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Taiwan Semiconductor Manufacturing Company Limited (TSM) 财务分析 | 估值·财报 | 100Baggers.club

Taiwan Semiconductor Manufacturing Company Limited

TSM

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides a range of wafer fabrication processes, including processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also offers customer and engineering support services; manufactures masks; and invests in technology start-up companies; researches, designs, develops, manufactures, packages, tests, and sells color filters; and provides investment services. Its products are used in high performance computing, smartphones, Internet of things, automotive, and digital consumer electronics. The company was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.

深度研究阅读完整报告

台积电(TSM)深度研究 — 市场给垄断基础设施打了周期股的折扣

台积电 2026-02-10 完整深度研究，保留公司全景、产业链映射、AI 超级周期、技术节点、CoWoS、地缘风险、估值模型与完整推导。

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利润瀑布图分析

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现金流瀑布图

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流入

流出

小计

起止点

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📊 估值

关键估值指标

EV/EBITDA (TTM)

i

Enterprise Value, EBITDA and Ratio

EV/EBIT (TTM)

i

Enterprise Value, EBIT and Ratio

EV/Sales (TTM)

i

Enterprise Value, Revenue and Ratio

P/E Ratio (TTM)

i

Market Cap, Net Income and Ratio

P/B Ratio (Quarterly)

i

Market Cap, Book Value and Ratio

FCF Yield (TTM)

i

FCF, Enterprise Value and Yield

PR Profit Ratio (PPM)

i

PE Ratio, ROE and Profit Ratio (PR = PE / ROE)

📈 成长

营收、盈利和每股成长指标

Revenue (Quarterly)

i

Quarterly Revenue

Revenue/Share (Quarterly)

i

Revenue Per Share

Net Income (Quarterly)

i

Quarterly Net Income

EPS (Quarterly)

i

Earnings Per Share

Gross Profit/Share (Quarterly)

i

Gross Profit Per Share

OCF/Share (Quarterly)

i

Operating Cash Flow Per Share

FCF/Share (Quarterly)

i

Free Cash Flow Per Share

Operating Leverage (YoY)

i

Change in Operating Income / Change in Revenue

💰 盈利

利润率和净资产收益率

Gross Margin (TTM)

i

Revenue, Gross Profit and Gross Margin

Operating Margin (TTM)

i

Revenue, Operating Income and Operating Margin

Net Profit Margin (TTM)

i

Revenue, Net Income and Net Profit Margin

ROE (TTM)

i

Equity, Net Income and Return on Equity

ROA (TTM)

i

Assets, Net Income and Return on Assets

ROTCE - Return on Tangible Common Equity (TTM)

i

Net Income, Tangible Common Equity and ROTCE

OCF Margin (TTM)

i

Revenue, Operating Cash Flow and OCF Margin

FCF Margin (TTM)

i

Revenue, Free Cash Flow and FCF Margin

💵 现金质量

现金流质量和转换指标

OCF/NI Ratio (TTM)

i

Operating Cash Flow, Net Income and Ratio

FCF/NI Ratio (TTM)

i

Free Cash Flow, Net Income and Ratio

OCF/Capex (TTM)

i

Operating Cash Flow, Capex and Coverage Ratio

OCF/SBC (TTM)

i

Operating Cash Flow, SBC and Coverage Ratio

🛡️ 财务韧性

债务、流动性和财务健康度

Debt/Equity (quarterly)

i

Total Debt, Total Equity and Debt/Equity Ratio

EBITDA/Net Debt (TTM)

i

EBITDA, Net Debt and Coverage Ratio

Interest Coverage (TTM)

i

EBIT, Interest Expense and Coverage Ratio

Current Ratio (quarterly)

i

Current Assets, Current Liabilities and Current Ratio

Quick Ratio (quarterly)

i

Quick Assets, Current Liabilities and Quick Ratio

Altman Z-Score

i

Financial Distress Prediction Model

⚙️ 运营与资本效率

资产利用率、营运资本、ROIC和资本效率

ROIC (TTM)

i

NOPAT, Invested Capital and Return on Invested Capital

ROCE - Return on Capital Employed (TTM)

i

EBIT, Capital Employed and Return on Capital Employed

Asset Turnover (TTM)

i

Revenue, Total Assets and Turnover Ratio

CapEx/Depreciation - Investment Intensity (TTM)

i

CapEx, Depreciation and Ratio (>1=Expansion, <1=Contraction)

