Texas Instruments Inc., current enterprise value calculation

Current share price (P)	$187.03
No. shares of common stock outstanding	912,216,614
US$ in millions
Common equity (market value)¹	170,612)
Add: Preferred stock, $25 par value; none issued (per books)	—)
Total equity	170,612)
Add: Current portion of long-term debt (per books)	599)
Add: Long-term debt, excluding current portion (per books)	10,624)
Total equity and debt	181,835)
Less: Cash and cash equivalents	2,964)
Less: Short-term investments	5,611)
Enterprise value (EV)	173,260)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 187.03 × 912,216,614

Texas Instruments Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$159.20	$182.29	$171.42	$169.93	$131.47
No. shares of common stock outstanding¹	909,287,673	906,205,795	923,547,062	920,239,191	933,975,619
US$ in millions
Common equity (market value)³	144,759)	165,192)	158,314)	156,376)	122,790)
Add: Preferred stock, $25 par value; none issued (book value)	—)	—)	—)	—)	—)
Total equity	144,759)	165,192)	158,314)	156,376)	122,790)
Add: Current portion of long-term debt (book value)	599)	500)	500)	550)	500)
Add: Long-term debt, excluding current portion (book value)	10,624)	8,235)	7,241)	6,248)	5,303)
Total equity and debt	155,982)	173,927)	166,055)	163,174)	128,593)
Less: Cash and cash equivalents	2,964)	3,050)	4,631)	3,107)	2,437)
Less: Short-term investments	5,611)	6,017)	5,108)	3,461)	2,950)
Enterprise value (EV)	147,407)	164,860)	156,316)	156,606)	123,206)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 159.20 × 909,287,673

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Texas Instruments Inc. EV increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Texas Instruments Inc. (NASDAQ:TXN)

Enterprise Value (EV)