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Taiwan Semiconductor Manufacturing CoFRA:TSFA -3.82%91 Cyclically Adjusted PB Ratio is 17.29 as of Jul. 25, 2026, which is 125% above its 10-year median of 7.67. GuruFocus rates FRA:TSFA with a GF Score™ of 91/100 and a GF Value™ of €260.29 (Modestly Overvalued). The stock has 4 warning signs investors should review. Among 735 Semiconductors companies, Taiwan Semiconductor Manufacturing Co ranks worse than 92.11% on this metric.
The historical rank and industry rank for Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio or its related term are showing as below:
FRA:TSFA'
s Cyclically Adjusted PB Ratio Range Over the Past 10 Years
Min: 5.4 Med: 7.67 Max: 21.45
Current: 19.87
During the past years, Taiwan Semiconductor Manufacturing Co's highest Cyclically Adjusted PB Ratio was 21.45. The lowest was 5.40. And the median was 7.67.
FRA:TSFA's Cyclically Adjusted PB Ratio is ranked worse than 92.11% of 735
companies
in the Semiconductors industry
Industry Median: 3.16
vs FRA:TSFA: 19.87
The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio. The Cyclically Adjusted Book per Share is the average of the inflation adjusted book value per share of a company over the past 10 years.
Taiwan Semiconductor Manufacturing Co's adjusted book value per share data for the three months ended in Jun. 2026 was €34.047. Add all the adjusted book value per share for the past 10 years together and divide the count will get our Cyclically Adjusted Book per Share, which is €20.39 for the trailing ten years ended in Jun. 2026.
Shiller PE for Stocks: The True Measure of Stock Valuation
Taiwan Semiconductor Manufacturing Co (FRA:TSFA) Cyclically Adjusted PB Ratio Explanation
Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.
If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.
Taiwan Semiconductor Manufacturing Co Cyclically Adjusted PB Ratio Related Terms
Taiwan Semiconductor Manufacturing Co Cyclically Adjusted PB Ratio Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Taiwan Semiconductor Manufacturing Co Cyclically Adjusted PB Ratio Chart
FRA:TSFA vs NVDA, AVGO, MU: Cyclically Adjusted PB Ratio Comparison
For the Semiconductors subindustry, Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Taiwan Semiconductor Manufacturing Co Cyclically Adjusted PB Ratio vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio distribution charts can be found below:
* The bar in red indicates where Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio falls into.
Taiwan Semiconductor Manufacturing Co Cyclically Adjusted PB Ratio Calculation
Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.
The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.
What does a Cyclically Adjusted PB Ratio of 17.29 mean?
Taiwan Semiconductor Manufacturing Co (FRA:TSFA) has a Cyclically Adjusted PB Ratio of 17.29 as of Jul. 25, 2026. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Taiwan Semiconductor Manufacturing Co and its competitors. This is 125% above median its historical median of 7.67. Over the past decade, Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio has ranged from 5.40 to 21.45. According to the industry distribution chart, Taiwan Semiconductor Manufacturing Co ranks #677 out of 735 companies in the Semiconductors industry, placing it in the top 92.1%.
Is Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio too high?
Taiwan Semiconductor Manufacturing Co's current Cyclically Adjusted PB Ratio of 17.29 is 125% above median its 10-year median of 7.67. Over the past 10 years, this metric has ranged from a low of 5.40 to a high of 21.45. The Semiconductors industry median Cyclically Adjusted PB Ratio is 3.16. Taiwan Semiconductor Manufacturing Co's value of 17.29 is 447.2% above this industry median. Based on the distribution chart, Taiwan Semiconductor Manufacturing Co ranks #677 out of 735 companies in the Semiconductors industry, which is in the bottom quartile relative to peers. Overall, Taiwan Semiconductor Manufacturing Co has a GF Score™ of 91/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Taiwan Semiconductor Manufacturing Co's Cyclically Adjusted PB Ratio compare to NVDA and AVGO?
