TOWER SEMICONDUCTOR LTD financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data TOWER SEMICONDUCTOR LTD files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,250	1,387	1,304	1,234	1,266	1,508	1,678	1,423	1,436	1,566
Cost of revenue	947	1,033	1,011	1,004	1,032	1,179	1,211	1,069	1,097	1,202
Gross profit	303	354	293	230	233	329	466	354	339	364
Research and development	63.1	67.7	73.1	75.6	78.3	85.4	83.9	79.8	79.4	86.5
Selling, general and administrative	65.4	66.8	65	67.4	64	77.2	80.3	72.5	75	83.2
Operating expenses	128	134	138	143	142	163	155	-194	148	170
Operating income	175	220	155	86.7	91	167	312	547	191	194
Interest expense	13.1	12.6	10.6	6.82	6.76	7.31	5.69	4.44	4.03	3.66
Other non-operating income	-24.3	-15.4	-13.2	4.29	-5.22	1.46	-6.93	7.05	-24.7	-10.5
Pre-tax income	211	202	139	91	88.7	155	292	585	217	240
Income tax	1.43	-99.9	5.94	2.95	5.4	1.02	25.5	65.3	10.2	21.6
Net income to minority interests	5.24	3.65	-2.2	-1.98	0.99	4.06	1.9	1.04	-0.64	-1.66
Net income	204	298	136	90	82.3	150	265	518	208	220
EBITDA	373	428	369	301	332	437	604	805	458	497
EPS, basic	2.33	3.08	1.35	0.85	0.77	1.39	2.42	4.70	1.87	1.97
EPS, diluted	2.09	2.90	1.32	0.84	0.76	1.37	2.39	4.66	1.85	1.94
Shares, basic (weighted)	87.5	96.6	100	106	107	108	109	110	111	112
Shares, diluted (weighted)	101	106	103	107	108	110	111	111	112	114

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	355	446	385	356	212	211	341	261	272	235
Short-term investments			120	216	310	364	495	791	946	917
Receivables	141	150	153	127	162	142	153	154	212	223
Inventory	138	143	171	192	199	235	302	283	268	257
Other current assets	30	21.5	22.8	22	30.8	54.8	34.3	36	61.8	78.1
Total current assets	698	874	988	1,088	1,103	1,196	1,495	1,709	1,760	1,710
Property, plant and equipment	617	635	657	682	839	877	962	1,156	1,287	1,463
Lease right-of-use assets				17.8	19	14.1	10.4	9.76	7.87	118
Goodwill	7	7	7	7	7	7	7	7	7	7
Intangible assets	28.1	19.8	13.4	10.3	11	11.8	7.03	5.12	3.2	1.53
Long-term investments	25.6	26.1	35.9	40.1	40.7	39.6	8.8	8.45	8.65
Other non-current assets	4.45							32.9	23.4	141
Total assets	1,380	1,674	1,790	1,933	2,094	2,231	2,548	2,919	3,080	3,322
Accounts payable	99.3	115	104	119	96.9	78.7	151	139	131	124
Deferred revenue	26.2	14.3	20.7	10.3	10	40	38.9	18.4	21.7	25.6
Short-term debt			10.8	65.9	107	83.9	62.3	59	48.4	28.1
Total current liabilities	247	302	204	253	273	276	387	277	285	264
Long-term debt							210	173	132	133
Lease liabilities				10.7	12.4	9.6	7.18	6.31	3.96	13
Other non-current liabilities	2.73	2.34	0.95	0.51				10.2	10.1	12.2
Total liabilities	697	644	554	586	639	616	659	491	440	418
Total debt			10.8	246	284	231	210	173	132	133
Paid-in capital	1,319	1,348	1,380	1,395	1,393	1,389	1,384	1,381	1,378	1,374
Retained earnings	-1,071	-773	-637	-547	-465	-315	-50.9	468	675	896
Treasury stock	-9.07	-9.07	-9.07	-9.07	-9.07	-9.07	-9.07	-9.07	-9.07	-9.07
Other comprehensive income	-27.8	-22.8	-23.4	-18.2	-16.5	-27.9	-47.5	-52.9	-74.2	-66.5
Shareholders' equity	683	1,030	1,243	1,355	1,458	1,622	1,891	2,432	2,653	2,919
Minority interests	-7.42	-6.35	-6.76	-7.82	-2.91	-6.62	-2.64	-5.46	-13.1	-14.7
Total equity	683	1,030	1,236	1,347	1,455	1,615	1,889	2,427	2,640	2,905
Total liabilities and equity	1,380	1,674	1,790	1,933	2,094	2,231	2,548	2,919	3,080	3,322
Shares outstanding	93	98.5	105	107	108	109	110	111	112	113

