Taiwan Semiconductor Manufacturing Company Limited (TSM)

NYSE: TSM · USD

$439

+2.62 (+0.6%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-09-25

Our latest published analysis: TSM rated Sell

Taiwan Semiconductor Manufacturing Company Limited's published Sell conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$121 / share

Potential value

$238 / share

Upside to FV

-73.2%

from $439

Moat

9.5/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$2.34T
Revenue (ttm)	155.2B
Net income (ttm)	79.3B
EPS (ttm)	$15.0
Shares out	25.9B
P/E (trailing)	29.2x
P/E (forward)	21.4x
Dividend	$4.06 (0.92%)
Volume	6,771,858
Beta	1.24

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 155.2B
Net income (ttm): 79.3B
EPS (ttm): $15.0
P/E (trailing): 29.2x
P/E (forward): 21.4x
Market cap: $2.34T

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$1,587.42B	$2,263.89B	$2,161.74B	$2,894.31B	$3,848.51B	+24.8%
Gross profit	$819.54B	$1,348.35B	$1,175.11B	$1,624.35B	$2,304.93B	+29.5%
Operating income	$668.45B	$1,155.82B	$991.32B	$1,322.05B	$2,057.26B	+32.5%
Net income	$592.36B	$992.92B	$851.74B	$1,158.38B	$1,735.68B	+30.8%
EPS (diluted)	$4.12	$6.64	$5.19	$7.04	$10.65	+26.8%
EBITDA	$1,090.85B	$1,593.08B	$1,523.51B	$1,984.85B	$2,752.48B	+26.0%
R&D	$124.73B	$163.26B	$182.37B	$204.18B	$248.98B	+18.9%
SG&A	$36.93B	$53.52B	$60.87B	$83.75B	$87.22B	+24.0%

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Base and Bull scenarios

Base55%

Price target

$121.15

-73.1% from spot

Confirmed advanced node demand and disciplined gigafab capital reinvestment support healthy revenue expansion and operational cash generation. Elevated capital intensity gradually moderates toward maintenance levels as overseas facilities mature, generating substantial cash flow supporting Fair value $121.15. Disconfirmation occurs if cloud capex pauses or overseas costs dilute margins below historical norms.

Advanced node demand meets confirmed customer product launch schedules.
Consolidated operating profitability remains resilient near historical operational levels.
Capital spending intensity gradually normalizes as gigafabs reach commercial production.

Bull25%

Price target

$237.79

-47.3% from spot

Hyperscale artificial intelligence accelerator deployment accelerates beyond baseline expectations, enabling premium pricing surcharges and full capacity utilization across advanced nodes. Newly commissioned gigafabs reach commercial yields ahead of schedule, expanding margins toward Potential value $237.79. Disconfirmation occurs if customer wafer commitments decelerate over the medium term.

Hyperscale AI accelerator demand expands ahead of consensus expectations.
Leading-edge wafer pricing surcharges offset overseas operational cost inflation.
Next-generation process node ramps achieve target yields ahead of planned timelines.

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($121.15). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.5%	2.8%	3.0%	3.3%	3.5%
9.6%	$122	$122	$122	$122	$122
10.1%	$121	$121	$121	$121	$122
10.6%	$121	$121	$121	$121	$121
11.1%	$121	$121	$121	$121	$121
11.6%	$121	$121	$121	$121	$121

