Tower Semiconductor Ltd. (TSEM) Balance Sheet
TSEM balance sheet, 2025
December 31, 2025 · U.S. dollars$3.32B assets = $417.7M liabilities + $2.90B equity
Both columns are drawn to the same scale: what TSEM owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TSEM financial health
Descriptive bands, not a rating. Fiscal 2025.
TSEM balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.38B2016 | $3.32B2025 | +10.3%/yr | |
| Total liabilities | $697.3M2016 | $417.7M2025 | −5.5%/yr | |
| Shareholders’ equity | $690.0M2016 | $2.90B2025 | +17.3%/yr | |
| Cash & short-term investments | $389.4M2016 | $1.15B2025 | +12.8%/yr | |
| Total debt | $344.2M2016 | $161.5M2025 | −8.1%/yr | |
| Net cash (debt) | $45.1M2016 | $990.4M2025 | +$945.2M | |
| Working capital | $450.9M2016 | $1.45B2025 | +$995.0M | |
| Book value per share | $6.812016 | $25.572025 | +15.8%/yr | |
| Current ratio | 2.822016 | 6.482025 | +3.66 | |
| Debt / equity | 0.502016 | 0.062025 | −0.44 | |
| Shares outstanding | 101.3M2016 | 113.6M2025 | +1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TSEM assets
TSEM liabilities and equity
TSEM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TSEM balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.15B | $1.22B | $1.24B | $1.01B | $763.9M | $710.1M | $747.2M | $641.0M | $559.8M | $389.4M |
| Cash & equivalents | $235.4M | $271.9M | $260.7M | $340.8M | $210.9M | $211.7M | $355.6M | $385.1M | $446.0M | $355.3M |
| Short-term investments | $916.5M | $946.4M | $974.5M | $665.1M | $552.9M | $498.4M | $391.7M | $255.9M | $113.9M | $34.1M |
| Receivables | $222.8M | $240.8M | $180.2M | $177.5M | $161.0M | $186.7M | $140.7M | $157.4M | $149.7M | $155.7M |
| Inventory | $256.9M | $268.3M | $282.7M | $302.1M | $234.5M | $199.1M | $192.3M | $170.8M | $143.3M | $137.5M |
| Other current assets | $78.1M | $33.0M | $11.1M | $9.8M | $36.8M | $7.0M | $8.3M | $18.8M | $21.5M | $15.4M |
| Total current assets | $1.71B | $1.76B | $1.71B | $1.50B | $1.20B | $1.10B | $1.09B | $988.0M | $874.3M | $698.0M |
| Property, plant & equipment (net) | $1.58B | $1.29B | $1.17B | $972.6M | $890.8M | $858.2M | $699.8M | $657.2M | $635.1M | $616.7M |
| Goodwill & intangible assets | $11.0M | $12.8M | $12.1M | $16.8M | $18.8M | $18.0M | $20.5M | $23.7M | $26.8M | $38.7M |
| Long-term investments | $4.4M | $6.8M | $6.8M | $6.7M | $39.6M | $40.7M | $28.2M | $35.9M | $26.1M | $25.6M |
| Other non-current assets | $16.5M | $6.2M | $24.8M | $56.3M | $85.8M | $74.4M | $95.9M | $85.1M | $111.3M | $910,000 |
| Total assets | $3.32B | $3.08B | $2.92B | $2.55B | $2.23B | $2.09B | $1.93B | $1.79B | $1.67B | $1.38B |
| Liabilities | ||||||||||
| Accounts payable | $123.9M | $130.6M | $139.1M | $150.9M | $78.7M | $96.9M | $119.2M | $104.3M | $115.3M | $99.3M |
| Short-term debt | $28.1M | $48.4M | $59.0M | $62.3M | $83.9M | $106.5M | $65.9M | $10.8M | $106.0M | $48.1M |
