Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Historical Valuation Ratios (Summary)
Texas Instruments Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
An analysis of the common stock valuation ratios reveals a consistent and significant expansion in valuation multiples from the first quarter of 2022 through the second quarter of 2026. While the metrics remained relatively stable or experienced moderate fluctuations between March 2022 and December 2023, a marked upward shift occurred starting in early 2024, indicating a substantial increase in the market premium attributed to the equity.
- Price to Earnings (P/E) Ratio
- The P/E ratio remained within a range of 16.05 to 22.24 through the end of 2023. Beginning in March 2024, a sharp escalation is observed, with the ratio climbing from 26.94 to a peak of 47.00 by December 31, 2025. This trend suggests a significant increase in investor willingness to pay for each unit of earnings, ending the period at 42.19 in June 2026.
- Price to Operating Profit (P/OP) Ratio
- Mirroring the P/E trend, the P/OP ratio exhibited stability between 13.69 and 19.75 during the first two years of the analyzed period. A definitive upward trajectory began in 2024, rising from 23.82 in March to a maximum of 38.76 in March 2026. The ratio concluded at 35.20, reflecting a broader trend of valuation expansion relative to core operating performance.
- Price to Sales (P/S) Ratio
- The P/S ratio fluctuated between 7.10 and 8.49 from March 2022 to December 2023. A shift toward higher multiples occurred in 2024, surpassing 11.00 by June of that year. Despite some volatility in 2025, the ratio reached its highest point of 13.68 in March 2026, indicating a heightened valuation of the company's revenue streams compared to earlier periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio showed the most volatility in the early stages, dipping to a low of 7.74 in September 2023. However, a steady recovery and subsequent expansion followed, with the ratio climbing to 15.03 by March 2026. The period closed at 14.18, representing a substantial increase in the premium over the accounting book value of the company.
Overall, the synchronized increase across all four valuation metrics indicates a fundamental shift in market sentiment or expectations. The transition from a relatively compressed valuation environment in 2022-2023 to an expanded environment in 2024-2026 suggests a significant re-rating of the stock's value relative to its earnings, sales, operating profits, and book value.
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Price to Earnings (P/E)
Texas Instruments Inc., historical P/E calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 913,247,686 | 910,092,791 | 907,550,774 | 908,623,020 | 909,137,169 | 908,472,079 | 910,332,971 | 912,216,614 | 913,045,963 | 910,482,146 | 909,287,673 | 908,204,093 | 907,966,327 | 907,653,862 | 906,205,795 | 907,571,712 | 913,707,365 | 922,133,845 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Net income (in millions) | 1,980) | 1,545) | 1,163) | 1,364) | 1,295) | 1,179) | 1,205) | 1,362) | 1,127) | 1,105) | 1,371) | 1,709) | 1,722) | 1,708) | 1,962) | 2,295) | 2,291) | 2,201) | ||||||
| Earnings per share (EPS)2 | 6.63 | 5.90 | 5.51 | 5.55 | 5.54 | 5.36 | 5.27 | 5.44 | 5.82 | 6.49 | 7.16 | 7.82 | 8.47 | 9.10 | 9.65 | 9.83 | 9.39 | 8.91 | ||||||
