NYSE · Technology

Taiwan Semiconductor Manufacturing Company Limited

TSM · Semiconductors

$401.51

▲ 3.81 (0.96%)

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Mr. Market is currently offering Taiwan Semiconductor Manufacturing Company Limited at $401.51.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 59.9%

Operating Margin 50.8%

Net Income Margin 44.6%

Fin. Health A

Years to Pay Off Debt 0.6 yrs

Working Capital vs Long-Term Debt $1,398.7B

Working Capital $2,294.7B

Valuation A

Margin of Safety 85.5%

Price-to-Book 0.39x

Cash Flow C

Free Cash Flow $992.4B

CapEx % of Net Income 75.6%

Owner Earnings $3,668.3B

6/7

Graham Score

Defensive

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $2,082.2B

Enterprise Value $7,986.7B

P/E (TTM) 34.46

Dividend Yield 4.27%

Exchange NYSE

Key Margins

Gross Profit 59.9%

Operating Margin 50.8%

Net Margin 44.6%

Company Info

Sector Technology

Industry Semiconductors

Employees 76907

Country Taiwan

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Taiwan Semiconductor Manufacturing Company Limited at $401.51.

The business passes 6 of 7 of Graham's defensive criteria — a strong showing that few companies achieve.

At $401.51, the stock trades below its Graham Number of $2,774.07 — suggesting a margin of safety exists.

The margin of safety of 85.5% exceeds Graham's recommended 33% threshold — a rare opportunity.

Trading at 1.6x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock qualifies for Graham's Defensive investor — one seeking safety, stability, and freedom from effort.

