TSM · Semiconductors · Technology

Taiwan Semiconductor Manufacturing Company Limited

$405.49−1.9%Close 11/12 · Next earnings Jan 14, 2027

Compare TSM with another stock

Growing?: Yes: revenue went from TWD 2.26T in FY22 to TWD 3.81T in FY25.
Expensive?: P/E (trailing) 26.3×. Priced 25% above the peer median of 21x.
Analysts?: 95% of 21 say buy; average 12-month target $587, 45% above today's price.
Risky?: Swingier than most large companies: its price swung 42% over the past year (the S&P 500's 14%), and it fell as much as 57% since Nov 2021.

Market cap$2.10T

Revenue (TTM)TWD 4.94T

Net income (TTM)TWD 2.53T

P/E (trailing)26.3x

52-week closing range$275 – $486

Forward P/E17.3x

Taiwan Semiconductor Manufacturing Company Limited (TSMC) is a pure‑play semiconductor foundry that manufactures logic and related chips for fabless and integrated-device customers on a contract basis, monetizing primarily through wafer sales priced by process node/technology options and volume commitments.

More about Taiwan Semiconductor Manufacturing Company

It also provides advanced packaging and related manufacturing services (e.g., chip integration/assembly flows) that are often sold alongside wafer production.

Market Position

TSMC is widely regarded as the leading advanced-node foundry, with scale advantages in leading-edge manufacturing, yield/quality, and ecosystem enablement; it also reports a 34% market share of its defined “Foundry 2.0” industry. Differentiators include deep process/R&D execution, high-volume leading-edge capacity, and integrated offerings spanning manufacturing and advanced packaging.

Key Segments

TSMC reports end-market platforms including HPC, Smartphone, IoT, Automotive, and DCE/Other; in 2024 it reported net revenue mix of 51% HPC and 35% Smartphone (with remaining revenue across IoT, Automotive, DCE, and other categories).

How has the stock done?

Over the past year TSM rose 39.5%; the semiconductor ETF (SMH) rose 41.1% and the S&P 500 rose 10.8%. 1 Congress filing by portfolios that hold it fall in this period.

TSM +39.5%Semiconductor ETF (SMH) +41.1%Congress portfolio filed

How much it movesRisk

Biggest fall

−57%

From Jan 14, 2022 to Nov 3, 2022, the deepest drop from a high since Nov 2021

Volatility, past year

42%

How much the price swings in a year; the S&P 500's was 14%

Beta, past year

2.15

When the S&P 500 moves 1%, the stock has moved about 2.2% the same way

Show the Congress filings

Filed	Portfolio	TSM in the filing	Latest trade in filing	TSM share
Oct 22, 2026	Cleo Fields	Bought $1,001–$15,000 on Oct 9	Oct 9, 2026	6.7%

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds TSM filed a disclosure; its hover says what the disclosure reports of TSM: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists TSM more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House.

Is the business growing?

Revenue went from TWD 2.26T in FY22 to TWD 3.81T in FY25; net income from TWD 992.9B to TWD 1.70T.

RevenueNet income

Show the data

Fiscal year	Revenue	Net income
FY22	TWD 2.26T	TWD 992.9B
FY23	TWD 2.16T	TWD 851.7B
FY24	TWD 2.89T	TWD 1.16T
FY25	TWD 3.81T	TWD 1.70T

Fiscal years: Yahoo Finance.

How it makes money

Of every $100 in revenue, $44.6 ends up as net income. Net margin was roughly flat over the past 3 years.

Where each $1 of revenue goesFiscal year ended 2025-12-31

RevenueGross profitOperating incomeNet income

Revenue

Total sales

TWD 3.81T100%

Gross profit

Revenue minus direct costs

TWD 2.28T59.9% of revenue

Cost of revenue

Direct cost of making or buying goods

TWD 1.53T40.1% of revenue

Operating income

Profit from the core business

TWD 1.94T50.8% of revenue

Operating expenses

R&D, marketing and admin

TWD 340B9.1% of revenue

Net income

What is left for shareholders after tax

TWD 1.70T44.6% of revenue

Taxes & other

Income tax and non-operating items

TWD 240B6.2% of revenue

Gross margin, fiscal year

59.9%

Roughly flat over 3 years

Operating margin, fiscal year

50.8%

+1.3 pts over 3 years

Net margin, fiscal year

44.6%

+0.7 pts over 3 years

Each margin is that line of the income statement divided by revenue. Fiscal year: Yahoo Finance, operating income as filed with the SEC where its quarters cover the year.

