Texas Instruments key statistics and ratios

In fiscal 2025, Texas Instruments had return on equity of 30.1%, an operating margin of 34.1%, debt equal to 87.0% of equity and a current ratio of 4.35. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Texas Instruments: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	47.9%	53.6%	49.3%	49.7%	52.1%	56.9%	58.3%	61.8%	64.3%	65.1%	63.7%	64.1%	67.5%	68.8%	62.9%	58.1%	57.0%	60.2%
Operating margin	19.1%	32.3%	21.8%	15.4%	23.2%	30.3%	33.2%	36.3%	40.7%	42.5%	39.8%	40.8%	48.8%	50.6%	41.8%	34.9%	34.1%	40.8%
Net margin	14.1%	23.1%	16.3%	13.7%	17.7%	21.6%	23.0%	26.9%	24.6%	35.4%	34.9%	38.7%	42.4%	43.7%	37.2%	30.7%	28.3%	34.3%
Free-cash-flow margin	18.1%	18.8%	17.8%	22.8%	24.4%	28.1%	29.6%	30.5%	31.2%	38.4%	40.3%	38.0%	34.3%	29.6%	7.7%	9.6%	14.7%	35.2%
Return on equity	15.1%	32.0%	20.9%	16.1%	19.9%	26.6%	29.4%	35.2%	35.4%	57.7%	56.1%	61.8%	69.0%	62.7%	41.4%	28.4%	30.1%	40.1%
Return on assets	12.1%	25.3%	13.2%	8.7%	11.1%	15.5%	17.8%	22.0%	21.6%	32.1%	28.5%	29.9%	35.3%	33.7%	21.9%	14.1%	14.3%	19.9%
Asset turnover	0.86	1.09	0.81	0.63	0.63	0.72	0.77	0.82	0.88	0.91	0.82	0.77	0.83	0.77	0.59	0.46	0.50	0.58
Current ratio	3.85	3.56	2.24	2.40	2.92	2.79	2.77	3.29	3.87	3.27	4.13	4.28	5.33	4.70	4.55	4.12	4.35	5.59
Debt to equity	0.0%	0.0%	51.1%	51.9%	47.7%	44.6%	41.5%	34.6%	39.7%	56.7%	65.7%	74.6%	58.5%	60.4%	66.9%	81.1%	87.0%	71.1%
Effective tax rate	27.1%	29.1%	24.3%	9.1%	21.5%	27.2%	29.2%	27.1%	39.4%	16.5%	12.4%	7.0%	12.9%	12.8%	12.2%	12.0%	12.4%	12.5%
R&D as % of revenue	14.2%	11.2%	12.5%	14.6%	12.5%	10.4%	9.7%	10.1%	10.1%	9.9%	10.7%	10.6%	8.5%	8.3%	10.6%	12.5%	11.8%	10.1%
SG&A as % of revenue	12.7%	10.9%	11.9%	14.1%	15.2%	14.1%	13.3%	13.0%	11.3%	10.7%	11.4%	11.2%	9.1%	8.5%	10.4%	11.5%	10.5%	9.0%
Capital spending as % of revenue	7.2%	8.6%	5.9%	3.9%	3.4%	3.0%	4.2%	4.0%	4.6%	7.2%	5.9%	4.5%	13.4%	14.0%	28.9%	30.8%	25.7%	12.4%
Free cash flow ÷ net income	128.6%	81.2%	109.1%	165.9%	137.5%	130.1%	128.8%	113.6%	126.8%	108.6%	115.6%	98.1%	81.0%	67.7%	20.7%	31.2%	52.0%	102.9%
Dividends ÷ net income	38.6%	18.3%	28.8%	46.6%	54.3%	46.9%	48.4%	45.8%	57.1%	45.8%	60.0%	61.2%	50.0%	49.1%	70.0%	99.9%	100.0%	72.7%
Dividends and buybacks ÷ free cash flow	80.5%	116.2%	107.3%	89.7%	136.0%	113.2%	108.8%	92.5%	99.8%	126.4%	102.9%	108.9%	70.1%	133.6%	359.5%	382.1%	248.8%	79.4%

US$ thousands unless shown otherwise. Fiscal quarters.

Texas Instruments: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	57.7%	56.8%	57.9%	57.4%	55.9%	58.0%	61.4%	64.2%
Operating margin	34.4%	32.5%	35.1%	35.1%	33.3%	37.5%	42.3%	47.5%
Net margin	30.1%	29.0%	29.1%	28.8%	26.3%	32.0%	36.2%	40.0%
Free-cash-flow margin	20.1%	−6.7%	12.5%	20.9%	30.0%	17.5%	40.1%	48.8%
Current ratio	4.12	5.26	5.81	4.45	4.35	4.46	4.86	5.59
Debt to equity	80.4%	78.3%	85.6%	84.5%	86.3%	83.7%	78.0%	70.7%
R&D as % of revenue	12.3%	12.7%	11.8%	10.9%	11.8%	10.6%	9.8%	8.8%
SG&A as % of revenue	11.1%	11.6%	10.9%	9.6%	10.1%	9.6%	9.0%	7.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

3 of 6 checks passed · September 30, 2026

What it owns · $36.8bn

Short-term assets $16.9bnLonger-term assets $20.0bn

What it owes, and who funded it · $36.8bn

Short-term liabilities $3.0bnLonger-term liabilities $14.6bnShareholders' equity $19.2bn

Short-term assets cover short-term liabilities $16.9bn of assets due within a year against $3.0bn of liabilities due within a year.
Short-term assets cover long-term liabilities $16.9bn short-term assets against $14.6bn of longer-dated liabilities.
More cash than debt $4.2bn of cash against $13.6bn of debt.
Debt below 40% of shareholders' equity Debt is 71% of equity.
Debt burden no higher than five years ago Debt to equity moved from 52% to 71% over five years.
A year's operating cash flow covers at least 20% of debt $9.9bn of operating cash flow against $13.6bn of debt.
Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Texas Instruments's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

96 /100

Strong moat

How hard Texas Instruments's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 20 / 20

Cash operating profit has been a median 40.3% of total assets over 10 years.
Pricing power 19 / 20

Gross margin has been a median 63.9%, moving by 3.4 percentage points (standard deviation) across 10 years.
Durability 20 / 20

Operating margin has been a median 40.7%; its worst year was 34.3%.
Cash conversion 20 / 20

Free cash flow was positive in 10 of 10 years, at a median 32.3% of revenue.
Discipline 17 / 20

The diluted share count fell 2.0% over five years; stock-based pay has been a median 1.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Texas Instruments's SEC filings (10-K and 10-Q), retrieved October 24, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Texas Instruments.