According to the Semiconductors industry distribution chart, Taiwan Semiconductor Manufacturing Co ranks #677 out of 735 companies for Cyclically Adjusted PB Ratio. This places Taiwan Semiconductor Manufacturing Co in the lower half of its industry. The industry median Cyclically Adjusted PB Ratio is 3.16. Taiwan Semiconductor Manufacturing Co's value of 17.29 is 447.2% above this benchmark. Historically, Taiwan Semiconductor Manufacturing Co's own Cyclically Adjusted PB Ratio has ranged from 5.40 to 21.45 over the past decade. While the company's 10-year median is 7.67 vs. the industry median of 3.16, Taiwan Semiconductor Manufacturing Co has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Cyclically Adjusted PB Ratio for a Semiconductors company?
The median Cyclically Adjusted PB Ratio among Semiconductors companies is 3.16, based on 735 companies in the industry. Companies in the top quartile (top 25%) have a Cyclically Adjusted PB Ratio significantly above this median, while those in the bottom quartile fall well below. However, Cyclically Adjusted PB Ratio should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Taiwan Semiconductor Manufacturing Co's current Cyclically Adjusted PB Ratio of 17.29 is 447.2% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Cyclically Adjusted PB Ratio mean?
A high Cyclically Adjusted PB Ratio can signal that a stock is expensive relative to its fundamentals. Cyclically Adjusted PB Ratio is the ratio of share price to a company's inflation-adjusted book value per share over a 10-year period. View historical data on Taiwan Semiconductor Manufacturing Co and its competitors. For the Semiconductors industry, the median Cyclically Adjusted PB Ratio is 3.16 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Semiconductor Manufacturing Co's current Cyclically Adjusted PB Ratio is 17.29, which is 125% above median its own 10-year median of 7.67. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Taiwan Semiconductor Manufacturing Co stock overvalued right now?
Based on GuruFocus' analysis, Taiwan Semiconductor Manufacturing Co (FRA:TSFA) is currently considered Modestly Overvalued. The stock's GF Value™ is €260.29, compared to a current price of €352.50 — trading 35.4% above its estimated fair value. The current Cyclically Adjusted PB Ratio is 17.29, which is 125% above median its 10-year median of 7.67 and 447.2% above the Semiconductors industry median of 3.16. Taiwan Semiconductor Manufacturing Co's overall GF Score™ is 91/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Cyclically Adjusted PB Ratio calculated?
Cyclically Adjusted PB Ratio is calculated from a company's financial statements. For Taiwan Semiconductor Manufacturing Co (FRA:TSFA), the current Cyclically Adjusted PB Ratio is 17.29 as of Jul. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Taiwan Semiconductor Manufacturing Co (FRA:TSFA) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Semiconductor Manufacturing Co stock appears to be overvalued.
The current stock price of €352.50 is trading 35.4% above its estimated GF Value™ of €260.29.
GuruFocus considers Taiwan Semiconductor Manufacturing Co to be Modestly Overvalued.
Key valuation signals for FRA:TSFA:
Cyclically Adjusted PB Ratio: 17.29 (125% above median its 10-year median of 7.67)
GF Value™: €260.29 vs. price of €352.50 (35.4% above fair value)
Industry Position: 447.2% above the Semiconductors median (#677 of 735)
No single metric tells the full story. See the FRA:TSFA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Taiwan Semiconductor Manufacturing Co Business Description
Taiwan Semiconductor Manufacturing Co. is the world's largest dedicated chip foundry, with about 70% market share in 2025. TSMC was founded in 1987 as a joint venture of Philips, the government of Taiwan, and private investors. It went public in Taiwan in 1994 and as an ADR in the US in 1997. TSMC's scale and high-quality technology allow the firm to generate solid operating margins, even in the highly competitive foundry business. Furthermore, the shift to the fabless business model has created tailwinds for TSMC. The foundry leader has an illustrious base of customers, including Apple, AMD, and Nvidia, that look to apply its cutting-edge process technologies to their semiconductor designs. TSMC employs more than 83,000 people.
91GF Score
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