Digital to analog converter (DAC) with ternary or tri-state current source. A DAC including a number of ternary or tri-state devices operates based upon codewords provided thereto. Generally, each respective codeword bit directs operation of one of the respective ternary or tri-state devices within the DAC. Each ternary or tri-state device operates in at least three respective operational states (e.g., based upon the respective values of +1, −1, or 0 being provided thereto). In a current source implementation, each respective current source is implemented to deliver current, draw current, or neither delivered or draw current. In a voltage source implementation, each respective voltage source is implemented to provide a positive voltage, a negative voltage, or provide no voltage. A DAC coding table may be designed based upon characterization of codewords provided to one or more DACs (e.g., based upon a distribution, a probability density function (PDF), etc. of such codewords).