As of Q4'25, TSM's P/E Ratio stands at 24.18, reflecting a moderate decrease from the previous quarter's 28.81. This latest value suggests a slight contraction in valuation after a period of elevated ratios earlier in 2024. Over the period from Q1'23 to Q4'25, TSM's P/E Ratio exhibited a strong upward trend, rising from 13.35 in Q1'23 to a peak of 30.19 in Q2'24. After reaching this high, the ratio showed some volatility, with a gradual decline through late 2024 before a brief rebound in mid-2025 and another pullback by year-end. This pattern indicates a phase of rapid multiple expansion followed by normalization, possibly reflecting shifts in investor sentiment or earnings expectations.