Tower Semiconductor Ltd. (TSEM) 10-Year Financial Performance & Capital Metrics

TSEM •

TechnologySemiconductorsSemiconductor Foundries and Manufacturing Services

AboutTower Semiconductor Ltd., an independent semiconductor foundry, manufactures and markets analog intensive mixed-signal semiconductor devices in the United States, Japan, other Asia countries, and Europe. It provides various customizable process technologies, including SiGe, BiCMOS, mixed signal/CMOS, RF CMOS, CMOS image sensor, integrated power management, and MEMS. The company also offers wafer fabrication services and design enablement platform for design cycle, as well as transfer optimization and development process services to integrated device manufacturers and fabless companies. It serves various markets, such as consumer electronics, personal computers, communications, automotive, industrial, aerospace, military, and medical device products. The company was incorporated in 1993 and is headquartered in Migdal Haemek, Israel.Show more

Revenue $1.57B +9.1%
EBITDA $497M +8.7%
Net Income $220M +6.1%
EPS (Diluted) 1.94 +4.9%
Gross Margin 23.23% -1.7%
EBITDA Margin 31.75% -0.3%
Operating Margin 12.4% -6.9%
Net Margin 14.08% -2.7%
ROE 7.95% -3.1%
ROIC 5.41% -6.7%
Debt/Equity 0.06 -18.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 21.8%
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 18.1%

