Tower Semiconductor Ltd.

The grade, in three tenses

Headline 5.0 out of ten, 8 of 9 metrics filed and 1 estimated: past 4.9 out of ten, present 5.9 out of ten, future 4.0 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 4.6 out of ten. 1 warning event since 2017; the latest 2023-05-01. 46th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 5.8 out of ten. +2.5% a year over 10 filed years; profitable in 10 of 10. 59th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 3.2 out of ten. Share count grew 0.8% a year. 0% of cash flow returned. Insiders: 38 sales, 0 purchases. 32nd percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.7 out of ten. ROE 8%: 8¢ of profit per shareholder dollar. Leverage 12%: owes 12¢ per asset dollar. 57th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 6.4 out of ten. top 36% of 97 in its family; net margin 14.1%. 64th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 5.3 out of ten. CrossAssetData estimate 5.3/10, confidence 20 of 100 (family median). 50th percentile among 78 sector filers. A CrossAssetData estimate, not a filed reading: family median, confidence 20 of 100; its next annual report on file with the inputs replaces this estimate with the filed reading.
• Room to expand (future): 2.9 out of ten. bottom 29% of 94 in its family for room to expand. 29th percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 4.5 out of ten. bottom 45% of 93 in its family for growth drivers. 45th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 3.9 out of ten. bottom 39% of 88 in its family for expectations against reality. 39th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 20-F filed 2026-04-30 for the period ended 2025-12-31 (on EDGAR). Newest filing: Form 6-K, 2026-09-23. Filings on record since 1996. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 20-F filed 2026-04-30.

The people

Russell C. Ellwanger has run Tower as chief executive since May 2005 and has sat on its board since September 2016, after an earlier spell as a director from May 2005 to April 2013. He came from the equipment side of the industry: from 1998 to 2005 he held executive posts at Applied Materials, the last running its Applied Global Services group, after working at Novellus Systems from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992. [1, 2, 3]

The senior team is long-serving. Dr. Marco Racanelli, president since November 2023, earlier ran the analog business unit from December 2018 and the Newport Beach site from April 2014, and before that was vice president of technology and engineering at Jazz Semiconductor. Oren Shirazi joined in October 1998 as vice controller and has been chief financial officer since November 2004; he had been an audit manager at Ratzkovski-Fried, a firm later merged into Ernst & Young in Israel. Rafi Mor, chief operating officer since August 2014, ran TowerJazz Japan from October 2011 and started out at National Semiconductor. Dr. Avi Strum, listed as chief technology officer, has led the sensors and displays business unit since 2018 and earlier worked at TransChip and, from 1996 to 2001, at Intel. [4, 5, 6, 7, 8, 9, 10, 11, 12, 13]

Amir Elstein has chaired the board since January 2009; he spent 23 years at Intel, finally as general manager of its Israeli subsidiary. Kalman Kaufman, a director since 2005, founded KLA Instruments Israel and was a corporate vice president at Applied Materials from 1994 to 2005. Avi Hasson was chief scientist at Israel's Ministry of Economy and Industry and chairman of the Israel Innovation Authority from 2011 to 2017. The two newest directors come from chip supply chains: Sagi Ben Moshe, a director since May 2024, held senior roles at Intel, and Carolin Seward, a director since December 2024, runs custom silicon sourcing and operations at Google. In March 2026 the directors and senior managers together owned 0.50% of the shares, none of them as much as one percent. On the record this site holds, the chief executive and nine directors all filed their first insider reports with the SEC in July 2026. [14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24]

At the end of 2025 Tower counted 5,316 employees, against 5,359 a year earlier and 5,215 at the end of 2023. Most work in the fabs: 3,612 in operations and 625 in operations support; 852 work in process and product engineering, research and design, and 227 in sales, marketing, finance and administration. Japan has the most, 2,398, then the United States with 1,586 and Israel with 1,296; 36 work elsewhere in Asia and Europe. The research departments count 430 professionals, 59 of them with doctorates. Most of the staff at the Japanese fabs, and part of the staff at the Newport Beach fab, are represented by unions. [25, 26, 27, 28, 29]

