Tower Semiconductor Ltd. (TSEM) Key Metrics
TSEM valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $22.11B
- Enterprise value
- $24.51B
- P/E (TTM)
- 77.3 10-yr median 23.0
- Forward P/E
- 38.5
- PEG ratio
- 3.43
- Price / sales
- 12.9 10-yr median 2.5
- Price / book
- 8.4 10-yr median 2.4
- EV / EBITDA
- 37.9 10-yr median 7.1
- Dividend yield
- —
- Beta
- 0.89
TSEM key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsTSEM valuation Price multiples at each fiscal year-end price.
TSEM returns How much profit the business earns on the capital it uses.
TSEM per-share figures Results divided by the shares outstanding at year-end.
TSEM financial health Debt, liquidity and how easily interest is covered.
TSEM efficiency & capital use Working capital cycle and where the cash goes.
TSEM valuation history
TSEM returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
TSEM debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
TSEM cash returned to shareholders
TSEM price vs earnings per share
TSEM key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $13.34B | $5.79B | $3.39B | $4.78B | $4.36B | $2.80B | $2.58B | $1.51B | $3.61B | $1.93B |
| Enterprise value | $12.35B | $4.75B | $2.39B | $4.05B | $3.91B | $2.48B | $2.15B | $1.13B | $3.39B | $1.88B |
| P/E ratio | 60.5 | 27.8 | 6.5 | 18.1 | 29.0 | 34.0 | 28.7 | 11.1 | 12.1 | 9.5 |
| Price / sales | 8.5 | 4.0 | 2.4 | 2.9 | 2.9 | 2.2 | 2.1 | 1.2 | 2.6 | 1.5 |
| Price / book | 4.6 | 2.2 | 1.4 | 2.5 | 2.7 | 1.9 | 1.9 | 1.2 | 3.5 | 2.8 |
| Price / free cash flow | — | 461.9 | 14.6 | 29.3 | 40.5 | — | 25.9 | 14.7 | 21.5 | 17.5 |
| Price / operating cash flow | 33.7 | 12.9 | 5.0 | 9.0 | 10.3 | 10.1 | 8.9 | 4.8 | 10.2 | 5.9 |
| EV / sales | 7.9 | 3.3 | 1.7 | 2.4 | 2.6 | 2.0 | 1.7 | 0.9 | 2.4 | 1.5 |
| EV / EBITDA | 22.7 | 10.5 | 2.8 | 6.9 | 9.0 | 7.4 | 6.9 | 3.1 | 7.9 | 5.1 |
| EV / free cash flow | — | 379.1 | 10.3 | 24.8 | 36.4 | — | 21.5 | 11.0 | 20.2 | 17.1 |
| Earnings yield | 1.7% | 3.6% | 15.3% | 5.5% | 3.4% | 2.9% | 3.5% | 9.0% | 8.3% | 10.6% |
| Free cash flow yield | −0.3% | 0.2% | 6.8% | 3.4% | 2.5% | −1.3% | 3.9% | 6.8% | 4.7% | 5.7% |
| Dividend yield | — | — | — | — | — | — | 0.0% | — | 0.1% | 0.1% |
| Shareholder yield (dividends + buybacks) | — | — | — | — | — | — | 0.0% | 0.0% | 0.1% | 0.1% |
| Share price at fiscal year-end | $117.42 | $51.51 | $30.52 | $43.20 | $39.68 | $25.82 | $24.06 | $14.74 | $34.08 | $19.03 |
| Per share | ||||||||||
| Revenue per share | $13.79 | $12.78 | $12.79 | $15.15 | $13.74 | $11.67 | $11.49 | $12.72 | $13.09 | $12.34 |
| Earnings per share | $1.94 | $1.85 | $4.66 | $2.39 | $1.37 | $0.76 | $0.84 | $1.32 | $2.81 | $2.01 |
| Operating cash flow per share | $3.48 | $3.99 | $6.08 | $4.78 | $3.84 | $2.55 | $2.71 | $3.05 | $3.36 | $3.23 |
| Free cash flow per share | −$0.36 | $0.11 | $2.09 | $1.48 | $0.98 | −$0.34 | $0.93 | $1.00 | $1.59 | $1.09 |
| Cash per share | $10.14 | $10.84 | $11.11 | $9.08 | $6.96 | $6.55 | $6.96 | $6.25 | $5.28 | $3.84 |
| Book value per share | $25.57 | $23.62 | $21.87 | $17.08 | $14.77 | $13.44 | $12.61 | $12.12 | $9.78 | $6.81 |
| Tangible book value per share | $25.47 | $23.50 | $21.76 | $16.92 | $14.60 | $13.27 | $12.42 | $11.89 | $9.53 | $6.43 |
| Dividends per share | — | — | — | — | — | — | $0.00 | — | $0.04 | $0.03 |
| Capex per share | $3.84 | $3.88 | $4.00 | $3.31 | $2.86 | $2.89 | $1.78 | $2.05 | $1.77 | $2.15 |
