October Upside Ranks
Qualitative relative target-touch selections · Not calibrated probabilities
Dated prices · targets are price touches, not forecasts · exact ranks are editorial judgments.
Grade legend, dates & research limits
Completed editorial grades · assessed October 6. Business = demonstrated commercial traction. Catalyst = clarity and timing of the next important test, not success odds. Target path = how demanding this list’s target is. These grades use the same rubric for all selected names; they are not native financial-model grades or statistical probabilities.
A strong / direct · B supported but conditional · C speculative or major gaps · D exceptional leap / weak bridge. A strong catalyst can fail. A fivefold target can have a D path even in a top-ranked moonshot.
Exact grading benchmarks & evidence dates
Business
How far the business inflection is demonstrated today, not source completeness.
- A — Broad, realized commercial growth or earnings; not just a plan.
- B — Real but early, concentrated or mixed operating traction.
- C — Primarily clinical/development or capacity optionality; limited realized economics.
- D — Retained facts undermine the proposed business inflection.
Catalyst
Specificity, observability and timing of a thesis-changing test inside the original window, not its chance of success.
- A — A scheduled or explicitly windowed material readout, launch or commercial ramp; repeated hard operating tests may qualify.
- B — Concrete delivery, orders or earnings tests, but diffuse timing or less discrete thesis change.
- C — A real milestone with important acceptance/economics/timing gaps.
- D — No supported material in-window test.
Target path
Burden of reaching THIS tier target from the dated baseline; not an absolute odds estimate.
- A — Comparatively direct earnings/recognition bridge in retained evidence; still conditional.
- B — Recognizable bridge, but meaningful premium, execution or share-claim sensitivity.
- C — Speculative extension or binary rerating beyond established economics; small-base elasticity is not a forecast.
- D — Exceptional leap far beyond retained cases, with major scale/valuation/financing obstacles.
No bell curve, numeric weights, A+ grades, probability conversion or grade-based reranking. Same rubric for incumbents and additions; target-path grades vary by tier. A catalyst can fail. No synchronized chart grading because technical coverage is not comparable across all 19.
Assessment October 6 of retained evidence, not an October 6 source refresh. Baseline October 1; existing remaining touch window October 4, 2026 to exclusive October 1, 2027. Original source cutoff October 3; additions retrieved October 4; Bloom narrative retrieved October 5 UTC. Original publication dates remain attached to sources.
Original conservative research grades remain in each full story. Partial financial underwriting remains partial: completed qualitative grades do not certify current cash, target dilution, clinical efficacy or funded forecasts. No chart grade is invented from unmatched technical snapshots.
Targets use October 1, 2026 baseline quotes, which are not live prices. The price-touch window is October 4, 2026 to exclusive October 1, 2027, not the price at expiry. Exact ordinal differences are low-confidence editorial judgments; absolute likelihood may be low.
Original financial source cutoff: October 3, 2026, 07:14:12.687379 UTC. Biotech sources retrieved October 4 with original publication dates retained. Bloom’s power and policy narrative reviewed October 4 ET (sources retrieved October 5 UTC). Publication does not clear research or model limitations. No calibrated odds.
TSM · Taiwan Semiconductor Manufacturing Company Limited
+35% Upside · #3Oct1 baseline: USD 459.2. Original frozen quote retained.
The investment story
Thesis
Rising chip sales and advanced manufacturing demand could lift earnings as AI customers move new designs into production.
What could move the stock
Rising chip sales and advanced manufacturing demand could lift earnings as AI customers move new designs into production.
Next catalyst
Monthly sales and adoption of the newest manufacturing process.
Major risk
Taiwan geopolitical exposure, heavy investment and currency changes remain important.
Editorial grades · October 6 assessment
Same rubric for every selected company. Business is demonstrated traction; Catalyst is the timing and clarity of a test, not its chance of success. Target path changes with the target burden.
+35% Upside
Business · A
Monthly recognized sales and new-node wafer revenue show actual advanced-chip demand.
Catalyst · A
Monthly sales give frequent observable tests of the production ramp, unlike a distant capacity promise.
Target path · A
The retained fabrication bull supports this modest target with actual production demand; currency and ADS premium remain assumptions.
Strongest countercase
Taiwan exposure, capex, currency and ADS valuation remain independent risks.
Confidence & coverage
Low for target touch and adjacent ordering; moderate for the descriptive assessment of retained facts. Retained native financial and source detail preserved; existing holds and sensitivities still apply.
Grade evidence & preserved research grades
Editorial reader v2 is separate from native financial certification. The original conservative evidence/path grades below have not been upgraded or overwritten.
+35% Upside original research grades
Evidence: B; operating pathway: B; feasibility: plausible.
- financials.cash
Published: 2026-08-14 · Retrieved: 2026-10-02T05:01:16.652340+00:00 - reportedEPSAnchor.reportedEPS
Published: 2026-02-26 · Retrieved: 2026-10-02T06:03:33.511701+00:00
Detailed research, valuation assumptions & sources
Thesis
August recognized revenue TWD514.806B grew 53.3%; N2 reached 3% of wafer revenue. These are actual paid production metrics, not capex counted as sales.
