TSMNYSESemiconductors & Related DevicesFiscal year ends December 31Also trades as TSMWF
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
Financials through fiscal 2024, year ended Dec 31, 2024Last filing: 20-F on Apr 16, 2026
$420.22+7.61 (+1.84%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2024
Gross margin
56.1%+10.1 pts over 5 years
Operating margin
45.7%+10.8 pts over 5 years
Net margin
40.0%+6.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2024
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +33.9% | +22.2% | +22.0% | – | |
| Gross profit | +38.2% | +25.6% | +26.9% | – | |
| Operating income | +43.5% | +26.7% | +28.8% | – | |
| Net income | +36.0% | +25.1% | +26.8% | – | |
| EPS, diluted | +36.0% | +25.1% | +26.8% | – | |
| Free cash flow | +197.9% | +47.2% | +41.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2015 | FY2019 | FY2024 | Trend |
|---|---|---|---|---|
| Return on equity | – | 21.6% | 30.2% | |
| Return on assets | – | 16.3% | 19.0% | |
| Current ratio | – | 1.37 | 2.36 | |
| Debt to equity | – | – | 0.02 | |
| Interest coverage | 100.3× | 114.6× | 126.0× | |
| Inventory turnover | – | 6.2× | 4.7× | |
| Capex to revenue | 30.5% | 43.0% | 33.0% | |
| Diluted shares | 25.93B | 25.93B | 25.93B |
Where the cash went
Fiscal 2020 to 2024, five years combined
Taiwan Semiconductor Manufacturing generated 6.61T TWD from operations and spent 5.80T TWD on capital expenditure, dividends and share buybacks. 75% of that went back into the business.
Generated
6.61T TWD
Used
5.80T TWD
Capital expenditure4.33T TWD75%Dividends1.47T TWD25%Share buybacks0 TWD0%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin40.0%
×Asset turnover0.47×
×Equity multiplier1.59×
=Return on equity, FY202430.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2024 | 40.0% | 0.47× | 1.59× | 30.2% |
| FY2023 | 39.4% | 0.41× | 1.66× | 26.9% |
| FY2022 | 43.9% | 0.52× | 1.72× | 39.3% |
| FY2021 | 37.3% | 0.49× | 1.63× | 29.7% |
| FY2020 | 38.1% | 0.53× | 1.46× | 29.6% |
| FY2019 | 33.1% | 0.49× | 1.33× | 21.6% |
| FY2018 | 35.2% | 0.51× | 1.29× | 23.0% |
| FY2017 | 35.3% | 0.50× | 1.36× | 24.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2024 against fiscal 2023
7of 9 tests passed in fiscal 2024. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero1.16T TWD
- Cash generatingOperating cash flow above zero1.83T TWD
- Return on assets improvedROA up on the prior year17.2% → 20.9%
- Earnings backed by cashOperating cash flow above net income1.83T TWD vs 1.16T TWD
- Less leverageLong-term debt to assets fell0.1% → 0.5%
- Better liquidityCurrent ratio rose2.33 → 2.36
- No dilutionShare count did not rise25.93B → 25.93B
- Gross margin improvedGross margin up on the prior year54.36% → 56.12%
- More efficientAsset turnover rose0.44 → 0.52