ASML vs TSM: ASML Holding NV ADR and Taiwan Semiconductor Manufacturing compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Taiwan Semiconductor Manufacturing is the larger company, worth $2.37T, about 3.6 times ASML Holding NV ADR.
- Taiwan Semiconductor Manufacturing grew revenue faster over the last year (+33.9% vs +15.6%).
- Taiwan Semiconductor Manufacturing keeps more of each dollar of revenue as operating profit (45.7% vs 34.6%).
- On earnings, Taiwan Semiconductor Manufacturing is the cheaper stock (39.3x vs 55.7x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ASML | TSM |
|---|---|---|
| Market cap | $651.6B | $2.37T |
| Share price | $1,780.34 | $453.31 |
| Revenue (last fiscal year) | $32.7B | $2.89T |
| Free cash flow (last fiscal year) | $11.1B | $861.3B |
| Revenue growth, last year | +15.6% | +33.9% |
| Revenue growth per year, last 5 fiscal years | +15.1% | +21.2% |
| Operating margin | 34.6% | 45.7% |
| Net margin | 29.4% | 40.0% |
| Return on equity | 49.0% | 27.3% |
| P/E (trailing) | 55.7x | 39.3x |
| Price / free cash flow | 61.2x | 2.17x |
| EV / EBITDA | 42.1x | 25.0x |
| FCF growth the price implies | — | — |
| Dividend yield | 0.52% | 0.83% |
| Debt / equity | 1.58x | 0.57x |
| Fundamental grade | C | B |
| Superinvestors holding it | 0 | 28 |
| Insider purchases, last 12 months | 0 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
ASML Holding NV ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $18.6B | $9.9B | 36.3% |
| 2022 | $21.2B | $7.2B | 30.7% |
| 2023 | $27.6B | $3.3B | 32.8% |
| 2024 | $28.3B | $9.1B | 31.9% |
| 2025 | $32.7B | $11.1B | 34.6% |
Taiwan Semiconductor Manufacturing
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2020 | $1.34T | $305.9B | 42.3% |
| 2021 | $1.59T | $263.9B | 40.9% |
| 2022 | $2.26T | $521.0B | 49.5% |
| 2023 | $2.16T | $286.6B | 42.6% |
| 2024 | $2.89T | $861.3B | 45.7% |
Where the revenue comes from
ASML Holding NV ADR · by products, 2025
Taiwan Semiconductor Manufacturing · by products, 2025
Questions
Which is bigger, ASML Holding NV ADR or Taiwan Semiconductor Manufacturing?
Taiwan Semiconductor Manufacturing (TSM), at $2.37T against $651.6B.
Is ASML or TSM cheaper?
By trailing P/E, Taiwan Semiconductor Manufacturing (39.3x) is cheaper than ASML Holding NV ADR (55.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, ASML or TSM?
Taiwan Semiconductor Manufacturing: revenue grew +33.9% over the last year, against +15.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.