How it operates

Tower is a pure-play specialty foundry: it makes silicon wafers to its customers' designs and sells no chips of its own. It works on mature geometries, 0.35 down to 0.13 micron on 200mm wafers and 65 nanometers on 300mm wafers, with processes tuned for analog chips, the ones that handle real-world signals such as light, sound and radio waves. A significant part of its revenue comes from a handful of specialties: radio frequency chips, including RF on silicon-on-insulator; silicon germanium (SiGe) chips; silicon photonics (SiPho); power chips and discrete devices; and CMOS image sensors. [30, 31, 32, 33]

Its customers are fabless chip companies, which design chips and hire others to make them, integrated device makers, which also run fabs of their own, and module integrators for AI and data centers; Tower is either their sole source or a second source. One customer stands out: Nuvoton Technology Corporation Japan (NTCJ), which was Panasonic Semiconductor Solutions until Panasonic sold it to Taiwan-based Nuvoton in 2020, took 11% of 2025 revenue. Seven more customers took 39% between them, 4% to 7% each, and many smaller ones the other 50%. Counted by the headquarters of the customer placing the order, 42% of revenue came from the United States, 39% from Asia outside Japan, 13% from Japan and 6% from Europe. [34, 35, 36, 37, 38, 39]

It prices by the wafer, weighing the value of the technology, market conditions, volume forecasts and how full its fabs are, and most customers order two to six months before shipment. Winning a new customer usually takes 9 to 24 months or longer; an existing customer can move in 6 to 12 months. Customers usually handle dicing, assembly, packaging and testing themselves. [40, 41, 42]

It makes wafers at six fabs: Fab 2 in Migdal Haemek, Israel; Fab 3 in Newport Beach, California; two fabs in Toyama, Japan, the 300mm Fab 7 at Uozu and the 200mm Fab 5 at Tonami, run by TPSCo, which is 51% Tower's and 49% NTCJ's; Fab 9 in San Antonio, Texas; and Fab 10, Tower's right to a third of the installed capacity in ST's 300mm facility in Agrate, Italy, where volume production began after qualification in 2024 and ST manages operations. In the first quarter of 2025 it closed Fab 1, its original 150mm fab in Israel, dropping lower-margin legacy flows. Its chief raw material is the silicon wafer; most materials come from several suppliers, some from only one. [43, 44, 45, 46, 47, 48, 49, 50]

Tower files its annual report on Form 20-F as a foreign company but reports in US dollars under U.S. GAAP, the American accounting rules. The dollar is the working currency of its entities in the United States, Israel and Italy, while the Japanese operations work in yen. Revenue comes mainly in dollars and yen, costs in dollars, yen, Israeli shekels and euros. TPSCo earns and spends mostly in yen, which limits the exchange rate's effect on its own results. [51, 52, 53, 54]

The specifics

Tower was founded in 1993 by buying National Semiconductor's 150mm fab in Migdal Haemek, Israel, and grew by buying or sharing other companies' fabs: in 2008 it merged with Tower NPB, owner of the Newport Beach fab; in 2014 it took 51% of TPSCo, a foundry Panasonic set up in Japan; in 2016 it bought the San Antonio fab from Maxim; and in June 2021 it agreed to share ST's new 300mm facility in Agrate. Intel agreed in February 2022 to buy all of Tower, but the required regulatory approvals were not obtained and the deal was ended in August 2023, with Intel paying Tower a termination fee. [55, 56, 57, 58, 59, 60]

Two arrangements are in flux. In September 2023 Intel agreed to build a capacity corridor for Tower's customers in its 300mm fab in New Mexico, with equipment owned by Tower; at the end of 2025 the corridor was still at the equipment stage and not qualified for production, Intel has said it does not intend to perform, and the two are in mediation. In March 2026 Tower and NTCJ agreed to split the Japanese venture: Tower is to own the 300mm Fab 7 outright and NTCJ the 200mm Fab 5, each supplying the other's existing customers under long-term agreements, with closing aimed at April 1, 2027, subject to approvals. [61, 62, 45, 63]

