{"slug":"texas-instruments","name":"텍사스인스트루먼트","name_en":"Texas Instruments","ticker":"TXN","updated_at":"2026-07-12T08:25:41.620256+00:00","canonical":"https://valuechain.wiki/texas-instruments","same_as":["https://finance.yahoo.com/quote/TXN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=97476"],"citable":"밸류체인 그래프 기준 텍사스인스트루먼트의 직접 연결 기업은 7곳(관계 기준 공급 6·매출 1)이고, 사슬을 2차까지 넓히면 19곳에 닿는다. 링크의 근거 출처는 9건이며 그중 1차공시가 4건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Texas Instruments is directly linked to 7 companies (6 supply, 1 revenue relationships) and reaches 19 companies within two hops; the links are backed by 9 dated sources, 4 of them primary filings (as of 2026-07-12).","kicker":"아날로그 반도체 세계 1위","kicker_en":"World No.1 in analog chips","lead":"텍사스인스트루먼트는 아날로그 반도체 세계 1위로, 산업·자동차·전자 전반에 전력·신호 IC를 광범위하게 공급한다. 파운드리에 의존하는 여느 아날로그사와 달리 자체 300mm 팹을 대규모로 운영해 장기 원가·공급을 내재화하는 게 차별점이며(성숙노드 일부는 UMC 위탁), 전공정 장비는 어플라이드·도쿄일렉트론·ASML에서 조달한다. 산업·자동차 재고 사이클에 실적이 좌우된다.","lead_en":"Texas Instruments is the world No.1 in analog chips, broadly supplying power and signal ICs across industrial, automotive and electronics. Unlike analog peers that lean on foundries, it runs its own 300mm fabs at scale to in-source long-term cost and supply (with some mature nodes outsourced to UMC), buying front-end tools from Applied Materials, Tokyo Electron and ASML. Its results are governed by the industrial and automotive inventory cycle.","segments":{"fy":2025,"parts":[{"desc":"아날로그 반도체 세계 1위 — 산업·자동차·전자에 전력·신호 IC 광범위 공급. 자체 300mm 팹으로 원가 내재화(일부 UMC 위탁).","name":"아날로그 반도체 세계 1위"}],"total":"176.8억 달러 (2025, +13%)","source":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","concentration":"아날로그 반도체 세계 1위(아날로그 $140.1억)."},"segments_en":{"fy":2025,"parts":[{"desc":"World No.1 in analog chips — broadly supplying power and signal ICs to industrial, automotive and electronics; cost in-sourced via its own 300mm fabs (some mature nodes outsourced to UMC).","name":"World No.1 in analog chips"}],"total":"$17.68bn (FY2025, +13%)","concentration":"World No.1 in analog (Analog $14.01bn)."},"returns_yearly":{"2021":17.5,"2022":-9.9,"2023":6.4,"2024":13.1,"2025":-4.5,"2026":81.6},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"apple","name":"Apple","name_en":"Apple","tier":1,"returns_yearly":{"2021":34.6,"2022":-26.4,"2023":49,"2024":30.7,"2025":9.1,"2026":16.2}}],"benefiting":[{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":1,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":1,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":1,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"asml","name":"ASML","name_en":"ASML","tier":1,"returns_yearly":{"2021":64.1,"2022":-30.5,"2023":39.9,"2024":-7.7,"2025":55.8,"2026":68.6}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":1,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":1,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":2,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"globalwafers","name":"GlobalWafers","name_en":"GlobalWafers","tier":2,"returns_yearly":{"2021":26.9,"2022":-29.9,"2023":14.3,"2024":-39,"2025":48.9,"2026":171.6}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":2,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":2,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"kla","name":"KLA","name_en":"KLA","tier":2,"returns_yearly":{"2021":68,"2022":-11.2,"2023":56,"2024":9.4,"2025":94.5,"2026":91}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":2,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":2,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":2,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":2,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}},{"slug":"carl-zeiss-smt","name":"Carl Zeiss SMT","name_en":"Carl Zeiss SMT","tier":2,"returns_yearly":null},{"slug":"trumpf","name":"TRUMPF","name_en":"TRUMPF","tier":2,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"kc-tech","name":"케이씨텍","name_en":"KC Tech","tier":3,"returns_yearly":{"2021":-24.2,"2022":-6.1,"2023":57.9,"2024":5.9,"2025":56.7,"2026":108.1}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"hana-micron","name":"하나마이크론","name_en":"Hana Micron","tier":3,"returns_yearly":{"2021":109,"2022":-41,"2023":143.5,"2024":-52.4,"2025":269.3,"2026":5.3}}],"analysis":"TI의 논점은 '자체 300mm 팹으로 원가를 쥔 아날로그 1위의 재고 사이클 반등'이다. 