Where it is in the chip cycle

Gross margin 66.4%, down 1.3 points on the quarter but up 7.0 points from a year earlier; inventory at 69 days and falling for 2 years; capital spending 33.7% of revenue over the last 4 quarters.

Gross marginBy quarter

66.4%Up 7.0 pts from a year earlier

Show the data

Period	Gross margin
Sep ’25	59.5%
Dec ’25	62.3%
Mar ’26	66.2%
Jun ’26	67.7%
Sep ’26	66.4%

Chip prices rise and fall with the cycle, and margins move with them: a margin that stops rising is often the first sign the cycle is turning.

Inventory daysBy fiscal year (ends in December)

69 daysDown from 83 days in FY24

Show the data

Period	Inventory days
FY22	88
FY23	93
FY24	83
FY25	69

How many days of sales are sitting in stock. Rising inventory days often come before a downturn: chips are being made faster than they sell.

Capital spendingShare of revenue, by quarter

33.7%Of revenue over the 4 quarters to Sep ’26 (highlighted bars)

Show the data

Period	Capital spending
Sep ’25	29.0%
Dec ’25	34.6%
Mar ’26	31.0%
Jun ’26	40.0%
Sep ’26	29.7%

Money put into factories and equipment. Heavy spending late in an upswing can leave the industry with too much capacity when demand cools.

Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Taiwan Semiconductor Manufacturing Company buys from Vanguard International Semiconductor, SSMC, Xintec; two customers it does not name account for 19% and 17% of its revenue. Apple’s Supplier List for fiscal 2023 names Taiwan Semiconductor Manufacturing Company as a supplier. Cisco Systems’s Supplier List for fiscal 2025 names Taiwan Semiconductor Manufacturing Company as a supplier. Marvell Technology’s 10-Q for the quarter ended Aug 1, 2026 names Taiwan Semiconductor Manufacturing Company as a supplier.

Along the supply chainTwo steps either way, as each company’s latest annual report names the others

Their suppliers

Celestica CLSto Lam Research

Suppliers

KLA KLAC

SSMC 0.3%

Vanguard International Semiconductor 5347.TWO 0.1%

Lam Research LRCX

Onto Innovation ONTO

Xintec 3374.TWO

TSMTaiwan Semiconductor Manufacturing Company

Customers

Broadcom AVGO

Unnamed customer 19%

Unnamed customer 17%

AMD AMD

Analog Devices ADI

Apple AAPL

Astera Labs ALAB

Cerebras Systems CBRS

Cisco Systems CSCO

Credo Technology Group Holding CRDO

Fortinet FTNT

Intel INTC

Marvell Technology MRVL

MaxLinear MXL

Navitas Semiconductor NVTS

NVIDIA NVDA

Qualcomm QCOM

Silicon Motion Technology SIMO

Their customers

Arista Networks ANETfrom Broadcom

Hewlett-Packard Enterprise HPEfrom Broadcom, AMD

Dell Technologies DELLfrom AMD

DigitalOcean Holdings DOCNfrom AMD

Amazon AMZNfrom Astera Labs, Cerebras Systems

G42from Cerebras Systems

OpenAIfrom Cerebras Systems, AMD

Partners

Vanguard International Semiconductor 5347.TWOTaiwan Semiconductor Manufacturing Company invested in it · Equity investment in semiconductor foundryApproximately 27.6% equity interest as of February 28, 2026

Global Unichip 3443.TWTaiwan Semiconductor Manufacturing Company invested in it · Equity investment in SoC design companyApproximately 34.8% equity interest as of February 28, 2026

Xintec 3374.TWOTaiwan Semiconductor Manufacturing Company invested in it · Equity investment in wafer packaging companyApproximately 41.0% equity interest as of February 28, 2026

Sony SONYinvested in Taiwan Semiconductor Manufacturing Company · Holds equity interest in JASMLess than 20% equity interest in JASM

DENSO 6902.Tinvested in Taiwan Semiconductor Manufacturing Company · Holds equity interest in JASMMore than 10% minority equity interest in JASM, acquired April 2022