The filing says specialty customers cannot easily move a design to another foundry, because its analog behavior depends on the exact process and the design kits and device models are specific to the foundry; the expertise and investment involved have kept the number of specialty foundries small. Tower held 281 patents in force at the end of 2025 and licenses technology from Synopsys, ARM, Cadence, Siemens and others. It does not make, and does not plan to make, chips at the 28 nanometer and smaller geometries to which some chip companies have moved mixed-signal designs. In March 2026 GlobalFoundries filed three patent lawsuits against it, at the U.S. International Trade Commission and in federal court in Texas; Tower disputes them. It names its rivals: in specialty processes GlobalFoundries, mainly in radio frequency, Vanguard, DongBu, X-Fab and Hua Hong; in some areas TSMC, UMC and SMIC, which mostly compete with one another in 12-inch leading-edge work but also sell specialty processes. [64, 65, 66, 67, 68, 69, 70, 71, 72]

Where it operates shapes what it may do. Grants from the Israel Innovation Authority, an immaterial part of its research funding, come with limits on moving the funded manufacturing or technology out of Israel. At the Newport Beach fab, Tower worked with the US Defense Department's security agency to address concerns about foreign ownership, and a subsidiary, Jazz Semiconductor Trusted Foundry, keeps the classified work separate and holds a facility security clearance and Trusted Foundry accreditation. The conflicts between the United States and Iran, Israel and Iran, and Israel and Hezbollah that began in February 2026 have kept equipment vendors from reaching Israel to install tools. [19, 73, 74, 75, 76]

What drives growth, line by line

Revenue rose 9% in 2025, to 1,566.1 million dollars from 1,436.1 million. The filing puts it down mainly to higher wafer shipments, including a full year from the 300mm fab in Agrate, Italy, which began volume production only in the fourth quarter of 2024. Cost of revenue rose 105.6 million dollars, largely depreciation and other manufacturing costs of the added wafers, so gross profit came to 363.9 million, 23.2% of revenue against 23.6% a year earlier, and operating income to 194.2 million. [77, 78, 79, 80]

Measured by where customers are headquartered, Asia outside Japan gained ground again, to 39% of revenue from 33% in 2024 and 27% in 2023. The United States held at 42%, while Japan slipped to 13% from 16% and Europe to 6% from 9%. [38]

The customer base broadened. NTCJ's share fell to 11% from 13%. In 2024 four further customers took 27% of revenue, between 3% and 11% each; in 2025 seven took 39%, between 4% and 7% each, and the many smaller customers' share fell to 50% from 60%. The notes also single out a Customer B, which went from 11% of revenue in 2024 to 7% in 2025. [37, 81, 82]

Silicon photonics is where the filing points for growth. SiPho chips carry optical parts such as waveguides, modulators and photodiodes and go into optical transceivers, mostly pluggable ones. Tower's 200mm PH18 and 300mm PH45 platforms, in high-volume production, have benefited from AI-driven growth in optical interconnects and serve the 400Gb/s to 1.6Tb/s market; it says it is ramping its newest 1.6Tb/s platform into high-volume production and developing a 3.2Tb/s platform and co-packaged optics. The filing gives no revenue figure for SiPho or any other technology: Tower reports a single segment, its analog foundry operations. [83, 84, 85, 86]

What comes next, in the company's own words: a 920 million dollar capital plan, mainly machinery and facilities, to expand SiPho and SiGe capacity at Fabs 2, 3, 7 and 9; SiPho customers who during 2026 reserved capacity through 2028, paying in advance against future purchases; and, if Japan's Ministry of Economy, Trade and Industry (METI) grants a subsidy, land beside Fab 7 in Uozu for a new fab shell to expand 300mm capacity. It also warns that the price per wafer and demand for chips used in AI may be volatile and hard to forecast. [87, 88, 89, 90, 91]

What the desk infers (inferred, not filed)