| Share price1, 3 | 279.58 | 277.14 | 221.44 | 172.19 | 191.38 | 162.13 | 183.03 | 201.74 | 198.28 | 174.81 | 159.20 | 141.79 | 176.00 | 164.46 | 182.29 | 157.87 | 171.54 | 169.39 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/E ratio4 | 42.19 | 47.00 | 40.19 | 31.02 | 34.52 | 30.23 | 34.72 | 37.07 | 34.08 | 26.94 | 22.24 | 18.13 | 20.79 | 18.08 | 18.88 | 16.05 | 18.27 | 19.01 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 122.31 | 137.18 | 75.29 | 126.23 | 93.41 | 73.07 | 110.61 | 132.06 | 172.70 | 208.95 | 317.27 | 839.13 | — | 332.75 | 96.16 | 41.59 | 50.59 | 47.48 | ||||||
| Analog Devices Inc. | 58.51 | 62.47 | 54.43 | 61.53 | 57.43 | 76.64 | 66.48 | 68.22 | 55.68 | 34.12 | 27.14 | 23.57 | 23.96 | 28.93 | 31.21 | 46.35 | 50.61 | 68.72 | ||||||
| Applied Materials Inc. | 39.88 | 37.44 | 29.37 | 18.64 | 19.06 | 22.54 | 19.20 | 22.15 | 24.70 | 23.55 | 19.63 | 18.50 | 17.61 | 14.79 | 13.55 | 13.59 | 14.82 | 17.99 | ||||||
| Broadcom Inc. | 63.64 | 64.76 | 67.63 | 92.18 | 92.09 | 90.66 | 175.56 | 145.09 | 76.08 | 50.29 | 36.78 | 25.96 | 24.11 | 20.92 | 20.70 | 21.10 | 26.03 | 31.86 | ||||||
| Intel Corp. | — | — | — | 897.15 | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | ||||||
| KLA Corp. | 41.06 | 37.48 | 29.72 | 24.20 | 30.58 | 30.04 | 34.24 | 36.43 | 29.95 | 20.06 | 20.04 | 15.12 | 15.62 | 13.89 | 16.89 | 15.13 | 18.51 | 19.76 | ||||||
| Lam Research Corp. | 49.88 | 32.79 | 24.09 | 19.61 | 24.23 | 23.93 | 27.05 | 33.64 | 32.06 | 19.89 | 19.26 | 14.05 | 12.60 | 10.51 | 13.77 | 13.97 | 17.91 | 18.12 | ||||||
| Micron Technology Inc. | 20.78 | 23.49 | 24.69 | 22.65 | 22.66 | 25.00 | 145.72 | — | — | — | — | — | 43.16 | 8.72 | 6.62 | 5.97 | 9.80 | 14.54 | ||||||
| NVIDIA Corp. | 50.96 | 42.84 | 43.95 | 56.64 | 58.13 | 66.31 | 56.68 | 65.31 | 112.05 | 200.72 | 131.70 | 63.65 | 48.55 | 49.72 | 68.08 | 97.36 | 73.53 | 73.45 | ||||||
| Qualcomm Inc. | 16.57 | 29.61 | 34.74 | 14.82 | 14.76 | 18.43 | 18.95 | 23.14 | 21.84 | 21.35 | 17.07 | 16.75 | 11.92 | 12.87 | 9.75 | 13.40 | 13.56 | 21.24 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
EPS
= (Net incomeQ2 2026
+ Net incomeQ1 2026
+ Net incomeQ4 2025
+ Net incomeQ3 2025)
÷ No. shares of common stock outstanding
= (1,980,000,000 + 1,545,000,000 + 1,163,000,000 + 1,364,000,000)
÷ 913,247,686 = 6.63
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/E ratio = Share price ÷ EPS
= 279.58 ÷ 6.63 = 42.19
5 Click competitor name to see calculations.
A significant shift in valuation is evident over the observed period, characterized by a substantial expansion of the price-to-earnings (P/E) ratio despite a prolonged period of declining earnings per share (EPS). The valuation transition moves from a period of relative stability between 2022 and 2023 to a phase of rapid multiple expansion starting in early 2024.
- Earnings and Price Correlation
- Earnings per share exhibited a consistent downward trajectory from a peak of 9.83 US$ in September 2022 to a trough of 5.27 US$ in December 2024. Conversely, while the share price experienced volatility during the same period, it began a strong ascent in late 2025 and early 2026, reaching 279.58 US$ by June 2026. This inverse relationship during the 2023-2024 period contributed heavily to the rising P/E multiple.
- P/E Ratio Trajectory
- The P/E ratio remained relatively contained between 16.05 and 22.24 from March 2022 through December 2023. A regime shift occurred in March 2024, as the ratio climbed to 26.94 and continued an upward trend to a peak of 47.00 in March 2026, before slightly moderating to 42.19 in June 2026.
