olivLaw · US equity research
Taiwan Semiconductor Manufacturing Company Limited TSM
Semiconductors & Related Devices · SIC 3674 · Vertical: Semiconductors & Related Devices (SIC 3674)
Taiwan Semiconductor Manufacturing Company is the world's largest dedicated semiconductor foundry, making chips to customers' designs from fabless firms to system integrators. Revenue rose to NT$3,809,054 million in fiscal 2025, driven by demand for high-performance computing and artificial intelligence, while the company systematically shifts production to advanced nodes.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Taiwan Semiconductor Manufacturing Company Limited (TSM) stock was 395.75 USD (−2.24% on the day), with market capitalisation 10,262.8 bn USD, P/E 291.0 on diluted EPS of 1.36 USD over the last 12 months, dividend yield 0.11%, beta 1.71, 52-week range 275.06–485.80 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 36.4
- weak (30–45)
- Bollinger (20, 2)
- 391.42 – 459.74
- in the lower half of the band · %B 0.06 · band width 16.1%
- SMA 50 / 200
- 433.97 / 401.10
- mixed trend
- MACD (12, 26, 9)
- -9.65 / -6.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −18.5% | −2.0% | −16.5 pp | — |
| 3 months | −4.4% | −2.2% | −2.2 pp | — |
| 6 months | −5.7% | +4.3% | −9.9 pp | — |
| Year to date | +30.2% | +10.6% | +19.7 pp | — |
| 1 year | +34.6% | +10.5% | +24.1 pp | +34.8% |
| 3 years | +331.1% | +73.7% | +257.5 pp | +35.5% |
| 5 years | +236.0% | +61.7% | +174.2 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 8-quarter history (min 59.6, median 111.8, max 155.8; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 33.0 bn | 33.7 bn | 35.8 bn | 47.7 bn | 57.2 bn | 73.7 bn | 70.6 bn | 88.3 bn |
| Revenue YoY | unavailable | +2.2% | +6.2% | +33.3% | +20.0% | +28.7% | −4.2% | +25.0% |
| Net income | 11.6 bn | 11.9 bn | 11.8 bn | 18.2 bn | 21.4 bn | 32.3 bn | 27.8 bn | 35.3 bn |
| Net income YoY | unavailable | +1.9% | −0.2% | +53.7% | +17.4% | +51.3% | −13.9% | +27.0% |
| Diluted EPS | 0.45 | 0.46 | 0.46 | 0.70 | 0.82 | 1.25 | 1.07 | 1.36 |
| Diluted EPS YoY | unavailable | +2.2% | 0.0% | +52.2% | +17.1% | +52.4% | −14.4% | +27.1% |
| net % | 35.3% | 35.2% | 33.1% | 38.1% | 37.3% | 43.9% | 39.4% | 40.0% |
| Free cash flow | 8.6 bn | 8.4 bn | 5.2 bn | 11.2 bn | 9.8 bn | 17.2 bn | 9.5 bn | 26.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 64.9 bn USD
- Financial debt
- 2.8 bn USD
- Net debt
- -62.1 bn USD
- Equity
- 130.5 bn USD
- Total assets
- 204.1 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 2.36x
- ROE
- 29.0%
- ROA
- 18.4%
- FCF margin
- 30.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 35.8 bn | 47.7 bn | 57.2 bn | 73.7 bn | 70.6 bn | 88.3 bn | SEC (XBRL)· 17 Apr 2025verified |
