TSEM · NasdaqGS
Semiconductors · Israel
Snapshot 2026-11-11 · Latest financial period 2026-09-30 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Tower Semiconductor Ltd., an independent semiconductor foundry, provides technology, development, and process platforms for integrated circuits in the United States, Japan, rest of Asia, and Europe. It provides customizable process technologies, including SiGe, SiPho, mixed signal CMOS, RF CMOS, CMOS image sensors, non-imaging sensors, wafers, and integrated power management. The company also offers a design enablement platform for a design cycle, as well as transfer optimization and development process services to integrated device manufacturers and fabless companies. It serves consumer applications, personal computers, communications, handsets and smartphones, automotive, industrial, aerospace, and medical device markets. The company was incorporated in 1993 and is headquartered in Migdal Haemek, Israel.
Company websiteQ3 2026
Published 2026-11-02
Q3 2026 REPORT HIGHLIGHTS
Customer advances support Tower’s photonics expansion, but the $3.6 billion 2028 model still needs manufacturing delivery and common-owner cash.
Nine-month operating cash includes $305.4M of net customer advances. Those receipts support future supply; they are not extra profit.
RF infrastructure is 56% of Q3 revenue against 27% a year earlier. It includes more than silicon photonics, so do not call the entire category SiPho.
The $3.6B 2028 model follows track one; the additional fab is expected to contribute from 2029. The combined net investment plan is about $3B.
The completed close is $155.32, down 35.2% from the prior episode’s $239.53 reference. The old $160 fair value was a model, not a guaranteed floor.
HOLD at a $150 base, $90–220 range and $152.50 weighted value. High execution uncertainty requires a $120 fresh-buy threshold if the thesis remains intact.
Comparable businesses
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
No suitable peers with fresh, comparable size data are available. We have not substituted unrelated companies.
| Metric | TSEMTower Semiconductor Ltd.Snapshot 2026-11-11Financial period: 2026-09-30 |
|---|---|
| Market capMarket value, converted to USD | US$18.03B |
| Forward P/EProvider forward earnings estimate | 22.68x |
| EV / EBITDAEnterprise value / trailing EBITDA | 22.41x |
| Revenue growthLatest quarter vs prior-year quarter | 33.0% |
| Operating marginLatest reported quarter | 19.2% |
| Free cash flow yieldTrailing cash flow / market cap | 1.4% |
| Net debt / EBITDANet debt / trailing EBITDA | -1.92x |
| Debt / equityTotal debt / positive book equity | 0.05x |
| Trailing P/ETrailing twelve-month earnings | 51.08x |
| Price / bookPrice / positive book equity per share | 5.61x |
| EV / salesEnterprise value / trailing revenue | 8.37x |
| Earnings growthLatest quarter vs prior-year quarter | 123.4% |
| Gross marginTrailing twelve months | 29.6% |
| Net marginTrailing twelve months | 19.4% |
| Return on equityProvider trailing return; positive equity only | 11.9% |
| Free cash flow marginTrailing free cash flow / revenue | 13.5% |
| Dividend yieldIndicated annual dividend / price | — |
| Earnings payoutProvider trailing dividend payout | 0.0% |
| Current ratioCurrent assets / current liabilities | 3.72x |
| BetaProvider historical market sensitivity | 0.96 |
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Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
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Market context
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Starting assumptions, when available, use provider forward estimates as of 2026-11-11. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
FREE RESEARCH PACKET · Q3 2026
Customer advances support Tower’s photonics expansion, but the $3.6 billion 2028 model still needs manufacturing delivery and common-owner cash.
Research published November 2, 2026 · Download original report
Read Research PacketPresentation · 2026-11-02 · YouTube
Presentation · 2026-08-05 · YouTube
Short takes Q2 2026
TSEM: The Record Quarter Is One Product Line
Watch Short on YouTube
Presentation · 2026-05-13 · YouTube
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