| Deferred revenue | — | $21.7M | $18.4M | $38.9M | $40.0M | $10.0M | $10.3M | $20.7M | $14.3M | $26.2M |
| Total current liabilities | $263.7M | $285.1M | $276.8M | $387.4M | $276.3M | $272.9M | $253.1M | $203.7M | $302.4M | $247.1M |
| Long-term debt | $133.4M | $132.4M | $172.6M | $210.1M | $231.0M | $283.8M | $235.1M | $256.7M | $228.7M | $296.1M |
| Lease obligations | — | — | — | — | — | — | — | $47.2M | — | — |
| Other long-term liabilities | $20.6M | $22.8M | $42.0M | $61.6M | $108.6M | $82.6M | $97.9M | $93.4M | $112.8M | $154.0M |
| Total liabilities | $417.7M | $440.3M | $491.5M | $659.1M | $615.9M | $639.2M | $586.1M | $553.8M | $643.9M | $697.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $2.90B | $446.6M | $443.6M | $440.1M | $435.5M | $431.0M | $426.1M | $418.5M | $391.7M | $369.1M |
| Retained earnings (deficit) | $895.9M | $675.5M | $467.6M | −$50.9M | −$315.4M | −$465.5M | −$547.4M | −$637.4M | −$773.0M | −$1.07B |
| Treasury stock | — | — | — | — | — | — | −$9.1M | −$9.1M | −$9.1M | −$9.1M |
| Accumulated other comprehensive income | — | −$74.2M | $149.4M | −$47.5M | $122.0M | $108.3M | −$18.2M | −$23.4M | −$22.8M | −$27.8M |
| Minority interest | −$14.7M | −$13.1M | −$5.5M | −$2.6M | — | — | — | — | — | — |
| Total shareholders' equity | $2.90B | $2.65B | $2.43B | $1.89B | $1.62B | $1.46B | $1.35B | $1.24B | $1.04B | $690.0M |
| Key figures | ||||||||||
| Total debt | $161.5M | $180.8M | $231.6M | $272.3M | $314.8M | $390.3M | $311.8M | $256.7M | $334.7M | $344.2M |
| Net cash (debt) | $990.4M | $1.04B | $1.00B | $733.5M | $449.0M | $319.8M | $435.5M | $384.4M | $225.2M | $45.1M |
| Working capital | $1.45B | $1.48B | $1.43B | $1.11B | $919.9M | $830.0M | $835.4M | $784.2M | $572.0M | $450.9M |
| Tangible book value | $2.89B | $2.64B | $2.42B | $1.87B | $1.60B | $1.44B | $1.33B | $1.22B | $1.01B | $651.4M |
| Book value per share | $25.57 | $23.62 | $21.87 | $17.08 | $14.77 | $13.44 | $12.61 | $12.12 | $9.78 | $6.81 |
| Shares outstanding | 113.6M | 112.3M | 111.2M | 110.8M | 109.8M | 108.5M | 107.4M | 102.5M | 105.9M | 101.3M |
| Current ratio | 6.48 | 6.18 | 6.17 | 3.86 | 4.33 | 4.04 | 4.30 | 4.85 | 2.89 | 2.82 |
| Quick ratio | 5.21 | 5.12 | 5.11 | 3.05 | 3.35 | 3.29 | 3.51 | 3.92 | 2.35 | 2.21 |
| Debt / equity | 0.06 | 0.07 | 0.10 | 0.14 | 0.19 | 0.27 | 0.23 | 0.21 | 0.32 | 0.50 |
| Equity / assets | 87.4% | 86.1% | 83.3% | 74.2% | 72.7% | 69.6% | 70.1% | 69.4% | 61.9% | 50.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.48B | $1.50B | $1.15B | $1.22B | $1.21B | $1.18B | $1.22B | $1.21B | $1.23B | $1.24B | $1.24B | $1.23B |
| Cash & equivalents | $231.2M | $243.3M | $235.4M | $272.7M | $265.3M | $274.8M | $271.9M | $271.0M | $265.3M | $260.5M | $260.7M | $314.8M |
| Short-term investments | $1.25B | $1.26B | $916.5M | $950.6M | $942.3M | $906.4M | $946.4M | $934.0M | $968.7M | $982.1M | $974.5M | $914.8M |
