Taiwan Semiconductor Manufacturing Limited's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of Taiwan Semiconductor Manufacturing Limited (TSM) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: Taiwan Semiconductor Manufacturing Limited vs Its Competitors
- TTM: Trailing 12-month revenue of 121,423M vs 267,108M combined for tracked competitors (31.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+7.2% annualized vs trailing 12 months), vs accelerating (+73.5%) for its tracked peer group.
- Growth: Taiwan Semiconductor Manufacturing Limited generated 21.2% revenue growth year over year in Q4 2025, vs 11.4% for its tracked competitors combined.
- Profitability: Its 46.1% net margin compares with 19.7% for the peer group.
- Peer revenue share: Taiwan Semiconductor Manufacturing Limited accounted for 21.9% of combined revenue among its tracked peer group, up from 20.5% a year earlier.
- Peer differentiation: Revenue per employee of $1.71M compares with $0.96M for the peer group (1.8x).
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
TSM Sales vs. its Competitors, Q4 2025
Taiwan Semiconductor Manufacturing Limited reported revenue growth of 21.15 % year on year in Q4 2025, above its competitors' combined revenue growth of 11.35 %.
With a net margin of 46.13 %, Taiwan Semiconductor Manufacturing Limited achieved higher profitability than its competitors (19.72 %).
Taiwan Semiconductor Manufacturing Limited generated 21.93 % of the combined sales of its peer group, up from 20.52 % a year earlier.
Taiwan Semiconductor Manufacturing Limited vs. its Competitors, Q4 2025
Revenue growth, year on year
Net income growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across Taiwan Semiconductor Manufacturing Limited and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (6) | $12,345M | +12.3% · Accelerating |
| Similar Growth & Profitability (7) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across Taiwan Semiconductor Manufacturing Limited's competitor groups requires a Commercial License.
For context: the Semiconductors industry grew revenue 45.2% year over year, combined, vs 21.2% for Taiwan Semiconductor Manufacturing Limited. Taiwan Semiconductor Manufacturing Limited's share of combined industry revenue moved from 6.93% to 5.78%, a loss of 1.15 percentage points.
Taiwan Semiconductor Manufacturing Limited's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | Yes | Yes | Yes | No |
| Competitors combined (39) | ||||
| High-Confidence Competitors (6) | ||||
| Similar Growth & Profitability (8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 100.00 % (8 of 8) | 0.00 % (0 of 8) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
TSM Stock Performance relative to its Competitors
TSM Stock Performance relative to High-Confidence Competitors
TSM Stock Performance relative to Similar Growth & Profitability Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Formfactor inc | 282.9% | Outperformed |
| 2 | Ase Technology Holding Co Ltd | 282.9% | Outperformed |
| 3 | Skywater Technology Inc | 282.9% | Outperformed |
| 4 | Cohu Inc | 282.9% | Outperformed |
| 5 | Aehr Test Systems | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for Taiwan Semiconductor Manufacturing Limited's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
Taiwan Semiconductor Manufacturing Limited's Comment on Competition and Industry Peers
Publicly Traded Peers of Taiwan Semiconductor Manufacturing Company Limited
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 2,365,856.08 | 121,423.20 |
| Asml Holding Nv | 704,558.46 | 36,921.92 |
| Lam Research Corporation | 414,284.62 | 23,232.69 |
| Applied Materials Inc | 409,104.00 | 30,837.00 |
| Kla Corporation | 257,236.06 | 13,579.48 |
| Thermo Fisher Scientific Inc | 250,443.55 | 46,336.00 |
| SUBTOTAL | 5,134,381.64 | 608,019.86 |
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Sources: Taiwan Semiconductor Manufacturing Company Limited's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on Taiwan Semiconductor Manufacturing Company Limited versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
Taiwan Semiconductor Manufacturing Limited's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Amkor Technology Inc | Named by the company | 85% |
| Skywater Technology Inc | Named by the company | 85% |
| Applied Materials Inc | Named by the company | 85% |
| Tower Semiconductor Ltd | Named by the company | 85% |
| Lam Research Corporation | Named by the company | 85% |
| Ebang International Holdings Inc | Named by the company | 85% |
| Navitas Semiconductor Corporation | Named by the company | 85% |
| Globalfoundries Inc | Named by the company | 85% |
| Cadence Design Systems Inc | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for Taiwan Semiconductor Manufacturing Limited's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
