TSMC

We believe that our scale and capacity, particularly for advanced technologies, is a major competitive advantage.

20-F, Apr 16, 2026

Voices · third-party opinions, not SEC data

Not investment advice. They could be wrong or outdated. See the original source and date; the view may have changed.

What do investors say about TSMC?

Tim GarrattInvestorJul 10, 2026Invests

Our summary: Garratt said TSMC (with ASML) has durable structural advantages and proven high margins, contrasting it with SK Hynix as a cyclical bet.

CNBC interview ›

Details ⓘ

Speaker: Tim Garratt, Baillie Gifford
Role: Investor
Source: CNBC
Format: TV interview
Date: Jul 10, 2026
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Jul 10, 2026; the view may have changed.

Brook DaneInvestorOct 7, 2025InvestsOlder statement

Our summary: Dane listed TSMC alongside Nvidia among his top AI infrastructure stocks to buy.

CNBC article ›

Details ⓘ

Speaker: Brook Dane, Goldman Sachs Asset Management
Role: Investor
Source: CNBC
Format: News article
Date: Oct 7, 2025
Checked: Oct 15, 2026

Voice details · not SEC data. As stated on Oct 7, 2025; the view may have changed.

All 2 Voices on TSMC ›

Business

How does TSMC make money?

No revenue split that adds up to total revenue.

Empty state, nothing estimated.

What is left of every TWD 100?

Of every TWD 100 in revenue, TWD 45 is net income.

RevenueTWD 100

Gross profitTWD 60

Operating incomeTWD 51

Net incomeTWD 45

Free cash flowTWD 26

Where do customers sit?

No revenue-by-region breakdown in the latest annual report's XBRL data.

In the company’s words ›

“TSMC Washington fab and related offices are located.”

“City of Dresden in Germany, where Fab 24 and related facilities will be located.”

“We manufacture semiconductors on silicon wafers based on proprietary circuitry designs provided by our customers.”

Item 4 · Information on the Company · 20-F · 0001628280-26-025362 · filed Apr 16, 2026

Thesis

Why do people invest?

1 reason in the company’s own words.

R&D +21%

“Research and development expenses increased by NT$42,245 million in 2025, or 20.7%, from 2024.”
Item 5 · Operating and Financial Review · 20-F · 0001628280-26-025362 · filed Apr 16, 2026
Number check (R&D expense): stated 20.7% matches stored growth (+20.7%, ±10%)

R&D expense: TWD 246.4B FY2025 · +20.7% vs FY2024 · Profitability charts

Dependencies

How much revenue hangs on one customer?

One customer: 19% of revenue.

Customer A19%

Customer B17%

Customers, suppliers, stakes and mentions ›

Only what filings state. Anonymous customers stay anonymous.

Largest customers (TSMC annual report)

Customer A19% not named · FY2025 · share of revenue (basis not confirmed in the filing text)

Customer B17% not named · FY2025 · share of revenue (basis not confirmed in the filing text)

20-F · 0001628280-26-025362 · filed Apr 16, 2026

Suppliers named by TSMC

NXP“SSMC’s business is exclusively dedicated to the manufacturing of wafers for us, our subsidiaries, NXP and its subsidiaries.”

TSMC holds stakes in

No stake in a covered company found in SEC filings.

Others name TSMC

6 competitor mentions (e.g. AMD, Broadcom, Cerebras, GlobalFoundries) · 1 customer mention (e.g. Qnity) · 6 other mentions (e.g. Broadcom, Cerebras, Intel, KLA) · 3 partner mentions (e.g. ASE Technology, Astera Labs, NXP) · 13 supplier mentions (e.g. AMD, ASE Technology, Analog Devices, Astera Labs) in covered companies’ filings. Mentions, not confirmed relationships.

Risks

What could go wrong?

3 of 25 risk factors, one per theme.

Supply chain and manufacturing
“The competition in the semiconductor foundry segment is fierce.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-025362 · filed Apr 16, 2026
Competition
“If we are unable to manage our capacity and production facilities effectively, our competitiveness may be weakened.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-025362 · filed Apr 16, 2026
Competition
“party licenses could harm our competitive position.”
Item 3.D · Risk Factors · 20-F · 0001628280-26-025362 · filed Apr 16, 2026

Who’s invested

Who owns more than 5%?

