Tower Semiconductor Ltd. (TSEM) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.87	$0.89	+2.3%	—	$460.1M	—
Q1 26	$0.56	$0.65	+16.1%	—	$413.6M	—
Q4 25	$0.68	$0.78	+14.7%	—	$440.2M	—
Q3 25	$0.54	$0.55	+1.9%	—	$395.7M	—
Q2 25	$0.45	$0.5	+11.1%	—	$372.1M	—
Q1 25	$0.38	$0.45	+18.4%	—	$358.2M	—
Q4 24	$0.53	$0.59	+11.3%	—	$387.2M	—
Q3 24	$0.53	$0.57	+7.5%	—	$370.5M	—
Q2 24	$0.45	$0.53	+17.8%	—	$351.2M	—
Q1 24	$0.39	$0.46	+17.9%	—	$327.2M	—
Q4 23	$0.52	$0.55	+5.8%	—	$351.7M	—
Q3 23	$0.5	$0.54	+8.0%	—	$358.2M	—
Q2 23	$0.43	$0.46	+7.0%	—	$357.2M	—
Q1 23	$0.41	$0.64	+56.1%	—	$355.6M	—
Q4 22	$0.57	$0.91	+59.6%	—	$403.2M	—
Q3 22	$0.61	$0.72	+18.0%	—	$427.1M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$1.97	—	—	$1.6B	—
FY24	—	$1.87	—	—	$1.4B	—
FY23	—	$4.7	—	—	$1.4B	—
FY22	—	$2.42	—	—	$1.7B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.2B	$1.4B	$1.3B	$1.2B	$1.3B	$1.5B	$1.7B	$1.4B	$1.4B	$1.6B
YoY change	+30.1%	+11%	-6%	-5.37%	+2.57%	+19.2%	+11.2%	-15.2%	+0.94%	+9.05%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.2B	1.4B	1.3B	1.2B	1.3B	1.5B	1.7B	1.4B	1.4B	1.6B
Cost of revenue	946.5M	1B	1B	1B	1B	1.2B	1.2B	1.1B	1.1B	1.2B
Gross profit	303.1M	354.3M	292.9M	229.7M	233.3M	329.1M	466.3M	353.5M	339.4M	363.9M
Gross margin	24.3%	25.5%	22.5%	18.6%	18.4%	21.8%	27.8%	24.8%	23.6%	23.2%
Research & development	63.1M	67.7M	73.1M	75.6M	78.3M	85.4M	83.9M	79.8M	79.4M	86.5M
Selling, general & administrative	65.4M	66.8M	65M	67.4M	64M	77.2M	80.3M	72.5M	75M	83.2M
Operating expenses	128.6M	134.5M	138M	143M	142.3M	162.6M	164.2M	152.3M	154.4M	169.7M
Operating income	174.5M	219.8M	154.9M	86.7M	91M	166.5M	302.1M	201.3M	185M	194.2M
Operating margin	14%	15.8%	11.9%	7.03%	7.19%	11%	18%	14.1%	12.9%	12.4%
Non-operating income, net	50.8M	-9.6M	-7.1M	-277K	-2.8M	-7.4M	-11.4M	351.2M	-17.2M	-3.2M
Pretax income	210.6M	201.8M	139.3M	91M	88.7M	155.1M	292M	584.8M	217.4M	240.4M
Income tax	1.4M	-99.9M	5.9M	2.9M	5.4M	1M	25.5M	65.3M	10.2M	21.6M
Net income	209.2M	301.7M	133.4M	88.1M	83.3M	154.1M	266.5M	519.5M	207.2M	218.8M
Net margin	16.7%	21.7%	10.2%	7.14%	6.58%	10.2%	15.9%	36.5%	14.4%	14%
EBITDA	374.4M	422.8M	370.4M	313.6M	330.5M	440.2M	594M	502.5M	480.3M	539.8M
EPS	2.33	3.08	1.35	0.85	0.77	1.39	2.42	4.7	1.87	1.97
Diluted EPS	2.09	2.9	1.32	0.84	0.76	1.37	2.39	4.66	1.85	1.94