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.01%

5Y4.35%

3Y-2.27%

TTM9.05%

Profit (Net Income) CAGR

10Y-

5Y21.78%

3Y-5.9%

TTM6.06%

EPS CAGR

10Y-

5Y20.61%

3Y-6.72%

TTM3.76%

ROCE

10Y Avg11.75%

5Y Avg12.09%

3Y Avg12.15%

Latest6.63%

Peer Comparison

Semiconductor Foundries and Manufacturing Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSEMTower Semiconductor Ltd.	14.04B	124.87	64.37	9.05%	14.08%	7.59%		0.06
TSMTaiwan Semiconductor Manufacturing Company Limited	1.94T	374.58	35.15	32.97%	45.11%	31.64%	1.8%	0.18
GFSGLOBALFOUNDRIES Inc.	26.42B	47.55	29.91	0.61%	13.03%	7.39%	3.82%	0.14
UMCUnited Microelectronics Corporation	26.28B	10.44	19.63	2.26%	20.48%	12.88%	6.35%	0.21
SKYTSkyWater Technology, Inc.	1.43B	29.46	12.07	29.18%	26.9%	60.73%		0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.25B	1.39B	1.3B	1.23B	1.27B	1.51B	1.68B	1.42B	1.44B	1.57B
Revenue Growth %	30.09%	11.02%	-6%	-5.37%	2.57%	19.16%	11.24%	-15.2%	0.94%	9.05%
Cost of Goods Sold+	946.53M	1.03B	1.01B	1B	1.03B	1.18B	1.21B	1.07B	1.1B	1.2B
COGS % of Revenue	75.74%	74.46%	77.54%	81.39%	81.57%	78.18%	72.2%	75.15%	76.36%	76.77%
Gross Profit+	303.1M	354.31M	292.95M	229.67M	233.32M	329.12M	466.31M	353.52M	339.44M	363.85M
Gross Margin %	24.26%	25.54%	22.46%	18.61%	18.43%	21.82%	27.8%	24.85%	23.64%	23.23%
Gross Profit Growth %	47.59%	16.89%	-17.32%	-21.6%	1.59%	41.06%	41.68%	-24.19%	-3.98%	7.19%
Operating Expenses+	128.57M	134.46M	138M	142.96M	142.28M	162.61M	154.63M	-193.75M	148.13M	169.68M
OpEx % of Revenue	10.29%	9.69%	10.58%	11.58%	11.24%	10.78%	9.22%	-13.62%	10.31%	10.83%
Selling, General & Admin	65.44M	66.8M	64.95M	67.38M	63.97M	77.22M	80.28M	72.45M	74.96M	83.19M
SG&A % of Revenue	5.24%	4.81%	4.98%	5.46%	5.05%	5.12%	4.79%	5.09%	5.22%	5.31%
Research & Development	63.13M	67.66M	73.05M	75.58M	78.32M	85.39M	83.91M	79.81M	20.62M	86.5M
R&D % of Revenue	5.05%	4.88%	5.6%	6.12%	6.19%	5.66%	5%	5.61%	1.44%	5.52%
Other Operating Expenses	0	0	0	0	0	0	-9.56M	-346.01M	52.54M	0
Operating Income+	175.15M	219.84M	154.94M	86.72M	91.03M	166.51M	311.67M	547.26M	191.31M	194.17M
Operating Margin %	14.02%	15.85%	11.88%	7.03%	7.19%	11.04%	18.58%	38.47%	13.32%	12.4%
Operating Income Growth %	113.88%	25.51%	-29.52%	-44.03%	4.98%	82.91%	87.18%	75.59%	-65.04%	1.49%
EBITDA+	372.76M	428.25M	369.33M	301.19M	331.56M	437.22M	604.31M	805.28M	457.59M	497.28M
EBITDA Margin %	29.83%	30.87%	28.32%	24.41%	26.2%	28.99%	36.02%	56.6%	31.86%	31.75%
EBITDA Growth %	49.15%	14.89%	-13.76%	-18.45%	10.08%	31.87%	38.22%	33.26%	-43.18%	8.67%
D&A (Non-Cash Add-back)	197.61M	208.41M	214.39M	214.47M	240.53M	270.71M	292.64M	258.02M	266.28M	303.11M
EBIT	223.74M	214.39M	154.94M	97.84M	95.44M	162.41M	297.66M	589.29M	185.04M	194.17M
Net Interest Income+	-17.33M	-8.47M	-12.12M	980K	-7.57M	-6.32M	7.91M	35.54M	49.63M	0
Interest Income	0	4.15M	10.76M	12.95M	8.48M	5.37M	13.6M	39.99M	55.49M	0
Interest Expense	17.33M	12.62M	22.88M	11.97M	16.06M	11.69M	5.69M	4.44M	5.86M	0
Other Income/Expense	35.44M	-18.07M	-15.63M	4.3M	-2.35M	-11.41M	-19.7M	37.58M	26.11M	46.21M
Pretax Income+	210.6M	201.77M	139.32M	91.02M	88.69M	155.1M	291.97M	584.84M	217.43M	240.38M
Pretax Margin %	16.85%	14.54%	10.68%	7.38%	7.01%	10.28%	17.4%	41.11%	15.14%	15.35%
Income Tax+	1.43M	-99.89M	5.94M	2.95M	5.4M	1.02M	25.5M	65.31M	10.21M	21.57M
Effective Tax Rate %	96.83%	147.7%	97.32%	98.93%	92.8%	96.72%	90.61%	88.66%	95.6%	91.72%
Net Income+	203.92M	298.01M	135.58M	90.05M	82.3M	150.01M	264.57M	518.49M	207.86M	220.47M
Net Margin %	16.32%	21.48%	10.4%	7.3%	6.5%	9.95%	15.77%	36.44%	14.47%	14.08%
Net Income Growth %	787.84%	46.14%	-54.51%	-33.58%	-8.6%	82.27%	76.37%	95.98%	-59.91%	6.06%
Net Income (Continuing)	209.17M	301.66M	133.38M	88.07M	83.29M	154.07M	266.47M	519.53M	207.22M	218.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-7.42M	-6.35M	-6.76M	-7.82M	-2.91M	-6.62M	-2.64M	-5.46M	-13.14M	0
EPS (Diluted)+	2.09	2.90	1.32	0.84	0.76	1.37	2.39	4.66	1.85	1.94
