Taiwan Semi Financials

TSM

Source SEC Filings (10-K/10-Q) Data as of Apr 16, 2026 Currency USD FYE April

This page shows Taiwan Semi (TSM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI TSM FY2025 2026-04-22

TSMC’s dominant mechanic is self-funded capacity expansion: it keeps adding assets aggressively without turning the balance sheet into a debt story.

From FY2023 to FY2025, total assets rose from $180.7B to $252.9B while return on assets improved from 15.4% to 21.4%. That pairing suggests the larger manufacturing base was absorbed productively rather than sitting underused, so the FY2023 slowdown looks more like temporary under-absorption than a structural drag on returns.

In FY2025, operating cash flow of $72.5B more than covered $40.6B of capital spending. Even after that reinvestment, free cash flow remained $32.0B; that is far stronger cash retention than FY2023's $9.5B, so the recent earnings step-up is also showing up in cash.

The balance sheet is unusually liquid for a company investing at this pace, with $88.2B of cash and a current ratio of 2.5x in FY2025. Financing also looks internally generated: retained earnings reached $160.6B while long-term debt was only $1.0B, so expansion has not required meaningful leverage.

Financial Health Signals

Financial Health Score 57/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Taiwan Semi's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Growth

Taiwan Semi's revenue surged 37.6% year-over-year to $121.4B, reflecting rapid business expansion. This strong growth earns a score of 90/100.

Leverage

Taiwan Semi carries a low D/E ratio of 0.01, meaning only $0.01 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 89/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.51, Taiwan Semi holds $2.51 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 69/100.

Cash Flow

Taiwan Semi converts 26.3% of revenue into free cash flow ($32.0B). This strong cash generation earns a score of 91/100.

Piotroski F-Score Partial

8/8

Taiwan Semi passes 8 of 8 computable financial strength tests (1 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.34x

For every $1 of reported earnings, Taiwan Semi generates $1.34 in operating cash flow ($72.5B OCF vs $54.0B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Key Financial Metrics

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Earnings & Revenue

Revenue

$121.4B

YoY+37.6%

5Y CAGR+20.6%

Taiwan Semi generated $121.4B in revenue in fiscal year 2025. This represents an increase of 37.6% from the prior year.

EBITDA

N/A

Net Income

$54.0B

YoY+53.1%

5Y CAGR+24.3%

Taiwan Semi reported $54.0B in net income in fiscal year 2025. This represents an increase of 53.1% from the prior year.

EPS (Diluted)

N/A

Cash & Balance Sheet

Free Cash Flow

$32.0B

YoY+20.4%

5Y CAGR+23.3%

Taiwan Semi generated $32.0B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.4% from the prior year.

Cash & Debt

$88.2B

YoY+36.0%

5Y CAGR+30.0%

Taiwan Semi held $88.2B in cash against $1.0B in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

25.93B

YoY-0.0%

5Y CAGR+0.0%

Taiwan Semi had 25.93B shares outstanding in fiscal year 2025. This represents a decrease of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

44.5%

YoY+4.5pp

5Y CAGR+6.3pp

Taiwan Semi's net profit margin was 44.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 4.5 percentage points from the prior year.

Return on Equity

31.4%

YoY+4.4pp

5Y CAGR+3.6pp

Taiwan Semi's ROE was 31.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 4.4 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

$40.6B

YoY+39.1%

5Y CAGR+17.6%

Taiwan Semi invested $40.6B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 39.1% from the prior year.

