TSMC (TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY)

Financials TSMC (Taiwan Semiconductor Manufacturing Company)

Equities

2330

TW0002330008

Semiconductors

End-of-day quote Taiwan S.E. Other stock markets 09/07/2025			5-day change	1st Jan Change
1,090.00 ^TWD	+0.93%		+0.46%	+1.40%

07:25pm	TSMC second-quarter sales rise 38.6% y/y, beat forecasts	RE
05:57pm	Stocks climb on AI and rate cut optimism, unfazed by Trump's tariff moves	RE

Projected Income Statement: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	13,39,255	15,87,415	22,63,891	21,61,740	28,94,308	36,52,552	42,35,803	49,77,089
Change	-	18.53%	42.61%	-4.51%	33.89%	26.2%	15.97%	17.5%
EBITDA ¹	8,98,509	10,72,376	15,58,533	14,53,657	19,84,849	24,62,538	28,39,015	33,33,467
Change	-	19.35%	45.33%	-6.73%	36.54%	24.07%	15.29%	17.42%
EBIT ¹	5,66,784	6,49,981	11,21,279	9,21,466	13,22,053	17,35,623	19,95,021	23,27,844
Change	-	14.68%	72.51%	-17.82%	43.47%	31.28%	14.95%	16.68%
Interest Paid ¹	-2,081	-5,414	-11,750	-11,999	-10,495	-10,654	-10,654	-10,600
Earnings before Tax (EBT) ¹	5,84,777	6,63,126	11,44,191	9,79,170	14,05,839	18,40,926	21,06,762	24,55,280
Change	-	13.4%	72.55%	-14.42%	43.57%	30.95%	14.44%	16.54%
Net income ¹	5,17,885	5,96,540	10,16,530	8,38,498	11,73,268	15,39,495	17,75,631	20,60,300
Change	-	15.19%	70.4%	-17.51%	39.92%	31.21%	15.34%	16.03%
Announcement Date	14/01/21	13/01/22	12/01/23	18/01/24	16/01/25	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1
Net sales ¹	3,10,699	3,56,426	3,61,533	3,62,410	3,72,145	4,14,671	4,38,189	4,91,076	5,34,141	6,13,142	6,25,532	5,08,633	4,80,841	5,46,733	6,25,529	5,92,644	6,73,510	7,59,692	8,68,461	8,39,254	9,22,927	9,42,949	9,42,846	9,08,214	9,93,209	11,03,563	11,85,152	10,30,588
Change	-	14.72%	1.43%	0.24%	2.69%	11.43%	5.67%	12.07%	8.77%	14.79%	2.02%	-18.69%	-5.46%	13.7%	14.41%	-5.26%	13.64%	12.8%	14.32%	-3.36%	9.97%	2.17%	-0.01%	-3.67%	9.36%	11.11%	7.39%	-13.04%
EBITDA ¹	2,01,970	2,44,781	2,54,682	2,51,438	2,49,472	2,78,031	2,93,435	3,34,892	3,75,349	4,15,669	4,32,623	3,41,561	3,25,897	3,75,346	4,10,853	4,08,041	4,51,722	5,28,995	5,96,091	5,82,220	6,21,914	6,05,152	6,06,100	5,88,163	6,11,126	6,84,070	7,22,585	6,94,230
Change	-	21.2%	4.04%	-1.27%	-0.78%	11.45%	5.54%	14.13%	12.08%	10.74%	4.08%	-21.05%	-4.59%	15.17%	9.46%	-0.68%	10.71%	17.11%	12.68%	-2.33%	6.82%	-2.7%	0.16%	-2.96%	3.9%	11.94%	5.63%	-3.92%
EBIT ¹	1,31,094	1,50,048	1,57,120	1,50,538	1,45,667	1,71,004	1,82,772	2,23,790	2,62,124	3,10,324	3,25,041	2,31,238	2,01,958	2,28,065	2,60,205	2,49,018	2,86,556	3,60,766	4,25,713	4,07,081	4,42,931	4,45,738	4,39,617	4,14,041	4,66,781	5,24,046	5,66,836	4,61,323
Change	-	14.46%	4.71%	-4.19%	-3.24%	17.39%	6.88%	22.44%	17.13%	18.39%	4.74%	-28.86%	-12.66%	12.93%	14.09%	-4.3%	15.07%	25.9%	18%	-4.38%	8.81%	0.63%	-1.37%	-5.82%	12.74%	12.27%	8.17%	-18.61%
Charge d'intérêts ¹	-409.1	-373.2	-738.6	-772.1	-1,134	-1,334	-2,174	-2,141	-2,904	-3,370	-3,335	-2,964	-3,005	-3,112	-2,919	-2,698	-2,638	-2,636	-	-2,677	-2,638	-2,638	-2,638	-2,600	-2,600	-2,600	-2,600	-2,600
Earnings before Tax (EBT) ¹	1,36,399	1,55,124	1,61,107	1,55,064	1,49,391	1,73,852	1,84,819	2,26,832	2,65,998	3,16,691	3,34,670	2,44,275	2,14,675	2,41,940	2,78,281	2,66,543	3,06,311	3,84,187	4,48,798	4,30,895	4,66,651	4,66,215	4,61,826	4,42,165	4,90,909	5,49,123	5,92,798	4,80,961
Change	-	13.73%	3.86%	-3.75%	-3.66%	16.37%	6.31%	22.73%	17.27%	19.06%	5.68%	-27.01%	-12.12%	12.7%	15.02%	-4.22%	14.92%	25.42%	16.82%	-3.99%	8.3%	-0.09%	-0.94%	-4.26%	11.02%	11.86%	7.95%	-18.87%
Net income ¹	1,20,822	1,37,310	1,42,766	1,39,690	1,34,359	1,56,259	1,66,232	2,02,733	2,37,027	2,80,866	2,95,904	2,06,987	1,81,799	2,11,000	2,38,712	2,25,485	2,47,845	3,25,258	3,74,680	3,61,564	3,77,835	3,98,413	3,94,731	3,72,693	4,05,534	4,66,047	5,03,144	4,06,901
Change	-	13.65%	3.97%	-2.15%	-3.82%	16.3%	6.38%	21.96%	16.92%	18.5%	5.35%	-30.05%	-12.17%	16.06%	13.13%	-5.54%	9.92%	31.23%	15.19%	-3.5%	4.5%	5.45%	-0.92%	-5.58%	8.81%	14.92%	7.96%	-19.13%
Announcement Date	16/07/20	15/10/20	14/01/21	15/04/21	15/07/21	14/10/21	13/01/22	14/04/22	14/07/22	13/10/22	12/01/23	20/04/23	20/07/23	19/10/23	18/01/24	18/04/24	18/07/24	17/10/24	16/01/25	17/04/25	-	-	-	-	-	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2023 S2	2024 S2
Net sales ¹	11,72,262	16,28,153
Change	-	38.89%
EBITDA	-	-
Change	-	-
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	18/01/24	16/01/25

