NASDAQ : TSEM
Tower Semiconductor Ltd. — Financial statements
Technology · Semiconductors · Israel
Last price 187.92 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 21.33B
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Financial statements
Tower Semiconductor Ltd. (TSEM) reported revenue of 1.71B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.71B | 1.57B | 1.44B | 1.42B | 1.68B | 1.51B |
| Cost of Revenue | 1.25B | 1.20B | 1.10B | 1.07B | 1.21B | 1.18B |
| Gross Profit | 459.38M | 363.85M | 339.44M | 353.52M | 466.31M | 329.12M |
| Selling, General & Admin | 89.11M | 83.19M | 74.96M | 72.45M | 80.28M | 77.22M |
| Research & Development | 94.00M | 86.50M | 79.43M | 79.81M | 83.91M | 85.39M |
| Operating Expenses | 183.12M | 169.68M | 154.40M | 152.26M | 164.19M | 162.61M |
| Operating Income | 276.26M | 194.17M | 185.04M | 201.26M | 302.12M | 166.51M |
| Interest Expense | -3.66M | -3.66M | -4.03M | -4.44M | -6.46M | -9.09M |
| Interest & Investment Income | 54.23M | 53.79M | 55.49M | 39.99M | 13.60M | 5.37M |
| Currency Exchange Gain (Loss) | -2.63M | -2.63M | -3.40M | -1.01M | -3.99M | -7.09M |
| Other Non Operating Income (Expenses) | -1.29M | -1.29M | -27.55M | 104.00K | -13.63M | -603.00K |
| EBT Excluding Unusual Items | 322.91M | 240.38M | 205.55M | 235.89M | 291.64M | 155.10M |
| Merger & Restructuring Charges | 6.27M | 32.51M | 9.56M | |||
| Gain (Loss) on Sale of Investments | 5.61M | 2.94M | -9.22M | |||
| Other Unusual Items | 313.50M | |||||
| Pretax Income | 322.91M | 240.38M | 217.43M | 584.84M | 291.97M | 155.10M |
| Income Tax Expense | 31.22M | 21.57M | 10.21M | 65.31M | 25.50M | 1.02M |
| Earnings From Continuing Operations | 291.69M | 218.81M | 207.22M | 519.53M | 266.47M | 154.07M |
| Minority Interest in Earnings | -2.11M | 1.66M | 642.00K | -1.04M | -1.90M | -4.06M |
| Net Income | 289.58M | 220.47M | 207.86M | 518.49M | 264.57M | 150.01M |
| Net Income to Common | 289.58M | 220.47M | 207.86M | 518.49M | 264.57M | 150.01M |
| Shares Outstanding (Basic) | 112.50M | 111.98M | 111.15M | 110.29M | 109.35M | 108.28M |
| Shares Outstanding (Diluted) | 114.16M | 113.60M | 112.34M | 111.22M | 110.75M | 109.80M |
| EPS (Basic) | 2.57 | 1.97 | 1.87 | 4.70 | 2.42 | 1.39 |
| EPS (Diluted) | 2.53 | 1.94 | 1.85 | 4.66 | 2.39 | 1.37 |
| Free Cash Flow | 300.61M | -48.94M | 12.53M | 232.06M | 163.42M | 107.48M |
| Free Cash Flow Per Share | 2.63 | -0.43 | 0.11 | 2.09 | 1.48 | 0.98 |
| Gross Margin | 26.87% | 23.23% | 23.64% | 24.85% | 27.80% | 21.82% |
| Operating Margin | 16.16% | 12.40% | 12.88% | 14.15% | 18.01% | 11.04% |
| Profit Margin | 16.94% | 14.08% | 14.47% | 36.45% | 15.77% | 9.95% |
| Free Cash Flow Margin | 17.58% | -3.12% | 0.87% | 16.31% | 9.74% | 7.13% |
| EBITDA | 597.01M | 497.28M | 451.32M | 459.28M | 594.75M | 437.22M |
| EBITDA Margin | 34.92% | 31.75% | 31.43% | 32.28% | 35.45% | 28.99% |
| D&A For EBITDA | 320.75M | 303.11M | 266.28M | 258.02M | 292.64M | 270.71M |