Toyota TMinvested in Taiwan Semiconductor Manufacturing Company · Holds minority stake in JASM

Boschinvested in Taiwan Semiconductor Manufacturing Company · Holds equity interest in ESMC10% equity interest in ESMC, acquired January 2024

Infineon Technologies IFNNYinvested in Taiwan Semiconductor Manufacturing Company · Holds equity interest in ESMC10% equity interest in ESMC, acquired January 2024

SSMCJointly owned integrated circuit foundryApproximately 38.8% equity interest as of February 28, 2026

NXP Semiconductors NXPICo-owns SSMC semiconductor foundry61.2% ownership in SSMC

Changes since the previous annual report (20-F filed Apr 17, 2025)

Amazon AMZNNo longer named (was a customer)AMD AMDNo longer named (was a customer)Broadcom AVGONo longer named (was a customer)

MediaTekNo longer named (was a customer)

NVIDIA NVDANo longer named (was a customer)Qualcomm QCOMNo longer named (was a customer)

Renesas ElectronicsNo longer named (was a customer)

Our second largest customer (unnamed)Customer, share of revenue12% → 17%

Our largest customer (unnamed)Customer, share of revenue22% → 19%

NXP Semiconductors NXPINo longer a customer, still a partner

Sony SONYNo longer a customer, still a partner

SSMCNo longer a customer, still a supplier and a partner

Named in other companies’ filings

ASE Technology ASXcalls it a partner · Strategic alliance for semiconductor manufacturing solutions NXP Semiconductors NXPIjoint venture with it · Co-owns semiconductor manufacturing joint ventures

