TSM Technology

Taiwan Semiconductor Manufacturing Company Limited

$404.80+1.55%

Price as of close on Nov 3, 2026 · Financials updated Oct 1, 2026

Basics

Sector: Technology
Industry: Semiconductors
Country: Taiwan
Market cap: 2.10T USD
Enterprise value: 4.20T USD
Full-time employees: 76,907

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: its share price swings more than most peers’ (beta 1.25 vs a peer median of 0.87)bigger price swings (beta 1.25 vs peers 0.87)
About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #228 of 1,612 technology companies (top 15%)

See how it ranks against its peers

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense TWD 3.0B vs TWD 3.1B spent repurchasing shares over the 3 fiscal years to 2025.
Over three fiscal years Taiwan Semiconductor Manufacturing recorded TWD 3.0B of stock-based pay expense and spent TWD 3.1B repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Taiwan Semiconductor Manufacturing recorded TWD 3.0B of stock-based pay expense and spent TWD 3.1B repurchasing shares.
Operating margin at a 6-year high. 51% in 2025, the best of the last 6 years.
Taiwan Semiconductor Manufacturing kept 51% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Borrowing rising faster than profit. Since 2022: debt +634%, operating profit +73%.
Taiwan Semiconductor Manufacturing's debt grew 634% since 2022 while operating profit changed +73%.
Financials may be out of date. Latest financial period ended 10 months ago.
The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

StockQuotient Score

69/ 100

Oct 5 69 → Nov 4 69

Valuation

Is the price right?

41/100

Moderate

3/3 inputs reported · High confidence

Since last year: No major changeValuation also moves with the share price every day.

Why

Held back by:

▼ FCF yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.2%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · TWD→USD at the current rateReported value30% base weight · Z-score -0.45Sector median: 0.0225 · MAD: 0.0225

EBITDA yield4.9%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 months · TWD→USD convertedReported value50% base weight · Z-score 0.19Sector median: 0.0423 · MAD: 0.0361

Free cash flow yield0.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025 · TWD→USD at the current rate · operating cash flow − capital spendingReported value20% base weight · Z-score -0.73Sector median: 0.0274 · MAD: 0.0274

Other data (not scored)

Book yield3.9%

SEC filings (IFRS mapped) · latest balance sheet · TWD→USD at the current rateOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.3292 · MAD: 0.1754

Growth

Is it growing?

72/100

Moderate

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

12-month revenue up 31.6%

Why

Stronger than most peers on:

▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-26.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score -1.24Sector median: 0.1108 · MAD: 0.3050

3-year revenue growth18.9%

SEC filings (IFRS mapped) · 3 years to Dec 2025Reported value33% base weight · Z-score 1.78Sector median: 0.0483 · MAD: 0.0793

Revenue growth31.6%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 2.27Sector median: 0.0853 · MAD: 0.1017

Profitability

Does it earn well?

99/100

Strong

3/3 inputs reported · High confidence

Since last year: ▲ Stronger

Operating margin rose 5.2 points to 50.8%

Why

Stronger than most peers on:

▲ Operating margin
▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin50.8%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.63Sector median: 0.0631 · MAD: 0.0710

Return on assets21.4%

SEC filings (IFRS mapped) · 12 months to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 3.87Sector median: 0.0293 · MAD: 0.0362

Return on invested capital55.3%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported value33% base weight · Z-score 5.67Sector median: 0.0676 · MAD: 0.0857

Other data (not scored)

Gross margin59.9%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.3343 · MAD: 0.1632

Return on equity31.7%

SEC filings (IFRS mapped) · 12 months to Dec 2025Reported valueInformational · 0% composite weightSector median: 0.0753 · MAD: 0.0889

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

3/3 inputs reported · High confidence

Since last year: No major change

Why

Mixed versus peers:

▲ Debt / equity
▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.25

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.02Sector median: 0.8710 · MAD: 0.3700

Current ratio2.51×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.99Sector median: 1.8295 · MAD: 0.6848

Debt / equity0.03×

SEC filings (IFRS mapped) · latest balance sheetReported value33% base weight · Z-score 0.95Sector median: 0.2495 · MAD: 0.2270

