◆finxyz
US 台积电 TSM 切换 · 26
↑↓ 选择 Enter 打开 Esc 关闭 全部公司总览 →
松墨黄铜

台积电TSM

NYSE 跟踪中 报表币种 TWD · 财年截至 12 月 下次财报 2027-01-14(FY2026Q4)
$398.63USD
2026-11-02 收盘价 · 非实时股价(行情取于 2026-11-03)
市值 2.07 万亿美元 · 表观市盈率(TTM)26.5x · 实际市盈率(TTM)28.2x
266.8252 周487.47
总览/台积电/财报分析/财务数据

财务数据

金额单位:亿新台币;每股数据:新台币;股数:亿股。* 为推导值(如第四季度 = 全年 − 前三季度;半年报公司的下半年 = 全年 − 上半年),悬停任一数字可查看来源(XBRL 标签 / PDF 页码 / 计算公式)。

口径:年度数据取自 20-F,为 IASB 版 IFRS;季度数据取自公司季度管理层报告,为台湾 IFRS(T-IFRS,公司公布的每股盈余、指引与市场一致预期均用此口径)。两者营收、毛利、营业利润、税前利润与现金流一致;所得税与归母净利润不同——台湾对未分配盈余加征的所得税,T-IFRS 在股东会决议分配的次年入账,IFRS 在盈余产生当年预估入账,所以四季合计净利润会高于 20-F 年度净利润。

年度营收(亿新台币)
010,00020,00030,00040,000FY16FY17FY18FY19FY20FY21FY22FY23FY24FY2538,091
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
营业收入9,4799,77410,31510,70013,39315,87422,63921,61728,94338,091
年度利润(亿新台币)
营业利润净利润
05,00010,00015,00020,000FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
营业利润3,7803,8563,8363,7275,6686,50011,2139,21513,22119,361
净利润3,3173,4503,6313,5395,1075,9249,9298,51711,58416,976
市盈率对比:表观 vs 实际(倍,按当前市值折算)
表观市盈率(账面口径)实际市盈率(主业口径)
0x25x50x75x100xFY22FY23FY24FY25TTM26.5x28.2x
查看数据表
FY22FY23FY24FY25TTM
表观市盈率(账面口径)67.9x79.2x58.2x39.7x26.5x
实际市盈率(主业口径)69.3x84.1x61.9x41.9x28.2x

最新滚动 12 个月(FY2025Q4–FY2026Q3):总市值 674,236.1 亿新台币;账面净利润 25,478.4 亿新台币 → 表观市盈率 26.5x;剔除税后非主业净收益 1,558.1 亿新台币(投资/股权及利息等营业外收支税前 1,867.1 亿,有效税率 16.5%)后,实际主业盈利 23,920.3 亿新台币 → 实际市盈率 28.2x(表观市盈率被非主业收益拉低 1.7x)。

年度账面盈利 vs 实际主业盈利(亿新台币,含 TTM)
账面净利润实际主业盈利
010,00020,00030,000FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25TTM
账面净利润3,3173,4503,6313,5395,1075,9249,9298,51711,58416,97625,478
实际主业盈利3,2493,3583,5033,3844,9505,8079,7318,01510,89416,10023,920
年度利润率
毛利率营业利润率税后营业利润率净利率
20%30%40%50%60%70%FY17FY19FY21FY23FY25毛利率 59.9%营业利润率 50.8%税后营业利润率 42.2%净利率 44.6%
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
毛利率50.1%50.6%48.3%46.0%53.1%51.6%59.6%54.4%56.1%59.9%
营业利润率39.9%39.4%37.2%34.8%42.3%40.9%49.5%42.6%45.7%50.8%
税后营业利润率34.3%34.4%34.0%31.6%37.0%36.6%43.0%37.0%37.6%42.2%
净利率35.0%35.3%35.2%33.1%38.1%37.3%43.9%39.4%40.0%44.6%
资本开支与自由现金流(亿新台币)
资本开支自由现金流
05,00010,00015,000FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
资本开支3,2803,3063,1564,6045,0728,39210,8279,4989,56012,724
自由现金流2,1182,5472,5841,5473,1542,7305,2792,9228,70210,026
年度ROE 与 ROIC
ROEROIC三年增量 ROIC
-20%0%20%40%60%80%FY17FY19FY21FY23FY25ROE 35.4%ROIC 46.1%三年增量 ROIC 58.5%
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
ROE24.4%24.2%23.0%21.6%29.6%29.7%39.3%26.9%30.2%35.4%
ROIC33.5%32.5%30.7%28.6%34.6%34.2%40.6%27.8%35.4%46.1%
三年增量 ROIC6.3%40.0%41.4%52.2%21.0%36.8%58.5%