• NTCJ, the largest customer, most likely buys mainly wafers made in the Japanese fabs it co-owns with Tower, and it accounts for nearly all of the revenue Tower books from Japan. Because: NTCJ took 14%, 13% and 11% of revenue in 2023, 2024 and 2025. [92, 81, 37] Revenue attributed to Japan, counted by the headquarters of the customer placing the order, moved in step and only just above it: 17%, 16% and 13% over the same years. [38, 39] NTCJ is the former Panasonic Semiconductor Solutions; it holds 49% of TPSCo, which runs the two Japanese fabs, and leases the fabs' land and buildings to it. [36, 46, 93] Most of TPSCo's revenue is in yen. [54] The 2026 split comes with supply agreements so that Nuvoton customers now served through Uozu Fab 7 see no disruption, which places Nuvoton's own work in that fab today. [45] Confidence 75 of 100. Wrong if: A filing showing that most of NTCJ's purchases are wafers from Tower's fabs in Israel, the United States or Italy, or that customers other than NTCJ make up a large part of the revenue attributed to Japan.
• The large customers Tower added are most likely optical module makers headquartered in Asia outside Japan, buying silicon photonics wafers for AI data centers. Because: Asia outside Japan rose from 27% of revenue in 2023 to 33% in 2024 and 39% in 2025, while the United States held at 42%. [38] The tier of large customers below NTCJ grew from four in 2024 to seven in 2025. [81, 37] The filing counts module integrators for AI and data centers among its customers. [34] Its SiPho chips go into optical transceivers, and its SiPho platforms have benefited from AI-driven growth in optical interconnects. [83, 84] During 2026 customers paid in advance to reserve SiPho capacity through 2028. [88] Confidence 50 of 100. Wrong if: A filing that credits the rise in revenue from Asia outside Japan mainly to radio frequency, power or image sensor customers rather than to makers of optical modules.
• The shared Agrate fab added revenue faster than profit in its first full year: new capacity carries its fixed costs, above all depreciation, from the start, so a 9% rise in revenue came with a slightly thinner gross margin. Because: Revenue rose 130.0 million dollars, or 9%, mainly on higher shipments including a full year of Agrate. [77] Cost of revenue rose 105.6 million dollars, mainly higher depreciation and other manufacturing costs, Agrate's among them. [78] Gross profit fell to 23.2% of revenue from 23.6%. [79] The filing warns that when new capacity ramps, fixed costs start with operations while utilization climbs gradually, cutting margins. [94] Confidence 60 of 100. Wrong if: A filing showing that the Agrate fab earned a gross margin at or above the company average in 2025.