Taiwan Semiconductor Manufacturing Limited's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| Lam Research Corporation | Reportable 100.00 % |
| Applied Materials Inc | Semiconductor Systems 75.41 % |
| Kla Corporation | Semiconductor Process Control 90.30 % |
| Thermo Fisher Scientific Inc | Clinical Research 19.98 % |
| Danaher Corporation | Diagnostics 39.36 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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Taiwan Semiconductor Manufacturing Limited's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 2,365,856 | 1,713,299 | 762,463 |
| Asml Holding Nv | 704,558 | 835,168 | 245,755 |
| Lam Research Corporation | 414,285 | 997,111 | 311,820 |
| Applied Materials Inc | 409,104 | 844,849 | 253,890 |
| Kla Corporation | 257,236 | 798,793 | 284,163 |
| Thermo Fisher Scientific Inc | 250,444 | 370,688 | 55,912 |
| PEERS TOTAL | 2,768,526 | 963,760 | 109,498 |
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Taiwan Semiconductor Manufacturing Limited's Geographic Revenue Exposure vs Peers
Revenue by country/region as reported in each company's most recent filing. Disclosure granularity varies by filer (some report by country, others by broad region) and is shown as disclosed.| Company | Largest Market |
|---|---|
| Asml Holding Nv | Rest of Europe and Middle East 1.43 % |
| Lam Research Corporation | China 33.83 % |
| Applied Materials Inc | Taiwan 27.24 % |
| Kla Corporation | Taiwan 25.45 % |
| Thermo Fisher Scientific Inc | North America 51.27 % |
Source: revenue geography as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API. Percentages are of that company's own total consolidated revenue for its most recent reported period.
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Taiwan Semiconductor Manufacturing Limited's Position in Industry Market Structure
Market-capitalization share and concentration across all 109 companies in Taiwan Semiconductor Manufacturing Limited's industry classification, broader than the peer set above. Market cap in millions of $.Taiwan Semiconductor Manufacturing Limited ranks #0 of 109 companies by market capitalization in its industry, holding 0.00 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 2,360, indicating a moderately concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Nvidia Corp | 5,602,793 | 44.19 % |
| 2 | Broadcom Inc | 1,783,853 | 14.07 % |
| 3 | Micron Technology Inc | 1,228,345 | 9.69 % |
| 4 | Advanced Micro Devices Inc | 1,008,329 | 7.95 % |
| 5 | Intel Corporation | 1,234 | 5.2% |
| 6 | Applied Materials Inc | 1,234 | 5.2% |
| 7 | Arm Holdings Plc | 1,234 | 5.2% |
| 8 | Texas Instruments Incorporated | 1,234 | 5.2% |
| 9 | Marvell Technology Inc | 1,234 | 5.2% |
| 10 | Analog Devices Inc | 1,234 | 5.2% |
| 0 | Taiwan Semiconductor Manufacturing Company Limited | - | 0.00 % |
Market cap and industry share for the rest of Taiwan Semiconductor Manufacturing Limited's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-30.
Taiwan Semiconductor Manufacturing Limited's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Semiconductors industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (153 companies). See the full Semiconductors industry profitability benchmarks.| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 59.89 % | 34.38 % (avg) | +25.5 pp |
| Operating Margin | 50.83 % | industry median | +49.4 pp |
| EBITDA Margin | 71.66 % | 7.23 % (avg) | +64.4 pp |
| Capital Intensity (Capex / Revenue) | 33.40 % | 9.34 % (avg) | +24.1 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
Taiwan Semiconductor Manufacturing Limited's Valuation vs Competitive Position
Valuation multiples vs the Semiconductors industry average (153 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns. See the full Semiconductors industry valuation benchmarks.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | - | 43.1x | - |
| EV / EBITDA | 16.5x | 22.5x | -6.0x |
| P/B | 8.8x | 6.5x | +2.3x |
| Return on Equity | 31.41 % | industry aggregate | 2.21 % |
| Return on Invested Capital | 16.35 % | -0.12 % (avg) | 16.47 % |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
Taiwan Semiconductor Manufacturing Limited's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue Growth | -4.17 % | 25.03 % | 37.56 % |
| Operating Margin | 42.63 % | 45.68 % | 50.83 % |
| Return on Invested Capital | 11.40 % | 13.63 % | 16.35 % |
| P/E | 17.8x | 28.4x | - |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
Taiwan Semiconductor Manufacturing Limited's Strategic Group Map
Every company in Taiwan Semiconductor Manufacturing Limited's industry and named-competitor list, plotted by trailing 12-month revenue growth and operating margin. Taiwan Semiconductor Manufacturing Limited is shown in red; its closest peers by combined growth, margin and ROIC (the Similar Growth & Profitability group above) are labeled.