FY2025 ROIC 46.1% = 税后营业利润(NOPAT)16,074.8 亿新台币 ÷ 投入资本 34,832.4 亿新台币(杜邦拆解:税后营业利润率 42.2% × 投入资本周转率 1.09x);三年增量 ROIC 58.5%。

年度税后营业利润(NOPAT)与投入资本(亿新台币)
税后营业利润(NOPAT)投入资本
010,00020,00030,00040,000FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
查看数据表
FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
税后营业利润(NOPAT)3,2503,3583,5043,3844,9535,8129,7358,00810,88516,075
投入资本9,70910,32211,39511,83414,30716,97623,99328,82430,75134,832
科目FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
利润表
营业收入IS_REVENUE 9,479.49,774.510,314.710,699.913,392.515,874.222,638.921,617.428,943.138,090.5
营业成本IS_COGS 4,730.84,826.25,334.95,772.86,281.27,678.89,155.49,866.312,699.515,277.6
毛利IS_GROSS_PROFIT 4,748.34,948.34,978.74,927.07,111.38,195.413,483.511,751.116,243.522,812.9
研发费用IS_RND 712.1807.3859.0914.21,094.91,247.31,632.61,823.72,041.82,464.3
销售及管理费用IS_SGA 257.0271.7262.5280.9355.7444.9634.5714.6968.9992.2
营业费用IS_OPEX 969.01,079.01,121.51,195.01,450.61,692.22,267.12,538.33,010.73,456.5
营业利润IS_OPERATING_PROFIT 3,779.63,855.63,836.23,727.05,667.86,499.811,212.89,214.713,220.519,360.9
税前利润IS_PRETAX_PROFIT 3,859.23,961.63,975.43,898.65,847.56,630.411,440.79,793.214,058.420,416.5
所得税IS_TAX 541.2511.2344.4358.4737.4701.61,507.81,282.92,483.23,465.3
净利润IS_NET_PROFIT 3,317.13,450.03,630.53,539.55,107.45,923.69,929.28,517.411,583.816,976.0
基本每股收益IS_EPS_BASIC 12.7913.3014.0013.6519.7022.8438.2932.8544.6865.47
摊薄每股收益IS_EPS_DILUTED 12.7913.3014.0013.6519.7022.8438.2932.8544.6765.47
基本加权股数IS_SHARES_BASIC 259.30259.30259.30259.30259.30259.30259.29259.29259.28259.28
摊薄加权股数IS_SHARES_DILUTED 259.30259.30259.30259.29259.29259.30259.31
资产负债表
总资产BS_TOTAL_ASSETS 18,863.019,917.320,900.322,647.227,606.037,253.049,644.655,322.066,917.679,328.4
流动资产BS_CURRENT_ASSETS 8,177.38,572.09,516.88,226.110,921.916,070.720,529.021,940.330,883.538,171.3
现金及等价物BS_CASH 5,412.55,533.95,778.14,554.06,601.710,649.913,428.114,654.321,276.327,678.6
短期投资(有价证券/定期存款)BS_ST_INVESTMENTS 64.55.71,173.41,280.21,313.11,234.52,186.72,222.22,943.83,007.4
应收账款BS_AR 1,283.41,211.31,286.11,389.11,454.81,975.92,297.62,013.12,706.82,790.5
存货BS_INVENTORY 486.8738.81,032.3829.81,373.51,931.02,211.52,510.02,878.72,881.1
非流动资产BS_NONCURRENT_ASSETS 10,685.711,345.311,383.514,421.116,684.221,182.329,115.633,381.636,034.141,157.1
固定资产净值BS_PPE_NET 9,977.810,625.410,720.513,523.815,555.919,751.226,938.430,644.832,349.836,918.4
长期股权及金融资产投资BS_EQUITY_INVESTMENTS 114.4114.788.974.2412.9998.3886.01,105.1
总负债BS_TOTAL_LIABILITIES 5,264.54,972.94,289.36,503.49,248.415,736.220,466.320,783.324,124.925,366.2
流动负债BS_CURRENT_LIABILITIES 3,482.93,868.93,568.45,983.66,319.07,583.59,865.69,428.113,086.615,224.1
一年内到期借款BS_ST_DEBT 960.71,221.71,236.51,503.2911.61,194.9193.192.9598.61,369.3
长期借款BS_LT_DEBT 1,530.9918.0569.0251.02,560.76,133.88,391.09,182.89,584.38,960.6
