Taiwan Semiconductor Manufacturing Company Limited (TSM) 10-Year Financial Performance & Capital Metrics

TSM •

TechnologySemiconductorsSemiconductor Foundries and Manufacturing Services

AboutTaiwan 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 a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also offers customer and engineering support services; manufactures masks; and invests in technology start-up companies; researches, designs, develops, manufactures, packages, tests, and sells color filters; and provides investment services. 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.Show more

Revenue $3848.51B +33.0%
EBITDA $2650.92B +33.6%
Net Income $1735.68B +49.8%
EPS (Diluted) 334.65 +49.8%
Gross Margin 59.89% +6.7%
EBITDA Margin 68.88% +0.4%
Operating Margin 50.82% +11.3%
Net Margin 45.1% +12.7%
ROE 35.7% +19.2%
ROIC 42.67% +32.2%
Debt/Equity 0.18 -25.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.8%
✓Strong 5Y profit CAGR of 27.7%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 28.5% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 11.2x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.39%

5Y23.51%

3Y19.35%

TTM31.95%

Profit (Net Income) CAGR

10Y19.08%

5Y27.72%

3Y20.46%

TTM48.71%

EPS CAGR

10Y19.07%

5Y27.71%

3Y20.46%

TTM48.71%

ROCE

10Y Avg26.38%

5Y Avg27.77%

3Y Avg27.02%

Latest33.04%

Peer Comparison

Semiconductor Foundries and Manufacturing Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSEMTower Semiconductor Ltd.	14.04B	124.87	64.37	9.05%	14.08%	7.59%		0.06
TSMTaiwan Semiconductor Manufacturing Company Limited	1.94T	374.58	35.15	32.97%	45.11%	31.64%	1.8%	0.18
GFSGLOBALFOUNDRIES Inc.	26.42B	47.55	29.91	0.61%	13.03%	7.39%	3.82%	0.14
UMCUnited Microelectronics Corporation	26.28B	10.44	19.63	2.26%	20.48%	12.88%	6.35%	0.21
SKYTSkyWater Technology, Inc.	1.43B	29.46	12.07	29.18%	26.9%	60.73%		0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	947.91B	977.44B	1.03T	1.07T	1.34T	1.59T	2.26T	2.16T	2.89T	3.85T
Revenue Growth %	12.38%	3.12%	5.52%	3.74%	25.17%	18.53%	42.61%	-4.51%	33.89%	32.97%
Cost of Goods Sold+	473.08B	482.62B	533.49B	577.28B	628.12B	767.88B	915.54B	986.63B	1.27T	1.54T
COGS % of Revenue	49.91%	49.38%	51.73%	53.95%	46.9%	48.37%	40.44%	45.64%	43.88%	40.11%
Gross Profit+	474.83B	494.83B	497.87B	492.7B	711.13B	819.54B	1.35T	1.18T	1.62T	2.3T
Gross Margin %	50.09%	50.62%	48.27%	46.05%	53.1%	51.63%	59.56%	54.36%	56.12%	59.89%
Gross Profit Growth %	15.7%	4.21%	0.62%	-1.04%	44.33%	15.24%	64.53%	-12.85%	38.23%	41.9%
Operating Expenses+	96.87B	109.27B	114.25B	120B	144.35B	169.56B	227.08B	253.65B	302.3B	349.23B
OpEx % of Revenue	10.22%	11.18%	11.08%	11.22%	10.78%	10.68%	10.03%	11.73%	10.44%	9.07%
Selling, General & Admin	25.7B	27.17B	26.25B	28.09B	35.57B	44.49B	63.45B	71.46B	96.89B	100.25B
SG&A % of Revenue	2.71%	2.78%	2.55%	2.62%	2.66%	2.8%	2.8%	3.31%	3.35%	2.6%
Research & Development	71.21B	80.73B	85.9B	91.42B	109.49B	124.73B	163.26B	182.37B	204.18B	248.98B
R&D % of Revenue	7.51%	8.26%	8.33%	8.54%	8.18%	7.86%	7.21%	8.44%	7.05%	6.47%
Other Operating Expenses	-29.8M	1.37B	2.1B	496.3M	-710M	333.4M	368.4M	-189M	1.23B	-1K
Operating Income+	377.96B	385.56B	383.62B	372.7B	566.78B	649.98B	1.12T	921.47B	1.32T	1.96T
