Southern Taiwan Science Park Administration Offtake and leasing
AP7×3/AP8/AP8P1 advanced packaging fab land leases [2]
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TSMC
TSM·NYSE·USD
436.87+12.50 (+2.95%)
Process technology and packaging: demand becomes revenue only after production rampsBusiness mechanism
Updated data is available.
Price history1997-10-09 — 2026-10-23Valid trading days: 7,305 · Through 2026-10-23 · All expected dates in this range are present · History update delayed
Operating history2018-12-31 — 2026-09-3034 historical metrics · 14 workpaper periods
Coverage limitations
Daily history updates are delayed. Available history through 2026-10-23 remains visible; a current quote does not establish that daily history has been updated.
Requests to the historical-data source are rate limited, delaying daily-price updates. Existing verified periods are retained; trading days not yet retrieved are not fabricated.
The source history begins after the verified listing date; an earlier coverage gap remains.
The first available price is the start of the recorded history, not proof of the listing date. The verified listing date is 1997-10-08.
Trading dates checked for 1997-10-09 — 2026-10-23: all 7,305 expected dates are present. Complete dates do not establish independent verification of every price.
Security basis: The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately. Historical closes use the provider's split adjustments and exclude dividend distributions. Full-history adjustment factors have not been independently recalculated. Price changes do not represent total returns including dividends.
Original verification records
provider-history-starts-after-verified-listing
History update reason: source-rate-limited-until 2026-10-28T04:39:08.620Z
Coverage is limited to the US NYSE-listed ADSs from 1997-10-08. Taiwan-listed 2330 share prices cannot be spliced into this series.
Public financial analysis · Annual
Compare growth, earnings, cash flow and capital investment for aligned reporting periods to examine company-wide financial drivers. Calculation inputs and original filings remain available.
Coverage and applicability
2018-12-31 — 2025-12-31 · Valid observations: 71. These observations analyze public financial data; they are not a standalone sector research report, score or price target. Company-wide figures do not replace segment, product or contract disclosures.
- Cash purchases of productive assets / revenue: The selected capital-expenditure measure does not represent the broader concept of productive-asset purchases.
Price and operations
Last value in range
TSM Share priceTrading day
Gross marginAnnual observations
Operating marginAnnual observations
Net marginAnnual observations
(CFO − cash purchases of PP&E) / revenueAnnual observations
Time rangeTSM Share price
2021-10-23 — 2026-10-23
Methodology and controls
Each panel has its own value axis; dates and the cursor are synchronized. Dense daily plots retain the first, last, highest and lowest observations in each pixel interval. The cursor, data table, CSV and statistics still use all original values. Operating data appear only on their observed dates; other dates are left blank. US daily prices are checked against the verified 1997–2027 trading calendar. A missing expected trading day breaks the line; weekends and recorded exchange holidays do not. Annual observations retain annual frequency; guidance and scenarios are labeled separately. Operating data are positioned at the actual period end, which is not necessarily the date of public disclosure. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.
Underlying data Operating metrics: 4
Observations in this chart, including unverified periods or dates · original values and source versions retained
| Reporting period end | Gross margin% · Calculated from disclosures | Operating margin% · Calculated from disclosures | Net margin% · Calculated from disclosures | (CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures |
|---|---|---|---|---|
| 2025-12-312025-12-31 | 59.89%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 50.83%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 44.57%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 26.32%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 5 items
|
| 2024-12-312024-12-31 | 56.12%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 45.68%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 40.02%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 30.06%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 5 items
|
| 2023-12-312023-12-31 | 54.36%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 42.63%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 39.40%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 4 items
| 13.51%Basis · Calculated from disclosuresSource version date: 2026-04-16 View calculation inputs · 5 items
|
| 2022-12-312022-12-31 | 59.56%Basis · Calculated from disclosuresSource version date: 2025-04-17 View calculation inputs · 4 items
| 49.53%Basis · Calculated from disclosuresSource version date: 2025-04-17 View calculation inputs · 4 items
| 43.86%Basis · Calculated from disclosuresSource version date: 2025-04-17 View calculation inputs · 4 items
| 23.32%Basis · Calculated from disclosuresSource version date: 2025-04-17 View calculation inputs · 5 items
|
| 2021-12-312021-12-31 | 51.63%Basis · Calculated from disclosuresSource version date: 2024-04-18 View calculation inputs · 4 items
| 40.95%Basis · Calculated from disclosuresSource version date: 2024-04-18 View calculation inputs · 4 items
| 37.32%Basis · Calculated from disclosuresSource version date: 2024-04-18 View calculation inputs · 4 items
| 17.20%Basis · Calculated from disclosuresSource version date: 2024-04-18 View calculation inputs · 5 items
|
Calculations and sources 4 items
Gross margin% · Calculated from disclosures
Calculation basis
Gross profit / revenue × 100
Reading guide
Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Data classification
Calculated from disclosures · %
Operating margin% · Calculated from disclosures
Calculation basis
Operating income / revenue × 100
Reading guide
Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Data classification
Calculated from disclosures · %
Net margin% · Calculated from disclosures
Calculation basis
Selected net-income concept / revenue × 100
Reading guide
May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Data classification
Calculated from disclosures · %
(CFO − cash purchases of PP&E) / revenue% · Calculated from disclosures
Calculation basis
(Operating cash flow − cash purchases of PP&E) / revenue × 100
Reading guide
A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations.
