The latest data point for TSM's P/B Ratio in Q1'26 stands at 9.50, reflecting a decline from the peak of 11.27 in Q4'25 but remaining elevated compared to earlier periods. Over the period from Q2'23 to Q1'26, the P/B Ratio exhibits a strong overall upward trend, starting at 4.74 and climbing steadily to a high of 11.27 by Q4'25, with minor fluctuations such as a dip to 6.03 in Q4'24 before resuming growth. This pattern indicates increasing market valuation relative to book value, driven by consistent quarterly gains in most periods, though the recent pullback in Q1'26 suggests potential short-term volatility amid broader market dynamics. The area chart visualization highlights the sustained expansion, underscoring TSM's robust investor confidence over the three-year span.