TSEM financial statements

The full income statement, balance sheet, and cash-flow statement for Tower Semiconductor Ltd. (TSEM), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2017-12 98.5M2018-12 105.0M2019-12 106.8M2020-12 107.9M2021-12 107.9M2022-12 110.0M2023-12 110.8M2024-12 111.6M2025-12 112.5M+14.3% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	1.57B YoY+9.1%	1.44B YoY+0.9%	1.42B YoY-15.2%	1.68B YoY+11.2%	1.51B YoY+19.2%
	364M YoY+7.2%	339M YoY-4.0%	354M YoY-24.2%	466M YoY+41.7%	329M YoY+41.1%
Cost of revenue	1.20B YoY+9.6%	1.10B YoY+2.6%	1.07B YoY-11.7%	1.21B YoY+2.7%	1.18B YoY+14.2%
	170M YoY+14.6%	148M YoY+176.5%	-194M YoY-225.3%	155M YoY-4.9%	163M YoY+14.3%
Research & development	86.5M YoY+8.9%	79.4M YoY-0.5%	79.8M YoY-4.9%	83.9M YoY-1.7%	85.4M YoY+9.0%
Selling, general & administrative	83.2M YoY+11.0%	75.0M YoY+3.5%	72.5M YoY-9.8%	80.3M YoY+4.0%	77.2M YoY+20.7%
Restructuring	0.00 YoY+100.0%	-6.27M YoY-131.9%	19.7M YoY+84.0%	10.7M	0.00
Operating income	194M YoY+1.5%	191M YoY-65.0%	547M YoY+75.6%	312M YoY+87.2%	167M YoY+82.9%
Interest expense	3.66M YoY-9.2%	4.03M YoY-9.3%	4.44M YoY-21.9%	5.69M YoY-22.2%	7.31M YoY+8.2%
Other non-operating income	-10.5M YoY+57.4%	-24.7M YoY-450.8%	7.05M YoY+201.6%	-6.93M YoY-574.6%	1.46M YoY+128.0%
Pre-tax income	240M YoY+10.6%	217M YoY-62.8%	585M YoY+100.3%	292M YoY+88.2%	155M YoY+74.9%
Income tax	21.6M YoY+111.4%	10.2M YoY-84.4%	65.3M YoY+156.1%	25.5M YoY+2390.4%	1.02M YoY-81.0%
	220M YoY+6.1%	208M YoY-59.9%	518M YoY+96.0%	265M YoY+76.4%	150M YoY+82.3%
Net income to non-controlling interest	-1.66M YoY-157.9%	-642K YoY-162.0%	1.04M YoY-45.5%	1.90M YoY-53.2%	4.06M YoY+311.7%
	$1.94 YoY+4.9%	$1.85 YoY-60.3%	$4.66 YoY+95.0%	$2.39 YoY+74.5%	$1.37 YoY+80.3%
EPS (basic)	$1.97 YoY+5.3%	$1.87 YoY-60.2%	$4.70 YoY+94.2%	$2.42 YoY+74.1%	$1.39 YoY+80.5%
	112M YoY+0.7%	111M YoY+0.8%	110M YoY+0.9%	109M YoY+1.0%	108M YoY+1.0%
	114M YoY+1.1%	112M YoY+1.0%	111M YoY+0.4%	111M YoY+0.9%	110M YoY+1.2%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.71B YoY-2.9%	1.76B YoY+3.0%	1.71B YoY+14.3%	1.50B YoY+25.0%	1.20B YoY+8.5%
Cash & equivalents	235M YoY-13.4%	272M YoY+4.3%	261M YoY-23.5%	341M YoY+61.6%	211M YoY-0.4%
Short-term investments	917M YoY-3.1%	946M YoY+19.7%	791M YoY+59.6%	495M YoY+36.2%	364M YoY+17.2%
Accounts receivable	223M YoY+5.1%	212M YoY+37.6%	154M YoY+0.7%	153M YoY+7.5%	142M YoY-12.3%
Inventory	257M YoY-4.3%	268M YoY-5.1%	283M YoY-6.4%	302M YoY+28.8%	235M YoY+17.8%
Other current assets	78.1M YoY+26.3%	61.8M YoY+71.9%	36.0M YoY+4.8%	34.3M YoY-37.4%	54.8M YoY+77.9%
	3.32B YoY+7.8%	3.08B YoY+5.5%	2.92B YoY+14.6%	2.55B YoY+14.2%	2.23B YoY+6.5%
