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About

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides various wafer fabrication processes, such as processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also involved in providing customer and engineering support services; manufacturing of masks; investment in technology start-up companies; research, designing, developing, manufacturing, packaging, testing, and sale of color filters; and investment activities. Its products are used in high performance computing, smartphones, Internet of things, automotive, and digital consumer electronics. The company was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.

Fundamentals
Scroll to Statements
Sector Technology Industry Semiconductors Market Cap 1.76T
Enterprise Value 6.83T Income 1.72T Sales 3.81T
Book/sh 6.52 Cash/sh 118.33 Dividend Yield 104.00%
Payout 28.73% Employees 76907 IPO
P/E 32.67 Forward P/E 18.87 PEG
P/S 0.46 P/B 51.97 P/C
EV/EBITDA 2.61 EV/Sales 1.79 Quick Ratio 2.30
Current Ratio 2.62 Debt/Eq 19.57 LT Debt/Eq
EPS (ttm) 10.37 EPS next Y 17.96 EPS Growth 35.00%
Revenue Growth 20.50% Earnings 2026-04-16 ROA 16.56%
ROE 35.06% ROIC Gross Margin 59.89%
Oper. Margin 53.92% Profit Margin 45.10% Shs Outstand 5.19B
Shs Float 24.18B Short Float 0.39% Short Ratio 1.61
Short Interest 52W High 390.21 52W Low 134.25
Beta 1.28 Avg Volume 13.11M Volume 15.25M
Target Price $430.65 Recom Strong_buy Prev Close $339.57
Price $338.79 Change -0.23%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$430.65
Mean price target
2. Current target
$338.79
Latest analyst target
3. DCF / Fair value
$2233.12
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$338.79
Low
$351.00
High
$520.00
Mean
$430.65

Latest analyst rating changes

Date Action Analyst Rating Change Price Target
2026-02-13 init DA Davidson — → Buy $450
2026-01-16 main Barclays Overweight → Overweight $450
2026-01-16 main TD Cowen Hold → Hold $370
2026-01-15 main Needham Buy → Buy $410
2025-12-08 main Bernstein Outperform → Outperform $330
2025-10-27 reit Needham Buy → Buy $360
2025-10-17 main Barclays Overweight → Overweight $355
2025-10-16 main Needham Buy → Buy $360
2025-10-10 main Susquehanna Positive → Positive $400
2025-10-09 main Barclays Overweight → Overweight $330
2025-09-16 main Barclays Overweight → Overweight $325
2025-07-17 reit Needham Buy → Buy $270
2025-07-14 main Susquehanna Positive → Positive $265
2025-07-01 main Needham Buy → Buy $270
2025-06-17 main Susquehanna Positive → Positive $255
2025-06-03 main Barclays Overweight → Overweight $240
2025-04-21 main Barclays Overweight → Overweight $215
2025-04-17 main Susquehanna Positive → Positive $250
2025-04-17 reit Needham Buy → Buy $225
2025-02-18 reit Needham Buy → Buy $225
Insider Transactions

No recent insider transactions.

