Texas Instruments (MEX:TXN) Beneish M-Score : -2.43 (As of Jul. 15, 2025)

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What is Texas Instruments Beneish M-Score?

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.43 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Texas Instruments's Beneish M-Score or its related term are showing as below:

MEX:TXN' s Beneish M-Score Range Over the Past 10 Years
Min: -3.11 Med: -2.64 Max: -2.15
Current: -2.43

During the past 13 years, the highest Beneish M-Score of Texas Instruments was -2.15. The lowest was -3.11. And the median was -2.64.

Texas Instruments Beneish M-Score Historical Data

The historical data trend for Texas Instruments's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

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Texas Instruments Beneish M-Score Chart

Texas Instruments Annual Data

Trend

Dec15

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Beneish M-Score

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-2.40

-2.46

-2.33

-2.57

-2.74

Texas Instruments Quarterly Data
	Jun20	Sep20	Dec20	Mar21	Jun21	Sep21	Dec21	Mar22	Jun22	Sep22	Dec22	Mar23	Jun23	Sep23	Dec23	Mar24	Jun24	Sep24	Dec24	Mar25
Beneish M-Score	Get a 7-Day Free Trial															-2.18	-2.31	-2.51	-2.74	-2.43

Competitive Comparison of Texas Instruments's Beneish M-Score

For the Semiconductors subindustry, Texas Instruments's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

Texas Instruments's Beneish M-Score Distribution in the Semiconductors Industry

For the Semiconductors industry and Technology sector, Texas Instruments's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Texas Instruments's Beneish M-Score falls into.

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Texas Instruments Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Texas Instruments for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 1.2688

0.528 * 1.0524

0.404 * 1.3089

0.892 * 1.1116

0.115 * 0.953

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.05

4.679 * -0.049435

0.327 * 0.9668

-2.22

This Year (Mar25) TTM:

Last Year (Mar24) TTM:

Total Receivables was MXN62,500 Mil.
Revenue was 83244.416 + 83568.79 + 81734.435 + 70019.434 = MXN318,567 Mil.
Gross Profit was 47319.817 + 48260.09 + 48713.802 + 40505.748 = MXN184,799 Mil.
Total Current Assets was MXN267,716 Mil.
Total Assets was MXN690,607 Mil.
Property, Plant and Equipment(Net PPE) was MXN241,632 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN33,051 Mil.
Selling, General, & Admin. Expense(SGA) was MXN35,904 Mil.
Total Current Liabilities was MXN50,920 Mil.
Long-Term Debt & Capital Lease Obligation was MXN262,847 Mil.
Net Income was 24120.218 + 25131.118 + 26818.189 + 20646.756 = MXN96,716 Mil.
Non Operating Income was 1636.656 + 2335.838 + 2579.429 + 2381.613 = MXN8,934 Mil.
Cash Flow from Operations was 17369.012 + 41669.689 + 34103.6 + 28780.882 = MXN121,923 Mil.

Total Receivables was MXN44,312 Mil.
Revenue was 60758.89 + 69204.009 + 78942.441 + 77679.011 = MXN286,584 Mil.
Gross Profit was 34769.154 + 41264.397 + 49034.195 + 49888.749 = MXN174,956 Mil.
Total Current Assets was MXN289,571 Mil.
Total Assets was MXN578,960 Mil.
Property, Plant and Equipment(Net PPE) was MXN173,298 Mil.
Depreciation, Depletion and Amortization(DDA) was MXN22,445 Mil.
Selling, General, & Admin. Expense(SGA) was MXN30,763 Mil.
Total Current Liabilities was MXN58,966 Mil.
Long-Term Debt & Capital Lease Obligation was MXN213,096 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(62499.801 / 318567.075)	/	(44312.001 / 286584.351)
	=	0.19619	/	0.154621
	=	1.2688

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(174956.495 / 286584.351)	/	(184799.457 / 318567.075)
	=	0.610489	/	0.580096
	=	1.0524

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (267716.005 + 241631.8) / 690607.458)	/	(1 - (289571.457 + 173298.095) / 578960.356)
	=	0.262464	/	0.200516
	=	1.3089

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	318567.075	/	286584.351
	=	1.1116

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(22445.383 / (22445.383 + 173298.095))	/	(33051.13 / (33051.13 + 241631.8))
	=	0.114667	/	0.120325
	=	0.953

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(35904.208 / 318567.075)	/	(30762.696 / 286584.351)
	=	0.112705	/	0.107343
	=	1.05

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((262846.954 + 50920.46) / 690607.458)	/	((213095.914 + 58966.494) / 578960.356)
	=	0.454335	/	0.469915
	=	0.9668

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(96716.281 - 8933.536	-	121923.183)	/	690607.458
	=	-0.049435

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Texas Instruments has a M-score of -2.22 suggests that the company is unlikely to be a manipulator.

Texas Instruments Beneish M-Score Related Terms

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Texas Instruments Business Description

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TXN:USA 1TXN:Italy TIId:UK 0R2H:UK TII0:Germany TII:Germany TII:Germany TII:Germany TXN:Canada TEXA34:Brazil TXN:Austria TXN:Argentina

Address

12500 TI Boulevard, Dallas, TX, USA, 75243

Website

https://www.ti.com

Dallas-based Texas Instruments generates over 95% of its revenue from semiconductors and the remainder from its well-known calculators. Texas Instruments is the world's largest maker of analog chips, which are used to process real-world signals such as sound and power. Texas Instruments also has a leading market share position in processors and microcontrollers used in a wide variety of electronics applications.