Gross margin
56.1% Fiscal year 2024
Rank 60 of 100: higher than 60% of 153 peers (All). medium.
Rank 50 of 100: higher than 50% of 57 peers (Sector). medium.
Median Technology: 56.1%
Share of revenue left after the direct cost of the products sold.
About the company
TSMC, from Taiwan, manufactures semiconductors on behalf of other companies. Firms such as Apple, Nvidia and AMD design their chips themselves and have them made by TSMC, especially at very small feature sizes. Its plants are mainly in Taiwan, plus the US, Japan and Germany. Traded here as a US depositary receipt. As of Oct 16, 2026
Fact sheet (from the annual report) Semiconductors (chips) · Hsinchu
As a contract manufacturer, the company makes semiconductors on silicon wafers according to its customers’ circuit designs. Its headquarters are in the Hsinchu Science Park in Taiwan. It also offers design support, mask making, chip stacking and packaging as well as testing. Most of its fabs are in Taiwan, with others in the United States, China and Japan. Customers are fabless semiconductor companies, system companies and chipmakers with their own manufacturing. The revenue increase in 2025 was mainly due to more orders from customers in North America.
Automatically summarized from SEC annual report (20-F, filed Apr 16, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 17, 2026
What the methods say about Taiwan Semiconductor Manufacturing (ADR)
- 52-week-high breakout No current pattern View
- Pullback in trend No current pattern View
- Double bottom No current pattern View
- Gap with volume No current pattern View
- Elliott + Fibonacci No current Elliott setup View
- Fundamentals Growth: greenMargin: greenDebt: gray View
Calculated automatically by fixed rules – not investment advice, check for yourself. How we analyze
Price performance at a glance
Last 30 trading days
- Today +3.0%
- 7 days +2.8%
- 30 days −3.1%
- 1 year +46.5%
Day range (last trading day)
−2.5%Price at 86% of the range+0.4%
52-week range
−38.9%Price at 77% of the range+11.6%
- Distance from the all-time high
- −10.4%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginTaiwan Semiconductor Manufacturing (ADR) · Sector Technology · amounts in TWD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Apr 17, 2025.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2024 · latest available annual figures: fiscal year 2024
Quality
Profitability, consistency, balance sheet
8 of 8 criteria met
Growth
Revenue and earnings per share · 1 without data
6 of 6 criteria met
Dividend
Level, consistency, coverage
7 of 7 criteria met
Financial strength
Piotroski, debt, liquidity
6 of 6 criteria met
Quality 8 of 8 met
- met: Gross margin above 40% 56.1%
- met: Operating margin above 15% 45.7%
- met: Net margin above 10% 40.0%
- met: Return on equity above 15% 27.3%
- met: Free cash flow margin above 10% 30.1%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- met: Equity ratio above 30% 63.4%
Operating margin
45.7% Fiscal year 2024
Rank 94 of 100: higher than 94% of 192 peers (All). strong.
Rank 93 of 100: higher than 93% of 60 peers (Sector). strong.
Median Technology: 14.2%
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
40.0% Fiscal year 2024
Rank 94 of 100: higher than 94% of 237 peers (All). strong.
Rank 91 of 100: higher than 91% of 63 peers (Sector). strong.
Median Technology: 12.5%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
27.3% Fiscal year 2024
Rank 69 of 100: higher than 69% of 218 peers (All). strong.
Rank 68 of 100: higher than 68% of 61 peers (Sector). strong.
Median Technology: 13.5%
Net income divided by equity at fiscal year end.
Return on assets
17.3% Fiscal year 2024 (total assets at year end)
Rank 88 of 100: higher than 88% of 238 peers (All). strong.
Rank 75 of 100: higher than 75% of 63 peers (Sector). strong.
Median Technology: 5.9%
Net income divided by total assets at fiscal year end.
Equity ratio
63.4% Fiscal year 2024
Rank 85 of 100: higher than 85% of 239 peers (All). strong.
Rank 74 of 100: higher than 74% of 63 peers (Sector). strong.
Median Technology: 51.6%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
30.1% Fiscal year 2024
Rank 84 of 100: higher than 84% of 213 peers (All). strong.
Rank 77 of 100: higher than 77% of 62 peers (Sector). strong.