Property, plant & equipment	1.46B YoY+13.7%	1.29B YoY+11.3%	1.16B YoY+20.1%	962M YoY+9.8%	877M YoY+4.5%
Operating lease right-of-use	118M YoY+1394.8%	7.87M YoY-19.3%	9.76M YoY-5.7%	10.4M YoY-26.6%	14.1M YoY-25.7%
Goodwill	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%	7.00M YoY+0.0%
Intangible assets	1.53M YoY-52.1%	3.20M YoY-37.5%	5.12M YoY-27.3%	7.03M YoY-40.5%	11.8M YoY+7.8%
Long-term investments	—	8.65M YoY+2.3%	8.45M YoY-3.9%	8.80M YoY-77.8%	39.6M YoY-2.7%
Deferred tax assets	—	—	—	—	53.5M YoY-7.4%
Other non-current assets	141M YoY+503.5%	23.4M YoY-28.9%	32.9M	—	—
	264M YoY-7.5%	285M YoY+3.0%	277M YoY-28.5%	387M YoY+40.2%	276M YoY+1.3%
Accounts payable	124M YoY-5.1%	131M YoY-6.1%	139M YoY-7.8%	151M YoY+91.7%	78.7M YoY-18.8%
Deferred revenue	25.6M YoY+18.1%	21.7M YoY+17.6%	18.4M YoY-52.7%	38.9M YoY-2.7%	40.0M YoY+298.8%
Short-term & current debt	28.1M YoY-41.9%	48.4M YoY-17.9%	59.0M YoY-5.3%	62.3M YoY-25.7%	83.9M YoY-21.3%
Current lease liability	3.07M YoY-21.6%	3.91M YoY+13.4%	3.45M YoY+8.8%	3.17M YoY-29.7%	4.51M YoY-31.1%
Other current liabilities	15.8M YoY-17.5%	19.2M YoY+106.9%	9.29M YoY-87.8%	76.4M YoY+376.9%	16.0M YoY+102.5%
Finance lease liability (current)	25.0M YoY+1.0%	24.8M YoY-38.5%	40.3M YoY+1.8%	39.6M YoY+9.2%	36.3M YoY+4.1%
	418M YoY-5.1%	440M YoY-10.4%	491M YoY-25.4%	659M YoY+7.0%	616M YoY-3.7%
Long-term debt	133M YoY+0.7%	132M YoY-23.3%	173M YoY-17.8%	210M YoY-9.1%	231M YoY-18.6%
Non-current lease liability	13.0M YoY+227.0%	3.96M YoY-37.2%	6.31M YoY-12.1%	7.18M YoY-25.2%	9.60M YoY-22.8%
Operating lease liability (total)	16.0M YoY+103.5%	7.87M YoY-19.3%	9.76M YoY-5.7%	10.4M YoY-26.6%	14.1M YoY-25.7%
Deferred tax liabilities	—	—	—	—	23.8M YoY-42.4%
Other non-current liabilities	12.2M YoY+20.2%	10.1M YoY-0.9%	10.2M	—	—
	2.92B YoY+10.0%	2.65B YoY+9.1%	2.43B YoY+28.6%	1.89B YoY+16.6%	1.62B YoY+11.3%
Common stock	451M YoY+1.0%	447M YoY+0.7%	444M YoY+0.8%	440M YoY+1.1%	435M YoY+1.0%
Additional paid-in capital	1.37B YoY-0.3%	1.38B YoY-0.2%	1.38B YoY-0.3%	1.38B YoY-0.3%	1.39B YoY-0.3%
Retained earnings	896M YoY+32.6%	675M YoY+44.5%	468M YoY+1019.1%	-50.9M YoY+83.9%	-315M YoY+32.2%
Treasury stock	9.07M YoY+0.0%	9.07M YoY+0.0%	9.07M YoY+0.0%	9.07M YoY+0.0%	9.07M YoY+0.0%
Accumulated other comprehensive income	-66.5M YoY+10.4%	-74.2M YoY-40.1%	-52.9M YoY-11.4%	-47.5M YoY-70.5%	-27.9M YoY-68.9%
Non-controlling interest	-14.7M YoY-11.9%	-13.1M YoY-140.6%	-5.46M YoY-106.8%	-2.64M YoY+60.1%	-6.62M YoY-127.4%
Total equity incl. non-controlling	2.90B YoY+10.0%	2.64B YoY+8.8%	2.43B YoY+28.5%	1.89B YoY+16.9%	1.62B YoY+11.0%
