Taiwan Semiconductor Manufacturing Company Limited
- Open
- 425.75
- Day high
- 428.89
- Day low
- 410.75
- Prev close
- 420.39
- Volume
- 16.6M
- Mkt cap
- $2.18T
- P/E (TTM)
- 36.3
- EPS (TTM)
- $11.56
- P/B
- 11.9
- P/S
- 17.0
- Yield
- 0.41%
- Per share
- $1.71
- ▼Insiders net selling -$13.2M over the last 3 months (130 open-market buys, 1 sale)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions accumulating (13F)
Taiwan Semiconductor Manufacturing Company Limited (TSM) is a Technology company listed on NYSE. The stock is up 77% over the past year. Over the trailing 3 months, insiders filed 130 open-market buys and 1 sale (SEC Form 4). Drillr has 20 published research articles covering TSM.
Taiwan Semiconductor Manufacturing Company Limited (TSM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
TSM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 16, 2026 | $3.31 | $3.49 | +5.4% | $36.0B | +1.8% |
| Jan 15, 2026 | $2.90 | $3.09 | +6.6% | $33.1B | +0.4% |
| Nov 14, 2025 | $2.63 | $2.85 | +8.4% | $32.4B | +0.9% |
| Aug 14, 2025 | $2.38 | $2.61 | +9.7% | $31.8B | +5.1% |
| May 15, 2025 | $2.07 | $2.14 | +3.4% | $25.8B | +1.4% |
| Jan 16, 2025 | $2.20 | $2.19 | -0.5% | $26.4B | +0.5% |
| Nov 14, 2024 | $1.79 | $1.95 | +8.9% | $23.6B | +1.3% |
| Aug 14, 2024 | $1.41 | $1.47 | +4.3% | $20.7B | +1.6% |
| May 15, 2024 | $1.30 | $1.34 | +3.1% | $18.3B | +0.0% |
| Jan 18, 2024 | $1.38 | $1.46 | +5.8% | $19.8B | +0.6% |
| Nov 14, 2023 | $1.16 | $1.26 | +8.6% | $16.9B | -0.4% |
| Aug 14, 2023 | $1.07 | $1.13 | +5.6% | $15.5B | +0.2% |
TSM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 9, 2026 | Wang Ying-Langofficer: SVP | Buy | 53 | $76.62 |
| Jul 9, 2026 | Hwang Yuan-Koofficer: VP | Buy | 40 | $76.62 |
| Jul 9, 2026 | Yoo Chue-Sanofficer: VP | Buy | 51 | $76.62 |
| Jul 9, 2026 | Lin Shyue-Shyhofficer: VP | Buy | 44 | $76.62 |
| Jul 9, 2026 | Lu Lee-Chungofficer: VP | Buy | 49 | $76.62 |
| Jul 9, 2026 | Cao Minofficer: VP | Buy | 54 | $76.62 |
| Jul 9, 2026 | Chuang Tzu-Souofficer: VP | Buy | 45 | $76.62 |
| Jul 9, 2026 | Lu Chin-Shengofficer: VP | Buy | 37 | $76.62 |
| Jul 9, 2026 | Huang Jen-Chauofficer: SVP and CFO | Buy | 28 | $76.62 |
| Jul 9, 2026 | He Junofficer: VP | Buy | 45 | $76.62 |
| Jul 9, 2026 | Yeap Choh Feiofficer: SVP | Buy | 53 | $76.62 |
| Jul 9, 2026 | Mii Yuh-Jierofficer: EVP and Co-COO | Buy | 68 | $76.62 |
| Jul 9, 2026 | Fang Shu-Huaofficer: SVP and GC | Buy | 54 | $76.62 |
| Jul 9, 2026 | Liaw Yung-Hawofficer: VP | Buy | 48 | $76.62 |
| Jul 9, 2026 | Chen Chih-Hoofficer: Controller | Buy | 31 | $76.62 |
Source: TSM SEC Form 4 filings, latest Jul 9, 2026. For informational purposes only — not investment advice.