Operating Margin %	39.87%	39.45%	37.2%	34.83%	42.32%	40.95%	49.53%	42.63%	45.68%	50.82%
Operating Income Growth %	18.09%	2.01%	-0.5%	-2.85%	52.07%	14.68%	72.51%	-17.82%	43.47%	47.93%
EBITDA+	601.79B	645.7B	676.17B	659.59B	898.51B	1.07T	1.56T	1.45T	1.98T	2.65T
EBITDA Margin %	63.49%	66.06%	65.56%	61.64%	67.09%	67.55%	68.84%	67.24%	68.58%	68.88%
EBITDA Growth %	10.92%	7.3%	4.72%	-2.45%	36.22%	19.35%	45.33%	-6.73%	36.54%	33.56%
D&A (Non-Cash Add-back)	223.83B	260.14B	292.55B	286.88B	331.72B	422.39B	437.25B	532.19B	662.8B	695.22B
EBIT	389.23B	399.49B	400.59B	393.11B	586.83B	668.45B	1.16T	991.32B	1.32T	2.06T
Net Interest Income+	3.01B	6.13B	11.64B	12.94B	6.94B	294.6M	10.67B	48.29B	76.72B	94.34B
Interest Income	6.32B	9.46B	14.69B	16.19B	9.02B	5.71B	22.42B	60.29B	87.21B	94.34B
Interest Expense	3.31B	3.33B	3.05B	3.25B	2.08B	5.41B	11.75B	12B	10.5B	0
Other Income/Expense	7.96B	10.6B	13.92B	17.16B	17.96B	13.06B	22.79B	57.7B	83.79B	107.12B
Pretax Income+	385.92B	396.16B	397.54B	389.86B	584.75B	663.04B	1.14T	979.17B	1.41T	2.06T
Pretax Margin %	40.71%	40.53%	38.55%	36.44%	43.66%	41.77%	50.54%	45.3%	48.57%	53.6%
Income Tax+	54.12B	51.12B	34.44B	35.84B	73.74B	70.16B	150.78B	128.29B	248.32B	329.65B
Effective Tax Rate %	85.95%	87.09%	91.32%	90.79%	87.34%	89.34%	86.79%	86.99%	82.4%	84.14%
Net Income+	331.71B	345B	363.05B	353.95B	510.74B	592.36B	992.92B	851.74B	1.16T	1.74T
Net Margin %	34.99%	35.3%	35.2%	33.08%	38.14%	37.32%	43.86%	39.4%	40.02%	45.1%
Net Income Growth %	9.53%	4%	5.23%	-2.51%	44.3%	15.98%	67.62%	-14.22%	36%	49.84%
Net Income (Continuing)	331.8B	345.04B	363.11B	354.03B	511.01B	592.88B	993.29B	851.03B	1.16T	1.73T
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	795.1M	699.7M	676.3M	681.7M	952.5M	2.42B	14.81B	24.34B	35.01B	41.08B
EPS (Diluted)+	63.95	66.50	70.00	68.25	98.50	114.20	191.45	164.25	223.35	334.65
EPS Growth %	9.5%	3.99%	5.26%	-2.5%	44.32%	15.94%	67.64%	-14.21%	35.98%	49.83%
EPS (Basic)	63.95	66.50	70.00	68.25	98.50	114.20	191.45	164.25	223.40	334.60
Diluted Shares Outstanding	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B
Basic Shares Outstanding	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B
Dividend Payout Ratio	46.9%	52.61%	57.14%	73.26%	50.77%	44.87%	28.73%	34.25%	31.34%	27.17%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	817.73B	857.2B	951.68B	822.61B	1.09T	1.61T	2.05T	2.19T	3.09T	3.81T
Cash & Short-Term Investments	636.2B	656.58B	713.76B	594.3B	799.89B	1.2T	1.59T	1.71T	2.49T	3.06T
Cash Only	541.25B	553.39B	577.81B	455.4B	660.17B	1.06T	1.34T	1.47T	2.13T	2.76T
Short-Term Investments	94.95B	103.19B	135.94B	138.9B	139.72B	139.92B	243.69B	249.38B	357.52B	299.89B
Accounts Receivable	129.45B	122.49B	129.26B	139.82B	146.09B	198.36B	231.41B	202.01B	272.09B	281B
Days Sales Outstanding	49.85	45.74	45.75	47.7	39.81	45.61	37.31	34.11	34.31	26.65
Inventory	48.68B	73.88B	103.23B	82.98B	137.35B	193.1B	221.15B	251B	287.87B	287.3B
Days Inventory Outstanding	37.56	55.88	70.63	52.47	79.82	91.79	88.17	92.86	82.74	67.94
Other Current Assets	3.39B	4.26B	5.43B	5.51B	8.85B	10.69B	13.84B	26.22B	43.25B	178.13B
Total Non-Current Assets+	1.07T	1.13T	1.14T	1.44T	1.67T	2.12T	2.91T	3.34T	3.6T	4.1T
Property, Plant & Equipment	997.78B	1.06T	1.07T	1.37T	1.58T	2.01T	2.74T	3.1T	3.28T	3.68T
