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).
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Historical Valuation Ratios (Summary)
Texas Instruments Inc., historical price multiples (quarterly data)
Based on: 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 Trend
- The P/E ratio exhibits a general downward trend from early 2021, declining from 27.95 in March 2021 to a low of 16.05 by December 2022. Subsequently, it shows increased volatility with rises and falls, reaching a peak of 37.07 in September 2024 before decreasing again to 30.23 in March 2025. This pattern suggests fluctuating investor sentiment and possible changes in earnings expectations over the observed period.
- Price to Operating Profit (P/OP) Ratio Trend
- The P/OP ratio mirrors the P/E ratio trend with a steady decline from 26.53 in March 2021 to its lowest point of 13.69 in December 2022. Afterward, it increases more sharply than the P/E ratio, rising to 32.74 in September 2024, followed by a modest decrease to 26.77 by March 2025. This dynamic indicates shifts in market valuation relative to operating profits, reflecting possible fluctuations in operating efficiency or market expectations.
- Price to Sales (P/S) Ratio Trend
- The P/S ratio shows a consistent downtrend from 10.81 in March 2021 to 7.1 by December 2022, suggesting a relative decline in valuation compared to sales. Following this period, the ratio gradually recovers, peaking at 11.71 in September 2024 before easing down to 9.18 in March 2025. This behavior points to changing sales growth perspectives or market valuation adjustments in relation to revenue generation.
- Price to Book Value (P/BV) Ratio Trend
- The P/BV ratio demonstrates a general decreasing trend from 13.29 in March 2020, reaching a minimum of 7.74 in September 2023. Subsequently, a moderate increase occurs, with the ratio climbing to 10.66 in September 2024 before declining slightly to 8.98 in March 2025. This pattern suggests fluctuations in market valuation relative to the company’s net asset value, potentially reflecting changes in assets' perceived worth or earnings power.
- Overall Observations
- Across all valuation metrics, there is a notable decline from early 2021 through late 2022, indicating a period of contracting market valuations relative to earnings, profits, sales, and book value. Following this period, all ratios experience recovery and significant volatility, peaking around mid to late 2024 before declining again early in 2025. This cyclical behavior could be attributed to changing economic conditions, company performance, or investor risk appetite affecting the market's valuation approach over time.
Price to Earnings (P/E)
Texas Instruments Inc., historical P/E calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2025 Calculation
EPS
= (Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024
+ Net incomeQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits considerable fluctuations over the observed periods. Initially, there is a general upward trend from March 2020 through December 2021, peaking at 187.10 US$ in September 2021 before declining to 171.42 US$ by December 2021. This is followed by a period of volatility with notable decreases and increases, reaching highs around 198.28 US$ in September 2024 and then declining again to 162.13 US$ by March 2025.
Earnings per share (EPS) data is available starting from March 2021, showing a steady increase from 6.08 US$ to a peak of 9.83 US$ in December 2022. Thereafter, EPS demonstrates a clear downward trend, falling to 5.27 US$ by December 2024, with a slight uptick to 5.36 US$ in the last period observed, March 2025.
The price-to-earnings (P/E) ratio exhibits a generally decreasing trend from March 2021 through December 2022, moving from 27.95 down to 16.05. However, after December 2022, the P/E ratio reverses direction and increases significantly, reaching a high of 37.07 in December 2024 before declining somewhat to 30.23 in March 2025.
Overall, the data indicates that while the company experienced rising earnings per share through late 2022, these gains were not sustained, as EPS declined markedly afterward. Despite the falling EPS, the share price remained relatively elevated and even increased at certain points, causing the P/E ratio to rise sharply in the later periods. This suggests that market valuations became more optimistic or investors were willing to pay a higher premium for earnings, despite the reduction in actual earnings per share. The divergence between earnings performance and share price in the most recent quarters may warrant further investigation into underlying factors affecting market sentiment and valuation.
Price to Operating Profit (P/OP)
Texas Instruments Inc., historical P/OP calculation (quarterly data)
| 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 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2025 Calculation
Operating profit per share
= (Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024
+ Operating profitQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The data exhibits several notable trends in the financial performance and valuation metrics over the examined periods. The share price shows a general upward trajectory from March 2020 to December 2021, increasing from $111.98 to a peak of $187.10 in September 2021. This is followed by fluctuations, including a decline to $141.79 in September 2023, then a recovery to $201.74 by September 2024, before decreasing again to $162.13 by March 2025.
- Operating Profit per Share
- Operating profit per share is available starting from March 2021, showing a rising trend initially from $6.40 to a peak of $11.53 by December 2022. After this peak, a gradual decline is observed, reaching $6.06 by March 2025. This suggests that the firm's operational efficiency or profitability per share improved significantly over nearly two years before facing downward pressure in the most recent periods.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio trends downward from 26.53 in March 2021 to a low of 13.69 in December 2022, reflecting a period when the share price increased while operating profit per share also rose, improving valuation multiples. However, after December 2022, the P/OP ratio reverses direction dramatically, ascending to 32.74 by September 2024, before slightly declining to 26.77 by March 2025. This increase corresponds with the period when operating profit per share declined but share prices remained relatively elevated, indicating a higher valuation multiple relative to earnings.