EPS Growth %	622.5%	38.76%	-54.48%	-36.36%	-9.52%	80.26%	74.45%	94.98%	-60.3%	4.86%
EPS (Basic)	2.33	3.08	1.35	0.85	0.77	1.39	2.42	4.70	1.87	1.97
Diluted Shares Outstanding	101.3M	105.95M	102.52M	107.44M	108.48M	109.8M	110.75M	111.22M	112.34M	113.6M
Basic Shares Outstanding	87.48M	96.65M	100.4M	106.26M	107.25M	108.28M	109.35M	110.29M	111.15M	113.64M
Dividend Payout Ratio	1.26%	1.47%	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	698M	874.33M	987.96M	1.09B	1.1B	1.2B	1.5B	1.71B	1.76B	1.71B
Cash & Short-Term Investments	389.38M	559.84M	641.02M	747.24M	710.1M	763.87M	1.01B	1.24B	1.22B	1.15B
Cash Only	355.28M	445.96M	385.09M	355.56M	211.68M	210.93M	340.76M	260.66M	271.89M	235.37M
Short-Term Investments	34.09M	113.87M	255.93M	391.68M	498.42M	552.94M	665.05M	974.53M	946.35M	916.54M
Accounts Receivable	155.67M	149.67M	157.41M	140.72M	186.7M	161.03M	177.47M	180.18M	240.76M	222.79M
Days Sales Outstanding	45.47	39.38	44.06	41.62	53.84	38.97	38.61	46.23	61.19	51.93
Inventory	137.53M	143.31M	170.78M	192.26M	199.13M	234.51M	302.11M	282.69M	268.3M	256.86M
Days Inventory Outstanding	53.03	50.64	61.65	69.87	70.4	72.6	91.03	96.51	89.29	77.98
Other Current Assets	8.81M	9.88M	8.58M	0	0	0	0	0	0	78.06M
Total Non-Current Assets+	681.89M	799.31M	802.02M	844.35M	991.23M	1.04B	1.05B	1.21B	1.32B	1.61B
Property, Plant & Equipment	616.69M	635.12M	657.23M	699.77M	858.16M	890.8M	972.61M	1.17B	1.29B	1.46B
Fixed Asset Turnover	2.03x	2.18x	1.98x	1.76x	1.47x	1.69x	1.72x	1.22x	1.11x	1.07x
Goodwill	7M	7M	7M	7M	7M	7M	7M	7M	7M	0
Intangible Assets	31.67M	19.84M	16.73M	13.46M	10.96M	11.82M	9.84M	5.12M	5.77M	0
Long-Term Investments	25.62M	26.07M	35.95M	40.09M	40.89M	32.03M	6.72M	6.78M	6.78M	0
Other Non-Current Assets	-33.44M	0	11.65M	17.68M	16.42M	39.87M	23.47M	22.96M	4.38M	149.61M
Total Assets+	1.38B	1.67B	1.79B	1.93B	2.09B	2.23B	2.55B	2.92B	3.08B	3.32B
Asset Turnover	0.91x	0.83x	0.73x	0.64x	0.60x	0.68x	0.66x	0.49x	0.47x	0.47x
Asset Growth %	42.81%	21.29%	6.95%	7.98%	8.35%	6.55%	14.18%	14.56%	5.55%	7.85%
Total Current Liabilities+	247.12M	302.37M	203.72M	253.06M	272.91M	276.33M	387.39M	276.84M	285.06M	263.75M
Accounts Payable	99.26M	115.35M	104.33M	119.2M	96.94M	78.71M	150.93M	139.13M	130.62M	123.92M
Days Payables Outstanding	38.28	40.76	37.66	43.32	34.27	24.37	45.48	47.5	43.47	37.62
Short-Term Debt	48.08M	105.96M	10.81M	65.93M	106.51M	83.87M	62.27M	58.95M	48.38M	28.11M
Deferred Revenue (Current)	26.17M	14.34M	20.71M	10.32M	10.03M	39.99M	38.91M	18.42M	21.66M	0
Other Current Liabilities	13.74M	7.32M	43.97M	7.02M	2.97M	5.74M	120.12M	1.89M	66.91M	111.72M
Current Ratio	2.82x	2.89x	4.85x	4.30x	4.04x	4.33x	3.86x	6.17x	6.18x	6.48x
Quick Ratio	2.27x	2.42x	4.01x	3.54x	3.31x	3.48x	3.08x	5.15x	5.23x	5.51x
Cash Conversion Cycle	60.23	49.26	68.05	68.17	89.97	87.2	84.17	95.24	107.01	92.29
Total Non-Current Liabilities+	450.15M	341.56M	350.05M	333.05M	366.33M	339.52M	271.68M	214.64M	155.24M	153.96M
Long-Term Debt	296.14M	215.9M	209.47M	195.92M	146.54M	118.62M	210.07M	88.36M	132.44M	133.41M
Capital Lease Obligations	0	12.82M	36.38M	49.9M	137.23M	112.36M	0	84.25M	0	0
Deferred Tax Liabilities	95.23M	63.92M	50.4M	45.24M	41.29M	23.96M	13.01M	10.22M	10.13M	0
Other Non-Current Liabilities	16.9M	29.83M	25.66M	13.8M	15.83M	14.62M	7.71M	6.1M	4.99M	20.55M
Total Liabilities	697.27M	643.93M	553.77M	586.11M	639.25M	615.85M	659.07M	491.48M	440.31M	417.71M
Total Debt+	344.23M	334.68M	267.48M	311.75M	390.28M	314.84M	272.34M	231.56M	180.81M	161.52M
Net Debt	-11.06M	-111.28M	-117.61M	-43.81M	178.59M	103.91M	-68.42M	-29.1M	-91.08M	-73.85M
Debt / Equity	0.50x	0.33x	0.22x	0.23x	0.27x	0.19x	0.14x	0.10x	0.07x	0.06x
Debt / EBITDA	0.92x	0.78x	0.72x	1.04x	1.18x	0.72x	0.45x	0.29x	0.40x	0.32x
Net Debt / EBITDA	-0.03x	-0.26x	-0.32x	-0.15x	0.54x	0.24x	-0.11x	-0.04x	-0.20x	-0.15x
Interest Coverage	10.11x	17.42x	6.77x	7.25x	5.67x	14.24x	54.80x	123.15x	32.64x	-
Total Equity+	682.61M	1.03B	1.24B	1.35B	1.45B	1.62B	1.89B	2.43B	2.64B	2.9B