Fixed Asset Turnover	0.95x	0.92x	0.96x	0.78x	0.85x	0.79x	0.83x	0.70x	0.88x	1.05x
Goodwill	6.01B	5.65B	5.8B	5.69B	5.44B	5.38B	5.79B	5.8B	6.07B	0
Intangible Assets	8.61B	8.53B	11.21B	14.96B	20.33B	21.44B	20.21B	16.97B	20.21B	0
Long-Term Investments	46B	41.44B	29.21B	30.09B	27.62B	29.18B	68.61B	129.27B	148.87B	171.88B
Other Non-Current Assets	1.91B	4.27B	3.28B	3.83B	5.75B	5.22B	12.02B	17.05B	87.21B	250.97B
Total Assets+	1.89T	1.99T	2.09T	2.26T	2.76T	3.73T	4.96T	5.53T	6.69T	7.91T
Asset Turnover	0.50x	0.49x	0.49x	0.47x	0.49x	0.43x	0.46x	0.39x	0.43x	0.49x
Asset Growth %	13.81%	5.59%	4.94%	8.36%	21.9%	34.95%	33.26%	11.44%	20.96%	18.22%
Total Current Liabilities+	348.29B	386.89B	356.84B	598.36B	631.9B	758.35B	986.56B	942.81B	1.31T	1.45T
Accounts Payable	89.22B	84.14B	76.11B	179.58B	196.79B	193.03B	268.38B	227.21B	265.44B	84.09B
Days Payables Outstanding	68.83	63.63	52.08	113.54	114.36	91.75	107	84.06	76.29	19.88
Short-Term Debt	96.06B	122.17B	123.65B	150.32B	91.16B	119.49B	19.31B	9.29B	59.86B	136.54B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	41.13B	37.42B	24.18B	24.63B	35.78B	37.22B	61.87B	78.17B	71.34B	1.23T
Current Ratio	2.35x	2.22x	2.67x	1.37x	1.73x	2.12x	2.08x	2.33x	2.36x	2.62x
Quick Ratio	2.21x	2.02x	2.38x	1.24x	1.51x	1.86x	1.86x	2.06x	2.14x	2.42x
Cash Conversion Cycle	18.57	37.98	64.3	-13.38	5.28	45.65	18.48	42.91	40.76	74.7
Total Non-Current Liabilities+	178.16B	110.4B	72.09B	51.97B	292.94B	815.27B	1.06T	1.14T	1.1T	1.01T
Long-Term Debt	153.12B	91.8B	56.9B	25.1B	256.07B	613.38B	839.1B	918.28B	958.43B	853.82B
Capital Lease Obligations	0	0	0	15.04B	20.56B	20.76B	29.76B	28.68B	28.76B	0
Deferred Tax Liabilities	141.2M	302.2M	233.3M	344.4M	1.73B	1.87B	1.03B	53.8M	3.99B	0
Other Non-Current Liabilities	10.24B	10.71B	11.6B	11.31B	14.31B	179.25B	190.17B	188.51B	112.66B	157.54B
Total Liabilities	526.45B	497.29B	428.93B	650.34B	924.84B	1.57T	2.05T	2.08T	2.41T	2.47T
Total Debt+	249.17B	213.97B	180.55B	190.46B	367.79B	753.63B	888.17B	956.26B	1.05T	990.36B
Net Debt	-292.08B	-339.42B	-397.26B	-264.94B	-292.38B	-311.36B	-454.64B	-509.17B	-1.08T	-1.77T
Debt / Equity	0.18x	0.14x	0.11x	0.12x	0.20x	0.35x	0.30x	0.28x	0.24x	0.18x
Debt / EBITDA	0.41x	0.33x	0.27x	0.29x	0.41x	0.70x	0.57x	0.66x	0.53x	0.37x
Net Debt / EBITDA	-0.49x	-0.53x	-0.59x	-0.40x	-0.33x	-0.29x	-0.29x	-0.35x	-0.54x	-0.67x
Interest Coverage	114.32x	115.77x	125.73x	114.65x	272.30x	120.05x	95.43x	76.79x	125.96x	-
Total Equity+	1.36T	1.49T	1.66T	1.61T	1.84T	2.15T	2.92T	3.45T	4.28T	5.45T
Equity Growth %	13.8%	9.9%	11.15%	-2.81%	13.71%	17.21%	35.61%	18.37%	23.9%	27.25%
Book Value per Share	262.21	288.17	320.30	311.29	353.98	414.90	562.65	666.02	825.24	1049.98
Total Shareholders' Equity	1.36T	1.49T	1.66T	1.61T	1.83T	2.15T	2.9T	3.43T	4.24T	5.4T
Common Stock	259.3B	259.3B	259.3B	259.3B	259.3B	259.3B	259.3B	259.32B	259.33B	258.59B
Retained Earnings	1.04T	1.21T	1.36T	1.33T	1.57T	1.89T	2.59T	3.13T	3.87T	4.69T
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	321.82B	-54.68B	370.45B	0	-28.02B	40.41B	470.55B
Minority Interest	795.1M	699.7M	676.3M	681.7M	952.5M	2.42B	14.81B	24.34B	35.01B	41.08B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	539.83B	585.32B	573.95B	615.14B	822.67B	1.11T	1.61T	1.24T	1.83T	2.38T
