NVIDIA Corp (NVDA) 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 -46% for NVDA.
Values as of the 22 Sept 2026 close.
A 12.5x revenue multiple, adjusted for growth and margin, values the shares at $156.98; the price of $228.87 is 46% above that value.
Leak Score 71/100 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 | NVDA | TSM |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $228.87 | $452.00 |
| Intrinsic value | $156.98 | $358.23 |
| Margin of safety | -46% | -26% |
| Leak Score | 71/100 (10/12) | 59/100 (3/12) |
| Market cap | $5.52T | $2.34T |
| Revenue growth, 5 years | 66.9% | 21.9% |
| Operating margin | 65.2% | 55.8% |
| Net margin | 63.7% | 50.3% |
| Return on equity | 117.2% | 40.1% |
| Debt to equity | 0.17 | 0.17 |
| P/E | 28.9x | 32.6x |
| Forward P/E | 14.5x | 20.6x |
| P/B | 24.1x | 11.6x |
| Dividend yield | 0.3% | 0.9% |