Intrinsic value of Texas Instruments Incorporated - TXN

Previous Close

$117.17

  Intrinsic Value

$80.52

stock screener

  Rating & Target

sell

-31%

Previous close

$117.17

 
Intrinsic value

$80.52

 
Up/down potential

-31%

 
Rating

sell

We calculate the intrinsic value of TXN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 110.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  16,100
  16,470
  16,893
  17,368
  17,895
  18,473
  19,102
  19,783
  20,517
  21,304
  22,146
  23,045
  24,002
  25,019
  26,098
  27,242
  28,453
  29,733
  31,086
  32,514
  34,021
  35,611
  37,286
  39,051
  40,910
  42,868
  44,928
  47,096
  49,377
  51,776
Variable operating expenses, $m
  3,757
  3,832
  3,917
  4,013
  4,120
  4,236
  4,363
  4,501
  4,649
  4,807
  4,470
  4,651
  4,844
  5,049
  5,267
  5,498
  5,742
  6,001
  6,274
  6,562
  6,866
  7,187
  7,525
  7,881
  8,257
  8,652
  9,067
  9,505
  9,965
  10,450
Fixed operating expenses, $m
  5,609
  5,732
  5,858
  5,987
  6,119
  6,253
  6,391
  6,532
  6,675
  6,822
  6,972
  7,126
  7,282
  7,443
  7,606
  7,774
  7,945
  8,120
  8,298
  8,481
  8,667
  8,858
  9,053
  9,252
  9,456
  9,664
  9,876
  10,093
  10,315
  10,542
Total operating expenses, $m
  9,366
  9,564
  9,775
  10,000
  10,239
  10,489
  10,754
  11,033
  11,324
  11,629
  11,442
  11,777
  12,126
  12,492
  12,873
  13,272
  13,687
  14,121
  14,572
  15,043
  15,533
  16,045
  16,578
  17,133
  17,713
  18,316
  18,943
  19,598
  20,280
  20,992
Operating income, $m
  6,734
  6,906
  7,118
  7,368
  7,657
  7,983
  8,348
  8,751
  9,193
  9,674
  10,704
  11,268
  11,876
  12,527
  13,225
  13,970
  14,766
  15,613
  16,514
  17,471
  18,488
  19,566
  20,708
  21,918
  23,198
  24,552
  25,984
  27,498
  29,096
  30,784
EBITDA, $m
  7,899
  8,086
  8,315
  8,585
  8,895
  9,245
  9,635
  10,066
  10,538
  11,052
  11,608
  12,209
  12,855
  13,548
  14,290
  15,082
  15,927
  16,826
  17,783
  18,798
  19,876
  21,019
  22,230
  23,512
  24,868
  26,302
  27,818
  29,420
  31,111
  32,897
Interest expense (income), $m
  0
  274
  281
  291
  301
  313
  327
  341
  357
  374
  393
  413
  434
  457
  481
  507
  534
  563
  593
  626
  660
  696
  734
  774
  817
  861
  908
  958
  1,010
  1,065
  1,122
Earnings before tax, $m
  6,460
  6,625
  6,827
  7,067
  7,343
  7,657
  8,007
  8,394
  8,818
  9,281
  10,292
  10,834
  11,419
  12,046
  12,718
  13,436
  14,203
  15,019
  15,888
  16,811
  17,792
  18,831
  19,934
  21,101
  22,337
  23,644
  25,027
  26,488
  28,031
  29,662
Tax expense, $m
  1,744
  1,789
  1,843
  1,908
  1,983
  2,067
  2,162
  2,266
  2,381
  2,506
  2,779
  2,925
  3,083
  3,252
  3,434
  3,628
  3,835
  4,055
  4,290
  4,539
  4,804
  5,085
  5,382
  5,697
  6,031
  6,384
  6,757
  7,152
  7,568
  8,009
Net income, $m
  4,716
  4,836
  4,984
  5,159
  5,361
  5,589
  5,845
  6,127
  6,437
  6,775
  7,513
  7,909
  8,336
  8,794
  9,284
  9,809
  10,368
  10,964
  11,598
  12,272
  12,988
  13,747
  14,552
  15,404
  16,306
  17,260
  18,269
  19,336
  20,463
  21,653

