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Taiwan Semiconductor Manufacturing Co LTD (TSM) stock

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NYSE: TSM NYSE Semiconductors Next results ~January 14, 2027

B+ Fundamentals grade

Taiwan Semiconductor Manufacturing Co LTD is a US-listed company in the semiconductors industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$140–$240 across our lower- and higher-growth cases (8%–18% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 54% below it.

Price used: $398.63, November 2, 2026

Taiwan Semiconductor Manufacturing Co LTD valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Taiwan Semiconductor Manufacturing files

Where Taiwan Semiconductor Manufacturing Co LTD stands after its latest Filing

Revenue for the twelve months was $122.4bn, up 35.8% on a year earlier, faster than the 29.9% growth a quarter earlier. That growth ranks 14 of 75 among the semiconductor companies we cover. Free-cash-flow margin rose to 26.1% from 16.6% a year earlier. Operating margin widened to 50.8% from 40.9%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 6 of our 7 financial-health checks. Our cash-flow model value is $184 a share, against a share price of $406. At that price, our model says the market is pricing in about 28.3% a year of cash-flow growth for five years, faster than the 21.9% a year revenue growth it has delivered.

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 14, 2027 (estimated)

Taiwan Semiconductor Manufacturing Co LTD's trailing-twelve-month revenue grew 35.8% year on year, with a free-cash-flow margin of 26.1%. Where it stands out: stock pay as % of revenue of 0.0% ranks 2 of 74 semiconductor companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$140–$240 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 18.9% while net income grew 51.2%: a 32pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 35.8% over the last 12 months, against a median of 13.7% for semiconductor companies we cover.
  • Growth speeding up. The growth rate is 5.9 points higher than a quarter earlier.
  • High operating margin. 50.8% of revenue is left as operating profit, against a median of 4.8% for semiconductor companies we cover.
  • Margins widening. Operating margin is up 5.2 points on a year ago.
  • Strong cash generation. 26.1% of revenue turned into free cash flow, against a median of 9.6% for semiconductor companies we cover.

Things to watch

  • Priced above our value. The share price of $398.63 is 54% above our value per share of $180.
  • Weak cash conversion. Free cash flow was 58% of net income over the last 12 months.

Latest results

Earnings per share
$4.60 against an average estimate of $4.52: beat by 1.7%
Next report
January 14, 2027

Taiwan Semiconductor Manufacturing's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.8%
  • 1 week-6.1%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$122B
Operating margin
50.8%
Net margin
44.6%
EPS (TTM, diluted)
$10.52

Growth

Revenue growth
+35.8%
Change in growth rate
+5.9 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
$31.9B
FCF margin
26.1%
Stock pay % of revenue
0.0%

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

No recent updates are available for TSM from the sources we follow. See filings →

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Taiwan Semiconductor Manufacturing Co LTD valuation models and calculator

What the price is pricing in

The share price implies about 28.3% a year of cash-flow growth for five years.That is faster than the 21.9% a year revenue growth Taiwan Semiconductor Manufacturing has delivered.

  • Priced in28.3%
  • Last 12 months35.8%
  • 3 years a year17.2%
  • 5 years a year21.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($406.56, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$406.56close November 3, 2026
Implied change
▼ 55%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Taiwan Semiconductor Manufacturing Co LTD's free cash flow after stock-based pay with after-tax interest added back ($29.3B, FY2025 Q4 TTM), growing 13% a year for five years and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$140–~$240 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Taiwan Semiconductor Manufacturing Co LTD's free cash flow after stock-based pay ( $29.3B, FY2025 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Taiwan Semiconductor Manufacturing Co LTD as an operating company, with every model that fits that kind of business. Cost of equity 12.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.72 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$140–$240 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$85 ~$180–$440 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$120 ~$94–$150 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$99 ~$90–$110 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$130 ~$85–$180 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Taiwan Semiconductor Manufacturing Co LTD with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +29%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −12%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $91$120$159$210$276$362
8.5% $72$93$121$158$205$266
10% $60$77$98$126$162$208

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Low.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 14, 2027, before the open.

Analysts' consensus

No analyst estimates are published for Taiwan Semiconductor Manufacturing Co LTD: too few analysts cover it.

