Let and use the two spin values as row and column labels. Define the spin-chain transfer matrix
It is a real symmetric matrix because ; every entry is strictly positive for finite bond energies at . The Boltzmann factor of a spin configuration factorizes into the product . Summing the intermediate spin labels is exactly matrix multiplication, and the final closure imposes periodic boundary conditions. Thus
Writing , its eigenvalues are
A positive-entry matrix need not have two positive eigenvalues; can be negative. The Perron–Frobenius theorem ensures here. Therefore the Helmholtz free energy is , and its value per spin in the thermodynamic limit is .

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