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  14,921
  15,264
  15,656
  16,097
  16,585
  17,120
  17,703
  18,334
  19,014
  19,744
  20,525
  21,358
  22,245
  23,187
  24,188
  25,248
  26,370
  27,556
  28,810
  30,134
  31,530
  33,003
  34,556
  36,192
  37,915
  39,729
  41,639
  43,648
  45,762
  47,985
Adjusted assets (=assets-cash), $m
  14,921
  15,264
  15,656
  16,097
  16,585
  17,120
  17,703
  18,334
  19,014
  19,744
  20,525
  21,358
  22,245
  23,187
  24,188
  25,248
  26,370
  27,556
  28,810
  30,134
  31,530
  33,003
  34,556
  36,192
  37,915
  39,729
  41,639
  43,648
  45,762
  47,985
Revenue / Adjusted assets
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
  1.079
Average production assets, $m
  5,651
  5,781
  5,930
  6,096
  6,281
  6,484
  6,705
  6,944
  7,201
  7,478
  7,773
  8,089
  8,425
  8,782
  9,161
  9,562
  9,987
  10,436
  10,911
  11,412
  11,941
  12,499
  13,087
  13,707
  14,360
  15,047
  15,770
  16,531
  17,331
  18,173
Working capital, $m
  2,190
  2,240
  2,297
  2,362
  2,434
  2,512
  2,598
  2,690
  2,790
  2,897
  3,012
  3,134
  3,264
  3,403
  3,549
  3,705
  3,870
  4,044
  4,228
  4,422
  4,627
  4,843
  5,071
  5,311
  5,564
  5,830
  6,110
  6,405
  6,715
  7,042
Total debt, $m
  5,209
  5,382
  5,580
  5,803
  6,049
  6,320
  6,614
  6,933
  7,276
  7,645
  8,039
  8,460
  8,908
  9,384
  9,889
  10,424
  10,991
  11,590
  12,223
  12,891
  13,597
  14,341
  15,125
  15,951
  16,821
  17,737
  18,701
  19,716
  20,784
  21,906
Total liabilities, $m
  7,535
  7,708
  7,906
  8,129
  8,375
  8,646
  8,940
  9,259
  9,602
  9,971
  10,365
  10,786
  11,234
  11,710
  12,215
  12,750
  13,317
  13,916
  14,549
  15,217
  15,923
  16,667
  17,451
  18,277
  19,147
  20,063
  21,027
  22,042
  23,110
  24,232
Total equity, $m
  7,386
  7,556
  7,750
  7,968
  8,209
  8,475
  8,763
  9,076
  9,412
  9,773
  10,160
  10,572
  11,011
  11,478
  11,973
  12,498
  13,053
  13,640
  14,261
  14,916
  15,608
  16,337
  17,105
  17,915
  18,768
  19,666
  20,611
  21,606
  22,652
  23,753
Total liabilities and equity, $m
  14,921
  15,264
  15,656
  16,097
  16,584
  17,121
  17,703
  18,335
  19,014
  19,744
  20,525
  21,358
  22,245
  23,188
  24,188
  25,248
  26,370
  27,556
  28,810
  30,133
  31,531
  33,004
  34,556
  36,192
  37,915
  39,729
  41,638
  43,648
  45,762
  47,985
Debt-to-equity ratio
  0.710
  0.710
  0.720
  0.730
  0.740
  0.750
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.830
  0.830
  0.840
  0.850
  0.860
  0.860
  0.870
  0.880
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
Adjusted equity ratio
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495
  0.495