Overall, the trends suggest that after strong growth in profitability and a corresponding premium in valuation multiples through late 2022, the company experienced a decline in operating profit per share. Despite this downward pressure on profitability, the market's valuation of the shares remained comparatively high, especially around mid-2024, implying possible investor optimism or other market factors influencing share prices independent of operating profit trends.
Price to Sales (P/S)
Texas Instruments Inc., historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Revenue (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2025 Calculation
Sales per share
= (RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024
+ RevenueQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The data reveals a dynamic pattern in the share price, sales per share, and price-to-sales (P/S) ratio over the observed periods.
- Share Price
- The share price exhibited a general upward trend from March 2020 through June 2021, rising from $111.98 to a peak above $187. Subsequently, there was volatility with fluctuations between approximately $141 and $182 in the following quarters. Notably, after December 2023, the share price declined from around $159 to $162 in March 2025, reflecting some weakening momentum in the most recent periods.
- Sales per Share
- Sales per share data begins from March 2021, with an initial value of $15.71. A steady increase is noted up to December 2022, reaching $22.25, indicating solid revenue growth on a per-share basis. Thereafter, a gradual decline is observed from $22.1 in March 2023 to $17.18 by December 2024, with a slight uptick to $17.67 by March 2025. This suggests some moderation in sales performance after the peak period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio starts at 10.81 in March 2021, holding relatively steady through mid-2021, then declining to 7.1 by December 2022. A rebound is seen after this point, climbing back to a high of 11.71 by September 2024 before a reduction to 9.18 at March 2025. The P/S ratio's movements indicate changing investor sentiment and valuation multiples in response to underlying sales trends and share price fluctuations.
Overall, the initial growth phase in sales per share and share price during 2021 and early 2022 was followed by a period of correction and volatility in share price, accompanied by a decline in sales per share through late 2024. However, the P/S ratio's recovery in mid-2024 suggests renewed market optimism despite some softness in sales per share. The most recent data points indicate a slight softening in valuation alongside stable but subdued sales per share, hinting at cautious investor outlook going forward.
Price to Book Value (P/BV)
Texas Instruments Inc., historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Stockholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | ||||||||||||||||||||||||||||
| Analog Devices Inc. | ||||||||||||||||||||||||||||
| Applied Materials Inc. | ||||||||||||||||||||||||||||
| Broadcom Inc. | ||||||||||||||||||||||||||||
| Intel Corp. | ||||||||||||||||||||||||||||
| KLA Corp. | ||||||||||||||||||||||||||||
| Lam Research Corp. | ||||||||||||||||||||||||||||
| Micron Technology Inc. | ||||||||||||||||||||||||||||
| NVIDIA Corp. | ||||||||||||||||||||||||||||
| Qualcomm Inc. | ||||||||||||||||||||||||||||
Based on: 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 Q1 2025 Calculation
BVPS = Stockholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Texas Instruments Inc. Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals several notable trends in the share price, book value per share (BVPS), and price-to-book value (P/BV) ratio over the reported quarterly periods.
- Share Price
- The share price exhibited an overall upward trend beginning from March 31, 2020, with an initial value of $111.98 rising to a peak around June and September 2024, reaching approximately $201.74. Throughout this period, fluctuations were observed, including notable declines around late 2023, where the price dropped from $176 in June 2023 to $141.79 in September 2023, followed by a recovery to $159.20 by December 2023. In 2025, the share price showed a decline to $162.13 by March 31, signaling a possible easing from previous highs.
- Book Value Per Share (BVPS)
- This metric demonstrated a steady and consistent growth throughout the entire period. Starting at $8.43 in the first quarter of 2020, BVPS increased almost every quarter to reach a maximum of $18.93 by September 30, 2024, before a slight decline to $18.06 by March 31, 2025. The gradual increase in BVPS reflects accumulation of shareholder equity on a per-share basis, indicating ongoing improvements in net asset value.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio started very high at 13.29 in March 2020 and rose to a peak of 17.02 by December 31, 2020. After this peak, the ratio experienced a downward trajectory until mid-2022, reaching a low point near 7.74 in September 2023. Subsequently, the ratio showed a moderate recovery, peaking again at around 10.66 by September 2024, and then again slightly declining to 8.98 by March 2025. This pattern suggests that while the market valuation per book value declined after 2020, investor sentiment improved moderately from late 2023 onward before undergoing some correction in early 2025.
Overall, the data indicates a maturation phase where the company's fundamental book value developed steadily over time, while the market-based valuation, reflected in the share price and P/BV ratio, exhibited more volatility. The share price generally tracked the upward trend in BVPS but experienced periods of significant adjustments, possibly reflecting changes in market conditions or investor expectations. The declining P/BV ratio after 2020 indicates a relative re-rating of the stock compared to its book value, suggesting that the stock became more reasonably priced or market perceptions adjusted downward during this interval. The subsequent modest recovery in P/BV hints at renewed confidence or improved market outlook in the most recent quarters.