- Valuation Analysis
- The data reveals a notable valuation divergence. Between March 2024 and December 2024, the P/E ratio increased significantly (from 26.94 to 34.72) even as EPS continued to fall. This pattern indicates that the market began pricing in future growth expectations or reflecting a higher risk premium, decoupling the share price from current earnings performance.
- Recovery Phase
- Beginning in early 2025, a simultaneous increase in both EPS and share price is observed. While earnings recovered from 5.36 US$ to 6.63 US$ by mid-2026, the share price growth outpaced this earnings recovery, maintaining the P/E ratio at historically high levels compared to the 2022-2023 baseline.
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Price to Operating Profit (P/OP)
Texas Instruments Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 913,247,686 | 910,092,791 | 907,550,774 | 908,623,020 | 909,137,169 | 908,472,079 | 910,332,971 | 912,216,614 | 913,045,963 | 910,482,146 | 909,287,673 | 908,204,093 | 907,966,327 | 907,653,862 | 906,205,795 | 907,571,712 | 913,707,365 | 922,133,845 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Operating profit (in millions) | 2,310) | 1,808) | 1,473) | 1,663) | 1,563) | 1,324) | 1,377) | 1,554) | 1,248) | 1,286) | 1,533) | 1,892) | 1,972) | 1,934) | 2,176) | 2,678) | 2,723) | 2,563) | ||||||
| Operating profit per share2 | 7.94 | 7.15 | 6.64 | 6.52 | 6.40 | 6.06 | 6.00 | 6.16 | 6.53 | 7.34 | 8.06 | 8.78 | 9.65 | 10.48 | 11.19 | 11.53 | 11.05 | 10.39 | ||||||
| Share price1, 3 | 279.58 | 277.14 | 221.44 | 172.19 | 191.38 | 162.13 | 183.03 | 201.74 | 198.28 | 174.81 | 159.20 | 141.79 | 176.00 | 164.46 | 182.29 | 157.87 | 171.54 | 169.39 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/OP ratio4 | 35.20 | 38.76 | 33.37 | 26.40 | 29.91 | 26.77 | 30.49 | 32.74 | 30.38 | 23.82 | 19.75 | 16.15 | 18.24 | 15.69 | 16.29 | 13.69 | 15.53 | 16.30 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 121.29 | 157.45 | 88.36 | 148.35 | 116.77 | 60.95 | 95.53 | 175.89 | 268.47 | 400.66 | 675.69 | — | — | 782.37 | 100.42 | 36.08 | 43.60 | 40.92 | ||||||
| Analog Devices Inc. | 46.83 | 49.18 | 42.08 | 47.12 | 47.16 | 61.84 | 53.48 | 53.84 | 46.99 | 29.30 | 23.53 | 20.61 | 20.41 | 24.53 | 26.16 | 38.46 | 41.74 | 55.30 | ||||||
| Applied Materials Inc. | 40.89 | 36.94 | 24.80 | 14.77 | 15.46 | 17.71 | 17.52 | 21.18 | 23.58 | 22.03 | 17.58 | 15.53 | 14.65 | 12.26 | 11.35 | 11.57 | 12.68 | 15.55 | ||||||
| Broadcom Inc. | 56.98 | 58.20 | 61.37 | 77.21 | 58.02 | 51.77 | 76.87 | 56.53 | 59.46 | 41.23 | 31.96 | 22.57 | 20.66 | 17.32 | 16.33 | 16.17 | 20.04 | 24.51 | ||||||
| Intel Corp. | — | — | — | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | ||||||
| KLA Corp. | 34.97 | 31.81 | 25.28 | 20.32 | 25.57 | 24.98 | 28.26 | 29.78 | 24.43 | 16.45 | 16.99 | 12.79 | 13.23 | 11.55 | 15.36 | 14.02 | 17.40 | 19.37 | ||||||
| Lam Research Corp. | 44.64 | 29.46 | 21.88 | 17.28 | 21.76 | 21.55 | 24.29 | 30.42 | 28.60 | 17.56 | 16.79 | 11.92 | 10.68 | 8.94 | 11.79 | 12.15 | 15.75 | 15.79 | ||||||
