Taiwan Semiconductor Manufacturing Co. Ltd. (2330) Fair Value & Analysis
Technology · TW · Market cap 59.4T TWD (≈ $1.9T) · ISIN TW0002330008
What is Taiwan Semiconductor Manufacturing Co. Ltd. really worth?
A solid business, but trading 30% above our fair value of 1,855 TWD.
Strengths
Risks
For context
Fair value as of: Aug 22, 2026
From 26 valuation models · updated 14 days ago
Share price +0.2% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- A fairly wide model range (964.92 TWD to 2,461 TWD) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range 347.48 TWD – 2,510 TWD · fair‑value band 964.92 TWD – 2,461 TWD · the 2,410 TWD price screens above the 1,855 TWD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.
Analysis
Taiwan Semiconductor Manufacturing Co. Ltd. (2330) currently trades at 2,410 TWD, while our model-based Fair Value estimate is 1,855 TWD, implying the stock looks roughly 29.9% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Technology sector. Bull case: the Growth Earnings group reads highest at a median of 1,893 TWD per share, and 3 of the 26 models we run sit above the 2,410 TWD price. Bear case: the Dividend Discount group reads lowest at 309.64 TWD, and 23 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Taiwan Semiconductor Manufacturing Co. Ltd. generated revenue of 4.1T TWD at a net margin of 46.5%. Revenue grew 35.1% year over year. It earns a return on equity of 36.2%. The balance sheet holds a net cash position of 1.7T TWD. Fundamentals as of Aug 22, 2026
Our scenario range runs from 964.92 TWD (bear case) to 2,461 TWD (bull case); at 2,410 TWD, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 1% below its 52-week high and 145% above its 52-week low, currently above its 200-day average. For context, the median of 10 Technology peers we cover trades at −62% fair-value upside, at −23%, 2330 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly 33.67 TWD per share, which is 1.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (1,893 TWD) versus Asset-Based (140.02 TWD). Highest evidence: FCF DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 73 · Market factors (momentum, volatility) 72
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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 various wafer fabrication processes, such as processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also involved in providing customer and engineering support services; manufacturing of masks; investment in technology start-up companies; research, designing, developing, manufacturing, packaging, testing, and sale of color filters; and investment activities. Its products are used in high performance computing, smartphones, Internet of things, automotive, and digital consumer electronics. Taiwan Semiconductor Manufacturing Company Limited was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Taiwan Semiconductor Manufacturing Co. Ltd. reported revenue of 3.8T TWD in FY2025 versus 1.6T TWD in FY2021, a compound +24.5%/yr. Reported net income was 1.7T TWD in FY2025, compounding +30.5%/yr from FY2021.
of which total revenue +14.8 % · buybacks/dilution +0.0 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
2330 screens 30% overvalued. Compare with NVIDIA Corporation →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Taiwan Semiconductor (TSM) Sales Just Jumped 45%. Why is the Chip Sector Still Selling Off?
- Taiwan Semiconductor Manufacturing (TSM) Stock Trades Rich On Cash Flow While Earnings Look Cheaper
Peer Group
Semiconductors · 325 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Semiconductors median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Insider activity: 30/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Semiconductors stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NVIDIA Corporation NVDA | $227.98 | $98.98 | −57% |
| Broadcom Inc AVGO | $371.54 | $118.27 | −68% |
| SK hynix Inc 000660 | 1,647,000 KRW | 1,481,291 KRW | −10% |
| Micron Technology, Inc MU | $932.86 | $148.38 | −84% |
| Advanced Micro Devices, Inc AMD | $476.67 | $55.02 | −88% |
| Intel Corporation INTC | $92.09 | $35.41 | −62% |
| Texas Instruments Incorporated TXN | $266.54 | $78.54 | −71% |
| QUALCOMM Incorporated QCOM | $164.78 | $147.20 | −11% |
| MediaTek Inc 2454 | 3,845 TWD | 1,559 TWD | −59% |
| Analog Devices, Inc ADI | $354.52 | $130.34 | −63% |
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