Equity Growth %	77.03%	50.85%	20.05%	8.94%	8.03%	11.03%	16.91%	28.51%	8.78%	10.01%
Book Value per Share	6.74	9.72	12.06	12.53	13.41	14.71	17.05	21.82	23.50	25.57
Total Shareholders' Equity	690.03M	1.04B	1.24B	1.35B	1.46B	1.62B	1.89B	2.43B	2.65B	2.9B
Common Stock	369.06M	391.73M	418.49M	426.11M	431M	435.45M	440.15M	443.63M	446.56M	2.9B
Retained Earnings	-1.07B	-773.02M	-637.45M	-547.4M	-465.46M	-315.45M	-50.88M	467.62M	675.48M	0
Treasury Stock	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	0
Accumulated OCI	-27.83M	-22.76M	-23.39M	-18.24M	108.25M	122.02M	-47.54M	149.41M	-74.19M	0
Minority Interest	-7.42M	-6.35M	-6.76M	-7.82M	-2.91M	-6.62M	-2.64M	-5.46M	-13.14M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	327.47M	355.63M	312.9M	291.32M	276.56M	421.29M	529.82M	676.56M	448.68M	395.48M
Operating CF Margin %	26.21%	25.63%	23.99%	23.61%	21.85%	27.93%	31.58%	47.56%	31.24%	25.25%
Operating CF Growth %	92.28%	8.6%	-12.02%	-6.9%	-5.07%	52.33%	25.76%	27.7%	-33.68%	-11.86%
Net Income	209.17M	301.66M	133.38M	88.07M	82.3M	150.01M	264.57M	519.53M	207.22M	220.47M
Depreciation & Amortization	197.61M	208.41M	214.39M	214.47M	240.53M	270.71M	292.64M	258.02M	266.28M	303.11M
Stock-Based Compensation	9.41M	11.65M	12.66M	14.55M	0	0	0	0	0	0
Deferred Taxes	-4.56M	-108.46M	-5.35M	-14.55M	0	0	0	0	0	0
Other Non-Cash Items	-9.17M	2.63M	2.44M	6M	12.85M	3.74M	19.2M	-8.68M	24.85M	-5.12M
Working Capital Changes	-27.95M	-169.92M	-27.52M	-17.23M	-59.12M	-3.17M	-46.59M	-92.31M	-49.67M	-122.98M
Change in Receivables	-30.1M	-6.56M	-3.1M	27.32M	-33.09M	14.34M	-15.23M	-3.16M	-60.17M	-10.5M
Change in Inventory	-22.07M	-4.28M	-26.34M	-21.02M	-2.89M	-44.19M	-77.89M	8.68M	4.78M	11.8M
Change in Payables	5.55M	-8.65M	-3.56M	-339K	-18.58M	-25M	-20.89M	-8.25M	35.78M	0
Cash from Investing+	-226.72M	-245.36M	-328.22M	-305.09M	-363.61M	-338.94M	-329.45M	-720.85M	-400.24M	-398.09M
Capital Expenditures	-217.5M	-187.68M	-210.19M	-191.4M	-315.11M	-315.6M	-367.44M	-444.5M	-436.15M	-436.56M
CapEx % of Revenue	17.4%	13.53%	16.12%	15.51%	24.9%	20.93%	21.9%	31.24%	30.37%	27.88%
Acquisitions	7.87M	20.04M	40.45M	19.23M	57.12M	34.55M	152.87M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.23M	22.96M	25.91M	18.82M	0	0	0	11.71M	3.97M	38.47M
Cash from Financing+	73.33M	-23.32M	-48.13M	-17.56M	-61.19M	-76.86M	-66.65M	-30.41M	-32.45M	-33.35M
Debt Issued (Net)	37.09M	-50.26M	-48.85M	-19.4M	-38.34M	-41.92M	-39.84M	-32.35M	-32.45M	-33.35M
Equity Issued (Net)	0	0	0	1000K	1000K	458K	44K	0	0	0
Dividends Paid	-2.56M	-4.38M	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	38.8M	31.32M	714K	0	-25.36M	-35.39M	-26.85M	1.93M	0	0
Net Change in Cash	179.71M	90.68M	-60.87M	-29.53M	-143.88M	-753K	129.83M	-80.09M	11.23M	-36.52M
Free Cash Flow+	109.97M	167.96M	102.7M	99.92M	-37.09M	107.48M	163.42M	232.06M	12.53M	-41.08M
FCF Margin %	8.8%	12.11%	7.88%	8.1%	-2.93%	7.13%	9.74%	16.31%	0.87%	-2.62%
FCF Growth %	2127.96%	52.73%	-38.85%	-2.71%	-137.12%	389.76%	52.04%	42%	-94.6%	-427.87%
FCF per Share	1.09	1.59	1.00	0.93	-0.34	0.98	1.48	2.09	0.11	-0.36
FCF Conversion (FCF/Net Income)	1.61x	1.19x	2.31x	3.24x	3.36x	2.81x	2.00x	1.30x	2.16x	1.79x
Interest Paid	10.54M	14.07M	11.84M	7.46M	0	0	0	4.52M	4.25M	0
Taxes Paid	3.48M	17.67M	5.77M	13.03M	0	0	0	12.38M	23.49M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	38.18%	34.81%	11.97%	6.97%	5.88%	9.77%	15.1%	24.03%	8.2%	7.95%
Return on Invested Capital (ROIC)	22.42%	20.74%	11.41%	5.37%	4.65%	7.45%	13.21%	19.46%	5.8%	5.41%
Gross Margin	24.26%	25.54%	22.46%	18.61%	18.43%	21.82%	27.8%	24.85%	23.64%	23.23%
Net Margin	16.32%	21.48%	10.4%	7.3%	6.5%	9.95%	15.77%	36.44%	14.47%	14.08%
Debt / Equity	0.50x	0.33x	0.22x	0.23x	0.27x	0.19x	0.14x	0.10x	0.07x	0.06x
Interest Coverage	10.11x	17.42x	6.77x	7.25x	5.67x	14.24x	54.80x	123.15x	32.64x	-
FCF Conversion	1.61x	1.19x	2.31x	3.24x	3.36x	2.81x	2.00x	1.30x	2.16x	1.79x
Revenue Growth	30.09%	11.02%	-6%	-5.37%	2.57%	19.16%	11.24%	-15.2%	0.94%	9.05%