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Taiwan Semiconductor Manufacturing

Is Taiwan Semiconductor Manufacturing getting weaker?: Its latest SEC filing (Apr 16, 2026) got stronger: operating margin rose 5.2 points to 50.8%. Its overall score is unchanged at 69/100 since Oct 28, 2026.
How is Taiwan Semiconductor Manufacturing valued vs its peers?: Priced about in line with its peers. Valuation scores 41/100 against 1,711 technology peers. Free cash flow yield 0.7% vs a peer median of 2.7% (weaker than 68% of peers).Free cash flow yield 0.7% vs peers 2.7% (weaker than 68% of peers).
Is Taiwan Semiconductor Manufacturing growing?: Yes, faster than most of its peers. Growth scores 72/100 against 1,711 technology peers. Revenue growth 31.6% vs a peer median of 8.5% (stronger than 87% of peers).Revenue growth 31.6% vs peers 8.5% (stronger than 87% of peers). Earnings per share growth -26.7% vs a peer median of 11.1% (weaker than 82% of peers).Earnings per share growth -26.7% vs peers 11.1% (weaker than 82% of peers).
How profitable is Taiwan Semiconductor Manufacturing?: More profitable than most of its peers. Profitability scores 99/100 against 1,711 technology peers. Operating margin 50.8% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 50.8% vs peers 6.3% (stronger than 95% of peers).
How risky is Taiwan Semiconductor Manufacturing?: Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 81% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 81% of peers). Beta 1.25 vs a peer median of 0.87 (weaker than 73% of peers).Beta 1.25 vs peers 0.87 (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Year ended Dec 31, 2025 · filed Apr 16, 2026 · compared with the year ended Dec 31, 2024

Got stronger

Operating margin rose 5.2 points to 50.8%

	Previous year	Latest year	Change
Revenue (12 months)	2.89T TWD	3.81T TWD	+31.6%
Net income (12 months)	1.16T TWD	1.70T TWD	+46.5%
Operating margin	45.7%	50.8%	+5.2 pts
Free cash flow (12 months)	870.2B TWD	1.00T TWD	+15.2%
Debt	91.7B TWD	176.8B TWD	+92.8%
Cash	2.13T TWD	2.77T TWD	+30.1%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one year at a time.

Financials

Fiscal years from SEC annual filings · change vs the prior year · amounts in TWD, as reported

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	51.6%	59.6%	54.4%	56.1%	59.9%	▲ 3.8 pts
Operating margin	40.9%	49.5%	42.6%	45.7%	50.8%	▲ 5.2 pts
Net margin	37.3%	43.9%	39.4%	40.0%	44.6%	▲ 4.5 pts
Return on assets (ROA)	15.9%	20.0%	15.4%	17.3%	21.4%	▲ 4.1 pts
Return on equity (ROE)	27.6%	34.2%	24.8%	27.3%	31.7%	▲ 4.4 pts
Free cash flow margin	17.2%	23.3%	13.5%	30.1%	26.3%	▼ 3.7 pts
Current ratio	2.12×	2.08×	2.33×	2.36×	2.51×	▲ 6.2%
Quick ratio	1.86×	1.86×	2.06×	2.14×	2.32×	▲ 8.3%
Debt to equity	0.06×	0.01×	0.00×	0.02×	0.03×	▲ 53%
Interest coverage	120.05×	95.43×	76.79×	125.96×	156.51×	▲ 24%

TSM price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: its share price swings more than most peers’ (beta 1.25 vs a peer median of 0.87)bigger price swings (beta 1.25 vs peers 0.87)

About average: valuation and risk (debt, liquidity and share-price swings)valuation and risk

Ranks #228 of 1,612 technology companies (top 15%)

See how it ranks against its peers

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense TWD 3.0B vs TWD 3.1B spent repurchasing shares over the 3 fiscal years to 2025.

Over three fiscal years Taiwan Semiconductor Manufacturing recorded TWD 3.0B of stock-based pay expense and spent TWD 3.1B repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Taiwan Semiconductor Manufacturing recorded TWD 3.0B of stock-based pay expense and spent TWD 3.1B repurchasing shares.