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.52 $4.60 +1.7%
Jun 2026 $3.89 $4.31 +10.9%
Mar 2026 $3.33 $3.49 +4.7%
Dec 2025 $2.98 $3.14 +5.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

21 analysts, Nov 2026
Buy2095%
Hold15%
Sell00%

Monthly trend

  1. Nov 202661421
  2. Oct 202661421
  3. Sep 202661219

Counts of recommendations published by analysts covering Taiwan Semiconductor Manufacturing Co LTD, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.6%
of tradable shares
Days to cover
2.79
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
16%
of shares
Held by insiders
0.0%
of shares
Employees
76,907
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Taiwan Semiconductor Manufacturing Co LTD’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Not enough history

There is not enough price history to measure realised volatility.

  • Puts and calls are priced at about the same implied volatility.
  • Why: not enough price history to measure realised volatility.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

TSM Taiwan Semiconductor Manufacturing Co LTD Grade A $400.58

Own 100 shares, sell the $440 call expiring December 4, 2026 (32 days) for $5.25 a share — $525 per contract.

Previous session · Bid $5.25, ask $6.35, quoted Mon 2 Nov, 17:38 New York time with TSM at $400.58. Option prices move with the shares: check the live chain at your broker before trading.

  • If TSM ends below $440: you keep your shares and the $525 — 1.3% extra on the position, 14.9% a year at that pace.
  • If it ends above $440: your shares are sold at $440, a total return of 11.2% including the premium — at or above our value of ~$180.
$4.5k $0 −$7.9k Break-even $395.33 Price $400.58 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$525
Annualised
14.9%
Break-even
$395.33
Max gain
$4,467.01
Chance of selling
~25%

Collar

Own the shares, buy the $370 put and sell the $440 call, both expiring December 4, 2026 (32 days).

  • Net cost of $3.25 a share ($325 per contract of 100 shares).
  • Worst case at expiry: -8.4%, if the shares fall below $370 (-7.6% from today).
  • Best case at expiry: +9.0%, if the shares rise above $440 (+9.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $180: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Taiwan Semiconductor Manufacturing Co LTD in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Taiwan Semiconductor Manufacturing Co LTD
$0 $50B $100B $150B FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Revenue (TTM), FY15 Q4: $26.6B Revenue (TTM), FY16 Q4: $29.4B Revenue (TTM), FY17 Q4: $32.2B Revenue (TTM), FY18 Q4: $34.3B Revenue (TTM), FY19 Q4: $34.6B Revenue (TTM), FY20 Q4: $45.5B Revenue (TTM), FY21 Q4: $56.8B Revenue (TTM), FY22 Q4: $76.1B Revenue (TTM), FY23 Q4: $69.4B Revenue (TTM), FY24 Q4: $90.2B Revenue (TTM), FY25 Q4: $122.4B $122.4B

