Stock Analysis on Net
Stock Analysis on Net

Texas Instruments Inc. (NASDAQ:TXN)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Texas Instruments Inc., adjusted financial ratios

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Activity Ratio
Total Asset Turnover
Reported 0.44 0.54 0.74 0.74 0.75
Adjusted 0.45 0.55 0.75 0.75 0.76
Liquidity Ratio
Current Ratio
Reported 4.12 4.55 4.70 5.33 4.28
Adjusted 4.13 4.56 4.70 5.33 4.29
Solvency Ratios
Debt to Equity
Reported 0.80 0.66 0.60 0.58 0.74
Adjusted 0.90 0.73 0.65 0.62 0.79
Debt to Capital
Reported 0.45 0.40 0.37 0.37 0.43
Adjusted 0.47 0.42 0.39 0.38 0.44
Financial Leverage
Reported 2.10 1.91 1.87 1.85 2.11
Adjusted 2.16 1.95 1.89 1.85 2.12
Profitability Ratios
Net Profit Margin
Reported 30.68% 37.16% 43.68% 42.35% 38.69%
Adjusted 29.79% 35.75% 42.25% 43.45% 37.80%
Return on Equity (ROE)
Reported 28.39% 38.53% 60.02% 58.27% 60.90%
Adjusted 29.04% 38.62% 59.66% 60.52% 60.98%
Return on Assets (ROA)
Reported 13.51% 20.12% 32.16% 31.48% 28.91%
Adjusted 13.47% 19.82% 31.63% 32.64% 28.74%

Based on: 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), 10-K (reporting date: 2020-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Texas Instruments Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Texas Instruments Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Texas Instruments Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Texas Instruments Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Texas Instruments Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Texas Instruments Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Texas Instruments Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Texas Instruments Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.

Texas Instruments Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Revenue 15,641 17,519 20,028 18,344 14,461
Total assets 35,509 32,348 27,207 24,676 19,351
Activity Ratio
Total asset turnover1 0.44 0.54 0.74 0.74 0.75
Adjusted
Selected Financial Data (US$ in millions)
Revenue 15,641 17,519 20,028 18,344 14,461
Adjusted total assets2 34,594 31,607 26,747 24,421 19,019
Activity Ratio
Adjusted total asset turnover3 0.45 0.55 0.75 0.75 0.76

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Total asset turnover = Revenue ÷ Total assets
= 15,641 ÷ 35,509 = 0.44

2 Adjusted total assets. See details »

3 2024 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 15,641 ÷ 34,594 = 0.45

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Texas Instruments Inc. adjusted total asset turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Current assets 15,026 15,122 14,021 13,685 10,239
Current liabilities 3,643 3,320 2,985 2,569 2,390
Liquidity Ratio
Current ratio1 4.12 4.55 4.70 5.33 4.28
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 15,047 15,138 14,034 13,693 10,250
Current liabilities 3,643 3,320 2,985 2,569 2,390
Liquidity Ratio
Adjusted current ratio3 4.13 4.56 4.70 5.33 4.29

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 15,026 ÷ 3,643 = 4.12

2 Adjusted current assets. See details »

3 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 15,047 ÷ 3,643 = 4.13

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Texas Instruments Inc. adjusted current ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 13,596 11,223 8,735 7,741 6,798
Stockholders’ equity 16,903 16,897 14,577 13,333 9,187
Solvency Ratio
Debt to equity1 0.80 0.66 0.60 0.58 0.74
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 14,377 11,789 9,154 8,206 7,119
Adjusted stockholders’ equity3 16,041 16,219 14,183 13,170 8,963
Solvency Ratio
Adjusted debt to equity4 0.90 0.73 0.65 0.62 0.79

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 13,596 ÷ 16,903 = 0.80

2 Adjusted total debt. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted stockholders’ equity
= 14,377 ÷ 16,041 = 0.90

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Texas Instruments Inc. adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total debt 13,596 11,223 8,735 7,741 6,798
Total capital 30,499 28,120 23,312 21,074 15,985
Solvency Ratio
Debt to capital1 0.45 0.40 0.37 0.37 0.43
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 14,377 11,789 9,154 8,206 7,119
Adjusted total capital3 30,418 28,008 23,337 21,376 16,082
Solvency Ratio
Adjusted debt to capital4 0.47 0.42 0.39 0.38 0.44

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Debt to capital = Total debt ÷ Total capital
= 13,596 ÷ 30,499 = 0.45

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 14,377 ÷ 30,418 = 0.47

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Texas Instruments Inc. adjusted debt-to-capital ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Total assets 35,509 32,348 27,207 24,676 19,351
Stockholders’ equity 16,903 16,897 14,577 13,333 9,187
Solvency Ratio
Financial leverage1 2.10 1.91 1.87 1.85 2.11
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 34,594 31,607 26,747 24,421 19,019
Adjusted stockholders’ equity3 16,041 16,219 14,183 13,170 8,963
Solvency Ratio
Adjusted financial leverage4 2.16 1.95 1.89 1.85 2.12

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 35,509 ÷ 16,903 = 2.10

2 Adjusted total assets. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 34,594 ÷ 16,041 = 2.16

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Texas Instruments Inc. adjusted financial leverage ratio increased from 2022 to 2023 and from 2023 to 2024.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 4,799 6,510 8,749 7,769 5,595
Revenue 15,641 17,519 20,028 18,344 14,461
Profitability Ratio
Net profit margin1 30.68% 37.16% 43.68% 42.35% 38.69%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,659 6,263 8,461 7,971 5,466
Revenue 15,641 17,519 20,028 18,344 14,461
Profitability Ratio
Adjusted net profit margin3 29.79% 35.75% 42.25% 43.45% 37.80%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 4,799 ÷ 15,641 = 30.68%

2 Adjusted net income. See details »

3 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 4,659 ÷ 15,641 = 29.79%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Texas Instruments Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 4,799 6,510 8,749 7,769 5,595
Stockholders’ equity 16,903 16,897 14,577 13,333 9,187
Profitability Ratio
ROE1 28.39% 38.53% 60.02% 58.27% 60.90%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,659 6,263 8,461 7,971 5,466
Adjusted stockholders’ equity3 16,041 16,219 14,183 13,170 8,963
Profitability Ratio
Adjusted ROE4 29.04% 38.62% 59.66% 60.52% 60.98%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 4,799 ÷ 16,903 = 28.39%

2 Adjusted net income. See details »

3 Adjusted stockholders’ equity. See details »

4 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 4,659 ÷ 16,041 = 29.04%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Texas Instruments Inc. adjusted ROE deteriorated from 2022 to 2023 and from 2023 to 2024.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Reported
Selected Financial Data (US$ in millions)
Net income 4,799 6,510 8,749 7,769 5,595
Total assets 35,509 32,348 27,207 24,676 19,351
Profitability Ratio
ROA1 13.51% 20.12% 32.16% 31.48% 28.91%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income2 4,659 6,263 8,461 7,971 5,466
Adjusted total assets3 34,594 31,607 26,747 24,421 19,019
Profitability Ratio
Adjusted ROA4 13.47% 19.82% 31.63% 32.64% 28.74%

Based on: 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), 10-K (reporting date: 2020-12-31).

1 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 4,799 ÷ 35,509 = 13.51%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 4,659 ÷ 34,594 = 13.47%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Texas Instruments Inc. adjusted ROA deteriorated from 2022 to 2023 and from 2023 to 2024.