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Earnings transcript
Read the complete earnings call transcript.
TSM
Taiwan Semiconductor Manufacturing Company Limited
$434.16
-10.07
(-2.27%)
| Exchange: | NYSE |
| Market Cap: | 2.252T |
| Shares Outstanding: | 19.408B |
Delayed data
About The Company
| Sector: | Technology | |||||
| Industry: | Semiconductors | |||||
| CEO: | C. C. Wei | |||||
| Full Time Employees: | 65152 | |||||
| Address: |
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| Website: | https://www.tsmc.com |
Taiwan Semiconductor Manufacturing Company Limited (TSMC), along with its affiliated entities, operates globally in the semiconductor industry, specializing in the manufacturing, packaging, meticulous testing, and worldwide distribution of integrated circuits and other crucial semiconductor components. Its expansive international presence covers key markets such as Taiwan, China, Europe, the Middle East, Africa, Japan, and the United States. The company is renowned for its diverse array of wafer fabrication processes. These capabilities enable the production of various advanced semiconductor types, including complementary metal-oxide-semiconductor (CMOS) logic, mixed-signal devices, radio frequency components, embedded memory, and bipolar CMOS mixed-signal circuits. Beyond its core foundry services, TSMC extends its offerings to include dedicated customer and engineering support. It also undertakes the production of specialized masks, actively invests in burgeoning technology startups, and manages the entire lifecycle—from research and development through to manufacturing, packaging, testing, and sales—of color filters. Furthermore, the company provides a range of investment services. TSMC’s cutting-edge products are indispensable across numerous sectors, powering high-performance computing, modern smartphones, Internet of Things (IoT) ecosystems, sophisticated automotive systems, and a broad spectrum of digital consumer electronics. Established in 1987, the enterprise is officially headquartered in Hsinchu City, Taiwan.
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Revenue Segmentation
EPS
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Earnings Call
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Key takeaways
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Login — it's freeIncome Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 2,161,736,000 | 2,894,308,000 | 3,848,510,949 |
| Gross Profit | 1,175,111,000 | 1,624,354,000 | 2,304,925,301 |
| EBITDA | 1,523,506,800 | 1,984,849,000 | 2,752,481,885 |
| Operating Income | 921,466,000 | 1,322,053,000 | 1,955,695,817 |
| Net Income | 851,740,000 | 1,158,380,200 | 1,735,678,080 |
(* All numbers are in thousands)
Balance Sheet
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Assets | 5,532,371,215 | 6,691,938,000 | 7,910,679,587 |
| Total Liabilities | 2,049,108,368 | 2,368,362,000 | 2,465,265,640 |
| Total Stockholders Equity | 3,458,913,627 | 4,288,545,000 | 5,404,330,990 |
| Total Debt | 956,257,900 | 1,047,042,100 | 990,356,650 |
| Cash and Cash Equivalents | 1,465,427,800 | 2,127,627,043 | 2,760,059,967 |
(* All numbers are in thousands)
Cash Flow Statement
| Year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating Cash Flow | 1,241,967,300 | 1,826,177,000 | 2,383,175,564 |
| Capital Expenditure | -955,398,400 | -956,007,000 | -1,285,591,558 |
| Free Cash Flow | 286,568,900 | 870,170,000 | 1,097,584,006 |
| Net Income | 838,497,664 | 1,173,268,000 | 1,735,678,080 |
| Net Change in Cash | 122,613,670 | 662,199,247 | 726,696,319 |
(* All numbers are in thousands)
Analyst Estimates
| Fiscal Year | 2029 | Research Access | Research Access | Research Access | Research Access |
|---|---|---|---|---|---|
| Estimated Revenue (Low) | 6,797,967,010.671 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 8,572,481,962.871 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 7,903,642,552.400 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 4,753,977,786.955 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 5,994,937,716.908 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 5,527,202,628.545 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 2,821,094,879.107 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 3,827,533,387.392 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 3,448,192,675.910 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 202,081,479.024 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 254,832,044.823 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 234,949,621.580 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 664.890 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 738.040 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 543.970 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 10 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 3 | Research Access | Research Access | Research Access | Research Access |
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Current Key Metrics
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Login — it's freeForward P/E Ratios
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Login — it's freeSWOT Analysis
Strengths (preview)
- Robust Financial Performance: TSM reported a 5.7% sequential revenue increase in Q4 2025, as highlighted in the earnings call transcript, reflecting strong operational execution. Key metrics such as revenue, gross profit, and net income from income statements indicate consistent growth, supported by high gross and net profit margins (per Key Metrics TTM data).
