Aslan Research · Chips
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD (TSM)
Data as of 2026-09-03 · 31 quarters · filed in TWD · outside the industry averages
Annual revenue of TWD 4.39 trillion grew 24% per year, while committed obligations grew 2% per year. That growth gap gives the obligation base a smaller scale than the revenue stream supporting it.
Earned, collected early, and merely signed
Reports NT$167B of debt; has promised NT$167B
Committed money matches reported debt at 1.0x. All committed money is reported debt, so leases and purchase commitments add no amount beyond the debt figure.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years carry TWD 2.15 trillion of obligations, against TWD 55.9 billion of deferred revenue already tied to future performance. Later obligations fall to TWD 3.2 billion in years five to ten and TWD 214 million beyond ten years.
The rates that matter
Expenses as filed vs after cited reconciliation
40 patterns worth a second look
The filings describe company financing involving entities that also generate sales or appear as revenue counterparties. Six of 31 quarters changed through reconciliation, and several extracted revenue, debt, or operating-income figures were dropped after conflicting readings.
circular financing · 1
The filings report company financing to entities that also generate sales or appear as revenue counterparties.
extraction disagreement · 34
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-ex991_7.htm: the two extraction passes read debt_long for 2020-12-31 as 256705084000 vs 254105084000; the figure was dropped.
6-K tsm-ex991_18.htm: the two extraction passes read debt_long for 2022-06-30 as 753889823000 vs 770949000; the figure was dropped.
+ 31 more
off balance sheet · 1
The filings report large guarantees of subsidiary debt and financing obligations alongside separate consolidated-company debt disclosures.
redefinition · 1
The filings change the reported scope of advanced technologies from 7-nanometer-and-more-advanced to a later presentation that includes 2-nanometer shipments.
related party exposure · 1
The filings repeatedly report material financing, guarantees, and sales involving wholly owned subsidiaries and related entities.
subsequent event · 1
The filings report earthquake losses after the reporting period that were recognized or expected to be recognized in subsequent quarters.
value revision · 1
The cash balance revision candidates are substantive period-to-period changes rather than clerical duplicates.