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NYSE · TSM

TSMC

Semiconductor Foundry · Advanced Nodes

Earnings release date
2026.07.16
Market data date
2026.10.13
Last checked
2026.10.13
PUBLICATION GATEOfficial Facts MatchedThe key facts shown on this page match issuer IR/SEC materials and market data.
View Matched Facts
Official sources and filing dateMatchedRevenueMatchedTTM revenueMatchedShares outstandingMatchedClosing price and market-data dateMatched
01

EARNINGS & GROWTH

Revenue · Profitability · Key Metrics

Revenue$40.20B
YoY+$10.13B · +33.7%
QoQ+$4.30B · +12.0%
Wafer Shipments4.336M
YoY+0.618M · +16.6%
QoQ+0.162M · +3.9%
Advanced-Node Revenue Mix77.0%
YoY+3.0%p
QoQ+3.0%p
Gross Margin67.7%
YoY+9.1%p
QoQ+1.5%p
02

EARNINGS ANALYSIS

Stock Analysis · Growth Drivers · Business Model

Revenue

Leading-edge demand drove growth

Strong leading-edge demand, led by AI and high-performance computing workloads, drove the quarter’s growth. TSMC’s growth mix is shifting further toward advanced-node manufacturing, with high-performance computing accounting for a larger share of revenue.

Wafer Shipments

Physical wafer volume also expanded

Stronger leading-edge demand coincided with higher physical wafer shipments as well as a richer node mix. Expanding physical volume is broadening the underlying base of revenue growth.

Advanced-Node Revenue Mix

The advanced-node mix moved higher

N3 expansion and the first revenue contribution from N2 more than offset normalization in older nodes, lifting the advanced-node mix. The business continues to shift toward higher-value advanced nodes.

Gross Margin

Utilization and cost improvement lifted margin

Cost improvement and higher overall capacity utilization lifted profitability while partially offsetting dilution from overseas fabs. Higher utilization and productivity are helping absorb the cost burden from new-node ramps and overseas manufacturing expansion.

03

VALUATION · RETURN CALCULATOR

P/E · Multiples · Long-Term Investing

Current market cap$2.31T

$445.12 × 5.19B shares

TTM revenue$142.93B
See calculation

FY2025 Q3 revenue $33.10B
+ FY2025 Q4 revenue $33.73B
+ FY2026 Q1 revenue $35.90B
+ FY2026 Q2 revenue $40.20B
= TTM $142.93B

Current P/S16.2x
Current market cap
$2.31T
TTM revenue
$142.93B

$2.31T ÷ $142.93B = 16.2x

Current P/E32.1x
Current market cap
$2.31T
TIFRS TTM Net Income
$71.88B

$2.31T ÷ $71.88B = 32.1x

TIFRS TTM Net Margin 50.3%

TTM vs. Annualized Revenue

Trailing twelve monthsTTM revenue$142.93B
FY2026 Q2Annualized latest-quarter revenue$160.80BQuarterly revenue $40.20B ×4
FY2026 Q3Annualized Revenue Guidance$180.80BGuidance revenue midpoint $45.20B ×4

Recent-quarter and guidance annualizations are simple quarter-revenue ×4 comparisons, not forecasts for the next 12 months.

View high-point comparison
HIGH-POINT COMPARISON

All-Time Closing High

2026-10-05
Sources and calculations checked
Peak close$485.80
Market cap at peak$2.52T
P/S at peak17.6x
P/E at peak35.1x
Trailing twelve months at the peakTTM revenue at the peak$142.93B

FY2026 Q2Annualized latest quarter at the peak$160.80B

Quarterly revenue $40.20B ×4

FY2026 Q3Annualized public guidance at the peak$180.80B

Guidance revenue midpoint $45.20B ×4

At peakCurrentChange
TTM revenue$142.93B$142.93B+0.0%
Latest quarter$40.20B$40.20B+0.0%
Public guidance$45.20B$45.20B+0.0%

Only information available at the peak is used. Only FY2026 Q2 results and FY2026 Q3 company guidance available at the October 5, 2026 closing high were used.

Key Variables Disclosed at the High Point

Strong AI- and HPC-led advanced-node demand, N3 capacity expansion, the N2 ramp, high utilization and cost improvement were key growth and profitability variables. Margin dilution from the initial N2 ramp and overseas fab expansion also needed to be considered.

Growth and Profitability Conditions Embedded in the High-Point Multiple

The high-point multiple reflected conditions in which AI and HPC demand translated into N3 and N2 capacity expansion and high wafer utilization, while advanced-node revenue growth absorbed new-node and overseas fab costs and sustained high profitability.

Closing price $485.80 × 5.19B shares = approximately $2.52T market cap at the high point

CURRENT MARKET CAP REQUIREMENTS

Requirements Implied by the Current Market Cap

Current Market Cap Basis
Implied 2030 Revenue CAGR17.4%TTM revenue growth +34.9% YoY
Current market cap$2.31T
Assumed 2030 P/S8.2x47.5% assumed net margin × 17.2x assumed P/E
Required 2030 revenue$282.5B

This is the 2030 revenue implied by the current market cap under the displayed valuation assumptions.

Share-count changes and dividends are not included in this calculation.

