TSM vs UMC
Taiwan Semiconductor Manufacturing Co. Ltd. and United Microelectronics Corp., side by side — 10 fiscal years reported in TWD, drawn from SEC filings.
Most recent reported year
| Metric | TSM | UMC |
|---|---|---|
| Revenue | TWD 2.9T | TWD 232.3B |
| Net income | TWD 1.2T | TWD 48.8B |
| Gross margin | 56.1% | 32.6% |
| Net margin | 40.0% | 21.0% |
| Return on equity | 30.2% | 13.8% |
| Diluted EPS | TWD 44.67 | TWD 3.94 |
| Dividend / share | · | · |
| Payout ratio | 31.3% | 77.1% |
| Free cash flow | TWD 870.2B | TWD 5.3B |
| Equity | TWD 4.2T | TWD 365.5B |
| Net debt / equity | · | · |
| Current ratio | 2.36× | 2.45× |
| Revenue CAGR 5y | 22.0% | 9.4% |
| Profit CAGR 5y | 26.8% | 43.0% |
TSM bills 12.5× the revenue of UMC, and keeps more of each dollar of revenue as profit (40.0% against 21.0%).
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 | TSM | UMC |
|---|---|---|
| FY2024 | TWD 2.9T | TWD 232.3B |
| FY2023 | TWD 2.2T | TWD 222.5B |
| FY2022 | TWD 2.3T | TWD 278.7B |
| FY2021 | TWD 1.6T | TWD 213.0B |
| FY2020 | TWD 1.3T | TWD 176.8B |
| FY2019 | TWD 1.1T | TWD 148.2B |
| FY2018 | TWD 1.0T | TWD 151.3B |
| FY2017 | TWD 977.4B | TWD 149.3B |
| FY2016 | TWD 947.9B | TWD 147.9B |
| FY2015 | TWD 843.5B | TWD 144.8B |
Bottom line
| Fiscal year | TSM | UMC |
|---|---|---|
| FY2024 | TWD 1.2T | TWD 48.8B |
| FY2023 | TWD 851.7B | TWD 59.7B |
| FY2022 | TWD 992.9B | TWD 89.5B |
| FY2021 | TWD 592.4B | TWD 51.2B |
| FY2020 | TWD 510.7B | TWD 22.9B |
| FY2019 | TWD 353.9B | TWD 8.2B |
| FY2018 | TWD 363.1B | TWD 7.7B |
| FY2017 | TWD 345.0B | TWD 9.7B |
| FY2016 | TWD 331.7B | TWD 8.6B |
| FY2015 | TWD 302.9B | TWD 13.3B |
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2024 | +TWD 2,662,005,116,000 | TSM |
| FY2023 | +TWD 1,939,202,800,000 | TSM |
| FY2022 | +TWD 1,985,186,036,000 | TSM |
| FY2021 | +TWD 1,374,403,982,000 | TSM |
| FY2020 | +TWD 1,162,433,886,000 | TSM |
| FY2019 | +TWD 921,783,759,000 | TSM |
| FY2018 | +TWD 880,221,029,000 | TSM |
| FY2017 | +TWD 828,162,494,000 | TSM |
| FY2016 | +TWD 800,068,176,000 | TSM |
| FY2015 | +TWD 698,666,979,000 | 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 10 comparable fiscal years — a year missing data on either side is not counted.
10 fiscal years
| Fiscal year | Difference | Ahead |
|---|---|---|
| FY2024 | +19.0 pp | TSM |
| FY2023 | +12.3 pp | TSM |
| FY2022 | +11.5 pp | TSM |
| FY2021 | +13.6 pp | TSM |
| FY2020 | +26.4 pp | TSM |
| FY2019 | +30.0 pp | TSM |
| FY2018 | +33.1 pp | TSM |
| FY2017 | +30.8 pp | TSM |
| FY2016 | +32.2 pp | TSM |
| FY2015 | +27.2 pp | TSM |
TSM has kept the higher net margin in every one of these 10 fiscal years.
10 of 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
UMC's net margin has been more volatile than TSM's over the 10 comparable fiscal years — 10.8 percentage points of standard deviation against 3.0.
10 of 10 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 10 comparable fiscal years — a year missing data on either side is not counted.
Standard deviation, each side
UMC's return on equity has been more volatile than TSM's over the 10 comparable fiscal years — 8.7 percentage points of standard deviation against 4.8.
10 of 10 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 10 comparable fiscal years — a year missing data on either side is not counted.