Independent economic outcome
{"35%": "CONDITIONAL PLAUSIBLE/WATCH original bull631.647; marginFXpremium sensitivity not unconditional admission", "2x": "REJECT reviewed12month recognizedprofit-scale route, not impossibility of price rally", "5x": "REJECT reviewed12month route", "doNotAdoptUnprovenSourcePolicyCaps": true, "originalBullRetained": 631.6473857419686}
Expectations gap
No independently matched current consensus-baseline mispricing is asserted. Retained original USD ADS bull $631.647 versus $459.20 quote supports a comparatively credible paid-fabrication route; margin, FX and ADS premium remain separate dependencies.
Confidence and limitations
Source-backedrelativebusinesscomparison; exactadjacentorderandfutureprice realization uncertain. Lowabsolutechanceisnotanadmissionban. Moderate confidence in comparative commercial facts; low confidence in exact adjacent rank and future realization. Stock-wide label uses most cautious genuine parent tier judgment; per-membership judgments preserved.
- Qualitative editorial likelihood ordering only; no numeric probabilities, no mechanically calibrated source grade, no issuer future assurance. Adjacent order is low-confidence within the disclosed close-comparison bands.
- No calibrated absolute hit probabilities or independently matched current consensus baseline; relative ordering uses qualified evidence, not a measured expectations gap.
- Native schema/interface historical holds remain archived. Unresolved economic cash/current-capital/accounting facts lower confidence; absent adapter EPS/cashDate alone does not label issuer uninvestable.
- Keep Taiwan-IFRS common income, five ordinary shares per ADS, local currency and scenario FX separate. Trapped/consolidated cash ownership, capex, geopolitical concentration and cross-session ADS premium are penalties, not invented source caps.
Catalysts & disconfirmation
August recognized revenue TWD514.806B grew 53.3%; N2 reached 3% of wafer revenue. These are actual paid production metrics, not capex counted as sales.
2026-10-01 to 2027-09-30; editorial-monitoring-checkpoint; exact future announcement dates unverified · Retainedprimaryreportedcommercialfacts supportmechanism; forwardpaidrecognition/funding notguaranteed. BnotA; no automaticnative-score conversion. · Upgrade: Confirm paid recognized delivery and common-owner economics within the retained operating window, not merely capacity/backlog/pilot publicity. If a preserved case misses, crossing requires better paid recognition/common economics or a different retained valuation sensitivity, as described; no new numeric margin/EPS/financial case is supplied. A case already crossing still needs realization of its existing assumptions. · Cut: Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Keep Taiwan-IFRS common income, five ordinary shares per ADS, local currency and scenario FX separate. Trapped/consolidated cash ownership, capex, geopolitical concentration and cross-session ADS premium are penalties, not invented source caps.
Bear case
Failure of the retained paid-recognition or recurring-owner-economics path, multiple compression, delayed catalyst or additional cash/claim burden would invalidate this route. Keep Taiwan-IFRS common income, five ordinary shares per ADS, local currency and scenario FX separate. Trapped/consolidated cash ownership, capex, geopolitical concentration and cross-session ADS premium are penalties, not invented source caps.
Retained financial routes — not target odds
Original financial hypotheses remain unchanged. Native disposition, independent WATCH and current editorial selection are distinct.
TSM · Native blocked / Independent GENUINE_HOLD_ACCEPTED_WITH_NARROW_RATIONALE_AND_SOURCE_COVERAGE_QUALIFICATIONS
Economic outcome
{"35%": "CONDITIONAL PLAUSIBLE/WATCH original bull631.647; marginFXpremium sensitivity not unconditional admission", "2x": "REJECT reviewed12month recognizedprofit-scale route, not impossibility of price rally", "5x": "REJECT reviewed12month route", "doNotAdoptUnprovenSourcePolicyCaps": true, "originalBullRetained": 631.6473857419686}
Accounting and period
IFRS; actual/analyst-normalized classifications and source scope preserved individually · Exact original source measurement and forward cash windows; analysis/review dates separate · native/formula retained monetary units, no rescaling; per-field exact receipt unit used where provided
retainedEconomicModel.targetPrerequisites.35%.routes.0.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
retainedEconomicModel.targetPrerequisites.35%.routes.1.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
retainedEconomicModel.targetPrerequisites.2x.routes.0.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
retainedEconomicModel.targetPrerequisites.2x.routes.1.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
retainedEconomicModel.targetPrerequisites.5x.routes.0.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
retainedEconomicModel.targetPrerequisites.5x.routes.1.capacityRequirements.fixedUnitEconomicsShipmentIndexToGuideQuarterRepeated
Not provided/true unknown in exact original input; no zero or issuer certification substituted
Core measured historical financials — dates and attribution retained
Recognized revenue — original measurement period
4440492429000 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · FY+YTDcurrent-YTDprior
Dated reported cash / marketable liquidity (scope below)
3134218213000 USD (original native monetary scale) · actual · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dated measured ordinary shares — NOT current fully diluted
25932370100 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · 259323701000 TWD issuedcapital /10 TWD par =25932370100ordinary; conditional capital-display derived proxy, not observed exact float
operating Margin
0.561008956513638 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
debt
1031673539000 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
current Ordinary Shares
25932370100 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
current Valuation Shares
25932370100 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
shares At
2026-06-30 text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
options Incremental Shares
0 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
convertible Incremental Shares
0 ordinary-shares · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
post Balance Cash Change
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
post Balance Debt Change
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
convertible Debt Removed
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
ownership Liability
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
convertible Cash Settlement
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
post Balance Other Cash Change
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
cash Ownership Fraction
1 fraction · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
cash Nci Deduction
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
cash Jv Contribution
0 TWD · assumption · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
cash Ownership Reconciliation
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q1 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original source measurement/knownscope + explicit nominal hypothesis
Material Provided valuation
sector
advanced-node semiconductor foundry text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
metric
P/normalizedEPS text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
reference Multiple
27 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
multiple Low
20 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
multiple High
29.700000000000003 x · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
justification
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. OriginallocalPE20/24/27x andpremium0/5/10% futureFX33/32/31 separate; core onefinancialFX cannot faithfully carry per-case FXjointprice. Cashnetinterest80B outside CFO has no native signednonoperatingreceipt field; mappingintoequity financing creates phantomshares/freecredit, mappingintoCFO breaksissuer cashclassification. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
model Fit
unsupported text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · nominal native route challenge, not replacing original model
reported Amount
2237087087000 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
exclusions
-162929655000 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
