Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) intrinsic value & 10-year financials
Taiwan Semiconductor Manufacturing Co. Ltd. (TSM) has a Graham intrinsic value of $225.87 per share. At $424.37 on Oct 26, 2026, the stock trades 88% above that value. Over the last 8 fiscal years revenue grew 15.1% a year to $88.3B, with an average return on invested capital of 27.7%.
- Graham intrinsic value
- $225.87
- Share price (Oct 26, 2026)
- $424.37
- Price vs Graham value
- 88% above
- Market cap
- $2.2T
- Revenue (FY2024)
- $88.3B
- Revenue growth (8-yr CAGR)
- 15.1%
- ROIC (10-yr avg)
- 27.7%
- Free cash flow (FY2024)
- $26.5B
TSM 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2024 | $88.3B | $35.3B | $6.80 | $26.5B | — | 29.0% |
| FY2023 | $70.6B | $27.8B | $5.35 | $9.5B | — | 26.8% |
| FY2022 | $73.7B | $32.3B | $6.25 | $17.2B | — | 37.5% |
| FY2021 | $57.2B | $21.4B | $4.10 | $9.8B | — | 29.9% |
| FY2020 | $47.7B | $18.2B | $3.50 | $11.2B | — | 30.5% |
| FY2019 | $35.8B | $11.8B | $2.30 | $5.2B | — | 21.9% |
| FY2018 | $33.7B | $11.9B | $2.30 | $8.4B | — | 22.7% |
| FY2017 | $33.0B | $11.6B | $2.25 | $8.6B | — | 23.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD is a consistent compounder, expanding top-line revenue at 15.1% annually over the past decade.
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD has earned high returns on invested capital, averaging 27.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $225.87 per share.