Taiwan Semiconductor Manufacturing Company Limited (TSM) Key Metrics
TSM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · New Taiwan dollarsTSM returns How much profit the business earns on the capital it uses.
TSM financial health Debt, liquidity and how easily interest is covered.
TSM efficiency & capital use Working capital cycle and where the cash goes.
TSM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TSM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TSM cash returned to shareholders
TSM key metrics in New Taiwan dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 35.9% | 29.7% | 26.4% | 38.7% | 29.5% | 29.4% | 21.6% | 23.0% | 24.2% | 26.0% |
| Return on invested capital (ROIC) | 53.2% | 38.6% | 31.9% | 49.0% | 37.2% | 38.1% | 29.3% | 32.2% | 33.2% | 35.5% |
| Return on assets (ROA) | 23.7% | 19.0% | 16.2% | 22.9% | 18.3% | 20.3% | 16.3% | 17.8% | 17.8% | 18.7% |
| Return on tangible assets | 21.9% | 17.4% | 15.5% | 20.1% | 16.0% | 18.7% | 15.8% | 17.5% | 17.4% | 17.7% |
| Free cash flow margin | 25.8% | 30.1% | 13.3% | 23.0% | 16.6% | 22.5% | 13.6% | 24.4% | 25.5% | 21.8% |
| Income quality (OCF / net income) | 1.31 | 1.58 | 1.46 | 1.62 | 1.88 | 1.61 | 1.74 | 1.58 | 1.70 | 1.63 |
| Financial health | ||||||||||
| Total debt | NT$1.06T | NT$986.46B | NT$959.07B | NT$888.17B | NT$749.07B | NT$365.19B | NT$158.66B | NT$180.55B | NT$213.97B | NT$249.17B |
| Cash & short-term investments | NT$3.13T | NT$2.42T | NT$1.69T | NT$1.59T | NT$1.21T | NT$802.15B | NT$594.46B | NT$713.76B | NT$656.58B | NT$636.20B |
| Net debt | −NT$2.06T | −NT$1.44T | −NT$728.70B | −NT$698.33B | −NT$456.01B | −NT$436.96B | −NT$435.80B | −NT$533.20B | −NT$442.61B | −NT$387.03B |
| Debt / equity | 0.20 | 0.23 | 0.28 | 0.30 | 0.35 | 0.20 | 0.10 | 0.11 | 0.14 | 0.18 |
| Debt / assets | 0.13 | 0.15 | 0.17 | 0.18 | 0.20 | 0.13 | 0.07 | 0.09 | 0.11 | 0.13 |
| Net debt / EBITDA | −0.75 | −0.72 | −0.48 | −0.44 | −0.42 | −0.48 | −0.64 | −0.77 | −0.67 | −0.63 |
| Current ratio | 2.51 | 2.44 | 2.40 | 2.17 | 2.17 | 1.77 | 1.39 | 2.67 | 2.22 | 2.35 |
| Quick ratio | 2.32 | 2.21 | 2.13 | 1.94 | 1.91 | 1.55 | 1.25 | 2.38 | 2.02 | 2.21 |
| Interest coverage | 158.1 | 126.0 | 76.8 | 95.4 | 120.1 | 272.3 | 114.6 | 125.7 | 115.8 | 114.3 |
| Working capital | NT$2.29T | NT$1.82T | NT$1.28T | NT$1.11T | NT$867.57B | NT$475.03B | NT$231.88B | NT$594.84B | NT$470.31B | NT$469.44B |
| Invested capital | NT$3.29T | NT$2.89T | NT$2.75T | NT$2.26T | NT$1.71T | NT$1.41T | NT$1.19T | NT$1.13T | NT$1.05T | NT$972.02B |
| Tangible asset value | NT$5.37T | NT$4.30T | NT$3.46T | NT$2.93T | NT$2.14T | NT$1.82T | NT$1.60T | NT$1.64T | NT$1.48T | NT$1.35T |
| Net current asset value | NT$1.28T | NT$719.99B | NT$144.92B | NT$48.61B | NT$52.30B | NT$182.10B | NT$179.90B | NT$522.75B | NT$359.92B | NT$291.28B |
| Capital allocation | ||||||||||
| Dividends paid | NT$466.78B | NT$363.06B | NT$291.72B | NT$285.23B | NT$265.79B | NT$259.30B | NT$259.30B | NT$207.44B | NT$181.51B | NT$155.58B |
| Share buybacks (net) | NT$0 | NT$3.09B | NT$0 | NT$871.6M | NT$0 | NT$7.3M | NT$4.0M | NT$0 | NT$0 | NT$0 |
| Dividend payout ratio | 26.9% | 31.3% | 34.3% | 28.7% | 44.9% | 50.8% | 73.3% | 57.1% | 52.6% | 46.9% |
| Dividends + buybacks / free cash flow | 47.0% | 42.1% | 101.8% | 54.9% | 101.2% | 86.1% | 178.4% | 82.6% | 72.8% | 75.3% |
| Capex / revenue | 33.3% | 33.0% | 44.2% | 48.1% | 53.5% | 38.9% | 43.9% | 31.3% | 34.4% | 35.1% |
