TSMC’s capital-spending intensity eased after 2022 while net margin stayed around 39–41%.
TSMC’s advantage depends on a rare combination: huge reinvestment, deep research and development, and high profitability. This chart shows that the company can sustain leading-edge spending while still producing exceptional margins. The capital-spending line captures digestion of the 2022 buildout wave, while the margin line shows how AI and high-performance computing demand helped profitability recover in 2024.
Source 1: 2024 Annual Report
Publisher: Taiwan Semiconductor Manufacturing Company
Dataset/table: 2024 revenue, margins, customers, products, technologies, employees
Units: NT$; US$; percent; people
Date checked: 2026-05-14
Evidence: TSMC reports 2024 revenue, margins, customer/product breadth and employee scale.
Note: TSMC reports 2024 revenue, margins, customer/product breadth and employee scale.
Source 2: Annual Report 2024 PDF
Publisher: Taiwan Semiconductor Manufacturing Company
Dataset/table: 2024 financial and operating data
Units: NT$; US$; percent
Date checked: 2026-05-14
Evidence: The PDF annual report gives detailed 2024 financial and business disclosures.
Note: The PDF annual report gives detailed 2024 financial and business disclosures.
Source 3: 2023 Annual Report Website
Publisher: Taiwan Semiconductor Manufacturing Company
Dataset/table: 2023 revenue, net income and margins
Units: US$; percent
Date checked: 2026-05-14
Evidence: TSMC reports 2023 revenue, net income and net margin, with 2022 comparison values.
Note: TSMC reports 2023 revenue, net income and net margin, with 2022 comparison values.
Source 4: 2022 Annual Report Website
Publisher: Taiwan Semiconductor Manufacturing Company
Dataset/table: 2022 financial and R&D context
Units: US$; percent
Date checked: 2026-05-14
Evidence: TSMC reports 2022 performance and R&D investment context.
Note: TSMC reports 2022 performance and R&D investment context.
Source 5: Form 20-F 2024
Publisher: Taiwan Semiconductor Manufacturing Company
Dataset/table: Recent years capital expenditures
Units: NT$ million; US$ million
Date checked: 2026-05-14
Evidence: TSMC reports capital expenditures for 2022, 2023 and 2024.
Note: TSMC reports capital expenditures for 2022, 2023 and 2024.
Research-and-development values are rounded and partly cross-currency by year, but each ratio uses same-currency numerator and denominator. Capital spending/revenue uses NT-dollar capital expenditure and NT-dollar revenue.
Research-and-development (R&D) intensity equals R&D expense divided by revenue. Capital-spending intensity equals capital expenditures divided by revenue. Net margin comes from TSMC annual-report disclosures. Ratios use same-currency numerator and denominator within each year to avoid currency-mix distortion.
All values are from TSMC annual reports, Form 20-F filings or TSMC financial statements, making the company time series internally consistent.
TSMC Capital-Expenditure Intensity vs Intel, Samsung and UMC
Intel and UMC led this 2024 capital-expenditure/revenue view; TSMC stood at 33.0%.
TSMC CoWoS Capacity Growth vs Taiwan AI Export Demand
Chip-on-Wafer-on-Substrate (CoWoS) was estimated at 75k wafers/month in 2025.
TSMC Top Customer Share vs Customer and Product Breadth
One customer was 23% of revenue, but TSMC served 522 customers and made 11,878 products.