TSEMNasdaqSemiconductors & Related DevicesFiscal year ends December 31
TOWER SEMICONDUCTOR LTD
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 20-F on Apr 30, 2026
$200.30+4.72 (+2.41%)
Close on Oct 19, 2026
- Market cap
- $22.92B
- P/E (TTM)
- 103.2
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
23.2%+4.8 pts over 5 years
Operating margin
12.4%+5.2 pts over 5 years
Net margin
14.1%+7.6 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.1% | -2.3% | +4.4% | +5.0% | |
| Gross profit | +7.2% | -7.9% | +9.3% | +5.9% | |
| Operating income | +1.5% | -14.6% | +16.4% | +9.0% | |
| Net income | +6.1% | -5.9% | +21.8% | – | |
| EPS, diluted | +4.9% | -6.7% | +20.6% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 38.2% | 5.9% | 7.9% | |
| Return on assets | 17.4% | 4.1% | 6.9% | |
| Current ratio | 2.82 | 4.04 | 6.48 | |
| Debt to equity | – | – | 0.06 | |
| Net debt to EBITDA | – | – | -0.15× | |
| Interest coverage | 13.3× | 13.5× | 53.1× | |
| Inventory turnover | 7.8× | 5.3× | 4.6× | |
| Capex to revenue | 17.4% | 24.8% | 28.4% | |
| Diluted shares | 101M | 108M | 114M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Tower Semiconductor generated $2.47B from operations and spent $2.01B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$2.47B
Used
$2.01B
Capital expenditure$2.01B100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin14.1%
×Asset turnover0.49×
×Equity multiplier1.15×
=Return on equity, FY20257.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 14.1% | 0.49× | 1.15× | 7.9% |
| FY2024 | 14.5% | 0.48× | 1.18× | 8.2% |
| FY2023 | 36.4% | 0.52× | 1.26× | 24.0% |
| FY2022 | 15.8% | 0.70× | 1.36× | 15.1% |
| FY2021 | 9.9% | 0.70× | 1.40× | 9.7% |
| FY2020 | 6.5% | 0.63× | 1.43× | 5.9% |
| FY2019 | 7.3% | 0.66× | 1.43× | 6.9% |
| FY2018 | 10.4% | 0.75× | 1.52× | 11.9% |
| FY2017 | 21.5% | 0.91× | 1.78× | 34.8% |
| FY2016 | 16.3% | 1.07× | 2.20× | 38.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$220.47M
- Cash generatingOperating cash flow above zero$395.48M
- Return on assets improvedROA up on the prior year7.1% → 7.2%
- Earnings backed by cashOperating cash flow above net income$395.48M vs $220.47M
- Less leverageLong-term debt to assets fell4.3% → 4.0%
- Better liquidityCurrent ratio rose6.18 → 6.48
- No dilutionShare count did not rise112M → 114M
- Gross margin improvedGross margin up on the prior year23.64% → 23.23%
- More efficientAsset turnover rose0.49 → 0.51