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TSMC
(NYSE:TSM)
TSMC (TSM) vs. SPDR S&P 500 ETF (SPY)
TSMC Business Overview & Revenue Model
TSMC Key Performance Indicators (KPIs)
Breaks down revenue by technology type, providing insight into which innovations are most profitable and where the company might invest in further development.
The FlyTSMC Earnings Call Summary
TSMC Financial Statement Overview
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.85T | 2.89T | 2.16T | 2.26T | 1.59T |
| Gross Profit | 2.30T | 1.62T | 1.18T | 1.35T | 819.54B |
| EBITDA | 2.75T | 1.98T | 1.52T | 1.59T | 1.09T |
| Net Income | 1.74T | 1.16T | 851.74B | 992.92B | 592.36B |
Balance Sheet | |||||
| Total Assets | 7.91T | 6.69T | 5.53T | 4.96T | 3.73T |
| Cash, Cash Equivalents and Short-Term Investments | 3.06T | 2.49T | 1.71T | 1.59T | 1.20T |
| Total Debt | 990.36B | 1.05T | 956.26B | 888.17B | 753.63B |
| Total Liabilities | 2.47T | 2.41T | 2.08T | 2.05T | 1.57T |
| Stockholders Equity | 5.40T | 4.24T | 3.43T | 2.90T | 2.15T |
Cash Flow | |||||
| Free Cash Flow | 1.10T | 870.17B | 286.57B | 520.97B | 262.72B |
| Operating Cash Flow | 2.38T | 1.83T | 1.24T | 1.61T | 1.11T |
| Investing Cash Flow | -1.26T | -864.84B | -906.12B | -1.19T | -836.37B |
| Financing Cash Flow | -425.58B | -346.30B | -204.89B | -200.24B | 136.61B |
TSMC Technical Analysis
TSMC Risk Analysis
TSMC Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $1.65T | 35.24 | 36.46% | 0.82% | 39.73% | 56.22% | |
78 Outperform | $556.77B | 51.96 | 51.52% | 0.63% | 24.91% | 39.95% | |
76 Outperform | $295.46B | 38.13 | 38.86% | 0.69% | 4.47% | 0.48% | |
71 Outperform | $326.42B | 75.70 | 7.08% | ― | 31.83% | 80.45% | |
69 Neutral | $26.42B | 29.82 | 7.80% | ― | 0.25% | -106.22% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | $227.82B | -556.90 | -0.25% | ― | -1.49% | ― |
TSMC Corporate Events
On February 26, 2026, TSMC filed a Form 6‑K with the U.S. Securities and Exchange Commission for February 2026, providing investors with its consolidated and parent-only financial statements for the fiscal years ended December 31, 2025 and 2024. The filing, signed by Senior Vice President and Chief Financial Officer Wendell Huang, includes audited reports prepared under Taiwan-IFRS, giving U.S. investors an up-to-date and regulator-endorsed view of the chipmaker’s financial position.
The accompanying independent auditors’ report from Deloitte & Touche issued an unmodified opinion, stating that TSMC’s 2025 and 2024 consolidated financial statements fairly present its financial position and performance in all material respects. Deloitte identified the timing of depreciation for equipment under installation and construction in progress as a key audit matter, underscoring the importance of judgment around large capital investments in TSMC’s manufacturing capacity for stakeholders assessing its capital efficiency and future profitability.
The most recent analyst rating on (TSM) stock is a Buy with a $450.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
In a regulatory filing dated February 25, 2026, TSMC reported that there were no changes in January 2026 to the shareholdings or share pledges of its board members, executive officers, or shareholders owning more than 10% of its outstanding common stock. The company also indicated that no capital appropriations, unsecured bond issuances, or common share cancellations took place during the month.
Operationally, TSMC and its subsidiaries reported in January 2026 the acquisition of NT$30.2 billion in fixed-income investments and NT$6.2 billion in land, alongside the disposition of NT$0.3 billion in equity investments. These moves suggest continued balance sheet deployment into relatively low-risk securities and strategic land banking, while maintaining a stable capital structure without new debt or equity actions in the period.