아날로그 반도체 세계 1위로 수만 종을 산업·자동차·전자에 광범위 공급하는데, 파운드리 의존이 큰 경쟁사와 달리 자체 300mm 팹을 대규모 증설해 장기 원가·공급을 내재화한 게 해자다 — 다만 그 선제 캐펙스가 다운사이클엔 마진을 누른다. 2025년 부진(-4.5%) 뒤 2026년 +80% 반등은 산업·자동차 재고 정상화 기대의 선반영으로, 실적은 전방 재고 사이클에 통째로 연동된다. 관전 포인트는 산업·자동차 수요 회복과 300mm 증설의 가동률·감가상각 부담이다.","analysis_en":"TI's thesis is 'the inventory-cycle rebound of the analog No.1 that owns its cost via 300mm fabs.' As the world No.1 in analog, supplying tens of thousands of parts across industrial, automotive and electronics, its moat is having built out its own 300mm fabs to in-source long-term cost and supply, unlike foundry-reliant rivals — but that pre-emptive capex pressures margins in a downcycle. After weakness in 2025 (-4.5%), the +80% rebound in 2026 pre-prices a normalization of industrial/automotive inventory, and results are wholly tied to the downstream inventory cycle. What to watch is the recovery of industrial/automotive demand and the utilization and depreciation burden of the 300mm build-out.","analysis_asof":"2026-07-09"},"edges":[{"direction":"cost","counterparty":"어플라이드 머티어리얼즈","counterparty_slug":"applied-materials","confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"어플라이드 머티어리얼즈에서 전공정 장비 매입.","note_en":"Purchases front-end equipment from Applied Materials.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"어플라이드 머티어리얼즈에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from Applied Materials."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/analog-semiconductor-market","title":"아날로그 반도체 시장(TI 1위)","title_en":"Analog semiconductor market (TI No.1)","excerpt":"어플라이드 머티어리얼즈에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from Applied Materials."}]},{"direction":"revenue","counterparty":"산업·자동차 OEM (비공개)","counterparty_slug":null,"confidence":"mid","metric":{"type":"revenue","unit":"USD","basis":"TI FY2025 총매출(+13%·아날로그 $14.01B·임베디드 $2.70B)","scale":"B","value":17.68,"period":"FY2025","basis_en":"TI FY2025 revenue (+13%, Analog $14.01B, Embedded $2.70B)"},"note":"아날로그·전력 IC을(를) 산업·자동차 OEM에 공급.","note_en":"Supplies analog and power ICs to industrial and automotive OEMs.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/97476/000009747626000080/ti2025ars.pdf","title":"Texas Instruments FY2025 연차보고서","title_en":"Texas Instruments FY2025 Annual Report","excerpt":"FY2025 매출 $17.68B(+13%), 아날로그 $14.01B(+15%)·임베디드 $2.70B, 영업이익률 34.1%. 산업·자동차·데이터센터가 매출의 약 75%.","excerpt_en":"FY2025 revenue $17.68B (+13%), Analog $14.01B (+15%), Embedded $2.70B, 34.1% operating margin; industrial, auto and datacenter ~75% of revenue."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"아날로그·전력 IC을(를) 산업·자동차 OEM에 공급.","excerpt_en":"Supplies analog and power ICs to industrial and automotive OEM."}]},{"direction":"cost","counterparty":"ASML","counterparty_slug":"asml","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"ASML에서 전공정 장비 매입.","note_en":"Buys front-end equipment from ASML.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"ASML에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from ASML."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/analog-semiconductor-market","title":"아날로그 반도체 시장(TI 1위)","title_en":"Analog semiconductor market (TI No.1)","excerpt":"ASML에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from ASML."}]},{"direction":"cost","counterparty":"Synopsys","counterparty_slug":"synopsys","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Synopsys EDA 툴·IP 라이선스 지급.","note_en":"Pays for synopsys EDA tools and IP licenses.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-12-22","url":"https://www.sec.gov/Archives/edgar/data/883241/000088324125000028/snps-20251031.htm","title":"Synopsys FY2025 연차보고서(10-K)","title_en":"Synopsys FY2025 annual report (10-K)","excerpt":"텍사스인스트루먼트가 Synopsys EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on synopsys EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"텍사스인스트루먼트가 Synopsys EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on synopsys EDA tools and IP."}]},{"direction":"cost","counterparty":"Cadence Design Systems","counterparty_slug":"cadence","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"Cadence Design Systems EDA 툴·IP 라이선스 지급.","note_en":"Pays for cadence EDA tools and IP licenses.