Global foundry of high-value analog semiconductor solutions
Tower ended 2025 with real growth driven by the 300 mm ramp and a broader customer base, but margins, residual cash after investment, and post-tax earnings still do not prove that the new capacity is already generating mature economics.
Agrate is already live, but Tower's 300 mm network still does not prove a full return on the capital tied up in it because the U.S. leg keeps absorbing capital while the Intel route remains unqualified, and 2025 cash generation still did not cover all of the harder cash uses bel…
Tower's 2025 tax line sat far below a 23% baseline frame, but earnings quality rested on a mix of a more structural Israeli Preferred Enterprise benefit and a harder-to-repeat U.S. federal valuation-allowance release, while 2026 may carry a higher tax burden once Pillar Two move…