TSM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$121.4B+37.6%	$88.3B+25.0%	$70.6B-4.2%	$73.7B+28.7%	$57.2B+20.0%	$47.7B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	$11.0B+45.9%	$7.6B+80.8%	$4.2B-14.6%	$4.9B+94.0%	$2.5B-3.7%	$2.6B
Net Income	$54.0B+53.1%	$35.3B+27.0%	$27.8B-14.0%	$32.3B+51.2%	$21.4B+17.4%	$18.2B
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q1'22	Q3'21	Q3'20	Q3'19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TSM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$252.9B+23.9%	$204.1B+13.0%	$180.7B+11.8%	$161.6B+20.3%	$134.3B+36.6%	$98.3B
Current Assets	$121.7B+29.2%	$94.2B+31.4%	$71.7B+7.3%	$66.8B+15.3%	$57.9B+48.9%	$38.9B
Cash & Equivalents	$88.2B+36.0%	$64.9B+45.2%	$44.7B+1.9%	$43.9B+26.5%	$34.7B+45.6%	$23.8B
Inventory	$9.2B+4.6%	$8.8B+7.1%	$8.2B+13.9%	$7.2B+3.4%	$7.0B+42.3%	$4.9B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$795.4M-0.8%	$801.5M+7.8%	$743.5M-12.1%	$846.1M-12.5%	$966.9M+5.4%	$917.7M
Total Liabilities	$80.9B+9.9%	$73.6B+8.4%	$67.9B+1.9%	$66.6B+17.4%	$56.7B+72.2%	$32.9B
Current Liabilities	$48.5B+21.6%	$39.9B+29.6%	$30.8B-4.1%	$32.1B+17.4%	$27.3B+21.5%	$22.5B
Long-Term Debt	$1.0B+14.8%	$877.0M-6.4%	$936.7M-3.3%	$968.6M+29.4%	$748.5M+2.2%	$732.2M
Total Equity	$172.0B+31.8%	$130.5B+15.7%	$112.8B+18.8%	$95.0B+22.4%	$77.6B+18.6%	$65.4B
Retained Earnings	$160.6B+36.0%	$118.1B+15.6%	$102.2B+21.0%	$84.4B+24.1%	$68.1B+21.4%	$56.0B

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q1'22	Q3'21	Q3'20	Q3'19
Total Assets	$204.1B+13.0%	$180.7B+11.8%	$161.6B+20.3%	$134.3B+21.2%	$110.8B+12.7%	$98.3B+29.8%	$75.7B+10.9%	$68.3B
Current Assets	$94.2B+31.4%	$71.7B+7.3%	$66.8B+15.3%	$57.9B+30.3%	$44.5B+14.3%	$38.9B+41.4%	$27.5B-11.5%	$31.1B
Cash & Equivalents	$64.9B+45.2%	$44.7B+1.9%	$43.9B+26.5%	$34.7B+29.3%	$26.8B+12.6%	$23.8B+46.7%	$16.2B-16.0%	$19.3B
Inventory	$8.8B+7.1%	$8.2B+13.9%	$7.2B+3.4%	$7.0B+14.0%	$6.1B+24.8%	$4.9B+76.3%	$2.8B-17.7%	$3.4B
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$801.5M+7.8%	$743.5M-12.1%	$846.1M-12.5%	$966.9M+1.7%	$950.7M+3.6%	$917.7M+32.9%	$690.5M+24.3%	$555.4M
Total Liabilities	$73.6B+8.4%	$67.9B+1.9%	$66.6B+17.4%	$56.7B+42.6%	$39.8B+20.8%	$32.9B+51.5%	$21.7B+55.2%	$14.0B
Current Liabilities	$39.9B+29.6%	$30.8B-4.1%	$32.1B+17.4%	$27.3B+15.7%	$23.6B+5.0%	$22.5B+12.5%	$20.0B+71.6%	$11.7B
Long-Term Debt	$877.0M-6.4%	$936.7M-3.3%	$968.6M+29.4%	$748.5M-0.7%	$753.5M+2.9%	$732.2M+45.6%	$502.9M	N/A
Total Equity	$130.5B+15.7%	$112.8B+18.8%	$95.0B+22.4%	$77.6B+9.2%	$71.0B+8.6%	$65.4B+21.1%	$54.0B-0.5%	$54.3B
Retained Earnings	$118.1B+15.6%	$102.2B+21.0%	$84.4B+24.1%	$68.1B+10.8%	$61.4B+9.6%	$56.0B+26.5%	$44.3B-0.3%	$44.4B

