ASX vs TSM
ASE Technology Holding Co. Ltd. and Taiwan Semiconductor Manufacturing Co. Ltd., side by side — 10 fiscal years reported in TWD, drawn from SEC filings.
Most recent reported year
| Metric | ASX | TSM |
|---|---|---|
| Revenue | TWD 645.4B | TWD 2.9T |
| Net income | TWD 40.0B | TWD 1.2T |
| Gross margin | 17.7% | 56.1% |
| Net margin | 6.4% | 40.0% |
| Return on equity | 12.1% | 30.2% |
| Diluted EPS | TWD 8.75 | TWD 44.67 |
| Dividend / share | · | · |
| Payout ratio | 58.5% | 31.3% |
| Free cash flow | TWD -22.4B | TWD 870.2B |
| Equity | TWD 342.2B | TWD 4.2T |
| Net debt / equity | · | · |
| Current ratio | 1.26× | 2.36× |
| Revenue CAGR 5y | 6.2% | 22.0% |
| Profit CAGR 5y | 8.2% | 26.8% |
TSM bills 4.5× the revenue of ASX, and keeps more of each dollar of revenue as profit (40.0% against 6.4%).
The stronger figure of the pair is set in bold. That is arithmetic, not a recommendation — this page does not pick a winner. "·" marks a figure not available in our data.
10 years side by side
| Fiscal year | ASX | TSM |
|---|---|---|
| FY2024 | TWD 595.4B | TWD 2.9T |
| FY2023 | TWD 581.9B | TWD 2.2T |
| FY2022 | TWD 670.9B | TWD 2.3T |
| FY2021 | TWD 570.0B | TWD 1.6T |
| FY2020 | TWD 477.0B | TWD 1.3T |
| FY2019 | TWD 413.2B | TWD 1.1T |
| FY2018 | TWD 371.1B | TWD 1.0T |
| FY2017 | TWD 290.4B | TWD 977.4B |
| FY2016 | TWD 274.9B | TWD 947.9B |
| FY2015 | TWD 283.3B | TWD 843.5B |
Bottom line
| Fiscal year | ASX | TSM |
|---|---|---|
| FY2024 | TWD 32.4B | TWD 1.2T |
| FY2023 | TWD 35.5B | TWD 851.7B |
| FY2022 | TWD 61.5B | TWD 992.9B |
| FY2021 | TWD 60.2B | TWD 592.4B |
| FY2020 | TWD 27.0B | TWD 510.7B |
| FY2019 | TWD 17.1B | TWD 353.9B |
| FY2018 | TWD 26.2B | TWD 363.1B |
| FY2017 | TWD 22.8B | TWD 345.0B |
| FY2016 | TWD 21.3B | TWD 331.7B |
| FY2015 | TWD 19.7B | TWD 302.9B |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2024 | −TWD 2,298,898,115,000 | TSM |
| FY2023 | −TWD 1,579,821,329,000 | TSM |
| FY2022 | −TWD 1,593,018,657,000 | TSM |
| FY2021 | −TWD 1,017,417,867,000 | TSM |
| FY2020 | −TWD 862,276,090,000 | TSM |
| FY2019 | −TWD 656,803,216,000 | TSM |
| FY2018 | −TWD 660,381,179,000 | TSM |
| FY2017 | −TWD 687,005,992,000 | TSM |
| FY2016 | −TWD 673,054,193,000 | TSM |
| FY2015 | −TWD 560,194,864,000 | TSM |
TSM has reported the higher revenue in every one of these 10 fiscal years. The gap has widened since the earliest year compared.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2024 | −34.3 pp | TSM |
| FY2023 | −33.0 pp | TSM |
| FY2022 | −34.2 pp | TSM |
| FY2021 | −26.4 pp | TSM |
| FY2020 | −32.1 pp | TSM |
| FY2019 | −28.7 pp | TSM |
| FY2018 | −27.8 pp | TSM |
| FY2017 | −26.9 pp | TSM |
| FY2016 | −26.8 pp | TSM |
| FY2015 | −28.6 pp | TSM |
TSM has kept the higher net margin in every one of these 10 fiscal years.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
TSM's net margin has been more volatile than ASX's over the 10 comparable fiscal years — 3.0 percentage points of standard deviation against 1.8.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TSM led in net margin in every one of the 10 comparable fiscal years — a structural lead, not a recent swing.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
ASX's return on equity has been more volatile than TSM's over the 10 comparable fiscal years — 5.1 percentage points of standard deviation against 4.8.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.
Year by year
TSM led in return on equity in every one of the 10 comparable fiscal years — a structural lead, not a recent swing.
10 of 11 comparable fiscal years — a year missing data on either side is not counted.