| Intrinsic Valuation of: TXN | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 5 | Market Cap | $191B | |||||
| 2021 | - | - (-) | P/E Ratio | 40 | Total Asset | $36B | |||||
| 2022 | $6B | - (-) | Net Income | $5B | Total Debt | $13B | |||||
| 2023 | $6B | -5.9% (-13.8%) | EBITDA | $8B | Total Liab | $19B | |||||
| 2024 | $1B | -77.2% (-74.0%) | Opr Margin | 0.34 | Debt/Equity | 0.76 | |||||
| 2025 | $1B | 11.0% (24.4%) | PreTax Margin | 30.90 | BV/Share | 14 | |||||
| 5Y Average FCF | $4B | -24.0% (-21.1%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (4.0%) | ||||||||||
| 2026 | $2B | MBG Intrinsic Value | $47 | ||||||||
| 2027 | $2B | ||||||||||
| 2028 | $2B | ||||||||||
| 2029 | $2B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $39B | Net Worth/Share | $19 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $34B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $26 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $13B | WACC | 7.3% | 22 | 24 | 27 | 31 | 35 | |||
| Equity Value | $24B | 7.4% | 22 | 24 | 27 | 30 | 35 | ||||
| Shares Outstanding | 908,472,000 | 7.4% | 21 | 24 | 26 | 30 | 34 | ||||
| 7.9% | 19 | 21 | 23 | 26 | 29 | ||||||
| DCF Intrinsic Value | $26 | 8.4% | 17 | 18 | 20 | 22 | 25 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||