Tower Semiconductor
ConvictionModerate
Pure-play specialty foundry: manufactures differentiated analog process technologies (RF-SOI, SiGe/BiCMOS, silicon photonics, power management, CMOS image sensors, MEMS) for fabless and IDM customers on a per-wafer basis across 200mm and 300mm fabs in Israel, the US and Japan. Asset-heavy, capacity-reservation and prepayment-backed.
Revenue
$1,566.1M FY2025Q1 2026 $413.6M; Q2 2026 guided $455M +/-5% (recordRev growth
+9% FY2025 YoY+15% Q1 2026 YoY; +22% YoY guided for Q2 2026Gross margin
~26.8%Q1 2026 gross profit $111M on $413.6M; Q4 2025 $118M on $440M = 26.8%Op margin
~15.7%Q1 2026 operating profit ~$65M, +96% YoYCapex intensity
Elevated: ~$920M multi-year SiPho + SiGe program$650M announced + $270M incremental equipment) plus full-ownership buildout of 300mm Fab 7 (Uozu, JapanMarket cap
~$26BNasdaq: TSEM, dual-listed on Tel Aviv Stock Exchange; ~$26.1B early-July 2026; ~$24-26B range across sourcesThe read
Where our coverage leans
Coverage leans bullish
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Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07 (FY2025 20-F + Q1 2026 6-K reported 2026-05-13; price/market cap as of late-June/early-July 2026). All load-bearing figures re-verified against primary sources in July 2026.· sign in (free) for the analyst summary; Pro unlocks full intelligence