Show the filing's words

Company	Role	In the filing's words
Our largest customer (unnamed)	customer	“Our largest customer in 2023, 2024 and 2025 accounted for 25%, 22% and 19% of our net revenue in the respective year.”
Our second largest customer (unnamed)	customer	“Our second largest customer in 2023, 2024 and 2025 accounted for 11%, 12%, and 17% of our net revenue in the respective year.”
Vanguard International Semiconductor	partner · Taiwan Semiconductor Manufacturing Company invested in it	“As of February 28, 2026, we owned approximately 27.6% of the equity interest in VIS.”
Vanguard International Semiconductor	supplier	“In 2025, we had total purchases of NT$878 million (US$28 million) from VIS, representing 0.1% of our total cost of revenue.”
SSMC	partner · joint venture with it	“As of February 28, 2026, we owned approximately 38.8% of the equity interest in SSMC.”
SSMC	supplier	“In 2025, we had total purchases of NT$4,113 million (US$131 million) from SSMC, representing 0.3% of our total cost of revenue.”
Global Unichip	partner · Taiwan Semiconductor Manufacturing Company invested in it	“As of February 28, 2026, we owned approximately 34.8% of the equity interest in GUC.”
Xintec	partner · Taiwan Semiconductor Manufacturing Company invested in it	“As of February 28, 2026, we owned approximately 41.0% of the equity interest in Xintec.”
Xintec	supplier	“In January 2007, we acquired a 51.2% equity interest in Xintec, a supplier of wafer level packaging service, to support our CMOS image sensor manufacturing business.”
NXP Semiconductors	partner · joint venture with it	“Following the 2006 assignment by Philips of its rights and obligations to NXP, and the subsequent purchase of EDB’s shares by NXP and us, our current ownership in SSMC is 38.8%, with NXP holding the remaining 61.2%.”
Sony	partner · invested in Taiwan Semiconductor Manufacturing Company	“Semiconductor Solution Corporation (“Sony”) acquired a less than 20% equity interest in JASM.”
DENSO	partner · invested in Taiwan Semiconductor Manufacturing Company	“In April 2022, DENSO Corporation (“DENSO”) acquired a more than 10% minority equity interest in JASM.”
Toyota	partner · invested in Taiwan Semiconductor Manufacturing Company	“By way of such investment, Toyota 26 also took a minority stake in JASM.”
Bosch	partner · invested in Taiwan Semiconductor Manufacturing Company	“In January 2024, Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH, a wholly-owned subsidiary of NXP Semiconductors N.V. (“NXP”), each acquired 10% equity interest and together acquired 30% equity interest in ESMC.”
Infineon Technologies	partner · invested in Taiwan Semiconductor Manufacturing Company	“In January 2024, Robert Bosch GmbH, Infineon Technologies AG, and NXP Semiconductors Germany GmbH, a wholly-owned subsidiary of NXP Semiconductors N.V. (“NXP”), each acquired 10% equity interest and together acquired 30% equity interest in ESMC.”
AMD (10-K filed Feb 4, 2026)	calls it a supplier	“We rely on Taiwan Semiconductor Manufacturing Company Limited (TSMC) for the production of all wafers for microprocessor and GPU products at 7 nanometer (nm) or smaller nodes, and we rely primarily on GLOBALFOUNDRIES Inc. (GF) for wafers for microprocessor and GPU products manufactured at process nodes larger than 7 nm.”
ASE Technology (20-F filed Apr 1, 2026)	calls it a partner	“Since 1997, we have maintained a strategic alliance with Taiwan Semiconductor Manufacturing Company Limited, or TSMC, one of the largest dedicated semiconductor foundries in the world. TSMC designates us as its non-exclusive preferred provider of packaging and testing services for semiconductors manufactured by TSMC.”
Analog Devices (10-K filed Nov 25, 2025)	calls it a supplier	“We currently source more than half of our wafer requirements annually from third-party wafer fabrication foundries, such as Taiwan Semiconductor Manufacturing Company (TSMC) and others, and the remainder is sourced internally.”
Apple (Supplier List published Apr 18, 2024)	calls it a supplier	“Taiwan Semiconductor Manufacturing Company Limited: Shanghai, China mainland; Singapore, Singapore; Taiwan, Taiwan”
Astera Labs (10-K filed Feb 20, 2026)	calls it a supplier	“We currently partner with TSMC to manufacture our integrated circuits. TSMC is our sole manufacturing partner for our integrated circuits and we currently have not qualified another source.”
Broadcom (10-K filed Dec 18, 2025)	calls it a supplier	“The majority of our front-end wafer manufacturing operations is outsourced to external foundries, including Taiwan Semiconductor Manufacturing Company Limited (“TSMC”)....During fiscal year 2025, approximately 95% of the wafers manufactured by our CMs were produced by TSMC.”
Cerebras Systems (424B4 filed May 14, 2026)	calls it a supplier	“We are currently dependent on TSMC to produce all of the wafers that we use in our products.”
Cisco Systems (Supplier List published Apr 18, 2026)	calls it a supplier	“Taiwan Semiconductor Manufacturing Company, Ltd.”
Credo Technology Group Holding (10-K filed Jun 15, 2026)	calls it a supplier	“In fiscal year 2026, we exclusively used Taiwan Semiconductor Manufacturing Company Limited (TSMC) for semiconductor wafer production.”
Fortinet (10-K filed Feb 25, 2026)	calls it a supplier	“Our proprietary ASIC, which are key to the performance of our appliances, are built by contract manufacturers including Renesas and Toshiba America. These contract manufacturers use foundries operated by TSMC or Renesas on a purchase-order basis, and these foundries do not guarantee their capacity and could delay orders or increase their pricing.”
Intel (10-K filed Jan 23, 2026)	calls it a supplier	“In recent years, however, we have also strategically utilized third-party foundry manufacturing capacity, including at one of our key foundry competitors, TSMC, for various tiles or an entire product where advantageous for cost, performance, schedule or other considerations....We expect to continue to use TSMC and other third-party foundry suppliers for various key tiles in a number of current and future products.”
KLA (10-K filed Aug 6, 2026)	calls it a customer	“For the fiscal years ended June 30, 2026, 2025 and 2024, the following customers each accounted for more than 10% of total revenues, primarily in the Semiconductor Process Control segment:...Taiwan Semiconductor Manufacturing Company Limited Taiwan Semiconductor Manufacturing Company Limited Taiwan Semiconductor Manufacturing Company Limited”
Lam Research (10-K filed Aug 7, 2026)	calls it a customer	“Our most significant customers during the fiscal years ending June 28, 2026, June 29, 2025, and June 30, 2024 included Micron Technology, Inc., Samsung Electronics Company, Ltd., SK hynix Inc., and Taiwan Semiconductor Manufacturing Company.”
Marvell Technology (10-Q filed Aug 28, 2026)	calls it a supplier	“Taiwan Semiconductor Manufacturing Company Limited ("TSMC") is currently our sole source foundry for all of our advanced process-node wafers.”
MaxLinear (10-K filed Jan 29, 2026)	calls it a supplier	“Our key foundry partners include Taiwan Semiconductor Manufacturing Corporation, or TSMC, in Taiwan, and United Microelectronics Corporation, or UMC, in Taiwan and Singapore.”
NVIDIA (10-K filed Feb 25, 2026)	calls it a supplier	“We utilize foundries, such as Taiwan Semiconductor Manufacturing Company Limited, or TSMC, and Samsung Electronics Co., Ltd., or Samsung, to produce our semiconductor wafers.”
NXP Semiconductors (10-K filed Feb 19, 2026)	joint venture with it	“For example, we currently participate in a joint venture with Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) called Systems on Silicon Manufacturing Company Pte. Ltd. (“SSMC”) and have recently formed a joint venture with Vanguard International Semiconductor Corporation called VisionPower Semiconductor Manufacturing Company Pte. Ltd. (“VSMC”), and a joint venture with TSMC, Robert Bosch Gmbh and Infineon Technologies AG called European Semiconductor Manufacturing Company (“ESMC”) to create capability for our future manufacturing requirements.”
Navitas Semiconductor (10-K filed Feb 27, 2026)	calls it a supplier	“Specifically, we have historically relied on Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) as our sole supplier of gallium nitride (“GaN”) wafers, a key component in our product offerings. On July 1, 2025, TSMC announced its intention to cease GaN production in July 2027.”
Onto Innovation (10-K filed Feb 24, 2026)	calls it a customer	“The effect of these types of events on our revenue and cash flows could be material because we derive substantial revenue from sales to semiconductor device foundries in Taiwan such as Taiwan Semiconductor Manufacturing Company Ltd., from memory chip manufacturers in South Korea such as Samsung Electronics Co., Ltd., and from semiconductor device manufacturers in Japan such as Toshiba Corporation.”
Qualcomm (10-K filed Nov 4, 2026)	calls it a supplier	“The primary foundry suppliers for our various digital, analog/mixed-signal, RF and PM integrated circuits include Taiwan Semiconductor Manufacturing Company (TSMC), Samsung Electronics and GlobalFoundries.”
Silicon Motion Technology (20-F filed Apr 30, 2026)	calls it a supplier	“Two outside foundries, primarily Taiwan Semiconductor Manufacturing Company (“TSMC”), and secondarily Semiconductor Manufacturing International Corporation (“SMIC”), fabricate our semiconductors.”