| Debt per share | $1.42 | $1.61 | $2.08 | $2.46 | $2.87 | $3.60 | $2.90 | $2.50 | $3.16 | $3.40 |
| Shares outstanding | 113.6M | 112.3M | 111.2M | 110.8M | 109.8M | 108.5M | 107.4M | 102.5M | 105.9M | 101.3M |
| Change in shares outstanding | +1.1% | +1.0% | +0.4% | +0.9% | +1.2% | +1.0% | +4.8% | −3.2% | +4.6% | +36.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 7.9% | 8.2% | 24.0% | 15.1% | 9.7% | 5.9% | 6.9% | 11.9% | 34.5% | 37.5% |
| Return on invested capital (ROIC) | 10.0% | 12.0% | 37.6% | 24.4% | 14.3% | 8.3% | 9.4% | 17.8% | 30.2% | 30.9% |
| Return on assets (ROA) | 6.9% | 6.9% | 19.0% | 11.1% | 6.9% | 4.1% | 4.8% | 7.8% | 19.5% | 17.4% |
| Return on tangible assets | 6.7% | 6.8% | 17.8% | 10.5% | 6.8% | 4.0% | 4.7% | 7.7% | 18.1% | 15.2% |
| Free cash flow margin | −2.6% | 0.9% | 16.3% | 9.7% | 7.1% | −2.9% | 8.1% | 7.9% | 12.1% | 8.8% |
| Income quality (OCF / net income) | 1.79 | 2.16 | 1.30 | 2.00 | 2.81 | 3.36 | 3.24 | 2.31 | 1.19 | 1.61 |
| Financial health | ||||||||||
| Total debt | $161.5M | $180.8M | $231.6M | $272.3M | $314.8M | $390.3M | $311.8M | $256.7M | $334.7M | $344.2M |
| Cash & short-term investments | $1.15B | $1.22B | $1.24B | $1.01B | $763.9M | $710.1M | $747.2M | $641.0M | $559.8M | $389.4M |
| Net debt | −$990.4M | −$1.04B | −$1.00B | −$733.5M | −$449.0M | −$319.8M | −$435.5M | −$384.4M | −$225.2M | −$45.1M |
| Debt / equity | 0.06 | 0.07 | 0.10 | 0.14 | 0.19 | 0.27 | 0.23 | 0.21 | 0.32 | 0.50 |
| Debt / assets | 0.05 | 0.06 | 0.08 | 0.11 | 0.14 | 0.19 | 0.16 | 0.14 | 0.20 | 0.25 |
| Net debt / EBITDA | −1.82 | −2.30 | −1.18 | −1.24 | −1.04 | −0.95 | −1.39 | −1.04 | −0.53 | −0.12 |
| Current ratio | 6.48 | 6.18 | 6.17 | 3.86 | 4.33 | 4.04 | 4.30 | 4.85 | 2.89 | 2.82 |
| Quick ratio | 5.51 | 5.23 | 5.15 | 3.08 | 3.48 | 3.31 | 3.54 | 4.01 | 2.42 | 2.27 |
| Interest coverage | 53.1 | 32.6 | 123.1 | 54.8 | 14.2 | 5.7 | 7.2 | 6.8 | 17.4 | 10.1 |
| Working capital | $1.45B | $1.48B | $1.43B | $1.11B | $919.9M | $830.0M | $835.4M | $784.2M | $572.0M | $450.9M |
| Invested capital | $1.91B | $1.62B | $1.43B | $1.16B | $1.17B | $1.14B | $919.1M | $858.6M | $810.9M | $644.9M |
| Tangible asset value | $2.89B | $2.63B | $2.41B | $1.87B | $1.60B | $1.44B | $1.33B | $1.21B | $1.00B | $643.9M |
| Net current asset value | $1.29B | $1.32B | $1.22B | $836.1M | $580.4M | $463.7M | $502.4M | $434.2M | $230.4M | $728,000 |
| Graham number | $33.41 | $31.36 | $47.90 | $30.29 | $21.31 | $15.15 | $15.42 | $18.99 | $24.88 | $17.56 |
| Graham net-net per share | $9.06 | $9.73 | $9.17 | $5.70 | $3.52 | $2.86 | $3.38 | $2.84 | $0.94 | −$1.21 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | $0 | — | $4.4M | $2.6M |
| Share buybacks (net) | — | — | — | — | — | — | $0 | $0 | $0 | $0 |
| Dividend payout ratio | — | — | — | — | — | — | 0.0% | — | 1.5% | 1.3% |
| Dividends + buybacks / free cash flow | — | — | — | — | — | — | 0.0% | 0.0% | 2.6% | 2.3% |
| Capex / revenue | 27.9% | 30.4% | 31.2% | 21.8% | 20.8% | 24.8% | 15.5% | 16.1% | 13.5% | 17.4% |
| Capex / operating cash flow | 110.4% | 97.2% | 65.7% | 69.2% | 74.5% | 113.4% | 65.7% | 67.2% | 52.8% | 66.4% |
| Capex / depreciation | 1.44 | 1.64 | 1.72 | 1.25 | 1.16 | 1.30 | 0.89 | 0.98 | 0.90 | 1.10 |
| Stock-based compensation / revenue | — | 2.4% | 2.0% | 1.4% | 1.7% | 1.3% | 1.2% | 1.0% | 0.8% | 0.8% |
| R&D / revenue | 5.5% | 1.4% | 5.6% | 5.0% | 5.7% | 6.2% | 6.1% | 5.6% | 4.9% | 5.1% |
