APPLIED MATERIALS INC /DE vs Taiwan Semiconductor Manufacturing Company Limited, two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Both balance sheets are fortresses, and that is where the resemblance starts rather than ends: TSMC carries effectively no debt against equity and Applied Materials only 0.27, each with current ratios near 2.5, the capital structures of businesses funding brutal capex from their own cash. One builds the chips, the other builds the machines that build them. TSMC currently earns the fatter line, a 45% operating margin to 32%, with returns on equity of 27% and 33% close enough to call even. The market prices the pair as one bet stated twice, 63.5 and 58.7 times earnings, both far above what either traded at in less feverish semiconductor markets. If the AI buildout pauses, the two prices will rediscover their differences.
Comparison updated 2026-07-10.
| Metric | AMAT | TSM |
|---|---|---|
| Price | $624.00 | $431.91 |
| Market cap | $498.6B | $2.24T |
| Sector | Semiconductors | Semiconductors |
| Stage | Mature | Growth |
| P/E | 58.7 | 63.5 |
| P/B | 20.85 | 17.16 |
| P/S | 17.18 | 25.15 |
| EV/EBITDA | 58.3 | 53.9 |
| Revenue growth | +3.4% | +22.6% |
| Gross margin | 49.9% | 55.6% |
| Operating margin | 31.9% | 45.3% |
| Net margin | 27.3% | 39.6% |
| Return on equity | 33.1% | 27.1% |
| Return on assets | 19.6% | 17.3% |
| Return on invested capital | 23.8% | 25.4% |
| FCF yield | 1.1% | 1.2% |
| Dividend yield | 0.3% | — |
| Debt / equity | 0.27 | 0.00 |
| Current ratio | 2.51 | 2.36 |
| Altman Z (solvency) | 9.39 | 8.22 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.