| Micron Technology Inc. | 17.83 | 20.37 | 21.58 | 18.46 | 17.11 | 21.07 | 86.94 | — | — | — | — | — | 34.54 | 7.86 | 5.93 | 5.31 | 8.90 | 13.31 | ||||||
| NVIDIA Corp. | 45.98 | 38.17 | 39.33 | 50.30 | 51.71 | 59.17 | 51.16 | 59.84 | 107.15 | 213.98 | 136.19 | 63.84 | 46.92 | 47.25 | 66.12 | 93.15 | 71.25 | 70.98 | ||||||
| Qualcomm Inc. | 14.48 | 13.06 | 15.58 | 14.28 | 14.20 | 18.18 | 19.08 | 22.65 | 21.54 | 20.09 | 15.85 | 14.36 | 9.90 | 10.47 | 7.95 | 11.41 | 11.80 | 19.06 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Operating profit per share
= (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ No. shares of common stock outstanding
= (2,310,000,000 + 1,808,000,000 + 1,473,000,000 + 1,663,000,000)
÷ 913,247,686 = 7.94
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 279.58 ÷ 7.94 = 35.20
5 Click competitor name to see calculations.
The valuation metrics indicate a significant expansion in the Price to Operating Profit (P/OP) ratio over the analyzed period, driven by a divergence between share price appreciation and operational profit performance.
- Share Price Trends
- An overall upward trajectory is observed, particularly from early 2024 through mid-2026. After fluctuating between 141.79 and 182.29 during 2022 and 2023, the price experienced a sustained climb, reaching a peak of 279.58 by June 30, 2026.
- Operating Profit per Share Performance
- A contraction phase occurred between March 2022 and December 2024, where operating profit per share declined from 10.39 to a low of 6.00. A gradual recovery trend emerged in 2025 and 2026, with the profit per share rising back to 7.94 by the end of the period.
- P/OP Ratio Dynamics
- The P/OP ratio exhibited substantial growth, moving from a relative low of 13.69 in September 2022 to a high of 38.76 in March 2026. The ratio remained relatively stable between 13 and 18 throughout 2022, but accelerated sharply during 2024 and 2025. This expansion suggests a significant increase in the valuation multiple assigned to the company's operating earnings.
- Correlation Analysis
- The sharp increase in the P/OP ratio is attributed to the inverse relationship between share price and operating profit during the 2023-2024 window; as operating profits reached their nadir, share prices began to rise. Despite the subsequent recovery in operating profit per share in 2025 and 2026, the share price grew at a significantly faster rate, maintaining the elevated valuation multiple.
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Price to Sales (P/S)
Texas Instruments Inc., historical P/S calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 913,247,686 | 910,092,791 | 907,550,774 | 908,623,020 | 909,137,169 | 908,472,079 | 910,332,971 | 912,216,614 | 913,045,963 | 910,482,146 | 909,287,673 | 908,204,093 | 907,966,327 | 907,653,862 | 906,205,795 | 907,571,712 | 913,707,365 | 922,133,845 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Revenue (in millions) | 5,463) | 4,825) | 4,423) | 4,742) | 4,448) | 4,069) | 4,007) | 4,151) | 3,822) | 3,661) | 4,077) | 4,532) | 4,531) | 4,379) | 4,670) | 5,241) | 5,212) | 4,905) | ||||||
| Sales per share2 | 21.30 | 20.26 | 19.48 | 19.00 | 18.34 | 17.67 | 17.18 | 17.22 | 17.62 | 18.45 | 19.27 | 19.94 | 20.73 | 21.49 | 22.10 | 22.25 | 21.44 | 20.56 | ||||||