| Cost of revenue | 19.3 bn | 22.4 bn | 27.7 bn | 29.8 bn | 32.2 bn | 38.7 bn | SEC (XBRL)· 17 Apr 2025verified |
| Gross profit | 16.5 bn | 25.3 bn | 29.5 bn | 43.9 bn | 38.4 bn | 49.5 bn | SEC (XBRL)· 17 Apr 2025verified |
| Research & development | 3.1 bn | 3.9 bn | 4.5 bn | 5.3 bn | 6.0 bn | 6.2 bn | SEC (XBRL)· 17 Apr 2025verified |
| Operating income | 12.5 bn | 20.2 bn | 23.4 bn | 36.5 bn | 30.1 bn | 40.3 bn | SEC (XBRL)· 17 Apr 2025verified |
| Interest expense | 108.7 m | 74.1 m | 195.2 m | 382.4 m | 391.9 m | 320.1 m | SEC (XBRL)· 17 Apr 2025verified |
| Pre-tax income | 13.0 bn | 20.8 bn | 23.9 bn | 37.2 bn | 32.0 bn | 42.9 bn | SEC (XBRL)· 17 Apr 2025verified |
| Income tax | 1.2 bn | 2.6 bn | 2.5 bn | 4.9 bn | 4.2 bn | 7.6 bn | SEC (XBRL)· 17 Apr 2025verified |
| Net income | 11.8 bn | 18.2 bn | 21.4 bn | 32.3 bn | 27.8 bn | 35.3 bn | SEC (XBRL)· 17 Apr 2025verified |
| Diluted EPS | 0.46 | 0.70 | 0.82 | 1.25 | 1.07 | 1.36 | SEC (XBRL)· 17 Apr 2025verified |
| Weighted average diluted shares | — | 25.9 bn | 25.9 bn | 25.9 bn | 25.9 bn | 25.9 bn | SEC (XBRL)· 17 Apr 2025verified |
| Dividend per share | 0.33 | 0.36 | 0.37 | 0.36 | 0.37 | 0.43 | SEC (XBRL)· 17 Apr 2025derived |
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.2 bn | 23.8 bn | 34.7 bn | 43.9 bn | 44.7 bn | 64.9 bn | SEC (XBRL)· 17 Apr 2025verified |
| Inventories | 2.8 bn | 4.9 bn | 7.0 bn | 7.2 bn | 8.2 bn | 8.8 bn | SEC (XBRL)· 17 Apr 2025verified |
| Current assets | 27.5 bn | 38.9 bn | 57.9 bn | 66.8 bn | 71.7 bn | 94.2 bn | SEC (XBRL)· 17 Apr 2025verified |
| Property, plant & equipment, net | 45.2 bn | 55.4 bn | 71.2 bn | 87.7 bn | 100.1 bn | 98.7 bn | SEC (XBRL)· 17 Apr 2025verified |
| Total assets | 75.7 bn | 98.3 bn | 134.3 bn | 161.6 bn | 180.7 bn | 204.1 bn | SEC (XBRL)· 17 Apr 2025verified |
| Short-term debt | 4.0 bn | 3.2 bn | 4.1 bn | 628.5 m | 303.5 m | 1.8 bn | SEC (XBRL)· 17 Apr 2025verified |
| Long-term debt | — | 70.1 m | 119.3 m | 154.9 m | 143.1 m | 970.5 m | SEC (XBRL)· 17 Apr 2025verified |
| Current liabilities | 20.0 bn | 22.5 bn | 27.3 bn | 32.1 bn | 30.8 bn | 39.9 bn | SEC (XBRL)· 17 Apr 2025verified |
| Total liabilities | 21.7 bn | 32.9 bn | 56.7 bn | 66.6 bn | 67.9 bn | 73.6 bn | SEC (XBRL)· 17 Apr 2025verified |
| Equity | 54.0 bn | 65.4 bn | 77.6 bn | 95.0 bn | 112.8 bn | 130.5 bn | SEC (XBRL)· 17 Apr 2025verified |
| Shares outstanding at year end | 25.9 bn | 25.9 bn | 25.9 bn | 25.9 bn | 25.9 bn | 25.9 bn | SEC (XBRL)· 17 Apr 2025verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 20.6 bn | 29.3 bn | 40.1 bn | 52.4 bn | 40.6 bn | 55.7 bn | SEC (XBRL)· 17 Apr 2025verified |