Financials
Line Item2025-12-312024-12-312023-12-312022-12-31
TaxEffectOfUnusualItems862.49M183.91M442.71M457.73M
TaxRateForCalcs0.160.170.130.13
NormalizedEBITDA2.74T2.08T1.52T1.59T
TotalUnusualItems5.40B1.11B3.38B3.47B
TotalUnusualItemsExcludingGoodwill5.40B1.11B3.38B3.47B
NetIncomeFromContinuingOperationNetMinorityInterest1.72T1.17T851.74B992.92B
ReconciledDepreciation688.10B662.80B532.19B437.25B
ReconciledCostOfRevenue1.53T1.27T986.63B915.54B
EBITDA2.74T2.08T1.52T1.59T
EBIT2.05T1.42T991.32B1.16T
NetInterestIncome93.37B76.72B48.29B10.67B
InterestExpense12.37B10.50B12.00B11.75B
InterestIncome105.74B87.21B60.29B22.42B
NormalizedIncome1.71T1.17T848.80B989.91B
NetIncomeFromContinuingAndDiscontinuedOperation1.72T1.17T851.74B992.92B
TotalExpenses1.87T1.57T1.24T1.14T
TotalOperatingIncomeAsReported1.94T1.32T921.47B1.12T
DilutedAverageShares5.19B5.19B5.19B5.19B
BasicAverageShares5.19B5.19B5.19B5.19B
DilutedEPS331.25226.25161.70196.00
BasicEPS331.30226.25161.70196.00
DilutedNIAvailtoComStockholders1.72T1.17T851.74B992.92B
NetIncomeCommonStockholders1.72T1.17T851.74B992.92B
NetIncome1.72T1.17T851.74B992.92B
MinorityInterests2.49B835.94M712.30M-371.30M
NetIncomeIncludingNoncontrollingInterests1.72T1.17T851.03B993.29B
NetIncomeContinuousOperations1.72T1.17T851.03B993.29B
TaxProvision326.27B233.41B128.29B150.78B
PretaxIncome2.04T1.41T979.32B1.14T
OtherIncomeExpense12.22B7.11B9.59B12.17B
OtherNonOperatingIncomeExpenses1.32B1.12B1.41B1.02B
SpecialIncomeCharges-167.99M7.13M15.70M0.00
GainOnSaleOfBusiness-167.99M7.13M15.70M0.00
WriteOff9.50M900.00K1.30M
EarningsFromEquityInterest5.50B4.88B4.80B7.68B
GainOnSaleOfSecurity5.57B1.10B3.36B3.47B
NetNonOperatingInterestIncomeExpense93.37B76.72B48.29B10.67B
TotalOtherFinanceCost-76.72B-48.29B-294.00M
InterestExpenseNonOperating12.37B10.50B12.00B11.75B
InterestIncomeNonOperating105.74B87.21B60.29B22.42B
OperatingIncome1.94T1.32T921.43B1.12T
OperatingExpense345.22B302.34B253.68B227.13B
OtherOperatingExpenses-434.14M1.27B-153.00M420.80M
ResearchAndDevelopment246.43B204.18B182.37B163.26B
SellingGeneralAndAdministration99.22B96.89B71.46B63.45B
SellingAndMarketingExpense16.92B13.14B10.59B9.92B
GeneralAndAdministrativeExpense82.30B83.74B60.87B53.52B
OtherGandA82.30B83.74B60.87B53.52B
GrossProfit2.28T1.62T1.18T1.35T
CostOfRevenue1.53T1.27T986.63B915.54B
TotalRevenue3.81T2.89T2.16T2.26T
OperatingRevenue3.81T2.89T2.16T2.26T
Line Item2023-12-31
TreasurySharesNumber0.00
OrdinarySharesNumber25.93B25.93B25.93B25.93B
ShareIssued25.93B25.93B25.93B25.93B
TotalDebt1.06T1.05T956.26B888.17B
TangibleBookValue5.39T4.26T3.41T2.88T
InvestedCapital6.45T5.31T4.36T3.76T
WorkingCapital2.36T1.82T1.25T1.07T
NetTangibleAssets5.39T4.26T3.41T2.88T
CapitalLeaseObligations31.59B28.76B28.68B29.76B
CommonStockEquity5.42T4.29T3.43T2.90T
TotalCapitalization6.32T5.25T4.35T3.74T
TotalEquityGrossMinorityInterest5.46T4.32T3.45T2.92T
MinorityInterest41.20B35.03B24.34B14.81B
StockholdersEquity5.42T4.29T3.43T2.90T
OtherEquityInterest-16.68B38.71B-28.31B-20.51B
GainsLossesNotAffectingRetainedEarnings40.41B-28.02B370.45B
OtherEquityAdjustments1.31B1.40B370.45B
ForeignCurrencyTranslationAdjustments40.26B-25.32B
UnrealizedGainLoss-1.16B-4.10B
TreasuryStock0.000.00
RetainedEarnings5.10T3.92T3.13T2.59T
AdditionalPaidInCapital73.45B73.26B69.88B69.33B
CapitalStock259.33B259.33B259.32B259.30B
CommonStock259.33B259.33B259.32B259.30B