| SG&A / revenue | 5.3% | 5.2% | 5.1% | 4.8% | 5.1% | 5.1% | 5.5% | 5.0% | 4.8% | 5.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 54.0 | 53.5 | 45.9 | 36.8 | 42.1 | 47.2 | 44.1 | 43.0 | 40.2 | 39.9 |
| Days of inventory on hand | 79.7 | 91.7 | 99.8 | 80.8 | 67.1 | 69.2 | 66.0 | 56.7 | 49.6 | 46.9 |
| Days payables outstanding | 38.6 | 44.9 | 49.5 | 34.6 | 27.2 | 38.2 | 40.6 | 39.7 | 37.9 | 36.8 |
| Cash conversion cycle (days) | 95.1 | 100.3 | 96.2 | 83.1 | 82.0 | 78.2 | 69.4 | 60.0 | 51.9 | 49.9 |
| Receivables turnover | 6.76 | 6.82 | 7.96 | 9.91 | 8.67 | 7.73 | 8.28 | 8.49 | 9.09 | 9.15 |
| Payables turnover | 9.45 | 8.13 | 7.37 | 10.55 | 13.42 | 9.55 | 8.99 | 9.21 | 9.63 | 9.91 |
| Inventory turnover | 4.58 | 3.98 | 3.66 | 4.51 | 5.44 | 5.28 | 5.53 | 6.44 | 7.36 | 7.78 |
| Asset turnover | 0.49 | 0.48 | 0.52 | 0.70 | 0.70 | 0.63 | 0.66 | 0.75 | 0.91 | 1.07 |
| Average receivables | $231.8M | $210.5M | $178.8M | $169.3M | $173.9M | $163.7M | $149.1M | $153.5M | $152.7M | $136.6M |
| Average payables | $127.3M | $134.9M | $145.0M | $114.8M | $87.8M | $108.1M | $111.8M | $109.8M | $107.3M | $95.5M |
| Average inventory | $262.6M | $275.5M | $292.4M | $268.3M | $216.8M | $195.7M | $181.5M | $157.0M | $140.4M | $121.6M |
| Intangibles / total assets | 0.3% | 0.4% | 0.4% | 0.7% | 0.8% | 0.9% | 1.1% | 1.3% | 1.6% | 2.8% |
Computed from TSEM's annual financial statements (latest annual report filed April 30, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
TSEM valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Tower Semiconductor traded at 60.5 times earnings, against a 10-year median of 23.0. Based on the latest twelve months, the trailing P/E is 77.3 and the forward P/E is 38.5. Tower Semiconductor earned a return on equity of 7.9% and a return on invested capital of 10.0% in fiscal 2025. It ended the year with $161.5 million of debt and $1.2 billion in cash and short-term investments, a net cash position of $990.4 million. The share count rose 12.1% from 101.3M to 113.6M over 9 years.
See the TSEM income statement, the TSEM chart for price history, or the TSEM stock overview for the latest quote and news.
TSEM key metrics FAQ
What is Tower Semiconductor's P/E ratio?
Tower Semiconductor's trailing P/E ratio is 77.3 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 38.5. At the end of fiscal 2025 it was 60.5, compared with a 10-year median of 23.0.
What is Tower Semiconductor's EV/EBITDA?
Tower Semiconductor's enterprise value was 22.7 times EBITDA at the end of fiscal 2025 (enterprise value $12.3 billion, EBITDA $543.5 million); the current EV/EBITDA is 37.9.
What is Tower Semiconductor's return on equity?
Tower Semiconductor's return on equity (ROE) was 7.9% in fiscal 2025: net income of $220.5 million on average shareholders' equity of $2.8 billion.
What is Tower Semiconductor's ROIC?
Tower Semiconductor's return on invested capital was 10.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Tower Semiconductor have?
Tower Semiconductor had total debt of $161.5 million at the end of fiscal 2025, a debt-to-equity ratio of 0.06 and more cash than debt.
What is Tower Semiconductor's free cash flow yield?
Tower Semiconductor generated -$41.1 million of free cash flow in fiscal 2025, a free cash flow yield of −0.3% on its market value at year-end ($13.3 billion).
What is Tower Semiconductor's current ratio?
Tower Semiconductor's current ratio was 6.48 at the end of fiscal 2025: current assets were 6.48 times current liabilities.