Micron Technology, Inc. vs Taiwan Semiconductor Manufacturing Company Limited, two Semiconductors stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Micron currently earns more on capital than the world's most important manufacturer, 50.1% on equity and 37.6% on assets against TSMC's 27.1% and 17.3%, which says less about quality than about where each sits in its pricing cycle. TSMC's 45.3% operating margin is what a monopoly on advanced nodes earns every year; Micron's 80.4% is what a memory shortage pays until supply answers. The market prices the difference in permanence at 63.5 times TSMC's earnings against 25.6 times Micron's, two and a half turns of multiple per turn of trust. Both are effectively unlevered with free-cash yields pinned low by capex, 1.2% and 2%. The scoreboard favors Micron; the history book favors the foundry.
Comparison updated 2026-07-10.
| Metric | MU | TSM |
|---|---|---|
| Price | $1129.73 | $431.91 |
| Market cap | $1.29T | $2.24T |
| Sector | Semiconductors | Semiconductors |
| Stage | Growth | Growth |
| Implied growth (priced in) | +35.4% | — |
| P/E | 25.6 | 63.5 |
| P/B | 12.84 | 17.16 |
| P/S | 14.33 | 25.15 |
| EV/EBITDA | 18.6 | 53.9 |
| Revenue growth | +161.2% | +22.6% |
| Gross margin | 84.6% | 55.6% |
| Operating margin | 80.4% | 45.3% |
| Net margin | 55.9% | 39.6% |
| Return on equity | 50.1% | 27.1% |
| Return on assets | 37.6% | 17.3% |
| Return on invested capital | 46.2% | 25.4% |
| FCF yield | 2.0% | 1.2% |
| Dividend yield | 0.0% | — |
| Debt / equity | 0.01 | 0.00 |
| Current ratio | 3.42 | 2.36 |
| Altman Z (solvency) | 8.90 | 8.22 |
| Piotroski F (quality) | 7 / 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.