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TAIWAN SEMICONDUCTOR MANUFACTURING CO., LTD.

LISTEDNYSE (ADS); TWSE 2330

SYMBOLTSM

INDICATED DIV.$3.22 per ADS

RECENT PRICE (9/30/26)456.19

PRICE RANGE (52-WK)479.00–266.82

YIELD0.71%

HIGH GRADE. THE INDISPENSABLE LEADING-EDGE FOUNDRY, WITH NET CASH AND 60% OPERATING MARGINS; STILL CYCLICAL AND CAPITAL-HEAVY, AND THE ADS TRADES AT A PREMIUM TO TAIPEI.

Chart in US$ per ADS; EPS and dividends per ordinary share in NT$ (5 shares = 1 ADS). SEC XBRL; 2025 from the 20-F. Prices: Yahoo Finance, retrieved 4 Oct 2026.

CAPITALIZATION: (12/31/25)

	(NT$ bill.)	(%)
Long-Term Debt	896.1	14.3
Common Equity	5,355.0	85.7
Total	NT$6,251.1	100.0

Shs. (NT$10 par) – 25,933 mill.

Latest annual (20-F). LTD = bonds payable NT$856.2B + long-term bank loans NT$39.8B. Equity was NT$6,432.5B at 6/30/26 (6-K).

INTERIM EARNINGS: (NT$ per sh.)

Qu.	3/31	6/30	9/30	12/31
2023	7.98	7.01	8.14	9.21
2024	8.70	9.56	12.54	14.45
2025	13.94	15.36	17.44	19.50
2026	22.08	27.25

Diluted EPS per ordinary share. Q2 2026 = US$4.31 per ADS.

DIVIDENDS: (NT$ per sh.)

	APPROVED	PAYABLE
5.00Q	5/13/25	10/9/25
5.00Q	8/12/25	1/8/26
6.00Q	11/11/25	4/9/26
6.00Q	2/10/26	7/9/26

For Q1–Q4 2025 earnings, per 20-F. ADS holders receive 5× in US$ through Citibank, N.A. Header: $3.22/ADS a year (StockAnalysis).

BACKGROUND:

TSMC, founded in 1987, makes most of the world's leading-edge chips for other companies; NVIDIA's 10-K names it as a principal foundry. Seventy-seven percent of second-quarter 2026 wafer revenue came from 7-nanometre and more advanced processes. U.S. investors usually own TSMC through New York-listed American Depositary Shares (ADSs), each representing five ordinary shares listed in Taipei; the company reports in New Taiwan dollars under IFRS and files annual reports on Form 20-F.

RECENT DEVELOPMENTS:

In the second quarter of 2026 revenue rose 36% to NT$1,270 billion (US$40.2 billion) and net income rose 77% to NT$707 billion, a 55.6% net margin. Management guides third-quarter revenue to US$44.6–45.8 billion and full-year 2026 growth of slightly above 40% in U.S. dollars, and has raised 2026 capital spending to US$60–64 billion. Net cash is about US$77 billion. The annual dividend per share rose from NT$11 for 2021 to NT$22 for 2025.

PROSPECTS:

At $456.19 per ADS the shares sell at 26.9× 2026 consensus EPS of $16.93 per ADS and 20.8× 2027, multiples that include a premium of roughly 17% over the Taipei shares. Consensus assumes earnings rise another 30% in 2027 after 59% this year. In our view the business is excellent and the ADS price, including its premium, is the obstacle: holding EPS flat after 2027, our base case returns about 5.3% a year, below our 10% hurdle.

STATISTICS:

YEAR	GROSS REVS. (NT$BILL.)	PROFIT MARGIN %	NET INCOME (NT$BILL.)	CAPITAL SPENDING (NT$BILL.)	ASSETS (NT$BILL.)	SHARES (MILL.)	BOOK VALUE PER SH.NT$	EARN. PER SH.NT$	DIV. PER SH.NT$	DIV. PAY. %	PRICE RANGE	P/E RATIO	AVG. YIELD %
16	947.9	35.0	331.7	328.0	1,886.3	25,930	52.41	12.79	7.00	55	193.00–130.50	12.6	4.3
17	977.4	35.3	345.0	330.6	1,991.7	25,930	57.61	13.30	8.00	60	245.00–179.00	15.9	3.8
18	1,031.5	35.2	363.1	315.6	2,090.0	25,930	64.03	14.00	8.00	57	268.00–210.00	17.1	3.3
19	1,070.0	33.1	353.9	460.4	2,264.7	25,930	62.23	13.65	9.50	70	345.00–206.50	20.2	3.4
20	1,339.3	38.1	510.7	507.2	2,760.6	25,930	70.76	19.70	10.00	51	530.00–235.50	19.4	2.6
21	1,587.4	37.3	592.4	839.2	3,725.3	25,930	82.89	22.84	11.00	48	679.00–518.00	26.2	1.8
22	2,263.9	43.9	992.9	1,082.7	4,964.5	25,930	111.95	38.29	11.00	29	688.00–370.00	13.8	2.1
23	2,161.7	39.4	851.7	949.8	5,532.2	25,932	132.25	32.85	13.00	40	594.00–443.00	15.8	2.5
24	2,894.3	40.0	1,158.4	956.0	6,691.8	25,933	163.66	44.67	17.00	38	1,100–574.00	18.7	2.0
25	3,809.1	44.6	1,697.6	1,272.4	7,538.9	25,933	206.50	65.47	22.00	34	1,550–780.00	17.8	1.9

NT$ under IFRS: 2016–24 SEC XBRL (20-F); 2025 from the 2025 Form 20-F. Per-share data per ordinary share (1 ADS = 5 shares). Net income and equity attributable to shareholders of the parent; shares issued and fully paid. Dividends = cash dividends declared for each year's earnings. Price range = Taiwan Stock Exchange (2330.TW) intraday high–low in NT$; P/E = mid-range price ÷ EPS; avg. yield = dividends ÷ mid-range price. Header, chart and 52-week range: NYSE ADS in US$.

INCORPORATED:

Republic of China, Feb. 21, 1987

PRINCIPAL OFFICE:

No. 8, Li-Hsin Road 6, Hsinchu Science Park, Hsinchu, Taiwan
Tel.: 886-3-5636688

ANNUAL MEETING:

2026 meeting expected June 4 (per 20-F)

NUMBER OF HOLDERS:

ADSs: Cede & Co. and 173 other registered holders at 2/28/26 (per Citibank)

DEPOSITARY (ADS):

Citibank, N.A.

REGISTRAR (COMMON SHARES):

CTBC Bank Co., Ltd.

SUPERINVESTOR HOLDINGS (DATAROMA):

No. of superinvestors: 24
Shares held: 20,400,496 (ADSs, 13F at 6/30/26)

OFFICERS:

Chairman & Chief Exec. Off.C.C. Wei

Sr. V.P. Finance, Chief Fin. Off. & SpokespersonWendell Huang

Sources: SEC XBRL company facts (2016–24 annual figures, dividends) · Form 20-F 2025 (2025 figures, capitalization, dividends, holders, depositary, officers) · Yahoo Finance (ADS and 2330.TW prices, consensus, retrieved 4 Oct 2026) · StockAnalysis (ADS dividend and yield) · Dataroma (superinvestors) · Pathos note (quarterly results, guidance and valuation detail). Ratios, book value, split adjustments and derived Q4 figures are Pathos calculations. The rating line and Prospects are Pathos opinion.