Operating margin at a 6-year high. 51% in 2025, the best of the last 6 years.

Taiwan Semiconductor Manufacturing kept 51% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Borrowing rising faster than profit. Since 2022: debt +634%, operating profit +73%.

Taiwan Semiconductor Manufacturing's debt grew 634% since 2022 while operating profit changed +73%.

Financials may be out of date. Latest financial period ended 10 months ago.

The latest financial period we have ended 10 months ago, so the scores may not reflect recent results.

Questions investors ask about Taiwan Semiconductor Manufacturing

Is Taiwan Semiconductor Manufacturing getting weaker?

Its latest SEC filing (Apr 16, 2026) got stronger: operating margin rose 5.2 points to 50.8%. Its overall score is unchanged at 69/100 since Oct 28, 2026.

How is Taiwan Semiconductor Manufacturing valued vs its peers?

Priced about in line with its peers. Valuation scores 41/100 against 1,711 technology peers. Free cash flow yield 0.7% vs a peer median of 2.7% (weaker than 68% of peers).Free cash flow yield 0.7% vs peers 2.7% (weaker than 68% of peers).

Is Taiwan Semiconductor Manufacturing growing?

Yes, faster than most of its peers. Growth scores 72/100 against 1,711 technology peers. Revenue growth 31.6% vs a peer median of 8.5% (stronger than 87% of peers).Revenue growth 31.6% vs peers 8.5% (stronger than 87% of peers). Earnings per share growth -26.7% vs a peer median of 11.1% (weaker than 82% of peers).Earnings per share growth -26.7% vs peers 11.1% (weaker than 82% of peers).

How profitable is Taiwan Semiconductor Manufacturing?

More profitable than most of its peers. Profitability scores 99/100 against 1,711 technology peers. Operating margin 50.8% vs a peer median of 6.3% (stronger than 95% of peers).Operating margin 50.8% vs peers 6.3% (stronger than 95% of peers).

How risky is Taiwan Semiconductor Manufacturing?

Moderate risk relative to 1,711 technology peers, judged on debt, liquidity and share-price swings. Debt / equity 0.03× vs a peer median of 0.25× (stronger than 81% of peers).Debt / equity 0.03× vs peers 0.25× (stronger than 81% of peers). Beta 1.25 vs a peer median of 0.87 (weaker than 73% of peers).Beta 1.25 vs peers 0.87 (weaker than 73% of peers). A relative measure, not a bankruptcy probability.

Previous year

Latest year

Change

Revenue (12 months)

2.89T TWD

3.81T TWD

+31.6%

Net income (12 months)

1.16T TWD

1.70T TWD

+46.5%

Operating margin

45.7%

50.8%

+5.2 pts

Free cash flow (12 months)

870.2B TWD

1.00T TWD

+15.2%

Debt

91.7B TWD

176.8B TWD

+92.8%

Cash

2.13T TWD

2.77T TWD

+30.1%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

51.6%

59.6%

54.4%

56.1%

59.9%

▲ 3.8 pts

Operating margin

40.9%

49.5%

42.6%

45.7%

50.8%

▲ 5.2 pts

Net margin

37.3%

43.9%

39.4%

40.0%

44.6%

▲ 4.5 pts

Return on assets (ROA)

15.9%

20.0%

15.4%

17.3%

21.4%

▲ 4.1 pts

Return on equity (ROE)

27.6%

34.2%

24.8%

27.3%

31.7%

▲ 4.4 pts

Free cash flow margin

17.2%

23.3%

13.5%

30.1%

26.3%

▼ 3.7 pts

Current ratio

2.12×

2.08×

2.33×

2.36×

2.51×

▲ 6.2%

Quick ratio

1.86×

2.06×

2.14×

2.32×

▲ 8.3%

Debt to equity

0.06×

0.01×

0.00×

0.02×

0.03×

▲ 53%

Interest coverage

120.05×

95.43×

76.79×

125.96×

156.51×

▲ 24%