TSM changes
Pick any two versions below to diff them.
- Price
- $482.30 → $453.31(−6.0%)
- Discount category
- Close to intrinsic value → Below intrinsic value
- Balance sheet
- added: Cash: NT$3,134.2B Debt: NT$1,031.7B Net cash: NT$2,102.5B Interest cover: 246× Debt due within 12 months: NT$165.3B Ratings: S&P AA- (stable outlook), Moody's Aa3 (positive outlook) TSMC has a large net cash removed: position. At June 30, 2026, cash added: position, and added: debt does not limit its choices: cash removed: equivalents were NT$3,134.2 billion. Against this, it had NT$980.4 billion added: flow can pay for its record build-out and higher dividends. The main financial risk is the location of added: its plants in Taiwan, not its balance sheet. Debt is unsecured removed: bonds, added: bonds plus NT$51.3 billion of unsecured bank loans (mostly in Japanese removed: yen) added: yen), and added: it does not include NT$36.9 billion of lease liabilities. Of the bonds, NT$554.8 billion are domestic Taiwan dollar bonds and NT$427.7 billion are overseas bonds. The parent guarantees the overseas bonds of its subsidiaries TSMC Arizona and TSMC Global. removed: NT$165.3 billion of bonds fall added: The amount due within one removed: year. In added: year counts bonds only. Interest cover uses finance costs in the first half of removed: 2026, income from operations of NT$1,425.6 billion covered finance costs of NT$5.8 billion more than 200 times. Operating added: 2026. In the same half, operating cash flow of NT$1,482.3 billion paid for NT$846.8 billion of capital expenditure. removed: S&P rates TSMC AA- with a stable outlook. On August 28, 2026, Moody's removed: affirmed its Aa3 rating and changed removed: the added: its outlook to removed: positive. added: positive on August 28, 2026. Government grants in the United States, Japan, Germany and China also pay for part of the new plants. removed: Debt does not limit TSMC's choices: cash flow can pay for its record build-out and higher dividends. The main financial risk is the location of its plants in Taiwan, not its balance sheet. As of Jun 30, 2026.