Friday 23 October 2026
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Taiwan Semiconductor Manufacturing Company Ltd.
Taiwan Semiconductor Manufacturing Company Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $121.4 billion, up 37.6% from fiscal 2024. In the quarter to June 2026, revenue grew 32.7%, EPS grew 74.5%, free cash flow grew 24.6% and total debt rose 2.92%, each against the same quarter a year earlier. Insiders bought in the last twelve months.
412.35
19.54
−4.52%
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Target Price Range
Analyst price targets
Free accountTen 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 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Price, $ | |||||||||||||||||
| Price, $ | Low | 20.45 | 28.98 | 35.22 | 34.21 | 42.70 | 107.58 | 59.43 | 73.77 | 98.80 | 134.25 | +23.3% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | |
| High | 31.62 | 43.02 | 46.57 | 59.71 | 109.70 | 142.20 | 145.00 | 110.69 | 212.60 | 313.98 | +29.1% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| 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% | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ||
| 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 | +17.1% | — | — | — | — | |
| Gross margin, % | 50.09 | 50.62 | 48.27 | 46.05 | 53.10 | 51.63 | 59.56 | 54.36 | 56.12 | 59.89 | +9.8 pt | ||||||
| EBT | 11,911 | 13,366 | 12,987 | 13,035 | 20,824 | 23,902 | 37,230 | 31,983 | 42,874 | 65,083 | +20.8% | ||||||
| EBT margin, % | 40.71 | 40.53 | 38.55 | 36.44 | 43.66 | 41.77 | 50.54 | 45.30 | 48.57 | 53.60 | +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 | +20.8% | ||||||
| Depreciation | 6,908 | 8,777 | 9,557 | 9,592 | 11,814 | 15,227 | 14,229 | 17,381 | 20,213 | 21,935 | +13.7% | ||||||
| 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 | +17.1% | |||||
| Earnings | 2.00 | 2.17 | 2.24 | 2.15 | 3.39 | 4.12 | 6.57 | 5.18 | 7.04 | 10.65 | +20.4% | ||||||
| Cash flow | 3.21 | 3.81 | 3.62 | 3.97 | 5.65 | 7.73 | 10.11 | 7.82 | 10.74 | 13.98 | +17.8% | ||||||
| Capex | (1.98) | (2.18) | (2.03) | (3.03) | (3.54) | (5.89) | (6.83) | (6.01) | (5.67) | (7.88) | +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 | +19.5% | ||||||
| Book value | 8.09 | 9.72 | 10.46 | 10.41 | 12.61 | 14.96 | 18.31 | 21.75 | 25.17 | 33.17 | +17.0% | ||||||
| Shares, m | 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 | 21.4 | |||||
| P/S | 5.20 | 6.45 | 5.68 | 8.42 | 11.86 | 10.90 | 5.21 | 7.46 | 11.60 | 12.98 | 8.6 | ||||||
| P/B | 3.62 | 4.22 | 3.53 | 5.58 | 8.65 | 8.04 | 4.04 | 4.67 | 7.85 | 9.16 | 5.9 | ||||||
| EV/Sales | 4.79 | 6.00 | 5.16 | 8.05 | 11.53 | 10.62 | 4.90 | 7.11 | 11.11 | 12.44 | 8.2 | ||||||
| EV/FCF | 21.94 | 23.57 | 21.18 | 59.09 | 50.39 | 63.77 | 21.26 | 53.47 | 37.28 | 47.70 | 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 | +17.8% | |||||
| Capex | (10,278) | (11,321) | (10,536) | (15,696) | (18,382) | (30,564) | (35,426) | (31,177) | (29,397) | (40,859) | +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 | +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 | +19.7% | |||||
| Total debt | 7,691 | 7,219 | 5,899 | 6,368 | 13,098 | 27,168 | 28,902 | 31,230 | 31,932 | 33,936 | +17.9% | ||||||
| Net debt | (11,945) | (14,934) | (17,420) | (13,508) | (15,469) | (16,274) | (22,756) | (24,773) | (43,858) | (65,786) | +20.9% | ||||||
| Shareholders’ equity | 41,971 | 50,420 | 54,267 | 53,975 | 65,376 | 77,566 | 94,951 | 112,798 | 130,505 | 172,019 | +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 | +5.1 pt | |||||
| ROIC | 24.28 | 22.91 | 21.26 | 19.25 | 25.28 | 23.89 | 31.59 | 21.37 | 29.08 | 36.31 | +12.0 pt | ||||||
| ROE | 25.44 | 25.20 | 22.66 | 21.87 | 30.48 | 29.88 | 37.46 | 26.78 | 29.04 | 35.78 | +10.3 pt | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Earnings Trends EPS, adjusted, against the consensus
Sep 2026 Estimate 4.45 Actual 4.60
| 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 | 5.00 | — | Reports 21 January 2027 |
Charts ten years each
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 | $5.11T | 26.6× | 21.4× | +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 | 29.8× | — | +32.70% (above 0%: growing) | +74.49% (above 0%: growing) | +24.55% (above 0%: growing) | 67.72% | 60.34% | |
| AVGO Broadcom Inc. | $1.54T | 40.1× | 35.5× | +85.50% (above 0%: growing) | +212.50% (above 0%: growing) | +94.55% (above 0%: growing) | 69.13% | 53.92% | Compare |
| MU Micron Technology, Inc. | $969.1B | 11.4× | 5.1× | +379.27% (above 0%: growing) | +1,066.43% (above 0%: growing) | +45,543.06% (above 0%: growing) | 86.76% | 80.68% | Compare |
| SKHY SK Hynix, Inc. - Sponsored ADR | $959.8B | — | — | — | — | — | 83.20% | 76.33% | Compare |
| AMD Advanced Micro Devices, Inc. | $829.2B | 129× | 35.9× | +50.11% (above 0%: growing) | +161.11% (above 0%: growing) | −8.73% (below 0%: shrinking) | 53.77% | 17.25% | Compare |
| INTC Intel Corporation | $451.9B | — (loss-making) | — (loss-making) | +25.42% (above 0%: growing) | n/m | +396.67% (above 0%: growing) | 40.36% | 11.14% | Compare |
| TXN Texas Instruments Incorporated | $255.3B | 42.1× | 32.5× | +22.82% (above 0%: growing) | +51.75% (above 0%: growing) | +300.18% (above 0%: growing) | 61.36% | 42.28% | Compare |
| ARM ARM Holdings PLC Sponsored ADR | $224.4B | 217× | 182× | +22.41% (above 0%: growing) | +108.33% (above 0%: growing) | +305.85% (above 0%: growing) | 97.21% | 7.06% | Compare |
| Median of peers | $894.5B | 41.1× | 34.0× | +50.11% | +144.91% | +300.18% | 72.06% | 48.10% |
Taiwan Semiconductor Manufacturing Company Ltd. (TSM) key facts
- Strength: Taiwan Semiconductor Manufacturing Company Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $121.4 billion, up 37.6% from fiscal 2024.
- Taiwan Semiconductor Manufacturing Company Ltd. (TSM) is a Semiconductors company in the Technology sector, traded in the US as an ADR.
- As of October 22, 2026, TSM traded at $412.35, a market capitalization of $2.14 trillion.
- Taiwan Semiconductor Manufacturing Company Ltd. pays an annual dividend of $4.87 per share, a yield of 1.18%, with a payout ratio of 35.2%.
- Return on equity was 35.8% and debt-to-equity 0.16.
- Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 14.22 (safe zone) for fiscal 2025.