US Stock Screener

...

Tower Semiconductor Ltd. (TSEM) 10-Year Financial Performance & Capital Metrics

TSEM •

TechnologySemiconductorsSemiconductor Foundries and Manufacturing Services

Revenue $1.57B +9.1%
EBITDA $497M +8.7%
Net Income $220M +6.1%
EPS (Diluted) 1.94 +4.9%
Gross Margin 23.23% -1.7%
EBITDA Margin 31.75% -0.3%
Operating Margin 12.4% -6.9%
Net Margin 14.08% -2.7%
ROE 7.95% -3.1%
ROIC 5.41% -6.7%
Debt/Equity 0.06 -18.8%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 21.8%
✓Momentum leader: RS Rating 94 (top 6%)
✓High quality earnings: Operating CF exceeds net income
✓Healthy 5Y average net margin of 18.1%

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.01%

5Y4.35%

3Y-2.27%

TTM9.05%

Profit (Net Income) CAGR

10Y-

5Y21.78%

3Y-5.9%

TTM6.06%

EPS CAGR

10Y-

5Y20.61%

3Y-6.72%

TTM3.76%

ROCE

10Y Avg11.75%

5Y Avg12.09%

3Y Avg12.15%

Latest6.63%

Peer Comparison

Semiconductor Foundries and Manufacturing Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
TSEMTower Semiconductor Ltd.	14.04B	124.87	64.37	9.05%	14.08%	7.59%		0.06
TSMTaiwan Semiconductor Manufacturing Company Limited	1.94T	374.58	35.15	32.97%	45.11%	31.64%	1.8%	0.18
GFSGLOBALFOUNDRIES Inc.	26.42B	47.55	29.91	0.61%	13.03%	7.39%	3.82%	0.14
UMCUnited Microelectronics Corporation	26.28B	10.44	19.63	2.26%	20.48%	12.88%	6.35%	0.21
SKYTSkyWater Technology, Inc.	1.43B	29.46	12.07	29.18%	26.9%	60.73%		0.03