| Capex | 15.4 bn | 18.1 bn | 30.3 bn | 35.2 bn | 31.0 bn | 29.2 bn | SEC (XBRL)· 17 Apr 2025verified |
| Free cash flow | 5.2 bn ≈ | 11.2 bn ≈ | 9.8 bn ≈ | 17.2 bn ≈ | 9.5 bn ≈ | 26.5 bn ≈ | SEC (XBRL)· 17 Apr 2025derived |
| Investing cash flow | -15.3 bn | -18.0 bn | -30.2 bn | -38.8 bn | -29.6 bn | -26.4 bn | SEC (XBRL)· 17 Apr 2025verified |
| Financing cash flow | -9.0 bn | -3.2 bn | 4.9 bn | -6.5 bn | -6.7 bn | -10.6 bn | SEC (XBRL)· 17 Apr 2025verified |
| Dividends paid | 8.7 bn | 9.2 bn | 9.6 bn | 9.3 bn | 9.5 bn | 11.1 bn | SEC (XBRL)· 17 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10,262.8 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Valuation2
- Returns35
- Quality75
- Balance sheet92
- Growth62
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 13.84 – 47.00 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)19.42 – 28.35 (Mid 22.91)WACC 9.3% · starting FCFF 26.8 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/Sales13.84 – 47.00 (Mid 22.34)26 companies used · median multiple 5.9x · quartiles 3.4x – 13.1xAAOI, ADI, ALGM, AMAT, AMD, AVGO, FSLR, GFS, ICHR, INTC, JKS, MCHP, MRAM, MRVL, MTSI, MU, NVDA, NXPI, ON, PENG, Q, QUIK, SPCB, TE, TXN, WOLF
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 56.1% | 40 (on a fixed band) | 11% |
| EBIT margin · Quality | 45.7% | 92 (vs peers) | 9% |
| FCF margin · Quality | 30.1% | 100 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 15.5% | 62 (on a fixed band) | 18% |
| Revenue growth (YoY) · Growth | 25.0% | 62 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.4x | 92 (on a fixed band) | 7% |
| EV/Sales · Valuation | 115.6x | 0 (vs peers) | 18% |
| FCF yield · Valuation | 0.3% | 5 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 0.1% | 35 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial92/100 · 1/2 factors with a value
- Growth62/100 · 2/2 factors with a value
- Quality75/100 · 3/3 factors with a value
- Returns35/100 · 1/1 factors with a value
- Valuation2/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Taiwan Semiconductor Manufacturing Company Limited (TSM). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 88.3 bn USD in 2024; YoY growth 25.0%; net margin 40.0%; ROE 29.3%.
The estimated value range is 16.63–37.67 USD per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 22.62 USD, the price of 395.75 USD leaves a potential of -94.3% (value / price − 1) and a margin of safety of -1,649.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 45.7%
- FCF margin: 30.1%
- Current ratio: 2.4x
What contradicts it
- EV/Sales: 115.6x
- FCF yield: 0.3%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA.
