TSMC Company Profile
Filing-based Form 20-F metrics, trend charts, and company profile notes for TSMC within the AI Infrastructure Economics module.
This company profile maps public filing metrics, operating context, and infrastructure exposure within CM Terminal’s personal analytical framework.
Company profile
Company Profile: TSMC
Issuer-level TSMC metrics for foundry manufacturing economics within the AI Infrastructure Economics project.
Built from Form 20-F annual filings using the CM Terminal Analytics methodology.
FY2024 highlights
Revenue
NT$2,894,307.7M
Gross Margin
56.12%
Operating Margin
45.68%
R&D Intensity
7.05%
CapEx Intensity
33.03%
Four-year view
| Fiscal Year | Period Ended | Revenue | Gross Margin | Operating Margin | R&D Intensity | CapEx Intensity | Dataset row |
|---|---|---|---|---|---|---|---|
| 2021 | 2021-12-31 | NT$1,587,415.0M | 51.63% | 40.95% | 7.86% | 52.87% | Filing row |
| 2022 | 2022-12-31 | NT$2,263,891.3M | 59.56% | 49.53% | 7.21% | 47.82% | Filing row |
| 2023 | 2023-12-31 | NT$2,161,735.8M | 54.36% | 42.63% | 8.44% | 43.94% | Filing row |
| 2024 | 2024-12-31 | NT$2,894,307.7M | 56.12% | 45.68% | 7.05% | 33.03% | Filing row |
Source: TSMC Form 20-F filings.
CapEx definition: Capital expenditure uses TSMC cash flow statement line item "Acquisitions of property, plant and equipment."
Unit: All raw financial figures are stored in NT$ millions.
Dataset note: The Dataset row column records the label attached to each filing-backed row in the project dataset. Definitions appear in Analytics Methodology & Data Policy.
TSMC Revenue Trend
Fiscal-year revenue from TSMC Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: TSMC Form 20-F filings. Amounts stored in NT$ millions.
TSMC Margin Trend
Gross margin and operating margin from TSMC Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: TSMC Form 20-F filings. Ratios calculated from stored NT$ millions figures.
TSMC Reinvestment Intensity Trend
R&D intensity and CapEx intensity calculated from TSMC Form 20-F figures.
Source: issuer filings; methodology documented separately.
Source: TSMC Form 20-F filings. Ratios calculated from stored NT$ millions figures.
R&D intensity = R&D expense / revenue. CapEx intensity = capital expenditure / revenue.
What the filing data suggests
What TSMC contributes to the AI Infrastructure Economics comparison as a foundry manufacturing profile.
Main analytical tension
Manufacturing capital burden vs pricing power
TSMC’s filing data shows heavy fabrication CapEx alongside strong margins, which I read as a useful way to separate capital burden from pricing power in leading-edge foundry manufacturing.
Foundry revenue scale
Data basis
Revenue moved from NT$1,587,415.0M in FY2021 to NT$2,894,307.7M in FY2024.
Interpretation
TSMC’s filing series points to a large foundry revenue base with renewed growth in FY2024 after the FY2023 downturn.
High operating margin
Data basis
Operating margin was 45.68% in FY2024.
Interpretation
TSMC maintains a high operating margin profile for a manufacturing-heavy foundry, but its economics differ from fabless compute companies because capacity ownership requires substantial capital investment.
Manufacturing-heavy reinvestment mix
Data basis
R&D intensity was 7.05% in FY2024.
Interpretation
TSMC’s issuer profile has lower R&D intensity than the fabless compute profiles already in the portfolio, while direct CapEx intensity is much higher. I read this as reflecting a different business model where capacity ownership and process execution carry more of the economic burden.
High direct CapEx intensity
Data basis
CapEx intensity was 33.03% in FY2024.
Interpretation
TSMC’s direct CapEx intensity is structurally much higher than fabless compute companies, making it central to the capital-burden side of the AI infrastructure value chain.
This profile is descriptive issuer-level analysis. Methodology and non-advisory boundaries are documented in Analytics Methodology & Data Policy.
Analytical difficulty
What this profile can show
TSMC can show that AI/HPC demand reaches a capital-heavy foundry manufacturing profile where strong operating margin can coexist with heavy direct CapEx intensity.
What this profile cannot isolate
It cannot prove pure AI wafer revenue. The HPC platform includes AI and non-AI high-performance workloads, while smartphone, IoT, automotive, DCE, mature-node, and other demand remain mixed inside consolidated results.
Main unresolved bridge
The unresolved bridge is linking HPC platform and advanced-node disclosures to AI-specific wafer demand and advanced packaging capacity.
Reference
Source & Methodology
How the TSMC profile data is sourced, stored, and interpreted.
Official sources
Primary inputs are TSMC Form 20-F annual filings. Links below use the filing URLs stored in the project metadata; fiscal-year rows map to the filing set noted for each slice.
Used for FY2021
Used for FY2022, FY2023, FY2024
At least one row's filing note references cross-checking FY2022 against another Form 20-F in the chain; see the underlying source note text in the dataset for that fiscal year.
Source notes
Income statement data comes from Consolidated Statements of Profit or Loss and Other Comprehensive Income. Capital expenditure uses the cash flow statement line item "Acquisitions of property, plant and equipment." Amounts are stored in NT$ millions—aligned with the recurring language in the filing notes, without restating row-level figures here.
Form 20-F may present convenience USD translations for readability; this profile uses the TWD reported figures stored in the dataset and does not perform USD conversion here.
Fiscal-year treatment
The fiscalYear field uses TSMC's reported fiscal-year label (for example FY2024), aligned with calendar-year period ends in this issuer slice.
When periodEnded is present on a row, it records the fiscal period end date for that fiscal year as stated in the filing trail for that row.
Metric construction
Raw metrics stored per fiscal year include revenue, grossProfit, operatingIncome, rdExpense, capitalExpenditure.
Derived metrics include revenueGrowth, grossMargin, operatingMargin, rdIntensity, capexIntensity. These ratios are calculated from the stored raw figures for the same row.
CapEx definition
Capital expenditure uses TSMC's cash flow statement line item "Acquisitions of property, plant and equipment." Outflows are stored as positive magnitudes in this file for consistency with other issuers in the portfolio.
Dataset boundary
These rows are filing-based dataset records used for issuer-level analytics. Source rules, metric definitions, review terminology, and non-advisory boundaries are documented in Analytics Methodology & Data Policy.