TSMCTSM

Business Snapshot

• TSM is Taiwan Semiconductor Manufacturing Company Ltd., a common-equity ADR listed on the NYSE under ticker TSM. The supplied data identifies it as an ADRC trading in USD; ADR-specific conversion details are not provided.
• The dataset does not provide sector classification, revenue by segment, customer concentration, valuation multiples, earnings guidance, or analyst targets.
• The ADR closed at $433.24. Over the supplied 200 daily bars, it rose from $273.19 to $433.24, a gain of 58.59%, with a range of $273.08–$479.00.

Financial Trends

• Revenue: Revenue is not included in the supplied income-statement data, so a four-period revenue trajectory cannot be calculated.
• Gross profit: Gross profit rose from $29.54 billion in 2021 to $43.88 billion in 2022, fell to $38.38 billion in 2023—a decline of $5.50 billion, or 12.5%—then increased to $49.54 billion in 2024, up $11.16 billion, or 29.1% year over year. Latest gross profit is $19.99 billion, or 67.6%, above 2021.
• Net income: Net income followed a similar but stronger recovery pattern: $21.37 billion in 2021, $32.32 billion in 2022, $27.79 billion in 2023, and $35.30 billion in 2024. The latest figure increased $7.51 billion, or 27.0%, versus 2023, and is $13.93 billion, or 65.2%, above 2021.
• Margins: Gross, operating, and net margin percentages are not supplied. Because revenue is missing, margin expansion or contraction cannot be directly verified. Gross profit and net income both recovered sharply in 2024, but the data does not establish whether that resulted from revenue growth, mix, pricing, cost control, or other factors.
• Capital expenditures: Capex declined from $35.23 billion in 2022 to $31.02 billion in 2023, down $4.21 billion, or 12.0%, and then to $29.16 billion in 2024, down another $1.86 billion, or 6.0%. Compared with 2021, 2024 capex was $1.10 billion, or 3.6%, lower.
• Cash generation: A comparable free-cash-flow trajectory cannot be calculated because free cash flow is not provided. Net change in cash rose from $4.00 billion in 2023 to $20.20 billion in 2024, an increase of $16.19 billion. However, net change in cash is not the same as free cash flow and may include financing or investing effects.
• Assets and equity: Total assets increased every period, from $134.29 billion in 2021 to $161.55 billion in 2022, $180.67 billion in 2023, and $204.08 billion in 2024. The latest increase was $23.41 billion, or 13.0%, versus 2023 and $69.79 billion, or 52.0%, versus 2021.
• Shareholders’ equity rose from $77.57 billion in 2021 to $130.51 billion in 2024, up $17.71 billion, or 15.7%, versus 2023 and $52.94 billion, or 68.3%, versus 2021.
• Liabilities: Total liabilities increased from $56.73 billion in 2021 to $73.57 billion in 2024, including a $5.70 billion, or 8.4%, increase versus 2023. Liabilities grew more slowly than assets and equity over the full period.
• Liquidity: Current assets increased to $94.19 billion in 2024 from $71.65 billion in 2023 and $57.93 billion in 2021. Current liabilities rose to $39.91 billion from $30.79 billion in 2023 and $27.34 billion in 2021. The current ratio improved from 2.12 in 2021 to 2.36 in 2024, indicating strengthening reported short-term liquidity.
• Inventory: Inventory rose from $6.96 billion in 2021 to $8.78 billion in 2024, including a $582 million, or 7.1%, increase versus 2023. Inventory growth should be monitored alongside the unavailable revenue trend.
• Debt/equity is shown as unavailable for all four periods, so leverage cannot be assessed using that ratio.

Financial Health

• The latest reported period presents a stronger financial profile than 2023: gross profit and net income both rebounded materially, assets and equity continued to expand, and the current ratio reached its highest supplied level of 2.36.
• The balance sheet appears increasingly liquid based on the reported current assets, current liabilities, and working-capital trajectory. Working capital increased from $30.60 billion in 2021 to $54.28 billion in 2024, including a $13.41 billion, or 32.8%, increase versus 2023.
• The 2024 combination of $35.30 billion net income, $29.16 billion capex, and $20.20 billion net cash increase is constructive, but the absence of operating cash flow and calculated FCF limits confidence in cash-conversion analysis.
• The company remains capital intensive: capex was approximately $29.16 billion in the latest period, so future returns depend on productive utilization of that investment. The supplied data does not include capacity utilization, depreciation, debt maturities, or return-on-capital measures.
• The main financial-data limitation is that the statements are annual periods despite being labeled quarterly, and revenue and margin percentages are missing. Trend conclusions should therefore be treated as directional rather than a complete earnings-quality assessment.