Only the companies Taiwan Semiconductor Manufacturing Company names in its 20-F filed Apr 16, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Taiwan Semiconductor Manufacturing Company. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Also from other documents: Apple’s Supplier List for fiscal 2023, published Apr 18, 2024 (source); Cisco Systems’s Supplier List for fiscal 2025, published Apr 18, 2026 (source); Marvell Technology’s 10-Q for the quarter ended Aug 1, 2026, filed Aug 28, 2026 (source). Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 26.3x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

26.3×P/E (trailing)

Priced 25% above the peer median of 21x.

Vs. peersP/E, trailing (x)

TSMPeersPeer median 21x

Show the data

Company	P/E (trailing)
AMD · Advanced Micro Devices, Inc.	127×
AVGO · Broadcom Inc.	46.5×
TSM · Taiwan Semiconductor Manufacturing Company Limited	26.3×
NVDA · NVIDIA Corporation	21×
MU · Micron Technology, Inc.	10.8×
SKHY · SK hynix Inc.	8.8×

What analysts expect

The average analyst price target is $587, 45% above the current price; 95% of 21 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

12-month price targetsCurrent price $405.49

12 mo agoTodayIn 12 mo

High target

$1,000+147%

Average target

$587+45%

Low target

$440+9%

Ratings21 analysts

Strong Buy 5Buy 15Hold 1Sell 0Strong Sell 0

Buy or Strong Buy: 20 analysts (95%). Sell or Strong Sell: 0.

Targets and ratings over the past year23 changes by 9 firms

Over the past year the average of the analysts' latest price targets went from $371.67 to $559.38 (+51%), while TSM went from $282.20 to $405.49 (+44%). In the past three months targets were raised 4 times and never cut. No firm upgraded or downgraded it over the year.

