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Taiwan Semiconductor Manufacturing Company Ltd.

TSM

Technology Semiconductors

Taiwan Semiconductor Manufacturing Company Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $121.4 billion, up 37.6% from fiscal 2024.

Revenue
+32.7%
EPS
+74.5%
Free cash flow
+24.6%
Total debt
+2.92%

Quarter to June 2026, against a year earlier

411.51 1.84 −0.45%
Market cap
$2.14T
P/E
29.7×
Fwd P/E
—
Dividend yield
0.92%
F-score
8/9
ROIC
39.7%
Net debt / EBITDA
−0.8×
Dividend safety
80/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Net sold
$10.3M
Trades
2 sells · 259 buys
Ownership
0.12%

Capital & Financial Ratios $m

Size
Market Cap 2,143,830
Revenue ttm 141,671
Net income ttm 84,198
Free cash flow ttm 35,525
Net debt Q (80,299)
Valuation
P/E 29.7
Forward P/E —
Price / sales 15.1 (above 10: high)
Forward P/S Powerpack
Price / FCF 60.1
Price / book 10.4 (above 6: high)
Financial health
Current ratio Q 2.5 (at or above 1.5: strong)
Debt / equity Q 0.2 (at or below 0.5: strong)
Interest coverage Q 248.5
Growth
Revenue growth Q +32.7% (above 0%: growing)
Operating income growth Q +61.4% (above 0%: growing)
EPS, this year +63.6% (at or above 15%: strong)
EPS, next year A +34.6% (at or above 15%: strong)
Revenue, next year A —
EPS, past 5 yrs +25.7% (at or above 15%: strong)
EPS, next 5 yrs A +41.0% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates; n/m is not meaningful, as a P/E on a loss. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 14.5×, against a ten-year median of 7.2×; over the ten years it ranged from 0.1× in 2017 to 16.9× in 2026.
P/E against its own 10 years 76.38%
10-year low 10-year high
P/S against its own 10 years 94.84%
10-year low 10-year high
P/B against its own 10 years 94.14%
10-year low 10-year high
EV/Sales against its own 10 years 94.73%
10-year low 10-year high
EV/FCF against its own 10 years 75.58%
10-year low 10-year high

Dividends raised 4 years running

Yield
0.92%
Annual rate
3.79
Payout ratio
27.3%
Growth, 2018–26
+15.2%/yr
  1. 1.31 ’18
  2. 2.03 ’19 +55
  3. 1.72 ’20 −15
  4. 1.87 ’21 +9
  5. 1.82 ’22 −3
  6. 1.84 ’23 +1
  7. 2.32 ’24 +26
  8. 3.08 ’25 +33
  9. 4.08 ’26 +33
paid change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 56,003 75,790 99,723 114,058
Receivables 23 43 96 202
Inventory 8,197 8,779 9,184 12,221
Other 856 1,319 3,783 4,438
71,654 94,186 121,681 144,733
2023 2024 2025 Q'26
Payables 7,472 8,139 8,354 12,727
ST’ Debt 304 1,826 4,365 5,307
Other 897 14 98 78
30,791 39,910 48,531 58,891

Compound Annual Growth %

10y 5y 3y
Sales 16.41% 20.55% 18.12%
Cash Flow 15.82% 19.87% 11.43%
Earnings 18.81% 24.37% 18.76%
Book Value 16.14% 21.35% 21.91%

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 4.45 Actual 4.60

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Dec 2025 2.83 3.14 Beat by 0.31
Mar 2026 3.31 3.49 Beat by 0.18
Jun 2026 3.87 4.31 Beat by 0.44
Sep 2026 4.45 4.60 Beat by 0.15
Dec 2026 5.22 — Reports 21 January 2027