Data classification
Calculated from disclosures · %
Business and operating model
Where revenue comes from and which operating changes still require verification.
TSMC serves customers' chip designs through wafer fabrication and advanced packaging. Research should focus on the product mix of advanced nodes, capacity ramps and returns on capital, rather than equating all revenue directly with AI demand. [1]
Primary company business materials are availableCheck supporting sources ↗
| Operating mechanism | How operating results are affected | Verifiable metrics |
|---|---|---|
| Node migration → product mix → gross margin | Read advanced-node revenue share alongside gross margin. A higher share supports a change in mix, but does not by itself prove wafer price increases or improved capacity utilization. [1] | |
| Capital investment → production ramp → cash recovery | Place cash capital expenditure, actual revenue and gross margin on the same timeline. Board authorization, equipment purchases, available capacity and revenue recognition are distinct stages. [1] |
Products, paying customers and use cases
Products and services
- Advanced process technology
- Track the wafer revenue shares of 2nm, 3nm, 5nm and 7nm separately. The denominator is wafer revenue, not total company revenue. [1]
- Advanced packaging
- Packaging and process technology jointly affect chip deliveries. Separate, comparable revenue and profit series for packaging still require verification. [1]
How supply, demand and capital affect the company
Amkor Offtake and leasing
10-year agreement · TSMC to procure advanced packaging and testing services from Amkor · joint Arizona capacity build-out · no $ or volume disclosed [5]
Framework or indication of intentCadence Supply
Expanded collaboration with TSMC · certified end-to-end design flows and signoff across N3, N2, N2P, A16 and A14 · silicon-proven IP including DDR5 12.8G MRDIMM, PCIe 6.0, LPDDR6/5X 14.4G and HBM4E 16G · Integrity 3D-IC supporting the TSMC-COUPE stacked-die reference flow · Celsius thermal signoff [7]
Framework or indication of intentSystems on Silicon Manufacturing Company Pte. Ltd. (SSMC) Offtake and leasing
SSMC, the Singapore joint-venture wafer fab · TSMC holds approximately 39% and NXP B.V. 61% of SSMC shares · TSMC and NXP B.V. are required in the aggregate to purchase at least 70% of SSMC's capacity, but TSMC alone is not required to purchase more than 28% · default triggers a compensation obligation · joint venture established 1999-03-30 and still disclosed as an unrecognized commitment in the FY2025 20-F [9]
Signed or existingFormFactor, Inc. Customer
Taiwan Semiconductor Manufacturing Company Ltd. accounted for 11.0% of FormFactor revenues for the three months ended June 27, 2026 [10]
Signed or existingCerebras Systems Inc. Supply
sole source of wafers · explicitly stated in risk factors [3]
Signed or existingAstera Labs Supply
Sole-source wafer foundry · 10-K: "TSMC is our sole manufacturing partner for our integrated circuits and we currently have not qualified another source" · no contract value or term disclosed [4]
Signed or existingArm Supply
Foundry for the Arm AGI CPU · TSMC manufactures it on its advanced 3nm process technology · no contract value disclosed [6]
Signed or existingApple Inc. Customer
Apple is on track to purchase well over 100 million advanced chips produced by TSMC in 2026 · TSMC is named among Apple's U.S. chip manufacturing partners · wafers produced in Sherman, Texas will be used by Apple's U.S. chip manufacturing partners including TSMC · no dollar value disclosed [8]
Signed or existingCredo Supply
Sole-source wafer foundry · Credo exclusively used TSMC for semiconductor wafer production in fiscal 2026 [11]
Signed or existingNavitas Semiconductor Corporation Supply
Sole-source supply · TSMC has historically been Navitas' sole supplier of GaN wafers · on 2025-07-01 TSMC announced its intention to cease GaN production in July 2027 · Navitas has committed to purchase buffer inventory from TSMC · no long-term contractual supply commitments [12]
Signed or existingCompany profile and filings
- Legal name
- Taiwan Semiconductor Manufacturing Company Limited
- Exchange / quote currency
- NYSE / USD
- Reporting currency
- TWD
- Source industry classification
- Semiconductors
- Financial period end / Source version used
- 2025-12-31 / 2026-04-16
- Value-chain roles (not revenue shares)
- Advanced-node manufacturing · Advanced packaging · CoWoS
Related companies in the value chain
Shared value-chain roles do not establish direct peer status or valuation comparability.