Conditional Business Scenarios

Conservative · Base · Optimistic
TSMC Conditional Assumptions
Current TTM$142.93B
Latest-quarter annualized$160.80B
Guidance-midpoint annualized$180.80B
Conservative
Assumed 2030 revenue$303.0BRevenue CAGR from TTM 19.3%
CAGR from annualized latest-quarter revenue 16.1%CAGR from annualized guidance midpoint 12.9%
Assumed 2030 net margin
49.6%Current 50.3%
Assumed 2030 P/E
19.0xCurrent 32.1x
Converted P/S
9.4x
Conditional Shareholder Return Bridge
Conditional Market Cap$2.86TVs. current +23.7%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.19BVs. current +0.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$550.77Current $445.12 · +23.7%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+28.4%Implied Share Value Change +23.7% · Dividend Contribution +4.7 ppAnnualized +6.1%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$2.31T$2.86T
Shares
5.19B5.19B
Implied Share Value Change
+23.7%
Shareholder Return Components
Implied Share Value Change
+23.7%
Dividend Contribution
+4.7 pp
Conditional Total Shareholder Return
+28.4%

This scenario assumes continued AI- and HPC-led advanced-node demand, but more gradual capacity expansion and growth in revenue generated from advanced-node wafers. Cost burdens from new N2 and A14 nodes and overseas fab expansion limit profitability gains.

Base
Assumed 2030 revenue$328.0BRevenue CAGR from TTM 21.6%
CAGR from annualized latest-quarter revenue 18.2%CAGR from annualized guidance midpoint 15.0%
Assumed 2030 net margin
51.6%Current 50.3%
Assumed 2030 P/E
21.0xCurrent 32.1x
Converted P/S
10.8x
Conditional Shareholder Return Bridge
Conditional Market Cap$3.55TVs. current +53.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.19BVs. current +0.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$684.98Current $445.12 · +53.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+59.2%Implied Share Value Change +53.9% · Dividend Contribution +5.3 ppAnnualized +11.6%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$2.31T$3.55T
Shares
5.19B5.19B
Implied Share Value Change
+53.9%
Shareholder Return Components
Implied Share Value Change
+53.9%
Dividend Contribution
+5.3 pp
Conditional Total Shareholder Return
+59.2%

This intermediate scenario assumes continued N3 and N2 capacity expansion and high utilization, alongside higher-value advanced-node mix and expanding advanced packaging revenue. Productivity improvements absorb the cost burden of new nodes and overseas manufacturing.

Optimistic
Assumed 2030 revenue$348.0BRevenue CAGR from TTM 23.3%
CAGR from annualized latest-quarter revenue 19.9%CAGR from annualized guidance midpoint 16.6%
Assumed 2030 net margin
53.0%Current 50.3%
Assumed 2030 P/E
23.0xCurrent 32.1x
Converted P/S
12.2x
Conditional Shareholder Return Bridge
Conditional Market Cap$4.24TVs. current +83.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.19BVs. current +0.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$818.38Current $445.12 · +83.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+89.7%Implied Share Value Change +83.9% · Dividend Contribution +5.9 ppAnnualized +16.2%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$2.31T$4.24T
Shares
5.19B5.19B
Implied Share Value Change
+83.9%
Shareholder Return Components
Implied Share Value Change
+83.9%
Dividend Contribution
+5.9 pp
Conditional Total Shareholder Return
+89.7%

This scenario assumes stronger-than-expected AI and HPC demand, with expansion in N2 and A14 capacity and advanced packaging translating more rapidly into revenue. High utilization and productivity gains absorb new-node and overseas fab costs, supporting higher profitability.

This analysis presents long-term valuation scenarios. Scenario inputs are conditional assumptions and are not company guidance or market consensus.

Conditional Shareholder Return Calculator

P/E and P/S are linked through the assumed net margin.

Conditional Shareholder Return Bridge
Conditional Market Cap$3.55TVs. current +53.9%Conditional market cap is calculated from the revenue, net margin, and multiple assumptions.
Conditional Projected Shares5.19BVs. current +0.0%Reflects company-specific share-count assumptions.
Conditional Implied Share Value$684.98Current $445.12 · +53.9%Conditional market cap and conditional projected shares determine implied share value.
Conditional Total Shareholder Return+59.2%Implied Share Value Change +53.9% · Dividend Contribution +5.3 ppAnnualized +11.6%
View Conditional Shareholder Return Details

Shows the relationship among market cap, share count, implied share value, and shareholder return.

Implied Share Value Change
Market Cap
$2.31T$3.55T
Shares
5.19B5.19B
Implied Share Value Change
+53.9%
Shareholder Return Components
Implied Share Value Change
+53.9%
Dividend Contribution
+5.3 pp
Conditional Total Shareholder Return
+59.2%

This is a conditional arithmetic result based on the displayed assumptions, not a forecast of future share price.

Original Sources

TSMC FY2026 Q2 Quarterly Results

TSMC IR, Official Sources and Market Data

Methodology, Terms and Operating Principles

What is GAAP?

GAAP refers to U.S. generally accepted accounting principles. GAAP financial results include items such as stock-based compensation and amortization that companies may adjust out of non-GAAP measures.

Company-Specific Valuation Assumptions

VALUFOUR does not apply the same valuation multiples to every company. Conditional scenarios are analytical assumptions based on each company’s business model, revenue scale, growth rate, profitability, durability of growth and historical valuation range. They are not forecasts or recommendations.

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TIFRS

TSMC prepares its consolidated financial results under TIFRS.

ADS-equivalent shares

VALUFOUR converts common shares at 1 ADS = 5 common shares into an ADS-equivalent share count for market-cap and per-share calculations.

Wafer Shipments

TSMC expresses shipments on a 12-inch-equivalent wafer basis so that volumes across different wafer sizes can be compared.

Advanced-Node Revenue Mix

The share of TSMC wafer revenue generated by process technologies at 7nm and below.