No Schedule 13G/13D holder above 5% in the loaded filings.

13F holders and insider trades ›

Largest institutional holders, 13F, quarter ending Jun 30, 2026

Fmr LLC7.6%
58.9M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Capital World Investors4.5%
34.4M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Sanders Capital, LLC3.4%
26.1M shares · 13F filed Aug 10, 2026 · share of 13F-reported
Jpmorgan Chase & Co3.1%
23.8M shares · 13F filed Aug 12, 2026 · share of 13F-reported
BlackRock, Inc.2.6%
20.1M shares · 13F filed Aug 7, 2026 · share of 13F-reported

3,562 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 1 large filing with inconsistent reported value per share left out.

Insiders, last 12 months (Form 4, open market)

251 purchases · 2 sales · $14.0M sold

Grants, gifts and tax withholding counted separately · window Oct 13, 2025 – Oct 13, 2026

All metrics

All metrics · 36 SEC metrics, FY2016–FY2025

Income statement 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cost of revenue

D&A

Gross profit

Income taxes

Interest expense

Net income

Operating income

Research and development

Revenue

Balance sheet 9

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents

Current liabilities

Current portion of long-term debt

Equity

Equity incl. NCI

Long-term debt

Total assets

Total debt calc.

Total liabilities & equity

Cash flow 6

Metric	FY2016	FY2017	FY2018
Capex

Dividends

Free cash flow calc.

Interest paid

Operating cash flow

Stock-based compensation	not reported	not reported	not reported

Per share & shares 4

Metric	FY2016	FY2018	FY2019
EPS basic

EPS diluted

Wtd. shares basic

Wtd. shares diluted	not reported	not reported	not reported

Other 8

Metric	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
3nm share of wafer revenue	not reported	not reported	not reported	not reported	not reported	not reported	not reported

HPC share of revenue	not reported

Long-term bank loans (IFRS)	not reported	not reported	not reported	not reported

NCI income

Other income (incl. interest) calc.

Pretax income

Short-term borrowings / commercial paper							not reported	not reported	not reported	not reported

Total liabilities

TSMC

Source and method

What do investors say about TSMC?

Business

No revenue split that adds up to total revenue.

Of every TWD 100 in revenue, TWD 45 is net income. i

Source and method

No revenue-by-region breakdown in the latest annual report's XBRL data.

Thesis

1 reason in the company’s own words. i

Source and method

KPIs

Revenue grew 32% to TWD 3.8T.

Per share, revenue grew 68.2%.

50.8% operating margin, up from 45.7%.

59.9% gross margin, up from 56.1%.

Operating income grew 46% to TWD 1.9T.

Net income grew 47% to TWD 1.7T.

R&D grew 21% to TWD 246.4B.

EPS diluted grew 47% to TWD 65.47.

Keeps TWD 26 of every TWD 100 as free cash.

Operating cash flow grew 25% to TWD 2.3T.

Capex grew 33% to TWD 1.3T.

Dividends grew 29% to TWD 466.8B.

Stock-based compensation grew 0.3% to TWD 1.2B.

TWD 2.8T cash vs TWD 1.0T debt.

Total debt grew 1.4% to TWD 1.0T.

Interest expense grew 18% to TWD 12.4B.

Total assets grew 19% to TWD 7.9T.

Equity grew 26% to TWD 5.4T.

Cash grew 30% YoY to TWD 2.8T.

Total debt grew 1.4% YoY to TWD 1.0T.

Total assets grew 19% YoY to TWD 7.9T.

Equity grew 26% YoY to TWD 5.4T.

HPC share of revenue: 58% in FY2025.

3nm share of wafer revenue: 24% in FY2025.

Revenue per fiscal year grew 32% to TWD 3.8T.

Dependencies

One customer: 19% of revenue.

Risks

3 of 25 risk factors, one per theme. i

Source and method

Who’s invested

No Schedule 13G/13D holder above 5% in the loaded filings.

All metrics

Method

Of every TWD 100 in revenue, TWD 45 is net income.

1 reason in the company’s own words.

3 of 25 risk factors, one per theme.