| EBIT | 276.26M | 194.17M | 185.04M | 201.26M | 302.12M | 166.51M |
| EBIT Margin | 16.16% | 12.40% | 12.88% | 14.15% | 18.01% | 11.04% |
| Effective Tax Rate | 9.67% | 8.97% | 4.69% | 11.17% | 8.73% | 0.66% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 231.19M | 235.37M | 271.89M | 260.66M | 340.76M | 210.93M |
| Short-Term Investments | 1.25B | 916.54M | 946.35M | 975.78M | 665.05M | 553.72M |
| Cash & Short-Term Investments | 1.48B | 1.15B | 1.22B | 1.24B | 1.01B | 764.65M |
| Accounts Receivable | 202.87M | 222.79M | 211.93M | 154.07M | 152.94M | 142.23M |
| Other Receivables | 56.13M | 28.83M | 24.86M | 24.54M | 18.03M | |
| Receivables | 202.87M | 278.93M | 240.76M | 178.93M | 177.47M | 160.26M |
| Inventory | 244.36M | 256.86M | 268.30M | 282.69M | 302.11M | 234.51M |
| Prepaid Expenses | 21.93M | 32.98M | 11.10M | 9.78M | 36.79M | |
| Other Current Assets | 57.33M | |||||
| Total Current Assets | 1.99B | 1.71B | 1.76B | 1.71B | 1.50B | 1.20B |
| Property, Plant & Equipment | 1.65B | 1.58B | 1.29B | 1.17B | 972.61M | 890.80M |
| Long-Term Investments | 4.43M | 6.78M | 6.78M | 6.72M | 32.03M | |
| Goodwill | 7.00M | 7.00M | 7.00M | 7.00M | 7.00M | 7.00M |
| Other Intangible Assets | 886.00K | 1.53M | 3.20M | 5.12M | 7.03M | 11.82M |
| Long-Term Deferred Tax Assets | 13.35M | 1.77M | 1.81M | 32.79M | 53.53M | |
| Other Long-Term Assets | 127.98M | 5.60M | 6.96M | 22.96M | 26.28M | 39.87M |
| Total Assets | 3.77B | 3.32B | 3.08B | 2.92B | 2.55B | 2.23B |
| Accounts Payable | 122.61M | 123.92M | 130.62M | 139.13M | 150.93M | 78.71M |
| Accrued Expenses | 74.40M | 70.30M | 65.20M | 51.05M | 59.17M | 58.34M |
| Current Portion of Long-Term Debt | 19.68M | 15.17M | 19.49M | 43.07M | ||
| Current Portion of Leases | 16.92M | 28.11M | 28.70M | 43.78M | 42.78M | 40.79M |
| Current Income Taxes Payable | 7.11M | 12.43M | 7.40M | 7.95M | 10.27M | |
| Current Unearned Revenue | 176.04M | 25.58M | 21.66M | 18.42M | 38.91M | 39.99M |
| Other Current Liabilities | 14.25M | 8.73M | 6.78M | 1.89M | 68.15M | 5.15M |
| Total Current Liabilities | 404.21M | 263.75M | 285.06M | 276.84M | 387.39M | 276.33M |
| Long-Term Debt | 124.78M | 92.57M | 79.81M | 88.36M | 84.38M | 118.62M |
| Long-Term Leases | 40.84M | 52.63M | 84.25M | 125.69M | 112.36M | |
| Pension & Post-Retirement Benefits | 10.19M | 6.45M | 4.99M | 6.10M | 7.71M | 14.62M |
| Long-Term Deferred Tax Liabilities | 13.01M | 23.96M | ||||
| Other Long-Term Liabilities | 160.89M | 14.11M | 17.82M | 35.93M | 40.89M | 69.97M |
| Total Liabilities | 700.06M | 417.71M | 440.31M | 491.48M | 659.07M | 615.85M |
| Common Stock | 453.36M | 450.90M | 446.56M | 443.63M | 440.15M | 435.45M |
| Additional Paid-In Capital | 1.37B | 1.37B | 1.38B | 1.38B | 1.38B | 1.39B |
| Retained Earnings | 1.05B | 895.95M | 675.48M | 467.62M | -50.88M | -315.45M |
| Treasury Stock | -9.07M | -9.07M | -9.07M | -9.07M | -9.07M | -9.07M |