Operating CF Margin %	56.95%	59.88%	55.65%	57.49%	61.43%	70.06%	71.14%	57.45%	63.1%	61.92%
Operating CF Growth %	1.88%	8.43%	-1.94%	7.18%	33.74%	35.19%	44.82%	-22.89%	47.04%	30.5%
Net Income	385.96B	396.13B	397.51B	389.85B	584.78B	663.13B	1.14T	838.5B	1.17T	1.74T
Depreciation & Amortization	223.83B	260.14B	292.55B	286.88B	331.72B	422.39B	437.25B	532.19B	662.8B	695.22B
Stock-Based Compensation	0	0	0	2.82M	6.6M	7.8M	302.4M	544.38M	1.65B	0
Deferred Taxes	0	0	0	-59.48B	-58.57B	-105.13B	0	0	0	0
Other Non-Cash Items	-54.89B	-80.94B	-54.44B	-12.94B	-6.94B	-708.78M	-93.66B	-72.41B	-24.88B	135.89B
Working Capital Changes	-15.06B	9.98B	-61.66B	10.82B	-28.34B	132.47B	122.51B	-56.85B	13.35B	-183.61B
Change in Receivables	-49.34B	1.06B	-13.27B	-18.12B	-8.08B	177.06B	-32.17B	29.4B	-70.08B	0
Change in Inventory	18.37B	-25.23B	-29.37B	20.25B	-54.37B	-55.75B	-28.05B	-29.85B	-36.87B	0
Change in Payables	7.3B	2.57B	4.54B	5.86B	404.61M	8.3B	7.59B	770.71M	17.07B	0
Cash from Investing+	-395.44B	-336.16B	-314.27B	-458.8B	-505.78B	-836.37B	-1.19T	-906.12B	-864.84B	-1.26T
Capital Expenditures	-333.09B	-335.89B	-322.68B	-469.75B	-521.47B	-849.44B	-1.09T	-949.82B	-956.01B	-1.29T
CapEx % of Revenue	35.14%	34.36%	31.29%	43.9%	38.94%	53.51%	48.13%	43.94%	33.03%	33.4%
Acquisitions	7.82B	-4.08M	7.1B	9.87B	4.33B	-160.7M	17.25B	11.75B	-3.74B	805.26M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.51B	15.98B	10.79B	12.3B	11.32B	8.56B	10.29B	87.72B	149.05B	62.08B
Cash from Financing+	-157.8B	-215.7B	-245.12B	-269.64B	-88.62B	136.61B	-200.24B	-204.89B	-346.3B	-425.58B
Debt Issued (Net)	-23.48B	-38.13B	-58.02B	-6.03B	172.72B	397.19B	82.01B	93.35B	29.41B	41.3B
Equity Issued (Net)	0	0	0	0	0	0	-1000K	0	-1000K	0
Dividends Paid	-155.58B	-181.51B	-207.44B	-259.3B	-259.3B	-265.79B	-285.23B	-291.72B	-363.06B	-471.61B
Share Repurchases	0	0	0	-4.01M	-7.27M	0	-871.57M	0	-3.09B	0
Other Financing	21.26B	3.95B	20.34B	-4.31B	-2.03B	5.21B	3.85B	-6.52B	-9.56B	4.74B
Net Change in Cash	-21.44B	12.14B	24.42B	-122.42B	204.77B	404.82B	277.82B	122.61B	662.2B	726.7B
Free Cash Flow+	206.74B	249.43B	251.27B	145.39B	301.19B	262.72B	520.97B	286.57B	870.17B	1.1T
FCF Margin %	21.81%	25.52%	24.36%	13.59%	22.49%	16.55%	23.01%	13.26%	30.06%	28.52%
FCF Growth %	-22.88%	20.65%	0.74%	-42.14%	107.17%	-12.77%	98.3%	-44.99%	203.65%	26.13%
FCF per Share	39.86	48.10	48.45	28.03	58.08	50.66	100.46	55.26	167.81	211.64
FCF Conversion (FCF/Net Income)	1.63x	1.70x	1.58x	1.74x	1.61x	1.88x	1.62x	1.46x	1.58x	1.37x
Interest Paid	0	0	0	0	0	0	0	0	18.75B	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	25.97%	24.17%	23.01%	21.61%	29.61%	29.71%	39.17%	26.74%	29.96%	35.7%
Return on Invested Capital (ROIC)	29%	26.02%	23.79%	21.39%	29.39%	28.81%	39.08%	25.56%	32.28%	42.67%
Gross Margin	50.09%	50.62%	48.27%	46.05%	53.1%	51.63%	59.56%	54.36%	56.12%	59.89%
Net Margin	34.99%	35.3%	35.2%	33.08%	38.14%	37.32%	43.86%	39.4%	40.02%	45.1%
Debt / Equity	0.18x	0.14x	0.11x	0.12x	0.20x	0.35x	0.30x	0.28x	0.24x	0.18x
Interest Coverage	114.32x	115.77x	125.73x	114.65x	272.30x	120.05x	95.43x	76.79x	125.96x	-
FCF Conversion	1.63x	1.70x	1.58x	1.74x	1.61x	1.88x	1.62x	1.46x	1.58x	1.37x
Revenue Growth	12.38%	3.12%	5.52%	3.74%	25.17%	18.53%	42.61%	-4.51%	33.89%	32.97%