| Share price1, 3 | 279.58 | 277.14 | 221.44 | 172.19 | 191.38 | 162.13 | 183.03 | 201.74 | 198.28 | 174.81 | 159.20 | 141.79 | 176.00 | 164.46 | 182.29 | 157.87 | 171.54 | 169.39 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/S ratio4 | 13.13 | 13.68 | 11.37 | 9.06 | 10.43 | 9.18 | 10.65 | 11.71 | 11.25 | 9.47 | 8.26 | 7.11 | 8.49 | 7.65 | 8.25 | 7.10 | 8.00 | 8.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 19.05 | 18.35 | 9.42 | 13.03 | 8.94 | 5.86 | 7.04 | 9.93 | 10.05 | 10.23 | 11.95 | 7.89 | 8.08 | 5.70 | 5.38 | 4.14 | 7.34 | 8.54 | ||||||
| Analog Devices Inc. | 15.22 | 14.38 | 11.20 | 11.60 | 10.71 | 12.84 | 11.53 | 11.64 | 11.39 | 8.30 | 7.31 | 6.89 | 6.75 | 7.89 | 7.14 | 7.88 | 8.52 | 10.43 | ||||||
| Applied Materials Inc. | 11.69 | 10.40 | 7.25 | 4.45 | 4.59 | 5.17 | 5.07 | 6.15 | 6.81 | 6.36 | 5.08 | 4.49 | 4.29 | 3.63 | 3.43 | 3.59 | 4.03 | 4.88 | ||||||
| Broadcom Inc. | 24.72 | 23.68 | 24.48 | 29.12 | 20.85 | 16.75 | 20.07 | 15.79 | 18.34 | 15.05 | 14.46 | 10.15 | 9.33 | 7.66 | 7.00 | 6.54 | 7.49 | 8.42 | ||||||
| Intel Corp. | 8.16 | 7.72 | 4.26 | 3.32 | 1.87 | 1.65 | 1.58 | 1.84 | 1.67 | 2.46 | 3.40 | 2.83 | 2.85 | 2.30 | 1.85 | 1.73 | 2.03 | 2.29 | ||||||
| KLA Corp. | 14.69 | 12.68 | 9.93 | 7.74 | 9.04 | 8.69 | 9.64 | 9.91 | 8.38 | 6.12 | 6.47 | 4.99 | 5.28 | 4.62 | 6.09 | 5.51 | 6.77 | 7.22 | ||||||
| Lam Research Corp. | 15.07 | 9.72 | 7.00 | 5.33 | 6.42 | 6.23 | 6.95 | 8.53 | 7.75 | 4.99 | 4.99 | 3.66 | 3.39 | 2.83 | 3.68 | 3.79 | 4.98 | 4.91 | ||||||
| Micron Technology Inc. | 8.62 | 6.61 | 5.64 | 4.17 | 3.38 | 3.34 | 4.51 | 6.86 | 6.64 | 5.83 | 4.94 | 3.88 | 3.02 | 1.99 | 1.87 | 1.83 | 2.84 | 3.62 | ||||||
| NVIDIA Corp. | 26.71 | 22.15 | 24.55 | 31.54 | 31.99 | 35.41 | 27.69 | 27.49 | 35.40 | 37.18 | 21.33 | 13.27 | 12.64 | 15.92 | 24.67 | 32.92 | 23.77 | 20.32 | ||||||
| Qualcomm Inc. | 3.70 | 3.54 | 4.35 | 3.97 | 3.85 | 4.78 | 4.93 | 5.40 | 5.03 | 4.57 | 3.45 | 3.74 | 3.06 | 3.53 | 2.85 | 4.09 | 3.85 | 5.89 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
Sales per share
= (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
÷ No. shares of common stock outstanding
= (5,463,000,000 + 4,825,000,000 + 4,423,000,000 + 4,742,000,000)
÷ 913,247,686 = 21.30
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 279.58 ÷ 21.30 = 13.13
5 Click competitor name to see calculations.
The financial trajectory from March 2022 through June 2026 is characterized by a significant expansion in the Price-to-Sales (P/S) multiple, driven primarily by share price appreciation that outpaced the growth of sales per share.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio exhibited a period of relative stability between March 2022 and December 2023, fluctuating within a range of 7.10 to 8.49. However, a distinct upward shift occurred starting in March 2024, where the ratio broke above the 9.00 threshold. The multiple reached a peak of 13.68 in March 2026, representing a substantial increase in the valuation premium attributed to each dollar of revenue compared to the baseline established in 2022.