Median Technology: 19.0%
Free cash flow divided by revenue.
Free cash flow
870.2B TWD Fiscal year 2024
Operating cash flow minus capital expenditure on property and equipment.
Growth 6 of 6 met · 1 without data
- met: Over 3 years, revenue grew by more than 5% per year +22.2%
- met: Over 5 years, revenue grew by more than 5% per year +22.0%
- no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
- met: Over 3 years, EPS grew by more than 5% per year +25.1%
- met: Over 5 years, EPS grew by more than 5% per year +26.8%
- met: Revenue rose in at least 4 of the last 5 fiscal years 4 of 5
- met: Revenue rose in the last fiscal year +33.9%
Revenue growth 3 years
+22.2% per year
Rank 78 of 100: higher than 78% of 230 peers (All). strong.
Rank 60 of 100: higher than 60% of 59 peers (Sector). medium.
Median Technology: +14.3%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+22.0% per year
Rank 78 of 100: higher than 78% of 217 peers (All). strong.
Rank 66 of 100: higher than 66% of 54 peers (Sector). medium.
Median Technology: +14.5%
Average growth per year over 5 fiscal years.
EPS growth 3 years
+25.1% per year
Rank 77 of 100: higher than 77% of 157 peers (All). strong.
Rank 67 of 100: higher than 67% of 32 peers (Sector). strong.
Median Technology: +19.2%
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+26.8% per year
Rank 76 of 100: higher than 76% of 146 peers (All). strong.
Rank 69 of 100: higher than 69% of 34 peers (Sector). strong.
Median Technology: +17.0%
Growth of earnings per share per year, adjusted for stock splits.
Dividend 7 of 7 met
- met: Pays a dividend 17.00 TWD
- met: Payout ratio at most 60% of earnings 38%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
- met: Dividend per share higher than 5 years ago +12.3%
- met: Free cash flow per share covers the dividend 2.0x
- met: Dividends paid over the last 5 years covered by free cash flow 64% of free cash flow
Payout ratio
38% Fiscal year 2024
Dividend per share divided by earnings per share.
Dividend growth 5 years
+12.3% per year
Rank 66 of 100: higher than 66% of 118 peers (All). medium.
Rank 55 of 100: higher than 55% of 21 peers (Sector). medium.
Median Technology: +11.2%
Growth of the dividend per share per year.
Free cash flow coverage
2.0x Fiscal year 2024
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 6 of 6 met
- met: Piotroski F-Score at least 7 of 9 7 of 9
- met: Long-term debt no higher than equity 0.01
- met: Current assets cover current liabilities 2.36
- met: Positive equity 4.2T TWD
- met: In 5 years, share count up by at most 5% 0.0%
- met: Free cash flow positive in the last fiscal year 870.2B TWD
Piotroski F-Score
7 of 9 Fiscal year 2024
Rank 72 of 100: higher than 72% of 134 peers (All). strong.
Rank 70 of 100: higher than 70% of 44 peers (Sector). strong.
Median Technology: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.01 at fiscal year end
Rank 95 of 100: lower than 95% of 199 peers (All). strong.
Rank 95 of 100: lower than 95% of 54 peers (Sector). strong.
Median Technology: 0.41
Long-term financial debt divided by equity.
Liquidity (current ratio)
2.36 at fiscal year end
Rank 76 of 100: higher than 76% of 215 peers (All). strong.
Rank 56 of 100: higher than 56% of 63 peers (Sector). medium.
Median Technology: 2.02
Current assets divided by current liabilities.
Change in share count
0.0% in 5 years
Rank 44 of 100: lower than 44% of 199 peers (All). medium.
Rank 60 of 100: lower than 60% of 51 peers (Sector). medium.
Median Technology: +2.8%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- not met: Long-term debt relative to total assets fell
- met: Liquidity (current assets / current liabilities) rose
- not met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
20-F filer (foreign company): amounts in the reporting currency, no price-based criteria.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light green: Revenue grew over 5 years (+22.0% per year), at least as fast as the sector median.
- Light green: Net income (total) grew over 5 years (+26.8% per year), at least as fast as the sector median; per share +26.8% per year.
- Light green: Net margin 40.0%, above the sector median (12.5%).
- Light green: Debt not higher than usual in the sector.