See the full TSM insider & 13F page →TSM research & analysis
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Taiwan Semiconductor Manufacturing Company Limited company profile
Overview
Taiwan Semiconductor Manufacturing Company Limited (NYSE:TSM) is the world's largest contract semiconductor manufacturer, founded in 1987 and headquartered in Hsinchu City, Taiwan. The company pioneered the pure-play foundry model, focusing exclusively on manufacturing semiconductors for other companies rather than designing its own chips. Since going public in 1997, TSMC has grown to become a critical component of the global technology supply chain, producing chips for smartphones, computers, automotive systems, and artificial intelligence applications. The company operates advanced fabrication facilities primarily in Taiwan while expanding its global footprint with new fabs in the United States, Japan, and Europe.
Business
TSMC operates in the semiconductor foundry industry, which involves manufacturing integrated circuits and other semiconductor devices designed by other companies. Unlike traditional semiconductor companies that both design and manufacture their own chips, TSMC follows a pure-play foundry model - it exclusively provides manufacturing services without competing with its customers in chip design. The company's core business revolves around wafer fabrication, where silicon wafers are processed through hundreds of steps to create microscopic transistors and circuits. TSMC specializes in advanced complementary metal-oxide-semiconductor (CMOS) processes, which are the foundation of modern digital electronics. The company offers various process technologies measured in nanometers (nm), with smaller numbers indicating more advanced, densely packed transistors that enable faster and more energy-efficient chips. TSMC's revenue is primarily divided across technology nodes and end-market platforms: 1. **Advanced Technologies (7nm and below)**: Representing approximately 73% of wafer revenue, these cutting-edge processes include 3-nanometer (22% of revenue), 5-nanometer (36%), and 7-nanometer (15%) technologies. These nodes are used for the most demanding applications like smartphone processors and AI accelerators. 2. **Mature Technologies**: The remaining revenue comes from older but still essential process nodes used for automotive chips, power management, and specialty applications. 3. **Platform Segments**: High Performance Computing (HPC) accounts for 59% of revenue, smartphones 28%, automotive 5%, Internet of Things (IoT) 5%, and Digital Consumer Electronics (DCE) 1%. The HPC segment has grown rapidly due to artificial intelligence and data center demand. Beyond wafer fabrication, TSMC provides advanced packaging services, which involve assembling and connecting multiple chips into final products, as well as testing services to ensure chip functionality and quality.
Revenue model
TSMC generates revenue primarily through contract manufacturing services, where customers pay for the production of their semiconductor designs. The company operates on a foundry service model with multiple revenue streams: **Primary Revenue Model**: Customers pay TSMC based on the number of wafers processed and the complexity of the manufacturing process. More advanced technology nodes (smaller nanometer processes) command significantly higher prices due to their technical difficulty and lower yields. For example, 3-nanometer wafers generate much higher revenue per unit than 28-nanometer wafers. **Customer Base**: TSMC serves a diverse range of customers including major technology companies like Apple, NVIDIA, AMD, Qualcomm, and Broadcom. These fabless semiconductor companies design chips but rely on TSMC's manufacturing expertise and capacity. **Pricing Power Factors**: Several factors enhance TSMC's ability to maintain strong margins. The company's technological leadership in advanced nodes creates limited competition, allowing for premium pricing. The high capital requirements and technical complexity of semiconductor manufacturing create significant barriers to entry. Additionally, TSMC practices strategic pricing, adjusting prices based on technology value, capacity utilization, and geographic flexibility. **Margin Influencing Factors**: Positive margin drivers include high capacity utilization rates, technology leadership enabling premium pricing, and economies of scale from large production volumes. Negative factors include significant capital expenditure requirements (typically $30-40 billion annually), inflationary pressures on materials and energy costs, and margin dilution from overseas fab expansion. The company expects 2-3% gross margin dilution from new facilities in Arizona, Japan, and Europe due to higher construction and operating costs compared to Taiwan operations. **Advanced Services**: TSMC also generates revenue from advanced packaging services, mask manufacturing, and engineering support, though these represent smaller portions of total revenue. The advanced packaging business is growing faster than the corporate average as customers require more sophisticated chip assembly solutions.
