# Tower Semiconductor Ltd. (TSEM)

> Source: Nexqual · https://nexqual.com/TSEM · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Tower Semiconductor Ltd. (TSEM), nexqual.com/TSEM" · informational, not investment advice.

**Price:** USD 167.71 (-11.52% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 189.55 · day 164.43–181 · 52w 72.55–319.94 · market cap $19.0B · NMS

## Key facts
- 1 of 80 tracked superinvestors hold TSEM (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $60.0M; 3 not under a Rule 10b5-1 plan ($60.0M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (9 analysts), mean target USD 312.93 (range 270–355).
- Total return with dividends: 1Y +123.8% vs S&P 500 +14.9%; 5Y +439.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.07, revenue estimate $522M.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TSEM. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Lee Ainslie | Maverick Capital | 0.01% | $693K | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-10 | Chelouche Yoav | Director | 232 | $50K | 0.7% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10…2026-08-11 | Ellwanger Russell Craig | Chief Executive Officer | 181,535 | $45.6M | 25.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13 | Ellwanger Russell Craig | Chief Executive Officer | 66,964 | $14.4M | 8.6% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 9 analysts; mean target USD 312.93 (low 270, high 355).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-25 | Mizuho | Initiated | Outperform | $300 |
| 2026-09-18 | Barclays | Initiated | Overweight | $310 |
| 2026-09-02 | Stifel | Initiated | Buy | $270 |
| 2026-08-07 | B of A Securities | Initiated | Buy | $367 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +123.8% | +439.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +124.4% | +40.0% |
| Volatility (annualized) | 82.3% | 46.5% |
| Max drawdown | -47.1% (Jun 2026→Oct 2026) | -55.1% (Mar 2022→Oct 2023) |

## Peers (Semiconductors)
SWKS (Skyworks Solutions, Inc.) USD 82.39 +0.21% · MTSI (MACOM Technology Solutions Hold) USD 229.73 -15.87% · GFS (GlobalFoundries Inc.) USD 43.37 -9.08% · CBRS (Cerebras Systems Inc.) USD 108.94 -7.66% · SITM (SiTime Corporation) USD 462.72 -9.13% · ON (ON Semiconductor Corporation) USD 73.23 -4.82%

## More
Full page: https://nexqual.com/TSEM · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in TSEM's own 20-F filed 2026-04-30 (https://www.sec.gov/Archives/edgar/data/928876/000117891326002318/zk2635149.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Panasonic | "from Panasonic 51% of a newly established company, TPSCo, which became a foundry for the sale of wafers to Panasonic and other third-party" |
| Supplier | Israel | "located in Migdal Haemek, Israel, known as our Fab 1 facility, and commenced operations as an independent foundry." |
| Supplier | Synopsys (SNPS) | "- and license standard cells, I/O, and memory IP from Synopsys, eMemory, and other top suppliers of physical IP." |
| Supplier | Intel (INTC) | "wafers for Tower's customers at Intel's 300mm facility in New Mexico, U.S. Intel expressed its intention not to perform under" |
| Supplier | TSMC (TSM) | "advanced technology node-driven foundry service providers that also provide specialty technologies, such as Taiwan Semiconductor Manufacturing" |
| Partner | Cadence Design Systems (CDNS) | "we collaborate with leading design automation providers - including Cadence Design Systems, Synopsys, Siemens EDA, and Keysight Technologies" |
| Partner | Siemens | "we collaborate with leading design automation providers - including Cadence Design Systems, Synopsys, Siemens EDA, and Keysight Technologies" |
| Competitor | GlobalFoundries (GFS) | "We compete most directly in the specialty segment with foundries such as GlobalFoundries (mainly" |

Other companies that name TSEM in their own reports (relationship from TSEM's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| customer | ALLEGRO MICROSYSTEMS, INC. (ALGM) | 10-K 2026-05-21 | "We currently rely on a limited number of third-party wafer fabrication facilities for the fabrication of semiconductor wafers used in the manufacture of our IC products, primarily United Microelectron…" |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.07 | $0.89 | +19.5% | $522.1M | 8 |
| Next quarter (ends 2026-12-31) | $1.28 | $1.05 | +21.3% | $579.7M | 8 |
| Current fiscal year (ends 2026-12-31) | $3.89 | $3.30 | +17.9% | $1.98B | 9 |
| Next fiscal year (ends 2027-12-31) | $6.71 | $5.74 | +17.0% | $2.72B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-02): ±16.8%; earnings reaction alone ±8.7%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 91.1% | ±10.8% |
| 2026-11-06 | 14 | 103.5% | ±16.8% |
| 2026-11-13 | 21 | 95.5% | ±18.7% |
| 2026-11-20 | 28 | 91.5% | ±20.5% |
| 2026-11-27 | 35 | 90.2% | ±22.5% |
| 2026-12-04 | 42 | 86.4% | ±23.6% |
| 2026-12-18 | 56 | 83.0% | ±26.0% |
| 2027-01-15 | 84 | 81.1% | ±30.9% |