R&D/Gross Profit - R&D Intensity (TTM)

i

R&D Expenses, Gross Profit and Ratio

SG&A/Revenue - SG&A Efficiency (TTM)

i

SG&A Expenses, Revenue and Ratio

Cash Conversion Cycle (TTM)

i

DSO + DIO - DPO (in days)

DSO - Days Sales Outstanding (TTM)

i

Average Receivables and Days Sales Outstanding

DIO - Days Inventory Outstanding (TTM)

i

Average Inventory and Days Inventory Outstanding

DPO - Days Payables Outstanding (TTM)

i

Average Payables and Days Payables Outstanding

Goodwill/Assets (Quarterly)

i

Goodwill as % of Total Assets

🎁 股东回报

股息、股票回购、稀释和内部人交易活动

Dividend Yield (TTM)

i

Dividend Per Share, Share Price and Dividend Yield

Buyback Yield (TTM)

i

Net Buyback and Buyback Yield

Buyback Yield (3 Years)

i

Net Buyback 3Y and Buyback Yield 3Y

Dilution Rate (1 Year)

i

Current Shares, 1Y Ago Shares and Dilution Rate

Dilution Rate (3 Years)

i

Current Shares, 3Y Ago Shares and Dilution Rate

SBC Offset Rate (TTM)

i

Buyback / Stock-Based Comp and SBC Ratio

Insider Activity Rate (TTM)

i

Insider Net Buying and Activity Rate

P

盈利能力指标

Gross Profit Margini毛利率

62.33%

毛利润 = $21.51B

营业收入 = $34.51B

Operating Profit Margini营业利润率

53.90%

营业利润 = $18.60B

营业收入 = $34.51B

EBITDA MarginiEBITDA利润率

71.98%

EBITDA = $24.84B

营业收入 = $34.51B

EBIT MarginiEBIT利润率

56.48%

EBIT = $19.54B

营业收入 = $34.51B

Net Profit Margini净利率

48.35%

净利润 = $16.68B

营业收入 = $34.51B

Pretax Profit Margini税前利润率

56.63%

税前利润 = $19.54B

营业收入 = $34.51B

E

运营效率指标

Interest Coveragei利息保障倍数

324.22x

EBIT (TTM) = $65.22B

利息费用 (TTM) = $0.20B

147.9x

150.4x

208.3x

315.9x

599.5x

SG&A / Revenuei销管费率

2.23%

销售及管理费用 = $0.77B

营业收入 = $34.51B

R&D / Revenuei研发占比

6.20%

研发费用 = $2.14B

营业收入 = $34.51B

R

回报率指标 (TTM)

⚡ 比率按TWD计算，去除汇率影响

ROAi总资产回报率

24.12%

净利润 = $55.70B

平均总资产 = $230.89B

⚡ ROA比率 = 24.12% (按TWD计算，去除汇率影响)

ROEi净资产收益率

36.46%

净利润 = $55.70B

平均股东权益 = $152.76B

⚡ ROE比率 = 36.46% (按TWD计算，去除汇率影响)

ROICi投入资本回报率

57.28%

NOPAT (TTM) = $52.72B

平均投入资本 = $92.04B

(NOPAT = 营业利润 × (1 - 有效税率))

(平均投入资本 = (本期IC + 去年同期IC) / 2)

⚡ ROIC比率 = 57.28% (按TWD计算，去除汇率影响)

Revenue Growthi营收增长率

35.13%

当期营收 = $1134.10B

去年同期营收 = $839.27B

⚡ Revenue Growth = 35.13% (按TWD计算，去除汇率影响)

+41.6%

+38.6%

+30.3%

+21.6%

+35.1%

Operating Cash Flow/Sharei每股经营现金流

$462.21

经营现金流 = $2397.12B

流通股数 = 5.19B

$388.65

$411.67

$418.37

$441.79

$462.21

综合分析

⚡ YoY Growth & Margin按TWD计算，去除汇率影响

利润表项目	同比增长	当季数据	趋势
营业收入	+35.1%	$1134.10B	↑
毛利	+52.3%	$751.29B, 66.25%	↑
营业利润	+61.5%	$657.29B, 57.96%	↑
EBITDA	+39.1%	$822.74B, 72.55%	↑
税前利润	+59.6%	$687.80B, 60.65%	↑
净利润	+58.3%	$572.48B, 50.48%	↑
稀释每股收益	+58.4%	110.40	↑

L

流动性指标

Current Ratioi流动比率

2.62

健康

流动资产 = $124.14B

流动负债 = $47.42B

Quick Ratioi速动比率

2.42

健康

速动资产 = $114.77B

流动负债 = $47.42B

Cash Ratioi现金比率

2.10

健康

现金及等价物 = $99.80B

流动负债 = $47.42B

Cash Ratio = (Cash + Short-term Investments) / Current Liabilities

L

杠杆指标

Debt to Equityi债务权益比

0.18

健康

总债务 = $32.30B

总权益 = $176.26B

Liabilities to Assetsi资产负债率 (总负债)

31.2%

健康

总负债 = $80.40B

总资产 = $258.00B

Equity Multiplieri权益乘数

1.46

健康

总资产 = $258.00B

总权益 = $176.26B

E

效率指标

Asset Turnoveri总资产周转率

0.53

正常

营收 (TTM) = $123.37B

平均总资产 = $230.89B

Inventory Turnoveri存货周转率

5.25

正常

营业成本 (TTM) = $49.45B

平均存货 = $9.42B

Receivables Turnoveri应收账款周转率

12.81

健康

营收 (TTM) = $123.37B

平均应收账款 = $9.63B

S

偿债能力

Interest Coveragei利息保障倍数

324.22

健康

EBIT (TTM) = $65.22B

利息费用 (TTM) = $0.20B

Net Debt to EBITDAi净债务/EBITDA

-0.62

健康

净债务 = $-57.72B

EBITDA (TTM) = $92.76B

Debt Service Coveragei偿债覆盖率

16.05

健康

经营现金流 (TTM) = $73.63B

债务偿付 = $4.59B

V

价值指标

Goodwill %i商誉占比

0.0%

健康

商誉 = $0.00B

总资产 = $258.00B

Working Capital Ratioi营运资本比率

0.30

健康

营运资本 = $76.72B

总资产 = $258.00B

C

现金流指标

经营现金流 TTMi

$68.55B

自由现金流 TTMi

$28.00B

FCF = OCF - CapEx

经营现金流 (TTM) = $68.55B

资本支出 (TTM) = $-40.55B

自由现金流收益率i

58.49%

关注

FCF (TTM) = $28.00B

市值 = $1530.57B

经营现金流/销售比i

58.27%

健康

经营现金流 (TTM) = $68.55B

营业收入 (TTM) = $115.69B

⚡ 经营现金流/销售比 = 58.27% (比率按TWD计算，去除汇率影响)

Q

质量与覆盖指标

收益质量i

1.24x

健康

经营现金流 (TTM) = $68.55B

净利润 (TTM) = $50.13B

⚡ 收益质量 = 1.24x (比率按TWD计算，去除汇率影响)

现金流/债务比i

2.19x

健康

经营现金流 (TTM) = $68.55B

总负债 = $31.37B

⚡ 现金流/债务比 = 2.19x (比率按TWD计算，去除汇率影响)

短期覆盖率i

1.40x

健康

经营现金流 (TTM) = $68.55B

流动负债 = $41.84B

⚡ 短期覆盖率 = 1.40x (比率按TWD计算，去除汇率影响)

资本支出覆盖率i

1.85x

关注

经营现金流 (TTM) = $68.55B

资本支出 (TTM) = $40.55B

⚡ 资本支出覆盖率 = 1.85x (比率按TWD计算，去除汇率影响)

E

效率指标

⚡ 比率按TWD计算，去除汇率影响

自由/经营现金流比i

45.98%

关注

自由现金流 (TTM) = $28.00B

经营现金流 (TTM) = $68.55B

资本支出/营收比i

31.48%

关注

资本支出 (TTM) = $40.55B

营业收入 (TTM) = $115.69B

净债务/EBITDAi

-0.58

健康

净债务 = $-49.65B

EBITDA (TTM) = $86.33B

G

增长指标

经营现金流增长率i

36.05%

健康

当期OCF (TTM) = $68.55B

上期OCF = $50.39B

股东盈余i

$26.38B

健康

净利润 (TTM) = $50.13B

+ 折旧摊销 (TTM) = $16.80B

- 资本支出 (TTM) = $-40.55B