Operating observations and counterevidence
Continue checking facts that could change the conclusions; no hypothetical thresholds are assigned to observations without reliable inputs.
01
Advanced-node revenue share
Compare the revenue mix of processes such as 2nm and 3nm to distinguish new-node ramps from migration out of older nodes. [1]
02
Growth in reporting currency and the ADR price
Financial statements are denominated in TWD and the ADR is priced in USD. Original values retain their respective units. Indexed overlays compare changes; the revenue exchange rate is not used to estimate other line items. [1]
What evidence would weaken these conclusions?
- Does advanced-node growth translate into returns?
If advanced-node share rises while gross margin and cash conversion remain weak, review ramp costs, overseas capacity, foreign exchange and capital investment. Node share alone cannot explain the share price. [1]
Conclusions not yet supported
- What is advanced packaging's standalone contribution to revenue and profit?
- A multi-period series of actual packaging results, separable from wafer revenue and measured on a consistent basis, is missing. The Others category is not relabeled as CoWoS revenue. [1]
MARKET DATAQuote details
Candlesticks, volume and cross-company prices
436.87 +2.95%
Quote details
Candlesticks, volume and cross-company prices
2026-07-23 — 2026-10-23Price change over the selected period +0.71%
Daily · Provider split-adjusted prices, excluding dividends · USD · Valid closes: 7305 / trading dates: 7305Market data source
MARKET & FUNDAMENTALS
Data timestamps Quote and valuation methodology
Trading overview
- Previous close
- 424.37
- Session open
- 427.16
- Session range
- 426.00 – 438.58
- Session volume
- 9.02 M
- 20 Average daily volume
- 11.37 M
- Historical range
- 2.84 – 487.47
Valuation and cash
- Market cap · USD
- 2.27 T
- Price / sales · Annual
- Not applicable
- Free cash flow yield
- Not applicable
Financial denominator
- Revenue · Annual
- 3.81 T TWD
- Period end
- 2025-12-31
- Source version
- 2026-04-16
Quote 2026-10-27Market cap retrieved 2026-10-28Financial period end 2025-12-31
Quote currency: USD; financial reporting currency: TWD. Cross-currency valuation is not calculated without a verified applicable exchange rate and security/ADR basis.
Research archiveNo standalone articles or full reports for this company have been included yet
Public financial and operating analysis is available. Standalone research has not yet been published; exploreOperating data、Financial comparison and SourceSource document。
Financial comparison
Select two specific periods to compare changes in scale, earnings and cash.
TWD · Annual
Current period 2025-01-01 — 2025-12-31Comparison period 2024-01-01 — 2024-12-31
| Line item | Current period | Comparison period | Amount change | Growth |
|---|---|---|---|---|
| RevenueRecognized revenue; growth is calculated only when the comparison-period base is positive | 3.81 T | 2.89 T | +914.75 B | +31.61% |
| Gross profitGross margin 59.89% · Change +3.77 percentage points | 2.28 T | 1.62 T | +656.94 B | +40.44% |
| Operating incomeOperating margin 50.83% · Change +5.15 percentage points | 1.94 T | 1.32 T | +614.04 B | +46.45% |
| Net incomeNet margin 44.57% · Change +4.54 percentage points | 1.70 T | 1.16 T | +539.22 B | +46.55% |
| Operating cash flowOperating cash flow / revenue 59.73% · Change -3.37 percentage points | 2.27 T | 1.83 T | +448.80 B | +24.58% |
| Capital expenditureCapital expenditure / revenue 33.40% · Change +0.37 percentage points | 1.27 T | 956.01 B | +316.40 B | +33.10% |
The change is the current value minus the comparison value; it is not automatically classified as year-over-year or quarter-over-quarter. Select a value to inspect reporting dates, filing versions and reconstruction inputs.
Historical trends and full financials
Comparable-period financial trends
Last value in range
Time rangeRevenue
2018-12-31 — 2025-12-31
Methodology and controls
Series with the same unit and frequency share a value axis. Annual observations retain annual frequency; guidance and scenarios are labeled separately. Each column compares observations with matching period boundaries and units. Records that fail those checks remain blank. Drag within the chart to zoom and move the range window below to pan. Quarterly values are not filled across other trading days.
