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Earnings transcript
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TSM
Taiwan Semiconductor Manufacturing Company Limited
$404.8
6.17
(1.55%)
| Exchange: | NYSE |
| Market Cap: | 2.099T |
| Shares Outstanding: | 19.408B |
Delayed data
About The Company
| Sector: | TechnologyView sector performance | |||||
| Industry: | SemiconductorsView industry performance | |||||
| CEO: | Che Chia 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
Revenue by type
Revenue by region
TSM full analysis
Welcome back to MarketSnap. On Thursday, TSMC reported its sixth consecutive record quarter. Revenue came in above the high end of its own guidance. And the company guided the current quarter to roughly 58% growth year over year. Then the stock fell about 4 percent in a week — in the same week the Nasdaq had its worst showing since June. So the question isn't whether the business is good. It plainly is. The question is why the market is…
Industry Peers
| TICKER | COMPANY | MKT CAP | P/E | FWD P/E | ROIC |
|---|---|---|---|---|---|
| TSM | Taiwan Semiconductor Manufacturing Com… | 2.10T | 24.1 | 24.3 | 28.8% |
 AVGO | Broadcom Inc. | 1.59T | 40.5 | 28.4 | 24.0% |
 SKHY | SK hynix Inc. | 1.07T | 5.4 | 5.7 | 53.1% |
 MU | Micron Technology, Inc. | 967.5B | 11.7 | 11.6 | 50.1% |
 AMD | Advanced Micro Devices, Inc. | 790.0B | 128 | 63.2 | 7.6% |
 ASML | ASML Holding N.V. | 598.2B | 40.3 | 33.6 | 37.2% |
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 | 3,809,054,300 |
| Gross Profit | 1,175,111,000 | 1,624,354,000 | 2,281,294,000 |
| EBITDA | 1,523,506,800 | 1,984,849,000 | 2,742,121,500 |
| Operating Income | 921,466,000 | 1,322,053,000 | 1,936,095,600 |
| Net Income | 851,740,000 | 1,158,380,200 | 1,697,604,000 |
(* 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) | 10,322,730,125.832 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (High) | 12,380,560,477.883 | Research Access | Research Access | Research Access | Research Access |
| Estimated Revenue (Avg) | 11,540,793,684 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Low) | 7,529,436,274.743 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (High) | 8,860,930,958.419 | Research Access | Research Access | Research Access | Research Access |
| Estimated Ebitda (Avg) | 8,317,569,829.962 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Low) | 4,248,861,479.110 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (High) | 5,390,381,178.945 | Research Access | Research Access | Research Access | Research Access |
| Estimated Net Income (Avg) | 4,924,545,723.601 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Low) | 306,861,450.135 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (High) | 368,034,104.875 | Research Access | Research Access | Research Access | Research Access |
| Estimated SGA Expense (Avg) | 343,070,548.432 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Avg) | 949.560 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (High) | 1.039 | Research Access | Research Access | Research Access | Research Access |
| Estimated EPS (Low) | 819.280 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated Revenue) | 22 | Research Access | Research Access | Research Access | Research Access |
| Number of Analysts (Estimated EPS) | 4 | 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)
- Dominant scale and margin profile: FY2025 revenue reached ~NT$3.85T (up ~33% YoY from NT$2.89T in FY2024), with TTM gross margin of 65.8% and net margin of 51.5%. ROE (41.2%) and ROIC (28.8%) reflect exceptional capital efficiency for a capital-intensive foundry.
- Sustained earnings momentum: Record profit for the sixth consecutive quarter, with Q3 2026 revenue growth of 51% YoY (40%+ per Seeking Alpha) and EPS of $4.60 beating consensus. Management (CEO C.C. Wei) sees no sign of a slowdown.
- Balance-sheet strength and cash generation: Debt-to-equity of 0.14, current ratio of 2.58, and quick ratio of 2.37. FY2025 free cash flow of ~NT$1.10T (up from NT$870B in FY2024) despite record capex of ~NT$1.29T.
- Technological moat: Wide moat cited across sources; ramp of 2nm and 3nm nodes balances innovation with margin discipline, and the company maintains confidence despite peers' earlier High NA EUV adoption.
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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 $380.32 – $401.10 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.
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
1.55
Trading Metrics:
| Open: | 404.99 | Previous Close: | 398.63 | |
| Day Low: | 403.03 | Day High: | 408.37 | |
| Year Low: | 266.82 | Year High: | 487.47 | |
| Price Avg 50: | 434.51 | Price Avg 200: | 400.45 | |
| Volume: | 9.281M | Average Volume: | 11.956M |
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