US Stock Screener

...

Taiwan Semiconductor Manufacturing Company Limited (TSM) 10-Year Financial Performance & Capital Metrics

TSM •

TechnologySemiconductorsSemiconductor Foundries and Manufacturing Services

Revenue $3848.51B +33.0%
EBITDA $2650.92B +33.6%
Net Income $1735.68B +49.8%
EPS (Diluted) 334.65 +49.8%
Gross Margin 59.89% +6.7%
EBITDA Margin 68.88% +0.4%
Operating Margin 50.82% +11.3%
Net Margin 45.1% +12.7%
ROE 35.7% +19.2%
ROIC 42.67% +32.2%
Debt/Equity 0.18 -25.7%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 30.8%
✓Strong 5Y profit CAGR of 27.7%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 28.5% free cash flow margin
✓Momentum leader: RS Rating 88 (top 12%)
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Expensive at 11.2x book value

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y16.39%

5Y23.51%

3Y19.35%

TTM31.95%

Profit (Net Income) CAGR

10Y19.08%

5Y27.72%

3Y20.46%

TTM48.71%

EPS CAGR

10Y19.07%

5Y27.71%

3Y20.46%

TTM48.71%

ROCE

10Y Avg26.38%

5Y Avg27.77%

3Y Avg27.02%

Latest33.04%

Peer Comparison

Semiconductor Foundries and Manufacturing Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSEMTower Semiconductor Ltd.	14.04B	124.87	64.37	9.05%	14.08%	7.59%		0.06
TSMTaiwan Semiconductor Manufacturing Company Limited	1.94T	374.58	35.15	32.97%	45.11%	31.64%	1.8%	0.18
GFSGLOBALFOUNDRIES Inc.	26.42B	47.55	29.91	0.61%	13.03%	7.39%	3.82%	0.14
UMCUnited Microelectronics Corporation	26.28B	10.44	19.63	2.26%	20.48%	12.88%	6.35%	0.21
SKYTSkyWater Technology, Inc.	1.43B	29.46	12.07	29.18%	26.9%	60.73%		0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	947.91B	977.44B	1.03T	1.07T	1.34T	1.59T	2.26T	2.16T	2.89T	3.85T
Revenue Growth %	12.38%	3.12%	5.52%	3.74%	25.17%	18.53%	42.61%	-4.51%	33.89%	32.97%
Cost of Goods Sold+	473.08B	482.62B	533.49B	577.28B	628.12B	767.88B	915.54B	986.63B	1.27T	1.54T
COGS % of Revenue	49.91%	49.38%	51.73%	53.95%	46.9%	48.37%	40.44%	45.64%	43.88%	40.11%
Gross Profit+	474.83B	494.83B	497.87B	492.7B	711.13B	819.54B	1.35T	1.18T	1.62T	2.3T
Gross Margin %	50.09%	50.62%	48.27%	46.05%	53.1%	51.63%	59.56%	54.36%	56.12%	59.89%
Gross Profit Growth %	15.7%	4.21%	0.62%	-1.04%	44.33%	15.24%	64.53%	-12.85%	38.23%	41.9%
Operating Expenses+	96.87B	109.27B	114.25B	120B	144.35B	169.56B	227.08B	253.65B	302.3B	349.23B
OpEx % of Revenue	10.22%	11.18%	11.08%	11.22%	10.78%	10.68%	10.03%	11.73%	10.44%	9.07%
Selling, General & Admin	25.7B	27.17B	26.25B	28.09B	35.57B	44.49B	63.45B	71.46B	96.89B	100.25B
SG&A % of Revenue	2.71%	2.78%	2.55%	2.62%	2.66%	2.8%	2.8%	3.31%	3.35%	2.6%