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	209	302	133	88.1	83.3	154	266	520	207	219
Depreciation and amortization	198	208	214	214	241	271	293	258	266	303
Stock-based compensation	9.41	11.6	12.7	14.5	17	25.1	24.2	27.9	33.8	37.8
Deferred income tax	-4.52
Change in receivables	-30.1	-6.56	-3.1	27.3	-33.1	14.3	-15.2	-3.16	-60.2	-10.5
Change in inventory	-22.1	-4.28	-26.3	-21	-2.89	-44.2	-77.9	8.68	4.78	11.8
Change in payables	5.55	-8.65	-3.56	-0.34	-18.6	-25	-20.9	-8.25	35.8	-12.2
Cash from operations	327	356	313	291	277	421	530	677	449	395
Capital expenditures	-217	-188	-210	-191	-314	-314	-366	-445	-436	-444
Cash from investing	-227	-245	-328	-305	-364	-339	-329	-721	-400	-398
Debt issued	56		99	0	0	96.1	0	24.2	81.8	13.8
Cash from financing	73.3	-23.3	-48.1	-17.6	-61.2	-76.9	-66.7	-30.4	-32.5	-33.4
Exchange rate effect	5.64	3.72	2.59	1.8	4.36	-6.25
Net change in cash	180	90.7	-60.9	-29.5	-144	-0.75	130	-80.1	11.2	-36.5
Free cash flow	110	168	103	99.9	-37.1	107	163	232	12.5	-48.9
Interest paid	10.5	14.1	11.8	7.46	6.63	4.56	4.46	4.52	4.26	4.74
Income taxes paid	3.49	17.7	5.77	13	-2.44	8.29	12.8	12.4	23.5	20.3

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $230.47 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	23.2%	Gross profit / revenue.
Operating margin	12.4%	Operating income / revenue.
EBITDA margin	31.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.3%	Pre-tax income / revenue.
Net margin	14.1%	Net income / revenue.
FCF margin	-3.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	25.3%	Cash from operations / revenue.
Effective tax rate	9.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.9%	Net income / average total assets.
Return on invested capital (ROIC)	6.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.5%	Research and development expense / revenue.
SG&A / revenue	5.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	2.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	28.4%	Capital expenditures / revenue.
D&A / revenue	19.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.4%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-7.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	9.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.5%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-14.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	16.4%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	8.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-6.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	8.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	6.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-5.9%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	4.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-6.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	20.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-11.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-9.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	7.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-490.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	10.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	15.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	9.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	6.48x	Current assets / current liabilities.
Quick ratio	5.21x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	4.37x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.05x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	4.0%	Total debt / total assets.
Liabilities / assets	12.6%	Total liabilities / total assets.
Net debt	-$1.02B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.05x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	53.1x	Operating income / interest expense.
Working capital	$1.45B	Current assets - current liabilities.
Goodwill and intangibles / assets	0.3%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.91B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.49x	Revenue / average total assets.
Fixed asset turnover	1.14x	Revenue / average property, plant and equipment.
Inventory turnover	4.58x	Cost of revenue / average inventory.
Days inventory	80 days	365 x average inventory / cost of revenue.
Receivables turnover	7.21x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	92 days	Days inventory + days sales outstanding - days payables.
FCF conversion	-22.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	112.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.94	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.97	Net income per basic share, as reported (split-adjusted).
Revenue per share	$13.79	Revenue / diluted weighted shares.
FCF per share	-$0.43	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.48	Cash from operations / diluted weighted shares.
Book value per share	$25.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$25.87	Tangible book value / shares outstanding.
Cash per share	$10.24	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$26.00B	Share price x shares outstanding.
Enterprise value	$24.98B	Market cap + total debt - cash - short-term investments.
P/E	118x	Market cap / net income. Only when net income is positive.
P/S	16.6x	Market cap / revenue.
P/B	8.91x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.93x	Market cap / tangible book value, when positive.
P/OCF	65.7x	Market cap / cash from operations, when positive.
EV/Sales	16.0x	Enterprise value / revenue.
EV/EBIT	129x	Enterprise value / operating income, when both are positive.
EV/EBITDA	50.2x	Enterprise value / EBITDA, when both are positive.
FCF yield	-0.2%	Free cash flow / market cap.
Earnings yield	0.8%	Net income / market cap (the inverse of P/E).

What was TOWER SEMICONDUCTOR LTD's revenue in fiscal 2025?

TOWER SEMICONDUCTOR LTD reported revenue of $1.57B for fiscal 2025, 9.1% higher than the year before.

Was TOWER SEMICONDUCTOR LTD profitable in fiscal 2025?

Yes. Net income was $220.5M, a net margin of 14.1%.

How much free cash flow did TOWER SEMICONDUCTOR LTD generate in fiscal 2025?

Cash from operations of $395.5M minus capital expenditures of $444.4M left free cash flow of -$48.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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