- Light green: Profit in each of the last 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2015 (Jan 1, 2015 – Dec 31, 2015): Revenue 843.5B TWD · Net income 302.9B TWD · Net margin 35.9%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 947.9B TWD · Net income 331.7B TWD · Net margin 35.0%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 977.4B TWD · Net income 345.0B TWD · Net margin 35.3%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 1.0T TWD · Net income 363.1B TWD · Net margin 35.2%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 1.1T TWD · Net income 353.9B TWD · Net margin 33.1%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 1.3T TWD · Net income 510.7B TWD · Net margin 38.1%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 1.6T TWD · Net income 592.4B TWD · Net margin 37.3%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 2.3T TWD · Net income 992.9B TWD · Net margin 43.9%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 2.2T TWD · Net income 851.7B TWD · Net margin 39.4%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 2.9T TWD · Net income 1.2T TWD · Net margin 40.0%
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
- Fiscal year 2015 (Jan 1, 2015 – Dec 31, 2015): Earnings per share 11.68 TWD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 12.79 TWD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 13.30 TWD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 14.00 TWD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 13.65 TWD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 19.70 TWD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 22.84 TWD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 38.29 TWD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 32.85 TWD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 44.67 TWD
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
- Fiscal year 2015 (Jan 1, 2015 – Dec 31, 2015): Dividend per share 6.00 TWD · Payout ratio 51.4%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 7.00 TWD · Payout ratio 54.7%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 8.00 TWD · Payout ratio 60.2%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 8.00 TWD · Payout ratio 57.1%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share not available · Payout ratio not available
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share not available · Payout ratio not available
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share not available · Payout ratio not available
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share not available · Payout ratio not available
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share not available · Payout ratio not available
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share not available · Payout ratio not available
No quarterly figures reported (companies filing a 20-F annual report usually report only once a year).
Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 2.9T TWD · Net income 1.2T TWD · Net margin 40.0%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2024
Of 100 TWD of revenue, 56.1 TWD gross profit, 45.7 TWD operating income and 40.0 TWD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 2.9T TWD | 100.0% |
| Gross profit | 1.6T TWD | 56.1% |
| Cost of revenue | 1.3T TWD | 43.9% |
| Operating income | 1.3T TWD | 45.7% |
| Research & development | 204.2B TWD | 7.1% |
| Other operating expenses | 98.1B TWD | 3.4% |
| Net income | 1.2T TWD | 40.0% |
| Interest expense | 10.5B TWD | 0.4% |
| Taxes & other (net) | 153.2B TWD | 5.3% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from 34.8% to 45.7%.
Gross marginOperating marginNet margin- Fiscal year 2015: Gross margin 48.7% · Operating margin 37.9% · Net margin 35.9%
- Fiscal year 2016: Gross margin 50.1% · Operating margin 39.9% · Net margin 35.0%
- Fiscal year 2017: Gross margin 50.6% · Operating margin 39.4% · Net margin 35.3%
- Fiscal year 2018: Gross margin 48.3% · Operating margin 37.2% · Net margin 35.2%
- Fiscal year 2019: Gross margin 46.0% · Operating margin 34.8% · Net margin 33.1%
- Fiscal year 2020: Gross margin 53.1% · Operating margin 42.3% · Net margin 38.1%
- Fiscal year 2021: Gross margin 51.6% · Operating margin 40.9% · Net margin 37.3%
- Fiscal year 2022: Gross margin 59.6% · Operating margin 49.5% · Net margin 43.9%
- Fiscal year 2023: Gross margin 54.4% · Operating margin 42.6% · Net margin 39.4%
- Fiscal year 2024: Gross margin 56.1% · Operating margin 45.7% · Net margin 40.0%
Returns
Return on equity rose in 5 years from 21.9% to 27.3%.
Return on equityReturn on assets- Fiscal year 2015: Return on equity 25.3% · Return on assets not available
- Fiscal year 2016: Return on equity 24.4% · Return on assets 17.6%
- Fiscal year 2017: Return on equity 23.1% · Return on assets 17.3%
- Fiscal year 2018: Return on equity 21.9% · Return on assets 17.4%
- Fiscal year 2019: Return on equity 21.9% · Return on assets 15.6%
- Fiscal year 2020: Return on equity 27.8% · Return on assets 18.5%
- Fiscal year 2021: Return on equity 27.6% · Return on assets 15.9%
- Fiscal year 2022: Return on equity 34.2% · Return on assets 20.0%
- Fiscal year 2023: Return on equity 24.8% · Return on assets 15.4%
- Fiscal year 2024: Return on equity 27.3% · Return on assets 17.3%
Equity and long-term debt
The equity ratio fell in 5 years from 71.3% to 63.4%.