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E21.4

P25 n/aP50 n/aP75 n/a

Trailing P/E33.2

P25 n/aP50 n/aP75 n/a

ROE41.9

P25 n/aP50 n/aP75 n/a

ROIC60.3

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All TSM indicators

Market & fundamental data

Available fields

291

Groups with data

Currency

TWD

Showing 291 of 291 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001046179
Company name	Taiwan Semiconductor Manufacturing Company Limited
Country	Taiwan
Country code	US
CUSIP number	874039100
Earnings date	2026-10-15
Earnings time	bmo
Employees	90,557
Employees change	6,732
Employees growth	8.03%
Enterprise value	$1.9T
Exchange	NYSE
Financial currency	TWD
Financial report date	2026-09-30
First seen	2026-05-09
Fiscal year end	December
Founded	1987
Industry	Semiconductors
IPO date	1994-09-05
Is primary listing	No
Is SPAC	No
ISIN number	US8740391003
Last 10-K release date	2026-04-16
Last earnings date	2026-10-15
Last refreshed	2026-10-28
Last stock split date	2009-07-15
Last stock split type	Forward
Market cap	$1.9T
Market cap category	Mega-Cap
Next earnings date	2027-01-14
Options	Yes
Price	$439.48
Price currency	USD
Sector	Technology
SIC code	3674
Stock price date	2026-10-28
Symbol	TSM
Tags	artificial-intelligence
Website	https://www.tsmc.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	29x
Average P/E ratio (10Y)	20.23x
Average P/E ratio (3Y)	22.98x
Average P/E ratio (5Y)	20.6x
Earnings yield	3.42%
EV/Earnings	23.19x
EV/EBIT	20.45x
EV/EBITDA	16.23x
EV/FCF	40.26x
EV/Sales	11.85x
FCF / EV yield	2.48%
FCF yield	2.36%
Forward EV/Sales	8.18x
Forward P/E	20.39x
Forward P/S	8.62x
Graham number	142.10095
Graham upside	-67.6%
Industry forward P/E	13.58x
Industry P/E	26.27x
Lynch fair value	$448.65
Lynch upside	2.31%
P/(FCF - SBC) ratio	42.43x
P/(OCF - SBC) ratio	20.08x
P/B ratio	8.77x
P/E ratio	29.22x
P/FCF ratio	42.42x
P/OCF ratio	20.08x
P/S ratio	12.49x
Price / tangible book value	8.77x
Price/EBITDA ratio	17.1x
Sector forward P/E	18.38x
Sector P/E	32.76x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	57.96%
EBITDA margin	73.03%
Effective tax rate	17.22%
FCF margin	29.95%
Gross margin	65.85%
Operating margin	57.96%
Pretax margin	61.75%
Profit margin	51.12%
Profit per employee	$875,789
Profitable quarters	94
Profitable years	26
Revenue per employee	$1.7M
ROA	20.58%
ROA (5Y)	13.95%
ROCE	35.45%
ROE	41.85%
ROE (5Y)	32.12%
ROIC	60.3%
ROIC (5Y)	41.66%
SBC / revenue	0.01%
Tax / revenue	10.63%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	60.82%
EPS growth (Q)	68.73%
EPS growth (QoQ)	7.99%
EPS growth 10Y	23.62%
EPS growth 3Y	42.58%
EPS growth 5Y	34.9%
EPS growth quarters	10
EPS growth years	2
FCF growth	65.96%
FCF growth (Q)	241.92%
FCF growth (QoQ)	65.84%
FCF growth 3Y	89.52%
FCF growth 5Y	37.55%
Gross profit growth	52.03%
Gross profit growth (Q)	68.62%
Gross profit growth 3Y	38.24%
Gross profit growth 5Y	32.95%
Net income growth	60.79%
Net income growth (Q)	68.71%
Net income growth (QoQ)	8%
Net income growth 3Y	42.58%
Net income growth 5Y	34.89%
Net income growth quarters	10
Net income growth years	2
OCF growth	44.15%
OCF growth (Q)	115.49%
OCF growth (QoQ)	17.41%
OCF growth 10Y	20.14%
OCF growth 3Y	32.85%
OCF growth 5Y	25.79%
Operating income growth	59.35%
Operating income growth (Q)	75.05%
Operating income growth 3Y	42.7%
Operating income growth 5Y	35.63%
Revenue growth	36.17%
Revenue growth (Q)	50.95%
Revenue growth (QoQ)	17.62%
Revenue growth 10Y	18.72%
Revenue growth 3Y	31.76%
Revenue growth 5Y	26.76%
Revenue growth quarters	10
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-50.8B
Depreciation and amortization	$23B
EBIT	$89.9B
EBITDA	$113.3B
EPS	$15.04
FCF per share	$1.76
Financing cash flow	$-17.8B
Free cash flow	$45.7B
Free cash flow minus SBC	$45.7B
Gross profit	$102.2B
Income taxes	$16.5B
Investing cash flow	$-46.8B
Net borrowing	$379M
Net cash flow	$36.1B
Net income	$79.3B
Operating cash flow minus SBC	$96.5B
Operating income	$89.9B
Revenue	$155.2B
Stock-based compensation	$12.9M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$8.52
Debt / EBITDA	0.23
Debt / equity	0.12
Debt / FCF	0.56
Interest coverage	324.01
Long-term assets	$163.4B
Long-term liabilities	$33.7B
Net cash (debt)	$100.4B
Net cash / market cap	5.18%
Net cash growth	85.75%
Net debt / EBITDA	-0.89
Net debt / equity	-0.45
Net debt / FCF	-2.2
Piotroski F-Score	7
Property, plant and equipment	$139.7B
Shareholders' equity	$221B
Tangible book value	$221B
Tangible book value per share	$8.52
Total assets	$315.4B
Total cash	$126B
Total debt	$25.7B
Total liabilities	$94.4B
WACC	10.93%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.57
Current assets	$152.1B
Current liabilities	$60.7B
Current ratio	2.5
Inventory turnover	4.71
Net working capital	$-33.1B
Quick ratio	2.29
Working capital	$92.9B
Working capital turnover	0.06

