TOWER SEMICONDUCTOR LTD TSEM
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS1.94
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.57B | $1.44B | $1.42B | $1.68B | $1.51B | $1.27B | $1.23B | $1.30B | $1.39B | $1.25B |
| Cost of revenue | $1.20B | $1.10B | $1.07B | $1.21B | $1.18B | $1.03B | $1.00B | $1.01B | $1.03B | $946.5M |
| Gross profit | $363.9M | $339.4M | $353.5M | $466.3M | $329.1M | $233.3M | $229.7M | $292.9M | $354.3M | $303.1M |
| R&D | $86.5M | $79.4M | $79.8M | $83.9M | $85.4M | $78.3M | $75.6M | $73.1M | $67.7M | $63.1M |
| SG&A | $83.2M | $75.0M | $72.5M | $80.3M | $77.2M | $64.0M | $67.4M | $65.0M | $66.8M | $65.4M |
| Total operating expenses | $169.7M | $148.1M | -$193.7M | $154.6M | $162.6M | $142.3M | $143.0M | $138.0M | $134.5M | $127.9M |
| Operating income | $194.2M | $191.3M | $547.3M | $311.7M | $166.5M | $91.0M | $86.7M | $154.9M | $219.8M | $175.2M |
| Interest expense | $3.7M | $4.0M | $4.4M | $5.7M | $7.3M | $6.8M | $6.8M | $10.6M | $12.6M | $13.1M |
| Pre-tax income | $240.4M | $217.4M | $584.8M | $292.0M | $155.1M | $88.7M | $91.0M | $139.3M | $201.8M | $210.6M |
| Income tax | $21.6M | $10.2M | $65.3M | $25.5M | $1.0M | $5.4M | $2.9M | $5.9M | $99.9M | $1.4M |
| Net income | $220.5M | $207.9M | $518.5M | $264.6M | $150.0M | $82.3M | $90.0M | $135.6M | $298.0M | $203.9M |
| EPS, basic | 1.97 | 1.87 | 4.70 | 2.42 | 1.39 | 0.77 | 0.85 | 1.35 | 3.08 | 2.33 |
| EPS, diluted | 1.94 | 1.85 | 4.66 | 2.39 | 1.37 | 0.76 | 0.84 | 1.32 | 2.90 | 2.09 |
| Shares, diluted (wtd. avg.) | $113.6M | $112.3M | $111.2M | $110.8M | $109.8M | $108.5M | $107.4M | $102.5M | $105.9M | $101.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $235.4M | $271.9M | $260.7M | $340.8M | $210.9M | $211.7M | $355.6M | $385.1M | $446.0M | $355.3M |
| Short-term investments | $916.5M | $946.4M | $790.8M | $495.4M | $363.6M | $310.2M | $215.6M | $120.1M | — | — |
| Receivables | $222.8M | $211.9M | $154.1M | $152.9M | $142.2M | $162.1M | $127.0M | $153.4M | $149.7M | $141.0M |
| Inventory | $256.9M | $268.3M | $282.7M | $302.1M | $234.5M | $199.1M | $192.3M | $170.8M | $143.3M | $137.5M |
| Total current assets | $1.71B | $1.76B | $1.71B | $1.50B | $1.20B | $1.10B | $1.09B | $988.0M | $874.3M | $698.0M |
| Property, plant and equipment | $1.46B | $1.29B | $1.16B | $962.3M | $876.7M | $839.2M | $681.9M | $657.2M | $635.1M | $616.7M |
| Goodwill | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M | $7.0M |
| Other intangibles | $1.5M | $3.2M | $5.1M | $7.0M | $11.8M | $11.0M | $10.3M | $13.4M | $19.8M | $28.1M |
| Total assets | $3.32B | $3.08B | $2.92B | $2.55B | $2.23B | $2.09B | $1.93B | $1.79B | $1.67B | $1.38B |
| Accounts payable | $123.9M | $130.6M | $139.1M | $150.9M | $78.7M | $96.9M | $119.2M | $104.3M | $115.3M | $99.3M |
| Short-term debt | $28.1M | $48.4M | $59.0M | $62.3M | $83.9M | $106.5M | $65.9M | $10.8M | — | — |
| Total current liabilities | $263.7M | $285.1M | $276.8M | $387.4M | $276.3M | $272.9M | $253.1M | $203.7M | $302.4M | $247.1M |
| Long-term debt | $133.4M | $132.4M | $172.6M | $210.1M | $231.0M | $283.8M | $245.8M | — | — | — |
| Total liabilities | $417.7M | $440.3M | $491.5M | $659.1M | $615.9M | $639.2M | $586.1M | $553.8M | $643.9M | $697.3M |
| Retained earnings | $895.9M | $675.5M | $467.6M | -$50.9M | -$315.4M | -$465.5M | -$547.4M | -$637.4M | -$773.0M | -$1.07B |
| Total equity | $2.92B | $2.65B | $2.43B | $1.89B | $1.62B | $1.45B | $1.35B | $1.24B | $1.03B | $682.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $395.5M | $448.7M | $676.6M | $529.8M | $421.3M | $276.6M | $291.3M | $312.9M | $355.6M | $327.5M |
| Depreciation and amortisation | $303.1M | $266.3M | $258.0M | $292.6M | $270.7M | $240.5M | $214.5M | $214.4M | $208.4M | $197.6M |
| Capital expenditure | $444.4M | $436.2M | $444.5M | $366.4M | $313.8M | $313.7M | $191.4M | $210.2M | $187.7M | $217.5M |
| Investing cash flow | -$398.1M | -$400.2M | -$720.8M | -$329.4M | -$338.9M | -$363.6M | -$305.1M | -$328.2M | -$245.4M | -$226.7M |
| Financing cash flow | -$33.4M | -$32.5M | -$30.4M | -$66.7M | -$76.9M | -$61.2M | -$17.6M | -$48.1M | -$23.3M | $73.3M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001178913-26-002318.
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