)

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).

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Texas Instruments Inc. Annual Report.

³ 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 221.44 × 907,550,774

The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. Overall, enterprise value demonstrates a fluctuating pattern with a general upward trajectory over the period.

Enterprise Value Trend: Enterprise value began at US$156,316 million in 2021, increased to US$164,860 million in 2022, then decreased to US$147,407 million in 2023. A subsequent increase to US$172,634 million was observed in 2024, followed by a further increase to US$210,135 million in 2025. This indicates volatility, but a clear upward trend in the most recent years.
Relationship between Equity and Enterprise Value: Common equity (market value) and total equity values are identical across all years, suggesting no significant difference between book value and market capitalization of equity. Enterprise value consistently tracks closely with the values of common equity and total equity, indicating that debt plays a relatively stable, though present, role in the company’s capital structure.
Total Equity and Debt: Total equity and debt increased from US$166,055 million in 2021 to US$173,927 million in 2022, decreased to US$155,982 million in 2023, and then increased to US$180,214 million in 2024, finally reaching US$215,016 million in 2025. The fluctuations in total equity and debt mirror the changes observed in enterprise value, suggesting a strong correlation between the two metrics.

The largest percentage increase in enterprise value occurred between 2024 and 2025, with an increase of approximately 21.6%. The largest percentage decrease occurred between 2022 and 2023, with a decrease of approximately 10.8%. These fluctuations warrant further investigation to understand the underlying drivers.

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Texas Instruments Inc. (NASDAQ:TXN)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)