Scroll to see all periods; select a value to open its source →
| Reporting period end · TWD | 2018-12-31 | 2019-12-31 | 2020-12-31 | 2021-12-31 | 2022-12-31 | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.03 T | 1.07 T | 1.34 T | 1.59 T | 2.26 T | 2.16 T | 2.89 T | 3.81 T |
| Gross profit | 497.87 B | 492.70 B | 711.13 B | 819.54 B | 1.35 T | 1.18 T | 1.62 T | 2.28 T |
| Operating income | 383.62 B | 372.70 B | 566.78 B | 649.98 B | 1.12 T | 921.47 B | 1.32 T | 1.94 T |
| Net income | 363.05 B | 353.95 B | 510.74 B | 592.36 B | 992.92 B | 851.74 B | 1.16 T | 1.70 T |
| Operating cash flow | 573.95 B | 615.14 B | 822.67 B | 1.11 T | 1.61 T | 1.24 T | 1.83 T | 2.27 T |
| Capital expenditure | 315.58 B | 460.42 B | 507.24 B | 839.20 B | 1.08 T | 949.82 B | 956.01 B | 1.27 T |
Comparison rules and gaps
Comparison columns require aligned period boundaries, currency and duration. Blank values are not zero; directly reported quarters and cumulative reconstructions are distinguished. A non-positive comparison base is shown as an amount change without a percentage growth rate.
View filing sourceEvents and disclosure records
Completed events, conditional arrangements and the document versions used are listed separately.
Disclosed events
FormFactor, Inc. · Customer
Taiwan Semiconductor Manufacturing Company Ltd. accounted for 11.0% of FormFactor revenues for the three months ended June 27, 2026 [10]
Conditional arrangements
Amkor · Offtake and leasing
10-year agreement · TSMC to procure advanced packaging and testing services from Amkor · joint Arizona capacity build-out · no $ or volume disclosed [5]
Disclosed events
Credo · Supply
Sole-source wafer foundry · Credo exclusively used TSMC for semiconductor wafer production in fiscal 2026 [11]
Conditional arrangements
Cadence · Supply
Expanded collaboration with TSMC · certified end-to-end design flows and signoff across N3, N2, N2P, A16 and A14 · silicon-proven IP including DDR5 12.8G MRDIMM, PCIe 6.0, LPDDR6/5X 14.4G and HBM4E 16G · Integrity 3D-IC supporting the TSMC-COUPE stacked-die reference flow · Celsius thermal signoff [7]
View remaining recorded events (5)
Disclosed events
Arm · Supply
Foundry for the Arm AGI CPU · TSMC manufactures it on its advanced 3nm process technology · no contract value disclosed [6]
Disclosed events
Apple Inc. · Customer
Apple is on track to purchase well over 100 million advanced chips produced by TSMC in 2026 · TSMC is named among Apple's U.S. chip manufacturing partners · wafers produced in Sherman, Texas will be used by Apple's U.S. chip manufacturing partners including TSMC · no dollar value disclosed [8]
Disclosed events
Astera Labs · Supply
Sole-source wafer foundry · 10-K: "TSMC is our sole manufacturing partner for our integrated circuits and we currently have not qualified another source" · no contract value or term disclosed [4]
Disclosed events
Navitas Semiconductor Corporation · Supply
Sole-source supply · TSMC has historically been Navitas' sole supplier of GaN wafers · on 2025-07-01 TSMC announced its intention to cease GaN production in July 2027 · Navitas has committed to purchase buffer inventory from TSMC · no long-term contractual supply commitments [12]
Disclosed events
Systems on Silicon Manufacturing Company Pte. Ltd. (SSMC) · Offtake and leasing
SSMC, the Singapore joint-venture wafer fab · TSMC holds approximately 39% and NXP B.V. 61% of SSMC shares · TSMC and NXP B.V. are required in the aggregate to purchase at least 70% of SSMC's capacity, but TSMC alone is not required to purchase more than 28% · default triggers a compensation obligation · joint venture established 1999-03-30 and still disclosed as an unrecognized commitment in the FY2025 20-F [9]
Included financial source versions
- 20-F Original financial filings ↗
This page cites periods ending through 2025-12-31. The same document includes multiple comparison periods.
- 20-F Original financial filings ↗
This page cites periods ending through 2022-12-31.
- 20-F Original financial filings ↗
This page cites periods ending through 2021-12-31.
- 20-F Original financial filings ↗
This page cites periods ending through 2020-12-31.
- 20-F Original financial filings ↗
This page cites periods ending through 2019-12-31.
- 20-F Original financial filings ↗
This page cites periods ending through 2018-12-31.
Showing the latest 6 recorded source versions. Find the remaining 3 in Source values in the full financial table.
Industry relationships and operating mechanisms
Trace supply and demand through contract performance, operating metrics and cash attribution.
Direct relationships: 11 · Excluded by current filters: 12
Upstream supply
5 companiesDownstream demand
6 companiesCapital sources、Capital deployed: no records under the current criteria; this does not establish that a business relationship is absent.
Goods and services are arranged from supplier to customer; capital is shown separately. Select a relationship to inspect its evidence and operating mechanism. Second-degree paths do not establish guarantees or certain revenue.
