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TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Revenue32,97733,69735,77447,69457,22573,67070,59988,268
Cost of revenue16,28317,42919,30122,36927,68129,79332,22238,730
Gross profit16,69516,26516,47325,32529,54443,87838,37749,538
Research and development2,7242,8063,0573,8994,4975,3135,9566,227
Operating income13,00812,53312,46120,18523,43136,48830,09440,319
Interest expense11299.710974.1195382392320
Interest income32448555523.435.130.815.717.3
Pre-tax income13,36612,98713,03520,82423,90237,23031,98342,874
Income tax1,7251,1251,1982,6262,5294,9074,1907,573
Net income to minority interests1.41.72.69.418.812.1-23.3-26.1
Net income11,64011,86111,83418,18921,35432,31127,81735,327
EPS, basic0.450.460.460.700.821.251.071.36
EPS, diluted0.450.460.460.700.821.251.071.36

Balance sheet

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Cash and equivalents18,07919,31816,21823,79934,65643,85444,69164,887
Inventory2,4933,3732,7744,8926,9617,1978,1978,779
Total current assets28,92131,09127,50338,89657,93366,80471,65494,186
Property, plant and equipment35,84835,02345,21555,39971,20187,662100,08198,658
Lease right-of-use assets5769881,1801,3641,3201,224
Total assets67,19768,27975,71898,312134,294161,551180,673204,079
Short-term debt2,1512,9003,9633,1544,143
Total current liabilities13,05311,65820,00622,50427,33832,10430,79139,910
Lease liabilities503732749969937877
Total liabilities16,77814,01321,74332,93656,72866,60067,87573,574
Retained earnings40,65644,43844,32156,04868,05384,442102,176118,115
Shareholders' equity50,39654,24553,95265,34277,47994,469112,003129,438
Minority interests23.622.122.833.987.34827951,068
Total equity50,42054,26753,97565,37677,56694,951112,798130,505
Total liabilities and equity67,19768,27975,71898,312134,294161,551180,673204,079

Cash flow statement

FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024
Net income11,64111,86211,83618,19821,37332,32327,79335,301
Cash from operations19,74818,75120,56629,29740,09252,41140,56155,693
Capital expenditures-11,153-10,310-15,394-18,064-30,252-35,232-31,020-29,155
Cash from investing-11,342-10,267-15,339-18,012-30,150-38,755-29,593-26,375
Dividends paid-6,124-6,777-8,670-9,235-9,581-9,282-9,527-11,072
Cash from financing-7,277-8,008-9,015-3,1564,925-6,516-6,692-10,561
Exchange rate effect-719322-305-837-2731,900-2721,438
Net change in cash410798-4,0937,29314,5939,0414,00420,195
Free cash flow8,5948,4415,17311,2339,84017,1809,54126,538

Key metrics

Worked out from the statements above. Latest values use fiscal 2024. Valuation uses the share price of $450.61 on September 25, 2026.

Profitability

MetricValueHow it is calculated
Gross margin56.1%Gross profit / revenue.
Operating margin45.7%Operating income / revenue.
Pre-tax margin48.6%Pre-tax income / revenue.
Net margin40.0%Net income / revenue.
FCF margin30.1%Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin63.1%Cash from operations / revenue.
Effective tax rate17.7%Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)29.3%Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)18.4%Net income / average total assets.
Return on invested capital (ROIC)50.4%Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue7.1%Research and development expense / revenue.
Capex / revenue33.0%Capital expenditures / revenue.

Growth

MetricValueHow it is calculated
Revenue growth, 1y25.0%Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y15.5%Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y19.8%Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y29.1%Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y18.8%Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y24.6%Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y34.0%Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y19.8%Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y26.5%Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y27.0%Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y18.3%Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y24.5%Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y27.1%EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y18.4%Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y24.2%Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y37.3%Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y11.6%Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y22.0%Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y178.1%Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y39.2%Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y38.7%Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y15.6%Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y18.7%Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y19.1%Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y13.0%Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y15.0%Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y21.9%Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

MetricValueHow it is calculated
Current ratio2.36xCurrent assets / current liabilities.
Quick ratio1.63x(Cash + short-term investments + receivables) / current liabilities.
Cash ratio1.63x(Cash + short-term investments) / current liabilities.
Liabilities / assets36.1%Total liabilities / total assets.
Interest coverage126xOperating income / interest expense.
Working capital$54.28BCurrent assets - current liabilities.
Tangible book value$129.44BShareholders' equity - goodwill - intangible assets.

Efficiency

MetricValueHow it is calculated
Asset turnover0.46xRevenue / average total assets.
Fixed asset turnover0.89xRevenue / average property, plant and equipment.
Inventory turnover4.56xCost of revenue / average inventory.
Days inventory80 days365 x average inventory / cost of revenue.
FCF conversion75.1%Free cash flow / net income, when net income is positive.
Capex / operating cash flow52.4%Capital expenditures / cash from operations, when that is positive.

Per share

MetricValueHow it is calculated
EPS, diluted$1.36Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic$1.36Net income per basic share, as reported (split-adjusted).
Payout ratio31.3%Dividends paid / net income, when net income is positive.
Dividends / FCF41.7%Dividends paid / free cash flow, when free cash flow is positive.

Valuation

MetricValueHow it is calculated
Market cap$2.34TShare price x shares outstanding.
Enterprise value$2.27TMarket cap + total debt - cash - short-term investments.
P/E66.2xMarket cap / net income. Only when net income is positive.
P/S26.5xMarket cap / revenue.
P/B18.1xMarket cap / shareholders' equity. Only when equity is positive.
Price / tangible book18.1xMarket cap / tangible book value, when positive.
P/FCF88.1xMarket cap / free cash flow. Only when free cash flow is positive.
P/OCF42.0xMarket cap / cash from operations, when positive.
EV/Sales25.7xEnterprise value / revenue.
EV/EBIT56.4xEnterprise value / operating income, when both are positive.
EV/FCF85.6xEnterprise value / free cash flow, when both are positive.
FCF yield1.1%Free cash flow / market cap.
Earnings yield1.5%Net income / market cap (the inverse of P/E).
Dividend yield0.5%Dividends paid over the period / market cap.
Shareholder yield0.5%(Dividends paid + share buybacks) / market cap.
PEG3.60xP/E / EPS growth per year over 3 years (in percent). Only when both are positive.
What was TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD's revenue in fiscal 2024?

TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD reported revenue of $88.27B for fiscal 2024, 25% higher than the year before.

Was TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD profitable in fiscal 2024?

Yes. Net income was $35.33B, a net margin of 40%.

How much free cash flow did TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD generate in fiscal 2024?

Cash from operations of $55.69B minus capital expenditures of $29.16B left free cash flow of $26.54B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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