| Receivables | $202.9M | $213.8M | $222.8M | $213.0M | $215.3M | $219.5M | $240.8M | $195.8M | $165.2M | $159.4M | $180.2M | $150.2M |
| Inventory | $244.4M | $254.8M | $256.9M | $286.7M | $286.7M | $276.1M | $268.3M | $272.4M | $276.1M | $299.4M | $282.7M | $304.2M |
| Other current assets | $57.3M | $61.7M | $78.1M | $56.6M | $53.7M | $51.4M | $33.0M | $41.1M | $35.4M | $42.0M | $11.1M | $33.5M |
| Total current assets | $1.99B | $2.03B | $1.71B | $1.78B | $1.76B | $1.73B | $1.76B | $1.71B | $1.71B | $1.74B | $1.71B | $1.72B |
| Property, plant & equipment (net) | $1.65B | $1.53B | $1.58B | $1.44B | $1.40B | $1.35B | $1.29B | $1.30B | $1.20B | $1.18B | $1.17B | $1.06B |
| Goodwill & intangible assets | $0 | $0 | $11.0M | $0 | $9.4M | $0 | $12.8M | $10.8M | $11.2M | $11.7M | $12.1M | $19.6M |
| Long-term investments | $0 | $0 | $4.4M | $0 | $0 | $0 | $6.8M | $0 | $8.5M | $0 | $6.8M | $0 |
| Other non-current assets | $135.9M | $142.4M | $16.5M | $32.8M | $28.0M | $34.1M | $6.2M | $39.5M | $32.6M | $41.2M | $24.8M | $36.3M |
| Total assets | $3.77B | $3.70B | $3.32B | $3.25B | $3.20B | $3.11B | $3.08B | $3.06B | $2.96B | $2.98B | $2.92B | $2.84B |
| Liabilities | ||||||||||||
| Accounts payable | $122.6M | $121.0M | $123.9M | $131.9M | $135.7M | $118.3M | $130.6M | $129.7M | $123.8M | $169.5M | $139.1M | $106.4M |
| Short-term debt | $16.9M | $25.1M | $28.1M | $33.2M | $33.1M | $27.5M | $48.4M | $61.7M | $61.4M | $57.7M | $59.0M | $47.7M |
| Deferred revenue | $176.0M | $127.3M | — | $19.9M | $15.6M | $17.2M | $21.7M | $27.9M | $24.0M | $19.7M | $18.4M | $23.7M |
| Total current liabilities | $404.2M | $360.4M | $263.7M | $269.2M | $268.3M | $249.5M | $285.1M | $294.6M | $290.2M | $323.9M | $276.8M | $258.2M |
| Long-term debt | $124.8M | $130.7M | $133.4M | $130.9M | $143.0M | $134.8M | $132.4M | $131.6M | $126.7M | $151.7M | $172.6M | $179.9M |
| Other long-term liabilities | $171.1M | $235.4M | $20.6M | $19.9M | $17.6M | $22.3M | $22.8M | $26.0M | $32.6M | $38.7M | $42.0M | $48.9M |
| Total liabilities | $700.1M | $726.5M | $417.7M | $420.0M | $429.0M | $406.6M | $440.3M | $452.2M | $449.5M | $514.3M | $491.5M | $487.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $2.90B | $2.83B | — | — | $446.6M | $2.61B | $444.6M | $2.46B | $443.6M | $2.35B |
| Retained earnings (deficit) | — | — | $895.9M | — | — | — | $675.5M | — | $565.7M | $565.7M | $467.6M | $467.6M |
| Accumulated other comprehensive income | — | — | — | — | — | — | −$74.2M | — | $144.3M | $144.3M | $149.4M | $149.4M |
| Minority interest | — | — | −$14.7M | — | — | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.09B | $2.97B | $2.90B | $2.83B | $2.77B | $2.70B | $2.65B | $2.61B | $2.53B | $2.46B | $2.43B | $2.35B |
| Key figures | ||||||||||||
| Total debt | $141.7M | $155.9M | $161.5M | $164.1M | $176.1M | $162.3M | $180.8M | $193.3M | $188.1M | $209.4M | $231.6M | $227.6M |
