Taiwan Semiconductor Mfg. (TSM) financials

NYSE · Technology · Semiconductors · 65,152 employees · CEO Che Chia Wei

Price: $406.13 -5.95%
Market cap: $2.11T
Enterprise value: NT$58.8T
Last report: Q3 '26 filed 2026-10-15
Next report: 2027-01-21

Revenue (TTM)NT$4.94T+36.1% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)58.0%+8.5 pp vs a year agoOperating income NT$2.87T

Net income (TTM)NT$2.53T+60.8% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)NT$1.51T+69.8% vs a year agoCapex NT$1.65T

Diluted EPS (TTM)NT$491.30+60.2% vs a year agoSum of the last 4 quarters

Net cashNT$3.03T+75.4% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $2.11T
Revenue: NT$4.94T
Revenue growth: +44%
Profit margin: 51.1%
P/E: 24.1×
P/S: 12.4×
EV / EBITDA: 16.0×
Free cash flow: NT$1.51T
Net income: NT$2.53T
Revenue estimate: NT$5.49T
Earnings: 2027-01-21
Dividend: $3.50

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Revenue growth accelerating: 50.9% year on yearQ3 '26 revenue NT$1.49T, against an average of 30.5% over the four quarters before.
Operating margin 58.0% (TTM), +8.5 pp on a year agoOperating income grew 59.5% while revenue grew 36.1%.
Capex 33.4% of revenue (a year ago 35.3%)NT$1.65T invested in the last 4 quarters (+28.9% on a year earlier). Free cash flow NT$1.51T = 59.6% of net income.
Returned NT$570B to shareholders = 37.9% of free cash flowBuybacks NT$0 (a year earlier NT$23K), dividends NT$570B, stock-based pay NT$410M (TTM).
Diluted share count up 0.0% in a year5.19B diluted shares in Q3 '26, 5.19B a year earlier.
Net cash NT$3.03TCash + short-term investments NT$4.01T, debt incl. leases NT$981B; a year ago net cash NT$1.73T.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	NT$1.49T	NT$990B	+50.9%
Gross margin	66.4%	59.5%	+7.0 pp
Operating income	NT$875B	NT$501B	+74.9%
Operating margin	58.6%	50.6%	+8.0 pp
Net income	NT$763B	NT$452B	+68.6%
Diluted EPS	NT$147.15	NT$87.20	+68.8%
Operating cash flow	NT$952B	NT$427B	+123.0%
Capex	NT$442B	NT$288B	+53.1%
Free cash flow	NT$510B	NT$138B	+268.6%
R&D	NT$88.9B	NT$63.7B	+39.5%
Stock-based compensation	NT$0	NT$273M	-100.0%

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: NT$3.16T
Capex: -NT$1.65T
Buybacks: NT$0
Dividends: -NT$570B
Acquisitions: NT$372M
Net debt issued: NT$14.9B
Stock-based compensation: NT$410M
Free cash flow: NT$1.51T
Returned to shareholders / FCF: 37.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	24.1×	23.5×	11.5× – 29.2×
EV / EBITDA	16.0×	13.4×	7.1× – 17.4×
EV / Sales	11.9×	9.4×	5.0× – 12.5×
Price / FCF	40.9×	46.9×	22.7× – 65.6×
Price / Book	8.8×	6.8×	4.1× – 9.2×
FCF yield	2.4%	2.5%	1.5% – 4.4%
Return on invested capital	28.8%	21.0%	17.4% – 24.6%
Return on equity	41.2%	29.1%	24.8% – 34.2%

Analysts

Consensus target $585.57 (+44.2%)
range $500.00 – $700.00 · rating Buy

Strong buy0

Buy18

Hold7

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	NT$5.49T	+44.1%	NT$546.90	+65.1%	–	10
FY2027	NT$7.57T	+37.9%	NT$731.83	+33.8%	–	11
FY2028	NT$9.53T	+25.9%	NT$928.42	+26.9%	–	5
FY2029	NT$11.5T	+21.1%	NT$949.56	+2.3%	–	4

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Sources

Statements, segment revenue, metrics and estimates: Financial Modeling Prep.

Data as of 2026-11-01 · Amounts in TWD as reported; price and market cap in USD.