Last 47 quarters of trend data · Technology · Semiconductors
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Taiwan Semiconductor Manufacturing Company Limited's quarterly P/E stands at 0.8x, up 8.4% year-over-year.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 37.12 | 0.77 | 0.80 | 0.74 | 0.60 | 0.71 | 0.69 | 0.91 | 0.78 | 0.56 | 0.53 | 0.72 | 0.58 |
| — | +8.4% | +15.6% | -18.9% | -23.9% | +26.1% | +29.7% | +26.3% | +34.2% | +59.2% | +68.6% | +61.0% | -12.6% | |
| P/S Ratio | 16.74 | 0.37 | 0.37 | 0.31 | 0.26 | 0.29 | 0.30 | 0.33 | 0.30 | 0.22 | 0.21 | 0.27 | 0.24 |
| — | +26.6% | +23.4% | -6.0% | -13.8% | +36.8% | +43.8% | +23.0% | +25.5% | +39.6% | +42.1% | +37.1% | -13.9% | |
| P/B Ratio | 11.83 | 0.29 | 0.29 | 0.25 | 0.19 | 0.24 | 0.22 | 0.24 | 0.19 | 0.16 | 0.13 | 0.16 | 0.16 |
| — | +20.9% | +28.5% | +7.8% | -2.8% | +53.2% | +67.6% | +44.5% | +23.4% | +18.0% | +3.4% | -3.3% | -33.0% | |
| P/FCF | 58.71 | 1.02 | 2.60 | 1.49 | 0.73 | 0.99 | 1.22 | 1.31 | 0.69 | 0.48 | 1.69 | — | 1.46 |
| — | +2.4% | +112.4% | +13.5% | +5.6% | +105.5% | -27.4% | — | -52.7% | -25.0% | +175.1% | — | +18.5% | |
| EV / EBITDA | 23.64 | -0.07 | -0.03 | -0.08 | -0.23 | -0.02 | 0.02 | 0.07 | 0.01 | 0.02 | 0.08 | 0.15 | -0.01 |
| — | -178.8% | -239.5% | -217.5% | -2767.1% | -228.9% | -73.8% | -51.9% | +215.9% | +146.6% | +402.6% | +234.4% | -105.2% | |
| EV / EBIT | 32.04 | -0.08 | -0.03 | -0.14 | -0.30 | -0.03 | 0.03 | 0.10 | 0.01 | 0.03 | 0.12 | 0.22 | -0.01 |
| — | -144.7% | -228.8% | -234.7% | -2444.6% | -214.3% | -76.6% | -53.0% | +227.1% | +157.4% | +456.9% | +258.7% | -105.0% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Taiwan Semiconductor Manufacturing Company Limited's operating margin was 53.9% in Q4 2025, up 3.3 pp QoQ and up 4.9 pp YoY. This marks the 4th consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 50.7% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 5.6% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 59.9% | 62.3% | 59.5% | 58.6% | 58.8% | 59.0% | 57.8% | 53.2% | 53.1% | 53.0% | 54.3% | 54.1% | 56.3% |
| — | +5.6% | +2.8% | +10.2% | +10.8% | +11.2% | +6.6% | -1.7% | -5.8% | -14.8% | -10.2% | -8.4% | +1.2% | |
| Operating Margin | 50.8% | 53.9% | 50.6% | 49.6% | 48.5% | 49.0% | 47.5% | 42.5% | 42.0% | 41.6% | 41.7% | 42.0% | 45.5% |
| — | +9.9% | +6.5% | +16.6% | +15.4% | +17.8% | +13.8% | +1.3% | -7.6% | -19.9% | -17.6% | -14.4% | -0.2% | |
| Net Margin | 45.1% | 48.3% | 45.7% | 42.7% | 43.1% | 41.4% | 42.8% | 36.8% | 38.0% | 38.2% | 38.6% | 37.8% | 40.7% |
| — | +16.7% | +6.7% | +15.9% | +13.2% | +8.6% | +10.9% | -2.7% | -6.5% | -12.3% | -15.8% | -14.8% | -1.4% |
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.7% | 9.7% | 9.4% | 8.6% | 8.1% | 8.7% | 8.3% | 6.6% | 6.3% | 7.0% | 6.4% | 5.8% | 6.9% |
| — | +12.4% | +13.0% | +30.5% | +28.5% | +23.9% | +29.3% | +14.7% | -8.0% | -27.2% | -39.9% | -41.2% | -24.0% | |
| ROA | 23.8% | 6.7% | 6.3% | 5.6% | 5.2% | 5.6% | 5.4% | 4.2% | 4.0% | 4.3% | 4.0% | 3.6% | 4.1% |
| — | +19.5% | +17.6% | +33.8% | +31.3% | +29.1% | +34.9% | +18.1% | -3.7% | -23.5% | -36.5% | -37.3% | -21.3% | |
| ROIC | 42.7% | 11.9% | 11.2% | 10.9% | 9.5% | 10.0% | 8.7% | 7.1% | 6.3% | 6.5% | 5.8% | 5.5% | 6.8% |
| — | +18.2% | +28.9% | +52.4% | +50.7% | +53.9% | +50.6% | +29.0% | -7.9% | -35.5% | -43.9% | -42.0% | -22.3% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Taiwan Semiconductor Manufacturing Company Limited's Debt/EBITDA ratio is 1.4x, down from 1.4x last quarter — comfortably within a safe range. The current ratio has improved 10.9% YoY to 2.62x, strengthening the short-term liquidity position. Debt/Equity has declined for 11 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.18 | 0.18 | 0.19 | 0.20 | 0.22 | 0.24 | 0.25 | 0.27 | 0.27 | 0.28 | 0.29 | 0.29 | 0.29 |
| — | -25.7% | -25.9% | -26.2% | -19.6% | -11.6% | -11.9% | -8.9% | -4.9% | -9.0% | -11.6% | -17.3% | -16.1% | |
| Debt / EBITDA | 0.37 | 1.35 | 1.43 | 1.11 | 1.78 | 1.76 | 1.94 | 2.27 | 2.47 | 2.33 | 2.60 | 2.90 | 2.61 |
| — | -23.1% | -26.1% | -51.2% | -27.8% | -24.5% | -25.4% | -21.7% | -5.6% | +13.4% | +20.0% | +21.6% | +9.6% | |
| Current Ratio | 2.62 | 2.62 | 2.69 | 2.37 | 2.39 | 2.36 | 2.57 | 2.47 | 2.39 | 2.33 | 2.15 | 2.42 | 2.29 |
| — | +10.9% | +4.9% | -4.1% | -0.0% | +1.4% | +19.6% | +2.2% | +4.6% | +11.8% | -13.9% | +7.2% | +9.2% | |
| Quick Ratio | 2.42 | 2.42 | 2.47 | 2.15 | 2.18 | 2.14 | 2.30 | 2.21 | 2.13 | 2.06 | 1.88 | 2.13 | 2.04 |
| — | +13.1% | +7.4% | -2.8% | +2.4% | +3.8% | +22.4% | +3.9% | +4.5% | +11.0% | -15.6% | +6.5% | +10.2% | |
| Interest Coverage | — | — | 5065.46 | 125.55 | 152.05 | 168.72 | 136.87 | 108.62 | 92.29 | 89.15 | 73.29 | 67.20 | 78.02 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Taiwan Semiconductor Manufacturing Company Limited's current P/E is 37.1x. The average P/E over the last 4 quarters is 0.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Taiwan Semiconductor Manufacturing Company Limited's current operating margin is 50.8%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Taiwan Semiconductor Manufacturing Company Limited's business trajectory between earnings reports.