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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 2.00T
Enterprise Value 7.97T Income 1.72T Sales 3.81T
Book/sh 6.64 Cash/sh 118.34 Dividend Yield 92.00%
Payout 28.73% Employees — IPO —
P/E 36.63 Forward P/E 21.46 PEG —
P/S 0.53 P/B 58.08 P/C —
EV/EBITDA 3.04 EV/Sales 2.09 Quick Ratio 2.30
Current Ratio 2.62 Debt/Eq 18.19 LT Debt/Eq —
EPS (ttm) 10.53 EPS next Y 17.97 EPS Growth 40.60%
Revenue Growth 20.50% Earnings 2026-04-16 ROA 16.55%
ROE 35.22% ROIC — Gross Margin 59.89%
Oper. Margin 54.00% Profit Margin 45.10% Shs Outstand 5.19B
Shs Float 24.17B Short Float 0.38% Short Ratio 1.34
Short Interest — 52W High 389.18 52W Low 134.25
Beta 1.27 Avg Volume 12.65M Volume 13.14M
Target Price $421.49 Recom Strong_buy Prev Close $370.04
Price $385.75 Change 4.25%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
$421.49
Mean price target
2. Current target
$385.75
Latest analyst target
3. DCF / Fair value
$2148.58
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$385.75
Low
$287.60
High
$520.00
Mean
$421.49

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 Item2024-12-312023-12-312022-12-312021-12-31
TaxEffectOfUnusualItems197.85M442.71M457.73M611.82M
TaxRateForCalcs0.180.130.130.11
NormalizedEBITDA2.08T1.52T1.59T1.09T
TotalUnusualItems1.12B3.38B3.47B5.78B
TotalUnusualItemsExcludingGoodwill1.12B3.38B3.47B5.78B
NetIncomeFromContinuingOperationNetMinorityInterest1.16T851.74B992.92B592.36B
ReconciledDepreciation662.80B532.19B437.25B422.39B
ReconciledCostOfRevenue1.27T986.63B915.54B767.88B
EBITDA2.08T1.52T1.59T1.09T
EBIT1.42T991.32B1.16T668.45B
NetInterestIncome76.72B48.29B10.67B294.60M
InterestExpense10.50B12.00B11.75B5.41B
InterestIncome87.21B60.29B22.42B5.71B
NormalizedIncome1.16T848.80B989.91B587.19B
NetIncomeFromContinuingAndDiscontinuedOperation1.16T851.74B992.92B592.36B
TotalExpenses1.57T1.24T1.14T937.43B
TotalOperatingIncomeAsReported1.32T921.47B1.12T649.98B
DilutedAverageShares5.19B5.19B5.19B5.19B
BasicAverageShares5.19B5.19B5.19B5.19B
DilutedEPS226.25161.70196.00115.05
BasicEPS226.25161.70196.00115.05
DilutedNIAvailtoComStockholders1.16T851.74B992.92B592.36B
NetIncomeCommonStockholders1.16T851.74B992.92B592.36B
NetIncome1.16T851.74B992.92B592.36B
MinorityInterests856.30M712.30M-371.30M-521.40M
NetIncomeIncludingNoncontrollingInterests1.16T851.03B993.29B592.88B
NetIncomeContinuousOperations1.16T851.03B993.29B592.88B
TaxProvision248.32B128.29B150.78B70.16B
PretaxIncome1.41T979.32B1.14T663.04B
OtherIncomeExpense7.12B9.59B12.17B12.76B
OtherNonOperatingIncomeExpenses1.12B1.41B1.02B1.46B
SpecialIncomeCharges7.10M15.70M0.000.00
GainOnSaleOfBusiness7.10M15.70M0.000.00
WriteOff9.50M900.00K1.30M
EarningsFromEquityInterest4.88B4.80B7.68B5.51B
GainOnSaleOfSecurity1.11B3.36B3.47B5.78B