Relationship records
11 records| Economic direction / relationship type | Status / record date | Recorded amount | Capacity basis | Evidence source |
|---|---|---|---|---|
| Signed / existing2026-06-27 | No attributable amount providedAmount classification not yet structured | Not structured | A · Original filingCheck public source ↗ | |
| Framework / intent2026-06-16 | No attributable amount providedAmount associated with the contract relationship | Not structured | B · Company / mediaCheck public source ↗ | |
| Signed / existing2026-05-02 | No attributable amount providedAmount classification not yet structured | Not structured | A · Original filingCheck public source ↗ | |
| Framework / intent2026-04-22 | No attributable amount providedAmount classification not yet structured | Not structured | B · Company / mediaCheck public source ↗ | |
| Signed / existing2026-03-24 | No attributable amount providedAmount classification not yet structured | Not structured | B · Company / mediaCheck public source ↗ | |
| Signed / existing2026-02-24 | No attributable amount providedAmount classification not yet structured | Not structured | B · Company / mediaCheck public source ↗ | |
| Signed / existing2026-02-20 | No attributable amount providedAmount classification not yet structured | Not structured | A · Original filingCheck public source ↗ | |
| Signed / existing2025-12-31 | No attributable amount providedAmount classification not yet structured | Not structured | A · Original filingCheck public source ↗ | |
| Signed / existing1999-03-30 | No attributable amount providedAmount associated with the contract relationship | Not structured | A · Original filingCheck public source ↗ | |
| Signed / existingDate not specified | No attributable amount providedAmount associated with the contract relationship | Not structured | A · Original filingCheck public source ↗ | |
| Signed / existingDate not specified | No attributable amount providedAmount classification not yet structured | Not structured | A · Original filingCheck public source ↗ |
1–11 / 11 records
What this relationship establishes
Accounted for 11.0% of FormFactor's revenue in Q2 2026
- Relationship type
- Customer-mix disclosure
Disclosed customer relationship; the customer list and historical revenue do not establish future minimum purchases
- Amount basis
- Amount classification not yet structured
No attributable amount is available for this record. This does not mean the amount is zero.
A period-by-period schedule of payments and revenue recognition has not been established. The recorded amount is not converted into current-period revenue, cash paid or stock-price impact.
- Attribution
- Applies to this relationship; the original document determines the specific legal entities and attribution.
- Concentration
- 11% The ratio's denominator or period is not yet specified
Use the original disclosure period. Do not multiply this ratio by the latest quarterly revenue or assume it is the current revenue share.
Complete record and source location
Taiwan Semiconductor Manufacturing Company Ltd. accounted for 11.0% of FormFactor revenues for the three months ended June 27, 2026
A · Original filing
FormFactor, Inc. Form 10-Q for the quarter ended June 27, 2026, significant customers note
Procurement constraints and delivery
The excerpts below come from this record. Verify signed status separately from actual completion.
- This record does not specify performance milestones, payment arrangements or termination provisions.
Inputs still needed to quantify the impact
- The relevant business's revenue or purchase amount and the denominator used
- Order obligations, pricing and cost pass-through provisions
- Execution progress, collection schedule and substitutability
The amount associated with a relationship cannot substitute for the company's revenue, earnings or stock-price impact. Applies to this relationship; the original document determines the specific legal entities and attribution.
How to test the operating mechanism
Analytical framework, not a realized impact
- Supply and demand terms
FORM supplies products or services to TSM; a customer list is not an irrevocable order.
- Operating process
Verify purchasing, inventory preparation, delivery and quality acceptance; monitor alternative supply and capital tied up in inventory.
- Financial outcomes
Assess purchasing costs, gross profit and working capital; verify supply volumes and revenue recognition separately.
- Testing price implications
First verify the sustainability of earnings and cash flows, then compare valuations; do not infer share-price upside directly from a partnership announcement.
Cross-check relationship events against subsequent disclosures of company revenue, costs, working capital and cash flows; movements in the same direction alone do not establish causation.
Operating data to test the relationship
TSM · Company-specific metric definitions and classificationsMetrics test operating processes; an overall change cannot be attributed to a single relationship. Expand the definitions to check calculation methods and their applicable boundaries.
Profit and costs
Can revenue growth translate into earnings attributable to shareholders?
