TSEM

MKT CAP:$22B

Tower Semiconductor Ltd.

Market Cap

$22B

Technology·Semiconductors·🇮🇱 Israel·NASDAQ

Technology·Semiconductors·🇮🇱·NASDAQ

Stock Price

$226.45+$104.71 (+86.01%)

Apr 17, 2026

Company Details

Tower 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 pro...

CEO

Russell C. Ellwanger

IPO Date

Oct 26, 1994

Website

towersemi.com

Key Metrics TTM

Revenue

$1.6B

+6.7% YoY

Net Income

$220M

EPS (Diluted)

$1.93

Free Cash Flow

-$45M

Revenue / Share

$13.71

Gross Margin

23.2%

Operating Margin

12.4%

Net Margin

14.1%

FCF Margin

-2.9%

P/S

14.1x

P/E

99.9x

Earnings Reports

Q1 2026

May 13, 2026

PENDING

FY 2025

Dec 31, 2025

$1.6B+9.1%EPS $1.94

Q4 2025

Mar 2, 2026

$440M+13.7%EPS $0.70

Q3 2025

Nov 10, 2025

$396M+6.8%EPS $0.47

Q2 2025

Aug 4, 2025

$372MEPS $0.41

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$323M	$73M	$39M
Q1 21	$347M	$70M	$32M
Q4 21	$412M	$100M	$56M
Q1 22	$421M	$105M	$63M
Q2 22	$426M	$112M	$71M
Q3 23	$358M	$87M	$362M
Q4 23	$352M	$84M	$45M
Q3 24	$371M	$93M	$56M
Q4 24	$387M	$87M	$46M
Q1 25	$358M	$73M	$33M
Q2 25	$372M	$80M	$40M
Q3 25	$396M	$93M	$51M
Q4 25	$440M	$118M	$71M

Valuation

Quarter	P/S	P/E
Q3 18	—	—
Q1 21	—	—
Q4 21	—	—
Q1 22	14.7x	131.4x
Q2 22	13.7x	114.7x
Q3 23	13.6x	43.6x
Q4 23	14.2x	43.4x
Q3 24	14.6x	43.3x
Q4 24	15.0x	43.6x
Q1 25	15.0x	108.1x
Q2 25	14.8x	112.2x
Q3 25	14.6x	112.7x
Q4 25	14.1x	99.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$69M	$29M
Q1 21	$87M	$38M
Q4 21	$134M	$13M
Q1 22	$137M	$56M
Q2 22	$138M	$89M
Q3 23	$402M	$301M
Q4 23	$126M	-$23M
Q3 24	$125M	-$3M
Q4 24	$101M	$3M
Q1 25	$94M	-$17M
Q2 25	$123M	$12M
Q3 25	$139M	$36M
Q4 25	$47M	-$75M

Capital Expenditures

Quarter	CapEx
Q3 18	$41M
Q1 21	$49M
Q4 21	$120M
Q1 22	$81M
Q2 22	$49M
Q3 23	$101M
Q4 23	$149M
Q3 24	$128M
Q4 24	$98M
Q1 25	$111M
Q2 25	$111M
Q3 25	$103M
Q4 25	$123M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 22	+32.1%	+25.2%
Q3 23	+3.2%	-101.3%
Q4 23	-14.7%	-14.0%
Q3 24	-12.0%	-12.1%
Q4 24	-9.1%	-4.1%
Q1 25	+0.0%	+8254.2%
Q2 25	+5.8%	+8.4%
Q3 25	+6.8%	+9.6%
Q4 25	+13.7%	+8.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$3M	0.8%
Q1 21	$0	0.0%
Q4 21	$9M	2.1%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 23	$8M	2.2%
Q4 23	$28M	7.9%
Q3 24	$0	0.0%
Q4 24	$11M	2.8%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q3 18	$18M	$16M
Q1 21	$20M	$17M
Q4 21	$22M	$22M
Q1 22	$20M	$21M
Q2 22	$20M	$21M
Q3 23	$20M	$18M
Q4 23	$21M	$18M
Q3 24	$20M	$17M
Q4 24	$21M	$20M
Q1 25	$20M	$20M
Q2 25	$19M	$21M
Q3 25	$22M	$20M
Q4 25	$25M	$22M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$203M	$587M	$791M
Q2 22	$211M	$645M	$856M
Q3 22	$390M	$511M	$901M
Q4 22	$341M	$665M	$1.0B
Q1 23	$305M	$641M	$946M
Q2 23	$318M	$595M	$914M
Q3 23	$315M	$915M	$1.2B
Q4 23	$261M	$975M	$1.2B
Q1 24	$260M	$982M	$1.2B
Q2 24	$265M	$969M	$1.2B
Q3 24	$271M	$934M	$1.2B
Q4 24	$272M	$946M	$1.2B
Q1 25	$275M	$906M	$1.2B
Q2 25	$265M	$942M	$1.2B
Q3 25	$273M	$951M	$1.2B
Q4 25	$235M	$917M	$1.2B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	102M	—	—
Q1 21	109M	+7.2%	—
Q4 21	110M	+0.7%	—
Q1 22	111M	+0.2%	—
Q2 22	111M	+0.0%	+8.3%
Q3 23	111M	+0.6%	+1.6%
Q4 23	111M	+0.1%	+0.9%
Q3 24	112M	+1.0%	+1.8%
Q4 24	113M	+0.4%	+2.2%
Q1 25	113M	+0.2%	+1.7%
Q2 25	113M	+0.1%	+1.8%
Q3 25	114M	+0.4%	+1.1%
Q4 25	114M	+0.4%	+1.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$57.2K	6K
Q1 21	$63.0K	6K
Q4 21	$70.0K	6K
Q1 22	$71.5K	6K
Q2 22	$72.4K	6K
Q3 23	$63.8K	6K
Q4 23	$67.4K	5K
Q3 24	$71.0K	5K
Q4 24	$72.3K	5K
Q1 25	$66.8K	5K
Q2 25	$69.4K	5K
Q3 25	$73.8K	5K
Q4 25	$82.1K	5K

Revenue / Employee