Source: CSIMarket API, trailing 12 months. Extreme outlier values (from near-zero-revenue companies) are excluded from the plotted cloud but never from the highlighted company or its labeled peers.
Taiwan Semiconductor Manufacturing Limited's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Moderate | Industry HHI of 2,360 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 33.40 % vs industry average 9.34 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See Taiwan Semiconductor Manufacturing Limited's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See Taiwan Semiconductor Manufacturing Limited's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
Taiwan Semiconductor Manufacturing Limited's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
Taiwan Semiconductor Manufacturing Limited falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
Taiwan Semiconductor Manufacturing Limited's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Operating margin 49.4 points above the industry median.
- Latest-quarter revenue run-rate is accelerating (+7.2% annualized vs trailing 12 months).
- Outperforming the U.S.A. 500 over the trailing 12 months.
Weaknesses
No rule matched.
Opportunities
No rule matched.
Threats
- Industry dominated by Nvidia Corp, holding 44.19 % of industry market cap.
- Losing revenue share to the broader industry (-1.2 points over the past year).
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
Taiwan Semiconductor Manufacturing Limited's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 1.82 | 2.51 | 0.02 |
| Asml Holding Nv | 0.53 | 1.26 | 0.19 |
| Lam Research Corporation | 0.96 | 2.38 | 0.38 |
| Applied Materials Inc | 0.79 | 2.53 | 0.29 |
| Kla Corporation | 0.46 | 2.80 | 1.08 |
| Thermo Fisher Scientific Inc | 0.32 | 1.62 | 0.78 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
Taiwan Semiconductor Manufacturing Limited's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | Q4 2025 | +37.6 % | +53.1 % |
| Asml Holding Nv | Q4 2025 | +20.7 % | +32.6 % |
| Lam Research Corporation | Q2 2026 | +30.0 % | +32.4 % |
| Applied Materials Inc | Q2 2026 | +24.8 % | +42.7 % |
| Kla Corporation | Q2 2026 | +15.2 % | +13.3 % |
| Thermo Fisher Scientific Inc | Q2 2026 | +10.5 % | +7.6 % |
| PEERS TOTAL | +21.1 % | +48.9 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
Taiwan Semiconductor Manufacturing Limited's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | Q4 2025 | +25.7 % | +39.1 % |
| Asml Holding Nv | Q4 2025 | +16.9 % | -18.2 % |
| Lam Research Corporation | Q2 2026 | +25.6 % | +9.6 % |
| Applied Materials Inc | Q2 2026 | +21.1 % | +21.1 % |
| Kla Corporation | Q2 2026 | +17.0 % | -11.1 % |
| Thermo Fisher Scientific Inc | Q2 2026 | +142.5 % | +53.1 % |
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Taiwan Semiconductor Manufacturing Limited's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 21.37% | 26.29% | 31.41% |
| Asml Holding Nv | 18.31% | 35.02% | 47.20% |
| Lam Research Corporation | 33.19% | 41.27% | 67.41% |
| Applied Materials Inc | 23.70% | 28.79% | 41.02% |
| Kla Corporation | 28.75% | 37.03% | 88.40% |
| Thermo Fisher Scientific Inc | 6.36% | 7.71% | 13.37% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
Taiwan Semiconductor Manufacturing Limited's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| Taiwan Semiconductor Manufacturing Company Limited | 85.27 | 19.48 |
| Asml Holding Nv | 73.32 | 19.08 |
| Lam Research Corporation | 57.03 | 17.83 |
| Applied Materials Inc | 44.20 | 13.27 |
| Kla Corporation | 7.14 | 18.94 |
| Thermo Fisher Scientific Inc | 36.33 | 5.40 |
| PEERS AVERAGE | 46.97 | 8.44 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.