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	1.25B	1.39B	1.3B	1.23B	1.27B	1.51B	1.68B	1.42B	1.44B	1.57B
Revenue Growth %	30.09%	11.02%	-6%	-5.37%	2.57%	19.16%	11.24%	-15.2%	0.94%	9.05%
Cost of Goods Sold+	946.53M	1.03B	1.01B	1B	1.03B	1.18B	1.21B	1.07B	1.1B	1.2B
COGS % of Revenue	75.74%	74.46%	77.54%	81.39%	81.57%	78.18%	72.2%	75.15%	76.36%	76.77%
Gross Profit+	303.1M	354.31M	292.95M	229.67M	233.32M	329.12M	466.31M	353.52M	339.44M	363.85M
Gross Margin %	24.26%	25.54%	22.46%	18.61%	18.43%	21.82%	27.8%	24.85%	23.64%	23.23%
Gross Profit Growth %	47.59%	16.89%	-17.32%	-21.6%	1.59%	41.06%	41.68%	-24.19%	-3.98%	7.19%
Operating Expenses+	128.57M	134.46M	138M	142.96M	142.28M	162.61M	154.63M	-193.75M	148.13M	169.68M
OpEx % of Revenue	10.29%	9.69%	10.58%	11.58%	11.24%	10.78%	9.22%	-13.62%	10.31%	10.83%
Selling, General & Admin	65.44M	66.8M	64.95M	67.38M	63.97M	77.22M	80.28M	72.45M	74.96M	83.19M
SG&A % of Revenue	5.24%	4.81%	4.98%	5.46%	5.05%	5.12%	4.79%	5.09%	5.22%	5.31%
Research & Development	63.13M	67.66M	73.05M	75.58M	78.32M	85.39M	83.91M	79.81M	20.62M	86.5M
R&D % of Revenue	5.05%	4.88%	5.6%	6.12%	6.19%	5.66%	5%	5.61%	1.44%	5.52%
Other Operating Expenses	0	0	0	0	0	0	-9.56M	-346.01M	52.54M	0
Operating Income+	175.15M	219.84M	154.94M	86.72M	91.03M	166.51M	311.67M	547.26M	191.31M	194.17M
Operating Margin %	14.02%	15.85%	11.88%	7.03%	7.19%	11.04%	18.58%	38.47%	13.32%	12.4%
Operating Income Growth %	113.88%	25.51%	-29.52%	-44.03%	4.98%	82.91%	87.18%	75.59%	-65.04%	1.49%
EBITDA+	372.76M	428.25M	369.33M	301.19M	331.56M	437.22M	604.31M	805.28M	457.59M	497.28M
EBITDA Margin %	29.83%	30.87%	28.32%	24.41%	26.2%	28.99%	36.02%	56.6%	31.86%	31.75%
EBITDA Growth %	49.15%	14.89%	-13.76%	-18.45%	10.08%	31.87%	38.22%	33.26%	-43.18%	8.67%
D&A (Non-Cash Add-back)	197.61M	208.41M	214.39M	214.47M	240.53M	270.71M	292.64M	258.02M	266.28M	303.11M
EBIT	223.74M	214.39M	154.94M	97.84M	95.44M	162.41M	297.66M	589.29M	185.04M	194.17M
Net Interest Income+	-17.33M	-8.47M	-12.12M	980K	-7.57M	-6.32M	7.91M	35.54M	49.63M	0
Interest Income	0	4.15M	10.76M	12.95M	8.48M	5.37M	13.6M	39.99M	55.49M	0
Interest Expense	17.33M	12.62M	22.88M	11.97M	16.06M	11.69M	5.69M	4.44M	5.86M	0
Other Income/Expense	35.44M	-18.07M	-15.63M	4.3M	-2.35M	-11.41M	-19.7M	37.58M	26.11M	46.21M
Pretax Income+	210.6M	201.77M	139.32M	91.02M	88.69M	155.1M	291.97M	584.84M	217.43M	240.38M
Pretax Margin %	16.85%	14.54%	10.68%	7.38%	7.01%	10.28%	17.4%	41.11%	15.14%	15.35%
Income Tax+	1.43M	-99.89M	5.94M	2.95M	5.4M	1.02M	25.5M	65.31M	10.21M	21.57M
Effective Tax Rate %	96.83%	147.7%	97.32%	98.93%	92.8%	96.72%	90.61%	88.66%	95.6%	91.72%
Net Income+	203.92M	298.01M	135.58M	90.05M	82.3M	150.01M	264.57M	518.49M	207.86M	220.47M
Net Margin %	16.32%	21.48%	10.4%	7.3%	6.5%	9.95%	15.77%	36.44%	14.47%	14.08%
Net Income Growth %	787.84%	46.14%	-54.51%	-33.58%	-8.6%	82.27%	76.37%	95.98%	-59.91%	6.06%
Net Income (Continuing)	209.17M	301.66M	133.38M	88.07M	83.29M	154.07M	266.47M	519.53M	207.22M	218.81M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	-7.42M	-6.35M	-6.76M	-7.82M	-2.91M	-6.62M	-2.64M	-5.46M	-13.14M	0
EPS (Diluted)+	2.09	2.90	1.32	0.84	0.76	1.37	2.39	4.66	1.85	1.94
EPS Growth %	622.5%	38.76%	-54.48%	-36.36%	-9.52%	80.26%	74.45%	94.98%	-60.3%	4.86%
EPS (Basic)	2.33	3.08	1.35	0.85	0.77	1.39	2.42	4.70	1.87	1.97
Diluted Shares Outstanding	101.3M	105.95M	102.52M	107.44M	108.48M	109.8M	110.75M	111.22M	112.34M	113.6M
Basic Shares Outstanding	87.48M	96.65M	100.4M	106.26M	107.25M	108.28M	109.35M	110.29M	111.15M	113.64M
Dividend Payout Ratio	1.26%	1.47%	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	698M	874.33M	987.96M	1.09B	1.1B	1.2B	1.5B	1.71B	1.76B	1.71B
Cash & Short-Term Investments	389.38M	559.84M	641.02M	747.24M	710.1M	763.87M	1.01B	1.24B	1.22B	1.15B