Preserve the distinctions relating to depreciation, stock-based compensation, adjustments and segments. The company's margin cannot be applied as this contract's margin.| Operating metric | Latest value | Definition and boundaries |
|---|---|---|
| Gross margin ↗2025-12-31 · Research calculation | 59.89% | Definition and boundariesGross profit / revenue × 100 Company-wide reported gross margin is not the margin of any individual product, segment or order. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Operating margin ↗2025-12-31 · Research calculation | 50.83% | Definition and boundariesOperating income / revenue × 100 Uses reported operating income, not adjusted earnings. Differences in expense classification can still limit comparisons across companies. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Net margin ↗2025-12-31 · Research calculation | 44.57% | Definition and boundariesSelected net-income concept / revenue × 100 May reflect differences in non-controlling interests, taxes and one-time gains or losses. The specific net-income concept is retained for each observation. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Operating cash flow / revenue ↗2025-12-31 · Research calculation | 59.73% | Definition and boundariesOperating cash flow / revenue × 100 Shows operating cash inflows and outflows, including working capital and taxes. It is neither a contract collection rate nor cash available for shareholder distribution. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| (CFO − cash purchases of PP&E) / revenue ↗2025-12-31 · Research calculation | 26.32% | Definition and boundaries(Operating cash flow − cash purchases of PP&E) / revenue × 100 A free-cash-flow proxy deducting only identified PP&E purchases. It does not deduct acquisitions, capital prepayments, intangible assets or lease principal, and does not establish cash distributable to common shareholders. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Latest quarterly gross margin ↗2026Q3 · Research calculation | 66.41% | Definition and boundaries(Latest quarterly gross profit (TWD)) / Latest quarterly revenue (TWD) × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| Latest quarterly operating margin ↗2026Q3 · Research calculation | 58.65% | Definition and boundaries(Latest quarterly operating income (TWD)) / Latest quarterly revenue (TWD) × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| Latest quarterly net margin ↗2026Q3 · Research calculation | 51.07% | Definition and boundaries(Latest quarterly net income (TWD)) / Latest quarterly revenue (TWD) × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
Investment and funding needs
How much cash is required for construction and procurement before delivery?
Compare prepayments, cash capital expenditure and commissioning plans. Current-period revenue is not a substitute for a full investment-recovery calculation.| Operating metric | Latest value | Definition and boundaries |
|---|---|---|
| Cash purchases of PP&E / revenue ↗2025-12-31 · Research calculation | 33.4% | Definition and boundariesCash purchases of PP&E / revenue × 100 Identified cash purchases of PP&E, excluding non-cash additions. Maintenance and expansion investment are not separated. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
Show remaining company metrics (25)
Other operating observations
What verifiable information does this metric provide about this relationship?
Use the metric's definition and original inputs. Quantitative attribution to this relationship has not been established.| Operating metric | Latest value | Definition and boundaries |
|---|---|---|
| Revenue growth YoY ↗2025-12-31 · Research calculation | 31.61% | Definition and boundaries(Current-period revenue / comparable prior-year revenue − 1) × 100 Requires the same concept and currency for equal-length periods one year apart, with positive prior-year revenue. A 53-week versus 52-week year may still differ by one week; no daily adjustment is made. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Operating cash flow / net income ↗2025-12-31 · Research calculation | 1.34 x | Definition and boundariesOperating cash flow / net income（Net income > 0） Examines cash conversion when earnings are positive. No multiple is calculated when net income is non-positive; taxes, non-cash charges and working capital can all cause divergence. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| (Net income − operating cash flow) / revenue ↗2025-12-31 · Research calculation | -15.16% | Definition and boundaries(Net income − operating cash flow) / revenue × 100 The amount difference divided by revenue. This is not the Sloan accrual ratio or an earnings-manipulation score. A positive value only indicates that earnings exceed operating cash flow for the same period. Uses explicit period boundaries, the reported currency and the selected SEC concept. Cumulative reconstructions retain signed inputs. The filing-version date is not a verified first-disclosure date. Missing values are neither replaced with zero nor interpolated into daily observations. |
| Annual 3nm wafer revenue ↗FY2025 · Reported data | 794,341.4 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| Annual 5nm wafer revenue ↗FY2025 · Reported data | 1,179,907.2 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| Annual 7nm wafer revenue ↗FY2025 · Reported data | 459,258.1 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| 3nm share of annual wafer revenue ↗FY2025 · Research calculation | 24.27% | Definition and boundaries(Annual 3nm wafer revenue) / Annual wafer revenue × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| 5nm share of annual wafer revenue ↗FY2025 · Research calculation | 36.05% | Definition and boundaries(Annual 5nm wafer revenue) / Annual wafer revenue × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| 7nm share of annual wafer revenue ↗FY2025 · Research calculation | 14.03% | Definition and boundaries(Annual 7nm wafer revenue) / Annual wafer revenue × 100 Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| Combined 3/5/7nm share of annual wafer revenue ↗FY2025 · Research calculation | 74.36% | Definition and boundaries(Annual 3nm wafer revenue + Annual 5nm wafer revenue + Annual 7nm wafer revenue) / Annual wafer revenue × 100 Sums only the three verified nodes in the source document. The absence of a separate 2nm figure does not imply zero, and the sum is not presented as covering all advanced nodes. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| Customer capacity-reservation payment balance ↗2025-12-31 · Reported data | 189,858.2 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| Latest quarterly gross profit (TWD) ↗2026Q3 · Reported data | 992,379 TWDm | Definition and boundariesDirectly reported in the source document Actual quarterly TWD amounts from the 6-K exhibits, kept separate from the annual financial statements. Profit has not been converted using the revenue exchange rate, and CFO/capital expenditure has not been inferred. |