- Leadership in Advanced Technologies: The earnings call emphasized TSM’s dominance in advanced semiconductor nodes, particularly in high-performance computing (HPC) and AI-related applications, positioning the company as a critical supplier in cutting-edge markets.
- Strong Cash Flow Generation: Cash flow statements show healthy net cash provided by operating activities and positive free cash flow, indicating financial flexibility for reinvestment and debt management. The free cash flow yield (per Key Metrics TTM) further underscores operational efficiency.
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At what price to buy it? -
Intrinsic Value Calculator
Based on current fundamentals and analyst forecasts, MARKETSnap estimates TSM intrinsic value between $1,740.53 – $3,114.12 per share. This depends on revenue growth, margins, and discount rate.
This is an automatic estimate. The most reliable way to know fair value for your own assumptions is to run the calculator below.
[intrinsic_calculator]
Common questions about TSM valuation
Is Taiwan Semiconductor Manufacturing Company Limited (TSM) overvalued or undervalued right now?
MARKETSnap estimates intrinsic value for Taiwan Semiconductor Manufacturing Company Limited (TSM) using its proprietary valuation methodology, which incorporates discounted cash flow (DCF) analysis together with long-term earnings and fundamentals assumptions. By comparing intrinsic value to the current market price, long-term investors can see whether the stock screens as potentially overvalued, fairly valued, or undervalued today.
Is TSM a buy, hold, or sell for long-term investors?
MARKETSnap does not give one-word “buy” or “sell” calls. Instead, it shows whether TSM trades at a premium or discount to its estimated intrinsic value, how sensitive that value is to growth and margin assumptions, and how the stock fits into a diversified, long-term portfolio so investors can make their own buy, hold, or sell decision.
What is TSM’s P/E ratio?
You can see TSM’s trailing P/E (TTM) and forward P/E estimates in the Current Key Metrics and Forward P/E Ratios sections above. The P/E ratio compares the current share price to earnings per share and helps investors gauge valuation relative to earnings.
How is intrinsic value calculated for TSM?
MARKETSnap uses its own valuation framework—not a generic spreadsheet DCF alone. Future cash flows and earnings are projected, discounted, and combined with MARKETSnap’s methodology so intrinsic value reflects fundamentals and long-term assumptions. You can run your own inputs and see the result using the Intrinsic Value Calculator above.
Is TSM a good long-term investment?
Whether TSM fits a long-term portfolio depends on your assumptions about growth, margins, and risk. MARKETSnap provides the metrics, intrinsic value calculator, and SWOT context so you can form your own view rather than rely on a single buy/sell rating.
TSM
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Daily snapshot
-2.27
Trading Metrics:
| Open: | 450.54 | Previous Close: | 444.23 | |
| Day Low: | 429.5 | Day High: | 461.47 | |
| Year Low: | 223.7 | Year High: | 479 | |
| Price Avg 50: | 419.5 | Price Avg 200: | 344.02 | |
| Volume: | 18.189M | Average Volume: | 13.781M |
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Hey everyone, welcome back to the channel. Today, we are diving deep into one of the most important companies on the planet—Taiwan Semiconductor Manufacturing Company, better known as TSMC, ticker symbol TSM. This isn't just a chip maker; it's the backbone of the global AI revolution. We're going to break down the business, the earnings, the valuation, and my personal take on where this stock could be headed over the next five years. Let's get into it. Now, before we…