Cash Only	355.28M	445.96M	385.09M	355.56M	211.68M	210.93M	340.76M	260.66M	271.89M	235.37M
Short-Term Investments	34.09M	113.87M	255.93M	391.68M	498.42M	552.94M	665.05M	974.53M	946.35M	916.54M
Accounts Receivable	155.67M	149.67M	157.41M	140.72M	186.7M	161.03M	177.47M	180.18M	240.76M	222.79M
Days Sales Outstanding	45.47	39.38	44.06	41.62	53.84	38.97	38.61	46.23	61.19	51.93
Inventory	137.53M	143.31M	170.78M	192.26M	199.13M	234.51M	302.11M	282.69M	268.3M	256.86M
Days Inventory Outstanding	53.03	50.64	61.65	69.87	70.4	72.6	91.03	96.51	89.29	77.98
Other Current Assets	8.81M	9.88M	8.58M	0	0	0	0	0	0	78.06M
Total Non-Current Assets+	681.89M	799.31M	802.02M	844.35M	991.23M	1.04B	1.05B	1.21B	1.32B	1.61B
Property, Plant & Equipment	616.69M	635.12M	657.23M	699.77M	858.16M	890.8M	972.61M	1.17B	1.29B	1.46B
Fixed Asset Turnover	2.03x	2.18x	1.98x	1.76x	1.47x	1.69x	1.72x	1.22x	1.11x	1.07x
Goodwill	7M	7M	7M	7M	7M	7M	7M	7M	7M	0
Intangible Assets	31.67M	19.84M	16.73M	13.46M	10.96M	11.82M	9.84M	5.12M	5.77M	0
Long-Term Investments	25.62M	26.07M	35.95M	40.09M	40.89M	32.03M	6.72M	6.78M	6.78M	0
Other Non-Current Assets	-33.44M	0	11.65M	17.68M	16.42M	39.87M	23.47M	22.96M	4.38M	149.61M
Total Assets+	1.38B	1.67B	1.79B	1.93B	2.09B	2.23B	2.55B	2.92B	3.08B	3.32B
Asset Turnover	0.91x	0.83x	0.73x	0.64x	0.60x	0.68x	0.66x	0.49x	0.47x	0.47x
Asset Growth %	42.81%	21.29%	6.95%	7.98%	8.35%	6.55%	14.18%	14.56%	5.55%	7.85%
Total Current Liabilities+	247.12M	302.37M	203.72M	253.06M	272.91M	276.33M	387.39M	276.84M	285.06M	263.75M
Accounts Payable	99.26M	115.35M	104.33M	119.2M	96.94M	78.71M	150.93M	139.13M	130.62M	123.92M
Days Payables Outstanding	38.28	40.76	37.66	43.32	34.27	24.37	45.48	47.5	43.47	37.62
Short-Term Debt	48.08M	105.96M	10.81M	65.93M	106.51M	83.87M	62.27M	58.95M	48.38M	28.11M
Deferred Revenue (Current)	26.17M	14.34M	20.71M	10.32M	10.03M	39.99M	38.91M	18.42M	21.66M	0
Other Current Liabilities	13.74M	7.32M	43.97M	7.02M	2.97M	5.74M	120.12M	1.89M	66.91M	111.72M
Current Ratio	2.82x	2.89x	4.85x	4.30x	4.04x	4.33x	3.86x	6.17x	6.18x	6.48x
Quick Ratio	2.27x	2.42x	4.01x	3.54x	3.31x	3.48x	3.08x	5.15x	5.23x	5.51x
Cash Conversion Cycle	60.23	49.26	68.05	68.17	89.97	87.2	84.17	95.24	107.01	92.29
Total Non-Current Liabilities+	450.15M	341.56M	350.05M	333.05M	366.33M	339.52M	271.68M	214.64M	155.24M	153.96M
Long-Term Debt	296.14M	215.9M	209.47M	195.92M	146.54M	118.62M	210.07M	88.36M	132.44M	133.41M
Capital Lease Obligations	0	12.82M	36.38M	49.9M	137.23M	112.36M	0	84.25M	0	0
Deferred Tax Liabilities	95.23M	63.92M	50.4M	45.24M	41.29M	23.96M	13.01M	10.22M	10.13M	0
Other Non-Current Liabilities	16.9M	29.83M	25.66M	13.8M	15.83M	14.62M	7.71M	6.1M	4.99M	20.55M
Total Liabilities	697.27M	643.93M	553.77M	586.11M	639.25M	615.85M	659.07M	491.48M	440.31M	417.71M
Total Debt+	344.23M	334.68M	267.48M	311.75M	390.28M	314.84M	272.34M	231.56M	180.81M	161.52M
Net Debt	-11.06M	-111.28M	-117.61M	-43.81M	178.59M	103.91M	-68.42M	-29.1M	-91.08M	-73.85M
Debt / Equity	0.50x	0.33x	0.22x	0.23x	0.27x	0.19x	0.14x	0.10x	0.07x	0.06x
Debt / EBITDA	0.92x	0.78x	0.72x	1.04x	1.18x	0.72x	0.45x	0.29x	0.40x	0.32x
Net Debt / EBITDA	-0.03x	-0.26x	-0.32x	-0.15x	0.54x	0.24x	-0.11x	-0.04x	-0.20x	-0.15x
Interest Coverage	10.11x	17.42x	6.77x	7.25x	5.67x	14.24x	54.80x	123.15x	32.64x	-
Total Equity+	682.61M	1.03B	1.24B	1.35B	1.45B	1.62B	1.89B	2.43B	2.64B	2.9B
Equity Growth %	77.03%	50.85%	20.05%	8.94%	8.03%	11.03%	16.91%	28.51%	8.78%	10.01%
Book Value per Share	6.74	9.72	12.06	12.53	13.41	14.71	17.05	21.82	23.50	25.57
Total Shareholders' Equity	690.03M	1.04B	1.24B	1.35B	1.46B	1.62B	1.89B	2.43B	2.65B	2.9B
Common Stock	369.06M	391.73M	418.49M	426.11M	431M	435.45M	440.15M	443.63M	446.56M	2.9B
Retained Earnings	-1.07B	-773.02M	-637.45M	-547.4M	-465.46M	-315.45M	-50.88M	467.62M	675.48M	0
Treasury Stock	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	-9.07M	0
