WallStSmart

Research Frontiers Incorporated (REFR)vsTaiwan Semiconductor Manufacturing (TSM)

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Smart Verdict

WallStSmart Research — data-driven comparison

Taiwan Semiconductor Manufacturing generates 755822322% more annual revenue ($4.94T vs $654,230). TSM leads profitability with a 51.1% profit margin vs 0.0%. TSM appears more attractively valued with a PEG of 0.77. TSM earns a higher WallStSmart Score of 86/100 (A).

REFR

Avoid

15

out of 100

Grade: F

Growth: 5.3Profit: 2.5Value: 5.7Quality: 5.5
Piotroski: 3/9Altman Z: -80.97

TSM

Exceptional Buy

86

out of 100

Grade: A

Growth: 9.3Profit: 10.0Value: 8.0Quality: 9.0
Piotroski: 6/9Altman Z: 3.85
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

REFRUndervalued (+78.2%)

Margin of Safety

+78.2%

Fair Value

$4.77

Current Price

$0.44

$4.33 discount

UndervaluedFair: $4.77Overvalued
TSMUndervalued (+55.1%)

Margin of Safety

+55.1%

Fair Value

$979.05

Current Price

$439.51

$539.54 discount

UndervaluedFair: $979.05Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

REFR0 strengths · Avg: 0/10

No standout strengths identified

TSM6 strengths · Avg: 10.0/10
Market CapQuality
$2.27T10/10

Mega-cap, among the largest globally

Return on EquityProfitability
36.5%10/10

Every $100 of equity generates 37 in profit

Profit MarginProfitability
51.1%10/10

Keeps 51 of every $100 in revenue as profit

Operating MarginProfitability
58.7%10/10

Strong operational efficiency at 58.7%

Revenue GrowthGrowth
50.9%10/10

Revenue surging 50.9% year-over-year

EPS GrowthGrowth
68.7%10/10

Earnings expanding 68.7% YoY

Areas to Watch

REFR4 concerns · Avg: 3.5/10
Price/BookValuation
14.7x4/10

Trading at 14.7x book value

EPS GrowthGrowth
0.0%4/10

0.0% earnings growth

Market CapQuality
$15.62M3/10

Smaller company, higher risk/reward

Profit MarginProfitability
0.0%3/10

0.0% margin — thin

TSM2 concerns · Avg: 3.0/10
P/E RatioValuation
28.3x4/10

Moderate valuation

Price/BookValuation
83.9x2/10

Trading at 83.9x book value

Comparative Analysis Report

WallStSmart Research

Bull Case : REFR

REFR has a balanced fundamental profile.

Bull Case : TSM

The strongest argument for TSM centers on Market Cap, Return on Equity, Profit Margin. Profitability is solid with margins at 51.1% and operating margin at 58.7%. Revenue growth of 50.9% demonstrates continued momentum.

Bear Case : REFR

The primary concerns for REFR are Price/Book, EPS Growth, Market Cap.

Bear Case : TSM

The primary concerns for TSM are P/E Ratio, Price/Book.

Key Dynamics to Monitor

REFR profiles as a value stock while TSM is a growth play — different risk/reward profiles.

TSM carries more volatility with a beta of 1.24 — expect wider price swings.

TSM is growing revenue faster at 50.9% — sustainability is the question.

TSM generates stronger free cash flow (510.1B), providing more financial flexibility.

Bottom Line

TSM scores higher overall (86/100 vs 15/100), backed by strong 51.1% margins and 50.9% revenue growth. REFR offers better value entry with a 78.2% margin of safety. Both earn "Exceptional Buy" and "Avoid" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

Research Frontiers Incorporated

TECHNOLOGY · ELECTRONIC COMPONENTS · USA

Research Frontiers Incorporated develops and markets technology and devices to control the flow of light globally. The company is headquartered in Woodbury, New York.

Taiwan Semiconductor Manufacturing

TECHNOLOGY · SEMICONDUCTORS · USA

Taiwan Semiconductor Manufacturing Company, Limited is a Taiwanese multinational semiconductor contract manufacturing and design company. It is one of Taiwan's largest companies, the world's most valuable semiconductor company, and the world's largest dedicated independent (pure-play) semiconductor foundry, with its headquarters and main operations located in the Hsinchu Science Park in Hsinchu, Taiwan. It is majority owned by foreign investors.

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