Formfactor vs Photronics
Formfactor and Photronics are similar in size: $785m and $849m of revenue in their latest fiscal years. Formfactor grew faster (2.8% against -2.0%). Photronics kept more of each dollar of sales as profit: a net margin of 16.1% against 6.9%. Photronics carries less debt relative to equity (0.0% against 1.2%).
| Latest fiscal year | FormfactorFORM, 2025 | PhotronicsPLAB, 2025 |
|---|---|---|
| Revenue | $785m | $849m |
| Revenue growth | 2.8% | -2.0% |
| Net income | $54.4m | $136m |
| Operating margin | 7.3% | 24.5% |
| Net margin | 6.9% | 16.1% |
| Return on equity | 5.5% | 11.9% |
| Free cash flow | $11.7m | $59.7m |
| Cash | $103m | $492m |
| Total debt | $12.3m | $24,000 |
| Debt to equity | 1.2% | 0.0% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $26.2m | $97.4m |
| Employees | 2,153 | 1,908 |
| Market value | $7.55bn | $1.64bn |
| Price vs our value range | Above our value range | — |
| Moat score | 64 (Moderate) | 60 (Moderate) |
| Insider trades, 12 months | 0 buys, 75 sales | 0 buys, 50 sales |