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: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio
- The price to earnings ratio shows a general downward trend from about 28 in early 2021 to a low near 16 in late 2022, indicating an improvement in earnings relative to the stock price during that period. Subsequently, the ratio rises sharply reaching highs above 37 by late 2024, suggesting market valuation increases or earnings pressure. The ratio then decreases moderately into mid-2025 but remains elevated compared to early 2021 levels. This pattern reflects considerable volatility in market sentiment or earnings expectations over the analyzed periods.
- Price to Operating Profit (P/OP) Ratio
- The price to operating profit ratio follows a similar trajectory to the P/E ratio with a steady decline from late 2020 through late 2022, moving from about 26.5 to roughly 13.7. This implies an improved relationship between operating profit and stock price in that timeframe. However, from early 2023 onwards, the ratio escalates significantly, peaking near 33 in late 2024 before a slight correction. This sharp increase signals increased valuation multiples or operating profit contraction, mirroring the volatility observed in the P/E ratio.
- Price to Sales (P/S) Ratio
- The price to sales ratio exhibits a decreasing trend from about 10.8 in early 2021 to just over 7 in late 2022, indicating either rising sales relative to market price or a contraction in valuation multiples. The ratio then rebounds, climbing to a peak above 11.7 in late 2024, suggesting renewed investor optimism or slower sales growth relative to price increases. Subsequently, the ratio declines moderately into mid-2025, reflecting some normalization.
- Price to Book Value (P/BV) Ratio
- The price to book value ratio started high at around 13.3 in early 2020 and rose to a peak exceeding 17 in late 2020. Thereafter, it steadily declined, reaching lows near 7.7 in late 2023. Following this trough, it gradually increased again, stabilizing around 9 to 10 through 2024 and into mid-2025. This pattern indicates fluctuations in market valuation relative to the company’s book value, with initial premium valuation giving way to a period of relative undervaluation, before slowly recovering.
- Overall Insights
- The data reflects a cyclical pattern across key valuation multiples with initial declines in P/E, P/OP, and P/S ratios through 2022 indicating improved profitability and sales performance relative to stock price or compression in market valuations. However, these ratios reversed sharply from 2023 onward, pointing to heightened market valuations or less favorable operating and earnings conditions. The P/BV ratio shows somewhat less volatility but follows a broadly similar narrative of early premium valuation, subsequent decline, and moderate recovery. The observed trends suggest changing investor sentiment and operating conditions over the periods, with valuation adjustments responding to evolving financial performance and market dynamics.
Price to Earnings (P/E)
Texas Instruments Inc., historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 923,547,062 | 923,526,047 | 923,209,971 | 923,523,523 | 920,239,191 | 917,942,130 | 915,943,779 | 917,772,641 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income (in millions) | 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) | 2,138) | 1,947) | 1,931) | 1,753) | 1,688) | 1,353) | 1,380) | 1,174) | |||||||
| Earnings per share (EPS)2 | 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 | 8.41 | 7.93 | 7.28 | 6.69 | 6.08 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 171.42 | 187.10 | 183.91 | 181.82 | 169.93 | 146.13 | 132.53 | 111.98 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 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 | 20.38 | 23.61 | 25.25 | 27.20 | 27.95 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 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 | 45.54 | 37.20 | 34.57 | 35.41 | 41.66 | — | — | — | |||||||
| Analog Devices Inc. | 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 | 68.31 | 35.88 | 36.19 | 41.93 | 41.43 | 39.23 | 37.97 | 37.64 | |||||||
| Applied Materials Inc. | 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 | 22.05 | 22.54 | 28.42 | 27.11 | 22.31 | 18.29 | 17.29 | 21.57 | |||||||
| Broadcom Inc. | 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 | 40.73 | 35.19 | 42.12 | 50.39 | 66.38 | 65.22 | 51.79 | 36.94 | |||||||
| Intel Corp. | — | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | 9.85 | 9.53 | 11.59 | 12.86 | 11.02 | — | — | — | |||||||
| KLA Corp. | 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 | 18.50 | 19.76 | 25.97 | 26.04 | 33.15 | 23.59 | 25.92 | — | — | — | |||||||
| Lam Research Corp. | 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 | 21.03 | 26.30 | 24.88 | 18.97 | 24.23 | — | — | — | |||||||
| Micron Technology Inc. | 22.65 | 22.66 | 25.00 | 145.72 | — | — | — | — | — | 43.16 | 8.72 | 6.62 | 5.97 | 9.80 | 14.54 | 13.38 | 21.84 | 32.41 | 28.88 | 21.80 | — | — | — | |||||||
| NVIDIA Corp. | 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 | 78.54 | 86.91 | 88.41 | 65.08 | 67.59 | — | — | — | |||||||
| Qualcomm Inc. | 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 | 17.15 | 17.46 | 19.20 | 27.40 | 28.06 | 38.25 | 21.95 | 24.49 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net incomeQ3 2025
+ Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024)
÷ No. shares of common stock outstanding
= (1,364,000,000 + 1,295,000,000 + 1,179,000,000 + 1,205,000,000)
÷ 908,623,020 = 5.55
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 172.19 ÷ 5.55 = 31.02
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio over the observed periods.
