Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
Taiwan Semiconductor Manufacturing Co's Owner Earnings per Share (TTM) ended in Jun. 2026 was MXN190.60. It's Price-to-Owner-Earnings ratio for today is 38.53.
The historical rank and industry rank for Taiwan Semiconductor Manufacturing Co's Owner Earnings per Share (TTM) or its related term are showing as below:
MEX:TSMN'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 9.85 Med: 20.71 Max: 41.87
Current: 38.53
MEX:TSMN's Price-to-Owner-Earnings is ranked better than 56.09% of 435
companies
in the Semiconductors industry
Industry Median: 48.91
vs MEX:TSMN: 38.53
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
Taiwan Semiconductor Manufacturing Co Owner Earnings per Share (TTM) Related Terms
Taiwan Semiconductor Manufacturing Co Owner Earnings per Share (TTM) 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 Owner Earnings per Share (TTM) Chart
MEX:TSMN vs NVDA, AVGO, MU: Owner Earnings per Share (TTM) Comparison
For the Semiconductors subindustry, Taiwan Semiconductor Manufacturing Co's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings 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 Price-to-Owner-Earnings vs Semiconductors Industry
For the Semiconductors industry and Technology sector, Taiwan Semiconductor Manufacturing Co's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where Taiwan Semiconductor Manufacturing Co's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
Taiwan Semiconductor Manufacturing Co's Change In Deferred Tax for the trailing twelve months (TTM) ended in Jun. 2026 was MXN0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = MXN554,354 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
Taiwan Semiconductor Manufacturing Co's 5-Year Average Maintenance Capital Expenditure = MXN554,354 Mil
5. "Change In Working Capital" is from cashflow statement. Taiwan Semiconductor Manufacturing Co's Change In Working Capital for the trailing twelve months (TTM) ended in Jun. 2026 was MXN-206,584 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* 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.
What does a Owner Earnings per Share (TTM) of 190.60 mean?
Taiwan Semiconductor Manufacturing Co (MEX:TSMN) has a Owner Earnings per Share (TTM) of 190.60 as of Jun. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Taiwan Semiconductor Manufacturing Co. This is 820% above median its historical median of 20.71. Over the past decade, Taiwan Semiconductor Manufacturing Co's Owner Earnings per Share (TTM) has ranged from 9.85 to 41.87. According to the industry distribution chart, Taiwan Semiconductor Manufacturing Co ranks #191 out of 435 companies in the Semiconductors industry, placing it in the top 43.9%.
Is Taiwan Semiconductor Manufacturing Co's Owner Earnings per Share (TTM) too high?
Taiwan Semiconductor Manufacturing Co's current Owner Earnings per Share (TTM) of 190.60 is 820% above median its 10-year median of 20.71. Over the past 10 years, this metric has ranged from a low of 9.85 to a high of 41.87. The Semiconductors industry median Owner Earnings per Share (TTM) is 48.91. Taiwan Semiconductor Manufacturing Co's value of 190.60 is 289.7% above this industry median. Based on the distribution chart, Taiwan Semiconductor Manufacturing Co ranks #191 out of 435 companies in the Semiconductors industry, which is above the industry midpoint. Overall, Taiwan Semiconductor Manufacturing Co has a GF Score™ of 84/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Taiwan Semiconductor Manufacturing Co's Owner Earnings per Share (TTM) compare to NVDA and AVGO?
According to the Semiconductors industry distribution chart, Taiwan Semiconductor Manufacturing Co ranks #191 out of 435 companies for Owner Earnings per Share (TTM). This puts Taiwan Semiconductor Manufacturing Co in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 48.91. Taiwan Semiconductor Manufacturing Co's value of 190.60 is 289.7% above this benchmark. Historically, Taiwan Semiconductor Manufacturing Co's own Owner Earnings per Share (TTM) has ranged from 9.85 to 41.87 over the past decade. While the company's 10-year median is 20.71 vs. the industry median of 48.91, 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 Owner Earnings per Share (TTM) for a Semiconductors company?
The median Owner Earnings per Share (TTM) among Semiconductors companies is 48.91, based on 435 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Taiwan Semiconductor Manufacturing Co's current Owner Earnings per Share (TTM) of 190.60 is 289.7% 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 Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on Taiwan Semiconductor Manufacturing Co. For the Semiconductors industry, the median Owner Earnings per Share (TTM) is 48.91 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Taiwan Semiconductor Manufacturing Co's current Owner Earnings per Share (TTM) is 190.60, which is 820% above median its own 10-year median of 20.71. 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 (MEX:TSMN) is currently considered Modestly Overvalued. The stock's GF Value™ is MXN5,455.81, compared to a current price of MXN7,343.62 — trading 34.6% above its estimated fair value. The current Owner Earnings per Share (TTM) is 190.60, which is 820% above median its 10-year median of 20.71 and 289.7% above the Semiconductors industry median of 48.91. Taiwan Semiconductor Manufacturing Co's overall GF Score™ is 84/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For Taiwan Semiconductor Manufacturing Co (MEX:TSMN), the current Owner Earnings per Share (TTM) is 190.60 as of Jun. 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 (MEX:TSMN) Overvalued in 2026?
Based on GuruFocus' analysis, Taiwan Semiconductor Manufacturing Co stock appears to be overvalued.
The current stock price of MXN7,343.62 is trading 34.6% above its estimated GF Value™ of MXN5,455.81.
GuruFocus considers Taiwan Semiconductor Manufacturing Co to be Modestly Overvalued.
Key valuation signals for MEX:TSMN:
Owner Earnings per Share (TTM): 190.60 (820% above median its 10-year median of 20.71)
GF Value™: MXN5,455.81 vs. price of MXN7,343.62 (34.6% above fair value)
Industry Position: 289.7% above the Semiconductors median (#191 of 435)
No single metric tells the full story. See the MEX:TSMN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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.
84GF Score
Get the complete analysis for MEX:TSMN
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