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Texas Instruments Incorporated TXN

Technology  —  Semiconductors
294.11 12.80 4.55% as of 2 Oct
Market cap
$260.2B
P/E
42.5×
S&P 500 Member Nasdaq 100 Member Dividend Aristocrat
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Texas Instruments Incorporated (TXN) Altman Z-score

Texas Instruments Incorporated's Altman Z-score for fiscal 2025 is 8.74, in the safe zone (above 2.99).

Altman Z-score, annual

Embed this chart

Annual

Period Altman Z-score Change (points)
FY2025 8.74 (0.17)
FY2024 8.91 (1.09)
FY2023 10.00 (2.23)
FY2022 12.23 (2.06)
FY2021 14.29 0.08
FY2020 14.20 0.91
FY2019 13.30 0.84
FY2018 12.46 (1.22)
FY2017 13.68 1.32
FY2016 12.36 2.27

How fiscal 2025’s score is made up

Component This year Year before Result Points
Working capital / total assets 0.31 — 0.37
Retained earnings / total assets 1.51 — 2.11
EBIT / total assets 0.17 — 0.57
Market value of equity / total liabilities 8.61 — 5.17
Sales / total assets 0.51 — 0.51
Altman Z-score Safe zone 8.74
Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) Safe zone 9.04

How the Altman Z-score works

Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.

Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.

Zone Z Z″
Safe zoneabove 2.99above 2.60
Grey zone1.81–2.991.10–2.60
Distress zonebelow 1.81below 1.10

Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.

Altman Z-score against peers

Company Altman Z-score
MPWR Monolithic Power Systems, Inc. compare 42.0×
ARM ARM Holdings PLC Sponsored ADR compare 41.7×
AMD Advanced Micro Devices, Inc. compare 16.0×
TXN Texas Instruments Incorporated 8.7×
QCOM QUALCOMM Incorporated compare 6.5×
MRVL Marvell Technology, Inc. compare 5.9×
ADI Analog Devices, Inc. compare 5.7×
ASX ASE Technology Holding Co., Ltd. compare 2.5×
INTC Intel Corporation compare 1.9×

What Altman Z-score is

The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.

1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets

The full definition of Altman Z-score →

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