Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Texas Instruments is one of the finest industrial franchises in America — a company we understand thoroughly, run by people who think like owners and say so in plain English. The moat is real, wide, and durable: the lowest-cost manufacturing position in analog semiconductors, a catalog of some 80,000 long-lived products sold to 100,000 customers, and a direct sales channel no competitor can replicate at scale. The business is now emerging from a brutal two-year downturn with revenue up 23%, and the enormous factory bet management made against the crowd from 2021 to 2024 is beginning to pay off exactly as they said it would. Our problem is arithmetic, not quality. At $279.58, the market has already awarded TI full credit for the recovery and much of the next upcycle besides.
Recent filings analysed: 10-Q (2026-07-24), 8-K (2026-07-22), 8-K (2026-06-02), 10-Q (2026-04-24).
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