About Taiwan Semiconductor Manufacturing Company Limited

Taiwan Semiconductor Manufacturing Company Limited, together with its subsidiaries, manufactures, packages, tests, and sells integrated circuits and other semiconductor devices in Taiwan, China, Europe, the Middle East, Africa, Japan, the United States, and internationally. It provides various wafer fabrication processes, such as processes to manufacture complementary metal- oxide-semiconductor (CMOS) logic, mixed-signal, radio frequency, embedded memory, bipolar CMOS mixed-signal, and others. The company also involved in providing customer and engineering support services; manufacturing of masks; investment in technology start-up companies; research, designing, developing, manufacturing, packaging, testing, and sale of color filters; and investment activities. Its products are used in high performance computing, smartphones, Internet of things, automotive, and digital consumer electronics. Taiwan Semiconductor Manufacturing Company Limited was incorporated in 1987 and is headquartered in Hsinchu City, Taiwan.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	59.9% ▲	56.1%	54.4%	59.6%	N/A
Operating Margin %	50.8% ▲	45.7%	42.6%	49.5%	N/A
Net Income %	44.6% ▲	40.0%	39.4%	43.9%	N/A
Diluted EPS	331.25 ▲	226.25	161.70	196.00	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$7,932.8B	$6,691.8B	$5,532.2B	$4,964.5B	N/A
Total Debt	$1,064.6B ↑	$1,047.0B	$956.3B	$888.2B	N/A
Working Capital	$2,294.7B ▲	$1,779.7B	$1,251.2B	$1,066.3B	N/A
Years to Pay Debt	0.63	0.90	1.12	0.89	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$992.4B ▲	$861.2B	$286.6B	$521.0B	N/A
Owner Earnings	$3,668.3B	$2,786.2B	$2,339.3B	$2,519.8B	N/A
CapEx % of Net Income	75.6%	83.3%	112.2%	109.7%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	913,147	197,845	442,709	457,734
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,736,741,500	2,078,011,900	1,520,127,300	1,589,603,300
Total Unusual Items	5,380,000	1,120,100	3,379,500	3,473,200
Total Unusual Items Excluding Goodwill	5,380,000	1,120,100	3,379,500	3,473,200
Net Income From Continuing Operation Net Minority Interest	1,697,604,000	1,158,380,200	851,740,000	992,923,400
Reconciled Depreciation	688,096,400	662,796,600	532,190,900	437,254,300
Reconciled Cost Of Revenue	1,527,760,300	1,269,954,100	986,625,200	915,536,500
EBITDA	2,742,121,500	2,079,132,000	1,523,506,800	1,593,076,500
EBIT	2,054,025,100	1,416,335,400	991,315,900	1,155,822,200
Net Interest Income	93,368,700	76,718,000	48,294,500	10,672,200
Interest Expense	12,370,400	10,495,400	11,999,400	11,750,000
Interest Income	105,739,100	87,213,400	60,293,900	22,422,200
Normalized Income	1,693,137,147	1,157,457,945	848,803,209	989,907,934
Net Income From Continuing And Discontinued Operation	1,697,604,000	1,158,380,200	851,740,000	992,923,400
Total Expenses	1,872,958,700	1,572,304,600	1,240,305,900	1,142,664,800
Total Operating Income As Reported	1,936,091,700	1,322,053,000	921,465,600	1,121,278,900
Diluted Average Shares	5,186,111	5,185,929	5,185,853	5,185,838
Basic Average Shares	5,185,652	5,185,511	5,185,845	5,185,838
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,697,604,000	1,158,380,200	851,740,000	992,923,400
Net Income Common Stockholders	1,697,604,000	1,158,380,200	851,740,000	992,923,400
Net Income	1,697,604,000	1,158,380,200	851,740,000	992,923,400
Minority Interests	2,479,100	856,300	712,300	-371,300
Net Income Including Noncontrolling Interests	1,695,124,900	1,157,523,900	851,027,700	993,294,700
Net Income Continuous Operations	1,695,124,900	1,157,523,900	851,027,700	993,294,700
Tax Provision	346,529,800	248,316,100	128,288,800	150,777,500
Pretax Income	2,041,654,700	1,405,840,000	979,316,500	1,144,072,200
Other Income Expense	12,190,400	7,118,900	9,592,100	12,173,500
Other Non Operating Income Expenses	1,321,900	1,118,100	1,412,400	1,020,500
Special Income Charges	-168,000	7,100	15,700	0
Gain On Sale Of Business	-168,000	7,100	15,700	0
Write Off			9,500	900	1,300
Earnings From Equity Interest	5,488,500	4,880,700	4,800,200	7,679,800
Gain On Sale Of Security	5,548,000	1,113,000	3,363,800	3,473,200
Net Non Operating Interest Income Expense	93,368,700	76,718,000	48,294,500	10,672,200
Total Other Finance Cost		-76,718,000	-48,294,000		-294,000
Interest Income Non Operating	105,739,100	87,213,400	60,293,900	22,422,200
Operating Income	1,936,095,600	1,322,003,100	921,429,900	1,121,226,500
Operating Expense	345,198,400	302,350,500	253,680,700	227,128,300
Other Operating Expenses	-451,200	1,280,100	-153,000	420,800
Research And Development	246,427,200	204,181,800	182,370,200	163,262,200
Selling General And Administration	99,222,400	96,888,600	71,463,500	63,445,300
Selling And Marketing Expense	16,918,100	13,143,600	10,590,700	9,920,500
General And Administrative Expense	82,304,300	83,745,000	60,872,800	53,524,800
Other Gand A	82,304,300	83,745,000	60,872,800	53,524,800
Gross Profit	2,281,294,000	1,624,353,600	1,175,110,600	1,348,354,800
Cost Of Revenue	1,527,760,300	1,269,954,100	986,625,200	915,536,500
Total Revenue	3,809,054,300	2,894,307,700	2,161,735,800	2,263,891,300
Operating Revenue	3,809,054,300	2,894,307,700	2,161,735,800	2,263,891,300