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-19","url":"https://www.sec.gov/Archives/edgar/data/813672/000081367226000016/cdns-20251231.htm","title":"Cadence FY2025 연차보고서(10-K)","title_en":"Cadence FY2025 annual report (10-K)","excerpt":"텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on cadence EDA tools and IP."},{"stance":"confirms","publisher":"SemiAnalysis","publisher_en":"SemiAnalysis","kind":"research","lang":"en","published_at":"2025-09-01","url":"https://newsletter.semianalysis.com/p/eda-market-primer","title":"EDA 시장 프라이머: 과점·고객·ASIC하우스","title_en":"EDA Market Primer","excerpt":"텍사스인스트루먼트가 Cadence Design Systems EDA 툴·IP 라이선스로 칩 설계.","excerpt_en":"texas-instruments designs chips on cadence EDA tools and IP."}]},{"direction":"cost","counterparty":"UMC","counterparty_slug":"umc","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"UMC에 성숙노드 위탁생산 지급.","note_en":"Pays UMC for mature-node foundry.","sources":[{"stance":"confirms","publisher":"Tom's Hardware","publisher_en":"Tom's Hardware","kind":"news","lang":"en","published_at":"2025-06-15","url":"https://www.tomshardware.com/tech-industry/semiconductors/the-trailing-edge-foundry-roadmap-examined","title":"UMC 성숙노드 로드맵·주요 고객(TI·미디어텍·퀄컴)","title_en":"UMC mature-node roadmap and major customers (TI, MediaTek, Qualcomm)","excerpt":"UMC의 주요 고객에 TI 포함 — 22/28nm 성숙·특수공정 위탁(매출의 40%대).","excerpt_en":"UMC's major customers include Texas Instruments; outsources mature/specialty 22/28nm (~40% of UMC sales)."}]},{"direction":"cost","counterparty":"도쿄일렉트론","counterparty_slug":"tokyo-electron","confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"도쿄일렉트론에서 전공정 장비 매입.","note_en":"Purchases front-end equipment from Tokyo Electron.","sources":[{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/analog-semiconductor-market","title":"아날로그 반도체 시장(TI 1위)","title_en":"Analog semiconductor market (TI No.1)","excerpt":"도쿄일렉트론에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from Tokyo Electron (TEL)."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"도쿄일렉트론에서 전공정 장비 매입.","excerpt_en":"Buys front-end equipment from Tokyo Electron (TEL)."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"low","metric":{"type":"share","unit":"%","basis":"아날로그 반도체 세계 점유율","value":19,"period":"2024","basis_en":"global analog share","qualifier":"band"},"note":"Apple에 아날로그·전력 IC 공급.","note_en":"Supplies analog and power ICs to Apple.","sources":[{"stance":"confirms","publisher":"TI 공식 실적발표","publisher_en":"TI official results","kind":"news","lang":"en","published_at":"2026-01-27","url":"https://www.stocktitan.net/news/TXN/ti-reports-q4-2025-and-2025-financial-results-and-shareholder-6koyxt3cx95k.html","title":"TI 공식 실적발표 — texas-instruments 실적","title_en":"TI official results — texas-instruments results","excerpt":"2025 매출 $176.8억(+13%), 아날로그 $140.1억","excerpt_en":"FY2025 revenue $17.68bn (+13%), Analog $14.01bn"},{"stance":"confirms","publisher":"위키백과","publisher_en":"Wikipedia","kind":"news","lang":"ko","published_at":"2026-01-01","url":"https://ko.wikipedia.org/wiki/텍사스_인스트루먼트","title":"텍사스 인스트루먼트(아날로그 1위, 산업·전장 중심)","title_en":"Texas Instruments (No.1 analog; industrial/auto)","excerpt":"아날로그 반도체 세계 1위, 산업(40%)·전장(25%) 중심.","excerpt_en":"World #1 in analog; industrial (40%) and automotive (25%) led."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"Apple에 아날로그·전력 IC 공급.","excerpt_en":"Supplies analog and power ICs to Apple."},{"stance":"confirms","publisher":"Mordor Intelligence","publisher_en":"Mordor","kind":"analysis","lang":"en","published_at":"2025-01-01","url":"https://www.mordorintelligence.com/industry-reports/analog-semiconductor-market","title":"아날로그 반도체 시장(TI 1위)","title_en":"Analog semiconductor market (TI No.1)","excerpt":"Apple에 아날로그·전력 IC 공급.","excerpt_en":"Supplies analog and power ICs to Apple."}]},{"direction":"cost","counterparty":"부품·소재·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"제조용 부품·소재·R&D(비공개).","note_en":"Parts, materials and R&D (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-01-01","url":"https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=TXN&type=10-K","title":"Texas Instruments 10-K","title_en":"Texas Instruments Form 10-K","excerpt":"제조용 부품·소재·R&D(비공개).","excerpt_en":"Parts, materials and R&D (undisclosed)."}]}]}