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue (TTM)
FY15 Q4 $26.6B
FY16 Q4 $29.4B
FY17 Q4 $32.2B
FY18 Q4 $34.3B
FY19 Q4 $34.6B
FY20 Q4 $45.5B
FY21 Q4 $56.8B
FY22 Q4 $76.1B
FY23 Q4 $69.4B
FY24 Q4 $90.2B
FY25 Q4 $122.4B
Revenue growth, TTM YoY Taiwan Semiconductor Manufacturing Co LTD
-20% 0% 20% 40% FY16 Q4 FY18 Q4 FY20 Q4 FY22 Q4 FY25 Q4 Revenue growth, TTM YoY, FY16 Q4: 10.7% Revenue growth, TTM YoY, FY17 Q4: 9.3% Revenue growth, TTM YoY, FY18 Q4: 6.5% Revenue growth, TTM YoY, FY19 Q4: 1.1% Revenue growth, TTM YoY, FY20 Q4: 31.4% Revenue growth, TTM YoY, FY21 Q4: 24.9% Revenue growth, TTM YoY, FY22 Q4: 34.0% Revenue growth, TTM YoY, FY23 Q4: -8.8% Revenue growth, TTM YoY, FY24 Q4: 29.9% Revenue growth, TTM YoY, FY25 Q4: 35.8% 35.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Revenue growth, TTM YoY
FY16 Q4 10.7%
FY17 Q4 9.3%
FY18 Q4 6.5%
FY19 Q4 1.1%
FY20 Q4 31.4%
FY21 Q4 24.9%
FY22 Q4 34.0%
FY23 Q4 -8.8%
FY24 Q4 29.9%
FY25 Q4 35.8%
Operating margin (TTM) Taiwan Semiconductor Manufacturing Co LTD
30% 35% 40% 45% 50% 55% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 Operating margin (TTM), FY15 Q4: 37.9% Operating margin (TTM), FY16 Q4: 39.9% Operating margin (TTM), FY17 Q4: 39.4% Operating margin (TTM), FY18 Q4: 37.2% Operating margin (TTM), FY19 Q4: 34.8% Operating margin (TTM), FY20 Q4: 42.3% Operating margin (TTM), FY21 Q4: 40.9% Operating margin (TTM), FY22 Q4: 49.5% Operating margin (TTM), FY23 Q4: 42.6% Operating margin (TTM), FY24 Q4: 45.7% Operating margin (TTM), FY25 Q4: 50.8% 50.8%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period Operating margin (TTM)
FY15 Q4 37.9%
FY16 Q4 39.9%
FY17 Q4 39.4%
FY18 Q4 37.2%
FY19 Q4 34.8%
FY20 Q4 42.3%
FY21 Q4 40.9%
FY22 Q4 49.5%
FY23 Q4 42.6%
FY24 Q4 45.7%
FY25 Q4 50.8%
FCF margin (TTM) Taiwan Semiconductor Manufacturing Co LTD
10% 15% 20% 25% 30% 35% FY15 Q4 FY17 Q4 FY19 Q4 FY21 Q4 FY23 Q4 FY25 Q4 FCF margin (TTM), FY15 Q4: 31.8% FCF margin (TTM), FY16 Q4: 21.9% FCF margin (TTM), FY17 Q4: 25.6% FCF margin (TTM), FY18 Q4: 24.4% FCF margin (TTM), FY19 Q4: 13.6% FCF margin (TTM), FY20 Q4: 22.8% FCF margin (TTM), FY21 Q4: 16.6% FCF margin (TTM), FY22 Q4: 23.0% FCF margin (TTM), FY23 Q4: 13.3% FCF margin (TTM), FY24 Q4: 29.8% FCF margin (TTM), FY25 Q4: 26.1% 26.1%

Source: SEC EDGAR filings. Retrieved November 1, 2026.

View chart data
Period FCF margin (TTM)
FY15 Q4 31.8%
FY16 Q4 21.9%
FY17 Q4 25.6%
FY18 Q4 24.4%
FY19 Q4 13.6%
FY20 Q4 22.8%
FY21 Q4 16.6%
FY22 Q4 23.0%
FY23 Q4 13.3%
FY24 Q4 29.8%
FY25 Q4 26.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Taiwan Semiconductor Manufacturing took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $122B
  2. Other income $3.5B · 2.8%
  3. Cost of revenue $49.1B · 40.1%
  4. Gross profit $73.3B · 59.9%
  5. Research and development $7.9B · 6.5%
  6. Other operating costs $3.2B · 2.6%
  7. Operating income $62.2B · 50.8%
  8. Income tax $11.1B · 9.1%
  9. Net income $54.6B · 44.6%