The most recent analyst rating on (TSM) stock is a Buy with a $450.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On February 10, 2026, TSMC reported that its wholly owned subsidiary TSMC Global Ltd. adopted a directors’ resolution by written consent to approve a major capital increase. The resolution authorizes TSMC Global to raise up to US$30 billion in additional capital from Taiwan Semiconductor Manufacturing Co., Ltd., contingent on approval by the relevant authorities, signaling a significant reinforcement of the group’s financial capacity for future investments and global expansion.
This move underlines TSMC’s continued commitment to funding large-scale semiconductor capacity and technology projects amid sustained demand for advanced chips worldwide. The sizeable infusion, if fully executed, would strengthen TSMC Global’s balance sheet, potentially enhancing the parent group’s flexibility to pursue strategic manufacturing, supply chain and infrastructure initiatives important to customers and other stakeholders.
The most recent analyst rating on (TSM) stock is a Buy with a $397.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
TSMC reported that consolidated net revenue for January 2026 reached NT$401.26 billion, rising 19.8 percent month-on-month from December 2025 and 36.8 percent year-on-year from January 2025, underscoring strong demand for its manufacturing capacity. The company also disclosed intra-group lending to its Nanjing and Washington subsidiaries, sizable guarantees for North America, Global, and Arizona units, and active use of financial instruments, highlighting ongoing capital support for its global expansion and operational scale.
For January 2026, TSMC’s net revenue in internal reporting terms was NT$401.26 billion, up from NT$293.29 billion a year earlier, reinforcing its revenue growth trajectory at the start of the year. The reported lending and guarantees to wholly owned subsidiaries suggest continued investment in overseas fabs and infrastructure, which may strengthen TSMC’s competitive position in key regions amid sustained semiconductor demand.
The most recent analyst rating on (TSM) stock is a Buy with a $397.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On February 10, 2026, TSMC’s board approved the 2025 business report and financial statements, reporting consolidated revenue of NT$3.81 trillion, net income of NT$1.72 trillion, and diluted EPS of NT$66.25. The board also cleared a NT$6 per share cash dividend for the fourth quarter of 2025, with a record date of June 17, 2026 for common shareholders and payment scheduled for July 9, 2026.
The board authorized employee business performance and profit-sharing bonuses totaling about NT$206.15 billion for 2025, reflecting strong profitability and continued use of incentives to retain talent. Directors also approved approximately US$44.96 billion in capital appropriations for advanced and mature capacity, packaging, and new fab construction, along with up to US$30 billion in capital injection to subsidiary TSMC Global to reduce FX hedging costs and up to NT$60 billion in domestic unsecured bond issuance to fund capacity expansion and green projects.
TSMC’s board set June 4, 2026 for its annual general meeting in Hsinchu and endorsed several senior promotions across operations, R&D, materials management, fab operations, and business development. These decisions collectively signal an aggressive long-term investment plan, balance-sheet optimization, and ongoing leadership strengthening as TSMC consolidates its position at the center of global semiconductor manufacturing.
The most recent analyst rating on (TSM) stock is a Buy with a $397.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On January 23, 2026, TSMC reported that its major subsidiary, TSMC North America, approved a shareholder resolution by written consent in lieu of an annual meeting to refresh its board. The resolution recorded the completion of David Keller’s tenure as a director and the election of Sylvia Fang and Sajiv Dalal as new directors of TSMC North America, effective the same day, signaling a governance update at a key regional arm of the chipmaker that may influence oversight and strategic execution in its largest overseas market.
The most recent analyst rating on (TSM) stock is a Buy with a $397.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On January 23, 2026, TSMC filed a Form 6-K reporting routine corporate updates for December 2025, including a small increase in shareholdings by Vice President Jonathan Lee, whose stake rose by 265 shares between November 30 and December 31, 2025. The company also disclosed asset portfolio adjustments, acquiring NT$2.1 billion in fixed-income investments while disposing of NT$0.5 billion in equity investments, and noted that there were no new share pledges, no capital appropriations approved by the board, no unsecured bond issuances by TSMC or its subsidiaries, and no cancellations of common shares during the month, underscoring a relatively stable capital and financing position for the period.