TotalLiabilitiesNetMinorityInterest2.47T2.37T2.08T2.05T
TotalNonCurrentLiabilitiesNetMinorityInterest1.01T1.10T1.14T1.06T
OtherNonCurrentLiabilities76.65B105.08B179.25B180.85B
EmployeeBenefits6.01B7.58B9.26B9.32B
NonCurrentPensionAndOtherPostretirementBenefitPlans6.01B7.58B9.26B9.32B
NonCurrentDeferredLiabilities3.89B3.99B53.80M1.03B
NonCurrentDeferredTaxesLiabilities3.89B3.99B53.80M1.03B
LongTermDebtAndCapitalLeaseObligation927.66B987.18B946.96B868.86B
LongTermCapitalLeaseObligation31.59B28.76B28.68B29.76B
LongTermDebt896.06B958.43B918.28B839.10B
CurrentLiabilities1.46T1.26T942.81B986.56B
OtherCurrentLiabilities3.08B466.54M27.46B117.00M
CurrentDebtAndCapitalLeaseObligation136.93B59.86B9.29B19.31B
CurrentDebt136.93B59.86B9.29B19.31B
OtherCurrentBorrowings136.93B59.86B9.29B19.31B
PensionandOtherPostRetirementBenefitPlansCurrent103.36B70.87B50.72B61.75B
PayablesAndAccruedExpenses1.21T1.13T855.34B905.38B
CurrentAccruedExpenses401.12B451.16B296.67B293.17B
Payables813.53B682.17B558.67B612.21B
OtherPayable63.87B47.45B33.20B36.44B
DuetoRelatedPartiesCurrent1.78B1.43B1.57B1.64B
DividendsPayable285.26B220.42B168.56B142.62B
TotalTaxPayable202.34B147.44B128.13B163.14B
IncomeTaxPayable202.34B147.44B128.13B163.14B
AccountsPayable260.28B265.44B227.21B268.38B
TotalAssets7.93T6.69T5.53T4.96T
TotalNonCurrentAssets4.12T3.60T3.34T2.91T
OtherNonCurrentAssets115.63B81.72B10.01B7.55B
NonCurrentPrepaidAssets4.24B5.50B7.04B4.47B
NonCurrentDeferredAssets62.94B65.94B64.18B69.19B
NonCurrentDeferredTaxesAssets62.94B65.94B64.18B69.19B
InvestmentsAndAdvances172.37B149.04B129.27B68.61B
InvestmentinFinancialAssets134.34B111.62B99.83B41.29B
HeldToMaturitySecurities88.60B79.20B35.13B1.53B
AvailableForSaleSecurities119.30B96.42B86.41B41.29B
FinancialAssetsDesignatedasFairValueThroughProfitorLossTotal15.03B15.20B13.42B0.00
LongTermEquityInvestment38.03B37.42B29.44B27.32B
InvestmentsinAssociatesatCost38.03B37.42B29.44B27.32B
GoodwillAndOtherIntangibleAssets24.95B26.28B22.77B26.00B
OtherIntangibleAssets19.06B20.21B16.97B20.21B
Goodwill5.89B6.07B5.80B5.79B
NetPPE3.74T3.28T3.10T2.74T
AccumulatedDepreciation-5.39T-4.78T-4.15T-3.67T
GrossPPE9.13T8.05T7.26T6.40T
ConstructionInProgress1.52T1.08T908.29B1.34T
OtherProperties1.20B201.68M50.70M21.30M
MachineryFurnitureEquipment6.36T5.96T5.48T4.38T
BuildingsAndImprovements1.20T962.24B820.77B640.40B
LandAndImprovements53.32B50.04B45.06B46.19B
Properties0.000.000.000.00
CurrentAssets3.82T3.09T2.19T2.05T
OtherCurrentAssets118.66B43.24B26.22B12.89B
HedgingAssetsCurrent100.20M218.66M0.00949.80M
Inventory288.11B287.87B251.00B221.15B
FinishedGoods29.41B35.18B34.51B54.82B
WorkInProcess188.01B181.20B156.50B125.66B
RawMaterials70.68B71.49B59.99B40.67B
Receivables282.06B272.09B202.01B231.41B
DuefromRelatedPartiesCurrent3.01B1.40B696.30M1.65B
NotesReceivable279.05B270.68B201.31B229.76B
AccountsReceivable270.68B201.31B197.59B
AllowanceForDoubtfulAccountsReceivable-453.01M-531.55M-347.00M
GrossAccountsReceivable271.14B201.85B197.93B
CashCashEquivalentsAndShortTermInvestments3.13T2.48T1.71T1.59T
OtherShortTermInvestments360.34B357.31B249.38B243.69B
CashAndCashEquivalents2.77T2.13T1.47T1.34T
CashEquivalents6.03B6.95B12.33B13.52B
CashFinancial2.76T2.12T1.45T1.33T
Line Item2025-12-312024-12-312023-12-312022-12-31
FreeCashFlow992.38B861.20B286.57B520.97B
RepurchaseOfCapitalStock0.00-3.09B0.00-871.60M
RepaymentOfDebt-60.52B-12.17B-22.71B-118.95B