Versus the vertical median
Semiconductors & Related Devices (SIC 3674) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TSMTaiwan Semiconductor Manufacturing Company Limited | 10,262.8 bn | 291.0 | 29.3% | 40.0% | +25.0% | +35% / +331% |
| NVDANvidia Corp | 4,981.2 bn | 26.1 | 117.2% | 63.7% | +65.5% | +17% / +342% |
| AVGOBroadcom Inc. | 1,585.5 bn | 42.4 | 44.2% | 42.9% | +23.9% | −18% / +259% |
| MUMicron Technology, Inc. | 967.5 bn | 11.5 | 88.3% | 63.8% | +256.3% | +262% / +1,023% |
| AMDAdvanced Micro Devices Inc | 790.0 bn | 124.5 | 10.1% | 15.6% | +34.3% | +122% / +299% |
| INTCIntel Corporation | 321.8 bn | — | -10.9% | -20.1% | −0.5% | +49% / +35% |
| AMATApplied Materials Inc | 303.1 bn | 32.9 | 41.1% | 30.1% | +4.4% | +51% / +155% |
| TXNTexas Instruments Inc | 285.5 bn | 40.5 | 39.7% | 34.3% | +13.0% | +86% / +105% |
| ADIAnalog Devices Inc | 203.4 bn | 49.8 | 12.2% | 29.8% | +16.9% | +58% / +129% |
| MRVLMarvell Technology, Inc | 150.8 bn | 56.8 | 16.5% | 27.9% | +42.1% | +92% / +209% |
| NXPINXP Semiconductors N.V. | 66.2 bn | 20.7 | 29.2% | 23.4% | −2.7% | +35% / +29% |
| MPWRMonolithic Power Systems, Inc. | 64.8 bn | 73.2 | 25.1% | 23.9% | +26.4% | +43% / +142% |
| MCHPMicrochip Technology Incorporated | 42.3 bn | 107.7 | 7.2% | 9.3% | +7.1% | +45% / −7% |
| ALABAstera Labs, Inc. | 40.5 bn | 115.8 | 25.8% | 30.7% | +115.1% | +48% / unavailable |
| CRDOCredo Technology Group Holding Ltd | 28.4 bn | 53.8 | 30.7% | 33.8% | +205.7% | −15% / +743% |
| ONOn Semiconductor Corp | 28.3 bn | 42.2 | 8.9% | 10.8% | −15.3% | +45% / +2% |
| QQnity Electronics, Inc. | 24.9 bn | 40.1 | 8.9% | 12.4% | +9.7% | +47% / unavailable |
| GFSGLOBALFOUNDRIES Inc. | 22.4 bn | 25.4 | 7.8% | 13.0% | +0.6% | +13% / −25% |
| FSLRFirst Solar, Inc. | 20.0 bn | 10.8 | 18.7% | 37.1% | +24.1% | −32% / +18% |
| MTSIMACOM Technology Solutions Holdings, Inc. | 18.0 bn | 75.3 | 17.2% | 20.7% | +32.6% | +35% / +180% |
| RMBSRambus Inc | 8.9 bn | 34.1 | 19.6% | 33.4% | +27.1% | −13% / +23% |
| ALGMAllegro Microsystems, Inc. | 5.8 bn | 209.1 | 3.2% | 3.1% | +22.8% | +17% / +15% |
| AAOIApplied Optoelectronics, Inc. | 5.4 bn | — | -5.4% | -9.6% | +82.8% | +139% / +383% |
| HIMXHimax Technologies, Inc. | 3.6 bn | 80.3 | 4.9% | 5.3% | −8.2% | +38% / +83% |
| KLICKulicke And Soffa Industries, Inc. | 3.6 bn | 31.5 | 13.2% | 12.2% | −7.4% | +52% / +33% |
1- and 3-year price returns: for TSM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 259.04 Total return -34% · Per year -34% | 455.87 Total return 15% · Per year 15% | 683.81 Total return 73% · Per year 73% |
| 3 years | 307.26 Total return -22% · Per year -8% | 602.89 Total return 53% · Per year 15% | 984.69 Total return 149% · Per year 36% |
| 5 years | 364.46 Total return -7% · Per year -2% | 797.33 Total return 102% · Per year 15% | 1,417.95 Total return 259% · Per year 29% |
- Exit P/E± 150.72
- Net margin± 105.51
- Annual revenue growth± 78.69
- Annual dilution± 8.87
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Apr 2026; since then the company filed 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (08 Oct 2026), 6-K (24 Sept 2026), 6-K (10 Sept 2026), 6-K (01 Sept 2026).
In brief
Taiwan Semiconductor Manufacturing Company is the world's largest dedicated semiconductor foundry, making chips to customers' designs from fabless firms to system integrators. Revenue rose to NT$3,809,054 million in fiscal 2025, driven by demand for high-performance computing and artificial intelligence, while the company systematically shifts production to advanced nodes.
SWOT
Strengths
Weaknesses
- Geographic concentration of revenue on customers headquartered in North America is high and rose in 2025 1.
- Most sales are in U.S. dollars while reporting is in NT dollars, exposing reported results to currency movements 1.
- Fab fixed costs are large, and unused capacity could weigh on unit costs if demand falls 1.
Opportunities
Threats
Risks
- Dependence on artificial intelligence demandhigh
Recent growth rests on demand for advanced computing, and a slowdown in AI investment could affect orders and capacity utilization 1.
- Currency exposuremedium
Revenue is in U.S. dollars while reporting is in NT dollars, so exchange rate moves can change reported figures 1.
- Large capital investmentsmedium
Expected spending for 2026 is very large and may be adjusted depending on market conditions, creating long-term financial commitments 1.
- Customer and regional concentrationmedium
The high share of customers in North America could make revenue sensitive to policy or demand changes in that region 1.
- Accounting estimateslow
Depreciation, revenue recognition and deferred tax assets depend on estimates that may differ from actual results, affecting reporting 1.
Investment thesis
What would need to be true (bull case)
- Leadership in advanced nodes and demand for AI could support revenue and margin growth over the medium term, if technology execution holds 1.
- Gross margin rose in 2025, and productive scale can dilute fixed costs in strong periods 1.
- Capacity plans and next-generation technologies could expand the offering if delivered on schedule 1.
What would break the thesis
What to watch
- Actual pace of capital expenditure against the US$52 billion to US$56 billion range2026
- Trend in gross margin and the effect of the exchange rateQ1 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 16 Apr 2026; since then the company filed 6-K (22 Oct 2026), 6-K (15 Oct 2026), 6-K (08 Oct 2026), 6-K (24 Sept 2026), 6-K (10 Sept 2026), 6-K (01 Sept 2026).
The business
The company operates as a dedicated foundry, manufacturing semiconductors based on designs provided by customers, and also offers design, mask making, TSMC 3DFabric advanced stacking and packaging, and testing services 1. Net revenue for 2025 was NT$3,809,054 million (US$121,423 million) and net income attributable to shareholders was NT$1,697,604 million (US$54,116 million) 1. Wafer fabrication accounted for approximately 86% of net revenue in 2025, with the rest mainly from packaging and testing, mask making, design and royalty income 1.
The company operates fabs in Taiwan, the United States, China, and Japan, and is expanding capacity for 2- and 3-nanometer nodes and advanced packaging 1. Capital expenditures for 2026 are expected to be between US$52 billion and US$56 billion, which may be adjusted depending on market conditions 1.
Segments
Packaging, testing, mask making and design
The remaining revenue, described in the report as coming from packaging and testing, mask making, design and royalty income, complements the service offering to customers 1. Advanced packaging, including TSMC 3DFabric, SoIC and CoWoS, is presented as a strategic component for high-performance computing 1.
Market context
Demand is framed around the 5G, artificial intelligence and high-performance computing megatrends, which the report considers the basis of a period of higher growth 1. Concentration on advanced nodes and HPC customers could make the market react quickly to changes in AI investment, if those were to shift 1.
Trends
- Strong demand for artificial intelligencetailwind
The report says new AI products such as GPUs, ASICs and servers support demand on advanced nodes and advanced packaging 1. The effect is favorable for both revenue and capacity plans 1.
- Migration to advanced nodesmixed
The share of 3- and 5-nanometer nodes in wafer revenue has risen year on year while older nodes have declined 1. This process supports margins but concentrates revenue on fewer technologies 1.
- High capital expendituremixed
Investments for 2026 are expected between US$52 billion and US$56 billion for capacity, 2- and 3-nanometer nodes and packaging 1. Such spending could raise future capacity if demand holds, but weighs on cash flow if demand falls 1.
- Exchange rateheadwind
Almost all sales are in U.S. dollars while the financial statements are published in NT dollars 1. Appreciation of the local currency reduced reported revenue in 2025 1.
Competitive position
The stated advantage is scale and capacity, especially for advanced technologies, combined with close customer relationships and a full service offering 1. Differentiation depends on maintaining yields and technological leadership on new nodes 1.
- Other dedicated semiconductor foundries
Foundry competitors that could contest customers on advanced nodes, in line with the segment description in the report 1.
- Integrated device manufacturers
Manufacturers that produce in-house and could reduce demand for external services, a factor implied by the customer classification in the report 1.
- Advanced packaging providers
Companies offering stacking and packaging solutions, an area where the company is building its own 3DFabric offering 1.
- Systems companies with in-house chip design
System companies that design their own chips and may choose in-house or outsourced production, per the customer classification in the report 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- TSMC to list $450mn green bonds in Taiwanbne IntelliNews (EN) · 05 Nov 2026 · EN
- Intel foundry push faces critical test after stock's 45% plunge in OctoberCNBC World · 02 Nov 2026 · EN
- Taiwan stocks brace for losses as TSMC slides in USbne IntelliNews (EN) · 01 Nov 2026 · EN
- PC chip plunge wipes out a quarter of Intel’s valueThe Register · 30 Oct 2026 · EN
- AI has come for Arizona’s waterThe Verge · 29 Oct 2026 · EN
- Apple takes powerful M6 chip to the MacBook Pro, iMacThe Register · 27 Oct 2026 · EN
- Anthropic devine publică, un test pentru pariul de un trilion de dolari. - Vietnam.vnSurge — Google News · 27 Oct 2026 · RO
- Riscurile IPO-ului Anthropic: ce spune prospectul - InvezzSurge — Google News · 26 Oct 2026 · RO
- Former Intel CEO Pat Gelsinger bets on Nagare Labs to vault the memory wallThe Register · 26 Oct 2026 · EN
- Why AI Compute Comes in Rectangles — Erik Bernhardsson, Modal CEOLatent Space Newsletter · 22 Oct 2026 · EN
- Why AI Compute Comes in Rectangles — Erik Bernhardsson, Modal CEOLatent Space Newsletter · 22 Oct 2026 · EN
- TSMC seeks factory-equipment alternatives to thwart China’s rare earths grip, sources sayThe Japan Times · 22 Oct 2026 · EN
- TSMC Seeks Alternatives to China-Controlled Rare Earths to Safeguard Chip ProductionModern Diplomacy · 22 Oct 2026 · EN
- To help world gorge on GPUs, Nvidia brings cash bucket to fatten wafer-thin supply chainThe Register · 22 Oct 2026 · EN
- The return of the CPUAsia Times · 21 Oct 2026 · EN
- Elon Musk anunță o posibilă fuziune între Tesla și SpaceX. Cele două companii au format comitete de analizăLibertatea.ro · 21 Oct 2026 · RO
- TSMC says four construction workers killed at Taiwan site, halting workThe Straits Times — Asia · 21 Oct 2026 · EN
- The Programmable Data Center — Evan Conrad, SF ComputeLatent Space Newsletter · 20 Oct 2026 · EN
- The Programmable Data Center — Evan Conrad, SF ComputeLatent Space Newsletter · 20 Oct 2026 · EN
- A visit to Samsung’s massive new semiconductor hubMIT Technology Review · 20 Oct 2026 · EN
SEC filings
- Current report (foreign issuer)22 Oct 2026
- Current report (foreign issuer)15 Oct 2026
- Current report (foreign issuer)08 Oct 2026
- Current report (foreign issuer)24 Sept 2026
- Current report (foreign issuer)10 Sept 2026
- Current report (foreign issuer)01 Sept 2026
- Current report (foreign issuer)25 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)11 Aug 2026
- Current report (foreign issuer)11 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Taiwan Semiconductor Manufacturing Company Limited · 16 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.