NetNonOperatingInterestIncomeExpense76.72B48.29B10.67B294.60M
TotalOtherFinanceCost-76.72B-48.29B-294.00M
InterestExpenseNonOperating10.50B12.00B11.75B5.41B
InterestIncomeNonOperating87.21B60.29B22.42B5.71B
OperatingIncome1.32T921.43B1.12T649.98B
OperatingExpense302.35B253.68B227.13B169.55B
OtherOperatingExpenses1.28B-153.00M420.80M330.70M
ResearchAndDevelopment204.18B182.37B163.26B124.73B
SellingGeneralAndAdministration96.89B71.46B63.45B44.49B
SellingAndMarketingExpense13.14B10.59B9.92B7.56B
GeneralAndAdministrativeExpense83.75B60.87B53.52B36.93B
OtherGandA83.75B60.87B53.52B36.93B
GrossProfit1.62T1.18T1.35T819.54B
CostOfRevenue1.27T986.63B915.54B767.88B
TotalRevenue2.89T2.16T2.26T1.59T
OperatingRevenue2.89T2.16T2.26T1.59T
Line Item2023-12-31
TreasurySharesNumber0.00
OrdinarySharesNumber25.93B25.93B25.93B25.93B
ShareIssued25.93B25.93B25.93B25.93B
TotalDebt1.05T956.26B888.17B753.63B
TangibleBookValue4.22T3.41T2.88T2.12T
InvestedCapital5.26T4.36T3.76T2.88T
WorkingCapital1.78T1.25T1.07T848.72B
NetTangibleAssets4.22T3.41T2.88T2.12T
CapitalLeaseObligations28.76B28.68B29.76B20.76B
CommonStockEquity4.24T3.43T2.90T2.15T
TotalCapitalization5.20T4.35T3.74T2.76T
TotalEquityGrossMinorityInterest4.28T3.45T2.92T2.15T
MinorityInterest35.01B24.34B14.81B2.42B
StockholdersEquity4.24T3.43T2.90T2.15T
OtherEquityInterest38.70B-28.31B-20.51B-62.61B
GainsLossesNotAffectingRetainedEarnings40.41B-28.02B370.45B
OtherEquityAdjustments1.31B1.40B370.45B
ForeignCurrencyTranslationAdjustments40.26B-25.32B
UnrealizedGainLoss-1.16B-4.10B
TreasuryStock0.000.00
RetainedEarnings3.87T3.13T2.59T1.89T
AdditionalPaidInCapital73.26B69.88B69.33B64.76B
CapitalStock259.33B259.32B259.30B259.30B
CommonStock259.33B259.32B259.30B259.30B
TotalLiabilitiesNetMinorityInterest2.41T2.08T2.05T1.57T
TotalNonCurrentLiabilitiesNetMinorityInterest1.10T1.14T1.06T815.27B
OtherNonCurrentLiabilities105.08B179.25B180.85B168.21B
EmployeeBenefits7.58B9.26B9.32B11.04B
NonCurrentPensionAndOtherPostretirementBenefitPlans7.58B9.26B9.32B11.04B
NonCurrentDeferredLiabilities3.99B53.80M1.03B1.87B
NonCurrentDeferredTaxesLiabilities3.99B53.80M1.03B1.87B
LongTermDebtAndCapitalLeaseObligation987.18B946.96B868.86B634.14B
LongTermCapitalLeaseObligation28.76B28.68B29.76B20.76B
LongTermDebt958.43B918.28B839.10B613.38B
CurrentLiabilities1.31T942.81B986.56B758.35B
OtherCurrentLiabilities466.50M27.46B117.00M691.50M
CurrentDebtAndCapitalLeaseObligation59.86B9.29B19.31B119.49B
CurrentDebt59.86B9.29B19.31B119.49B
OtherCurrentBorrowings59.86B9.29B19.31B119.49B
PensionandOtherPostRetirementBenefitPlansCurrent70.87B50.72B61.75B36.52B
PayablesAndAccruedExpenses1.18T855.34B905.38B601.65B
CurrentAccruedExpenses451.16B296.67B293.17B162.27B
Payables726.30B558.67B612.21B439.38B
OtherPayable47.45B33.20B36.44B23.80B
DuetoRelatedPartiesCurrent1.43B1.57B1.64B1.44B
