Tower Semiconductor Ltd.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026.

Is the business growing?

Fiscal years: Tower Semiconductor Ltd.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $14.1 ends up as net income. Net margin fell from 15.8% to 14.1% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Tower Semiconductor Ltd.'s annual reports to the SEC.

Where it is in the chip cycle

Gross margin 34.0% and rising for 2 quarters; inventory at 78 days and falling for 2 years; capital spending 35.5% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report Tower Semiconductor buys from NTCJ, Intel, Synopsys and 1 more; sells to NTCJ.

Their suppliers

ASML ASMLto Intel

TSMC TSMto Intel

UMC UMCto Intel

Show 3

Suppliers

Intel INTC

Synopsys SNPS

eMemory

N

NTCJ

 

TSEMTower Semiconductor

Customers

N

NTCJ 11%

Changes since the previous annual report (20-F filed Apr 30, 2025)

eMemoryNamed for the first time, as a supplier

Arm ARMNo longer named (was a supplier)

Cadence Design Systems CDNSNo longer named (was a supplier)

Keysight Technologies KEYSNo longer named (was a supplier)

SiemensNo longer named (was a supplier)

NNTCJCustomer, share of revenue13% → 11%

Intel INTCNo longer a partner, still a supplier

Named in other companies’ filings

Xanadu Quantum Technologies XNDUco-develops with it · Develops silicon photonics for quantum computers

Only the companies Tower Semiconductor names in its 20-F filed Apr 30, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Tower Semiconductor. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 50.8x, above the peer median of 21x, so it needs earnings to keep growing to hold up.

Priced 142% above the peer median of 21x.

What analysts expect

The average analyst price target is $275, 74% above the current price; 89% of 9 analysts rate it a buy; earnings beat estimates in all of the last 3 quarters.

Buy or Strong Buy: 8 analysts (89%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $119.25 to $284.50 (+139%), while TSEM went from $99.09 to $157.86 (+59%). In the past three months targets were cut 3 times and never raised. No upgrades and 1 downgrade over the year; the latest: Wedbush moved it to Neutral from Outperform on Dec 31, 2025.

For the fiscal year ending Dec 2026, analysts expect adjusted earnings of $4.07 a share and revenue of $2.0B.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $259M in free cash flow over the year, with no dividends and no buybacks. All of the cash stays in the company.

Free cash flow: operating cash flow minus capital spending. Last 4 quarters: Yahoo Finance, buybacks from SEC filings where they have the quarter.

Financial health

Current ratio 6.5, no pressure to repay short-term debt; debt-to-equity 0.1, debt is very low and the balance sheet is solid.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 6 funds whose copy leaves TSEM out (on the exchange, not in the app yet): Mirae Asset Global Investments, Canada Pension Plan Investment Board, Swiss National Bank, Norges Bank, Bridgewater Associates, Maverick Capital.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 11 held TSEM at the end of their latest quarter (for most, Q2 2026). Over that quarter 4 added shares, 5 cut, 2 bought new and 1 sold all. The largest of them is Norges Bank, 763,552 shares worth $198M at Jun 30, 2026, 107.1% more than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of TSEM at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $60.0M of TSEM on the open market in the 12 months to Nov 12, 2026; none bought. The largest was Russell Craig Ellwanger (Chief Executive Officer), who sold $60.0M in 37 sales.

From the Form 4s filed with the SEC about Tower Semiconductor Ltd. (13 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 9 other transactions (grants).