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Ross Seymour

Managing Director and Senior Research Analyst at Deutsche Bank Ag\

Ross Seymore is a Managing Director and Senior Research Analyst at Deutsche Bank specializing in the technology sector, with a particular focus on semiconductor companies such as AMD, Nvidia, Broadcom, and Alpha and Omega Semiconductor. He ranks #50 out of nearly 10,000 Wall Street analysts on TipRanks, maintaining a success rate of approximately 71% and an average return per rating of 22.8%, including notable picks like a +279% return on Astera Labs. Seymore began his analyst career before 2009 and has built a distinguished reputation at Deutsche Bank through consistently high-performing investment calls and thorough equity research. He is a registered securities professional, holding industry-standard credentials and licenses, and maintains an active presence among institutional investors.

Ross Seymour's questions to TEXAS INSTRUMENTS (TXN) leadership

Question · Q3 2025

Ross Seymour asked about the flow-through of gross margin into next year, specifically regarding depreciation changes, utilization dynamics, and potential inventory headwinds in H1 2026. He also inquired about the company's general approach to OpEx for next year, including growth rates and R&D allocation, following recent restructuring.

Answer

CEO Haviv Ilan reiterated depreciation guidance ($1.8-$2B this year, $2.3-$2.7B next year at the lower end) and stated that lowering loadings now positions them well for inventory in 2026, with a focus on free cash flow per share growth. CFO Rafael Lizardi clarified that OpEx (excluding restructuring) is expected to be flat Q3 to Q4, and the company maintains a disciplined approach to R&D and SG&A allocation, prioritizing long-term growth opportunities in industrial, automotive, and data center markets.

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Question · Q3 2025

Ross Seymour asked about the flow-through of gross margin into next year, specifically regarding depreciation and utilization dynamics, and if it would create a headwind in the first half of 2026. He also sought clarification on Q4 OpEx (excluding restructuring) and the general OpEx strategy for next year, including growth rates and absolute levels.

Answer

CEO Haviv Ilan and CFO Rafael Lizardi reiterated depreciation guidance for 2025 and 2026 (lower end of range), stating that current loading adjustments position them well for 2026, with a focus on free cash flow per share growth. CFO Rafael Lizardi confirmed Q4 OpEx would be flat to Q3 (excluding restructuring) and discussed disciplined allocation of R&D and SG&A to best opportunities, particularly in industrial, automotive, and data center markets.

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