DividendsPayable220.42B168.56B142.62B142.62B
TotalTaxPayable191.57B128.13B163.14B78.50B
IncomeTaxPayable191.57B128.13B163.14B78.50B
AccountsPayable265.44B227.21B268.38B193.03B
TotalAssets6.69T5.53T4.96T3.73T
TotalNonCurrentAssets3.60T3.34T2.91T2.12T
OtherNonCurrentAssets81.72B10.01B7.55B2.59B
NonCurrentPrepaidAssets5.50B7.04B4.47B2.62B
NonCurrentDeferredAssets65.94B64.18B69.19B49.15B
NonCurrentDeferredTaxesAssets65.94B64.18B69.19B49.15B
InvestmentsAndAdvances148.87B129.27B68.61B29.18B
InvestmentinFinancialAssets111.62B99.83B41.29B7.42B
HeldToMaturitySecurities88.60B79.20B35.13B1.53B
AvailableForSaleSecurities96.42B86.41B41.29B7.42B
FinancialAssetsDesignatedasFairValueThroughProfitorLossTotal15.20B13.42B0.00
LongTermEquityInvestment37.25B29.44B27.32B21.76B
InvestmentsinAssociatesatCost37.25B29.44B27.32B21.76B
GoodwillAndOtherIntangibleAssets26.28B22.77B26.00B26.82B
OtherIntangibleAssets20.21B16.97B20.21B21.44B
Goodwill6.07B5.80B5.79B5.38B
NetPPE3.28T3.10T2.74T2.01T
AccumulatedDepreciation-4.78T-4.15T-3.67T-3.26T
GrossPPE8.05T7.26T6.40T5.27T
ConstructionInProgress1.08T908.29B1.34T593.16B
OtherProperties201.70M50.70M21.30M4.70M
MachineryFurnitureEquipment5.96T5.48T4.38T4.06T
BuildingsAndImprovements962.24B820.77B640.40B579.52B
LandAndImprovements50.04B45.06B46.19B36.27B
Properties0.000.000.000.00
CurrentAssets3.09T2.19T2.05T1.61T
OtherCurrentAssets43.24B26.22B12.89B10.52B
HedgingAssetsCurrent11.00M0.00949.80M172.50M
Inventory287.87B251.00B221.15B193.10B
FinishedGoods35.18B34.51B54.82B32.56B
WorkInProcess181.20B156.50B125.66B137.70B
RawMaterials71.49B59.99B40.67B22.84B
Receivables272.09B202.01B231.41B198.36B
DuefromRelatedPartiesCurrent1.40B696.30M1.65B776.80M
NotesReceivable270.68B201.31B229.76B197.59B
AccountsReceivable270.68B201.31B197.59B
AllowanceForDoubtfulAccountsReceivable-453.01M-531.55M-347.00M
GrossAccountsReceivable271.14B201.85B197.93B
CashCashEquivalentsAndShortTermInvestments2.49T1.71T1.59T1.20T
OtherShortTermInvestments357.52B249.38B243.69B139.92B
CashAndCashEquivalents2.13T1.47T1.34T1.06T
CashEquivalents6.95B12.33B13.52B6.18B
CashFinancial2.12T1.45T1.33T1.06T
Line Item2024-12-312023-12-312022-12-312021-12-31
FreeCashFlow861.20B286.57B520.97B262.72B
RepurchaseOfCapitalStock-3.09B0.00-871.60M0.00
RepaymentOfDebt-38.67B-22.71B-118.95B-4.59B
IssuanceOfDebt65.20B116.06B200.96B401.77B
CapitalExpenditure-964.98B-955.40B-1.09T-849.44B
EndCashPosition2.13T1.47T1.34T1.06T
BeginningCashPosition1.47T1.34T1.06T660.17B
EffectOfExchangeRateChanges47.17B-8.34B58.40B-7.58B
ChangesInCash615.03B130.95B219.43B412.40B
FinancingCashFlow-346.30B-204.89B-200.24B136.61B
CashFlowFromContinuingFinancingActivities-346.30B-204.89B-200.24B136.61B
NetOtherFinancingCharges12.06B10.84B16.07B9.04B
InterestPaidCFF-18.75B-17.36B-12.22B-3.83B
CashDividendsPaid-363.06B-291.72B-285.23B-265.79B