- Share Price Dynamics
- The share price demonstrated a general upward trajectory over the analyzed period, rising from $169.39 in March 2022 to a high of $279.58 by June 2026. Notable volatility was observed between September 2023 and March 2024, followed by a strong growth phase from 2025 onward, where the price transitioned from the $160-$190 range to exceed $270.
- Sales per Share Performance
- Sales per share followed a cyclical pattern, initially increasing to $22.25 in September 2022 before entering a prolonged decline that bottomed at $17.18 in December 2024. A recovery phase began in March 2025, with sales per share climbing steadily to $21.30 by June 2026. The divergence between the declining sales per share and the rising share price throughout 2024 was the primary catalyst for the spike in the P/S ratio during that period.
- Valuation Correlation
- An inverse relationship between sales per share and the P/S ratio was evident during the 2024 calendar year, where the ratio expanded despite shrinking revenue per share. In the final year of the period, both share price and sales per share increased; however, the magnitude of the price increase led to a further expansion of the P/S ratio, suggesting increased market optimism or a shift in valuation premiums independent of immediate revenue growth.
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Price to Book Value (P/BV)
Texas Instruments Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 913,247,686 | 910,092,791 | 907,550,774 | 908,623,020 | 909,137,169 | 908,472,079 | 910,332,971 | 912,216,614 | 913,045,963 | 910,482,146 | 909,287,673 | 908,204,093 | 907,966,327 | 907,653,862 | 906,205,795 | 907,571,712 | 913,707,365 | 922,133,845 | ||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 18,007) | 16,778) | 16,273) | 16,627) | 16,403) | 16,406) | 16,903) | 17,268) | 17,214) | 16,983) | 16,897) | 16,631) | 15,940) | 15,243) | 14,577) | 14,507) | 14,092) | 14,017) | ||||||
| Book value per share (BVPS)2 | 19.72 | 18.44 | 17.93 | 18.30 | 18.04 | 18.06 | 18.57 | 18.93 | 18.85 | 18.65 | 18.58 | 18.31 | 17.56 | 16.79 | 16.09 | 15.98 | 15.42 | 15.20 | ||||||
| Share price1, 3 | 279.58 | 277.14 | 221.44 | 172.19 | 191.38 | 162.13 | 183.03 | 201.74 | 198.28 | 174.81 | 159.20 | 141.79 | 176.00 | 164.46 | 182.29 | 157.87 | 171.54 | 169.39 | ||||||
| Valuation Ratio | ||||||||||||||||||||||||
| P/BV ratio4 | 14.18 | 15.03 | 12.35 | 9.41 | 10.61 | 8.98 | 9.86 | 10.66 | 10.52 | 9.37 | 8.57 | 7.74 | 10.03 | 9.79 | 11.33 | 9.88 | 11.12 | 11.14 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||
| Advanced Micro Devices Inc. | 11.71 | 10.66 | 5.18 | 6.86 | 4.44 | 2.81 | 3.15 | 4.23 | 4.14 | 4.15 | 4.85 | 3.18 | 3.20 | 2.40 | 2.32 | 1.73 | 2.87 | 2.91 | ||||||
| Analog Devices Inc. | 5.75 | 5.00 | 3.65 | 3.53 | 3.00 | 3.42 | 3.09 | 3.21 | 3.38 | 2.70 | 2.53 | 2.46 | 2.41 | 2.72 | 2.35 | 2.39 | 2.24 | 2.35 | ||||||
| Applied Materials Inc. | 14.19 | 13.51 | 10.07 | 6.53 | 6.79 | 7.68 | 7.25 | 8.76 | 9.92 | 9.67 | 8.23 | 7.90 | 8.09 | 7.11 | 7.25 | 7.48 | 8.65 | 9.91 | ||||||
| Broadcom Inc. | 21.28 | 20.25 | 19.24 | 23.82 | 17.09 | 13.09 | 15.29 | 11.26 | 11.17 | 8.32 | 21.59 | 16.31 | 14.86 | 11.31 | 10.23 | 9.93 | 10.71 | 10.45 | ||||||
