Taiwan Semiconductor Manufacturing - ADR
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Earnings Call Q3 2026
October 15, 2026 - AI Summary
Q3 2026 results (strong growth; margins pressured by 2nm ramp)
- Revenue: $46.7B, up +17.6% QoQ (NT) and +16.2% QoQ in USD, above the company’s Q3 guidance high end.
- Profitability: Gross margin 66.4% (-1.3pp QoQ) due to margin dilution from initial ramp-up of 2nm.
- Operating margin: 58.7%; EPS TWD 29.43; ROE 45.5%.
- Capex/cash flow: CapEx $13.8B (USD) in Q3; cash from ops TWD 920B; cash & marketable securities TWD 4T (~$126B).
Technology & demand mix (AI/HPC remains the engine)
- Process mix (wafer revenue): 2nm = 8%, 3nm = 33%, 5nm = 28%, 7nm = 10%; advanced nodes (7nm and below) = 79%.
- Platform mix: HPC revenue +22% QoQ to 68% of revenue; Smartphone +10% to 21%; IoT +5% to 4%; Auto +23% to 4%; DCE -12% to 1%.
- Takeaway: investors should view HPC/AI-led demand as the dominant near-term driver, partially offset by weaker DCE.
Q4 2026 outlook & full-year 2026 guidance
- Q4 revenue forecast: $52.3B–$54.3B (+14% QoQ; +58% YoY at midpoint).
- Q4 margins: Gross margin 65%–67%; Operating margin 56.5%–58.5%.
- Full-year 2026 revenue growth: now guided to ~+44% YoY (USD).
- Dividend/capital return: reiterated commitment to sustainable, steadily increasing cash dividends per share (no buybacks mentioned in this transcript).
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$144.66
64.3% downside
Current Fair Value
64.3% downsideOvervalued by 64.3% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $2.10 Trillion |
|---|---|
| Enterprise Value | $-494,821,567,750.00 |
| Annual dividend | $3.50 |
| Dividend yield | 1.12% |
| Earnings per Share | $331.3 |
| Beta | 1.44 |
| Outstanding Shares | 5,185,655,000 |
Return
| Return on Equity | 37.35% |
|---|---|
| Return on Assets | 26.00% |
| Return on Invested Capital | 35.82% |
Valuation & Multiples
| P/E Ratio | 21.73 |
|---|---|
| PEG | 30.16 |
| Price to Sales | 0.42 |
| Price to Book Ratio | 0.3 |
| Enterprise Value to Revenue | 10.56 |
| Enterprise Value to EBIT | 18.51 |
| Enterprise Value to Net Income | -1 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.14 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 15, 2026
EPS
$4.60
Est. $4.45Revenue
$46.06 B
Est. $45.67 BNext Earnings Call
Expected Date
January 21, 2027
EPS Estimate
$5.09
Consensus analyst estimateRevenue Estimate
$52.71 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.42, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.4206▼ 87.56% |
|---|---|
| Total Calls | 4,720,229▼ 92.30% |
| Total Puts | 1,985,400▼ 97.50% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 2.97%▼ 11.80% |
|---|---|
| Total Invested | $69.95B▼ 80.75% |
| Investors Holding | 2,092▼ 1678.00% |
About Taiwan Semiconductor Manufacturing
76,907 employees
CEO: Che Chia Wei
Taiwan Semiconductor Manufacturing Company Limited (TSMC) specializes in the comprehensive production cycle of integrated circuits and various semiconductor devices, including their fabrication, assembly, rigorous testing, and worldwide ...