Balance Sheet

	2025	2024	2023	2022	2021
Ordinary Shares Number	25,932,525	25,932,733	25,932,071	25,930,380
Share Issued	25,932,525	25,932,733	25,932,071	25,930,380
Total Debt	1,064,582,700	1,047,042,100	956,257,900	888,174,400
Tangible Book Value	5,330,086,100	4,217,984,000	3,406,755,700	2,877,020,500
Invested Capital	6,388,026,400	5,262,553,300	4,357,098,500	3,761,430,000
Working Capital	2,294,716,800	1,779,696,200	1,251,227,800	1,066,333,100
Net Tangible Assets	5,330,086,100	4,217,984,000	3,406,755,700	2,877,020,500
Capital Lease Obligations	31,595,000	28,755,300	28,681,800	29,764,100
Common Stock Equity	5,355,038,700	4,244,266,500	3,429,522,400	2,903,019,700
Total Capitalization	6,251,100,700	5,202,695,400	4,347,805,200	3,742,116,100
Total Equity Gross Minority Interest	5,396,219,200	4,279,271,600	3,453,866,500	2,917,832,400
Minority Interest	41,180,500	35,005,100	24,344,100	14,812,700
Stockholders Equity	5,355,038,700	4,244,266,500	3,429,522,400	2,903,019,700
Other Equity Interest	-16,676,400	38,705,000	-28,314,300	-20,505,600
Gains Losses Not Affecting Retained Earnings		40,413,126	-28,020,822		370,451,000
Other Equity Adjustments		1,310,307	1,395,875		370,451,000
Foreign Currency Translation Adjustments		40,262,995	-25,316,769
Unrealized Gain Loss		-1,160,176	-4,099,928
Retained Earnings	5,038,944,200	3,872,973,400	3,128,639,600	2,594,891,200
Additional Paid In Capital	73,445,600	73,260,800	69,876,400	69,330,300
Capital Stock	259,325,300	259,327,300	259,320,700	259,303,800
Common Stock	259,325,300	259,327,300	259,320,700	259,303,800
Total Liabilities Net Minority Interest	2,536,623,300	2,412,493,100	2,078,330,100	2,046,626,700
Total Non Current Liabilities Net Minority Interest	1,014,209,300	1,103,837,200	1,135,525,000	1,060,063,100
Other Non Current Liabilities	76,651,200	105,083,800	179,249,400	180,850,100
Employee Benefits	6,012,300	7,580,700	9,257,200	9,321,100
Non Current Pension And Other Postretirement Benefit Plans	6,012,300	7,580,700	9,257,200	9,321,100
Non Current Deferred Liabilities	3,888,800	3,988,500	53,800	1,031,400
Non Current Deferred Taxes Liabilities	3,888,800	3,988,500	53,800	1,031,400
Long Term Debt And Capital Lease Obligation	927,657,000	987,184,200	946,964,600	868,860,500
Long Term Capital Lease Obligation	31,595,000	28,755,300	28,681,800	29,764,100
Long Term Debt	896,062,000	958,428,900	918,282,800	839,096,400
Current Liabilities	1,522,414,000	1,308,655,900	942,805,100	986,563,600
Other Current Liabilities	3,084,700	466,500	27,455,600	117,000
Current Debt And Capital Lease Obligation	136,925,700	59,857,900	9,293,300	19,313,900
Current Debt	136,925,700	59,857,900	9,293,300	19,313,900
Other Current Borrowings	136,925,700	59,857,900	9,293,300	19,313,900
Pensionand Other Post Retirement Benefit Plans Current	103,355,300	70,871,200	50,716,900	61,748,600
Payables And Accrued Expenses	1,279,048,300	1,177,460,300	855,339,300	905,384,100
Current Accrued Expenses	401,124,100	451,158,800	296,667,900	293,171,000
Payables	877,924,200	726,301,500	558,671,400	612,213,100
Other Payable	63,872,900	47,451,500	33,200,600	36,435,500
Dueto Related Parties Current	1,778,700	1,426,000	1,566,300	1,642,600