¹TWD in Million

Estimates

Forecast Balance Sheet: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-3,14,907	-3,35,431	-7,07,836	-7,64,452	-14,35,557	-17,06,588	-23,70,980	-32,30,191
Change	-	-6.52%	-111.02%	-8%	-87.79%	-18.88%	-38.93%	-36.24%
Announcement Date	14/01/21	13/01/22	12/01/23	18/01/24	16/01/25	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	5,07,239	8,39,196	10,82,672	9,49,820	9,56,007	12,87,053	13,68,410	14,51,232
Change	-	65.44%	29.01%	-12.27%	0.65%	34.63%	6.32%	6.05%
Free Cash Flow (FCF) ¹	3,15,430	2,72,965	5,27,927	2,92,150	8,70,170	8,21,986	11,57,290	18,71,333
Change	-	-13.46%	93.4%	-44.66%	197.85%	-5.54%	40.79%	61.7%
Announcement Date	14/01/21	13/01/22	12/01/23	18/01/24	16/01/25	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	67.09%	67.55%	68.84%	67.24%	68.58%	67.42%	67.02%	66.98%
EBIT Margin (%)	42.32%	40.95%	49.53%	42.63%	45.68%	47.52%	47.1%	46.77%
EBT Margin (%)	43.66%	41.77%	50.54%	45.3%	48.57%	50.4%	49.74%	49.33%
Net margin (%)	38.67%	37.58%	44.9%	38.79%	40.54%	42.15%	41.92%	41.4%
FCF margin (%)	23.55%	17.2%	23.32%	13.51%	30.06%	22.5%	27.32%	37.6%
FCF / Net Income (%)	60.91%	45.76%	51.93%	34.84%	74.17%	53.39%	65.18%	90.83%
Profitability
ROA	20.61%	16.9%	23.39%	15.98%	19.2%	20.44%	20.09%	20.31%
ROE	29.8%	29.69%	39.76%	26.2%	30.29%	30.55%	28.54%	27.75%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	37.87%	52.87%	47.82%	43.94%	33.03%	35.24%	32.31%	29.16%
CAPEX / EBITDA (%)	56.45%	78.26%	69.47%	65.34%	48.17%	52.27%	48.2%	43.54%
CAPEX / FCF (%)	160.81%	307.44%	205.08%	325.11%	109.86%	156.58%	118.24%	77.55%
Items per share
Cash flow per share ¹	31.73	42.89	62.12	47.9	70.43	85.52	97.36	114.1
Change	-	35.19%	44.82%	-22.89%	47.03%	21.43%	13.84%	17.23%
Dividend per Share ¹	10	11	11	13	16.99	18.57	21.4	26.31
Change	-	10%	0%	18.18%	30.69%	9.28%	15.25%	22.94%
Book Value Per Share ¹	71.33	83.62	113.6	133.4	165.4	207.9	255.7	308.9
Change	-	17.23%	35.86%	17.42%	23.98%	25.7%	23%	20.81%
EPS ¹	19.98	23.01	39.2	32.34	45.25	58.95	68.29	79.84
Change	-	15.17%	70.36%	-17.5%	39.92%	30.29%	15.83%	16.92%
Nbr of stocks (in thousands)	2,59,30,380	2,59,30,380	2,59,30,380	2,59,32,071	2,59,32,733	2,59,32,616	2,59,32,616	2,59,32,616
Announcement Date	14/01/21	13/01/22	12/01/23	18/01/24	16/01/25	-	-	-