TSMC’s annual revenue has quadrupled since 2016, with net income and free cash flow growing even faster. Growth resumed in 2024 and 2025 after the 2023 slowdown. The stock has pulled back 16.4% from its recent closing high but remains above its rising 200-day moving average.
Trade / entry: Sell the November 20, 2026 $370 put; effective entry $365.90 per ADR.
Premium / cash: $4.10 bid ($4.75 ask); $410 premium per contract against $37,000 cash.
Return / breakeven: 1.11% maximum holding-period return; $365.90 expiry breakeven.
Daily prices through October 30.
Risk: Taiwan exposure and November 10 monthly sales. At $300 on expiry, the put loses $6,590; maximum loss is $36,590.
Quotes: October 30. Calculations assume 100 ADRs per contract, before fees and tax.
Payoff
Expiry payoff.
Quarterly growth
Source: TSMC financial reports. Figures in NT$ billions.
Annual growth
Source: TSMC financial reports. Figures in NT$ billions.
Sources: TSMC quarterly results · TSMC annual financials · Yahoo Finance · Cboe.