Shares of revenue. Source: Taiwan Semiconductor Manufacturing's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025
Income
Revenue 26.6 29.4 32.2 34.3 34.6 45.5 56.8 76.1 69.4 90.2 122.4
Gross profit 12.9 14.7 16.3 16.5 15.9 24.2 29.3 45.3 37.7 50.6 73.3
EBITDA 17.1 18.7 21.2 22.5 21.3 30.5 38.4 52.4 46.7 61.8 84.3
Operating income 10.1 11.7 12.7 12.7 12.1 19.3 23.3 37.7 29.6 41.2 62.2
Net income 9.5 10.3 11.4 12.1 11.5 17.3 21.2 33.4 27.4 36.1 54.6
Diluted EPS $1.84 $1.99 $2.19 $2.32 $2.21 $3.35 $4.09 $6.44 $5.28 $6.96 $10.52
Growth (year on year)
Revenue — +10.7% +9.3% +6.5% +1.1% +31.4% +24.9% +34.0% −8.8% +29.9% +35.8%
EBITDA — +9.2% +13.7% +5.7% −4.9% +43.0% +25.8% +36.5% −10.9% +32.4% +36.4%
Operating income — +16.3% +8.1% +0.4% −5.3% +59.6% +20.9% +62.1% −21.5% +39.2% +51.1%
Net income — +7.9% +10.2% +6.2% −5.0% +51.4% +22.2% +57.5% −18.1% +31.9% +51.2%
Diluted EPS — +7.8% +10.2% +6.2% −5.0% +51.5% +22.2% +57.5% −18.1% +31.9% +51.2%
Margins
Gross margin 48.7% 50.1% 50.6% 48.3% 46.0% 53.1% 51.6% 59.6% 54.4% 56.1% 59.9%
EBITDA margin 64.3% 63.5% 66.1% 65.6% 61.6% 67.1% 67.6% 68.8% 67.2% 68.6% 68.9%
Operating margin 37.9% 39.9% 39.4% 37.2% 34.8% 42.3% 40.9% 49.5% 42.6% 45.7% 50.8%
Net margin 35.9% 35.0% 35.3% 35.2% 33.1% 38.1% 37.3% 43.9% 39.4% 40.0% 44.6%
Free-cash-flow margin 32.3% 22.3% 26.1% 25.0% 14.5% 23.6% 17.2% 23.3% 13.5% 30.1% 26.3%
Cash flow
Cash from operations 16.7 16.8 19.3 19.1 19.9 27.9 39.8 54.2 39.9 56.9 73.1
Capital spending 8.1 10.2 10.9 10.5 14.9 17.2 30.0 36.4 30.5 29.8 40.9
Free cash flow 8.6 6.6 8.4 8.6 5.0 10.7 9.8 17.8 9.4 27.1 32.2
Stock-based pay — — — — 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay — — — — 5.0 10.7 9.8 17.7 9.4 27.1 32.2
Balance sheet
Cash 17.2 16.7 18.7 18.9 15.2 23.5 38.4 43.7 47.9 64.9 88.2
Total debt 0.0 8.9 9.2 7.0 6.9 12.5 26.6 28.5 30.5 32.8 37.3
Net debt (negative = net cash) −17.2 −7.8 −9.5 −11.8 −8.3 −11.1 −11.8 −15.2 −17.3 −32.1 −51.0
Diluted shares 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m 5,186m
Returned to shareholders
Dividends 3.7 4.8 6.0 6.9 8.4 8.8 9.5 9.6 9.4 11.3 15.0
Buybacks — — — — — — — — 0.0 0.1 0.0
Total returned 3.7 4.8 6.0 6.9 8.4 8.8 9.5 9.6 9.4 11.4 15.0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

6 of 7 checks passed · December 31, 2025
What it owns · $252.9bn
Short-term assets $121.7bnLonger-term assets $131.2bn
What it owes, and who funded it · $251.6bn
Short-term liabilities $48.5bnLonger-term liabilities $32.3bnShareholders' equity $170.7bn
  • Short-term assets cover short-term liabilities $121.7bn of assets due within a year against $48.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $121.7bn short-term assets against $32.3bn of longer-dated liabilities.
  • More cash than debt $88.2bn of cash against $37.3bn of debt.
  • Debt below 40% of shareholders' equity Debt is 22% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 14% to 22% over five years.
  • A year's operating cash flow covers at least 20% of debt $73.1bn of operating cash flow against $37.3bn of debt.
  • Operating profit covers interest at least five times over Operating income of $62.2bn against $642m of interest.