normalized Amount
2074157432000 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
ownership Fraction
1 fraction · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
nci Deduction
0 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
jv Contribution
0 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
attributable Amount
2074157432000 TWD · assumption · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
annual Period
2025-07-01/2026-06-30 text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
reconciliation
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. NormalizedNI=(TTMEBIT2491.156024+netinterest102.790766)*.8-1B assumedNCI; reported2237.087087B separate; no duplicateNCI. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
equity Pricing Scope
owners-metric-all-assets-no-cash-delta text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
equity Pricing Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q2 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalnormalized common earnings all-assets P/E; no additive netcash doubleprofit
Material Provided components
TSM-TTM-ebit
2491156024000 TWD · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact prior validated additive TTM ebit source receipt value; metadata wrapper for component path
TSM-TTM-net Income
2237087087000 TWD · assumption · Qualification Q3 below. Historical source context only; exact immutable field-origin/proof mapping retained. · Exact prior validated additive TTM netIncome source receipt value; metadata wrapper for component path
Material Provided reportedEPSAnchor
reported Numerator
1717882627000 USD/share · actual · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
weighted Denominator
25930557000 USD/share · actual · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Reported historical EPS — unsupported remains unknown
66.25 USD/share · actual · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Period
2025-01-01/2025-12-31 text · not-applicable · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · exact historical reported EPS context
precision
2 count · assumption · Qualification Q4 below. Historical source context only; exact immutable field-origin/proof mapping retained. · exact historical reported EPS context
Material Provided publicStocks
current Valuation Shares
25932370100 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Cash
3134218213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt
1031673539000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Liability
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
shares At
2026-06-30 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
25880505359.8 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
25984234840.2 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:bound-currentValuationShares text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.026710+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
25880505359.8 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
25984234840.2 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
2634218213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
3634218213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:bound-commonCash text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.026931+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
2634218213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
3634218213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
881673539000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
1181673539000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:bound-debt text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.027146+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
881673539000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
1181673539000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
classification
material-bounded text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lower
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
upper
41952647000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:bound-ownershipLiability text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.027358+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
41952647000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
2714998213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:liquidity-downside text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.027469+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
2714998213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
2843318213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:liquidity-base text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.027616+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
2843318213000 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
minimum Cash
2810018213000.0005 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:liquidity-bull text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.027721+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
2810018213000.0005 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
id
TSM:2154:proof:PE-all-assets text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
derived At
2026-10-03T02:04:26.028045+00:00 text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — evidence
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — evidence
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — evidence
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
kind
analyst-assumption text · not-applicable · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
hypothetical
true boolean · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Cash
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Liability
0 USD (original native monetary scale) · assumption · Qualification Q5 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Owner-profit / cash / claims / valuation — compact original cases and measured history
audited TIFRSRevenue
3809.054272 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
audited TIFRSEBIT
1936.091677 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
audited TIFRSEPS
66.25 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
audited IFRSEPS
65.47 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual EPSWeighted Shares TIFRS
25.930557 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
current Ordinary Shares
25.9323701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
TTMRevenue
4440.492429 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
TTMEBIT
2491.156024 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Q2 EPS
27.25 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Q2 EPSWeighted Shares
25.931771 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Dated reported cash / marketable liquidity (scope below)
3134.218213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
financial Debt
1031.673539 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
noncurrent Leases
33.276056 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
total Lease Liabilities
36.882401 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
NCIEquity
41.952647 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash PPE
846.764746 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Intangibles
3.876352 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
H1 PPEOnly FCF
635.576496 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
August Actual Revenue
514.806 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Expense TIFRS
326.26606 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Expense IFRS
346.5298 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Difference
20.26374000000004 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
normalized TTMCommon NI
2074.157432 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
H1 FXProfit
6.59889 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
reported Q2 Annualized EPSContext
109 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
normalized Q2 Annualized EPSContext
97.88762339448392 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
dated Ordinary Shares
25.9323701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ADSRepresented Ordinary Proxy
5.18647402 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
market Capitalization USD
2381.62893329545 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Debt Date
2026-06-30 text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
share Date