Dividends Payable	285,258,100	220,418,800	168,558,500	142,617,100
Total Tax Payable	266,732,600	191,569,400	128,134,600	163,138,600
Income Tax Payable	266,732,600	191,569,400	128,134,600	163,138,600
Accounts Payable	260,281,900	265,435,800	227,211,400	268,379,300
Total Assets	7,932,842,500	6,691,764,700	5,532,196,600	4,964,459,100
Total Non Current Assets	4,115,711,700	3,603,412,600	3,338,163,700	2,911,562,400
Other Non Current Assets	115,627,400	81,715,400	10,009,400	7,551,100
Non Current Prepaid Assets	4,242,600	5,495,900	7,044,500	4,467,100
Non Current Deferred Assets	62,940,300	65,943,300	64,175,800	69,185,900
Non Current Deferred Taxes Assets	62,940,300	65,943,300	64,175,800	69,185,900
Investments And Advances	172,189,000	148,867,000	129,267,600	68,608,100
Investmentin Financial Assets	134,337,100	111,619,200	99,825,600	41,286,400
Held To Maturity Securities		88,596,500	79,199,400	35,127,200	1,533,400
Available For Sale Securities	119,305,000	96,419,400	86,408,100	41,286,400
Financial Assets Designatedas Fair Value Through Profitor Loss Total	15,032,100	15,199,800	13,417,500	0
Long Term Equity Investment	37,851,900	37,247,800	29,442,000	27,321,700
Investmentsin Associatesat Cost	37,851,900	37,247,800	29,442,000	27,321,700
Goodwill And Other Intangible Assets	24,952,600	26,282,500	22,766,700	25,999,200
Other Intangible Assets	19,061,500	20,211,600	16,970,300	20,207,400
Goodwill	5,891,100	6,070,900	5,796,400	5,791,800
Net PPE	3,735,759,800	3,275,108,500	3,104,899,700	2,735,751,000
Accumulated Depreciation	-5,394,603,600	-4,775,331,300	-4,154,121,200	-3,668,706,200
Gross PPE	9,130,363,400	8,050,439,800	7,259,020,900	6,404,457,200
Construction In Progress	1,518,996,200	1,080,284,200	908,289,800	1,336,842,600
Other Properties	1,198,900	201,700	50,700	21,300
Machinery Furniture Equipment	6,360,982,000	5,957,681,000	5,484,852,300	4,381,002,100
Buildings And Improvements	1,195,867,100	962,237,700	820,769,000	640,403,600
Land And Improvements	53,319,200	50,035,200	45,059,100	46,187,600
Current Assets	3,817,130,800	3,088,352,100	2,194,032,900	2,052,896,700
Other Current Assets	118,664,400	43,237,400	26,222,400	12,888,800
Hedging Assets Current	0	11,000	0	949,800
Inventory	288,109,500	287,868,800	250,997,100	221,149,100
Finished Goods	29,412,900	35,177,000	34,511,000	54,818,400
Work In Process	188,014,400	181,198,800	156,498,500	125,661,900
Raw Materials	70,682,200	71,493,000	59,987,600	40,668,800
Receivables	282,059,200	272,087,900	202,010,200	231,408,900
Duefrom Related Parties Current	3,007,600	1,404,700	696,300	1,653,000
Notes Receivable	279,051,600	270,683,200	201,313,900	229,755,900
Accounts Receivable		270,683,235	201,313,914		197,586,100
Allowance For Doubtful Accounts Receivable		-453,009	-531,554		-347,000
Gross Accounts Receivable		271,136,244	201,845,468		197,933,100
Cash Cash Equivalents And Short Term Investments	3,128,297,700	2,485,147,000	1,714,803,200	1,586,500,100
Other Short Term Investments	360,441,300	357,520,000	249,375,400	243,686,000
Cash And Cash Equivalents	2,767,856,400	2,127,627,000	1,465,427,800	1,342,814,100
Cash Equivalents	6,026,500	6,952,200	12,326,200	13,522,700
Cash Financial	2,761,829,900	2,120,674,800	1,453,101,600	1,329,291,400