股东权益BS_TOTAL_EQUITY 13,590.514,937.516,604.316,137.118,348.121,492.629,030.234,295.242,442.753,550.4
少数股东权益BS_MINORITY_INTEREST 8.07.06.86.89.524.2148.1243.4350.1411.8
现金流量表
经营活动现金流CF_OPERATING 5,398.35,853.25,739.56,151.48,226.711,121.616,106.012,419.718,261.822,749.8
折旧摊销CF_DEPRECIATION 2,238.32,601.42,925.52,868.83,317.24,223.94,372.55,321.96,628.06,881.0
投资活动现金流CF_INVESTING -3,954.4-3,361.6-3,142.7-4,588.0-5,057.8-8,363.7-11,909.3-9,061.2-8,648.4-11,443.9
资本开支CF_CAPEX 3,280.53,305.93,155.84,604.25,072.48,392.010,826.79,498.29,560.112,724.1
筹资活动现金流CF_FINANCING -1,578.0-2,157.0-2,451.2-2,696.4-886.21,366.1-2,002.4-2,048.9-3,463.0-4,403.4
派息CF_DIVIDEND 1,555.81,815.12,074.42,593.02,593.02,657.92,852.32,917.23,630.64,667.8
回购CF_BUYBACK 0.030.90.0
汇率变动对现金的影响CF_FX -80.3-213.298.6-91.1-235.0-75.8584.0-83.4471.7-500.1
财务指标
毛利率GROSS_MARGIN 50.1%50.6%48.3%46.0%53.1%51.6%59.6%54.4%56.1%59.9%
营业利润率OPERATING_MARGIN 39.9%39.4%37.2%34.8%42.3%40.9%49.5%42.6%45.7%50.8%
净利率NET_MARGIN 35.0%35.3%35.2%33.1%38.1%37.3%43.9%39.4%40.0%44.6%
税后营业利润NOPAT 3,249.53,358.03,503.93,384.44,953.15,812.19,735.18,007.610,885.416,074.8
税后营业利润率NOPAT_MARGIN 34.3%34.4%34.0%31.6%37.0%36.6%43.0%37.0%37.6%42.2%
投入资本INVESTED_CAPITAL 9,708.910,321.611,395.111,834.114,307.116,976.523,993.028,823.830,750.734,832.4
投入资本周转率CAPITAL_TURNOVER 0.980.950.910.900.940.940.940.750.941.09
ROEROE 24.4%24.2%23.0%21.6%29.6%29.7%39.3%26.9%30.2%35.4%
ROICROIC 33.5%32.5%30.7%28.6%34.6%34.2%40.6%27.8%35.4%46.1%
三年增量 ROICINCREMENTAL_ROIC_3Y 6.3%40.0%41.4%52.2%21.0%36.8%58.5%
资产负债率DEBT_RATIO 27.9%25.0%20.5%28.7%33.5%42.2%41.2%37.6%36.1%32.0%
经营现金流/净利润OCF_TO_PROFIT 162.7%169.7%158.1%173.8%161.1%187.8%162.2%145.8%157.6%134.0%
应计比率ACCRUAL_RATIO -11.0%-12.1%-10.1%-11.5%-11.3%-14.0%-12.4%-7.1%-10.0%-7.3%
营业外收支/税前利润NONOP_TO_PRETAX 2.1%2.7%3.5%4.4%3.1%2.0%2.0%5.9%6.0%5.2%
自由现金流FCF 2,117.92,547.32,583.71,547.23,154.32,729.65,279.32,921.58,701.710,025.7
自由现金流利润率FCF_MARGIN 22.3%26.1%25.0%14.5%23.6%17.2%23.3%13.5%30.1%26.3%
资本开支/折旧摊销CAPEX_TO_DA 1.471.271.081.601.531.992.481.781.441.85
固定资产周转率PPE_TURNOVER 0.950.920.960.790.860.800.840.710.891.03
总资产周转率ASSET_TURNOVER 0.500.500.510.490.530.490.520.410.470.52
权益乘数EQUITY_MULTIPLIER 1.391.361.291.331.461.631.721.661.591.52
应收周转天数DSO 49.445.245.547.439.645.437.034.034.126.7
存货周转天数DIO 37.655.970.652.579.891.888.292.982.768.8
所有者盈余OWNER_EARNINGS 3,160.13,251.82,814.13,282.54,909.46,897.711,733.47,097.811,633.815,868.8
股东回报(派息+回购)SHAREHOLDER_RETURN 1,555.81,815.12,074.42,593.02,593.02,657.92,852.32,917.23,661.44,667.8
股东回报/自由现金流SHAREHOLDER_RETURN_TO_FCF 73.5%71.3%80.3%167.6%82.2%97.4%54.0%99.9%42.1%46.6%
派息率PAYOUT_RATIO 46.9%52.6%57.1%73.3%50.8%44.9%28.7%34.3%31.3%27.5%
稀释率DILUTION_RATE 0.0%0.0%0.0%0.0%0.0%0.0%0.0%
摊薄股数同比SHARES_DILUTED_CHANGE 0.0%-0.0%-0.0%0.0%0.0%
摊薄 EPS 同比EPS_DILUTED_GROWTH 9.5%4.0%5.3%-2.5%44.3%15.9%67.6%-14.2%36.0%46.6%

勾稽校验(所示期间):20 项, 全部通过