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.01%
Dividend growth	32.02%
Dividend growth (10Y)	15.76%
Dividend growth (3Y)	30.28%
Dividend growth (5Y)	16.62%
Dividend growth years	3
Dividend payment date	2027-01-07
Dividend payment years	23
Dividend payout frequency	Quarterly
Dividend per share	$4.06
Dividend yield	0.92%
Ex-dividend date	2026-12-10
FCF payout ratio	230.62%
Last dividend	$1.09
Payout ratio	27.02%
Shareholder yield	0.92%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	1,323.43%
10Y return CAGR	32.82%
10Y total return	1,607.7%
150-day SMA	$416.19
15Y price change	3,282.16%
15Y return CAGR	29.05%
15Y total return	4,484.08%
1D price change	0.6%
1M price change	-2.8%
1M total return	-2.8%
1W price change	3.04%
1W total return	3.04%
1Y price change	46.85%
1Y return CAGR	48.09%
1Y total return	48.05%
20-day SMA	$442.26
200-day SMA	$399.26
20Y price change	4,483.4%
20Y return CAGR	24.07%
20Y total return	7,370.22%
3M price change	9.75%
3M total return	9.98%
3Y price change	409.35%
3Y return CAGR	73.84%
3Y total return	425.54%
50-day SMA	$434.69
50-day SMA vs 200-day SMA	50over200
52-week high	$487.47
52-week high date	2026-10-05
52-week low	$266.82
52-week low date	2025-11-21
5Y price change	285.05%
5Y return CAGR	32.6%
5Y total return	309.87%
6M price change	8.15%
6M total return	8.58%
After-hours change	-0.11%
After-hours close	$439.48
After-hours price	$438.99
All-time high	$487.47
All-time high date	2026-10-05
All-time low	$2.81
All-time low date	1998-01-12
Average true range (ATR)	$12.17
Average volume	11.1M
Beta (5Y)	1.24
Change from 52-week high	-9.84%
Change from 52-week low	64.71%
Change from all-time high	-10.15%
Change from all-time low	15,470.21%
Change from open	0.28%
Day's gap	0.31%
Dollar volume	$3B
High price	$440.80
Low price	$436.87
Monthly RSI	67.96
Open price	$438.24
Position in 52-week range	66.41%
Premarket change	0.24%
Premarket close	$436.87
Premarket price	$437.94
Premarket volume	208.7K
Previous close	$436.87
Price vs 150-day SMA	5.24%
Price vs 20-day SMA	-0.97%
Price vs 200-day SMA	9.7%
Price vs 50-day SMA	0.76%
Relative volume	0.61
RSI	51.15
Sharpe ratio	1.1
Sharpe ratio (3Y)	1.43
Sharpe ratio (5Y)	0.81
Sortino ratio	1.8
Sortino ratio (3Y)	2.36
Sortino ratio (5Y)	1.4
Volume	6.8M
Weekly RSI	57.57
YTD price change	44.13%
YTD total return	45.01%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	23.7B
Float percentage	91.21%
Shares change (QoQ)	0%
Shares change (YoY)	0.01%
Shares held by insiders	0.32%
Shares held by institutions	47.43%
Shares outstanding	25.9B
Short % of shares	0.63%
Short ratio	3.1 days

Other indicators

Additional ticker metrics that do not fit the primary research groupings.

Metric	Value
Page views	1,545

Deeper analysis on TSM

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this TSM report

What is the latest published TSM stock rating?

Taiwan Semiconductor Manufacturing Company Limited is shown with Sell in the latest published report, analyzed 2026-09-25. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full TSM analysis?

The full latest published report, analyzed 2026-09-25, lives at /stocks/TSM/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for TSM?

The latest published report analyzed 2026-09-25 gives TSM a fair value of USD 121 and a potential value of USD 238. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the TSM page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-09-25). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

SellTSM · Fair value $121-73.2%

Read full analysis →

Taiwan Semiconductor Manufacturing Company Limited (TSM)

Our latest published analysis: TSM rated Sell

Price

Financial snapshot

Fair-value bridge

Latest news · TSM

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All TSM indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Other indicators

Deeper analysis on TSM

Frequently asked questions

Historique des notations

Category	Score	Reading
Valuation	1.5
Management	8.5
Balance Sheet	8.5
Profitability	8.5
Revenue Growth	9.0
Risk Assessment	8.0
Competitive Moat	9.5
Earnings Quality	9.0
Capital Efficiency	8.5