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 2026-04-09			5-day change	1st Jan Change
1,955.00 ^TWD	+0.26%		+8.01%	+26.13%

05:03am	TSMC says unit TSMC Global acquires fixed-income securities for $9.9 mln	RE
04:56am	Taiwan March exports hit record high value as AI-related demand remains solid	RE

Projected Income Statement: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,587,415	2,263,891	2,161,740	2,894,308	3,809,054	5,013,792	6,235,445	7,644,477
Change	-	42.61%	-4.51%	33.89%	31.6%	31.63%	24.37%	22.6%
EBITDA ¹	1,072,376	1,558,533	1,453,657	1,984,849	2,624,188	3,547,150	4,399,478	5,373,863
Change	-	45.33%	-6.73%	36.54%	32.21%	35.17%	24.03%	22.15%
EBIT ¹	649,981	1,121,279	921,466	1,322,053	1,936,092	2,737,342	3,394,599	4,131,731
Change	-	72.51%	-17.82%	43.47%	46.45%	41.38%	24.01%	21.71%
Interest Paid ¹	-5,414	-11,750	-11,999	-10,495	-12,370	-13,720	-13,973	-11,918
Earnings before Tax (EBT) ¹	663,126	1,144,191	979,170	1,405,839	2,041,663	2,868,292	3,526,971	4,198,380
Change	-	72.55%	-14.42%	43.57%	45.23%	40.49%	22.96%	19.04%
Net income ¹	596,540	1,016,530	838,498	1,173,268	1,717,883	2,359,574	2,898,068	3,445,928
Change	-	70.4%	-17.51%	39.92%	46.42%	37.35%	22.82%	18.9%
Announcement Date	1/13/22	1/12/23	1/18/24	1/16/25	1/15/26	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	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	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	362,410	372,145	414,671	438,189	491,076	534,141	613,142	625,532	508,633	480,841	546,733	625,529	592,644	673,510	759,692	868,461	839,254	933,792	989,918	1,046,090	1,120,185	1,200,670	1,331,279	1,414,441	1,385,299	1,494,900	1,648,064	1,717,108
Change	-	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%	11.26%	6.01%	5.67%	7.08%	7.18%	10.88%	6.25%	-2.06%	7.91%	10.25%	4.19%
EBITDA ¹	251,438	249,472	278,031	293,435	334,892	375,349	415,669	432,623	341,561	325,897	375,346	410,853	408,041	451,722	528,995	596,091	582,220	651,481	663,472	727,015	805,591	854,649	942,416	985,564	945,733	1,049,695	1,211,041	1,265,587
Change	-	-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%	11.9%	1.84%	9.58%	10.81%	6.09%	10.27%	4.58%	-4.04%	10.99%	15.37%	4.5%
EBIT ¹	150,538	145,667	171,004	182,772	223,790	262,124	310,324	325,041	231,238	201,958	228,065	260,205	249,018	286,556	360,766	425,713	407,081	463,423	500,685	564,903	624,691	667,228	726,523	766,142	739,600	812,993	908,044	949,330
Change	-	-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%	13.84%	8.04%	12.83%	10.58%	6.81%	8.89%	5.45%	-3.46%	9.92%	11.69%	4.55%
Charge d'intérêts ¹	-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	-	-2,959	-3,043	-3,022	-3,022	-3,022	-3,022	-3,000	-3,000	-3,000	-3,000
Earnings before Tax (EBT) ¹	155,064	149,391	173,852	184,819	226,832	265,998	316,691	334,670	244,275	214,675	241,940	278,281	266,543	306,311	384,187	448,798	430,895	493,036	525,369	592,363	645,332	696,518	751,189	790,396	766,651	844,447	944,155	987,655
Change	-	-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%	14.42%	6.56%	12.75%	8.94%	7.93%	7.85%	5.22%	-3%	10.15%	11.81%	4.61%
Net income ¹	139,690	134,359	156,259	166,232	202,733	237,027	280,866	295,904	206,987	181,799	211,000	238,712	225,485	247,845	325,258	374,680	361,564	398,273	452,302	505,744	537,656	575,367	623,557	657,608	642,799	699,251	790,308	830,533
Change	-	-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%	10.15%	13.57%	11.82%	6.31%	7.01%	8.38%	5.46%	-2.25%	8.78%	13.02%	5.09%
Announcement Date	4/15/21	7/15/21	10/14/21	1/13/22	4/14/22	7/14/22	10/13/22	1/12/23	4/20/23	7/20/23	10/19/23	1/18/24	4/18/24	7/18/24	10/17/24	1/16/25	4/17/25	7/17/25	10/16/25	1/15/26	-	-	-	-	-	-	-	-