| Latest quarterly operating income (TWD) ↗2026Q3 · Reported data | 876,445 TWDm | Definition and boundariesDirectly reported in the source document Actual quarterly TWD amounts from the 6-K exhibits, kept separate from the annual financial statements. Profit has not been converted using the revenue exchange rate, and CFO/capital expenditure has not been inferred. |
| Latest quarterly net income (TWD) ↗2026Q3 · Reported data | 763,064 TWDm | Definition and boundariesDirectly reported in the source document Actual quarterly TWD amounts from the 6-K exhibits, kept separate from the annual financial statements. Profit has not been converted using the revenue exchange rate, and CFO/capital expenditure has not been inferred. |
| 2nm share of quarterly wafer revenue ↗2026Q3 · Reported data | 8% | Definition and boundariesDirectly reported in the source document An actual single-quarter disclosure, with wafer revenue rather than total revenue as the denominator. There is only one observation, which does not establish a historical trend. |
| 3nm share of quarterly wafer revenue ↗2026Q3 · Reported data | 33% | Definition and boundariesDirectly reported in the source document An actual single-quarter disclosure, with wafer revenue rather than total revenue as the denominator. There is only one observation, which does not establish a historical trend. |
| 5nm share of quarterly wafer revenue ↗2026Q3 · Reported data | 28% | Definition and boundariesDirectly reported in the source document An actual single-quarter disclosure, with wafer revenue rather than total revenue as the denominator. There is only one observation, which does not establish a historical trend. |
| 7nm share of quarterly wafer revenue ↗2026Q3 · Reported data | 10% | Definition and boundariesDirectly reported in the source document An actual single-quarter disclosure, with wafer revenue rather than total revenue as the denominator. There is only one observation, which does not establish a historical trend. |
| 7nm and more advanced nodes: share of quarterly wafer revenue ↗2026Q3 · Reported data | 79% | Definition and boundariesDirectly reported in the source document An actual single-quarter disclosure, with wafer revenue rather than total revenue as the denominator. There is only one observation, which does not establish a historical trend. |
Revenue realization
Has relationship expansion converted into recognizable business revenue?
Reconcile by business and financial period. Total company revenue does not establish the selected customer's individual contribution.| Operating metric | Latest value | Definition and boundaries |
|---|---|---|
| Annual total revenue (TWD) ↗FY2025 · Reported data | 3,809,054.3 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| High-performance computing revenue ↗FY2025 · Reported data | 2,192,931 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| Annual wafer revenue ↗FY2025 · Reported data | 3,272,553.5 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| Smartphone revenue ↗FY2025 · Reported data | 1,110,816.4 TWDm | Definition and boundariesDirectly reported in the source document Uses the comparative periods in the FY2025 20-F; the original reporting currency is TWD. Period-end capacity reservation payments are a balance, not newly received cash or revenue. |
| High-performance computing share of revenue ↗FY2025 · Research calculation | 57.57% | Definition and boundaries(High-performance computing revenue) / Annual total revenue (TWD) × 100 HPC includes high-performance computing for different uses; it is not equivalent to total AI revenue. Calculated from the amounts shown in the source document; results may differ slightly from ratios rounded separately in that document. |
| Latest quarterly revenue (TWD) ↗2026Q3 · Reported data | 1,494,243 TWDm | Definition and boundariesDirectly reported in the source document Actual quarterly TWD amounts from the 6-K exhibits, kept separate from the annual financial statements. Profit has not been converted using the revenue exchange rate, and CFO/capital expenditure has not been inferred. |
Related companies in the value chain 4 companies · Advanced-node manufacturing
Related browsing is based on overlapping segments in the current graph. It does not establish direct peers, valuation comparability, or a supply, customer or investment relationship.
Source grades, dates and quantitative definitions
A = original SEC or exchange filings; B = company announcements, IR materials, official websites or established media; C = industry-structure inferences or third-party accounts without an independent primary source
Key relationships were reviewed using public information available through 2026-10-23. Historical relationships have not all been individually reverified. Their original dates are retained; delisted entities remain in the relationship archive but are excluded from market-cap weights. Review coverage through 2026-10-23.
Signed status does not mean that the full amount has been paid or that capacity has been delivered. Assess contract value, period revenue, investment, loans, prepayments and guarantee caps separately; do not sum them as a single exposure. Distinguish total power capacity from critical IT load. Company-level metrics cannot be attributed directly to an individual relationship.
Source facts and operating implications are distinguished, with forecasts and conditional scenarios identified as such. Missing relationships mean that this graph has no record of them. Data version 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644.