EPS $

Mar Jun Sep Dec Year
’26 3.49 4.31 — — —
’25 2.12 2.47 2.92 3.14 10.65
’24 1.38 1.48 1.94 2.24 7.04
’23 1.31 1.14 1.29 1.44 5.18
’22 1.40 1.55 1.79 1.82 6.57
’21 0.96 0.93 1.08 1.15 4.12
’20 0.75 0.78 0.90 0.97 3.39
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 35,838 40,271 — — —
’25 25,513 30,348 33,063 32,499 121,424
’24 18,846 20,811 23,550 25,060 88,268
’23 16,734 15,675 17,277 20,913 70,599
’22 17,531 18,161 20,172 17,806 73,670
’21 12,904 13,321 14,883 16,116 57,225
’20 10,312 10,406 12,155 14,821 47,694
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 22,088 24,903 — — —
’25 19,017 17,468 15,266 20,769 72,521
’24 13,875 11,277 12,233 18,308 55,693
’23 12,675 5,337 8,758 13,791 40,561
’22 13,286 10,888 12,796 15,441 52,411
’21 8,110 6,756 11,483 13,743 40,092
’20 6,741 5,767 6,709 10,081 29,297
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 11,031 8,765 — — —
’25 8,895 7,037 5,066 10,663 31,661
’24 8,055 5,000 5,755 7,486 26,296
’23 2,715 (2,797) 2,120 7,346 9,384
’22 3,929 3,824 4,526 4,707 16,986
’21 (738) 604 4,617 5,046 9,528
’20 322 1,213 3,126 6,254 10,915
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 29,257 32,977 33,694 35,774 47,694 57,225 73,670 70,599 88,268 121,424 141,671 +17.1% — — — —
Gross margin, % 50.09 50.62 48.27 46.05 53.10 51.63 59.56 54.36 56.12 59.89 64.20 +9.8 pt
EBT 11,911 13,366 12,987 13,035 20,824 23,902 37,230 31,983 42,874 65,083 85,034 +20.8%
EBT margin, % 40.71 40.53 38.55 36.44 43.66 41.77 50.54 45.30 48.57 53.60 60.02 +12.9 pt
Net income 11,911 13,366 12,987 13,035 20,824 23,902 37,230 31,983 42,874 65,083 84,198 +20.8%
Per share, $
Per share, $ Revenue 5.64 6.36 6.50 6.90 9.20 11.03 14.20 13.61 17.02 23.42 27.32 +17.1%
Earnings 2.00 2.17 2.24 2.15 3.39 4.12 6.57 5.18 7.04 10.65 13.86 +20.4%
Cash flow 3.21 3.81 3.62 3.97 5.65 7.73 10.11 7.82 10.74 13.98 16.01 +17.8%
Capex (1.98) (2.18) (2.03) (3.03) (3.54) (5.89) (6.83) (6.01) (5.67) (7.88) (9.16) +16.6%
Free cash flow 1.23 1.62 1.58 0.94 2.10 1.84 3.28 1.81 5.07 6.11 6.85 +19.5%
Book value 8.09 9.72 10.46 10.41 12.61 14.96 18.31 21.75 25.17 33.17 39.58 +17.0%
Shares, m 5,186 5,186 5,186 5,186 5,186 5,186 5,186 5,186 5,186 5,186 5,186 0.0%
Valuation, ×
Valuation, × P/E 14.58 6.85 16.40 27.15 32.07 29.20 11.29 19.60 28.05 28.53 29.73 21.4
P/S 5.20 6.45 5.68 8.42 11.86 10.90 5.21 7.46 11.60 12.98 15.08 8.6
P/B 3.62 4.22 3.53 5.58 8.65 8.04 4.04 4.67 7.85 9.16 10.41 5.9
EV/Sales 4.79 6.00 5.16 8.05 11.53 10.62 4.90 7.11 11.11 12.44 14.52 8.2
EV/FCF 21.94 23.57 21.18 59.09 50.39 63.77 21.26 53.47 37.28 47.70 57.89 40.0
Cash, $m
Cash, $m Operating cash flow 16,662 19,748 18,751 20,566 29,297 40,092 52,411 40,561 55,693 72,521 83,025 +17.8%
Capex (10,278) (11,321) (10,536) (15,696) (18,382) (30,564) (35,426) (31,177) (29,397) (40,859) (47,500) +16.6%
Free cash flow 6,384 8,426 8,215 4,871 10,915 9,528 16,986 9,384 26,296 31,661 35,525 +19.5%
Balance, $m
Balance, $m Working capital 14,489 15,868 19,433 7,498 16,392 30,596 34,700 40,863 54,276 73,150 85,842 +19.7%
Net debt (11,945) (14,934) (17,420) (13,508) (15,469) (16,274) (22,756) (24,773) (43,858) (65,786) (80,299) +20.9%
Shareholders’ equity 41,971 50,420 54,267 53,975 65,376 77,566 94,951 112,798 130,505 172,019 205,241 +17.0%
Returns, %
Returns, % ROA 18.54 18.56 17.51 16.44 20.90 18.36 21.84 16.26 18.36 23.69 26.93 +5.1 pt
ROIC 24.28 22.91 21.26 19.25 25.28 23.89 31.59 21.37 29.08 36.31 39.72 +12.0 pt
ROE 25.44 25.20 22.66 21.87 30.48 29.88 37.46 26.78 29.04 35.78 39.78 +10.3 pt
People
People Employees 46,968 48,602 48,752 51,297 56,831 65,152 73,090 76,478 83,825 90,557 — +7.6%
Revenue/emp, $m 0.62 0.68 0.69 0.70 0.84 0.88 1.01 0.92 1.05 1.34 — +8.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Taiwan Semiconductor Manufacturing Company Ltd. vs peers in Semiconductors (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
NVDA NVIDIA Corporation $4.19T 21.8× 18.7× +105.85% (above 0%: growing) +128.70% (above 0%: growing) +58.87% (above 0%: growing) 74.98% 66.24% Compare
TSM Taiwan Semiconductor Manufacturing Company Ltd. $2.14T 29.7× — +32.70% (above 0%: growing) +74.49% (above 0%: growing) +24.55% (above 0%: growing) 67.72% 60.34%
AVGO Broadcom Inc. $1.65T 42.8× 31.7× +85.50% (above 0%: growing) +212.50% (above 0%: growing) +94.55% (above 0%: growing) 69.13% 53.92% Compare
SKHY SK Hynix, Inc. - Sponsored ADR $1.04T — — — — — 83.20% 76.33% Compare
MU Micron Technology, Inc. $917.9B 10.8× 4.0× +379.27% (above 0%: growing) +1,066.43% (above 0%: growing) +45,543.06% (above 0%: growing) 86.76% 80.68% Compare
AMD Advanced Micro Devices, Inc. $906.8B 118× 72.9× +44.68% (above 0%: growing) +95.28% (above 0%: growing) −71.19% (below 0%: shrinking) 53.90% 21.17% Compare
INTC Intel Corporation $332.2B — (loss-making) — (loss-making) +25.42% (above 0%: growing) n/m 0.00% 40.36% 11.14% Compare
TXN Texas Instruments Incorporated $283.1B 39.8× 30.6× +27.69% (above 0%: growing) +76.67% (above 0%: growing) +197.38% (above 0%: growing) 64.19% 47.46% Compare
ARM ARM Holdings PLC Sponsored ADR $217.6B 233× 161× +27.14% (above 0%: growing) −44.73% (below 0%: shrinking) −69.56% (below 0%: shrinking) 97.09% 13.93% Compare
Median of peers $912.4B 41.3× 31.2× +44.68% +111.99% +58.87% 72.06% 50.69%

All 68 Semiconductors stocks →

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Barclays Oct 20, 2026 Target raised Buy 670.00
Susquehanna Oct 6, 2026 Reiterated Buy 600.00

Taiwan Semiconductor Manufacturing Company Ltd. (TSM) Latest News

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TSM metrics, ten years each

stockrow.com/TSM · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com