- Share Price
- The share price exhibited a general upward trajectory from early 2020 through mid-2021, rising from approximately $112 to a peak near $187 by September 2021. Subsequently, the share price experienced fluctuations with intermittent declines and recoveries, reaching highs near $201 by the third quarter of 2024 before falling again towards the end of the data period. Overall, the share price demonstrated volatility, with notable peaks in late 2021 and 2024.
- Earnings Per Share (EPS)
- EPS data begins from the quarter ending March 31, 2021, showing an initial upward trend from $6.08 to a peak of $9.83 by December 2021. Thereafter, EPS gradually decreased over subsequent quarters, declining to approximately $5.44 by the third quarter of 2025. This pattern suggests the company experienced a period of profitability growth followed by a sustained reduction in earnings per share during the later periods.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio displayed a declining trend through the initial period, dropping from near 28 to about 16 by the end of 2021, indicating that the share price growth initially outpaced earnings growth, resulting in a lower valuation multiple. Following this, the P/E ratio generally trended upwards, reaching values above 37 by the third quarter of 2024. This increase in the P/E ratio occurred concurrently with declining EPS, suggesting that the share price did not decline proportionally to earnings, thereby implying market expectations of future growth or other factors supporting higher valuations despite decreasing earnings.
Price to Operating Profit (P/OP)
Texas Instruments Inc., historical P/OP calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 908,623,020 | 909,137,169 | 908,472,079 | 910,332,971 | 912,216,614 | 913,045,963 | 910,482,146 | 909,287,673 | 908,204,093 | 907,966,327 | 907,653,862 | 906,205,795 | 907,571,712 | 913,707,365 | 922,133,845 | 923,547,062 | 923,526,047 | 923,209,971 | 923,523,523 | 920,239,191 | 917,942,130 | 915,943,779 | 917,772,641 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Operating profit (in millions) | 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) | 2,503) | 2,305) | 2,213) | 1,939) | 1,813) | 1,609) | 1,228) | 1,244) | |||||||
| Operating profit per share2 | 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 | 9.70 | 8.95 | 8.20 | 7.13 | 6.40 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 171.42 | 187.10 | 183.91 | 181.82 | 169.93 | 146.13 | 132.53 | 111.98 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 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 | 17.67 | 20.89 | 22.42 | 25.48 | 26.53 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 116.77 | 60.95 | 95.53 | 175.89 | 268.47 | 400.66 | 675.69 | — | — | 782.37 | 100.42 | 36.08 | 43.60 | 40.92 | 39.48 | 49.04 | 47.29 | 55.06 | 75.77 | — | — | — | |||||||
| Analog Devices Inc. | 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 | 56.12 | 29.71 | 30.29 | 34.90 | 33.76 | 31.72 | 30.10 | 29.85 | |||||||
| Applied Materials Inc. | 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 | 18.85 | 19.43 | 23.98 | 22.70 | 18.50 | 14.76 | 13.85 | 17.50 | |||||||
| Broadcom Inc. | 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 | 30.78 | 27.21 | 30.43 | 35.86 | 44.04 | 41.08 | 35.53 | 25.99 | |||||||
| Intel Corp. | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | 10.06 | 9.88 | 10.65 | 11.76 | 9.72 | — | — | — | |||||||
| KLA Corp. | 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 | 21.69 | 21.76 | 26.27 | 18.82 | 20.99 | — | — | — | |||||||
| Lam Research Corp. | 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 | 18.34 | 23.20 | 21.56 | 15.98 | 20.40 | — | — | — | |||||||
| Micron Technology Inc. | 18.46 | 17.11 | 21.07 | 86.94 | — | — | — | — | — | 34.54 | 7.86 | 5.93 | 5.31 | 8.90 | 13.31 | 12.48 | 20.11 | 29.00 | 25.85 | 19.51 | — | — | — | |||||||
| NVIDIA Corp. | 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 | 75.08 | 82.82 | 84.54 | 62.35 | 66.40 | — | — | — | |||||||
| Qualcomm Inc. | 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 | 15.84 | 15.54 | 17.26 | 23.79 | 23.32 | 29.96 | 11.05 | 13.01 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating profitQ3 2025
+ Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024)
÷ No. shares of common stock outstanding
= (1,663,000,000 + 1,563,000,000 + 1,324,000,000 + 1,377,000,000)
÷ 908,623,020 = 6.52
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 172.19 ÷ 6.52 = 26.40
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals notable trends in the share price, operating profit per share, and the price to operating profit ratio over the observed periods.
- Share Price
- The share price demonstrates a general upward trajectory from March 2020 through June 2024, starting at $111.98 and reaching a peak near $201.74 in September 2024. This growth includes several fluctuations; notable dips occurred around March 2022 and September 2023, with declines also evident in late 2024 and early 2025, where the price decreased from a high of $198.28 to $172.19 by September 2025. Despite these fluctuations, the overall trend over the long term is positive, indicating strengthening market valuation until late 2024, followed by a period of correction or increased volatility.
- Operating Profit Per Share
- Operating profit per share data begins from March 2020. It shows a consistent increase from $6.40 in March 2020 to a peak of $11.53 in December 2021. After this peak, a downward trend is observed, with the figure declining gradually to $6.52 by September 2025. The initial growth phase suggests improving operational efficiency or profitability, while the subsequent decline may indicate rising costs, margin compression, or market challenges affecting operating results in more recent quarters.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio mirrors the inverse relationship between share price and operating profit per share. Initially, the ratio declines from 26.53 in March 2020 to a low of approximately 13.69 in December 2021, reflecting growing earnings relative to price, which indicates the shares became more reasonably valued or profitable. From this point, the ratio escalates significantly, reaching values above 30 in late 2024, which may imply that the share price is high relative to operating profit or that investors expect future earnings growth despite current operating profit declines. This rising ratio in the latter periods could also indicate increased market optimism or potential overvaluation risk.
In summary, the financial data illustrates a strong period of profit and share price growth through 2021, with operating profit per share peaking and P/OP ratios falling, signaling efficient growth. However, from 2022 onwards, operating profits have been on a decline while the share price, after some volatility, remains generally elevated, causing the P/OP ratio to increase substantially. This pattern suggests a divergence between market valuation and operational earnings, warranting close attention to profitability trends and market sentiment in future quarters.