¹TWD in Million

Estimates

Fiscal Period: December	2023 S2	2024 S2
Net sales ¹	1,172,262	1,628,153
Change	-	38.89%
EBITDA	-	-
Change	-	-
EBIT	-	-
Change	-	-
Charge d'intérêts	-	-
Earnings before Tax (EBT)	-	-
Change	-	-
Net income	-	-
Change	-	-
Announcement Date	1/18/24	1/16/25

¹TWD in Million

Estimates

Forecast Balance Sheet: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-335,431	-707,836	-764,452	-1,435,557	-2,075,440	-2,676,492	-3,816,720	-5,258,836
Change	-	-111.02%	-8%	-87.79%	-44.57%	-28.96%	-42.6%	-37.78%
Announcement Date	1/13/22	1/12/23	1/18/24	1/16/25	1/15/26	-	-	-

¹TWD in Million

Estimates

Cash Flow Forecast: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	839,196	1,082,672	949,820	956,007	1,272,411	1,705,078	1,897,361	2,070,401
Change	-	29.01%	-12.27%	0.65%	33.1%	34%	11.28%	9.12%
Free Cash Flow (FCF) ¹	272,965	527,927	292,150	870,170	1,002,565	1,375,154	1,829,203	2,247,808
Change	-	93.4%	-44.66%	197.85%	15.21%	37.16%	33.02%	22.88%
Announcement Date	1/13/22	1/12/23	1/18/24	1/16/25	1/15/26	-	-	-

¹TWD in Million

Estimates

Forecast Financial Ratios: TSMC (Taiwan Semiconductor Manufacturing Company)

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	67.55%	68.84%	67.24%	68.58%	68.89%	70.75%	70.56%	70.3%
EBIT Margin (%)	40.95%	49.53%	42.63%	45.68%	50.83%	54.6%	54.44%	54.05%
EBT Margin (%)	41.77%	50.54%	45.3%	48.57%	53.6%	57.21%	56.56%	54.92%
Net margin (%)	37.58%	44.9%	38.79%	40.54%	45.1%	47.06%	46.48%	45.08%
FCF margin (%)	17.2%	23.32%	13.51%	30.06%	26.32%	27.43%	29.34%	29.4%
FCF / Net Income (%)	45.76%	51.93%	34.84%	74.17%	58.36%	58.28%	63.12%	65.23%
Profitability
ROA	16.9%	23.39%	15.98%	19.2%	23.49%	26.01%	25.31%	24.92%
ROE	29.69%	39.76%	26.2%	30.29%	35.39%	36.14%	34.35%	32.47%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	52.87%	47.82%	43.94%	33.03%	33.4%	34.01%	30.43%	27.08%
CAPEX / EBITDA (%)	78.26%	69.47%	65.34%	48.17%	48.49%	48.07%	43.13%	38.53%
CAPEX / FCF (%)	307.44%	205.08%	325.11%	109.86%	126.92%	123.99%	103.73%	92.11%
Items per share
Cash flow per share ¹	42.89	62.12	47.9	70.43	87.73	112.8	139.5	168.4
Change	-	44.82%	-22.89%	47.03%	24.57%	28.52%	23.75%	20.71%
Dividend per Share ¹	11	11	13	16.99	22	24.22	29.08	35.86
Change	-	0%	18.18%	30.69%	29.49%	10.07%	20.09%	23.29%
Book Value Per Share ¹	83.62	113.6	133.4	165.4	209	280.1	368.1	475.9
Change	-	35.86%	17.42%	23.98%	26.37%	34%	31.43%	29.28%
EPS ¹	23.01	39.2	32.34	45.25	66.25	91.52	111.6	136
Change	-	70.36%	-17.5%	39.92%	46.41%	38.14%	21.9%	21.9%
Nbr of stocks (in thousands)	25,930,380	25,930,380	25,932,071	25,932,733	25,932,524	25,932,524	25,932,524	25,932,524
Announcement Date	1/13/22	1/12/23	1/18/24	1/16/25	1/15/26	-	-	-