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	358.2M	351.7M	327.2M	351.2M	370.5M	387.2M	358.2M	372.1M	395.7M	440.2M	413.6M	460.1M
Cost of revenue	271.3M	267.3M	254.6M	264.3M	277.5M	300.3M	285M	292M	302.6M	322.6M	302.7M	322.3M
Gross profit	86.9M	84.4M	72.6M	86.9M	93.1M	86.9M	73.2M	80M	93M	117.6M	111M	137.8M
Gross margin	24.3%	24%	22.2%	24.8%	25.1%	22.4%	20.4%	21.5%	23.5%	26.7%	26.8%	29.9%
Research & development	20.2M	20.8M	20M	19M	19.9M	20.6M	20.2M	19.4M	22.1M	24.9M	23.5M	23.6M
Selling, general & administrative	18M	18.4M	18.7M	19.1M	17.4M	19.8M	20.1M	20.7M	20.4M	21.9M	22.9M	23.9M
Operating expenses	38.2M	39.3M	38.6M	38M	37.3M	40.4M	40.3M	40.2M	42.5M	46.8M	46.4M	47.5M
Operating income	48.7M	45.2M	34M	48.9M	55.8M	46.4M	32.9M	39.9M	50.6M	70.8M	64.6M	90.3M
Operating margin	13.6%	12.8%	10.4%	13.9%	15%	12%	9.19%	10.7%	12.8%	16.1%	15.6%	19.6%
Non-operating income, net	313.5M	5.2M	—	6.3M	—	-23.5M	—	—	—	—	—	—
Pretax income	372.1M	61.8M	38M	62.9M	61.9M	54.7M	43.5M	54.3M	61.1M	81.6M	74.1M	106.2M
Income tax	34.4M	10.1M	-5.1M	6.1M	7M	2.1M	3.8M	8.7M	7.6M	1.5M	6.5M	15.6M
Net income	337.7M	51.7M	43M	56.8M	54.8M	52.6M	39.7M	45.6M	53.4M	80.1M	67.6M	90.6M
Net margin	94.3%	14.7%	13.2%	16.2%	14.8%	13.6%	11.1%	12.3%	13.5%	18.2%	16.3%	19.7%
EBITDA	-198M	499.6M	93.5M	108.2M	121.1M	157.4M	107.1M	114.5M	127M	191.1M	147.5M	173.9M
EPS	3.1	0.49	0.4	0.48	0.49	0.49	0.36	0.42	0.48	0.71	0.58	0.8
Diluted EPS	3.07	0.48	0.4	0.48	0.49	0.49	0.35	0.41	0.47	0.7	0.57	0.79

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	—	—	1.5B	2.6B	2.8B	4.3B	4.7B	3.4B	5.7B	13.1B	25.5B
Enterprise value	—	—	1.1B	2.1B	2.4B	3.8B	4B	2.4B	4.7B	12.2B	24.7B
Shares outstanding	87.5M	96.6M	100.4M	106.3M	107.3M	108.3M	109.3M	110.3M	111.2M	112M	112M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	11.1	29	33.2	27.9	17.7	6.48	27.6	60.1	88.1
P/S	—	—	1.13	2.07	2.19	2.85	2.82	2.37	3.99	8.4	14.8
P/B	—	—	1.2	1.9	1.9	2.66	2.5	1.39	2.17	4.53	8.19
EV/EBITDA	—	—	2.99	6.76	7.41	8.74	6.72	4.7	9.76	22.5	41.4
EV/Sales	—	—	0.85	1.72	1.93	2.55	2.38	1.66	3.26	7.76	14.4
Earnings yield	—	—	9.01%	3.45%	3.01%	3.59%	5.64%	15.4%	3.62%	1.66%	1.14%
FCF yield	—	—	6.94%	3.91%	-1.34%	2.5%	3.46%	6.89%	0.22%	-0.37%	0.65%
PEG	—	—	—	—	—	—	—	—	—	—	0.97