TSM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$72.5B+30.2%	$55.7B+37.3%	$40.6B-22.6%	$52.4B+30.7%	$40.1B+36.8%	$29.3B
Capital Expenditures	$40.6B+39.1%	$29.2B-6.0%	$31.0B-12.0%	$35.2B+16.5%	$30.3B+67.5%	$18.1B
Free Cash Flow	$32.0B+20.4%	$26.5B+178.1%	$9.5B-44.5%	$17.2B+74.6%	$9.8B-12.4%	$11.2B
Investing Cash Flow	-$36.5B-38.3%	-$26.4B+10.9%	-$29.6B+23.6%	-$38.8B-28.5%	-$30.2B-67.4%	-$18.0B
Financing Cash Flow	-$14.0B-32.9%	-$10.6B-57.8%	-$6.7B-2.7%	-$6.5B-232.3%	$4.9B+256.0%	-$3.2B
Dividends Paid	$14.9B+34.4%	$11.1B+16.2%	$9.5B+2.6%	$9.3B-3.1%	$9.6B+3.8%	$9.2B
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q1'22	Q3'21	Q3'20	Q3'19
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TSM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	44.5%+4.5pp	40.0%+0.6pp	39.4%-4.5pp	43.9%+6.5pp	37.4%-0.8pp	38.2%
Return on Equity	31.4%+4.4pp	27.1%+2.4pp	24.6%-9.4pp	34.0%+6.5pp	27.6%-0.3pp	27.8%
Return on Assets	21.4%+4.1pp	17.3%+1.9pp	15.4%-4.6pp	20.0%+4.1pp	15.9%-2.6pp	18.5%
Current Ratio	2.51+0.1	2.36+0.0	2.33+0.2	2.08-0.0	2.12+0.4	1.73
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01
FCF Margin	26.3%-3.7pp	30.1%+16.5pp	13.5%-9.8pp	23.3%+6.1pp	17.2%-6.3pp	23.5%

Metric	Q3'25	Q3'24	Q3'23	Q3'22	Q1'22	Q3'21	Q3'20	Q3'19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.36+0.0	2.33+0.2	2.08-0.0	2.12+0.2	1.88+0.2	1.73+0.4	1.37-1.3	2.67
Debt-to-Equity	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.010.0	0.01-0.2	0.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Taiwan Semi's annual revenue?

Taiwan Semi (TSM) reported $121.4B in total revenue for fiscal year 2025. This represents a 37.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Taiwan Semi's revenue growing?

Taiwan Semi (TSM) revenue grew by 37.6% year-over-year, from $88.3B to $121.4B in fiscal year 2025.

Is Taiwan Semi profitable?

Yes, Taiwan Semi (TSM) reported a net income of $54.0B in fiscal year 2025, with a net profit margin of 44.5%.

How much debt does Taiwan Semi have?

As of fiscal year 2025, Taiwan Semi (TSM) had $88.2B in cash and equivalents against $1.0B in long-term debt.

What is Taiwan Semi's net profit margin?

Taiwan Semi (TSM) had a net profit margin of 44.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is Taiwan Semi's return on equity (ROE)?

Taiwan Semi (TSM) has a return on equity of 31.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Taiwan Semi's free cash flow?

Taiwan Semi (TSM) generated $32.0B in free cash flow during fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Taiwan Semi's operating cash flow?

Taiwan Semi (TSM) generated $72.5B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Taiwan Semi's total assets?

Taiwan Semi (TSM) had $252.9B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Taiwan Semi's capital expenditures?

Taiwan Semi (TSM) invested $40.6B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How many shares does Taiwan Semi have outstanding?

Taiwan Semi (TSM) had 25.93B shares outstanding as of fiscal year 2025.

What is Taiwan Semi's current ratio?

Taiwan Semi (TSM) had a current ratio of 2.51 as of fiscal year 2025, which is generally considered healthy.

What is Taiwan Semi's debt-to-equity ratio?

Taiwan Semi (TSM) had a debt-to-equity ratio of 0.01 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Taiwan Semi's return on assets (ROA)?

Taiwan Semi (TSM) had a return on assets of 21.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Taiwan Semi's Piotroski F-Score?

Taiwan Semi (TSM) has a Piotroski F-Score of 8 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Taiwan Semi's earnings high quality?

Taiwan Semi (TSM) has an earnings quality ratio of 1.34x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Taiwan Semi?

Taiwan Semi (TSM) scores 57 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.