From Taiwan Semiconductor Manufacturing Co LTD's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$15B
Returned to shareholders
47%
of free cash flow
Buybacks, last 3 fiscal years
$96.2M
Diluted share count
+0.0%
year over year
Total shareholder yield
0.7%
dividends 0.7% + buybacks 0.0% of market value
Dividend payout ratio
28%
of net income paid out
R&D spending
6.5%
of revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated TSM MU AVGO INTC NVDA QCOM Median
Revenue, last 12 months $122.4bn $133.2bn $89.1bn $59.9bn $303.0bn $44.1bn $1.1bn
Revenue growth, last 12 months 35.8% 256.3% 48.7% 12.1% 83.4% 1.9% 13.7%
Revenue growth, 3-year average — 104.6% 36.0% 4.2% 110.1% 4.5% 3.9%
Revenue growth, latest quarter — 379.3% 85.5% 20.9% 105.9% −4.0% 20.1%
Gross margin 59.9% 80.7% 68.8% 39.9% 74.7% 54.2% 48.3%
Operating margin 50.8% 74.6% 48.0% 2.9% 65.2% 23.2% 4.8%
Operating margin, 3-year average 43.7% 35.3% 37.9% −6.3% 61.7% 24.9% 4.8%
Net margin 44.6% 63.8% 42.9% −20.1% 63.7% 21.0% 5.3%
Cash from operations / revenue 59.7% 67.3% 45.6% 29.2% 44.3% 28.1% 17.4%
Free-cash-flow margin 26.1% 44.3% 44.2% 6.3% 41.9% 23.6% 9.6%
Free-cash-flow margin, 3-year average 22.8% 16.4% 41.9% −12.4% 44.7% 28.1% 8.5%
Stock pay / revenue 0.0% 1.0% 9.5% 3.9% 2.4% 7.4% 5.8%
Change in share count 0.0% 1.6% 0.2% 16.0% −1.0% −3.6% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 35.8% 13.7% 14 of 75
Change in growth rate Growth +5.9pp +3.7pp 25 of 75
Gross margin Profitability 59.9% 48.3% 18 of 73
Operating margin Profitability 50.8% 4.8% 4 of 75
Net margin Profitability 44.6% 5.3% 4 of 75
Free-cash-flow margin Cash generation 26.1% 9.6% 12 of 75
Stock pay as % of revenue Cash generation 0.0% 6.4% 2 of 74
Long-term debt as % of assets Balance sheet 11.3% 14.0% 23 of 47
Change in share count Balance sheet 0.0% 0.9% 22 of 72

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$365B
Institutions reporting
3,553
Shares held vs prior quarter
▼ 0.4%
Positions opened / closed
400 / 108

Top buyers and sellers, Q2 2026: 1,840 institutions bought and 1,405 sold ; the biggest buyer was Goldman Sachs Group Inc (+6.7M shares) and the biggest seller Citadel Advisors LLC (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $28.1B 58.9M 7.7% ▼ 2.4%
Capital World Investors $16.4B 34.4M 4.5% ▲ 4.5%
Sanders Capital, LLC $12.5B 26.1M 3.4% ▼ 6.8%
Jpmorgan Chase & Co $10.8B 23.8M 3.0% ▼ 0.6%
Blackrock, Inc. $9.6B 20.1M 2.6% ▲ 10.4%
Fisher Asset Management, LLC $9B 18.9M 2.5% ▲ 1.3%
Van Eck Associates Corp $8.2B 17.2M 2.3% ▼ 10.6%
Goldman Sachs Group Inc $7.7B 16.1M 2.1% ▲ 71.5%
Morgan Stanley $7.6B 15.8M 2.1% ▲ 7.3%
Bank Of America Corp $7.3B 15.3M 2.0% ▲ 8.3%
Capital International Investors $5.5B 11.7M 1.5% ▲ 3.3%
Price T Rowe Associates Inc $5.4B 11.3M 1.5% ▲ 38.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Taiwan Semiconductor Manufacturing Co LTD's complete shareholder register. Values are as reported by the filers ; 14 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $3.1M 249 trades by 32 insiders, last 12 months Insider sales History → $14M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $10.9M net selling
Insider Date Trade Shares Price Value
Chen Chih-Ho Controller October 7, 2026 Buy 31 $79.39 $2,461
Chen Pei-Hung VP October 7, 2026 Buy 43 $79.39 $3,414
Chuang Juiping VP October 7, 2026 Buy 46 $79.39 $3,652
Fang Shu-Hua SVP and GC October 7, 2026 Buy 53 $79.39 $4,208
Chang Tzonz-Sheng SVP October 7, 2026 Buy 51 $79.39 $4,049
Chin Yung-Pei EVP and Co-COO October 7, 2026 Buy 67 $79.39 $5,319
Cao Min VP October 7, 2026 Buy 51 $79.39 $4,049
Chuang Tzu-Sou VP October 7, 2026 Buy 46 $79.39 $3,652
He Jun VP October 7, 2026 Buy 43 $79.39 $3,414
Hsu Kuo-Chin VP October 7, 2026 Buy 52 $79.39 $4,128
Hou Yung-Chin SVP and Deputy Co-COO October 7, 2026 Buy 60 $79.39 $4,763
Jang Syun-Ming VP October 7, 2026 Buy 46 $79.39 $3,652

