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$TSM$353.1 ▼10.8%
Taiwan Semiconductor Manufacturing Company Limited
WHAT THEY DO
TSMC is the world's largest contract chipmaker, manufacturing advanced semiconductors for customers like Apple, Nvidia, AMD and Qualcomm. It earns money by charging foundry fees per wafer for cutting-edge process nodes such as 3nm and 5nm.
💎 CONVERGENCE PLAY — in 3 themes
Edge AIAI DatacenterAdvanced Packaging
PRICE
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REVENUE MIX
High Performance Computing57%
Smartphone25%
IoT7%
Automotive6%
Other5%
COST
COGS36%
R&D7%
SG&A4%
Op Margin59%
FINANCIAL HEALTH
Reported through Sep 30, 2026
Figures are trailing twelve months (TTM) unless marked otherwise.
REVENUE
$150.7B
Growth
51%
QTR YOY
Gross M.
66%
P/E
22.9
EV/EBITDA
3.2
Net M.
51%
FCF M.
24%
D/E
0.2
LATEST QTR
Op M.
59%
PLUG INTO YOUR DCF
Historical growth
23.3%
Analyst 5y growth
—
Forward P/E
15.1
PEG ratio
0.70
Trailing EPS
$15.40
Forward EPS
$23.40
Multiple compressing
Forward P/E is lower than trailing — earnings are expected to grow into the price.
CAPEX & R&D — LAST 0 FISCAL YEARS (SEC FILINGS)
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TAM
SIZE
$250B by 2030
CAGR
9%
The global semiconductor foundry market is roughly $130B today and is projected to reach about $250B by 2030 as AI accelerators, advanced packaging and leading-edge nodes drive wafer demand. TSMC holds over 60% share of this market and an even higher share at the most advanced nodes.
RISK ASSESSMENT
HIGTaiwan geopolitical risk — any cross-strait conflict or blockade would disrupt the majority of global leading-edge chip supply and could permanently impair the business.
MEDCustomer concentration — Nvidia and Apple together represent a large share of revenue, so a demand air-pocket or in-sourcing by either would hit utilization and pricing.
LOWCurrency and capex cycle — a stronger NT dollar or an overshoot in fab construction could pressure margins and free cash flow.
🐂 BULL
TSMC is the indispensable toll-road of the AI buildout, with 60%+ operating margins, 50% net margins and pricing power at 3nm/2nm that should compound revenue at a mid-teens rate for years.
🐻 BEAR
At 31.8x trailing earnings and 87.6x book, the stock already discounts flawless execution, leaving little cushion if AI capex slows or Taiwan tensions escalate.
EARNINGS
EPS · Q3 2026
Beat ✓
REVENUE
Beat ✓
MANAGEMENT TONE
BearishBullish
🔗 IMPACT ON YOUR THESIS
AI accelerator demand drives leading-edge node utilization
On Track→On Track
HPC revenue grew strongly on AI demand, confirming the thesis.
Advanced packaging (CoWoS) capacity expansion
Watch→On Track
Management flagged CoWoS capacity doubling, easing a key bottleneck.
Overseas fab buildout (Arizona, Japan, Germany)
Watch→Watch
Arizona ramp on track but margin dilution remains a multi-year headwind.
AI-powered data, computed by TreasureX · May contain inaccuracies
⚠️
All values, scores, and figures here are computed from your own assumptions and public data, for educational purposes only. This is not investment advice — TreasureX does not recommend buying or selling any security. Results change with your inputs. Please do your own research and use your own judgement before making any investment decision.