IssuanceOfDebt97.56B65.20B116.06B200.96B
CapitalExpenditure-1.28T-964.98B-955.40B-1.09T
EndCashPosition2.77T2.13T1.47T1.34T
BeginningCashPosition2.13T1.47T1.34T1.06T
EffectOfExchangeRateChanges-50.01B47.17B-8.34B58.40B
ChangesInCash690.24B615.03B130.95B219.43B
FinancingCashFlow-440.34B-346.30B-204.89B-200.24B
CashFlowFromContinuingFinancingActivities-440.34B-346.30B-204.89B-200.24B
NetOtherFinancingCharges8.52B-14.43B10.84B16.07B
InterestPaidCFF-19.13B-18.75B-17.36B-12.22B
CashDividendsPaid-466.78B-363.06B-291.72B-285.23B
CommonStockDividendPaid-466.78B-363.06B-291.72B-285.23B
NetCommonStockIssuance0.00-3.09B0.00-871.60M
CommonStockPayments0.00-3.09B0.00-871.60M
NetIssuancePaymentsOfDebt37.04B53.03B93.35B82.01B
NetShortTermDebtIssuance-26.50B27.91B-111.96B35.67B
ShortTermDebtPayments-26.50B0.00-111.96B0.00
ShortTermDebtIssuance27.91B0.0035.67B
NetLongTermDebtIssuance37.04B53.03B65.44B193.97B
LongTermDebtPayments-60.52B-12.17B-22.71B-7.00B
LongTermDebtIssuance97.56B65.20B88.15B200.96B
InvestingCashFlow-1.14T-864.84B-906.12B-1.19T
CashFlowFromContinuingInvestingActivities-1.14T-864.84B-906.12B-1.19T
NetOtherInvestingChanges77.29B77.13B44.94B5.44B
InterestReceivedCFI98.95B76.43B55.89B18.08B
DividendsReceivedCFI3.94B3.51B3.52B3.02B
NetInvestmentPurchaseAndSale-42.78B-54.14B-55.78B-128.84B
SaleOfInvestment218.92B186.48B170.50B108.98B
PurchaseOfInvestment-261.71B-240.62B-226.28B-237.82B
NetBusinessPurchaseAndSale0.00-3.74B0.000.00
PurchaseOfBusiness0.00-3.74B0.000.00
NetIntangiblesPurchaseAndSale-10.15B-8.82B-5.52B-6.94B
SaleOfIntangibles0.0057.18M3.10M12.60M
PurchaseOfIntangibles-10.15B-8.88B-5.52B-6.95B
NetPPEPurchaseAndSale-1.27T-955.21B-949.18B-1.08T
SaleOfPPE797.04M894.57M703.90M983.30M
PurchaseOfPPE-1.27T-956.11B-949.88B-1.08T
OperatingCashFlow2.27T1.83T1.24T1.61T
CashFlowFromContinuingOperatingActivities2.27T1.83T1.24T1.61T
TaxesRefundPaid-267.56B-183.64B-159.88B-86.56B
ChangeInWorkingCapital-96.75B13.35B-56.85B122.51B
ChangeInOtherWorkingCapital-32.62B-4.55B-1.12B-3.89B
ChangeInOtherCurrentLiabilities385.08M16.77B13.33B101.39B
ChangeInOtherCurrentAssets-10.10B-17.91B-10.65B-6.13B
ChangeInPayablesAndAccruedExpense-44.21B126.00B-57.96B92.24B
ChangeInAccruedExpense-70.73B94.81B-55.50B71.80B
ChangeInPayable26.53B31.18B-2.46B20.43B
ChangeInAccountPayable9.75B17.07B847.00M7.59B
ChangeInInventory-240.68M-36.87B-29.85B-28.05B
ChangeInReceivables-9.97B-70.08B29.40B-33.05B
ChangesInAccountReceivables-32.17B-52.11B
OtherNonCashItems-92.32B-77.15B-48.63B-10.53B
StockBasedCompensation1.25B1.24B483.00M302.40M
AssetImpairmentCharge778.06M1.20B35.70M843.10M
DepreciationAmortizationDepletion688.10B662.80B532.19B437.25B
DepreciationAndAmortization688.10B662.80B532.19B437.25B
AmortizationCashFlow8.41B9.19B9.26B8.76B
AmortizationOfIntangibles8.41B9.19B9.26B8.76B
Depreciation679.68B653.61B522.93B428.50B
OperatingGainsLosses-178.73M2.54B-4.70B2.71B
EarningsLossesFromEquityInvestments-5.50B-4.88B-4.80B-7.68B
GainLossOnInvestmentSecurities-744.62M253.93M-2.60M143.30M
NetForeignCurrencyExchangeGainLoss4.31B4.58B-246.70M10.34B
GainLossOnSaleOfPPE1.75B2.60B366.10M-92.90M
GainLossOnSaleOfBusiness0.00-7.13M-15.80M0.00
NetIncomeFromContinuingOperations2.04T1.41T979.32B1.14T
SEC Filings

No SEC filings found for this symbol (may be non-US or ticker not in SEC index).

Public Trades for TSM
Date User Broker Pattern Type Position Size Entry Price Trade P&L Status