| Comprehensive Income & Other | 218.91M | 207.86M | 162.36M | 149.41M | 126.58M | 122.02M |
| Total Common Equity | 3.09B | 2.92B | 2.65B | 2.43B | 1.89B | 1.62B |
| Minority Interest | -14.76M | -14.70M | -13.14M | -5.46M | -2.64M | -6.62M |
| Shareholders' Equity | 3.07B | 2.90B | 2.64B | 2.43B | 1.89B | 1.62B |
| Total Liabilities & Equity | 3.77B | 3.32B | 3.08B | 2.92B | 2.55B | 2.23B |
| Total Debt | 141.70M | 161.52M | 180.81M | 231.56M | 272.34M | 314.84M |
| Net Cash (Debt) | 1.34B | 990.39M | 1.04B | 1.00B | 733.47M | 449.81M |
| Net Cash Per Share | 11.74 | 8.72 | 9.23 | 9.04 | 6.62 | 4.10 |
| Filing Date Shares Outstanding | 113.03M | 112.53M | 111.55M | 110.83M | 109.97M | 108.88M |
| Total Common Shares Outstanding | 113.03M | 112.53M | 111.55M | 110.83M | 109.95M | 108.88M |
| Working Capital | 1.58B | 1.45B | 1.48B | 1.43B | 1.11B | 919.88M |
| Book Value Per Share | 27.30 | 25.94 | 23.79 | 21.95 | 17.20 | 14.90 |
| Tangible Book Value | 3.08B | 2.91B | 2.64B | 2.42B | 1.88B | 1.60B |
| Tangible Book Value Per Share | 27.23 | 25.87 | 23.69 | 21.84 | 17.07 | 14.72 |
| Land | 491.10M | 463.56M | 429.19M | 429.28M | 432.07M | |
| Machinery | 4.69B | 4.28B | 3.98B | 3.58B | 3.25B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 289.58M | 220.47M | 207.86M | 518.49M | 264.57M | 150.01M |
| Depreciation & Amortization | 320.75M | 303.11M | 266.28M | 258.02M | 292.64M | 270.71M |
| Other Operating Activities | 15.76M | 8.87M | 24.21M | -7.64M | 19.20M | 3.74M |
| Change in Accounts Receivable | 10.07M | -10.50M | -60.17M | -3.16M | -15.23M | 14.34M |
| Change in Inventory | 33.53M | 11.80M | 4.78M | 8.68M | -77.89M | -44.19M |
| Change in Accounts Payable | -12.19M | -12.16M | 35.78M | -8.25M | -20.89M | -25.00M |
| Change in Unearned Revenue | 8.30M | -1.83M | -14.78M | -35.68M | -30.07M | 74.52M |
| Change in Other Net Operating Assets | 200.10M | -124.28M | -15.28M | -53.90M | 84.42M | -12.56M |
| Operating Cash Flow | 865.89M | 395.48M | 448.68M | 676.56M | 529.82M | 421.29M |
| Capital Expenditures | -565.28M | -444.43M | -436.15M | -444.50M | -366.40M | -313.81M |
| Sale of Property, Plant & Equipment | 7.86M | 7.86M | 4.50M | 12.32M | 152.87M | 34.55M |
| Investment in Securities | -308.00M | 38.47M | 31.94M | -288.06M | -114.87M | -57.89M |
| Other Investing Activities | -530.00K | -605.00K | -1.04M | -1.79M | ||
| Investing Cash Flow | -865.42M | -398.09M | -400.24M | -720.85M | -329.45M | -338.94M |
| Long-Term Debt Issued | 13.81M | 81.81M | 24.18M | 96.14M | ||
| Long-Term Debt Repaid | -47.16M | -114.27M | -56.53M | -78.38M | -173.46M | |
| Net Debt Issued (Repaid) | -27.28M | -33.35M | -32.45M | -32.35M | -78.38M | -77.31M |
| Issuance of Common Stock | 44.00K | 458.00K | ||||
| Other Financing Activities | 1.93M | 11.69M | ||||
| Financing Cash Flow | -27.28M | -33.35M | -32.45M | -30.41M | -66.65M | -76.86M |