Competitive moat
TSMC possesses a very strong competitive moat built on multiple reinforcing advantages that are extremely difficult for competitors to replicate. The company's primary moat stems from its technological leadership in advanced semiconductor manufacturing processes. TSMC consistently leads the industry in developing and mass-producing the most advanced chip technologies, currently dominating 3-nanometer production and preparing for 2-nanometer manufacturing in 2025. **Manufacturing Excellence**: The company has developed proprietary manufacturing techniques, process recipes, and quality control systems refined over decades. This institutional knowledge, combined with continuous R&D investment (representing billions annually), creates a significant technical barrier. TSMC's ability to achieve high yields on complex processes gives it substantial cost and performance advantages. **Scale and Capital Requirements**: The semiconductor foundry business requires enormous capital investments - TSMC spends $30-40 billion annually on capital expenditures. This scale requirement creates massive barriers to entry, as few companies can match such investment levels. The company's large scale also enables better supplier relationships and cost efficiencies. **Customer Switching Costs**: Once customers design chips for TSMC's specific processes, switching to competitors requires extensive redesign work, qualification testing, and risk-taking. This creates strong customer stickiness, particularly for advanced applications where TSMC may be the only viable option. **Potential Competitive Threats**: The primary competition comes from Samsung Foundry and Intel Foundry Services, though both lag TSMC in advanced process technology and manufacturing scale. Samsung focuses more on memory products, while Intel is transitioning from internal manufacturing to external foundry services. Chinese foundries like SMIC are advancing but remain several generations behind due to equipment restrictions and technical challenges. **Geopolitical Risks**: TSMC's concentration in Taiwan presents both an advantage (cost efficiency, skilled workforce) and a vulnerability (geopolitical tensions, natural disaster risk). The company is addressing this through global expansion, though overseas operations will initially operate at lower margins.
Risks & safety
**Overall Assessment**: TSMC demonstrates strong financial safety with excellent liquidity, manageable debt levels, and consistent profitability, though valuation metrics suggest limited margin of safety at current prices. **Liquidity and Solvency**: - Cash and short-term investments: $81.7 billion (Q1 2025) - Current ratio: 2.31 (strong liquidity position) - Quick ratio: 2.11 (excellent short-term debt coverage) - Debt-to-equity ratio: 0.21 (conservative debt levels) - Free cash flow: $8.9 billion (Q1 2025), though variable quarterly **Valuation Metrics**: - Price-to-earnings ratio: 19.8 (reasonable for a technology leader) - EV/EBITDA: 59.8 (elevated, reflecting growth expectations) - Price-to-book ratio: 6.2 (premium valuation) - Graham number suggests potential overvaluation at current levels **Other Considerations**: - Strong return on equity: 7.9% (Q1 2025) - Consistent profitability with net margins above 40% - High capital intensity requiring continuous investment - Cyclical industry exposure creates earnings volatility - Geopolitical risks from Taiwan concentration
Recent development
Over the past few years, TSMC has executed several major strategic initiatives that position the company for continued growth in the artificial intelligence era. The most significant development has been the company's aggressive expansion of AI accelerator chip manufacturing, with management expecting AI-related revenue to double in 2025 and forecasting a mid-40% compound annual growth rate for AI accelerators over the next five years. **Global Manufacturing Expansion**: TSMC has embarked on its largest-ever international expansion. In Arizona, the company has committed $165 billion to build multiple advanced fabs, with the first facility achieving high-volume production using N4 process technology in Q4 2024. The company recently announced plans for three additional Arizona fabs plus advanced packaging facilities and a major R&D center. In Japan, TSMC's Kumamoto fab started volume production in late 2024, with a second facility planned for 2027. The company also broke ground on a European fab in Dresden, Germany, focusing on automotive and industrial applications. **Technology Roadmap Acceleration**: TSMC has accelerated its advanced technology development, with 2-nanometer (N2) technology on track for volume production in the second half of 2025. The company is also developing N2P and A16 technologies, with A16 featuring innovative Super Power Rail (SPR) backside power delivery scheduled for the second half of 2026. These technologies are critical for next-generation AI and high-performance computing applications. **Advanced Packaging Leadership**: Recognizing the growing importance of chip packaging for AI applications, TSMC has significantly expanded its CoWoS (Chip-on-Wafer-on-Substrate) advanced packaging capacity. This technology enables the integration of multiple chips into high-performance modules essential for AI accelerators and data center processors. **Strategic Capacity Management**: Despite strong demand, TSMC has maintained disciplined capacity planning, focusing on profitable growth rather than market share. The company has implemented strategic pricing policies and carefully allocated capacity to maximize long-term value creation while supporting customer success across all segments.
TSM company profile · for informational purposes only — not investment advice.
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