Total liabilities & equity	3.32B YoY+7.8%	3.08B YoY+5.5%	2.92B YoY+14.6%	2.55B YoY+14.2%	2.23B YoY+6.5%
	113M YoY+0.9%	112M YoY+0.7%	111M YoY+0.8%	110M YoY+1.0%	109M YoY+0.9%
	113M YoY+0.9%	112M YoY+0.7%	111M YoY+0.8%	110M YoY+1.0%	109M YoY+0.9%
	113M YoY+0.9%	112M YoY+0.7%	111M YoY+0.8%	110M YoY+1.9%	108M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	395M YoY-11.9%	449M YoY-33.7%	677M YoY+27.7%	530M YoY+25.8%	421M YoY+52.3%
Depreciation & amortization	303M YoY+13.8%	266M YoY+3.2%	258M YoY-11.8%	293M YoY+8.1%	271M YoY+12.5%
Change in receivables	10.5M YoY-82.6%	60.2M YoY+1804.1%	3.16M YoY-79.3%	15.2M YoY+206.3%	-14.3M YoY-143.3%
Change in inventory	-11.8M YoY-147.0%	-4.78M YoY+45.0%	-8.68M YoY-111.1%	77.9M YoY+76.3%	44.2M YoY+1428.6%
Change in payables	-12.2M YoY-134.0%	35.8M YoY+533.5%	-8.25M YoY+60.5%	-20.9M YoY+16.4%	-25.0M YoY-34.6%
	-398M YoY+0.5%	-400M YoY+44.5%	-721M YoY-118.8%	-329M YoY+2.8%	-339M YoY+6.8%
Capital expenditure	444M YoY+1.9%	436M YoY-1.9%	445M YoY+21.3%	366M YoY+16.8%	314M YoY+0.0%
Free cash flow	-48.9M YoY-490.6%	12.5M YoY-94.6%	232M YoY+42.0%	163M YoY+52.0%	107M YoY+389.8%
Acquisitions	0.00	0.00	0.00	0.00	0.00
Proceeds from sale of PP&E	7.86M YoY+74.8%	4.50M YoY-63.5%	12.3M YoY-91.9%	153M YoY+342.5%	34.5M YoY-39.5%
	-33.4M YoY-2.8%	-32.5M YoY-6.7%	-30.4M YoY+54.4%	-66.7M YoY+13.3%	-76.9M YoY-25.6%
Long-term debt issued	13.8M YoY-83.1%	81.8M YoY+238.3%	24.2M	0.00 YoY-100.0%	96.1M
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00	0.00
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	—	—	—	—	-6.25M YoY-243.3%
Net change in cash	-36.5M YoY-425.2%	11.2M YoY+114.0%	-80.1M YoY-161.7%	130M YoY+17341.6%	-753K YoY+99.5%
Interest paid	4.74M YoY+11.3%	4.25M YoY-5.8%	4.52M YoY+1.4%	4.46M YoY-2.3%	4.56M YoY-31.2%
Income taxes paid	20.3M YoY-13.4%	23.5M YoY+89.7%	12.4M YoY-3.3%	12.8M YoY+54.5%	8.29M YoY+440.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	13.2B YoY+130.0%	5.75B YoY+71.2%	3.36B YoY-28.0%	4.66B YoY+8.9%	4.28B YoY+53.7%
P/E	59.9× YoY+116.8%	27.6× YoY+117.9%	12.7× YoY-59.2%	31.1× YoY+8.9%	28.5× YoY-15.7%
P/S	8.4× YoY+110.9%	4.0× YoY+100.0%	2.0× YoY-35.3%	3.1× YoY+8.9%	2.8× YoY+29.0%
P/B	4.5× YoY+109.0%	2.2× YoY+22.0%	1.8× YoY-38.3%	2.9× YoY+8.9%	2.6× YoY+38.1%
P/FCF	—	458.6× YoY+2133.3%	20.5× YoY-52.7%	43.4× YoY+8.9%	39.8×
	1.7% YoY-53.9%	3.6% YoY-54.1%	7.9% YoY+145.0%	3.2% YoY-8.1%	3.5% YoY+18.6%
	—	0.22% YoY-95.5%	4.9% YoY+111.2%	2.3% YoY-8.1%	2.5%
Source filing	20-F	20-F	20-F	20-F	20-F

About this data

Source: TSEM's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all TSEM filings on SEC EDGAR → Not investment advice.