The most recent analyst rating on (TSM) stock is a Buy with a $397.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On January 15, 2026, TSMC reported strong financial results for the fourth quarter of 2025, with consolidated revenue rising 20.5% year-on-year to NT$1,046.09 billion and net income jumping 35% to NT$505.74 billion, equivalent to earnings per share of NT$19.50. Margins remained robust, with gross margin at 62.3% and net profit margin at 48.3%, supported by sustained demand for advanced nodes, as 7-nanometer and smaller technologies accounted for 77% of wafer revenue—driven particularly by 3nm and 5nm processes. In U.S. dollar terms, quarterly revenue reached $33.73 billion, up 25.5% from a year earlier, underscoring TSMC’s strengthening profitability and competitive position at the leading edge of semiconductor manufacturing. Looking ahead, management signaled continued confidence in demand for its leading-edge technologies by forecasting further revenue growth and higher margins in the first quarter of 2026, and outlining an aggressive 2026 capital budget of US$52–56 billion, a level of investment that highlights both the capital intensity of advanced chipmaking and TSMC’s intent to consolidate its technological and capacity leadership for customers and stakeholders.
The most recent analyst rating on (TSM) stock is a Buy with a $410.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On January 9, 2026, TSMC reported that its consolidated net revenue for December 2025 was NT$335.0 billion, down 2.5% from November 2025 but up 20.4% from December 2024, while full‑year 2025 revenue rose 31.6% year on year to NT$3,809.1 billion, underscoring strong growth momentum despite a minor month‑to‑month dip. The company also disclosed intra‑group financing and guarantees, including outstanding loans from TSMC China and TSMC Development to wholly owned subsidiaries in Nanjing and Washington, and guarantees extended to units such as TSMC North America and TSMC Global, highlighting continued capital support for its overseas operations and capacity expansion, which is significant for customers and investors tracking the foundry’s global build‑out and financial exposure to subsidiaries.
The most recent analyst rating on (TSM) stock is a Buy with a $380.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On January 6, 2026, TSMC announced a management change at its major U.S. subsidiary, TSMC Arizona Corporation, appointing Senior Director Gina Proctor as Treasurer effective the same day. The move highlights TSMC’s continued build-out and formalization of its financial leadership structure in Arizona, a key geography for its overseas capacity expansion and strategic positioning in the U.S. semiconductor supply chain.
The most recent analyst rating on (TSM) stock is a Buy with a $360.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
In a report for November 2025, TSMC disclosed minor shareholding increases by two vice presidents, Geoffrey Yeap and Jonathan Lee, while confirming there were no new share pledges by directors, executives or major shareholders. The company reported fresh investments of NT$18.6 billion in fixed-income instruments and NT$0.6 billion in equity, and its board approved significant capital appropriations totaling US$15.1 billion for advanced technology production capacity, advanced packaging and mature/specialty capacity, R&D-related capital expenditure, and real estate and leased assets, underscoring continued large-scale expansion of manufacturing and research infrastructure. TSMC and its subsidiaries also issued three tranches of unsecured NT-dollar bonds in November 2025, raising a combined NT$23.5 billion at low coupon rates with bullet repayment structures, and the board approved the cancellation of 91,000 reclaimed employee restricted shares with a corresponding paid-in capital reduction effective as of the November 11, 2025 record date, signaling ongoing optimization of the company’s capital structure and funding mix.
The most recent analyst rating on (TSM) stock is a Buy with a $390.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
On December 19, 2025, TSMC reported that its major U.S. subsidiary, TSMC Arizona Corporation, acted by written consent in lieu of an annual shareholder meeting to approve routine corporate governance matters. The Arizona unit’s shareholders confirmed the election of Ray Chuang, Rose Castanares, Shu-Hua (Sylvia) Fang and Jen-Chau (Wendell) Huang as directors, with the result that the board composition remains unchanged, signaling continuity in oversight and management as TSMC continues to build out its strategic manufacturing presence in the United States.
The most recent analyst rating on (TSM) stock is a Buy with a $390.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.
TSMC reported its net revenue for November 2025, which was approximately NT$343.61 billion, marking a 6.5% decrease from October 2025 but a 24.5% increase from November 2024. The cumulative revenue from January to November 2025 reached NT$3,474.05 billion, reflecting a 32.8% increase compared to the same period in 2024. This revenue growth highlights TSMC’s strong market performance and its pivotal role in the semiconductor industry, despite the monthly decline.
The most recent analyst rating on (TSM) stock is a Buy with a $330.00 price target. To see the full list of analyst forecasts on TSMC stock, see the TSM Stock Forecast page.