Equity in TWD Long-term debt not shown: the 20-F filing has no tag for bonds.- Fiscal year 2015: Equity 1.2T TWD
- Fiscal year 2016: Equity 1.4T TWD
- Fiscal year 2017: Equity 1.5T TWD
- Fiscal year 2018: Equity 1.7T TWD
- Fiscal year 2019: Equity 1.6T TWD
- Fiscal year 2020: Equity 1.8T TWD
- Fiscal year 2021: Equity 2.1T TWD
- Fiscal year 2022: Equity 2.9T TWD
- Fiscal year 2023: Equity 3.4T TWD
- Fiscal year 2024: Equity 4.2T TWD
Liquidity (current ratio)
The current ratio rose in 5 years from 1.37 to 2.36.
Current ratio- Fiscal year 2015: Current ratio not available
- Fiscal year 2016: Current ratio 2.35
- Fiscal year 2017: Current ratio 2.22
- Fiscal year 2018: Current ratio 2.67
- Fiscal year 2019: Current ratio 1.37
- Fiscal year 2020: Current ratio 1.73
- Fiscal year 2021: Current ratio 2.12
- Fiscal year 2022: Current ratio 2.08
- Fiscal year 2023: Current ratio 2.33
- Fiscal year 2024: Current ratio 2.36
Cash flow
Free cash flow rose in 5 years from 154.7B TWD to 870.2B TWD.
Operating cash flowCapital expenditureFree cash flow in TWD- Fiscal year 2015: Operating cash flow 529.9B TWD · Capital expenditure 257.5B TWD · Free cash flow 272.4B TWD
- Fiscal year 2016: Operating cash flow 539.8B TWD · Capital expenditure 328.0B TWD · Free cash flow 211.8B TWD
- Fiscal year 2017: Operating cash flow 585.3B TWD · Capital expenditure 330.6B TWD · Free cash flow 254.7B TWD
- Fiscal year 2018: Operating cash flow 574.0B TWD · Capital expenditure 315.6B TWD · Free cash flow 258.4B TWD
- Fiscal year 2019: Operating cash flow 615.1B TWD · Capital expenditure 460.4B TWD · Free cash flow 154.7B TWD
- Fiscal year 2020: Operating cash flow 822.7B TWD · Capital expenditure 507.2B TWD · Free cash flow 315.4B TWD
- Fiscal year 2021: Operating cash flow 1.1T TWD · Capital expenditure 839.2B TWD · Free cash flow 273.0B TWD
- Fiscal year 2022: Operating cash flow 1.6T TWD · Capital expenditure 1.1T TWD · Free cash flow 527.9B TWD
- Fiscal year 2023: Operating cash flow 1.2T TWD · Capital expenditure 949.8B TWD · Free cash flow 292.2B TWD
- Fiscal year 2024: Operating cash flow 1.8T TWD · Capital expenditure 956.0B TWD · Free cash flow 870.2B TWD
Share count
The share count stayed roughly the same in 5 years.
Average share count- Fiscal year 2015: Average share count 25.9B
- Fiscal year 2016: Average share count 25.9B
- Fiscal year 2017: Average share count 25.9B
- Fiscal year 2018: Average share count 25.9B
- Fiscal year 2019: Average share count 25.9B
- Fiscal year 2020: Average share count 25.9B
- Fiscal year 2021: Average share count 25.9B
- Fiscal year 2022: Average share count 25.9B
- Fiscal year 2023: Average share count 25.9B
- Fiscal year 2024: Average share count 25.9B
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 17.00 TWD · Fiscal year 2024
- Dividend growth per year
- 3 y +15.6%5 y +12.3%10 y –
- Years without a cut
- at least 9 as far as the data goes
- Payout ratio
- of earnings 38% of free cash flow 42%
- Share count over 5 years
- 0.0% roughly unchanged
Dividend per share
The dividend per share rose in 5 years from 9.50 TWD to 17.00 TWD.