Research & Development	71.21B	80.73B	85.9B	91.42B	109.49B	124.73B	163.26B	182.37B	204.18B	248.98B
R&D % of Revenue	7.51%	8.26%	8.33%	8.54%	8.18%	7.86%	7.21%	8.44%	7.05%	6.47%
Other Operating Expenses	-29.8M	1.37B	2.1B	496.3M	-710M	333.4M	368.4M	-189M	1.23B	-1K
Operating Income+	377.96B	385.56B	383.62B	372.7B	566.78B	649.98B	1.12T	921.47B	1.32T	1.96T
Operating Margin %	39.87%	39.45%	37.2%	34.83%	42.32%	40.95%	49.53%	42.63%	45.68%	50.82%
Operating Income Growth %	18.09%	2.01%	-0.5%	-2.85%	52.07%	14.68%	72.51%	-17.82%	43.47%	47.93%
EBITDA+	601.79B	645.7B	676.17B	659.59B	898.51B	1.07T	1.56T	1.45T	1.98T	2.65T
EBITDA Margin %	63.49%	66.06%	65.56%	61.64%	67.09%	67.55%	68.84%	67.24%	68.58%	68.88%
EBITDA Growth %	10.92%	7.3%	4.72%	-2.45%	36.22%	19.35%	45.33%	-6.73%	36.54%	33.56%
D&A (Non-Cash Add-back)	223.83B	260.14B	292.55B	286.88B	331.72B	422.39B	437.25B	532.19B	662.8B	695.22B
EBIT	389.23B	399.49B	400.59B	393.11B	586.83B	668.45B	1.16T	991.32B	1.32T	2.06T
Net Interest Income+	3.01B	6.13B	11.64B	12.94B	6.94B	294.6M	10.67B	48.29B	76.72B	94.34B
Interest Income	6.32B	9.46B	14.69B	16.19B	9.02B	5.71B	22.42B	60.29B	87.21B	94.34B
Interest Expense	3.31B	3.33B	3.05B	3.25B	2.08B	5.41B	11.75B	12B	10.5B	0
Other Income/Expense	7.96B	10.6B	13.92B	17.16B	17.96B	13.06B	22.79B	57.7B	83.79B	107.12B
Pretax Income+	385.92B	396.16B	397.54B	389.86B	584.75B	663.04B	1.14T	979.17B	1.41T	2.06T
Pretax Margin %	40.71%	40.53%	38.55%	36.44%	43.66%	41.77%	50.54%	45.3%	48.57%	53.6%
Income Tax+	54.12B	51.12B	34.44B	35.84B	73.74B	70.16B	150.78B	128.29B	248.32B	329.65B
Effective Tax Rate %	85.95%	87.09%	91.32%	90.79%	87.34%	89.34%	86.79%	86.99%	82.4%	84.14%
Net Income+	331.71B	345B	363.05B	353.95B	510.74B	592.36B	992.92B	851.74B	1.16T	1.74T
Net Margin %	34.99%	35.3%	35.2%	33.08%	38.14%	37.32%	43.86%	39.4%	40.02%	45.1%
Net Income Growth %	9.53%	4%	5.23%	-2.51%	44.3%	15.98%	67.62%	-14.22%	36%	49.84%
Net Income (Continuing)	331.8B	345.04B	363.11B	354.03B	511.01B	592.88B	993.29B	851.03B	1.16T	1.73T
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	795.1M	699.7M	676.3M	681.7M	952.5M	2.42B	14.81B	24.34B	35.01B	41.08B
EPS (Diluted)+	63.95	66.50	70.00	68.25	98.50	114.20	191.45	164.25	223.35	334.65
EPS Growth %	9.5%	3.99%	5.26%	-2.5%	44.32%	15.94%	67.64%	-14.21%	35.98%	49.83%
EPS (Basic)	63.95	66.50	70.00	68.25	98.50	114.20	191.45	164.25	223.40	334.60
Diluted Shares Outstanding	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B
Basic Shares Outstanding	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B	5.19B
Dividend Payout Ratio	46.9%	52.61%	57.14%	73.26%	50.77%	44.87%	28.73%	34.25%	31.34%	27.17%