| Foreign Exchange Rate Adjustments | -7.30M | -563.00K | -4.76M | -5.39M | -3.89M | -6.25M |
| Net Cash Flow | -34.10M | -36.52M | 11.23M | -80.09M | 129.83M | -753.00K |
| Free Cash Flow | 300.61M | -48.94M | 12.53M | 232.06M | 163.42M | 107.48M |
| Free Cash Flow Margin | 17.58% | -3.12% | 0.87% | 16.31% | 9.74% | 7.13% |
| Free Cash Flow Per Share | 2.63 | -0.43 | 0.11 | 2.09 | 1.48 | 0.98 |
| Levered Free Cash Flow | 166.81M | -1.19M | -73.43M | -126.12M | 210.08M | 66.98M |
| Unlevered Free Cash Flow | 169.10M | 1.09M | -70.92M | -123.34M | 214.12M | 72.66M |
| Cash Interest Paid | 4.74M | 4.74M | 4.25M | 4.52M | 4.46M | 4.56M |
| Cash Income Tax Paid | 20.48M | 20.34M | 23.49M | 12.38M | 12.80M | 8.29M |
| Change in Working Capital | 239.81M | -136.97M | -49.67M | -92.31M | -46.59M | -3.17M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 18.90B | 13.18B | 5.73B | 3.36B | 4.72B | 4.29B |
| Enterprise Value | 17.56B | 12.12B | 4.72B | 2.36B | 4.08B | 3.89B |
| Last Close Price | 166.48 | 117.42 | 51.51 | 30.52 | 43.20 | 39.68 |
| PE Ratio | 65.83 | 59.76 | 27.58 | 6.48 | 17.84 | 28.62 |
| Forward PE | 32.25 | 43.60 | 24.42 | 15.00 | 18.08 | 19.58 |
| PS Ratio | 11.05 | 8.41 | 3.99 | 2.36 | 2.81 | 2.85 |
| PB Ratio | 6.10 | 4.54 | 2.17 | 1.39 | 2.50 | 2.66 |
| P/TBV Ratio | 6.14 | 4.53 | 2.17 | 1.39 | 2.52 | 2.68 |
| P/FCF Ratio | 62.87 | 457.55 | 14.48 | 28.89 | 39.95 | |
| P/OCF Ratio | 21.83 | 33.32 | 12.78 | 4.97 | 8.91 | 10.19 |
| PEG Ratio | 0.74 | 2.17 | 1.16 | 1.06 | 1.21 | 1.45 |
| EV/Sales Ratio | 10.27 | 7.74 | 3.29 | 1.66 | 2.43 | 2.58 |
| EV/EBITDA Ratio | 29.41 | 24.36 | 10.46 | 5.14 | 6.87 | 8.91 |
| EV/EBIT Ratio | 63.56 | 62.40 | 25.51 | 11.72 | 13.52 | 23.39 |
| EV/FCF Ratio | 58.41 | 376.80 | 10.16 | 24.99 | 36.23 | |
| Debt / Equity Ratio | 0.05 | 0.06 | 0.07 | 0.10 | 0.14 | 0.20 |
| Debt / EBITDA Ratio | 0.23 | 0.32 | 0.40 | 0.50 | 0.45 | 0.71 |
| Debt / FCF Ratio | 0.47 | 14.43 | 1.00 | 1.67 | 2.93 | |
| Net Debt / Equity Ratio | -0.44 | -0.34 | -0.39 | -0.41 | -0.39 | -0.28 |
| Net Debt / EBITDA Ratio | -2.24 | -1.99 | -2.30 | -2.19 | -1.23 | -1.03 |
| Net Debt / FCF Ratio | -4.46 | 20.24 | -82.80 | -4.33 | -4.49 | -4.18 |
| Asset Turnover | 0.49 | 0.49 | 0.48 | 0.52 | 0.70 | 0.70 |
| Inventory Turnover | 4.71 | 4.58 | 3.98 | 3.66 | 4.51 | 5.44 |
| Quick Ratio | 4.17 | 5.42 | 5.12 | 5.11 | 3.06 | 3.35 |
| Current Ratio | 4.91 | 6.48 | 6.17 | 6.17 | 3.86 | 4.33 |
| Return on Equity (ROE) | 9.98% | 7.89% | 8.18% | 24.08% | 15.21% | 10.04% |
| Return on Assets (ROA) | 4.95% | 3.79% | 3.86% | 4.60% | 7.90% | 4.81% |
| Return on Invested Capital (ROIC) | 14.84% | 10.05% | 11.66% | 13.87% | 23.76% | 14.38% |
| Return on Capital Employed (ROCE) | 8.20% | 6.30% | 6.60% | 7.60% | 14.00% | 8.50% |
| Earnings Yield | 1.52% | 1.67% | 3.63% | 15.43% | 5.60% | 3.49% |
| FCF Yield | 1.59% | -0.37% | 0.22% | 6.91% | 3.46% | 2.50% |
| Buyback Yield / Dilution | -1.05% | -1.12% | -1.01% | -0.42% | -0.87% | -1.21% |