Tower Semiconductor Ltd.
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Earnings Call Q3 2026
November 2, 2026 - AI Summary
Record Q3 2026 performance + strong momentum into 2027
- Revenue: $526m in Q3’26 vs $396m in Q3’25 (+33% YoY), and +14% QoQ (vs $460m in Q2’26).
- Profitability: Net profit $120m (23% net margin), up from ~14% a year ago; gross profit $179m (+92% YoY).
- Guidance: Q4’26 mid-range revenue $600m; implies ~$2.0bn FY2026 revenue vs $1.57bn FY2025.
- Surprise/important framing: Management emphasizes “strong quarter-over-quarter growth” and suggests demand/start plans indicate no typical Q1 seasonality, supporting a higher base into 2027.
SiPh (silicon photonics) is the primary growth engine; capacity ramp is accelerating
- SiPh Q3’26 contributed ~$240m revenue.
- Management expects year-end SiPh capacity ~2x the level that supported Q3’26 revenue, enabling a revenue ramp in Q1 and Q2’27 as new starts translate to shipments.
- CapEx ROI: the company expects ~1-year full ROI on the previously announced $920m CapEx (self-funded) supporting SiPh/SiGe capacity expansion.
- Scale-up beyond current plants: Track-1 Japan 300mm expansion is progressing ahead of schedule, with production targeted for Q3’27.
Large forward-looking revenue/run-rate claims (with meaningful “not exact” caveats)
- CEO provided a “math-based” level-set: starting from Q3’27 run-rate implied by multiplying Q3’26 shipment-level capacity; management said this implies ~$2.85–$2.9bn SiPh run-rate as of Q3’27 starts (but noted it’s not fully accurate because it excludes some additional activities like integrated laser).
- CEO also suggested that by Q3’27 (on starts) the baseline could be “a bit above” $2.8bn run rate, and additionally there is meaningful upside from integrated-laser and other initiatives “outside of it.”
- Key opportunity: Management expects Q4’26 SiPh annualized run-rate > $1.1bn, with further increases targeted in Q1’27.
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Share Statistics
| Market cap | $18.00 Billion |
|---|---|
| Enterprise Value | $18.16 Billion |
| Earnings per Share | $1.94 |
| Beta | 0.95 |
| Outstanding Shares | 113,324,000 |
Return
| Return on Equity | 11.10% |
|---|---|
| Return on Assets | 8.87% |
| Return on Invested Capital | 10.15% |
Valuation & Multiples
| P/E Ratio | 45.13 |
|---|---|
| PEG | 36.34 |
| Price to Sales | 9.93 |
| Price to Book Ratio | 5.67 |
| Enterprise Value to Revenue | 9.87 |
| Enterprise Value to EBIT | 51.46 |
| Enterprise Value to Net Income | 50 |
| Total Debt to Enterprise | 0.02 |
| Debt to Equity | 0.13 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 9, 2026
EPS Estimate
$1.06
Consensus analyst estimateRevenue Estimate
$521.83 M
Consensus analyst estimateNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$1.38
Consensus analyst estimateRevenue Estimate
$601.65 M
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 86.14% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 8.94%▼ 47.03% |
|---|---|
| Total Invested | $2.30B▼ 86.55% |
| Investors Holding | 180▼ 305.00% |
About Tower Semiconductor Ltd.
5,613 employees
CEO: Russell Ellwanger
Tower Semiconductor Ltd., the leader in high-value analog semiconductor foundry solutions, provides technology and manufacturing platforms for integrated circuits (ICs) in growing markets such as consumer, industrial, automotive, mobile,...