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	817.73B	857.2B	951.68B	822.61B	1.09T	1.61T	2.05T	2.19T	3.09T	3.81T
Cash & Short-Term Investments	636.2B	656.58B	713.76B	594.3B	799.89B	1.2T	1.59T	1.71T	2.49T	3.06T
Cash Only	541.25B	553.39B	577.81B	455.4B	660.17B	1.06T	1.34T	1.47T	2.13T	2.76T
Short-Term Investments	94.95B	103.19B	135.94B	138.9B	139.72B	139.92B	243.69B	249.38B	357.52B	299.89B
Accounts Receivable	129.45B	122.49B	129.26B	139.82B	146.09B	198.36B	231.41B	202.01B	272.09B	281B
Days Sales Outstanding	49.85	45.74	45.75	47.7	39.81	45.61	37.31	34.11	34.31	26.65
Inventory	48.68B	73.88B	103.23B	82.98B	137.35B	193.1B	221.15B	251B	287.87B	287.3B
Days Inventory Outstanding	37.56	55.88	70.63	52.47	79.82	91.79	88.17	92.86	82.74	67.94
Other Current Assets	3.39B	4.26B	5.43B	5.51B	8.85B	10.69B	13.84B	26.22B	43.25B	178.13B
Total Non-Current Assets+	1.07T	1.13T	1.14T	1.44T	1.67T	2.12T	2.91T	3.34T	3.6T	4.1T
Property, Plant & Equipment	997.78B	1.06T	1.07T	1.37T	1.58T	2.01T	2.74T	3.1T	3.28T	3.68T
Fixed Asset Turnover	0.95x	0.92x	0.96x	0.78x	0.85x	0.79x	0.83x	0.70x	0.88x	1.05x
Goodwill	6.01B	5.65B	5.8B	5.69B	5.44B	5.38B	5.79B	5.8B	6.07B	0
Intangible Assets	8.61B	8.53B	11.21B	14.96B	20.33B	21.44B	20.21B	16.97B	20.21B	0
Long-Term Investments	46B	41.44B	29.21B	30.09B	27.62B	29.18B	68.61B	129.27B	148.87B	171.88B
Other Non-Current Assets	1.91B	4.27B	3.28B	3.83B	5.75B	5.22B	12.02B	17.05B	87.21B	250.97B
Total Assets+	1.89T	1.99T	2.09T	2.26T	2.76T	3.73T	4.96T	5.53T	6.69T	7.91T
Asset Turnover	0.50x	0.49x	0.49x	0.47x	0.49x	0.43x	0.46x	0.39x	0.43x	0.49x
Asset Growth %	13.81%	5.59%	4.94%	8.36%	21.9%	34.95%	33.26%	11.44%	20.96%	18.22%
Total Current Liabilities+	348.29B	386.89B	356.84B	598.36B	631.9B	758.35B	986.56B	942.81B	1.31T	1.45T
Accounts Payable	89.22B	84.14B	76.11B	179.58B	196.79B	193.03B	268.38B	227.21B	265.44B	84.09B
Days Payables Outstanding	68.83	63.63	52.08	113.54	114.36	91.75	107	84.06	76.29	19.88
Short-Term Debt	96.06B	122.17B	123.65B	150.32B	91.16B	119.49B	19.31B	9.29B	59.86B	136.54B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	41.13B	37.42B	24.18B	24.63B	35.78B	37.22B	61.87B	78.17B	71.34B	1.23T
Current Ratio	2.35x	2.22x	2.67x	1.37x	1.73x	2.12x	2.08x	2.33x	2.36x	2.62x
Quick Ratio	2.21x	2.02x	2.38x	1.24x	1.51x	1.86x	1.86x	2.06x	2.14x	2.42x
Cash Conversion Cycle	18.57	37.98	64.3	-13.38	5.28	45.65	18.48	42.91	40.76	74.7
Total Non-Current Liabilities+	178.16B	110.4B	72.09B	51.97B	292.94B	815.27B	1.06T	1.14T	1.1T	1.01T
Long-Term Debt	153.12B	91.8B	56.9B	25.1B	256.07B	613.38B	839.1B	918.28B	958.43B	853.82B
Capital Lease Obligations	0	0	0	15.04B	20.56B	20.76B	29.76B	28.68B	28.76B	0
Deferred Tax Liabilities	141.2M	302.2M	233.3M	344.4M	1.73B	1.87B	1.03B	53.8M	3.99B	0
Other Non-Current Liabilities	10.24B	10.71B	11.6B	11.31B	14.31B	179.25B	190.17B	188.51B	112.66B	157.54B
Total Liabilities	526.45B	497.29B	428.93B	650.34B	924.84B	1.57T	2.05T	2.08T	2.41T	2.47T
Total Debt+	249.17B	213.97B	180.55B	190.46B	367.79B	753.63B	888.17B	956.26B	1.05T	990.36B
Net Debt	-292.08B	-339.42B	-397.26B	-264.94B	-292.38B	-311.36B	-454.64B	-509.17B	-1.08T	-1.77T
Debt / Equity	0.18x	0.14x	0.11x	0.12x	0.20x	0.35x	0.30x	0.28x	0.24x	0.18x
Debt / EBITDA	0.41x	0.33x	0.27x	0.29x	0.41x	0.70x	0.57x	0.66x	0.53x	0.37x
Net Debt / EBITDA	-0.49x	-0.53x	-0.59x	-0.40x	-0.33x	-0.29x	-0.29x	-0.35x	-0.54x	-0.67x
Interest Coverage	114.32x	115.77x	125.73x	114.65x	272.30x	120.05x	95.43x	76.79x	125.96x	-
Total Equity+	1.36T	1.49T	1.66T	1.61T	1.84T	2.15T	2.92T	3.45T	4.28T	5.45T
Equity Growth %	13.8%	9.9%	11.15%	-2.81%	13.71%	17.21%	35.61%	18.37%	23.9%	27.25%
Book Value per Share	262.21	288.17	320.30	311.29	353.98	414.90	562.65	666.02	825.24	1049.98
Total Shareholders' Equity	1.36T	1.49T	1.66T	1.61T	1.83T	2.15T	2.9T	3.43T	4.24T	5.4T
Common Stock	259.3B	259.3B	259.3B	259.3B	259.3B	259.3B	259.3B	259.32B	259.33B	258.59B
Retained Earnings	1.04T	1.21T	1.36T	1.33T	1.57T	1.89T	2.59T	3.13T	3.87T	4.69T
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	321.82B	-54.68B	370.45B	0	-28.02B	40.41B	470.55B
Minority Interest	795.1M	699.7M	676.3M	681.7M	952.5M	2.42B	14.81B	24.34B	35.01B	41.08B

