ASX vs. TSM: ASE vs. Taiwan Semiconductor Mfg Stock Comparison

November 11, 2026

How do ASE (ASX) and Taiwan Semiconductor Mfg (TSM) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

ASE (ASX) and Taiwan Semiconductor Mfg (TSM) are both classified in the Semiconductors sub-industry within the broader Semiconductors & Semiconductor Equipment industry, placing them in the closest GICS peer bucket.

Both ASE (ASX) and Taiwan Semiconductor Mfg (TSM) trade as ADRs — their core financials are comparable, but keep FX, depositary-program fees, and dividend withholding in view for each.

Company profile comparison for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Profile Item	ASX	TSM
Name	ASE Technology Holding Co., Ltd. ADR	Taiwan Semiconductor Manufacturing Company Ltd. ADR
Country/Region	Taiwan	Taiwan
GICS Sector	Information Technology	Information Technology
GICS Industry Group	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Industry	Semiconductors & Semiconductor Equipment	Semiconductors & Semiconductor Equipment
GICS Sub-Industry	Semiconductors	Semiconductors
Market Capitalization	69.83 billion USD	1,947.21 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	October 2, 2000	October 9, 1997
Security Type	ADR	ADR

Price Performance

Cumulative Growth

ASX

TSM

GSPC

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for ASE (ASX) and Taiwan Semiconductor Mfg (TSM). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for ASE (ASX) and Taiwan Semiconductor Mfg (TSM). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Total Return (1Y)	127.56%	37.26%
Total Return (3Y, Annualized)	67.56%	64.12%
Total Return (5Y, Annualized)	41.55%	28.19%

Risk Profile

Drawdown History

ASX

TSM

GSPC

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for ASE (ASX) and Taiwan Semiconductor Mfg (TSM). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Volatility (1Y, Annualized)	62.95%	41.69%
Beta (5Y)	1.83	1.45
Max Drawdown (5Y)	-40.64%	-56.47%
Avg. Volume (3M)	7.76M	11.20M

Risk-Adjusted Performance

Risk-Return Positioning

ASX and TSM are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Sharpe Ratio (1Y)	1.96	0.79
Sortino Ratio (1Y)	2.77	1.15

Profitability

ROE (TTM)

Taiwan Semiconductor Mfg (TSM) at 41.86% sits in the top ROE quartile, while ASE (ASX) at 19.90% is closer to the peer norm — stronger capital efficiency for TSM.

ASX

Semiconductors & Semiconductor Equipment industry group

19.90%

Max: 52.82%
Q3: 22.26%
ASX: 19.90%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

TSM

Semiconductors & Semiconductor Equipment industry group

41.86%

Max: 52.82%
TSM: 41.86%
Q3: 22.26%
Median: 10.58%
Q1: 1.29%
Min: -16.89%

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their ROE against the Semiconductors & Semiconductor Equipment industry group benchmark.

Net Margin (TTM)

Taiwan Semiconductor Mfg (TSM) at 51.12% retains a top-quartile share of revenue as profit, ahead of ASE (ASX) at 9.78%, which keeps about the industry-typical share.

ASX

Semiconductors & Semiconductor Equipment industry group

9.78%

Max: 63.80%
Q3: 28.36%
Median: 11.44%
ASX: 9.78%
Q1: 0.90%
Min: -37.77%

TSM

Semiconductors & Semiconductor Equipment industry group

51.12%

Max: 63.80%
TSM: 51.12%
Q3: 28.36%
Median: 11.44%
Q1: 0.90%
Min: -37.77%

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their net margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Operating Margin (TTM)

Taiwan Semiconductor Mfg (TSM) at 58.66% operates in the top operating margin quartile, ahead of ASE (ASX) at 13.57%, which runs around its industry’s norm.

ASX

Semiconductors & Semiconductor Equipment industry group

13.57%

Max: 58.66%
Q3: 30.23%
Median: 15.91%
ASX: 13.57%
Q1: 7.54%
Min: -25.74%

TSM

Semiconductors & Semiconductor Equipment industry group

58.66%

TSM: 58.66%
Max: 58.66%
Q3: 30.23%
Median: 15.91%
Q1: 7.54%
Min: -25.74%

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their operating margin against the Semiconductors & Semiconductor Equipment industry group benchmark.

Profitability Metrics

Profitability metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
ROE (TTM)	19.90%	41.86%
ROA (TTM)	5.36%	20.58%
Net Margin (TTM)	9.78%	51.12%
Operating Margin (TTM)	13.57%	58.66%
Gross Margin (TTM)	20.80%	65.85%

Growth

Revenue Growth

Taiwan Semiconductor Mfg (TSM) at 31.61% sits in the top revenue growth quartile, while ASE (ASX) at 8.39% is closer to the peer norm — faster top-line expansion for TSM.

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their Revenue Growth across different time periods.

EPS Growth

Taiwan Semiconductor Mfg (TSM) at 46.41% sits in the top EPS growth quartile, while ASE (ASX) at 22.96% is closer to the peer norm — faster per-share earnings growth for TSM.