Sources

1. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Russell C. Ellwanger has served as our Chief Executive Officer since May 2005. Mr. Ellwanger has also served as a director since September 2016 and previously served as a director between May 2005 and April 2013.”
2. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “From 1998 to 2005, Mr. Ellwanger served in various executive positions for Applied Materials Corporation, including Group Vice President, General Manager of Applied Global Services (AGS) from 2004 to 2005”
3. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In addition, Mr. Ellwanger held various managerial positions at Novellus Systems from 1992 to 1996 and at Philips Semiconductors from 1980 to 1992.”
4. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Marco Racanelli has served as our President since November 2023. Prior to that, Dr. Racanelli served as Senior Vice President and General Manager of the Analog Business Unit from December 2018, and as the Newport Beach Site Manager from April 2014.”
5. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Prior to that, Dr. Racanelli served as Vice President of Technology & Engineering, and Aerospace & Defense General Manager for Jazz Semiconductor.”
6. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Shirazi has served as our Chief Financial Officer and Senior VP Finance since November 2004. Mr. Shirazi serves as a board member of Tower Semiconductor Newport Beach, Inc. Mr. Shirazi joined us in October 1998, serving initially as Vice Controller and then as Controller commencing in July 2000.”
7. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Prior to joining us, Mr. Shirazi was employed as an audit manager at the accounting firm of Ratzkovski-Fried & Co., which merged into Ernst & Young (Israel).”
8. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Mor has served as Chief Operating Officer of Tower since August 2014.”
9. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Mr. Mor served as Chief Executive Officer of TowerJazz Japan from October 2011 until August 2014”
10. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Previously, Mr. Mor was employed by National Semiconductor in various engineering and management capacities.”
11. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Dr. Avi Strum 63 Chief Technology Officer”
12. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Avi Strum has served as Senior Vice President and General Manager of the Sensors and Displays Business Unit since 2018.”
13. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Prior to joining Tower, Dr. Strum served as the President and COO of TransChip Inc., and from 1996 to 2001, he served in various positions with Intel Corp.”
14. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Elstein has served as the Chairman of our Board since January 2009.”
15. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Prior to that, Mr. Elstein was an executive at Intel Corporation, where he worked for 23 years, eventually serving as General Manager of Intel Electronics Ltd., an Israeli subsidiary of Intel Corporation.”
16. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Kaufman has served as a director since 2005 and as Chairman of the Corporate Governance and Nominating Committee since January 2018. From 1994 until 2005, Mr. Kaufman served as Corporate Vice President at Applied Materials.”
17. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “From 1985 until 1994, Mr. Kaufman served as President of KLA Instruments Israel, a company he founded”
18. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “From January 2011 until July 2017, Mr. Hasson served as the Chief Scientist in the Ministry of Economy and Industry and as Chairman of the IIA.”
19. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In addition, an immaterial portion of our research and development activities have been funded by the Government of the State of Israel through the Israel Innovation Authority (the “IIA”)”
20. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Ben Moshe has served as a director since May 2024 and as a member of the Audit Committee since October 2024.”
21. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Mr. Ben Moshe previously served as Chief Incubation Officer, Corporate Vice President, and General Manager of Emerging Growth Incubation at Intel Corporation”
22. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Seward has served as a director since December 2024, and as a member of the Compensation Committee since January 2025. Ms. Seward has served as Vice President of Custom Silicon Sourcing and Operations at Google, in its Platforms and Devices Group, since April 2022.”
23. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of March 31, 2026, no individual director or senior management member beneficially owned (as defined in Rule 13d-3 under the Exchange Act) one percent or more of our ordinary shares and all directors and senior management in the aggregate beneficially owned 0.50% of our ordinary shares.”
24. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
25. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of December 31, 2025 2024 2023 Process and product engineering, R&D and design 852 882 887 Operations 3,612 3,638 3,491 Operations support 625 625 544 Sales and marketing, finance & administration 227 214 293 Total 5,316 5,359 5,215”
26. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of December 31, 2025, we had 1,296 employees located in Israel, 1,586 employees located in the United States, 2,398 employees located in Japan and 36 employees located in other countries in the Asia Pacific region and across Europe.”
27. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of December 31, 2025, we employed 430 professionals in our research and development departments, 59 of whom have PhDs.”
28. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “A portion of the employees at our Newport Beach, California fab are represented by a union and covered by a collective bargaining agreement.”
29. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Most of TPSCo’s employees at its Japan fabs are represented by a union and covered by a collective bargaining agreement.”
30. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We are a pure-play independent specialty foundry, and as such we are dedicated to providing high-value, high-quality, processed wafers to our customers for their end products and end users.”
31. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As a pure-play foundry, we do not offer products of our own. We currently offer process technology geometries of 0.35, 0.18, 0.16 and 0.13 -micron on 200-mm wafers and 65 nanometer on 300-mm wafers.”
32. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Analog semiconductors monitor and manipulate real world signals such as sound, light, pressure, motion, temperature, electrical current and radio waves”
33. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We derived a significant amount of our revenues for the year ended December 31, 2025 from our target specialized technologies: RF CMOS, including RF SOI (RF CMOS on silicon-on-insulator), SiGe BiCMOS, SiPho, power ICs, discrete devices and CMOS image sensors.”
34. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Our customers are semiconductor fabless companies, semiconductor IDMs, and module integrators for AI and data centers, for whom we serve as either a sole source or second source.”
35. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Historically, the semiconductor industry was composed primarily of companies that designed and manufactured integrated circuits (“ICs”) in their own fabrication facilities, which are known as integrated device manufacturers (“IDM”). In the mid-1980s, fabless companies, which focused on design and used external manufacturing capacity, began to emerge.”
36. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In June 2014, Panasonic transferred its shares and assigned its rights and obligations in TPSCo to its wholly-owned subsidiary, Panasonic Semiconductor Solutions Co., Ltd. (“PSCS”). In July 2020, TPSCo was renamed Tower Partners Semiconductor Co., Ltd. In September 2020, Panasonic sold its shares in PSCS to Nuvoton Technology Corp. (“Nuvoton”), a Taiwan-based company, which is majority-owned by Winbond Electronics Corporation, a Taiwan-based company. Following the sale, PSCS was renamed Nuvoton Technology Corporation Japan (“NTCJ”).”
37. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “For the year ended December 31, 2025, 11% of our revenues were generated from NTCJ, 39% of our revenues were derived from an additional seven customers, each of which generated between 4% and 7% of our revenues, and the remaining 50% of our revenues were derived from many other smaller customers.”
38. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Year ended December 31, 2025 2024 2023 United States 42 % 42 % 46 % Japan 13 % 16 % 17 % Asia, excluding Japan 39 % 33 % 27 % Europe 6 % 9 % 10”
39. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The basis of attributing revenue from external customers to a certain geographic area is based on the headquarters’ location of the customer issuing the purchase order.”
40. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We price our products on a per-wafer basis, taking into account the unique value of our technology, its ability to enable customers to differentiate their products, the complexity of the technology, prevailing market conditions, volume forecasts, the strength and history of our relationships with the customer and our current capacity utilization. Most customers typically place purchase orders two to six months before shipment.”
41. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Our sales cycle generally ranges from 9 to 24 months or longer for new customers and can be as short as 6 to 12 months for existing customers.”
42. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In most cases, our customer assumes responsibility for dicing, assembly, packaging and testing.”
43. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We process semiconductor wafers at six facilities: Fab 2 in Israel, Fab 3 in Newport Beach, California in the U.S., TPSCo’s two fabs (Uozo E and Tonami CD) in Japan, Fab 9 in San Antonio, Texas, USA, and TSIT’s Fab 10 in Agrate, Italy, in which we share capacity with ST in a 300mm fabrication facility established by ST.”
44. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “TPSCo currently operates two facilities in Toyama, Japan: a 300mm facility (which we refer to as Fab 7) and a 200mm facility (which we refer to as Fab 5).”
45. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Accordingly, Tower customers currently served through Tonami Fab 5 (200mm) and Nuvoton customers currently served through Uozu Fab 7 (300mm) are not expected to experience any disruption to supply or operations. The transaction is targeted to close on April 1, 2027, subject to the satisfaction of customary closing conditions and receipt of applicable regulatory approvals.”
46. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Tower holds a 51% equity stake in Tower Partners Semiconductor Co., Ltd., incorporated in Japan (Nuvoton Technology Corporation Japan holds the remaining 49% stake), which operates the Uozu E and Tonami CD fabs located in Japan.”
47. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “TSIT and ST share the cleanroom space and facility infrastructure, and TSIT has the right to use one-third of the installed capacity for its foundry customers, which we refer to as “Fab 10.” As part of the qualification and ramp-up process, TSIT acquired and installed certain of its own equipment in the Agrate facility and developed certain processes and technologies. The comprehensive qualification process was completed during 2024, following which volume production and operations, managed by ST, commenced.”
48. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “During the first quarter of 2025, in response to anticipated changes in market dynamics and customer demand, we discontinued the lower-margin legacy 150mm process flows, ceased operations in Fab 1, and consolidated certain flows into Fab 2, also located in Israel, in order to streamline our production processes and enhance our overall efficiency.”
49. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Although most of our raw materials are available from multiple suppliers, certain materials are purchased from sole-sourced vendors.”
50. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The most important raw material we use is the silicon wafer, which is our primary raw material.”
51. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Our financial statements have been prepared in accordance with U.S. GAAP.”
52. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The functional currency of our entities in the United States, Israel and Italy is the U.S. dollar (“USD”). The functional currency of our operations in Japan is the Japanese Yen (“JPY”).”
53. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Our expenses and costs are denominated mainly in USD, JPY and New Israeli Shekels (“NIS”) and Euro; revenue is denominated mainly in USD and JPY”
54. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The majority of TPSCo’s revenue is denominated in JPY, and the majority of TPSCo’s expenses and costs are denominated in JPY, which limits exposure to fluctuations in the USD-to-JPY exchange rate on TPSCo’s results of operations.”
55. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Tower Semiconductor Ltd., an Israeli company, was founded in 1993 with the acquisition of National Semiconductor’s 150-mm wafer fabrication facility located in Migdal Haemek, Israel, known as our Fab 1 facility, and commenced operations as an independent foundry.”
56. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In 2008, we merged with Tower NPB, which holds 100% of NPB Co. and operates Fab 3, located in Newport Beach, California, U.S.”
57. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In 2014, we acquired from Panasonic 51% of a newly established company, TPSCo, which became a foundry for the sale of wafers to Panasonic and other third-party customers, using three factories established by Panasonic in Hokuriku, Japan (Uozu E, Tonami CD and Arai E).”
58. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In 2016, we acquired Fab 9, located in San Antonio, Texas, U.S., from Maxim.”
59. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In June 2021, we entered into an agreement with ST to share, under a collaborative arrangement, a 300mm facility being constructed by ST in Agrate, Italy”
60. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In February 2022, Intel and Tower have signed a definitive agreement under which Intel was to acquire all of Tower’s outstanding ordinary shares, however, the closing conditions for this transaction were not met since certain regulatory approvals were not obtained. As a result, in August 2023, Intel and Tower announced the termination of this agreement. Pursuant to the terms of the agreement, and in connection with the termination, Intel paid Tower a gross termination fee”
61. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In September 2023, Tower and Intel signed an agreement under which Intel has committed to build a capacity corridor at Tower’s instructions, in order for Intel to manufacture wafers for Tower’s customers in Intel’s 300mm facility in New Mexico, USA. Under this agreement, Tower has committed to invest up to $300,000 for equipment and other fixed assets to be owned by Tower and to be installed and qualified for Tower processes and for its customer products in this Intel facility.”
62. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of December 31, 2025, the corridor was in the initial equipment procurement and installation stage and not qualified for production. Recently, Intel has expressed its intention not to perform under the agreement and the parties are presently in a mediation process.”
63. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In March 2026, we signed an agreement for a strategic restructuring of our Japan operations, under which Tower will take full ownership of the 300mm Fab 7 to be organized under a wholly owned Japanese subsidiary of Tower, while NTCJ will take full ownership of the 200mm Fab 5. As part of this restructuring, the companies will enter into mutual long-term supply agreements to ensure continued support for the existing customers of both companies.”
64. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Generally, customers that use our specialty process technologies cannot easily transfer designs to another foundry because the analog characteristics of the design are dependent upon the specific process technology used. The specialty process design infrastructure is complex and includes design kits and device models that are specific to the foundry in which the process is implemented and to the process technology itself.”
65. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In addition, the relatively small engineering community with specialty process expertise and the significant investment required for development or transfer and maintenance of specialty process technologies has limited the number of foundries capable of offering specialty process technologies.”
66. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “As of December 31, 2025, we held 281 patents in force. We have entered into various patent and other technology license agreements with technology companies, including Synopsys, ARM, Cadence, Siemens and others”
67. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Some semiconductor companies have advanced their CMOS designs, including mixed-signal, down to 28 nanometers and below.”
68. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We are not currently capable, nor do our current plans include, any technology or operations using CMOS processes at such smaller geometries.”
69. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “In March 2026, GlobalFoundries filed three lawsuits against the Company in the U.S. International Trade Commission (ITC) and the United States District Court for the Western District of Texas, alleging infringement of certain of its patents. The Company disputes these claims.”
70. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We compete most directly in the specialty segment with foundries such as GlobalFoundries (mainly in the RF space), Vanguard Semiconductor, DongBu, X-Fab, and Hua Hong Semiconductor.”
71. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We also compete in certain areas with pure-play, advanced technology node-driven foundry service providers that also provide specialty technologies, such as Taiwan Semiconductor Manufacturing Corporation (TSMC), United Microelectronics Corporation (UMC), and Semiconductor Manufacturing International Corp. (SMIC).”
72. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Although these three pure-play semiconductor foundries primarily compete against one another and focus on 12-inch deep-submicron CMOS processing, each also offers specialty process technology and capacity.”
73. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The Innovation Law and related regulations restrict transfers of manufacturing of IIA-funded products and services and transfers or licenses of IIA-funded technologies outside Israel.”
74. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Tower and Tower NPB have worked with the Defense Counterintelligence and Security Agency of the United States Department of Defense (“DCSA”) to mitigate concerns about foreign ownership, control or influence over operations in Fab 3.”
75. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Jazz Semiconductor Trusted Foundry (“JSTF”) was established as a subsidiary of Newport Fab LLC, which is directly held by NPB Co., and possession of trusted and classified information is strictly kept within JSTF. JSTF maintains facility security clearance and Trusted Foundry accreditation status.”
76. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Delays in the delivery, installation and qualification of equipment may also result from the recent conflicts between the United States and Iran, Israel and Iran, and Israel and Hezbollah that commenced in February 2026, which has prevented vendors from arriving in Israel to install the equipment”
77. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Revenue for the year ended December 31, 2025 amounted to $1,566.1 million, as compared to $1,436.1 million for the year ended December 31, 2024, reflecting a $130.0 million, or 9%, year-over-year revenue increase. The increase was primarily due to higher wafer shipments, including revenue and shipments from the 300mm facility in Agrate, Italy, which commenced volume production and operations in the fourth quarter of 2024, and therefore its revenue was included in our statement of operations for the entire 2025 calendar year, as compared to only a limited portion of 2024.”
78. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The $105.6 million increase in cost of revenue was mainly due to higher depreciation and other manufacturing costs associated with the increased number of wafers shipped in the year ended December 31, 2025, including higher depreciation and other manufacturing costs associated with the 300mm facility in Agrate, Italy”
79. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Revenues 100 % 100 % Cost of revenues 76.8 76.4 Gross profit 23.2 23.6”
80. The record on this page: the filed annual figures (EDGAR's company facts)
81. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “For the year ended December 31, 2024, 13% of our revenues were derived from NTCJ, 27% of our revenues were derived from an additional four customers, each of which generated between 3% and 11% of our revenues, and the remaining 60% of our revenues were derived from many other smaller customers.”
82. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Years ended December 31, 2025, 2024 and 2023: Details 2025 2024 2023 Customer A 11 % 13 % 14 % Customer B 7 11 9 Other customers * 32 16 21”
83. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “SiPho chips fabricated in our fabs are used in optical transceivers, mainly for pluggable connections, and include waveguides, beam splitters, optical modulators and photodiodes, used for laser light monitoring.”
84. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We currently have in high-volume production, a 200mm platform (PH18) and a 300mm platform (PH45) that have benefited from AI-driven growth in optical interconnects, making them leading SiPho platforms in the 400Gb/s to 1.6Tb/s market.”
85. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “We are ramping our latest 1.6Tb/s platform into high-volume production and are developing and prototyping various advanced technologies aimed at a next-generation 3.2Tb/s platform, as well as co-packaged optics (“CPO”) for the future.”
86. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The Company believes it is driving its revenue from a single reportable segment, which is its analog foundry operations that is providing semiconductor solutions offering a broad range of process technologies.”
87. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “During the last two years, we have initiated plans to invest an aggregate of $920 million in capital expenditures (mainly machinery and facilities), primarily to expand our SiPho and SiGe capacity at Fabs 2, 3, 7 and 9, as well as to enhance our power next generation and other capacity.”
88. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Specifically with respect to SiPho, during 2026, we have engaged with certain customers for committed capacity reservation through 2028 in exchange for prepayment received and to be received, which would be credited to them against their future purchases.”
89. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “upon subsidy approval from Japan’s Ministry of Economy, Trade and Industry (METI) following the formal application”
90. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “Tower’s Japanese affiliate may purchase the land adjacent to Fab 7 Uozu E on pre-agreed terms between Tower and NTCJ, which would be used for a potential new fab shell build-out, in order to significantly expand its 300mm capacity and capabilities”
91. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “However, as with many emerging applications, the selling price per wafer and demand for semiconductors used in AI may be volatile and difficult to forecast.”
92. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “For the year ended December 31, 2023, 14% of our revenues were generated from NTCJ, 30% of our revenues were derived from an additional four customers, each of which generated between 3% and 9% of our revenues, and the remaining 56% of our revenues were derived from many other smaller customers.”
93. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “The fabs’ land and buildings are leased by PSCS (now named NTCJ) to TPSCo under a long-term capital lease, with a term through March 2032.”
94. Tower Semiconductor Ltd., Form 20-F filed 2026-04-30: “This issue may be further exacerbated with the ramp-up of new capacity, where we incur fixed costs upon the start of operations while gradually ramping up utilization, causing a decrease in our profit margins.”

Who runs it

Ellwanger, Russell Craig (Chief Executive Officer); Racanelli, Marco (President); Shirazi, Oren (Chief Financial Officer); Mor, Rafy (Chief Operating Officer); Chelouche, Yoav (director); Avner, Iris (director); Ben, Moshe Sagi (director); Elstein, Amir (director); Gross, Dana Rebecca (director); Hasson, Avi (director); and 3 more. 13 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

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