Aslan Research · Chips
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (TSM)
Data as of 2026-08-21 · 31 quarters · filed in TWD · outside the industry averages
Revenue grew 23% per year, while committed obligations grew 2% per year. That puts TWD 4.29 trillion of trailing-year revenue against TWD 167.4 billion of reported debt and commitments.
Earned, collected early, and merely signed
Reports NT$167B of debt; has promised NT$167B
Committed money matches reported debt at 1.0x. The full TWD 167.4 billion of commitments is tied to debt, with no additional lease or purchase commitments identified here.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
Most obligations fall within the next five years: TWD 2.24 trillion is due in that period. A further TWD 5 million is due in years five through ten, while deferred revenue tied to customer obligations is TWD 111.7 billion.
The rates that matter
Expenses as filed vs after cited reconciliation
35 patterns worth a second look
The sharpest flag is repeated financing tied to TSMC Nanjing, a related-party operating entity within the group. The data review also dropped figures where extraction passes disagreed, including revenue and debt entries across multiple filings; 12 of 31 quarters changed through reconciliation.
circular financing · 1
The filings report repeated financing of TSMC Nanjing, which is also a related-party operating entity within the company group.
extraction disagreement · 29
6-K tsm-6k_20210310.htm: the two extraction passes read revenue for 2021-02-28 as 106534000000 vs 106534000; the figure was dropped.
6-K tsm-6k_20210310.htm: the two extraction passes read revenue for 2020-02-29 as 93394000000 vs 93394000; the figure was dropped.
6-K tsm-6k_20210310.htm: the two extraction passes read revenue for 2021-02-28 as 233283000000 vs 233283000; the figure was dropped.
+ 26 more
off balance sheet · 1
The filings report TSMC guarantees for substantial debt and operating obligations of TSMC Arizona and other subsidiaries.
redefinition · 1
The filings change the stated capital-budget range from US$15–16 billion in early 2020 to US$16–17 billion later in 2020.
related party exposure · 1
The filings repeatedly report material sales and receivables concentrated with TSMC North America, a wholly owned subsidiary.
subsequent event · 1
The FY2023 filing reports a subsequent earthquake loss estimated at NT$3 billion, later recognized in the second quarter of 2024.
value revision · 1
The cash-and-cash-equivalents revision candidates represent substantive period-to-period changes rather than clerical rounding.