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Revenue Growth (YoY)	8.39%	31.61%
Revenue Growth (3Y CAGR)	-1.28%	18.94%
EPS Growth (YoY)	22.96%	46.41%
EPS Growth (3Y CAGR)	-13.66%	19.12%

Financial Strength

Current Ratio (MRQ)

Taiwan Semiconductor Mfg (TSM) at 2.51 keeps current ratio within its industry’s typical mid-range, while ASE (ASX) at 1.16 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for ASX.

ASX

Semiconductors & Semiconductor Equipment industry group

1.16

Max: 10.33
Q3: 5.62
Median: 3.33
Q1: 2.35
ASX: 1.16
Min: 1.03

TSM

Semiconductors & Semiconductor Equipment industry group

2.51

Max: 10.33
Q3: 5.62
Median: 3.33
TSM: 2.51
Q1: 2.35
Min: 1.03

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their current ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Debt / Equity (MRQ)

Taiwan Semiconductor Mfg (TSM) at 0.12 carries an industry-typical debt-to-equity mix, while ASE (ASX) at 0.87 uses more debt funding than most peers.

ASX

Semiconductors & Semiconductor Equipment industry group

0.87

Max: 1.46
ASX: 0.87
Q3: 0.65
Median: 0.27
Q1: 0.04
Min: 0.00

TSM

Semiconductors & Semiconductor Equipment industry group

0.12

Max: 1.46
Q3: 0.65
Median: 0.27
TSM: 0.12
Q1: 0.04
Min: 0.00

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their debt-to-equity ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Financial Strength Metrics

Financial strength metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Current Ratio (MRQ)	1.16	2.51
Debt / Equity (MRQ)	0.87	0.12
Net Debt / EBITDA	1.85	-0.89

Dividends

Dividend Yield (TTM)

ASE (ASX) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Taiwan Semiconductor Mfg (TSM) reports a yield of 1.70%, ranking against industry peers normally.

ASX

Semiconductors & Semiconductor Equipment industry group

0.00%

Max: 1.37%
Q3: 0.65%
ASX: 0.00%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TSM

Semiconductors & Semiconductor Equipment industry group

1.70%

TSM: 1.70%
Max: 1.37%
Q3: 0.65%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their dividend yield against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Payout Ratio (TTM)

Both ASE (ASX) at 39.77% and Taiwan Semiconductor Mfg (TSM) at 24.46% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

ASX

Semiconductors & Semiconductor Equipment industry group

39.77%

Max: 49.64%
ASX: 39.77%
Q3: 21.71%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

TSM

Semiconductors & Semiconductor Equipment industry group

24.46%

Max: 49.64%
TSM: 24.46%
Q3: 21.71%
Median: 0.00%
Q1: 0.00%
Min: 0.00%

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their payout ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Dividend Metrics

Dividend metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
Dividend Yield (TTM)	0.00%	1.70%
Dividend Payout Ratio (TTM)	39.77%	24.46%

Valuation

P/E Ratio (TTM)

Both ASE (ASX) at 30.41 and Taiwan Semiconductor Mfg (TSM) at 24.33 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

ASX

Semiconductors & Semiconductor Equipment industry group

30.41

Max: 110.34
Q3: 66.81
Median: 37.02
ASX: 30.41
Q1: 23.96
Min: 8.12

TSM

Semiconductors & Semiconductor Equipment industry group

24.33

Max: 110.34
Q3: 66.81
Median: 37.02
TSM: 24.33
Q1: 23.96
Min: 8.12

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their P/E ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/S Ratio (TTM)

Both ASE (ASX) at 0.09 and Taiwan Semiconductor Mfg (TSM) at 0.39 fetch a relatively low price per dollar of sales, landing in the cheaper P/S ratio quartile of their industries.

ASX

Semiconductors & Semiconductor Equipment industry group

0.09

Max: 21.42
Q3: 12.27
Median: 5.76
Q1: 2.73
ASX: 0.09
Min: 0.00

TSM

Semiconductors & Semiconductor Equipment industry group

0.39

Max: 21.42
Q3: 12.27
Median: 5.76
Q1: 2.73
TSM: 0.39
Min: 0.00

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their P/S ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

P/B Ratio (MRQ)

ASE (ASX) at 5.34 sits near its industry’s typical P/B ratio, while Taiwan Semiconductor Mfg (TSM) at 71.65 prices above its benchmark range — TSM looks rich relative to book.

ASX

Semiconductors & Semiconductor Equipment industry group

5.34

Max: 14.06
Q3: 7.44
ASX: 5.34
Median: 4.29
Q1: 2.30
Min: 0.20

TSM

Semiconductors & Semiconductor Equipment industry group

71.65

TSM: 71.65
Max: 14.06
Q3: 7.44
Median: 4.29
Q1: 2.30
Min: 0.20

ASE (ASX) vs. Taiwan Semiconductor Mfg (TSM): A comparison of their P/B ratio against the Semiconductors & Semiconductor Equipment industry group benchmark.

Valuation Metrics

Valuation metrics for ASE (ASX) and Taiwan Semiconductor Mfg (TSM)
Metric	ASX	TSM
P/E Ratio (TTM)	30.41	24.33
P/S Ratio (TTM)	0.09	0.39
P/B Ratio (MRQ)	5.34	71.65
Free Cash Flow Yield (TTM)	-275.26%	61.78%