Dividend per share TWD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2015: Dividend per share 6.00 TWD
- Fiscal year 2016: Dividend per share 7.00 TWD
- Fiscal year 2017: Dividend per share 8.00 TWD
- Fiscal year 2018: Dividend per share 8.00 TWD
- Fiscal year 2019: Dividend per share 9.50 TWD
- Fiscal year 2020: Dividend per share 10.00 TWD
- Fiscal year 2021: Dividend per share 11.00 TWD
- Fiscal year 2022: Dividend per share 11.00 TWD
- Fiscal year 2023: Dividend per share 13.00 TWD
- Fiscal year 2024: Dividend per share 17.00 TWD
Payout ratios
The payout ratio fell in 5 years from 69.6% to 38.1%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2015: Payout ratio (earnings) 51.4% · Payout ratio (free cash flow) 42.8%
- Fiscal year 2016: Payout ratio (earnings) 54.7% · Payout ratio (free cash flow) 73.5%
- Fiscal year 2017: Payout ratio (earnings) 60.2% · Payout ratio (free cash flow) 71.3%
- Fiscal year 2018: Payout ratio (earnings) 57.1% · Payout ratio (free cash flow) 80.3%
- Fiscal year 2019: Payout ratio (earnings) 69.6% · Payout ratio (free cash flow) 167.6%
- Fiscal year 2020: Payout ratio (earnings) 50.8% · Payout ratio (free cash flow) 82.2%
- Fiscal year 2021: Payout ratio (earnings) 48.2% · Payout ratio (free cash flow) 97.4%
- Fiscal year 2022: Payout ratio (earnings) 28.7% · Payout ratio (free cash flow) 54.0%
- Fiscal year 2023: Payout ratio (earnings) 39.6% · Payout ratio (free cash flow) 99.9%
- Fiscal year 2024: Payout ratio (earnings) 38.1% · Payout ratio (free cash flow) 41.7%
What goes back to shareholders
Over 5 years, 1.5T TWD went back to shareholders as dividends. That is 64% of the free cash flow of those years.
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in TWD- Fiscal year 2015: Dividends paid 116.7B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 272.4B TWD
- Fiscal year 2016: Dividends paid 155.6B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 211.8B TWD
- Fiscal year 2017: Dividends paid 181.5B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 254.7B TWD
- Fiscal year 2018: Dividends paid 207.4B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 258.4B TWD
- Fiscal year 2019: Dividends paid 259.3B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 154.7B TWD
- Fiscal year 2020: Dividends paid 259.3B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 315.4B TWD
- Fiscal year 2021: Dividends paid 265.8B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 273.0B TWD
- Fiscal year 2022: Dividends paid 285.2B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 527.9B TWD
- Fiscal year 2023: Dividends paid 291.7B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 292.2B TWD
- Fiscal year 2024: Dividends paid 363.1B TWD · Share repurchases not available · New shares issued (including employee plans) not available · Free cash flow 870.2B TWD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
20-F filer or other currency: earnings per share and share count do not reliably match the price of the US listing (ADR) – so there is no price-based valuation here.