Average target $559.38TSMMiddle half of targets

Targets raised, by monthTargets cut

Show every change

Date	Firm	Change	Rating	Target
Nov 4, 2026	Bernstein	Target raised	Outperform	$600.00, was $554.00
Oct 16, 2026	Barclays	Target raised	Overweight	$670.00, was $665.00
Oct 16, 2026	DA Davidson	Target kept	Buy	$500.00
Oct 15, 2026	Needham	Target raised	Buy	$560.00, was $530.00
Oct 6, 2026	Barclays	Target raised	Overweight	$665.00, was $650.00
Sep 2, 2026	Stifel	Began coverage	Buy	$515.00
Aug 11, 2026	Bernstein	Target raised	Outperform	$554.00, was $430.00
Jul 27, 2026	Needham	Target raised	Buy	$530.00, was $480.00
Jul 17, 2026	DA Davidson	Target raised	Buy	$500.00, was $450.00
Jul 17, 2026	TD Cowen	Target raised	Hold	$440.00, was $400.00
Jul 17, 2026	Barclays	Target raised	Overweight	$650.00, was $625.00
Jul 16, 2026	Susquehanna	Target raised	Positive	$600.00, was $575.00
Jun 24, 2026	B of A Securities	Target raised	Buy	$590.00, was $490.00
Jun 22, 2026	Susquehanna	Target raised	Positive	$575.00, was $500.00
Apr 22, 2026	Barclays	Target raised	Overweight	$470.00, was $450.00
Apr 17, 2026	DA Davidson	Target kept	Buy	$450.00
Apr 16, 2026	Needham	Target raised	Buy	$480.00, was $410.00
Apr 7, 2026	Freedom Broker	Target cut	Buy	$210.00, was $230.00
Feb 13, 2026	DA Davidson	Began coverage	Buy	$450.00
Jan 16, 2026	Barclays	Target raised	Overweight	$450.00, was $380.00
Jan 16, 2026	TD Cowen	Target raised	Hold	$370.00, was $325.00
Jan 15, 2026	Needham	Target raised	Buy	$410.00, was $360.00
Dec 8, 2025	Bernstein	Target raised	Outperform	$330.00, was $290.00

Earnings against estimatesLast 4 quarters, per share

Average estimateReported, beat

Show the data

Quarter	Estimate	Reported	Surprise
Dec ’25	$2.98	$3.14	+5.4%
Mar ’26	$3.33	$3.49	+4.8%
Jun ’26	$3.89	$4.31	+10.8%
Sep ’26	$4.52	$4.60	+1.8%

Expected nextConsensus of Nov 10, 2026

For the quarter ending Dec 2026 (Taiwan Semiconductor Manufacturing Company reports on Jan 14, 2027), analysts expect adjusted earnings of $5.16 a share, 64% more than the $3.14 of a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $23.39 a share, 34% more than the year before's estimate of $17.50.

EPS, quarter ending Dec 2026

$5.16+64% on a year earlier

Adjusted. Dec 2025: $3.14; range $5.10 to $5.28; 8 analysts

EPS, year ending Dec 2027

$23.39+34% on the year before's estimate

Adjusted. The year to Dec 2026: $17.50 expected; range $21.45 to $25.87; 13 analysts

Show the data

Period	Figure	Expected	Low to high	Analysts	A year earlier	Change
Quarter ending Dec 2026, results Jan 14, 2027	EPS (adjusted)	$5.16	$5.10 to $5.28	8	$3.14 (Dec 2025)	+64%
Quarter ending Mar 2027	EPS (adjusted)	$5.19	$4.95 to $5.40	10	$3.49 (Mar 2026)	+49%
Year ending Dec 2026	EPS (adjusted)	$17.50	$17.18 to $17.95	11	—	—
Year ending Dec 2027	EPS (adjusted)	$23.39	$21.45 to $25.87	13	$17.50 (expected, year to Dec 2026)	+34%

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated TWD 1.46T in free cash flow over the year, of which TWD 570B went back to shareholders (dividends plus buybacks), leaving TWD 890B in the company.

Where a year of cash went4 quarters to Sep 2026

Show the data

Line	Amount
Op. cash flow	TWD 3.13T
Capex	−TWD 1.67T
Free cash flow	TWD 1.46T
Dividends	−TWD 570B
Buybacks	—
Cash retained	TWD 890B

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.

