Texas Instruments

Balance sheet and cash generation: as of Q3 2025 TI had approximately 14.05 billion dollars of total debt and about 5.19 billion dollars of cash and short-term investments, implying net debt near 8.9 billion dollars.

TTM cash from operations was 6.9 billion dollars against about 4.8 billion dollars of capex and 2.4 billion dollars of free cash flow including CHIPS proceeds. 2024 EBIT covered interest by over 10 times, and the credit profile is investment-grade. Liquidity is strong with an undrawn revolver.

The main near-term financial risk is capex intensity during ramp years, which depresses free cash flow and elevates depreciation. However, the CHIPS ITC and proposed direct funding offset a portion of the burden, and capex is modular. Inventory days normalized to 215 in Q3 2025. Overall resilience through cycles remains high.