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.3%	25.5%	22.5%	18.6%	18.4%	21.8%	27.8%	24.8%	23.6%	23.2%	29.9%
Operating margin	14%	15.8%	11.9%	7.03%	7.19%	11%	18%	14.1%	12.9%	12.4%	19.6%
Net margin	16.7%	21.7%	10.2%	7.14%	6.58%	10.2%	15.9%	36.5%	14.4%	14%	16.9%
ROE	30.6%	29.3%	10.8%	6.54%	5.72%	9.54%	14.1%	21.4%	7.85%	7.53%	9.98%
ROA	15.2%	18%	7.45%	4.56%	3.98%	6.91%	10.5%	17.8%	6.73%	6.59%	4.95%
ROIC	27.2%	27.3%	17.2%	9.21%	7.54%	14.2%	23.9%	12.6%	11%	9.23%	14.4%
Return on tangible assets	16.1%	18.7%	7.65%	4.66%	4.06%	7.04%	10.6%	18%	6.78%	6.63%	7.73%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.82	2.89	4.85	4.3	4.04	4.33	3.86	6.17	6.18	6.48	4.91
Quick ratio	2.27	2.42	4.01	3.54	3.31	3.48	3.08	5.15	5.23	5.51	4.31
Debt / equity	0.5	0.33	0.22	0.23	0.27	0.19	0.14	0.1	0.07	0.06	0.05
Debt / assets	0.25	0.2	0.15	0.16	0.19	0.14	0.11	0.08	0.06	0.05	0.04
Net debt / EBITDA	-0.12	-0.53	-1.01	-1.39	-0.97	-1.02	-1.23	-2	-2.16	-1.83	-2.09
Interest coverage	17	17	9.92	14.3	14.1	22.2	52.3	132.6	55	66.7	66.7
Effective tax rate	0.68%	0%	4.26%	3.24%	6.09%	0.66%	8.73%	11.2%	4.69%	8.97%	9.67%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	14.3	14.4	13	11.6	11.8	13.9	15.3	12.9	12.9	14	15.2
EPS (basic)	2.33	3.08	1.35	0.85	0.77	1.39	2.42	4.7	1.87	1.97	1.97
EPS (diluted)	2.09	2.9	1.32	0.84	0.76	1.37	2.39	4.66	1.85	1.94	2.54
Book value per share	7.8	10.7	12.3	12.7	13.6	14.9	17.3	22	23.8	25.9	27.3
FCF per share	1.26	1.74	1.02	0.94	-0.35	0.99	1.49	2.1	0.11	-0.44	2.63
Cash per share	4.45	5.79	6.38	7.03	6.63	7.06	9.2	11.2	11	10.3	13.1
Capex per share	2.4	1.73	1.69	1.62	2.39	2.58	1.95	3.92	3.88	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	16.8%	12.1%	13%	14%	20.3%	18.5%	12.7%	30.4%	30.1%	—	—
Capex / operating cash flow	56.8%	50.1%	52.8%	61.3%	95%	66.5%	41.1%	63.7%	96.2%	—	—
Payout ratio	1.23%	1.45%	0%	0%	—	—	—	—	—	—	0%
Dividend yield	—	—	0%	0%	—	—	—	—	—	—	—

Yield

—

trailing twelve months

Frequency

Monthly

Last dividend

$0.00

ex-dividend Jun 11, 2014

Payout ratio

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jun 11, 2014	$0.00
Jun 5, 2014	$0.00
May 20, 2014	$0.00
May 16, 2014	$0.00
Apr 2, 2014	$0.00
Sep 24, 1997	$225.00
Oct 30, 1996	$22.50