2026-06-30 text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — sourceIds
TSM-Q2-statements text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — sourceIds
TSM-2025-20F text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — sourceIds
TSM-TIFRS-annual text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ordinary Versus Weighted
Current issued common count not Q2 or FY weighted EPS denominator. Restricted employee awards add only 0.010B next-year conservative proxy; 500M authorized employee-option shares are NOT 500M currently issued/fully diluted. No common convert/warrant funding relied upon. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
post Balance Bounds
June30-Oct1 cash change +/-TWD500B, debt +/-TWD150B, ordinary shares +/-0.2%. Known Jul9 dividend aboutTWD155.595B within bound. No exact Oct1 bank balance or same-minute executable FX; book NCI not netted from common NI twice. Financial assets at amortized cost/equities excluded from conservative opening liquid-cash proxy. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation Identity
P_ADR=P_local*5/FX*(1+premium); future premium is independently stressed, not guaranteed arbitrage convergence. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — Q3RevenueUSD_B
44.6 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — Q3RevenueUSD_B
45.8 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — Q3GrossMargin
0.65 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — Q3GrossMargin
0.67 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — Q3OperatingMargin
0.56 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — Q3OperatingMargin
0.58 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — calendar2026CapexUSD_B
52 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — calendar2026CapexUSD_B
56 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
N2 Actual Wafer Revenue Share Q2
0.03 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
observable Burden
ADR current cross-session premium~16.6%; no valuation multiplication by ordinary count without dividing5. Current normalized ADRPE~36.6x/local~31.4x. Bull reduces localPE27 and premium10%, yet requiresannual7T and60%margin to scrape37%priceupside. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capacity And Funding Judgment
Requires paid operating ramp within model and parent verification of accepted capacity/cash; algebra not demand evidence. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capacity And Funding Judgment
Required annual revenue exceeds supported operating/capacity cases; extra yield, wafers/racks, energized customer capacity and capex/WC/equity financing not evidenced. Target cash arithmetic at held costs is not feasible scaling proof. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capacity And Funding Judgment
Required annual revenue exceeds supported operating/capacity cases; extra yield, wafers/racks, energized customer capacity and capex/WC/equity financing not evidenced. Target cash arithmetic at held costs is not feasible scaling proof. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
primary Metric
price/annual normalized common earnings text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
current Implied Multiple
36.59197394227165 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cycle Caution
Dated prices at fixed latest normalized annual/TTM metric and fixed share/debt/FX proxies; NOT historical forward consensus PEs. No peer quartile asserted. Normalized tax and investment exclusions are analyst proxies. Relevant own observed post-disclosure cycle supports a bounded compression range, not automatic fair value. Independent contemporaneous peer/forward consensus not recovered; terminal multiples remain uncertain assumptions. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — terminalRange
20 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — terminalRange
27 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple Convergence Rationale
20-27x localrecurringincome discountsgeopolitics/newfabcosts vsowncurrentlocal~31.4x; bullpremium10%belowindicative16.6% butnotguaranteed. CombinedADRmultiple29.7x requireshighoperatingroute; no premiumexpansionneeded, yetzero-premiumorlowerlocalmultiplemisses35. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
unsupported Rerating Policy
Unsupported multiple expansion is speculative/nonqualifying. Ranges are dated own-cycle and scenario judgments, not proved peer fair value. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
current Local Implied PE
31.38153736393911 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
current Indicative ADRpremium
0.16603509630219437 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
FXReference
31.867900848388672 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
normal Downside Cash Ending
3029.298213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
normal Downside Frontload Trough
2714.998213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
combined Stress Cash Ending
3022.818213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
combined Stress Frontload Trough
2611.2782130000005 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
0 — sourceIds
TSM-2025-20F text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
1 — sourceIds
TSM-Q2-SEC text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
2 — sourceIds
TSM-Q2-statements text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
3 — sourceIds
TSM-Aug-SEC text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
4 — sourceIds
TSM-TIFRS-annual text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
5 — sourceIds
FX-TWD-yahoo text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
6 — sourceIds
TSM-local-yahoo text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
judgment
Allordinaryoperating/capex/FXcashstressesand500Bnegativeopeningdriftremainfundedwithoutnewcommonissuance; separate geopoliticalshutdownunbounded,notcashmodelproof. Dividend/refinancematuritycashreserved; 35withheldforoperating/valuationnotcashrunway. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Bridge Formula
US GAAP OCF=normalizedNI+D&A+SBC+deferredTax+signedWC; TSM addsNCI andsubtractsnetinterest forIFRSclassification; cashend=openingcash+OCF-capex+PPEproceeds+newdebt+employeeproceeds-principal-leaseprincipal-dividends-buybacks-investments-support(+netcashinterest forTSM). Noncash financeROU addsleaseobligation, notcashspending. Currentdate cash is a datedproxy withbounds. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
5300 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ebit
2756 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.52 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Rate
0.22 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Net Income
2209.08 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Before NCI
2212.08 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income
2209.08 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital And Other Cash Changes
-250 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex
2012 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
PPEProceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash FCF
721.0799999999999 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Ending
3029.298213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Ending
881.6735389999999 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Debt Ending
-2147.624674 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ordinary Shares Ending
25.9423701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation Fully Diluted Shares Ending
25.9443701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
EPSWeighted Average Shares Assumption
25.9393701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Accounting EPS
85.16320910969229 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation EPS
12.901029765571023 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
20 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
total Return Before Tax
-0.4292060340664561 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.52 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Interest
80 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax
0.22 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex
2012 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ppe Proceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Principal
150 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Finance Leases
8 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lease Principal