Insider Activity

• Insider sentiment for 2026-06-14 through 2026-09-12 is classified as Neutral, with $54,330.60 of buys across 13 transactions and no reported sales.
• The disclosed recent transactions were purchases of TSM’s Taiwan common shares, 2330.TW, at $76.20 per share, rather than direct purchases of the NYSE ADR at its current $433.24 price.
• The listed purchases were generally small: individual transactions ranged from 5 shares/$381 to 149 shares/$11,353.80. Multiple insiders bought on 2026-09-07, which is a positive directional signal, but the dollar scale is modest relative to the company and should not be treated as a decisive catalyst.
• Several filings are listed without transaction details, so the disclosed activity may not represent the complete economic picture. No insider sales were reported in the provided sentiment summary.

Multi-Timeframe Technical Context

• Only the 1D timeframe is supplied; minute- and intraday-hour analysis is unavailable.
• Ultra-short horizon — minutes: No 1-minute, 5-minute, or other intraday candles are provided. Execution bias cannot be reliably assessed from order flow, VWAP, opening range, or intraday momentum data.
• Short horizon — hours to days: The daily trend remains constructive. Price at $433.24 is above the 12-day EMA ($426.02), 26-day EMA ($422.42), 50-day EMA ($419.90), 20-day SMA ($421.71), and 50-day SMA ($418.93). The MACD at 3.5995 is above its 1.8504 signal line, supporting positive momentum.
• The stock is also well above the 200-day SMA of $375.95, indicating a strong longer-term price trend. However, price is near the Bollinger upper band at $438.86, only $5.62, or 1.3%, above the close. That positioning can signal strength but also raises the risk of short-term mean reversion.
• RSI: RSI-14 is 58.88 and RSI-21 is 51.76. Momentum is positive but not at a conventionally extreme overbought reading based on the supplied indicators.
• Volume: Current volume of 10.64 million is approximately 15.0% above the 20-day average of 9.26 million, modestly confirming the move.
• Volatility: Daily ATR is $9.88, or roughly 2.3% of the current price. A one-ATR move places approximate near-term reference zones around $423.36 and $443.12, though these are volatility markers rather than guaranteed support or resistance.
• Longer horizon — weeks to months: The price structure is bullish while the ADR holds above the clustered $419–$426 moving-average area and especially above the $375.95 200-day average. The large 200-bar gain and proximity to the supplied $479 high also mean pullback risk is material if momentum fades.

Bull / Bear Cases

• Short-term bull case: Price remains above all supplied short- and intermediate-term moving averages, MACD is positive, and volume is above its 20-day average. A sustained move through the $438.86 upper Bollinger band could reopen the path toward the supplied $479.00 session high, provided momentum expands rather than immediately reverting.
• Short-term bear case: Price fails near the $438.86 upper band, MACD momentum weakens, or the stock loses the $421.71–$426.02 moving-average cluster. That would increase the probability of a pullback toward the lower Bollinger band at $404.56. A break below that area would weaken the short-term setup.
• Long-term bull case: The fundamental trajectory is favorable in the supplied annual data: 2024 gross profit and net income both recovered to new four-period highs, assets and equity expanded steadily, working capital increased, and liquidity improved. Continued earnings recovery alongside disciplined capex could support the existing multi-month uptrend.
• Long-term bear case: The stock has already gained 58.59% across the supplied 200 daily bars and remains close to its reported high, leaving valuation and expectations risk impossible to assess because no multiples or guidance are provided. The business is capital intensive, inventory increased in 2024, and debt/equity, revenue, operating cash flow, and FCF are unavailable. A deterioration in margins, cash conversion, or returns on investment could challenge the bullish thesis, but those variables cannot be tested from this payload.

Key Levels & Triggers

• Immediate resistance: $438.86, the daily upper Bollinger band. A decisive hold above it would indicate momentum continuation; rejection would favor consolidation or a pullback.
• Major overhead reference: $479.00, the supplied session high and the upper boundary of the reported 200-bar range.
• First support zone: $421.71–$426.02, comprising the 20-day SMA and 12-day EMA. This is the nearest technical trend-support cluster.
• Secondary support: $418.93–$419.90, comprising the 50-day SMA and 50-day EMA.
• Lower support: $404.56, the daily lower Bollinger band.
• Major trend support: $375.95, the 200-day SMA. A break below this level would materially weaken the weeks-to-months bullish structure.
• Momentum triggers: MACD remaining above its 1.8504 signal line and RSI holding above its neutral midpoint would support continuation; the supplied RSI-14 of 58.88 is currently constructive but not extreme.
• Risk trigger: A close below the $419–$426 moving-average cluster, especially if accompanied by heavier volume, would signal weakening short-term momentum. A move toward or below $404.56 would increase downside risk, while loss of $375.95 would challenge the longer-term uptrend.
• Fundamental monitoring trigger: Future filings should be checked for revenue growth, gross/operating/net margin changes, operating cash flow, FCF, debt levels, and inventory relative to sales. These are not available in the current payload and are important for validating whether the 2024 earnings recovery is durable.