Financial health

Current ratio 2.5, no pressure to repay short-term debt; debt-to-equity 0.2, debt is very low and the balance sheet is solid.

Current ratio

2.5Strong liquidity

Assets that can be turned into cash soon are 2.5x what is owed within a year. 1.5 or higher is comfortable; below 1 needs watching.

Debt-to-equity

0.2Very low debt

For every $1 of shareholder funds, there is $0.2 of debt (leases not counted). The higher the number, the more pressure when the economy weakens.

Net cash

TWD 2.10TMore cash than debt

Cash and short-term investments of TWD 3.13T against debt of TWD 1.03T. Lease obligations of TWD 31.6B are not counted: they are rent owed, not money borrowed. It also holds TWD 172.1B of long-term investments, TWD 119.3B of them securities it could sell.

AssetsTotal ~TWD 7.93T

Cash

TWD 2.77T34.9%

Investments

TWD 530B6.7%

Receivables

TWD 280B3.5%

Inventory

TWD 290B3.6%

Property & equipment

TWD 3.74T47.1%

Goodwill

TWD 10B0.1%

Intangibles

TWD 20B0.2%

Other

TWD 290B3.9%

Liabilities & equityTotal ~TWD 7.93T

Current

TWD 1.52T19.2%

Long-term

TWD 1.01T12.8%

Equity

TWD 5.40T68.0%

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

19 portfolios Hunch tracks hold TSM: 1 member of Congress and 18 funds. It is 32.1% of Light Street Capital Management's portfolio (12.7% as filed).

13 more portfolios hold TSM

Coatue ManagementFund · 18.1% (8.8% as filed)
AppaloosaFund · 16.4% (10.5% as filed)
Stony Point CapitalFund · 15.8% (9.2% as filed)
Voyager Global ManagementFund · 14.3% (12.8% as filed)
Altimeter Capital ManagementFund · 13.9% (6.9% as filed)
Jia Investment AllianceFund · 10.7% (5.9% as filed)
Harvard ManagementFund · 10.0% (8.2% as filed)
Fisher Asset ManagementFund · 9.1% (2.5% as filed)
Maverick CapitalFund · 9.0% (3.1% as filed)
Cleo FieldsCongress · 6.7% (6.4% as filed)
Whale Rock Capital ManagementFund · 6.0% (2.3% as filed)
Polen Capital ManagementFund · 5.0% (2.1% as filed)
Torno CapitalFund · 3.4% (3.3% as filed)

TSM's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 39 held TSM at the end of their latest quarter (for most, Q2 2026). Over that quarter 14 added shares, 20 cut, 3 bought new, 2 sold all and 2 held the same. The largest of them is Fisher Asset Management, 18.93M shares worth $8.6B at Sep 30, 2026, 0.4% more than a quarter earlier.