6 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
investment Cash
50 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
20 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
separate Lease Obligation Ending
38.882401 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
USDRevenue At Model FX
160.6060606060606 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
monthly Average Revenue
441.6666666666667 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex Premise
Cash PPE 60/57/66B USD converted at33/32/31 plus12B TWD intangibles+20B ROU cash. Capex beyond dated52-56B 2026 guide is explicit analyst spending, not new guide. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Recurring Income Growth
6.504933806779604 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Dilution
-0.026001087746727984 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
same Operating Case At Current Anchor Multiple
489.0706690418225 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
downside — Signed financial cash/revenue path
[{"field":"mechanicalQuarterEndLiquidBalances.0","value":3107.988213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.1","value":3081.758213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.2","value":3055.528213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.3","value":3029.298213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.0","value":1300,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.1","value":1250,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.2","value":1325,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.3","value":1425,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
6200 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ebit
3533.9999999999995 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.57 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Rate
0.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Net Income
2888.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Before NCI
2891.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income
2888.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital And Other Cash Changes
-250 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex
1856 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
PPEProceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash FCF
1606.1999999999998 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Ending
3914.418213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Ending
881.6735389999999 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Debt Ending
-3032.744674 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ordinary Shares Ending
25.9423701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation Fully Diluted Shares Ending
25.9443701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
EPSWeighted Average Shares Assumption
25.9393701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Accounting EPS
111.34426120856341 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation EPS
17.394187959105622 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
24 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
total Return Before Tax
-0.036260288232951465 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.57 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Interest
80 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax
0.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex
1856 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ppe Proceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Principal
150 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Finance Leases
8 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lease Principal
6 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
investment Cash
50 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
24 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
separate Lease Obligation Ending
38.882401 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
USDRevenue At Model FX
193.75 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
monthly Average Revenue
516.6666666666666 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex Premise
Cash PPE 60/57/66B USD converted at33/32/31 plus12B TWD intangibles+20B ROU cash. Capex beyond dated52-56B 2026 guide is explicit analyst spending, not new guide. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Recurring Income Growth
39.24690360726677 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Dilution
-0.044171469075646924 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
same Operating Case At Current Anchor Multiple
639.421798362482 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
base — Signed financial cash/revenue path
[{"field":"mechanicalQuarterEndLiquidBalances.0","value":3329.2682130000003,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.1","value":3524.3182130000005,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.2","value":3719.3682130000007,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.3","value":3914.418213000001,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.0","value":1500,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.1","value":1450,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.2","value":1550,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.3","value":1700,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Recognized revenue — original measurement period
7000 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ebit
4200 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.6 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax Rate
0.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
common Net Income
3421 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income Before NCI
3424 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Income
3421 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
working Capital And Other Cash Changes
-350 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Capex
2078 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
PPEProceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash FCF
1867 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
cash Ending
4075.218213 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Ending
881.6735389999999 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Debt Ending
-3193.544674 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ordinary Shares Ending
25.9423701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation Fully Diluted Shares Ending
25.9443701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
EPSWeighted Average Shares Assumption
25.9393701 ordinary shares (explicit dated/weighted/analyst basis) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
annual Accounting EPS
131.88446700176422 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
valuation EPS
21.26758874552083 USD/share · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
27 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
total Return Before Tax
0.38636931437804 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
margin
0.6 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
net Interest
80 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
tax
0.2 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
SBC
1 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
deferred Tax
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex
2078 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ppe Proceeds
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Debt
0 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
debt Principal
150 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
new Finance Leases
8 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
lease Principal
6 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
investment Cash
50 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
multiple
27 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
separate Lease Obligation Ending
38.882401 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
USDRevenue At Model FX
225.80645161290323 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
monthly Average Revenue
583.3333333333334 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
capex Premise
Cash PPE 60/57/66B USD converted at33/32/31 plus12B TWD intangibles+20B ROU cash. Capex beyond dated52-56B 2026 guide is explicit analyst spending, not new guide. text · not-applicable · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
