United Microelectronics Corporation (UMC)
Smaller industry benchmark · 0.02x market cap
Semiconductor foundries
YouTube · Q2 2026 · 2026-07-29
TSM · NYSE
Taiwan Semiconductor Manufacturing Company Limited
Semiconductors · Taiwan
USD 413.354.3% daily changeQuote 2026-11-11 · USD
- Market cap (USD)
- US$2.14T
- Trailing P/E
- 26.79x
- Forward P/E
- 17.68x
- Quarterly revenue growth
- 50.9%
- Trailing net margin
- 51.1%
- Indicated dividend yield
- 0.9%
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-14 (provider estimate; issuer confirmation unavailable here).
Company background
Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides various wafer fabrication processes, such as processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also involved in providing customer and engineering support services; manufacturing of masks; investment in technology start-up companies; research, designing, developing, manufacturing, packaging, testing, and sale of color filters; and investment activities. Its products are used in high performance computing, smartphones, Internet of things, automotive, and digital consumer electronics. Taiwan Semiconductor Manufacturing Company Limited was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.
Company websiteQ3 2026
Go beyond the headline.
TSM Stock: Stronger Cash, But Is the Price Fair? — Q3 2026
Published 2026-10-15
Q3 2026 REPORT HIGHLIGHTS
What’s changed for TSM
TSMC Q3 2026: the operating improvement, prior-quarter investment gain, cash conversion and three explicit valuation routes.
The headline understates the operating comparison.
Q2 contained a NT$63.2bn VIS disposal and remeasurement gain. Q3 non-operating income returned to NT$34.59bn while revenue rose 17.6% sequentially.
Cash improved materially.
Quarterly operating cash exceeded attributable profit, and free cash flow more than tripled from the year-earlier period. It still pays for a capital-intensive expansion.
Mix is getting more concentrated.
HPC reached 68% of revenue. This is broader than AI accelerators; the company does not publish profit by platform.
A good business can be fully valued.
The normalized cash model gives about $318, versus $489 from a forward earnings multiple. We publish both rather than hide the disagreement.
Reporting bases matter.
Quarterly figures use Taiwan-IFRS. IASB annual tax and attributable earnings differ. We keep those bases separate and never label the difference a company non-GAAP add-back.
Comparable businesses
TSM peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | TSMTaiwan Semiconductor Manufacturing Company LimitedSnapshot 2026-11-11Financial period: 2026-09-30 | UMCUnited Microelectronics CorporationSnapshot 2026-11-11Financial period: 2026-09-30 | GFSGLOBALFOUNDRIES Inc.Snapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$2.14T | US$40.33B | US$23.89B |
| Forward P/EProvider forward earnings estimate | 17.68x | 17.87x | 16.48x |
| EV / EBITDAEnterprise value / trailing EBITDA | — | — | 10.90x |
| Revenue growthLatest quarter vs prior-year quarter | 50.9% | 25.6% | 12.5% |
| Operating marginLatest reported quarter | 58.0% | 21.5% | 11.7% |
| Free cash flow yieldTrailing cash flow / market cap | — | — | 1.8% |
| Net debt / EBITDANet debt / trailing EBITDA | -0.89x | -0.60x | -0.27x |
| Debt / equityTotal debt / positive book equity | 0.12x | 0.17x | 0.14x |
| Trailing P/ETrailing twelve-month earnings | 26.79x | 15.17x | 122.43x |
| Price / bookPrice / positive book equity per share | 78.88x | 2.77x | 2.00x |
| EV / salesEnterprise value / trailing revenue | — | — | 3.10x |
| Earnings growthLatest quarter vs prior-year quarter | 68.7% | 9.8% | — |
| Gross marginTrailing twelve months | 65.8% | 31.7% | 28.5% |
| Net marginTrailing twelve months | 51.1% | 31.9% | 2.8% |
| Return on equityProvider trailing return; positive equity only | 41.9% | 20.4% | 1.7% |
| Free cash flow marginTrailing free cash flow / revenue | 24.3% | 16.9% | 6.2% |
| Dividend yieldIndicated annual dividend / price | 0.9% | 2.5% | 1.1% |
| Earnings payoutProvider trailing dividend payout | 24.5% | 37.5% | 68.6% |
| Current ratioCurrent assets / current liabilities | 2.50x | 3.27x | 2.58x |
| BetaProvider historical market sensitivity | 1.23 | 1.83 | 1.85 |
YouTube · Q2 2026 · 2026-07-29
YouTube · Q2 2026 · 2026-08-05
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for TSM
Q3 20262026-10-15
FREE RESEARCH PACKET · Q3 2026
TSM: a stronger cash quarter still needs a valuation test
TSMC Q3 2026: the operating improvement, prior-quarter investment gain, cash conversion and three explicit valuation routes.
Research published October 15, 2026 · Download original report
Read Research PacketTSM Stock: Stronger Cash, But Is the Price Fair? — Q3 2026
Presentation · 2026-10-15 · YouTube
Q2 20262026-07-17
TSM Stock: It Makes 90% of the World’s AI Chips — And It’s Cheap
Presentation · 2026-07-17 · YouTube