EVIDENCE & SOURCES
Sources and filing versionsData and calculation basis
Quotes and valuation
2026-10-27, 16:00 ET · Regular-session close. History through 2026-10-23 uses provider split-adjusted prices, excluding dividends. Full-history adjustment factors have not been independently recalculated. MA20 is the arithmetic mean of 20 recorded trading-day closes and does not bridge missing prices or known corporate actions. Price comparisons exclude dividend reinvestment and do not represent total returns. Market cap retrieved on 2026-10-28. Prices refresh daily. Source timestamps and website update times are shown separately.
The current security identity has been checked. Continuity with earlier issuers has not been independently verified; listing-date coverage is shown separately.
Original verification notes
provider-history-starts-after-verified-listing
Coverage is limited to the US NYSE-listed ADSs from 1997-10-08. Taiwan-listed 2330 share prices cannot be spliced into this series.
Financial statements
Reporting period 2025-12-31; filed 2026-04-16. Financials use the company's reporting periods and currency; unavailable values appear as —. Expand the section below each chart to inspect metric definitions, inputs and original sources.
Business evidence
Primary company business sources · Through 2026-10-15
Citations: 12 · Documents: 12
1TSMC Q3 2026 results (Form 6-K Exhibit 99.1)Primary sources
Opening section, process-node mix, consolidated income statement and About TSMC · document date 2026-10-15
TIFRS; the Q4 outlook is company guidance and is excluded from the actual-results series.
2TSM 20-F FY2025 0001628280-26-025362 Item 19 exhibit index (Exhibits 4.62/4.64/4.73/4.74/4.75)Value-chain archive
TSM 20-F FY2025 0001628280-26-025362 Item 19 exhibit index (Exhibits 4.62/4.64/4.73/4.74/4.75) · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
3CBRS 424B4 0001628280-26-035214 (2026-05-14) risk factorsValue-chain archive
CBRS 424B4 0001628280-26-035214 (2026-05-14) risk factors · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
4ALAB 10-K (2026-02-20)Value-chain archive
ALAB 10-K (2026-02-20) · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
5TSMC / Amkor joint press release 2026-06-16 [B]Value-chain archive
TSMC / Amkor joint press release 2026-06-16 [B] · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
6Arm press release 2026-03-24 [B]Value-chain archive
Arm press release 2026-03-24 [B] · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
7Cadence press release, 22 Apr 2026 (verified via StockTitan full text) [B]Value-chain archive
Cadence press release, 22 Apr 2026 (verified via StockTitan full text) [B] · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
8Apple Newsroom press release, "Apple accelerates U.S. manufacturing with Mac mini production"Value-chain archive
Apple Newsroom press release, "Apple accelerates U.S. manufacturing with Mac mini production" · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
9TSMC FY2025 Form 20-F, Significant Contingent Liabilities and Unrecognized Commitments noteValue-chain archive
TSMC FY2025 Form 20-F, Significant Contingent Liabilities and Unrecognized Commitments note · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
10FormFactor, Inc. Form 10-Q for the quarter ended June 27, 2026, significant customers noteValue-chain archive
FormFactor, Inc. Form 10-Q for the quarter ended June 27, 2026, significant customers note · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
11Credo Technology Group Form 10-K FY2026, supply chain / concentration disclosureValue-chain archive
Credo Technology Group Form 10-K FY2026, supply chain / concentration disclosure · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
12Navitas Semiconductor FY2025 Form 10-KValue-chain archive
Navitas Semiconductor FY2025 Form 10-K · Document date unverified
Graph source summary; original documents have not been individually rechecked. Event dates and source-publication dates are listed separately.
No matching sources. Clear the keyword to view all.
- Relationships
- Company announcements, framework intentions and signed agreements are distinguished. Contract amounts do not represent payments already made. Records without sources are flagged separately.
- Version
- 60aad2cdea0eff4f82e9dafe344d1e57aa2b950269b621d7e5bddfef10520644
ResearchSource document
Sources: 801TSM · 20-F · Filing version 2021-04-16
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure02TSM · 20-F · Filing version 2022-04-14
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure03TSM · 20-F · Filing version 2023-04-20
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure04TSM · 20-F · Filing version 2024-04-18
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure05TSM · 20-F · Filing version 2025-04-17
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure06TSM · 20-F · Filing version 2026-04-16
The filing version used. Each observation lists its concept, original-currency amount, period and input signs. This does not establish the first public disclosure date.
View original disclosure07TSMC FY2025 20-F
Uses comparative periods as presented or restated in this source document. The disclosure-version date is not a verified first-publication date.
View original disclosure08TSMC 2026 Q3 results
Uses comparative periods as presented or restated in this source document. The disclosure-version date is not a verified first-publication date.
View original disclosureNo matching source records.