Split history

Date	Ratio
Aug 6, 2012	1:15

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$358.2M	$351.7M	$327.2M	$351.2M	$370.5M	$387.2M	$358.2M	$372.1M	$395.7M	$440.2M	$413.6M	$460.1M
YoY change	-16.1%	-12.8%	-7.98%	-1.68%	+3.45%	+10.1%	+9.45%	+5.95%	+6.79%	+13.7%	+15.5%	+23.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	389.4M	559.8M	641M	747.2M	710.9M	764.6M	1B	1.2B	1.2B	1.2B
Receivables	141M	149.7M	153.4M	127M	162.1M	142.2M	152.9M	154.1M	211.9M	222.8M
Inventory	137.5M	143.3M	170.8M	192.3M	199.1M	234.5M	302.1M	282.7M	268.3M	256.9M
Total current assets	698M	874.3M	988M	1.1B	1.1B	1.2B	1.5B	1.7B	1.8B	1.7B
Property, plant & equipment	283M	635.1M	657.2M	699.8M	858.2M	890.8M	972.6M	1.2B	1.3B	1.6B
Goodwill & intangibles	77.3M	60.5M	47.5M	40.9M	42M	43.5M	33.7M	29.6M	25.5M	22M
Total assets	1.4B	1.7B	1.8B	1.9B	2.1B	2.2B	2.5B	2.9B	3.1B	3.3B
Accounts payable	99.3M	115.3M	104.3M	119.2M	96.9M	78.7M	150.9M	139.1M	130.6M	123.9M
Short-term debt	48.1M	106M	10.8M	65.9M	106.5M	83.9M	62.3M	59M	48.4M	28.1M
Total current liabilities	247.1M	302.4M	203.7M	253.1M	272.9M	276.3M	387.4M	276.8M	285.1M	263.7M
Long-term debt	296.1M	228.7M	256.7M	245.8M	283.8M	231M	210.1M	172.6M	132.4M	133.4M
Total liabilities	697.3M	643.9M	553.8M	586.1M	639.2M	615.9M	659.1M	491.5M	440.3M	417.7M
Shareholders' equity	682.6M	1B	1.2B	1.3B	1.5B	1.6B	1.9B	2.4B	2.6B	2.9B
Total debt	344.2M	334.7M	267.5M	311.8M	390.3M	314.8M	272.3M	231.6M	180.8M	161.5M
Net debt	-11.1M	-111.3M	-117.6M	-43.8M	178.6M	103.9M	-68.4M	-29.1M	-91.1M	-73.9M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.2B	1.5B	1.5B
Receivables	150.2M	154.1M	159.4M	165.2M	195.8M	211.9M	219.5M	215.3M	213M	222.8M	213.8M	202.9M
Inventory	304.2M	282.7M	299.4M	276.1M	272.4M	268.3M	276.1M	286.7M	286.7M	256.9M	254.8M	244.4M
Total current assets	1.7B	1.7B	1.7B	1.7B	1.7B	1.8B	1.7B	1.8B	1.8B	1.7B	2B	2B
Property, plant & equipment	—	1.2B	—	—	—	1.3B	—	—	—	1.6B	—	—
Goodwill & intangibles	12.6M	29.6M	11.7M	11.2M	10.8M	25.5M	—	9.4M	—	22M	—	—
Total assets	2.8B	2.9B	3B	3B	3.1B	3.1B	3.1B	3.2B	3.3B	3.3B	3.7B	3.8B
Accounts payable	106.4M	139.1M	169.5M	123.8M	129.7M	130.6M	118.3M	135.7M	131.9M	123.9M	121M	122.6M
Short-term debt	47.7M	59M	57.7M	61.4M	61.7M	48.4M	27.5M	33.1M	33.2M	28.1M	25.1M	16.9M
Total current liabilities	258.2M	276.8M	323.9M	290.2M	294.6M	285.1M	249.5M	268.3M	269.2M	263.7M	360.4M	404.2M
Long-term debt	179.9M	172.6M	151.7M	126.7M	131.6M	132.4M	134.8M	143M	130.9M	133.4M	130.7M	124.8M
Total liabilities	487M	491.5M	514.3M	449.5M	452.2M	440.3M	406.6M	429M	420M	417.7M	726.5M	700.1M
Shareholders' equity	2.3B	2.4B	2.5B	2.5B	2.6B	2.6B	2.7B	2.8B	2.8B	2.9B	3B	3.1B
Total debt	227.6M	231.6M	209.4M	188.1M	193.3M	180.8M	162.3M	176.1M	164.1M	161.5M	155.9M	141.7M
Net debt	-87.2M	-29.1M	-51.1M	-77.2M	-77.7M	-91.1M	-112.5M	-89.2M	-108.7M	-73.9M	-87.5M	-89.5M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	209.2M	301.7M	133.4M	88.1M	83.3M	154.1M	266.5M	519.5M	207.2M	218.8M
Depreciation & amortization	197.6M	208.4M	214.4M	214.5M	240.5M	270.7M	292.6M	258M	266.3M	303.1M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	-28.1M	-178.1M	-28.9M	-17.2M	-59.1M	-3.2M	-46.6M	-92.3M	-49.7M	-137M
Operating cash flow	369.4M	334.6M	321.3M	281M	269.9M	420.2M	519.5M	678.2M	448.5M	395.5M
Capital expenditure	-209.6M	-167.6M	-169.7M	-172.2M	-256.5M	-279.3M	-213.5M	-432.2M	-431.7M	—
Investing cash flow	-226.7M	-245.4M	-328.2M	-305.1M	-363.6M	-338.9M	-329.4M	-720.8M	-400.2M	38.5M
Dividends paid	-2.6M	-4.4M	0	0	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	32M	-59M	-48.8M	-19.4M	-63.7M	-77.3M	-66.7M	-30.4M	-32.5M	-33.4M
Net change in cash	174.6M	30.2M	-55.8M	-43.5M	-157.4M	3.9M	123.3M	-73.1M	15.9M	400.6M
Free cash flow	110M	168M	102.7M	99.9M	-37.1M	107.5M	163.4M	232.1M	12.5M	-48.9M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	337.7M	51.7M	43M	56.8M	54.8M	52.6M	39.7M	45.6M	53.4M	80.1M	67.6M	90.6M
Depreciation & amortization	66.9M	65.2M	59.5M	65.6M	65.3M	75.8M	74.2M	74.6M	76.5M	77.8M	82.9M	83.6M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	-5.4M	19.9M	1.2M	2.7M	-1.3M	-30.7M	-20.6M	-1.2M	9.6M	-124.8M	71.3M	-1.4M
Operating cash flow	399.2M	129.1M	109.8M	125M	125.2M	110.2M	93.9M	122.6M	139.4M	39.5M	510M	177M
Capital expenditure	-101.1M	-136.4M	-98M	-112.6M	-127.6M	-93.4M	-111.4M	—	—	—	—	—
Investing cash flow	-419.6M	-136.4M	-99.1M	-95.2M	-108.2M	-93.4M	-111.4M	—	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	—	—	-8.4M	-10.4M	—	-79M	—	—	-6.9M	-18.5M	—	—
Net change in cash	-20.4M	-7.4M	2.3M	19.4M	17M	-62.2M	-17.5M	122.6M	132.5M	21M	510M	177M
Free cash flow	301.2M	-22.6M	12M	470K	-2.9M	2.9M	-17.5M	11.9M	35.9M	-79.3M	353.6M	-9.6M

Tower Semiconductor Ltd. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Split history

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement