TEXAS INSTRUMENTS INC (TXN)

Semiconductors & Related Devices

Latest Price

$275.74

TTM P/E

41.91

Normalized P/E

39.07

Div Yield

2.04%

Book Value

19.77

P/B Ratio

13.95

Valuation metrics

EPS: $5.45

Book value / share: $17.82

Formula: √(22.5 × EPS × BVPS)

Graham Number

$46.75

83% downside

Norm. op. income: $6.0B (median of 7yr)

Tax rate: 12%

Discount rate: 10%

Growth assumption: zero (EPV is a no-growth value)

Earnings Power Value

$47.74

83% downside

Base FCF: $2.6B (median of recent 5yr)

Growth: 3%/yr (median YOY, capped at 25%)

Discount rate: 10%

Terminal growth: 3%

Projection horizon: 10 years

DCF Fair Value

$31.40

89% downside

EPS: $5.45

Target P/E: 39×

Formula: EPS × P/E

P/E Fair Value

$212.55

23% downside

80.4% held by institutions

Institution	Shares	Value	Ownership %	Change	Filing Date
BlackRock, Inc.	81.52M	$15.82B	8.95%	+2.48M	2026-03-31
VANGUARD CAPITAL MANAGEMENT LLC	58.98M	$11.45B	6.47%	--	2026-03-31
STATE STREET CORP	43.08M	$8.36B	4.73%	-369.1K	2026-03-31
VANGUARD PORTFOLIO MANAGEMENT LLC	28.61M	$5.55B	3.14%	--	2026-03-31
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	25.93M	$5.03B	2.85%	+1.64M	2026-03-31
GEODE CAPITAL MANAGEMENT, LLC	23.59M	$4.57B	2.59%	+723.5K	2026-03-31
Invesco Ltd.	18.21M	$3.54B	2.00%	+27.3K	2026-03-31
Bank of New York Mellon Corp	16.40M	$3.18B	1.80%	+4.13M	2026-03-31
WELLINGTON MANAGEMENT GROUP LLP	13.47M	$2.61B	1.48%	-2.61M	2026-03-31
VAN ECK ASSOCIATES CORP	11.97M	$2.32B	1.31%	+363.4K	2026-03-31