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  4,716
  4,836
  4,984
  5,159
  5,361
  5,589
  5,845
  6,127
  6,437
  6,775
  7,513
  7,909
  8,336
  8,794
  9,284
  9,809
  10,368
  10,964
  11,598
  12,272
  12,988
  13,747
  14,552
  15,404
  16,306
  17,260
  18,269
  19,336
  20,463
  21,653
Depreciation, amort., depletion, $m
  1,165
  1,180
  1,197
  1,217
  1,238
  1,262
  1,288
  1,315
  1,345
  1,377
  904
  941
  980
  1,021
  1,065
  1,112
  1,161
  1,214
  1,269
  1,327
  1,389
  1,453
  1,522
  1,594
  1,670
  1,750
  1,834
  1,922
  2,015
  2,113
Funds from operations, $m
  5,881
  6,016
  6,181
  6,376
  6,599
  6,851
  7,132
  7,443
  7,783
  8,153
  8,417
  8,850
  9,315
  9,815
  10,349
  10,920
  11,529
  12,178
  12,867
  13,599
  14,376
  15,200
  16,073
  16,998
  17,976
  19,010
  20,103
  21,258
  22,478
  23,766
Change in working capital, $m
  43
  50
  58
  65
  72
  79
  86
  93
  100
  107
  115
  122
  130
  138
  147
  156
  165
  174
  184
  194
  205
  216
  228
  240
  253
  266
  280
  295
  310
  326
Cash from operations, $m
  5,838
  5,966
  6,124
  6,311
  6,527
  6,773
  7,047
  7,350
  7,683
  8,046
  8,302
  8,727
  9,185
  9,676
  10,203
  10,765
  11,365
  12,003
  12,683
  13,405
  14,171
  14,984
  15,846
  16,758
  17,723
  18,744
  19,823
  20,963
  22,168
  23,440
Maintenance CAPEX, $m
  -645
  -657
  -672
  -689
  -709
  -730
  -754
  -780
  -807
  -837
  -869
  -904
  -941
  -980
  -1,021
  -1,065
  -1,112
  -1,161
  -1,214
  -1,269
  -1,327
  -1,389
  -1,453
  -1,522
  -1,594
  -1,670
  -1,750
  -1,834
  -1,922
  -2,015
New CAPEX, $m
  -103
  -130
  -149
  -167
  -185
  -203
  -221
  -239
  -258
  -276
  -296
  -315
  -336
  -357
  -379
  -401
  -425
  -449
  -475
  -501
  -529
  -558
  -588
  -620
  -653
  -687
  -723
  -761
  -801
  -842
Cash from investing activities, $m
  -748
  -787
  -821
  -856
  -894
  -933
  -975
  -1,019
  -1,065
  -1,113
  -1,165
  -1,219
  -1,277
  -1,337
  -1,400
  -1,466
  -1,537
  -1,610
  -1,689
  -1,770
  -1,856
  -1,947
  -2,041
  -2,142
  -2,247
  -2,357
  -2,473
  -2,595
  -2,723
  -2,857
Free cash flow, $m
  5,090
  5,179
  5,303
  5,455
  5,634
  5,839
  6,072
  6,331
  6,618
  6,932
  7,137
  7,508
  7,909
  8,340
  8,803
  9,298
  9,828
  10,393
  10,995
  11,635
  12,315
  13,038
  13,804
  14,616
  15,476
  16,387
  17,350
  18,369
  19,445
  20,583
Issuance/(repayment) of debt, $m
  141
  173
  198
  222
  246
  270
  294
  319
  343
  369
  394
  421
  448
  476
  505
  535
  567
  599
  633
  668
  705
  744
  784
  826
  870
  916
  964
  1,015
  1,068
  1,123
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  141
  173
  198
  222
  246
  270
  294
  319
  343
  369
  394
  421
  448
  476
  505
  535
  567
  599
  633
  668
  705
  744
  784
  826
  870
  916
  964
  1,015
  1,068
  1,123
Total cash flow (excl. dividends), $m
  5,231
  5,352
  5,501
  5,677
  5,880
  6,110
  6,366
  6,650
  6,961
  7,300
  7,531
  7,929
  8,357
  8,816
  9,308
  9,834
  10,394
  10,992
  11,628
  12,303
  13,021
  13,782
  14,588
  15,442
  16,346
  17,303
  18,314
  19,383
  20,513
  21,705
Retained Cash Flow (-), $m
  -151
  -170
  -194
  -218
  -242
  -265
  -289
  -312
  -337
  -361
  -386
  -412
  -439
  -467
  -495
  -525
  -555
  -587
  -621
  -655
  -691
  -729
  -769
  -810
  -853
  -898
  -945
  -995
  -1,046
  -1,101
Prev. year cash balance distribution, $m
  1,759
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  6,839
  5,182
  5,307
  5,459
  5,638
  5,845
  6,078
  6,338
  6,625
  6,939
  7,145
  7,516
  7,918
  8,349
  8,813
  9,309
  9,839
  10,405
  11,007
  11,648
  12,329
  13,053
  13,820
  14,633
  15,494
  16,405
  17,369
  18,389
  19,466
  20,605
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  6,557
  4,744
  4,618
  4,495
  4,371
  4,242
  4,106
  3,961
  3,806
  3,638
  3,393
  3,207
  3,010
  2,803
  2,587
  2,366
  2,141
  1,916
  1,695
  1,480
  1,275
  1,083
  906
  745
  603
  479
  373
  285
  212
  155
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Texas Instruments Incorporated designs, makes and sells semiconductors to electronics designers and manufacturers across the world. The Company operates through two segments: Analog and Embedded Processing. As of December 31, 2016, the Company had design, manufacturing or sales operations in more than 30 countries. The Company's Analog segment's product line includes High Volume Analog & Logic (HVAL), Power Management (Power), High Performance Analog (HPA) and Silicon Valley Analog (SVA). HVAL products support applications, such as automotive safety devices, touchscreen controllers, low-voltage motor drivers and integrated motor controllers. The Company's Embedded Processing segment's product line includes Processor, Microcontrollers and Connectivity. Processor products include digital signal processors (DSPs) and applications processors. DSPs perform mathematical computations to process digital data.

