Tower Semiconductor
We are a pure-play independent specialty foundry, and as such we are dedicated to providing high-value, high-quality, processed wafers to our customers for their end products and end users.
20-F, Apr 30, 2026
Source and method
In the company’s words: first descriptive sentence of 20-F Item 4, verbatim (extractive). Item 4 · Information on the Company · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Business
How does Tower Semiconductor make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $14 is net income.
Source and method
Of every $100 of revenue, FY2025.
Calculated: amount ÷ revenue × 100.
- Revenue: $1.6B
- Gross profit: $364M
- Operating income: $194M
- Net income: $220M
- Free cash flow: −$48.9M
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“Our foundry processes use chemical materials, chemical processes and other materials and equipment on silicon wafers, based on the design specifications of our customers.”
“As a pure-play foundry, we do not offer products of our own.”
“We currently offer process technology geometries of 0.35, 0.18, 0.16 and 0.13 -micron on 200-mm wafers and 65 nanometer on 300-mm wafers.”
Item 4 · Information on the Company · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Thesis
Why do people invest?
No filing sentence met the rules.
KPIs
How fast is revenue growing?
Revenue grew 9.1% to $1.6B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Tower Semiconductor files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue fell 9.0%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
12.4% operating margin, down from 13.3%.
23.2% gross margin, down from 23.6%.
Operating income grew 1.5% to $194M.
Net income grew 6.1% to $220M.
R&D grew 8.9% to $86.5M.
SG&A grew 11% to $83.2M.
EPS diluted grew 4.9% to $1.94.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Tower Semiconductor files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Free cash flow was negative: −$48.9M in FY2025.
Operating cash flow fell 12% to $395M.
Capex grew 1.9% to $444M.
Stock-based compensation grew 12% to $37.8M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Tower Semiconductor files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$235M cash vs $162M debt.
Total debt fell 11% to $162M.
Interest expense fell 9.2% to $3.7M.
Total assets grew 7.8% to $3.3B.
Equity grew 10% to $2.9B.
Cash fell 13% YoY to $235M.
Total debt fell 11% YoY to $162M.
Total assets grew 7.8% YoY to $3.3B.
Equity grew 10% YoY to $2.9B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Tower Semiconductor files annual reports with the SEC on Form 20-F (US GAAP, USD); quarterly figures appear only in 6-K reports and are not captured here as quarterly series.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
How much revenue hangs on one customer?
One Tower Semiconductor customer: $172M.
Source & method
- Counted
- Largest customers as disclosed in the annual report (share of revenue).
- Formulas
- One customer in dollars = disclosed share × total revenue of the same fiscal year (calculated), only where the filing text confirms the share is of total revenue.
- Guards
- Anonymous customers stay anonymous. Segment-based shares are never multiplied by total revenue. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Tower Semiconductor annual report)
“In 2025, 11% of our revenues were generated from NTCJ, 39% of our revenues were derived from an additional seven customers, each of which generated between 4% to 7% of our revenues, and the remaining 50% of our revenues were derived from many other smaller customers.”
20-F · 0001178913-26-002318 · filed Apr 30, 2026 · basis: filing text, verified verbatim
Suppliers named by Tower Semiconductor
Tower Semiconductor holds stakes in
No stake in a covered company found in SEC filings.
Others name Tower Semiconductor
1 competitor mention (e.g. GlobalFoundries) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 45 risk factors, one per theme.
Supply chain and manufacturing
“Over-demand for our foundry services and/or products may result in operational bottlenecks and a loss of customers and revenues, which may adversely affect our profitability and business.”
Item 3.D · Risk Factors · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Trade, government policy and geopolitics
“We are subject to risks related to our international operations.”
Item 3.D · Risk Factors · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Security, defects and outages
“Security, cyber and privacy breaches may harm our business and operations.”
Item 3.D · Risk Factors · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Regulation and legal proceedings
“From time to time, we are a party to litigation that may require management time and effort.”
Item 3.D · Risk Factors · 20-F · 0001178913-26-002318 · filed Apr 30, 2026
Source and method
Short verbatim quotes from the risk factors in Item 3.D, one per theme (a partial selection). Full list: 20-F.
Who’s invested
Who owns more than 5%?
Price T Rowe Associates Inc /Md/ holds 6.6%.
Price T Rowe Associates Inc /Md/6.6%
13G · as of Mar 31, 2026 · filed May 15, 2026
Menora Mivtachim Holdings Ltd.6.17%
13G/A · as of Dec 31, 2025 · filed Feb 10, 2026
Migdal Insurance & Financial Holdings Ltd.5.98%
13G/A · as of Jun 30, 2026 · filed Jul 23, 2026
Harel Insurance Investments & Financial Services Ltd.5.1%
13G · as of Jun 10, 2026 · filed Jun 15, 2026
Phoenix Financial Ltd.5.01%
13G · as of Jun 5, 2026 · filed Jun 9, 2026
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only.
5 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
Phoenix Financial Ltd.5.5%
3.5M shares · 13F filed Aug 11, 2026 · share of 13F-reported
BlackRock, Inc.5.2%
3.3M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.0%
3.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jane Street Group, LLC4.6%
2.9M shares · 13F filed Aug 14, 2026 · share of 13F-reported
Senvest Management, LLC2.9%
1.8M shares · 13F filed Aug 14, 2026 · share of 13F-reported
452 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 3 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 38 sales · $60.0M sold
Grants, gifts and tax withholding counted separately · window Oct 15, 2025 – Oct 15, 2026
All metrics
All metrics · 33 SEC metrics, FY2016–FY2025
Income statement 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | ||||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A | ||||||||||
Balance sheet 10
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | ||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Short-term debt (balance sheet line) | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | ||||
| Total liabilities & equity | ||||||||||
Cash flow 5
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | ||||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 4
| Metric | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| NCI income | ||||||||||
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 4, 3.D and 5 of the 20-F; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values