Tower Semiconductor
TSEM · NasdaqSemiconductors & Related Devices · Fiscal year ends Dec 31
Tower Semiconductor reported revenue of $1.6B in the fiscal year ended Dec 2025, up 9.1% from the year before. Operating income was $194M, an operating margin of 12.4%, and net income was $220M. Operating cash flow of $395M less capital expenditure of $444M left free cash flow of −$49M. It held more cash than debt (net cash $74M).
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.5B | $1.7B | $1.4B | $1.4B | $1.6B |
| Cost of revenue | $1.2B | $1.2B | $1.1B | $1.1B | $1.2B |
| Gross profit | $329M | $466M | $354M | $339M | $364M |
| Research & development | $85M | $84M | $80M | $79M | $86M |
| Selling, general & admin | $77M | $80M | $72M | $75M | $83M |
| Operating income | $167M | $312M | $547M | $191M | $194M |
| Interest expense | $7M | $6M | $4M | $4M | $4M |
| Pre-tax income | $155M | $292M | $585M | $217M | $240M |
| Income tax | $1M | $26M | $65M | $10M | $22M |
| Net income | $150M | $265M | $518M | $208M | $220M |
| Diluted EPS | 1.37 | 2.39 | 4.66 | 1.85 | 1.94 |
| Diluted shares | 110M | 111M | 111M | 112M | 114M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $211M | $341M | $261M | $272M | $235M |
| Receivables | $142M | $153M | $154M | $212M | $223M |
| Inventory | $235M | $302M | $283M | $268M | $257M |
| Current assets | $1.2B | $1.5B | $1.7B | $1.8B | $1.7B |
| Net PP&E | $877M | $962M | $1.2B | $1.3B | $1.5B |
| Goodwill | $7M | $7M | $7M | $7M | $7M |
| Total assets | $2.2B | $2.5B | $2.9B | $3.1B | $3.3B |
| Payables | $79M | $151M | $139M | $131M | $124M |
| Deferred revenue | $40M | $39M | $18M | $22M | $26M |
| Current liabilities | $276M | $387M | $277M | $285M | $264M |
| Short-term debt | $84M | $62M | $59M | $48M | $28M |
| Long-term debt | $231M | $210M | $173M | $132M | $133M |
| Total liabilities | $616M | $659M | $491M | $440M | $418M |
| Shareholders' equity | $1.6B | $1.9B | $2.4B | $2.7B | $2.9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $421M | $530M | $677M | $449M | $395M |
| Capital expenditure | $314M | $366M | $445M | $436M | $444M |
| Free cash flow | $107M | $163M | $232M | $13M | −$49M |
| Depreciation & amortisation | $271M | $293M | $258M | $266M | $303M |
| Stock-based compensation | $25M | $24M | $28M | $34M | $38M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 11.2% | −15.2% | 0.9% | 9.1% |
| Operating income growth (YoY) | – | 87.2% | 75.6% | −65.0% | 1.5% |
| EPS growth (YoY) | – | 74.5% | 95.0% | −60.3% | 4.9% |
| Gross margin | 21.8% | 27.8% | 24.8% | 23.6% | 23.2% |
| Operating margin | 11.0% | 18.6% | 38.5% | 13.3% | 12.4% |
| Net margin | 9.9% | 15.8% | 36.4% | 14.5% | 14.1% |
| Return on equityBlank when equity is negative | 9.2% | 14.0% | 21.3% | 7.8% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 14.4% | 20.7% | 6.8% | 6.3% |
| Free cash flow margin | 7.1% | 9.7% | 16.3% | 0.9% | −3.1% |
| Cash conversion (CFO ÷ net income) | 2.81x | 2.00x | 1.30x | 2.16x | 1.79x |
| Receivable days | 34 | 33 | 40 | 54 | 52 |
| Inventory days | 73 | 91 | 97 | 89 | 78 |
| Payable days | 24 | 45 | 47 | 43 | 38 |
| Interest cover | 22.8x | 54.8x | 123x | 47.5x | 53.1x |
| Debt ÷ equity | 0.19x | 0.14x | 0.10x | 0.07x | 0.06x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $104M | −$68M | −$29M | −$91M | −$74M |
| Current ratio | 4.33x | 3.86x | 6.17x | 6.18x | 6.48x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.