Accumulated OCI	-27.83M	-22.76M	-23.39M	-18.24M	108.25M	122.02M	-47.54M	149.41M	-74.19M	0
Minority Interest	-7.42M	-6.35M	-6.76M	-7.82M	-2.91M	-6.62M	-2.64M	-5.46M	-13.14M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	327.47M	355.63M	312.9M	291.32M	276.56M	421.29M	529.82M	676.56M	448.68M	395.48M
Operating CF Margin %	26.21%	25.63%	23.99%	23.61%	21.85%	27.93%	31.58%	47.56%	31.24%	25.25%
Operating CF Growth %	92.28%	8.6%	-12.02%	-6.9%	-5.07%	52.33%	25.76%	27.7%	-33.68%	-11.86%
Net Income	209.17M	301.66M	133.38M	88.07M	82.3M	150.01M	264.57M	519.53M	207.22M	220.47M
Depreciation & Amortization	197.61M	208.41M	214.39M	214.47M	240.53M	270.71M	292.64M	258.02M	266.28M	303.11M
Stock-Based Compensation	9.41M	11.65M	12.66M	14.55M	0	0	0	0	0	0
Deferred Taxes	-4.56M	-108.46M	-5.35M	-14.55M	0	0	0	0	0	0
Other Non-Cash Items	-9.17M	2.63M	2.44M	6M	12.85M	3.74M	19.2M	-8.68M	24.85M	-5.12M
Working Capital Changes	-27.95M	-169.92M	-27.52M	-17.23M	-59.12M	-3.17M	-46.59M	-92.31M	-49.67M	-122.98M
Change in Receivables	-30.1M	-6.56M	-3.1M	27.32M	-33.09M	14.34M	-15.23M	-3.16M	-60.17M	-10.5M
Change in Inventory	-22.07M	-4.28M	-26.34M	-21.02M	-2.89M	-44.19M	-77.89M	8.68M	4.78M	11.8M
Change in Payables	5.55M	-8.65M	-3.56M	-339K	-18.58M	-25M	-20.89M	-8.25M	35.78M	0
Cash from Investing+	-226.72M	-245.36M	-328.22M	-305.09M	-363.61M	-338.94M	-329.45M	-720.85M	-400.24M	-398.09M
Capital Expenditures	-217.5M	-187.68M	-210.19M	-191.4M	-315.11M	-315.6M	-367.44M	-444.5M	-436.15M	-436.56M
CapEx % of Revenue	17.4%	13.53%	16.12%	15.51%	24.9%	20.93%	21.9%	31.24%	30.37%	27.88%
Acquisitions	7.87M	20.04M	40.45M	19.23M	57.12M	34.55M	152.87M	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-9.23M	22.96M	25.91M	18.82M	0	0	0	11.71M	3.97M	38.47M
Cash from Financing+	73.33M	-23.32M	-48.13M	-17.56M	-61.19M	-76.86M	-66.65M	-30.41M	-32.45M	-33.35M
Debt Issued (Net)	37.09M	-50.26M	-48.85M	-19.4M	-38.34M	-41.92M	-39.84M	-32.35M	-32.45M	-33.35M
Equity Issued (Net)	0	0	0	1000K	1000K	458K	44K	0	0	0
Dividends Paid	-2.56M	-4.38M	0	0	0	0	0	0	0	0
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	38.8M	31.32M	714K	0	-25.36M	-35.39M	-26.85M	1.93M	0	0
Net Change in Cash	179.71M	90.68M	-60.87M	-29.53M	-143.88M	-753K	129.83M	-80.09M	11.23M	-36.52M
Free Cash Flow+	109.97M	167.96M	102.7M	99.92M	-37.09M	107.48M	163.42M	232.06M	12.53M	-41.08M
FCF Margin %	8.8%	12.11%	7.88%	8.1%	-2.93%	7.13%	9.74%	16.31%	0.87%	-2.62%
FCF Growth %	2127.96%	52.73%	-38.85%	-2.71%	-137.12%	389.76%	52.04%	42%	-94.6%	-427.87%
FCF per Share	1.09	1.59	1.00	0.93	-0.34	0.98	1.48	2.09	0.11	-0.36
FCF Conversion (FCF/Net Income)	1.61x	1.19x	2.31x	3.24x	3.36x	2.81x	2.00x	1.30x	2.16x	1.79x
Interest Paid	10.54M	14.07M	11.84M	7.46M	0	0	0	4.52M	4.25M	0
Taxes Paid	3.48M	17.67M	5.77M	13.03M	0	0	0	12.38M	23.49M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	38.18%	34.81%	11.97%	6.97%	5.88%	9.77%	15.1%	24.03%	8.2%	7.95%
Return on Invested Capital (ROIC)	22.42%	20.74%	11.41%	5.37%	4.65%	7.45%	13.21%	19.46%	5.8%	5.41%
Gross Margin	24.26%	25.54%	22.46%	18.61%	18.43%	21.82%	27.8%	24.85%	23.64%	23.23%
Net Margin	16.32%	21.48%	10.4%	7.3%	6.5%	9.95%	15.77%	36.44%	14.47%	14.08%
Debt / Equity	0.50x	0.33x	0.22x	0.23x	0.27x	0.19x	0.14x	0.10x	0.07x	0.06x
Interest Coverage	10.11x	17.42x	6.77x	7.25x	5.67x	14.24x	54.80x	123.15x	32.64x	-
FCF Conversion	1.61x	1.19x	2.31x	3.24x	3.36x	2.81x	2.00x	1.30x	2.16x	1.79x
Revenue Growth	30.09%	11.02%	-6%	-5.37%	2.57%	19.16%	11.24%	-15.2%	0.94%	9.05%

Tower Semiconductor Ltd. (TSEM) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Revenue History

Financial Ratios

Tower Semiconductor Ltd. (TSEM) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TSEM vs Peers

vs TSM

vs GFS

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios