Friday 23 October 2026 Export TSM’s income statement to Excel — free account

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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Market cap: $2.14T
P/E: 29.8×
Fwd P/E: —
Dividend yield: 1.18%
F-score: 8/9
Altman Z: 14.22
Beneish M: −1.87
Dividend safety: 80/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total buys 3.15

Total sells 13.97

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	5	29	30	34	37	32	30	30
Sell	—	—	—	—	—	—	1	—	1	—	—	—

Insider Ownership 0.12%

Capital & Financial Ratios $m

Market Cap 2,138,650.00

Revenue 141,670.67

Net Income 84,197.55

Free Cash Flow 35,525.47

Net Debt (80,299.10)

Current Ratio 2.46

Debt/Equity 0.16

P/E ratio 29.75

Fwd P/E —

P/S ratio 15.09

P/B ratio 10.42

Past 5Y EPS Growth 25.73%

This Y EPS Growth 63.85%

Next Y EPS Growth 33.57%

Next Y revenue growth —

Next 5Y EPS Growth 40.58%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 76.70%

10-year low 10-year high

P/S against its own 10 years 95.07%

10-year low 10-year high

P/B against its own 10 years 94.41%

10-year low 10-year high

EV/Sales against its own 10 years 94.96%

10-year low 10-year high

EV/FCF against its own 10 years 75.78%

10-year low 10-year high

Dividends

Payout Ratio 0.35

Annual Dividend Rate 4.87

Annual Dividend Yield 1.18%

	total	individual payouts
2026	4.08	0.94 0.94 1.11 1.09
2025	3.08	0.68 0.78 0.82 0.80
2024	2.32	0.55 0.54 0.62 0.61
2023	1.84	0.45 0.44 0.47 0.48
2022	1.82	0.48 0.46 0.43 0.45
2021	1.87	0.44 0.45 0.49 0.50
2020	1.72	0.42 0.42 0.44 0.45
2019	2.03	1.29 0.32 0.42
2018	1.31	1.31
2017	1.15	1.15
2016	0.94	0.94

special payouts not included in total or ratios

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%

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.

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
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	Powerpack Taiwan Semiconductor Manufacturing Company Ltd.’s next three years, line by line See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	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

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Earnings Trends EPS, adjusted, against the consensus

Sep 2026 Estimate 4.45 Actual 4.60

2.50 3.21 3.92 4.62 5.33

Dec 2025 Beat +0.31

Mar 2026 Beat +0.18

Jun 2026 Beat +0.44

Sep 2026 Beat +0.15

Dec 2026 — Jan 21

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	5.00	—	Reports 21 January 2027

Charts ten years each

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%

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