operating Recurring Income Growth
64.93444264263543 USD (original native monetary scale) · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
ownership Dilution
-0.06365196964934108 fraction · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
same Operating Case At Current Anchor Multiple
757.3789807485808 valuation multiple x · assumption · Qualification Q6 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
bull — Signed financial cash/revenue path
[{"field":"mechanicalQuarterEndLiquidBalances.0","value":3369.468213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.1","value":3604.718213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.2","value":3839.968213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"mechanicalQuarterEndLiquidBalances.3","value":4075.218213,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.0","value":1620,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.1","value":1680,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.2","value":1780,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"},{"field":"inputs.quarters.3","value":1920,"unit":"USD (original native monetary scale)","scopeNoteId":"Q6"}] Each signed value retains its explicit original unit and period/scope in the compact financial path · forecast · Qualification Q7 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Bounded source/proof detail — exact archive, NOT financial assumptions
full Archive
[internal evidence reference] artifact path · not-applicable · Qualification Q8 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
full Archive SHA
1900d87c2fa2ab79b937fa9292636486e5e4f5dc6563f1428e5fb468080e4b73 SHA256 · not-applicable · Qualification Q9 below. Historical source context only; exact immutable field-origin/proof mapping retained. ·
Shared financial qualifications — exact scopes/formulas, not numeric assumptions
Qualification Q1 — exact field scope
Exact retained native financials inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. Original measurement {'start': '2025-07-01', 'end': '2026-06-30', 'basis': 'original retained financial measurement; native stock/share dates separately stated'}; dated balance/share values NOT quote-day cap-table guarantees. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q2 — exact field scope
Exact retained native valuation inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q3 — exact field scope
Exact retained native components inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q4 — exact field scope
Exact retained native reportedEPSAnchor inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q5 — exact field scope
Exact retained native publicStocks inputs. Review/source time, monetary/share basis and uncertainty are original. Typed native bookkeeping is NOT source truth or all-model-resolution certification. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q6 — exact field scope
Exact retained retainedEconomicModel; pro-forma/conditional sensitivities are not forward consensus or issuer-certified dates/stocks/funding scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q7 — exact field scope
Bounded material financial case values only, escaped read-only text; original archive/proof object not in runtime; original recognized revenue/cash/claim sensitivity values unchanged. scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q8 — exact field scope
Exact original route pointer /modelViews/38 scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q9 — exact field scope
Hash equality is not semantic source proof scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q10 — exact field scope
Exact provided downside12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q11 — exact field scope
Exact provided base12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Qualification Q12 — exact field scope
Exact provided bull12month assumptions/known source cutoffs, not four-times guidance or completed future recognition scope / methodology text, not financial measure · not-applicable · Full exact original financial qualification, displayed once; affected rows reference this note. NOT bank/model/native certification. ·
Dated source/proof detail — actual citation sets, not source certainty
Historical/source evidence set E1 — shared actual citations
Exact source IDs shared by material rows; forward/derived use stays analyst conditional, not an issuer guarantee. Full claim/reviewer/sourceDAG in original archive. source/proof context, not a financial quantity · not-applicable · Source support is scoped. Hash equality is not literal/accounting proof. ·
Exact immutable source/model proofs — shared references, not source certainty
Exact value/origin proof P8447
Full immutable financial/source/derivation context for rows marked P8447. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·
Exact value/origin proof P8509
Full immutable financial/source/derivation context for rows marked P8509. Source links on rows are historical context only, not issuerfuture/bank/currentFD certification. immutable proof/ref, not numeric financial assumption · not-applicable · Actual original artifact hash/optionalJSONpointer; scopedsource/financial acceptance separate from fullmodel/native certification ·
downside · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-01 → 2027-10-01 · cumulative-12mo
horizon Months
12 months · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
revenue Growth
0.19356131887236683 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
operating Margin
0.52 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Taxes
623920000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
noncash Adjustments
851000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
working Capital Change
-250000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Interest
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
other Operating Cash
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capex
2012000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing Price
2510 TWD/ordinary-share · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Raised
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Repaid
150000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
dilution
0.0004627421232122551 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
runway Months
12 months · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capacity Revenue Ceiling
5300000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
max Operating Margin
0.6 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
execution
supported text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
terminal Multiple
20 x · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
drivers
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. downside original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Start
2026-10-01 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period End
2027-10-01 text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Basis
cumulative-12mo text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. downside original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
minimum Cash
2714998213000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
funding Execution
supported text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
ownership Liability
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Ownership Fraction
1 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Nci Deduction
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Jv Contribution
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Attribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
shareholder Distributions
700000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Distribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
net Share Change
12000000 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
gross Share Issuance
12000000 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Shares
0 ordinary-shares · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Cash
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
acquisition Investing Cash
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
jv Investing Cash
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
employee Equity Tax Withholding Cash
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. downside original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Revenue Coefficient
0.4056 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Constant