Funds that added shares

3 of them new holders

Funds that cut

2 of them sold all

Change in shares over the latest quarterThe 12 largest holdings

Added or newCut or sold all

Show every fund

Fund	Quarter	Shares	Value	Change in shares	Change	Filed
Fisher Asset Management	Q3 2026	18.93M	$8.6B	+66,389	+0.4%	Nov 6, 2026
Coatue Management	Q2 2026	8.91M	$4.3B	−368,552	−4.0%	Aug 14, 2026
Tiger Global Management	Q2 2026	4.88M	$2.3B	−684,066	−12%	Aug 14, 2026
First Eagle Investment Management	Q3 2026	3.76M	$1.7B	−3.73M	−50%	Nov 10, 2026
Viking Global Investors	Q2 2026	3.17M	$1.5B	−1.30M	−29%	Aug 14, 2026
Situational Awareness	Q2 2026	2.65M	$1.3B	+2.63M	+11714%	Aug 14, 2026
Appaloosa	Q2 2026	1.65M	$788M	+322,500	+24%	Aug 14, 2026
Dodge & Cox	Q2 2026	1.44M	$688M	+1.33M	+1237%	Aug 13, 2026
Altimeter Capital Management	Q2 2026	1.43M	$683M	+63,680	+4.7%	Aug 14, 2026
Tudor Investment Corp Et Al	Q2 2026	1.37M	$654M	+1.06M	+340%	Aug 14, 2026
Ruane, Cunniff & Goldfarb	Q2 2026	1.17M	$560M	−35,694	−3.0%	Aug 14, 2026
Fundsmith	Q2 2026	1.15M	$548M	+1.15M	New	Aug 14, 2026
Voyager Global Management	Q2 2026	975,000	$466M	−175,000	−15%	Aug 14, 2026
Mirae Asset Global Investments	Q3 2026	975,301	$445M	−107,195	−9.9%	Nov 3, 2026
Baillie Gifford &	Q3 2026	895,421	$408M	−65,311	−6.8%	Nov 9, 2026
Harvard Management	Q2 2026	732,022	$350M	+45,226	+6.6%	Aug 14, 2026
Maverick Capital	Q2 2026	711,757	$340M	−525,601	−42%	Aug 14, 2026
Prime Capital Management	Q3 2026	663,808	$303M	0	0.0%	Nov 6, 2026
Whale Rock Capital Management	Q2 2026	589,911	$282M	−229,534	−28%	Aug 14, 2026
Duquesne Family Office	Q2 2026	589,680	$282M	+94,400	+19%	Aug 14, 2026
Softbank Group	Q2 2026	565,000	$270M	−1.42M	−72%	Aug 14, 2026
Nomura Holdings	Q2 2026	558,088	$267M	+277,167	+99%	Aug 14, 2026
Soros Fund Management	Q2 2026	522,158	$249M	−160	0.0%	Aug 14, 2026
Polen Capital Management	Q2 2026	501,210	$239M	+326,524	+187%	Aug 4, 2026
ARK Investment Management	Q2 2026	482,286	$230M	−145,418	−23%	Aug 14, 2026
Third Point	Q2 2026	460,000	$220M	+185,000	+67%	Aug 14, 2026
Hyperion Asset Management	Q3 2026	447,377	$204M	+183,081	+69%	Oct 20, 2026
Stony Point Capital	Q2 2026	296,263	$141M	+9,536	+3.3%	Aug 13, 2026
Blue Whale Capital	Q2 2026	0	—	−408,679	Sold all	Aug 13, 2026
Light Street Capital Management	Q2 2026	225,949	$108M	−1,636	−0.7%	Aug 14, 2026
Jia Investment Alliance	Q3 2026	150,700	$68.7M	0	0.0%	Oct 6, 2026
Soma Equity Partners	Q2 2026	139,789	$66.8M	−11,475	−7.6%	Aug 14, 2026
Oriental Harbor Investment Master Fund	Q3 2026	137,674	$62.8M	+385	+0.3%	Oct 22, 2026
Renaissance Technologies	Q3 2026	126,320	$57.6M	−722,760	−85%	Nov 12, 2026
H&H International Investment	Q2 2026	0	—	−151,200	Sold all	Aug 14, 2026
Wedgewood Partners	Q2 2026	105,499	$50.4M	−23,854	−18%	Aug 14, 2026
Lone Pine Capital	Q2 2026	101,242	$48.4M	−1.29M	−93%	Aug 14, 2026
Torno Capital	Q2 2026	100,000	$47.8M	+100,000	New	Aug 14, 2026
Bridgewater Associates	Q2 2026	34,525	$16.5M	−1.04M	−97%	Aug 14, 2026
Norges Bank	Q2 2026 vs Q4 2025	28,610	$13.7M	+28,610	New	Aug 12, 2026
Giverny Capital	Q3 2026	3,647	$1.7M	−8	−0.2%	Nov 12, 2026

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TSM at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Insights that mention TSM

TSMC earnings shock: revenue up 36.0% from a year ago!Oct 15, 2026 · 2 min readTSMC's revenue came to NT$1.3tn in 2026Q2, the highest of the twelve quarters in the data. That is 36.0% more than the same quarter a year earlier. The margin widened too, yet the stock did not outrun its rivals around the October call.UMC revenue shock: September growth hits 27.2%!Oct 22, 2026 · 2 min readUMC's September 2026 revenue was 27.2% higher than the same month a year earlier. The move from August was tiny, and peers grew faster. The latest quarter shows fatter margins.VIS September revenue shock: up 15.9% from August!Oct 22, 2026 · 3 min readVanguard International Semiconductor's September revenue rose 15.9% from August. But its three peers grew faster, and the stock carries the highest P/E of the four.

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