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	992,378,400	861,195,500	286,568,900	520,972,800
Repurchase Of Capital Stock	0	-3,089,200	0	-871,600
Repayment Of Debt	-60,516,500	-12,169,300	-22,711,200	-118,955,000
Issuance Of Debt	97,558,400	65,197,000	88,150,000	200,963,600
Capital Expenditure	-1,282,597,200	-964,981,600	-955,398,400	-1,089,626,400
End Cash Position	2,767,856,400	2,127,627,000	1,465,427,800	1,342,814,100
Beginning Cash Position	2,127,627,000	1,465,427,800	1,342,814,100	1,064,990,200
Effect Of Exchange Rate Changes	-50,008,200	47,165,900	-8,338,800	58,397,000
Changes In Cash	690,237,600	615,033,300	130,952,500	219,426,900
Financing Cash Flow	-440,344,600	-346,301,000	-204,894,200	-200,244,000
Cash Flow From Continuing Financing Activities	-440,344,600	-346,301,000	-204,894,200	-200,244,000
Net Other Financing Charges	8,186,400	12,063,500	10,839,300	16,071,800
Interest Paid Cff	-19,128,800	-18,751,200	-17,359,000	-12,218,600
Cash Dividends Paid	-466,779,200	-363,055,200	-291,721,900	-285,234,200
Common Stock Dividend Paid	-466,779,199	-363,055,226	-291,721,852	-285,234,200
Net Common Stock Issuance	0	-3,089,200	0	-871,600
Common Stock Payments	0	-3,089,200	0	-871,600
Net Issuance Payments Of Debt	37,377,000	26,531,100	93,347,400	82,008,600
Net Short Term Debt Issuance	335,100	-26,496,600	27,908,600	-111,960,000
Short Term Debt Payments		-26,496,600	0	-111,960,000	0
Short Term Debt Issuance			27,908,600	0	35,668,400
Net Long Term Debt Issuance	37,041,900	53,027,700	65,438,800	193,968,600
Long Term Debt Payments	-60,516,500	-12,169,300	-22,711,200	-6,995,000
Long Term Debt Issuance	97,558,400	65,197,000	88,150,000	200,963,600
Investing Cash Flow	-1,144,393,400	-864,842,800	-906,120,600	-1,190,928,300
Cash Flow From Continuing Investing Activities	-1,144,393,400	-864,842,800	-906,120,600	-1,190,928,300
Net Other Investing Changes	77,294,700	77,127,800	44,943,400	5,439,700
Interest Received Cfi	98,954,700	76,434,100	55,887,200	18,083,700
Dividends Received Cfi	3,939,600	3,507,000	3,521,600	3,016,500
Net Investment Purchase And Sale	-42,782,200	-54,143,100	-55,781,400	-128,837,700
Sale Of Investment	218,924,400	186,479,600	170,500,600	108,980,400
Purchase Of Investment	-261,706,600	-240,622,700	-226,282,000	-237,818,100
Net Business Purchase And Sale	0	-3,738,800	0	0
Purchase Of Business	0	-3,738,800	0	0
Net Intangibles Purchase And Sale	-10,146,900	-8,818,500	-5,515,300	-6,941,700
Sale Of Intangibles	0	57,200	3,100	12,600
Purchase Of Intangibles	-10,146,900	-8,875,700	-5,518,400	-6,954,300
Net PPE Purchase And Sale	-1,271,653,300	-955,211,300	-949,176,100	-1,081,688,800
Sale Of PPE	797,000	894,600	703,900	983,300
Purchase Of PPE	-1,272,450,300	-956,105,900	-949,880,000	-1,082,672,100
Operating Cash Flow	2,274,975,600	1,826,177,100	1,241,967,300	1,610,599,200
Cash Flow From Continuing Operating Activities	2,274,975,600	1,826,177,100	1,241,967,300	1,610,599,200
Taxes Refund Paid	-267,557,500	-183,640,100	-159,875,100	-86,561,200
Change In Working Capital	-96,752,000	13,350,900	-56,852,000	122,508,500
Change In Other Working Capital	6,174,600	-689,600	-397,600	-3,893,200
Change In Other Current Liabilities	385,100	16,768,700	13,329,900	101,390,500
Change In Other Current Assets	-48,893,500	-21,776,800	-11,372,500	-6,131,500
Change In Payables And Accrued Expense	-44,206,300	125,998,100	-57,962,500	92,235,600
Change In Accrued Expense	-70,731,400	94,813,700	-55,498,300	71,802,700
Change In Payable	26,525,100	31,184,400	-2,464,200	20,432,900
Change In Account Payable	9,751,000	17,073,800	847,000	7,594,100
Change In Inventory	-240,700	-36,871,700	-29,847,900	-28,046,800
Change In Receivables	-9,971,200	-70,077,800	29,398,600	-33,046,100
Changes In Account Receivables				-32,169,900	-52,105,900
Other Non Cash Items	-92,319,500	-77,153,700	-48,632,500	-10,533,400
Stock Based Compensation	1,246,100	1,242,700	483,000	302,400
Asset Impairment Charge	778,100	1,200,400	35,700	843,100
Depreciation Amortization Depletion	688,096,400	662,796,600	532,190,900	437,254,300
Depreciation And Amortization	688,096,400	662,796,600	532,190,900	437,254,300
Amortization Cash Flow	8,412,400	9,186,100	9,258,200	8,756,100
Amortization Of Intangibles	8,412,400	9,186,100	9,258,200	8,756,100
Depreciation	679,684,000	653,610,500	522,932,700	428,498,200
Operating Gains Losses	-170,700	2,540,300	-4,699,200	2,713,300
Earnings Losses From Equity Investments	-5,488,500	-4,880,700	-4,800,200	-7,679,800
Gain Loss On Investment Securities	-744,600	253,900	-2,600	143,300
Net Foreign Currency Exchange Gain Loss	4,308,900	4,576,300	-246,700	10,342,700
Gain Loss On Sale Of PPE	1,585,500	2,597,900	366,100	-92,900
Gain Loss On Sale Of Business	168,000	-7,100	-15,800	0
Net Income From Continuing Operations	2,041,654,700	1,405,840,000	979,316,500	1,144,072,200

