Investor overview

Investor overview

At Texas Instruments, we work on exciting technology to help our customers innovate to create a better world. While technology is the foundation of our company, our objective and the best metric for owners to measure our progress is through the growth of free cash flow per share over the long term. To accomplish this:

  • We run the company with the mindset of being a long-term owner.
  • We believe that growth of free cash flow per share is the primary driver of long-term value.
  • Our ambitions and values are integral to how we build TI stronger; when we’re successful in achieving these ambitions, our employees, customers, communities and shareholders all win.
  • Our strategy is comprised of a great business model, a disciplined approach to capital allocation and a focus on efficiency. 
  • Our business model is built around four sustainable competitive advantages: manufacturing and technology, broad product portfolio, reach of our channels, and diverse and long-lived positions.
  • After accretive investments in the business to grow free cash flow for the long term, the remaining cash will be returned over time via share repurchases and dividends.

For many years, we’ve had a clear plan for building the company stronger, and our progress is evident in our financial performance highlights:

  • 11% free cash flow per share growth (2004-2019)
  • 17 consecutive years of dividend increases, 27% CAGR (2004-2019)
  • 46% share count reduction (2004-2019)
  • 92nd percentile in S&P 500 free cash flow margin (2019)
  • 97th percentile in S&P 500 cash return as percent of revenue (2019)
  • 95th percentile in S&P 500 return on invested capital (2019)

For details about our ambitions, strategy, business model, competitive advantages and more, download the Investor Overview or Capital Management materials.