TSMC spent NT$443B on capex and still generated NT$477B in free cash flow in Q3.
$TSM 's October 15 results show NT$919.77B of operating cash flow and NT$476.56B after capex, versus NT$139.38B a year earlier.
That gives the company room to fund growth. It doesn't prove the stock is cheap.
This cash measure is before dividends. Working capital and spending timing can move it between quarters.
Repeat cash generation as new factories ramp would strengthen the investment case. Spending that grows without adequate returns would weaken it.
$TSM 's October 15 results show NT$919.77B of operating cash flow and NT$476.56B after capex, versus NT$139.38B a year earlier.
That gives the company room to fund growth. It doesn't prove the stock is cheap.
This cash measure is before dividends. Working capital and spending timing can move it between quarters.
Repeat cash generation as new factories ramp would strengthen the investment case. Spending that grows without adequate returns would weaken it.