| Net cash (debt) | $1.34B | $1.34B | $990.4M | $1.06B | $1.03B | $1.02B | $1.04B | $1.01B | $1.05B | $1.03B | $1.00B | $1.00B |
| Working capital | $1.58B | $1.67B | $1.45B | $1.51B | $1.49B | $1.48B | $1.48B | $1.42B | $1.42B | $1.42B | $1.43B | $1.46B |
| Tangible book value | $3.09B | $2.97B | $2.89B | $2.83B | $2.77B | $2.70B | $2.64B | $2.60B | $2.51B | $2.45B | $2.42B | $2.33B |
| Book value per share | $26.97 | $26.01 | $25.44 | $24.90 | $24.49 | $23.88 | $23.49 | $23.18 | $22.55 | $22.06 | $21.85 | $21.11 |
| Shares outstanding | 114.4M | 114.3M | 114.2M | 113.8M | 113.3M | 113.2M | 113.0M | 112.5M | 112.0M | 111.6M | 111.3M | 111.2M |
| Current ratio | 4.91 | 5.63 | 6.48 | 6.61 | 6.57 | 6.93 | 6.18 | 5.82 | 5.90 | 5.38 | 6.17 | 6.65 |
| Quick ratio | 4.17 | 4.75 | 5.21 | 5.33 | 5.30 | 5.62 | 5.12 | 4.76 | 4.82 | 4.33 | 5.11 | 5.34 |
| Debt / equity | 0.05 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.07 | 0.07 | 0.07 | 0.09 | 0.10 | 0.10 |
| Equity / assets | 81.8% | 80.4% | 87.4% | 87.1% | 86.6% | 86.9% | 86.1% | 85.2% | 85.3% | 82.7% | 83.3% | 82.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 30, 2026); data from EODHD.
TSEM financial position
At the end of fiscal 2025 (December 31, 2025), Tower Semiconductor had total assets of $3.3 billion (up 7.8% from a year earlier), total liabilities of $417.7 million and shareholders' equity of $2.9 billion. It held $1.2 billion in cash and short-term investments against $161.5 million of debt, a net cash position of $990.4 million. Its current ratio was 6.48. In the latest quarter (ended June 30, 2026) total assets were $3.8 billion and equity $3.1 billion.
Related: TSEM income statement, TSEM cash flow statement, TSEM key metrics. See the TSEM stock overview for the latest quote and news.
TSEM balance sheet FAQ
What are Tower Semiconductor's total assets?
Tower Semiconductor reported total assets of $3.3 billion at the end of fiscal 2025 (December 31, 2025), compared with $3.1 billion a year earlier.
How much debt does Tower Semiconductor have?
Tower Semiconductor had $161.5 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.06.
How much cash does Tower Semiconductor have?
Tower Semiconductor held $1.2 billion in cash and short-term investments at the end of fiscal 2025; with $161.5 million of debt that is net cash of $990.4 million.
What is Tower Semiconductor's book value?
Tower Semiconductor's shareholders' equity (book value) was $2.9 billion at the end of fiscal 2025, or $25.57 per share.
What is Tower Semiconductor's current ratio?
Tower Semiconductor had current assets of $1.7 billion and current liabilities of $263.7 million, a current ratio of 6.48 (it can cover its short-term obligations).
How much goodwill does Tower Semiconductor have?
Tower Semiconductor carried $11.0 million of goodwill and intangible assets, 0.3% of total assets, at the end of fiscal 2025.