FINANCIAL RATIOS  of  Texas Instruments Incorporated (TXN)

Valuation Ratios
P/E Ratio 32.5
Price to Sales 8.7
Price to Book 11.1
Price to Tangible Book
Price to Cash Flow 25.3
Price to Free Cash Flow 28.6
Growth Rates
Sales Growth Rate 2.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -3.6%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 28.4%
Total Debt to Equity 34.5%
Interest Coverage 0
Management Effectiveness
Return On Assets 22%
Ret/ On Assets - 3 Yr. Avg. 18.4%
Return On Total Capital 25.5%
Ret/ On T. Cap. - 3 Yr. Avg. 21.4%
Return On Equity 35.2%
Return On Equity - 3 Yr. Avg. 30.4%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 61.6%
Gross Margin - 3 Yr. Avg. 58.9%
EBITDA Margin 44%
EBITDA Margin - 3 Yr. Avg. 41.4%
Operating Margin 35.9%
Oper. Margin - 3 Yr. Avg. 33%
Pre-Tax Margin 36.9%
Pre-Tax Margin - 3 Yr. Avg. 33%
Net Profit Margin 26.9%
Net Profit Margin - 3 Yr. Avg. 23.8%
Effective Tax Rate 27.1%
Eff/ Tax Rate - 3 Yr. Avg. 27.8%
Payout Ratio 45.8%

TXN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TXN stock intrinsic value calculation we used $15784 million for the last fiscal year's total revenue generated by Texas Instruments Incorporated. The default revenue input number comes from 0001 income statement of Texas Instruments Incorporated. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TXN stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TXN is calculated based on our internal credit rating of Texas Instruments Incorporated, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Texas Instruments Incorporated.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TXN stock the variable cost ratio is equal to 23.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $5488 million in the base year in the intrinsic value calculation for TXN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Texas Instruments Incorporated.

Corporate tax rate of 27% is the nominal tax rate for Texas Instruments Incorporated. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TXN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TXN are equal to 35.1%.

Life of production assets of 8.6 years is the average useful life of capital assets used in Texas Instruments Incorporated operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TXN is equal to 13.6%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $8994 million for Texas Instruments Incorporated - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 938.595 million for Texas Instruments Incorporated is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Texas Instruments Incorporated at the current share price and the inputted number of shares is $110.0 billion.

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