Advanced Micro Devices Inc (AMD) is overvalued and Taiwan Semiconductor Manufacturing ADR (TSM) is overvalued.
Both trade above our estimate of their intrinsic value. TSM is the closer of the two: -26%, against -136% for AMD.
Values as of the 22 Sept 2026 close.
A 10.4x revenue multiple, adjusted for growth and margin, values the shares at $264.56; the price of $623.77 is 136% above that value.
Leak Score 48/100 on 10 of 12 signals
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $358.23; the price of $452.00 is 26% above that value.
Leak Score 59/100 on 3 of 12 signals
| Metric | AMD | TSM |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $623.77 | $452.00 |
| Intrinsic value | $264.56 | $358.23 |
| Margin of safety | -136% | -26% |
| Leak Score | 48/100 (10/12) | 59/100 (3/12) |
| Market cap | $1.02T | $2.34T |
| Revenue growth, 5 years | 28.8% | 21.9% |
| Operating margin | 15.7% | 55.8% |
| Net margin | 15.6% | 50.3% |
| Return on equity | 10.2% | 40.1% |
| Debt to equity | 0.06 | 0.17 |
| P/E | 160.1x | 32.6x |
| Forward P/E | 39.3x | 20.6x |
| P/B | 15.1x | 11.6x |
| Dividend yield | — | 0.9% |