59400000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Ceiling
2209080000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Reported Amount
2212080000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Exclusions
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Ownership Fraction
1 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Nci Deduction
3000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Jv Contribution
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
basis
operating-margin-linked-normalized-common-income text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
baseline Operating Margin
0.52 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
after Tax Owner Profit Slope
0.78 fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
rationale
OriginalTWDcommonNI revenue*margin*(1-tax)+net80*(1-tax)-NCI3; per-caseFX/premium NEVER inside ownerNI. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
equity Investment Cash
50000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
contingent Support Reserve
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
finance Lease Principal Cash
6000000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
lease Principal Debt Treatment
outside-modeled-debt text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Finance Lease Debt Included
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
support Reserve Basis
hypothetical-support-liquidity-buffer text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Support Reserve Balance
0 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Equity Investment Cash
[12500000000.0, 12500000000.0, 12500000000.0, 12500000000.0] TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Finance Lease Principal Cash
[1500000000.0, 1500000000.0, 1500000000.0, 1500000000.0] TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Support Reserve Balances
[0, 0, 0, 0] TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Cash Before Economic Uses
[3121988213000.0, 3109758213000.0, 3097528213000.0, 3085298213000.0] TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
stress Cfo Cumulative Allocation
[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
intra Year Liquidity Timing Haircut
392990000000 TWD · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
minimum Cash Basis
after-economic-uses-and-reserves text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
cash Uses Timing Rationale
Originalequal-quarter diagnostic plusfrontloaded cashstress; outside80Breceipt absentfrom nativeCFO proposal gives80Bterminal mismatch. This group doesnot cure that sourceclassification limitation; futuregrosscouponsunknown. text · forecast · Qualification Q10 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
base · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-01 → 2027-10-01 · cumulative-12mo
horizon Months
12 months · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
revenue Growth
0.39624154283182533 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
operating Margin
0.57 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Taxes
722800000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
noncash Adjustments
901000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
working Capital Change
-250000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Interest
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
other Operating Cash
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capex
1856000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing Price
2510 TWD/ordinary-share · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Raised
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Repaid
150000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
dilution
0.0004627421232122551 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
runway Months
12 months · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capacity Revenue Ceiling
6200000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
max Operating Margin
0.6 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
execution
supported text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
terminal Multiple
25.200000000000003 x · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
drivers
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. base original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Start
2026-10-01 text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period End
2027-10-01 text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Basis
cumulative-12mo text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. base original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
minimum Cash
2843318213000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
funding Execution
supported text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
ownership Liability
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Ownership Fraction
1 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Nci Deduction
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Jv Contribution
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Attribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
shareholder Distributions
700000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Distribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
net Share Change
12000000 ordinary-shares · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
gross Share Issuance
12000000 ordinary-shares · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Shares
0 ordinary-shares · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Cash
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
acquisition Investing Cash
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
jv Investing Cash
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
employee Equity Tax Withholding Cash
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. base original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Revenue Coefficient
0.45599999999999996 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Constant
61000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Ceiling
2888200000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Reported Amount
2891200000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Exclusions
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Ownership Fraction
1 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Nci Deduction
3000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Jv Contribution
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
basis
operating-margin-linked-normalized-common-income text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
baseline Operating Margin
0.57 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
after Tax Owner Profit Slope
0.8 fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
rationale
OriginalTWDcommonNI revenue*margin*(1-tax)+net80*(1-tax)-NCI3; per-caseFX/premium NEVER inside ownerNI. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
equity Investment Cash
50000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
contingent Support Reserve
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
finance Lease Principal Cash
6000000000 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
lease Principal Debt Treatment
outside-modeled-debt text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Finance Lease Debt Included
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
support Reserve Basis
hypothetical-support-liquidity-buffer text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Support Reserve Balance
0 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Equity Investment Cash
[12500000000.0, 12500000000.0, 12500000000.0, 12500000000.0] TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Finance Lease Principal Cash
[1500000000.0, 1500000000.0, 1500000000.0, 1500000000.0] TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Support Reserve Balances
[0, 0, 0, 0] TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Cash Before Economic Uses
[3343268213000.0005, 3552318213000.0005, 3761368213000.0005, 3970418213000.001] TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
stress Cfo Cumulative Allocation
[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
intra Year Liquidity Timing Haircut
485950000000.0005 TWD · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
minimum Cash Basis
after-economic-uses-and-reserves text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
cash Uses Timing Rationale