Price to Sales (P/S)
Texas Instruments Inc., historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 923,547,062 | 923,526,047 | 923,209,971 | 923,523,523 | 920,239,191 | 917,942,130 | 915,943,779 | 917,772,641 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenue (in millions) | 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) | 4,832) | 4,643) | 4,580) | 4,289) | 4,076) | 3,817) | 3,239) | 3,329) | |||||||
| Sales per share2 | 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 | 19.86 | 19.04 | 18.16 | 16.70 | 15.71 | 0.00 | 0.00 | 0.00 | |||||||
| Share price1, 3 | 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 | 171.42 | 187.10 | 183.91 | 181.82 | 169.93 | 146.13 | 132.53 | 111.98 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 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 | 8.63 | 9.82 | 10.13 | 10.89 | 10.81 | — | — | — | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 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 | 8.76 | 9.94 | 8.90 | 8.94 | 10.63 | — | — | — | |||||||
| Analog Devices Inc. | 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 | 12.98 | 9.38 | 9.11 | 10.06 | 9.03 | 7.90 | 7.61 | 7.93 | |||||||
| Applied Materials Inc. | 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 | 5.63 | 5.53 | 6.35 | 5.74 | 4.69 | 3.58 | 3.27 | 4.06 | |||||||
| Broadcom Inc. | 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 | 9.55 | 7.66 | 7.56 | 7.46 | 7.40 | 6.27 | 5.28 | 4.13 | |||||||
| Intel Corp. | — | 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 | 2.48 | 2.56 | 2.77 | 3.08 | 2.96 | — | — | — | |||||||
| KLA Corp. | 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 | 7.80 | 7.49 | 7.46 | 5.13 | 5.43 | — | — | — | |||||||
| Lam Research Corp. | 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 | 5.62 | 6.86 | 6.18 | 4.48 | 5.43 | — | — | — | |||||||
| Micron Technology Inc. | 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 | 2.83 | 3.54 | 4.41 | 3.93 | 2.73 | — | — | — | |||||||
| NVIDIA Corp. | 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 | 20.41 | 22.50 | 22.93 | 18.34 | 17.31 | — | — | — | |||||||
| Qualcomm Inc. | 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 | 4.62 | 4.93 | 5.24 | 6.91 | 6.20 | 5.25 | 3.59 | 4.24 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
÷ No. shares of common stock outstanding
= (4,742,000,000 + 4,448,000,000 + 4,069,000,000 + 4,007,000,000)
÷ 908,623,020 = 19.00
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 172.19 ÷ 19.00 = 9.06
5 Click competitor name to see calculations.
The analysis of the quarterly financial indicators reveals several notable trends and fluctuations over the observed periods.
- Share Price (US$)
- The share price showed a general upward trajectory from March 2020 through June 2021, rising from approximately $112 to about $184. Following this peak, the price experienced some volatility with declines and recoveries, notably dipping to around $142 in September 2023 before reaching higher values near $198 by September 2024. Subsequently, there was a decline again toward the $172 level by September 2025. This pattern suggests periods of market optimism interspersed with corrections and fluctuations possibly tied to broader market conditions or company-specific events.
- Sales Per Share (US$)
- Sales per share data, available only from March 2021 onward, initially increased steadily from $15.71 in March 2021 to a peak of $22.25 by December 2022. After reaching this high, sales per share showed a downward trend through subsequent quarters, declining to about $17.18 by September 2025. This pattern indicates a robust expansion phase followed by a contraction or normalization phase, which could reflect changes in sales volume, pricing strategies, or market demand.
- Price-to-Sales (P/S) Ratio (ratio)
- The P/S ratio started at a high level of around 10.81 in March 2021, decreased gradually to a low near 7.1 by December 2022, and then experienced renewed volatility with increases peaking around 11.71 in September 2024 before settling down to approximately 9.06 by September 2025. This metric's fluctuations indicate varying market valuation multiples relative to sales, with investor confidence and market conditions influencing the ratio. The periods of higher P/S ratios coincide with share price peaks and suggest elevated market expectations relative to sales.
In summary, the data depicts a period of significant growth in sales per share followed by a decline, alongside a fluctuating share price with highs and corrections. The P/S ratio movements suggest changing market sentiment impacting valuation multiples. Together, these trends imply a dynamic financial environment with phases of expansion and contraction affecting both operational results and investor valuation perspectives.