Sector comparison
Taiwan Semiconductor Manufacturing (ADR) next to the 8 stocks with the highest revenue in the sector Technology we cover (revenue in another currency – selection by closeness not possible). Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| TSM Taiwan Semiconductor Manufacturing (ADR) this stock | 2.9T TWD | +22.0% | 56.1% | 45.7% | 40.0% | 27.3% | 63.4% | 30.1% | 7/9 |
| AAPL Apple Inc. | 416.2B USD | +8.7% | 46.9% | 32.0% | 26.9% | 151.9% | 20.5% | 23.7% | 8/9 |
| ACN Accenture | 74.2B USD | +8.0% | 32.0% | 15.4% | 11.3% | 26.5% | 42.9% | 15.7% | 6/9 |
| DELL Dell Technologies | 113.5B USD | +3.8% | 20.0% | 7.2% | 5.2% | – | −2.4% | 7.5% | 7/9 |
| IBM IBM | 67.5B USD | −1.7% | 58.2% | – | 15.7% | 32.4% | 21.5% | 17.9% | 7/9 |
| MSFT Microsoft | 331.8B USD | +14.6% | 67.9% | 46.8% | 40.3% | 30.2% | 58.3% | 20.2% | 6/9 |
| MU Micron Technology | 133.2B USD | +36.9% | 80.7% | 74.6% | 63.8% | 61.4% | 70.6% | 44.3% | 8/9 |
| NVDA Nvidia | 215.9B USD | +66.9% | 71.1% | 60.4% | 55.6% | 76.3% | 76.1% | 44.8% | 4/9 |
| ORCL Oracle Corporation | 67.4B USD | +10.7% | – | 30.6% | 25.4% | 40.2% | 16.2% | −35.2% | – |
| Median of the sector 63 symbols | – | +14.5% | 56.1% | 14.2% | 12.5% | 13.5% | 51.6% | 19.0% | 6/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 97 symbols in the Technology sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+22.0% per year, last 5 years
Sector Technology: median +13.5% (88 symbols)
What does this mean? Revenue: over 5 years it grew by 22.0% per year on average – at least as fast as the median company in the sector (+13.5%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+26.8% per year, last 5 years
Sector Technology: median +13.3% (62 symbols)
per share: +26.8% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 26.8% per year on average – at least as fast as the median company in the sector (+13.3%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin40.0% last fiscal year
Sector Technology: median 12.5% (97 symbols)
What does this mean? Of every 100 TWD in revenue, 40.02 TWD remained as profit – at least as much as the median company in the sector (12.5%). Five years ago the margin was 33.1%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth0.01 latest balance sheet
Sector Technology: median 0.45 (79 symbols)
What does this mean? For every 1 TWD of equity there is 0.01 TWD of financial debt – no more than the median company in the sector (0.45). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth– Dividend / earnings per share
Sector Technology: median 30% (36 symbols)
What does this mean? The loaded SEC filings of the last two fiscal years contain no dividend per share. Either the company pays none, or it reports it under a different tag.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2024 | Dec 31, 2024 | 2.9T | 1.2T | 40.0% | 44.67 | – | – |
| 2023 | Dec 31, 2023 | 2.2T | 851.7B | 39.4% | 32.85 | – | – |
| 2022 | Dec 31, 2022 | 2.3T | 992.9B | 43.9% | 38.29 | – | – |
| 2021 | Dec 31, 2021 | 1.6T | 592.4B | 37.3% | 22.84 | – | – |
| 2020 | Dec 31, 2020 | 1.3T | 510.7B | 38.1% | 19.70 | – | – |
| 2019 | Dec 31, 2019 | 1.1T | 353.9B | 33.1% | 13.65 | – | – |
| 2018 | Dec 31, 2018 | 1.0T | 363.1B | 35.2% | 14.00 | 8.00 | 57% |
| 2017 | Dec 31, 2017 | 977.4B | 345.0B | 35.3% | 13.30 | 8.00 | 60% |
| 2016 | Dec 31, 2016 | 947.9B | 331.7B | 35.0% | 12.79 | 7.00 | 55% |
| 2015 | Dec 31, 2015 | 843.5B | 302.9B | 35.9% | 11.68 | 6.00 | 51% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $683.1K30 people | $00 people | +$683.1K |
| 6 months | $2.3M31 people | $14.0M2 people | −$11.6M |
| 12 months | $3.1M32 people | $14.0M2 people | −$10.8M |
Latest transactions
- Oct 7, 2026 Yuan Lipen Officer Open-market purchase 40 shares · $3.2K · SEC
- Oct 7, 2026 Yeap Choh Fei Officer Open-market purchase 52 shares · $4.1K · SEC
- Oct 7, 2026 Zhang Kevin Xiaoqiang Officer Open-market purchase 59 shares · $4.7K · SEC
- Oct 7, 2026 Yoo Chue-San Officer Open-market purchase 50 shares · $4.0K · SEC
- Oct 7, 2026 Wu Shien-Yang Officer Open-market purchase 53 shares · $4.2K · SEC
- Oct 7, 2026 Wei Che-Chia Chief executive (CEO), Director Open-market purchase 144 shares · $11.4K · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +65
Price vs. EMA 50+15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+0
Highs and lows+0
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)21.1
Rel. strength 60 d+6.5%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
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