A Hundred Thousand Customers, No ConcentrationWide moat

Texas Instruments (TXN) — moat facet

No 10% customer, no named three, no concentration table — the 10-K has nothing to disclose because there is nothing there.

More than a hundred thousand customers, no concentration disclosure at all, and about half the revenue from outside the largest fifty.

Largest-customer concentration across the collection (%)67%CoreWeave37%Marvell (distributor)36%Nvidia (top two)31%VeriSignnone at 10%Texas InstrumentsTI's 10-K contains no concentration table, because there is nothing to put in one.
The lowest revenue concentration in this collection, and it is architectural.

TI sells to over 100,000 customers and reports that about half of revenue comes from customers outside its largest 50.1 There is no 10% customer, no named three, no distributor at 37% — the 10-K contains no customer-concentration table because there is nothing to put in one.

Set that against the rest of this collection. Qualcomm names three customers each above 10%. Nvidia discloses two at 22% and 14%. CoreWeave gets 67% from Microsoft. Marvell's largest relationship is a distributor at 37% of revenue.4 TI is the outlier, and it is the outlier by design: the catalogue and the direct channel exist to make a very long tail servable.

The commercial consequence is pricing power of an unusual kind. No customer is large enough to demand a concession, which is part of why TI was able to begin customer-by-customer price increases from the third quarter of 2026 without a negotiation that mattered.2

The limit is that customer diversification does not diversify the cycle. All 100,000 buy the same category of part for the same reasons, and in 2023-24 revenue fell 22% anyway.3

The measure is revenue concentration, and TI's is the lowest here.

Moat trajectory: Holding steady

Over 100,000 customers, about half of revenue outside the largest fifty, and no 10% customer. This has been true for years and is a structural property of the catalogue and the channel rather than a trend.

The number that tests this moat
Reported
Revenue, first half
$10,288M in H1 2026, +21%

No customer is large enough to disclose, so growth has to come from the whole base. Broad-based growth across industrial, automotive and data centre says the base is recovering together.

Source: Texas Instruments Form 10-Q, Q2 2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
It Protects Against Losing One, Not Against the Cycle
It protects completely against losing a relationship and not at all against the thing that actually happened.
References
  1. ReportedTI sells to over 100,000 customers and reports that about half of revenue comes from customers outside its largest 50.
    Texas Instruments Incorporated, Form 10-K for the year ended 31 December 2025 (SEC, CIK 97476) — Item 1, Business. TI's two reportable segments are Analog and Embedded Processing, with remaining activities in Other; operations began in 1930 and it has design, manufacturing or sales operations in more than 30 countries. The product portfolio includes more than 80,000 products. TI states four sustainable competitive advantages: a strong foundation of manufacturing and technology, a broad portfolio of analog and embedded processing products, the reach of its market channels, and the diversity and longevity of its products, markets and customer positions, which in combination it describes as difficult to replicate. An unpackaged chip built on a 300mm wafer costs about 40% less than one built on a 200mm wafer; TI continued qualifying and ramping production at its newest 300mm fabs in Richardson and Sherman, Texas, and Lehi, Utah, supporting external foundry transfers and internal transfers from its legacy 150mm facilities, and expects to maintain sufficient internal capacity to meet the majority of its production needs, offering customers geopolitically dependable capacity. TI sells to over 100,000 customers, with about half of revenue derived from customers outside its largest 50; more than 80% of revenue was direct in 2025, including TI.com. End markets as a percentage of 2025 revenue: industrial 33%, automotive 33%, personal electronics 21%, data centre 9%, communications equipment 3%, and calculators about 1%. About 60% of revenue comes from customers headquartered outside the United States; revenue from end customers headquartered in China represented about 20% of revenue in 2025, while revenue from products shipped into China represented about 50%. The analog and embedded processing markets remain highly fragmented, with significant global competition from dozens of large and small companies including emerging companies, particularly in Asia. The company's stated objective is the growth of free cash flow per share over the long term. — FY2025 · publ. 2026-02-06 · source ↗
  2. ReportedNo customer is large enough to demand a concession, which is part of why TI was able to begin customer-by-customer price increases from the third quarter of 2026 without a negotiation that mattered.
    Coverage of Texas Instruments' second-quarter 2026 results, July 2026 — revenue of $5.46 billion, up 23% year over year and 13% sequentially against consensus near $5.24 billion; net income of $1.98 billion, up 53%, and EPS of $2.14, up 52% and above the high end of guidance. By segment, Analog revenue was $4.37 billion (up 26%), Embedded Processing $788 million (up 16%) and Other $310 million (down 2%). Industrial revenue grew more than 30% year over year across all sectors and regions, automotive re-accelerated, and data centre revenue roughly doubled. Management guided third-quarter revenue to $5.65-6.15 billion and confirmed 2026 capital expenditure of $2-3 billion, declining to bias the range toward the lower end. After holding pricing flat through the first half, TI began executing customer-by-customer price increases from the third quarter, extending into the fourth quarter and into 2027, concentrated in Analog. Management has framed free cash flow per share of $8 or more as probable for 2026, having earlier suggested $12. The shares fell after hours. — Q2 2026 · publ. 2026-07-24 · source ↗
  3. ReportedAll 100,000 buy the same category of part for the same reasons, and in 2023-24 revenue fell 22% anyway.
    Texas Instruments Incorporated, Form 10-K FY2025 — consolidated statements of income and segment results. Revenue $17,682M, up $2.04bn or 13.0%; gross profit $10,081M; operating profit $6,023M; other income net $230M; interest and debt expense $543M; income before income taxes $5,710M; provision for income taxes $709M at an effective rate of 12.4% (12.0% in 2024); net income $5,001M against $4,799M in 2024 and $6,510M in 2023. Basic EPS $5.47 and diluted EPS $5.45, against $5.20 and $7.07 in the two prior years, on 913 million diluted shares. By segment, Analog revenue $14,006M (2024 $12,161M, +15%) with operating profit $5,412M (2024 $4,608M, +17%) at 38.6% of revenue (37.9%); Embedded Processing $2,700M; Other the remainder. Revenue peaked at $20,028M in 2022 with operating profit of $10,140M, and troughed at $15,641M in 2024 with operating profit of $5,465M. — FY2025 · publ. 2026-02-06 · source ↗
  4. ReportedCoreWeave derived about 67% of its fiscal 2025 revenue from Microsoft — the single-customer dependency TI has no equivalent of.
    CoreWeave Form 10-K, fiscal 2025 — revenue $5.13B (+168%), net loss ~−$1.2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
Sources
Generated September 23, 2026