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 113 trades and filings

In the last 12 months, 4 members of Congress disclosed 13 purchases and 1 sale of Taiwan Semiconductor Manufacturing Co LTD shares.

  • Cleo Fields(D-LA 6):Purchase, $1,001 - $15,000, traded October 9, 2026, filed October 22, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded September 22, 2026, filed October 12, 2026
  • Rick W. Allen(R-GA 12):Purchase, $1,001 - $15,000, traded August 12, 2026, filed September 22, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Recent SEC filings

  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K
  • 6-K 6-K

Data status

When each part of this page on Taiwan Semiconductor Manufacturing Co LTD was last updated.

DataLast updatedSource
Share priceExchange closing prices
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Taiwan Semiconductor Manufacturing Co LTD in brief

What does Taiwan Semiconductor Manufacturing Co LTD do?
Taiwan Semiconductor Manufacturing Co LTD is a US-listed company in the semiconductors industry. Its financial year ends in December.
What is Taiwan Semiconductor Manufacturing Co LTD's stock ticker?
Taiwan Semiconductor Manufacturing Co LTD trades under the ticker TSM on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Taiwan Semiconductor Manufacturing Co LTD's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Taiwan Semiconductor Manufacturing Co LTD reported revenue of $122B, 35.8% higher than a year earlier, according to its SEC filings.
What is Taiwan Semiconductor Manufacturing Co LTD's free cash flow?
Taiwan Semiconductor Manufacturing Co LTD's free-cash-flow margin is 26.1% of revenue over the trailing twelve months, ranking 12 of the 75 semiconductor companies we cover.
What is Taiwan Semiconductor Manufacturing Co LTD's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Taiwan Semiconductor Manufacturing Co LTD's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$140–$240 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Taiwan Semiconductor Manufacturing Co LTD's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Capital World Investors and Sanders Capital, LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Taiwan Semiconductor Manufacturing Co LTD buying back stock, and does it pay a dividend?
Taiwan Semiconductor Manufacturing Co LTD spent $0 on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
Does Taiwan Semiconductor Manufacturing Co LTD pay a dividend?
Yes: Taiwan Semiconductor Manufacturing Co LTD paid $15B in dividends over the trailing twelve months, a dividend yield of 0.73% and a payout ratio of 27.5%.
How much debt does Taiwan Semiconductor Manufacturing Co LTD have?
Taiwan Semiconductor Manufacturing Co LTD's debt-to-equity ratio is 21.8%, from its latest balance sheet (14.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Taiwan Semiconductor Manufacturing Co LTD's competitors?
In our Semiconductors peer group, the companies closest to Taiwan Semiconductor Manufacturing Co LTD are Micron Technology, Broadcom, Intel, NVIDIA Corporation and Qualcomm. The side-by-side comparison below sets their revenue, margins and growth against Taiwan Semiconductor Manufacturing Co LTD's.
Are insiders buying or selling Taiwan Semiconductor Manufacturing Co LTD stock?
Over the last 12 months, Taiwan Semiconductor Manufacturing Co LTD's directors and officers reported 249 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Taiwan Semiconductor Manufacturing Co LTD's next earnings date?
Around January 14, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Taiwan Semiconductor Manufacturing Co LTD announces its own schedule.