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	539.83B	585.32B	573.95B	615.14B	822.67B	1.11T	1.61T	1.24T	1.83T	2.38T
Operating CF Margin %	56.95%	59.88%	55.65%	57.49%	61.43%	70.06%	71.14%	57.45%	63.1%	61.92%
Operating CF Growth %	1.88%	8.43%	-1.94%	7.18%	33.74%	35.19%	44.82%	-22.89%	47.04%	30.5%
Net Income	385.96B	396.13B	397.51B	389.85B	584.78B	663.13B	1.14T	838.5B	1.17T	1.74T
Depreciation & Amortization	223.83B	260.14B	292.55B	286.88B	331.72B	422.39B	437.25B	532.19B	662.8B	695.22B
Stock-Based Compensation	0	0	0	2.82M	6.6M	7.8M	302.4M	544.38M	1.65B	0
Deferred Taxes	0	0	0	-59.48B	-58.57B	-105.13B	0	0	0	0
Other Non-Cash Items	-54.89B	-80.94B	-54.44B	-12.94B	-6.94B	-708.78M	-93.66B	-72.41B	-24.88B	135.89B
Working Capital Changes	-15.06B	9.98B	-61.66B	10.82B	-28.34B	132.47B	122.51B	-56.85B	13.35B	-183.61B
Change in Receivables	-49.34B	1.06B	-13.27B	-18.12B	-8.08B	177.06B	-32.17B	29.4B	-70.08B	0
Change in Inventory	18.37B	-25.23B	-29.37B	20.25B	-54.37B	-55.75B	-28.05B	-29.85B	-36.87B	0
Change in Payables	7.3B	2.57B	4.54B	5.86B	404.61M	8.3B	7.59B	770.71M	17.07B	0
Cash from Investing+	-395.44B	-336.16B	-314.27B	-458.8B	-505.78B	-836.37B	-1.19T	-906.12B	-864.84B	-1.26T
Capital Expenditures	-333.09B	-335.89B	-322.68B	-469.75B	-521.47B	-849.44B	-1.09T	-949.82B	-956.01B	-1.29T
CapEx % of Revenue	35.14%	34.36%	31.29%	43.9%	38.94%	53.51%	48.13%	43.94%	33.03%	33.4%
Acquisitions	7.82B	-4.08M	7.1B	9.87B	4.33B	-160.7M	17.25B	11.75B	-3.74B	805.26M
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	6.51B	15.98B	10.79B	12.3B	11.32B	8.56B	10.29B	87.72B	149.05B	62.08B
Cash from Financing+	-157.8B	-215.7B	-245.12B	-269.64B	-88.62B	136.61B	-200.24B	-204.89B	-346.3B	-425.58B
Debt Issued (Net)	-23.48B	-38.13B	-58.02B	-6.03B	172.72B	397.19B	82.01B	93.35B	29.41B	41.3B
Equity Issued (Net)	0	0	0	0	0	0	-1000K	0	-1000K	0
Dividends Paid	-155.58B	-181.51B	-207.44B	-259.3B	-259.3B	-265.79B	-285.23B	-291.72B	-363.06B	-471.61B
Share Repurchases	0	0	0	-4.01M	-7.27M	0	-871.57M	0	-3.09B	0
Other Financing	21.26B	3.95B	20.34B	-4.31B	-2.03B	5.21B	3.85B	-6.52B	-9.56B	4.74B
Net Change in Cash	-21.44B	12.14B	24.42B	-122.42B	204.77B	404.82B	277.82B	122.61B	662.2B	726.7B
Free Cash Flow+	206.74B	249.43B	251.27B	145.39B	301.19B	262.72B	520.97B	286.57B	870.17B	1.1T
FCF Margin %	21.81%	25.52%	24.36%	13.59%	22.49%	16.55%	23.01%	13.26%	30.06%	28.52%
FCF Growth %	-22.88%	20.65%	0.74%	-42.14%	107.17%	-12.77%	98.3%	-44.99%	203.65%	26.13%
FCF per Share	39.86	48.10	48.45	28.03	58.08	50.66	100.46	55.26	167.81	211.64
FCF Conversion (FCF/Net Income)	1.63x	1.70x	1.58x	1.74x	1.61x	1.88x	1.62x	1.46x	1.58x	1.37x
Interest Paid	0	0	0	0	0	0	0	0	18.75B	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	25.97%	24.17%	23.01%	21.61%	29.61%	29.71%	39.17%	26.74%	29.96%	35.7%
Return on Invested Capital (ROIC)	29%	26.02%	23.79%	21.39%	29.39%	28.81%	39.08%	25.56%	32.28%	42.67%
Gross Margin	50.09%	50.62%	48.27%	46.05%	53.1%	51.63%	59.56%	54.36%	56.12%	59.89%
Net Margin	34.99%	35.3%	35.2%	33.08%	38.14%	37.32%	43.86%	39.4%	40.02%	45.1%
Debt / Equity	0.18x	0.14x	0.11x	0.12x	0.20x	0.35x	0.30x	0.28x	0.24x	0.18x
Interest Coverage	114.32x	115.77x	125.73x	114.65x	272.30x	120.05x	95.43x	76.79x	125.96x	-
FCF Conversion	1.63x	1.70x	1.58x	1.74x	1.61x	1.88x	1.62x	1.46x	1.58x	1.37x
Revenue Growth	12.38%	3.12%	5.52%	3.74%	25.17%	18.53%	42.61%	-4.51%	33.89%	32.97%

Taiwan Semiconductor Manufacturing Company Limited (TSM) 10-Year Financial Performance & Capital Metrics

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Taiwan Semiconductor Manufacturing Company Limited (TSM) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TSM vs Peers

vs GFS

vs UMC

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios