How is Taiwan Semiconductor Manufacturing Company Limited (TSMWF)'s fair value calculated?

Taiwan Semiconductor Manufacturing Company Limited (TSMWF)'s fair value is computed with several independent methods — a discounted cash flow (DCF) model, the Graham number, earnings power value (EPV), and valuation multiples such as PE and EV/EBITDA — using data from SEC filings. P/B is optional for non-financial companies and included in the preset range for financial sectors.

Fair value · Taiwan Semiconductor Manufacturing Company Limited (TSMWF) · updated 2026-10-28 · from annual report FY2025

Taiwan Semiconductor Manufacturing Company trades at $17.24. That price implies a P/E of 8.2× and 15.6% yearly EPS growth for a decade.

Name: Taiwan Semiconductor Manufacturing Company Limited (TSMWF) valuation inputs and fair-value methods
Creator: EvidInvest
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Statements filed in TWD, converted to USD at the 2025-12-31 period-end rate (31.244 TWD per USD; ECB reference rates).

Are those assumptions reasonable? Use TSMWF’s filed growth history and the AI chat to decide, then set your own inputs below — the range you build is yours.

What the price implies

P/E: 8.2×
EPS growth: 15.6%

Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings. This price: Previous close.

Set your own assumptions ↓See how each method got its number Check another stock

Inputs come from the FY2025 annual report filed 2026-04-16 (accession 0001628280-26-025362); set your own on the sliders below. Research, not investment advice.

The filing behind these numbers

Taiwan Semiconductor Manufacturing Company Limited

Revenue: TWD 3.81T
Diluted EPS: TWD 65.47
Free cash flow: TWD 1.00T; operating cash flow − capital expenditure
Diluted shares: 25.93B; weighted average

annual report FY2025 · fiscal year ended 2025-12-31 · filed 2026-04-16 · accession 0001628280-26-025362

Open this filing on sec.gov

Valuation tool: build your own TSMWF range

Fair Value Summary

Range implied by today’s price7 of 7 methods

$17 – $17

Price $17.24

Bear $17Base $17Bull $17

Range with preset inputs

$55 – $55

Price $17.24

Bear $55Base $55Bull $55

Every method that could be solved backwards opens on the assumption today’s price makes, so the top range sits on the price — that is arithmetic, not a view. Change any input and it becomes yours.

We don’t tell you what TSMWF is worth. Every tab OPENS on what today’s price implies for that method’s key assumption; you decide whether that assumption is reasonable — the growth matrix has TSMWF’s filed history and the AI chat will reason it through with you — and the range you build is yours. Our presets are filed history and reference settings, never a recommendation.

Discounted cash flow

$17.24per share

0% above the $17.24 price

Your stage-1 FCF growth (-10.9%) matches the -10.9% the price implies — your value lands on today’s price.

Your inputs — two-stage free-cash-flow model

Preset (revenue-driven DCF, WACC 11.44%): $18.02

Implied by today’s price

At $17.24 the market implies a stage-1 FCF growth of -10.9%. (two-stage FCF model solved for stage-1 growth at 9% WACC)

Implied discount rate (holding growth): 9.0% · the WACC that makes the same model print the price

This tab opens on that number, so the value above is today’s price restated. Move the slider to what you find reasonable: the growth matrix shows what TSMWF has actually filed, and the AI chat will reason it through with you.

Your inputs

Free cash flow grows at your stage-1 rate, then your stage-2 rate, then a terminal rate; everything is discounted at your WACC.

Stage-1 growth-10.9%preset 34.6%

Yearly free-cash-flow growth for the first stage. Starts below zero so a shrinking-cash-flow case — and the rate today’s price implies — can be set.

-20.0%60.0%

Stage-1 years5 yrs

How long stage-1 growth lasts.

1 yrs10 yrs

Stage-2 growth11.9%

Slower growth after stage 1, before the terminal phase.

-20.0%30.0%

Stage-2 years5 yrs

0 yrs10 yrs

Terminal growth2.5%

Growth forever after the two stages. Above ~3% is rarely justified.

0.0%5.0%

Discount rate (WACC)9.00%

The return you require. Default is the WACC EvidInvest computed for this company. Higher discount rate, lower value.

3.00%15.00%

Net debt ($M)Debt minus cash, from the balance sheet. Subtracted from enterprise value.

Starting FCF ($M)Latest free cash flow from the filing (operating cash flow minus capex).

Shares (M)Diluted shares, from the filing.

Year by year (two-stage model, $M)

PV explicit $154,628M · PV terminal $210,572M · EV $365,201M · equity $446,999M

Year	Stage	FCF	Present value
1	Stage 1	$28,591M	$26,230M
2	Stage 1	$25,474M	$21,441M
3	Stage 1	$22,697M	$17,526M
4	Stage 1	$20,223M	$14,326M
5	Stage 1	$18,018M	$11,710M
6	Stage 2	$20,162M	$12,022M
7	Stage 2	$22,561M	$12,342M
8	Stage 2	$25,246M	$12,670M
9	Stage 2	$28,250M	$13,007M
10	Stage 2	$31,612M	$13,353M

Inputs from the filing

Statements filed in TWD, converted to USD at the 2025-12-31 period-end rate (31.244 TWD per USD; ECB reference rates).

Free cash flow: $32.1B; latest full year
EBIT: $62.0B; latest annual
Shares: 25.93B
Total debt: $6.8B
Cash: $88.6B
Net debt: $-81.8B; debt − cash

annual report FY2025 · period ended 2025-12-31 · filed 2026-04-16 · accession 0001628280-26-025362 · sec.gov

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Download the full TSMWF valuation report (PDF) — free

DCF fair value, Graham number, EPV, key multiples and growth rates in one clean PDF.

Taiwan Semiconductor Manufacturing Company trades at $17.24. That price implies a P/E of 8.2× and 15.6% yearly EPS growth for a decade.

The filing behind these numbers

Valuation tool: build your own TSMWF range

Range implied by today’s price7 of 7 methods

Range with preset inputs

Your inputs

Year by year (two-stage model, $M)

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Valuation tool: build your own TSMWF range

Range implied by today’s price7 of 7 methods

Range with preset inputs

Your inputs

Year by year (two-stage model, $M)

More on TSMWF

Compare with peers

Explore