Price to Book Value (P/BV)
Texas Instruments Inc., historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 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 | 923,547,062 | 923,526,047 | 923,209,971 | 923,523,523 | 920,239,191 | 917,942,130 | 915,943,779 | 917,772,641 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | 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) | 13,333) | 12,151) | 11,153) | 10,166) | 9,187) | 8,325) | 7,644) | 7,734) | |||||||
| Book value per share (BVPS)2 | 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 | 14.44 | 13.16 | 12.08 | 11.01 | 9.98 | 9.07 | 8.35 | 8.43 | |||||||
| Share price1, 3 | 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 | 171.42 | 187.10 | 183.91 | 181.82 | 169.93 | 146.13 | 132.53 | 111.98 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 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 | 11.87 | 14.22 | 15.22 | 16.52 | 17.02 | 16.11 | 15.88 | 13.29 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | 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 | 19.21 | 20.69 | 16.81 | 15.76 | 17.77 | 23.76 | 27.03 | 20.69 | |||||||
| Analog Devices Inc. | 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 | 2.50 | 4.98 | 4.64 | 4.88 | 4.22 | 3.70 | 3.64 | 3.90 | |||||||
| Applied Materials Inc. | 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 | 10.60 | 9.92 | 10.50 | 9.11 | 7.63 | 6.09 | 5.59 | 7.04 | |||||||
| Broadcom Inc. | 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 | 10.50 | 8.35 | 8.07 | 7.68 | 7.40 | 6.18 | 5.04 | 3.84 | |||||||
| Intel Corp. | — | 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 | 2.05 | 2.23 | 2.52 | 3.00 | 2.84 | 2.65 | 2.62 | 3.29 | |||||||
| KLA Corp. | 22.33 | 27.37 | 25.03 | 28.07 | 30.73 | 26.63 | 20.82 | 23.25 | 19.77 | 21.24 | 21.67 | 40.05 | 11.68 | 13.65 | 13.95 | 15.98 | 15.52 | 15.44 | 11.09 | 11.83 | 11.01 | 10.06 | 10.02 | |||||||
| Lam Research Corp. | 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 | 13.64 | 16.94 | 13.40 | 9.14 | 10.55 | 8.38 | 10.81 | 8.13 | |||||||
| Micron Technology Inc. | 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 | 1.79 | 2.13 | 2.55 | 2.17 | 1.50 | 1.51 | 1.35 | 1.68 | |||||||
| NVIDIA Corp. | 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 | 20.14 | 21.69 | 21.53 | 16.49 | 15.49 | 11.46 | 8.77 | 10.07 | |||||||
| Qualcomm Inc. | 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 | 15.59 | 19.65 | 20.75 | 24.98 | 24.00 | 31.75 | 29.17 | 23.03 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= 16,627,000,000 ÷ 908,623,020 = 18.30
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 172.19 ÷ 18.30 = 9.41
5 Click competitor name to see calculations.
The analysis of the recent quarterly financial data reveals several notable trends in share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the observed periods.
- Share Price
- The share price exhibited a general upward trajectory from early 2020, starting around $112, reaching a peak close to $187 by late 2021. However, this was followed by a phase of greater volatility and some decline through 2022, with prices fluctuating between approximately $142 and $182. Into 2023 and 2024, the share price recovered and even exceeded prior levels, reaching nearly $202 in mid-2024. Subsequently, a notable downward movement ensued towards the end of 2024 and into 2025, with prices retreating to around $172 by late 2025. Overall, the share price demonstrated substantial growth but was subject to periods of consolidation and correction.
- Book Value Per Share (BVPS)
- The book value per share showed a steady and consistent increase throughout the entire timeframe, rising from about $8.4 in early 2020 to over $18 by the latter part of 2025. The growth in BVPS was relatively smooth and uninterrupted, indicating progressive accumulation of net assets or retained earnings on a per-share basis. This consistent rise in underlying book value suggests a strengthening of the company’s intrinsic worth over time.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started at a high level of over 13 in early 2020, rising to a peak above 17 by the end of 2020. Following this peak, the ratio exhibited a downward trend, decreasing steadily throughout 2021 and 2022 to under 10 by late 2022. The ratio then displayed fluctuations between approximately 7.7 and 11.3 during 2023 and early 2024, showing periodic investor reassessments of the market valuation relative to book value. Although the ratio increased somewhat in mid-2024, it declined again approaching the end of 2025, ending near 9.4. This overall decline in P/BV indicates a relative normalization of valuations as the share price adjustments became more aligned with the improving book value, reflecting evolving market perceptions.
In summary, the financial metrics reflect a company experiencing strong growth in its fundamental book value, accompanied by an initially high but gradually moderating market valuation as captured by the P/BV ratio. The share price movements suggest phases of investor optimism and caution, with a general increase in value tempered by periodic corrections. The data portrays a mature growth trajectory with evolving market confidence aligned with the company's strengthening financial base.