| Capex / operating cash flow | 56.4% | 52.4% | 76.9% | 67.7% | 76.4% | 63.4% | 76.4% | 56.2% | 57.4% | 61.7% |
| Capex / depreciation | 1.86 | 1.44 | 1.80 | 2.49 | 2.01 | 1.57 | 1.64 | 1.10 | 1.29 | 1.49 |
| Stock-based compensation / revenue | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — | — | — |
| R&D / revenue | 6.5% | 7.1% | 8.4% | 7.2% | 7.9% | 8.2% | 8.5% | 8.3% | 8.3% | 7.5% |
| SG&A / revenue | 2.6% | 3.3% | 3.3% | 2.8% | 2.8% | 2.7% | 2.6% | 2.5% | 2.8% | 2.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 26.3 | 29.9 | 36.6 | 34.6 | 39.6 | 39.0 | 45.9 | 44.5 | 47.0 | 41.4 |
| Days of inventory on hand | 68.1 | 77.4 | 87.3 | 82.6 | 78.5 | 64.0 | 58.9 | 60.6 | 46.3 | 44.6 |
| Days payables outstanding | 39.5 | 18.9 | 60.2 | 92.0 | 92.6 | 109.4 | 80.8 | 54.8 | 65.6 | 51.6 |
| Cash conversion cycle (days) | 54.8 | 88.4 | 63.7 | 25.2 | 25.5 | -6.4 | 23.9 | 50.3 | 27.8 | 34.5 |
| Receivables turnover | 13.89 | 12.21 | 9.98 | 10.54 | 9.22 | 9.37 | 7.95 | 8.19 | 7.76 | 8.81 |
| Payables turnover | 9.23 | 19.31 | 6.06 | 3.97 | 3.94 | 3.34 | 4.52 | 6.66 | 5.57 | 7.07 |
| Inventory turnover | 5.36 | 4.71 | 4.18 | 4.42 | 4.65 | 5.70 | 6.20 | 6.02 | 7.88 | 8.18 |
| Asset turnover | 0.53 | 0.47 | 0.41 | 0.52 | 0.49 | 0.53 | 0.49 | 0.51 | 0.50 | 0.53 |
| Average receivables | NT$277.07B | NT$237.05B | NT$216.71B | NT$214.89B | NT$172.23B | NT$142.96B | NT$134.54B | NT$125.88B | NT$125.97B | NT$107.57B |
| Average payables | NT$167.25B | NT$65.76B | NT$162.84B | NT$230.70B | NT$194.91B | NT$188.19B | NT$127.85B | NT$80.13B | NT$86.68B | NT$66.90B |
| Average inventory | NT$287.99B | NT$269.43B | NT$236.07B | NT$207.13B | NT$165.23B | NT$110.17B | NT$93.11B | NT$88.56B | NT$61.28B | NT$57.87B |
| Intangibles / total assets | 0.3% | 0.4% | 0.4% | 0.5% | 0.7% | 0.9% | 0.9% | 0.8% | 0.7% | 0.8% |
Computed from TSM's annual financial statements (latest annual report filed April 16, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in New Taiwan dollars; data from EODHD. Averages use the opening and closing balance of each year.
TSM valuation and financial ratios
Taiwan Semiconductor Manufacturing earned a return on equity of 35.9% and a return on invested capital of 53.2% in fiscal 2025. It ended the year with NT$1.06 trillion of debt and NT$3.13 trillion in cash and short-term investments, a net cash position of NT$2.06 trillion. It returned NT$466.8 billion to shareholders: NT$466.8 billion in dividends and NT$0 in share buybacks, 47% of free cash flow.
See the TSM income statement, the TSM chart for price history, or the TSM stock overview for the latest quote and news.
TSM key metrics FAQ
What is Taiwan Semiconductor Manufacturing's return on equity?
Taiwan Semiconductor Manufacturing's return on equity (ROE) was 35.9% in fiscal 2025: net income of NT$1.74 trillion on average shareholders' equity of NT$4.84 trillion.
What is Taiwan Semiconductor Manufacturing's ROIC?
Taiwan Semiconductor Manufacturing's return on invested capital was 53.2% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Taiwan Semiconductor Manufacturing have?
Taiwan Semiconductor Manufacturing had total debt of NT$1.06 trillion at the end of fiscal 2025, a debt-to-equity ratio of 0.20 and more cash than debt.
What is Taiwan Semiconductor Manufacturing's current ratio?
Taiwan Semiconductor Manufacturing's current ratio was 2.51 at the end of fiscal 2025: current assets were 2.51 times current liabilities.