first, using business geo-information to identify the potential countries and suppliers globally. The top countries with the highest total revenue in demi-conductors are the US, Taiwan, China, and Japan.

We also look into the total revenue growth rate in the semi-conductors industry. As you can see, the larger country typically grows slower. But Japan, Taiwan and US the largest countries in Semi-conductors, also have a large revenue growth rate. So in what follows, we will focus on two countries: Japan, Taiwan and US.

The US outperforms Japan and Taiwan in total revenue, operating income, and total net income. The US also seen faster growth in revenue in the last 5 years. But on the other hand, Japan and Taiwan outperform the US in profitable enterprises, and the US seems to be more fluctuating.

We can pick the potential suppliers for DRAM from the enterprise ranking. TSMC, Broadcom, and Micron Technology are picked because of their size. and enchanted supplier diversity, Analog Device is picked.

by comparing the potential suppliers for DRAM, we can see that, in 2022 TSMC is bigger in $ value than Broadcom > Micron Technology > Anaog Devices

Looking specifically at profitability (margins), in 2022 we can see that TSMC is the most profitable company out of its peers. Broadcom is also doing quite well in 2022. Micron is doing better overall than Analog devices, even though Analog devices have a high gross margin but a low return on assets.

In the revenue analysis of semiconductors for 2022, we can see that:
- Micron has the highest COGS, far above the average COGS for semiconductors in the US, and thus likely has the lowest prices among others. Micron also spent quite a lot on research and development, but still managed to make a lot of money in 2022.
- TSMC has fair COGS and is still below the average COGS of Taiwan. Thus,  they have fair prices. It also has the lowest SG&A expenses. TSMC has the highest net income among others but still spends very little money on research and development.
- Analog devices have the highest SG&A expenses above the average in the US. Thus, the prices are quite expensive. They also spent a lot of money on research and development.
- Broadcom has the lowest COGS, which means it has the highest price among the four companies. They spent the most money on research and development, among others. but still, in 2022, Broadcom made quite a lot of money.

looking at the trend of this company over time. We can see that, for all this, this company has grown quite consistently over time. TSMC has the 3rd lowest gross margin with the highest operating margin, but has the highest net margin and the highest return on assets. Broadcom consistently has high results on every parameter. Analog Devices and Microns have not done really well in recent years.

Let’s look at their financial health indicators. We can see that they all look healthy in the short-term because the current / quick ratios are all greater than 1.  They are also all look healthy in the long-term because their liability asset ratio < 1 (inverse > 1) except 
Broadcom close to 1 indicate some long-term risk. They are all made good cash flow from operations as the operating cash net income ratio > 1.

we can see that Micron and Analog device has the highest % of equity and lowest total liabilities. TSMC has % equity and liabilities around the same as the average semi-conductor in Taiwan. Broad com has the lowest Equity and the highest Non-current liabilities from others.

we find that TSMC has the highest cash and second largest property plants and equipment – high production capacity and responsiveness. Micron has the highest property plants and equipment and has the highest inventory. Broadcom has decent cash and the highest goodwill.

We can see that over the recent years, TSMC, Micron and Analog devices have little short / long term risks and 
thus excellent financial health and stability. While Broadcom is fine on short-term risk, its liabilities asset ratio and long-term debt ratio upswing quite significantly in recent years.

asset utilization wise, Analog Device are heavier on assets than others.  Inventory wise, Broadcom is better, Micron and analog devices need to improve. on cash conversion cycle TSMC is better. TSMC power is strong as reflected by receivable days is 11% of payable days, and micron is the weakest. SGA cost efficiency wise, TSMC and Micron are the most efficient, Analog Devices the least.

we can see that inventory days are more or less stable for all players and the observation is consistent to 2022. Cash cycle: TSMC improves a lot recently, Broadcom / Analog / Micron remained stable. Payable days over receivable days are increasing for TSMC, which indicates that it is building up its market / negotiation power recently.