These metrics estimate what Taiwan Semiconductor Manufacturing Company Limited is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$2,774.07

Margin of Safety

85.5%

Market Cap ÷ Company Value

1.16

P/B Ratio

0.39

Warren's Owner Earnings

$3,668.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

6/7 — Defensive Investor

✅ Adequate Size

$3,809.1B

vs > $1.5B revenue

✅ Strong Financial Condition

2.51x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.27%

vs Uninterrupted dividends

✅ Earnings Growth

+69.0% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

34.5x

vs P/E ≤ 15.0x

✅ Moderate Price-to-Book

0.39x P/B (P/E×P/B: 13.4)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$246.90

Trading at 1.6x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$4,147.80

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	75.6%	83.3%	112.2%	109.7%	N/A
Repurchase of Capital Stock	$0M	-$3.1B	$0M	-$872M	N/A
Free Cash Flow	$992.4B ▲	$861.2B ▲	$286.6B ▼	$521.0B •	N/A •
Warren's Owner Earnings	$3,668.3B	$2,786.2B	$2,339.3B	$2,519.8B	N/A

Peers & Industry Comparison

Semiconductors — Auto-detected peers

Company	Price	Market Cap	P/E	Gross Margin	Net Margin	Revenue
TSM	$401.51	$2,082.2B	34.46	59.9%	44.6%	$3,809.1B
NVDA NVIDIA Corporation	$198.64	$4,828.2B	40.5	71.1%	55.6%	$215.9B
AMD Advanced Micro Devices, Inc.	$343.19	$559.5B	132.0	52.5%	12.5%	$34.6B
INTC Intel Corporation	$96.29	$484.0B	N/A	37.2%	-5.9%	$53.8B
QCOM QUALCOMM Incorporated	$169.37	$178.5B	18.2	54.8%	22.3%	$44.5B
AVGO Broadcom Inc.	$416.20	$1,970.6B	81.0	76.7%	36.6%	$68.3B

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.05%

Low — management has little skin in the game

Return on Equity (ROE)

31.7%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

21.4%

Strong — management uses assets efficiently

Debt Trend YoY

+1.7% YoY

Debt is roughly stable

Leadership Team

Wei Ph.

Chairman & CEO

Pay: $65,053,573

0.004% of net income

Jen-Chau Huang

Senior VP & CFO

Pay: $9,424,477

0.001% of net income

Chyn

Executive VP of Operations & Co-COO

Mii

Executive VP & Co-COO

Horng-Dar Lin

Vice President of Corporate Information Technology & Chief Information Officer

Top Institutional Holders

Institution	% Owned	Shares
FMR, LLC	1.18%	61,131,828
Sanders Capital, LLC	0.62%	31,958,360
Capital World Investors	0.53%	27,404,289
Capital International Investors	0.49%	25,658,661
JPMORGAN CHASE & CO	0.49%	25,182,540
Fisher Asset Management, LLC	0.35%	18,146,900
Van Eck Associates Corporation	0.34%	17,464,962
Blackrock Inc.	0.32%	16,481,878

Risk Analysis

Beta (Market Risk)

1.26

Moderate volatility — moves slightly more than market

Short Interest

0.5% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.17x

Conservative balance sheet — low financial risk

Current Ratio

2.49x

Strong liquidity — Graham approved

52-Week Price Range

Low: $170.59 Current: $401.51 High: $414.50

Currently at 95% of 52-week range

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