CommonStockDividendPaid-363.06B-291.72B-285.23B-265.79B
NetCommonStockIssuance-3.09B0.00-871.60M0.00
CommonStockPayments-3.09B0.00-871.60M0.00
NetIssuancePaymentsOfDebt26.53B93.35B82.01B397.19B
NetShortTermDebtIssuance-26.50B27.91B-111.96B35.67B
ShortTermDebtPayments-26.50B0.00-111.96B0.00
ShortTermDebtIssuance27.91B0.0035.67B
NetLongTermDebtIssuance53.03B65.44B193.97B361.52B
LongTermDebtPayments-12.17B-22.71B-7.00B-4.59B
LongTermDebtIssuance65.20B88.15B200.96B366.10B
InvestingCashFlow-864.84B-906.12B-1.19T-836.37B
CashFlowFromContinuingInvestingActivities-864.84B-906.12B-1.19T-836.37B
NetOtherInvestingChanges77.13B44.94B5.44B-485.70M
InterestReceivedCFI76.43B55.89B18.08B5.99B
DividendsReceivedCFI3.51B3.52B3.02B2.50B
NetInvestmentPurchaseAndSale-54.14B-55.78B-128.84B4.68B
SaleOfInvestment186.48B170.50B108.98B264.36B
PurchaseOfInvestment-240.62B-226.28B-237.82B-259.69B
NetBusinessPurchaseAndSale-3.74B0.000.00
PurchaseOfBusiness-3.74B0.000.00
NetIntangiblesPurchaseAndSale-8.82B-5.52B-6.94B-9.04B
SaleOfIntangibles57.20M3.10M12.60M0.00
PurchaseOfIntangibles-8.88B-5.52B-6.95B-9.04B
NetPPEPurchaseAndSale-955.21B-949.18B-1.08T-840.01B
SaleOfPPE894.60M703.90M983.30M390.40M
PurchaseOfPPE-956.11B-949.88B-1.08T-840.40B
OperatingCashFlow1.83T1.24T1.61T1.11T
CashFlowFromContinuingOperatingActivities1.83T1.24T1.61T1.11T
TaxesRefundPaid-183.64B-159.88B-86.56B-83.50B
ChangeInWorkingCapital13.35B-56.85B122.51B132.47B
ChangeInOtherWorkingCapital-4.55B-1.12B-3.89B2.01B
ChangeInOtherCurrentLiabilities16.77B13.33B101.39B154.09B
ChangeInOtherCurrentAssets-17.91B-10.65B-6.13B-12.14B
ChangeInPayablesAndAccruedExpense126.00B-57.96B92.24B96.53B
ChangeInAccruedExpense94.81B-55.50B71.80B85.17B
ChangeInPayable31.18B-2.46B20.43B11.36B
ChangeInAccountPayable17.07B847.00M7.59B8.30B
ChangeInInventory-36.87B-29.85B-28.05B-55.75B
ChangeInReceivables-70.08B29.40B-33.05B-52.27B
ChangesInAccountReceivables-32.17B-52.11B
OtherNonCashItems-77.15B-48.63B-10.53B-708.80M
StockBasedCompensation1.24B483.00M302.40M7.80M
AssetImpairmentCharge1.20B35.70M843.10M271.70M
DepreciationAmortizationDepletion662.80B532.19B437.25B422.39B
DepreciationAndAmortization662.80B532.19B437.25B422.39B
AmortizationCashFlow9.19B9.26B8.76B8.21B
AmortizationOfIntangibles9.19B9.26B8.76B8.21B
Depreciation653.61B522.93B428.50B414.19B
OperatingGainsLosses2.54B-4.70B2.71B-21.81B
EarningsLossesFromEquityInvestments-4.88B-4.80B-7.68B-5.51B
GainLossOnInvestmentSecurities253.90M-2.60M143.30M-455.50M
NetForeignCurrencyExchangeGainLoss4.58B-246.70M10.34B-16.12B
GainLossOnSaleOfPPE2.60B366.10M-92.90M274.80M
GainLossOnSaleOfBusiness-7.10M-15.80M0.000.00
NetIncomeFromContinuingOperations1.41T979.32B1.14T663.04B
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 Asset Broker Type Position Size Entry Price Patterns