Company profile
SEC EDGAR ↗- Industry
- Semiconductors & Related Devices
- Listed
- NYSE: TSM
- Headquarters
- Hsinchu
- Fiscal year end
- Dec 31
Financials
FY2024- Revenue
- $88.3B
- Net income
- $35.3B
- Total assets
- $204.1B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2024 | $88.3B | $35.3B | $204.1B |
| FY2023 | $70.6B | $27.8B | $180.7B |
| FY2022 | $73.7B | $32.3B | $161.6B |
| FY2021 | $57.2B | $21.4B | $134.3B |
| FY2020 | $47.7B | $18.2B | $98.3B |
| FY2019 | $35.8B | $11.8B | $75.7B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Money Machine · Business Model
TSMC's 69.9% Share Rests on a 1987 Promise: Every Customer's R&D Becomes a Switching Cost
Everyone credits TSMC's dominance to better engineering. The real moat is a pledge made in 1987: never compete with a customer. That single promise turned every chip designer's R&D into a switching cost - and built 69.9% of the world's foundry market on trust.
8 min
The Market-Entry Gambit · Growth & Portfolio
TSMC's A16 Is N2 Silicon With the Power Wiring Moved to the Back — and a Premium Price
Everyone reads A16 as TSMC's leap to 1.6nm. It isn't a new transistor at all - it's the N2 node with the power wiring moved to the back. TSMC took a feature it pulled from a cheaper node, gave it a new name, and built a premium AI-only lane that charges more without touching its mobile roadmap.
7 min
The Market-Entry Gambit · Decision Forks
TSMC Built Fabs in Arizona and Japan to De-Risk Taiwan. It Kept the Crown Jewels at Home.
TSMC's $165B Arizona buildout and its Kumamoto fabs look like an exit from Taiwan concentration. They aren't. The cutting edge stays home: A16 volume production was confirmed for Taiwan first in 2027, while Arizona's bleeding edge waits and Japan makes mature chips.
8 min
The Market-Entry Gambit · Growth & Portfolio
Arizona Wafers Cost TSMC Under 10% More — the $165B Bet Was About U.S. Policy Leverage
Everyone says Arizona chips cost 50-150% more than Taiwan's. They don't - the wafer premium is under 10%. The $165 billion gamble wasn't cost economics or risk-hedging. It was a subsidy play triggered by U.S. policy leverage, and its success rides on one captive customer base.
8 min
The Moat Anatomy · Moat & Competition
TSMC Published a Road to 1.2nm in 2029 While Rivals Slip Toward 2027
TSMC just published a roadmap through a '1.2nm' node in 2029 — and its rivals are still slipping into 2027. With 71% of the foundry market and 66% gross margins, it can out-invest everyone at once. The moat isn't a node. It's the cadence.
8 min
The Moat Anatomy · Moat & Competition
Customers Paid TSMC a Premium Even After Samsung Shipped 3nm First
Everyone names geography as TSMC's edge. Its own filings call Taiwan the principal risk. The real moat is a compounding loop of yield and co-design lock-in — which is why customers paid a premium to stay even after Samsung shipped 3nm first.
8 min
The Standards War · Moat & Competition
TSMC's Node Cadence Owns the Design Calendar, Lifting Advanced Nodes to 74% of Wafer Revenue
The standard read is that TSMC wins on the best transistors. The real weapon is its node cadence - made the industry's design calendar through a tools-and-IP ecosystem that helped lift advanced nodes to 74% of wafer revenue and over 60% global share.
8 min
The Specialist · Boundaries of the Firm
TSMC Won Chips by Building Nothing of Its Own. That Was the Only Move It Had.
The legend says Morris Chang foresaw the fabless revolution. He didn't. Taiwan was weak in design and marketing, so manufacturing-only was the only path left — and that constraint became a moat worth US$36.5 billion in net income on a 64% share of the foundry market.
8 min