| Intel Corp. | 5.32 | 3.72 | 1.97 | 1.67 | 1.01 | 0.88 | 0.85 | 1.01 | 0.80 | 1.28 | 1.75 | 1.47 | 1.53 | 1.32 | 1.15 | 1.20 | 1.47 | 1.73 | ||||||
| KLA Corp. | 34.24 | 31.86 | 25.73 | 22.33 | 27.37 | 25.03 | 28.08 | 30.73 | 26.63 | 20.82 | 23.25 | 19.77 | 21.25 | 21.67 | 40.04 | 11.68 | 13.65 | 13.95 | ||||||
| Lam Research Corp. | 30.55 | 18.69 | 13.09 | 9.61 | 11.81 | 11.46 | 12.13 | 15.14 | 13.49 | 9.82 | 10.58 | 8.22 | 7.78 | 6.88 | 10.10 | 10.52 | 12.70 | 13.28 | ||||||
| Micron Technology Inc. | 6.91 | 4.76 | 3.89 | 2.78 | 2.18 | 2.07 | 2.51 | 3.32 | 2.77 | 2.20 | 1.74 | 1.55 | 1.47 | 1.09 | 1.15 | 1.20 | 1.85 | 2.33 | ||||||
| NVIDIA Corp. | 44.07 | 39.23 | 40.38 | 54.22 | 52.98 | 57.48 | 39.25 | 37.08 | 42.07 | 39.24 | 26.03 | 17.76 | 15.75 | 17.87 | 24.95 | 33.57 | 24.61 | 20.84 | ||||||
| Qualcomm Inc. | 6.03 | 6.89 | 9.08 | 6.31 | 5.88 | 7.24 | 7.31 | 8.17 | 7.48 | 7.19 | 5.72 | 6.98 | 6.38 | 8.05 | 7.00 | 10.74 | 11.35 | 18.72 | ||||||
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2026 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 18,007,000,000 ÷ 913,247,686 = 19.72
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q2 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 279.58 ÷ 19.72 = 14.18
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) ratio exhibits significant volatility over the analyzed period, fluctuating between a minimum of 7.74 and a maximum of 15.03. The valuation trend is characterized by an initial period of contraction through 2023, followed by a recovery in 2024 and a sharp expansion in 2025 and the first half of 2026.
- Share Price Volatility
- The share price serves as the primary driver of P/BV fluctuations. After starting at 169.39 in March 2022, the price experienced notable troughs in September 2022 and September 2023, reaching a period low of 141.79. A strong bullish trend emerged in 2025 and 2026, with the price ascending to a peak of 279.58 by June 30, 2026.
- Book Value per Share (BVPS) Stability
- BVPS demonstrated a steady, incremental increase from 15.20 in March 2022 to a peak of 18.93 in September 2024. A slight contraction occurred between December 2024 and December 2025, where the value dipped to 17.93, before recovering to 19.72 by June 30, 2026. This stability indicates that the changes in the P/BV ratio are predominantly driven by market pricing rather than significant shifts in the underlying book value.
- P/BV Ratio Trends
- A valuation compression is evident throughout 2023, with the ratio dropping from 9.79 in March to a low of 7.74 in September. This suggests a period where the market discounted the company's assets more heavily. Conversely, a valuation expansion occurred starting in late 2024, accelerating through 2025. The ratio climbed from 8.98 in December 2024 to a peak of 15.03 in March 2026, reflecting a substantial increase in the market premium assigned to the company's book value.
The divergence between the steady growth of the book value and the aggressive acceleration of the share price in 2026 resulted in the highest P/BV ratios of the entire sequence, signaling increased investor confidence or higher growth expectations relative to the company's net asset value.
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