Financial research concept

Foundry Top-Ten Customer Revenue Concentration

Foundry top-ten customer revenue concentration measures the share of revenue generated by the ten largest customers combined.

By Lee BaileyPublished Sep 25, 2026

Research context

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Research date: Sep 25, 2026Use the dated article and cited sources for the definition, examples, and stated limitations.
Operating-model context: 19 connected conceptsPart of the reviewed Semiconductor Foundry Economics; issuer definitions remain distinct where disclosed.
Company examples: 1 reviewed companyRelationships reflect supported examples, not a normalized cross-company KPI ranking.

Only 22% sat outside the top ten
The composition inside the top ten also shifted
Use concentration as a demand-risk lens
Part of the Semiconductor Foundry Economics
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Foundry top-ten customer revenue concentration measures the share of revenue generated by a foundry's ten largest customers.

TSMC reported that its top ten customers represented 78% of net revenue in 2025, up from 76% in 2024 and 70% in 2023.

Only 22% sat outside the top ten

The 78% concentration figure means all customers outside the top ten collectively generated 22% of 2025 net revenue.

That is a very different picture from the raw count of 534 customers. Foundry Customer Count measures breadth, while top-ten concentration measures revenue weighting.

The composition inside the top ten also shifted

TSMC's largest customer fell from 25% of revenue in 2023 to 19% in 2025, while the second-largest customer rose from 11% to 17%.

The top-ten share rose even as the number-one customer became less dominant, showing that concentration migrated within the leading customer group rather than simply disappearing.

Use concentration as a demand-risk lens

High top-ten concentration can amplify product-cycle, sourcing, export-control, and customer-specific demand changes. It does not by itself show contract duration or switching costs.

Pair it with Largest-Customer Revenue Concentration and platform mix before drawing conclusions about demand risk.

Primary source: TSMC 2025 Form 20-F.

Part of the Semiconductor Foundry Economics

Connect end-market and process-node mix, customer concentration, manufacturing breadth, wafer capacity, utilization, shipments, pricing, and yield to understand pure-play semiconductor foundry economics.

Browse the full operating model in Company Analysis →

Where this concept fits

Customer concentration and manufacturing breadthCurrent relationship
Largest, second-largest, and top-ten customer concentration show dependence on major customers, while customer count, product count, and process-technology count show the breadth of the manufacturing ecosystem. Breadth does not negate concentration because a small number of customers can still drive most revenue.
Foundry Customer Count Largest-Customer Revenue Concentration Foundry Process Technology Count Foundry Product Count Second-Largest-Customer Revenue ConcentrationTop-Ten Customer Revenue ConcentrationCurrent concept
Platform and process-node mix
HPC, smartphone, IoT, automotive, and digital-consumer-electronics revenue mix show where foundry demand originates. Advanced-technology wafer revenue mix and process-node revenue mix show which manufacturing generations monetize that demand without treating end-market categories as process nodes.
Advanced-Technology Wafer Revenue Mix Automotive Revenue Mix Digital Consumer Electronics Revenue Mix HPC Revenue Mix IoT Revenue Mix Smartphone Revenue Mix Process-Node Revenue Mix
Capacity, utilization, output, pricing, and yield
Annual 12-inch-equivalent capacity and wafer manufacturing capacity describe production scale, capacity utilization shows how much of that scale is being used, wafer shipments measure output, wafer average selling price measures realized pricing, and manufacturing yield indicates how effectively processed wafers become usable product.
Annual 12-Inch-Equivalent Wafer Capacity Foundry Capacity Utilization Semiconductor Manufacturing Yield Wafer Average Selling Price Wafer Manufacturing Capacity Wafer Shipments

See It in Company Research

These companies are examples of how the concept is reported or discussed in public filings. Definitions can differ by issuer; these links open company research rather than a normalized metric comparison.

TSMOpen operating-model research →19 of 19 reviewed concepts in Semiconductor Foundry EconomicsCustomer concentration and manufacturing breadth6 of 6 bridge concepts supportedContinue through this bridge:Foundry Customer Count Foundry Process Technology Count Foundry Product Count Largest-Customer Revenue Concentration Second-Largest-Customer Revenue Concentration

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Compare public companies

Compare top-ten revenue dependence with customer count and the changing shares of the two largest customers.

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