Originalequal-quarter diagnostic plusfrontloaded cashstress; outside80Breceipt absentfrom nativeCFO proposal gives80Bterminal mismatch. This group doesnot cure that sourceclassification limitation; futuregrosscouponsunknown. text · forecast · Qualification Q11 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
bull · conditional-provided-not-issuer-guaranteed
Scenario period
2026-10-01 → 2027-10-01 · cumulative-12mo
horizon Months
12 months · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
revenue Growth
0.5764017419068996 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
operating Margin
0.6 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Taxes
856000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
noncash Adjustments
951000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
working Capital Change
-350000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Interest
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
other Operating Cash
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capex
2078000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
financing Price
2510 TWD/ordinary-share · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Raised
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
debt Repaid
150000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
dilution
0.0004627421232122551 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
runway Months
12 months · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capacity Revenue Ceiling
7000000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
max Operating Margin
0.6 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
execution
supported text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
terminal Multiple
29.700000000000003 x · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
drivers
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. bull original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Start
2026-10-01 text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period End
2027-10-01 text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Period Basis
cumulative-12mo text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. bull original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
minimum Cash
2810018213000.0005 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
funding Execution
supported text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
ownership Liability
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Ownership Fraction
1 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Nci Deduction
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Jv Contribution
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Attribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
shareholder Distributions
800000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
cash Distribution Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
net Share Change
12000000 ordinary-shares · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
gross Share Issuance
12000000 ordinary-shares · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Shares
0 ordinary-shares · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
share Repurchase Cash
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
acquisition Investing Cash
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
jv Investing Cash
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
employee Equity Tax Withholding Cash
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. bull original modeled signedcash/owner identity, financialperiod 2026-10-01/2027-10-01. NegativeAPLD cash remainsnegative; no200M buffer/rescue silentlyadopted. Conditionalfunding not closedissuerfinancing; ownership/endNI unknownversusassumed distinguished. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Revenue Coefficient
0.48 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Constant
61000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
metric Ceiling
3421000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Reported Amount
3424000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Exclusions
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Ownership Fraction
1 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Nci Deduction
3000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Jv Contribution
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
sector Bridge Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · original conditional model path exact decomposition
basis
operating-margin-linked-normalized-common-income text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
baseline Operating Margin
0.6 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
after Tax Owner Profit Slope
0.8 fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
rationale
OriginalTWDcommonNI revenue*margin*(1-tax)+net80*(1-tax)-NCI3; per-caseFX/premium NEVER inside ownerNI. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · reviewed original margin-linked common NI response
equity Investment Cash
50000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
contingent Support Reserve
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
finance Lease Principal Cash
6000000000 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
lease Principal Debt Treatment
outside-modeled-debt text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Finance Lease Debt Included
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
support Reserve Basis
hypothetical-support-liquidity-buffer text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
opening Support Reserve Balance
0 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Equity Investment Cash
[12500000000.0, 12500000000.0, 12500000000.0, 12500000000.0] TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Finance Lease Principal Cash
[1500000000.0, 1500000000.0, 1500000000.0, 1500000000.0] TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Support Reserve Balances
[0, 0, 0, 0] TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
quarter Cash Before Economic Uses
[3383468213000.0, 3632718213000.0, 3881968213000.0, 4131218213000.0] TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
stress Cfo Cumulative Allocation
[0.25, 0.5, 0.75, 1] fraction · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
intra Year Liquidity Timing Haircut
559449999999.9995 TWD · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
minimum Cash Basis
after-economic-uses-and-reserves text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
capital Allocation Rationale
TSM TaiwanIFRS FY2025 plus matchingH12026-H12025; NI1717.882627B versusIASB1697.6044B not stitched. June30bank3134.218213B; financialdebt815.036716+165.326879+49.226958+2.082986=1031.673539B excludes36.882401Blease. Issuedcapital259323701k/10=>25.9323701Bcommon; weighted25.930557Bannual and25.931771Bquarter are historical EPS only. ActualADS1062690k represents5313451kordinary, 5.18647402B is allcommonADS-equivalent denominator NOT issuedADS. NCIbook41.952647B not faircommonclaim; commonNI already excludes NCI; consolidatedcash ownerfraction1 nominal proxy with explicitNCI/geographictrapping stress not certifiedallcommoncash. Jul9dividend~155.595B alreadyin prior model knownchange; cash+/-500B,debt+/-150B,shares+/-0.2% retained CONDITIONAL analyst elapsedgap bounds not guaranteedbank/float limits. Futurelease8Bnoncash not debtRaisedcash;6Bleaseprincipal separatefrom150Bfinancialdebtpaydown;50Bequityinvestment deductedonce. OutsideCFO80Bnetinterestcash receipt positive investing/financing net, originalNIincludesnet80 then CFOremoves80; grossH1received52.546142B/investing, paid9.889408B/financing distinct. Futuregrosssplitunknown, not zero coupons. USDADSfutureFX and premium separate fromTWDcommonNI/localPE. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
cash Uses Timing Rationale
Originalequal-quarter diagnostic plusfrontloaded cashstress; outside80Breceipt absentfrom nativeCFO proposal gives80Bterminal mismatch. This group doesnot cure that sourceclassification limitation; futuregrosscouponsunknown. text · forecast · Qualification Q12 below. Historical source context only; exact immutable field-origin/proof mapping retained. · originalinvestment50B/lease6B andexplicitlinearquartertiming hypothesis
- components.TSM-bank
Published: 2026-08-14 · Retrieved: 2026-10-02T05:01:16.652340+00:00 - components.TSM-revenue-0
Published: 2026-02-26 · Retrieved: 2026-10-02T06:03:33.511701+00:00 - financials.cash
Published: 2026-08-14 · Retrieved: 2026-10-02T05:01:16.652340+00:00