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Photronics Inc (PLAB) stock

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NASDAQ: PLAB Nasdaq Semiconductors Next results ~December 9, 2026

C+ Fundamentals grade

Photronics is a manufacturer of photomasks: high-precision quartz or glass plates etched with microscopic images of electronic circuits. These serve as the masters used to transfer circuit designs onto semiconductor wafers and flat panel display (FPD) substrates during the making of integrated circuits and displays. Masks are usually supplied in sets, one layer at a time, built to confidential designs that each customer provides.

Its customers are chiefly semiconductor and FPD manufacturers, together with fabless design houses, pure-play foundries and equipment firms. Photronics earns money by making and selling these custom masks to order, with pricing negotiated per customer; delivery can be required within a day for the first layers. In fiscal 2025 it supplied around 636 customers, though a handful account for a large share of its sales.

The company reports as a single segment. It runs eleven plants — three in Taiwan, two in China, one in South Korea, three in the United States and two in Europe — and most of its sales come from outside the United States, chiefly in Asia. It is an independent merchant producer rather than a chipmaker's in-house operation.

Based on Photronics Inc's 10-K filed December 17, 2025.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$27

Valuation models combined (3)

Base case. Range ~$23–$31. Weighted average of 3 models (forward price-to-earnings vs peers, residual income, justified price-to-book), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 1% above our base value.

Price used: $27.40, November 2, 2026

Photronics Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 10 selling0 purchases and 50 sales by directors and officers, last 12 monthsInsider trades
  • Funds157 adding, 188 cuttingOf 53 active managers that changed their stake, 19 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Photronics files

Where Photronics stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $867m, up 1.2% on a year earlier, faster than 0.5% a quarter earlier. That puts it 29 of 33 for growth among the semiconductor companies we cover. Free-cash-flow margin rose to 12.7% from 7.5% a year earlier. Operating margin narrowed to 22.5% from 24.7%. The diluted share count is down 4.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $36.84 a share, against a share price of $28.61. At that price, our model says the market is pricing in cash flow shrinking about 4.0% a year for five years, slower than the 5.5% a year revenue growth it has delivered.

Source: 10-Q filed September 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 9, 2026 (estimated)

Photronics Inc's trailing-twelve-month revenue grew 1.2% year on year, with a free-cash-flow margin of 12.7%. Where it stands out: change in share count of -4.2% ranks 3 of 72 semiconductor companies we cover. Where it lags: days sales outstanding of 79 days ranks 50 of 62 semiconductor companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 71.2% while net income grew 52.2%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 4.2% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.5bn.

Things to watch

  • Volatile shares. Over the past year the shares showed annualised volatility of 83% and a beta of 2.9 against the S&P 500.
  • Insiders selling. 10 insiders sold $24M of stock over the past 365 days and none bought (1% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.2 points on a year ago.
  • Weak cash conversion. Free cash flow was 67% of net income over the last 12 months.
  • Below peers: days sales outstanding. Days sales outstanding of 79 days ranks 50 of 62 semiconductor companies we cover (median 58 days).

Latest results: FY2026 Q3

Filed September 10, 2026
Earnings per share
$0.50 against an average estimate of $0.40: beat by 24.0%
Revenue
$216m, up 2.7% on a year earlier
Share reaction
+3.2% in the first session after the results on August 26, 2026, against +0.7% for the S&P 500
Guidance given
revenue $207m to $227m (fourth quarter of fiscal 2026); operating margin 19% to 24% (fourth quarter of fiscal 2026)
Next report
December 9, 2026; average EPS estimate $0.48

Photronics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week-1.7%
  • 1 month-13.0%
  • This year-14.4%
  • 1 year+14.6%
  • 5 years+100.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$867M
Operating margin
22.5%
Net margin
19.0%
EPS (TTM, diluted)
$2.82

Growth

Revenue growth
+1.2%
Change in growth rate
+0.7 pts
Share count change
−4.2%

Cash

Free cash flow (TTM)
$110M
FCF margin
12.7%
Stock pay % of revenue
1.6%

Earnings

Last results
August 26, 2026
Next results (est.)
November 25, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Photronics Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$27
Price used
$28.64close November 3, 2026
Implied change
▼ 5%
Uncertainty
Low

How we got here: the combined value of 3 valuation models built for a business like Photronics Inc (see the models table below and how they are combined) , with a 12.22% cost of equity. The models span ~$23–~$31; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Photronics Inc as an operating company, with every model that fits that kind of business. Cost of equity 12.2%: the 10-year Treasury yield (4.9%) plus a beta of 1.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$31 ~$30–$54 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$23 ~$16–$32 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$23 ~$21–$26 Included
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: earnings are positive: price-to-earnings is the better measure
Cash-flow model (DCF) Free cash flow after stock pay, grown then faded to 2.5%, discounted at 8.5%. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: Noncontrolling ownership is material. Its fair value and share of cash flow must be valued separately; a book-value deduction is insufficient.
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$27 ~$23–$31 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Photronics Inc with Semiconductors in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$9.85$9.55$9.74$11.80$9.75$12.99$16.22$18.36$22.80$23.90$27.40
Market value$752m$662m$729m$816m$638m$805m$992m$1.1bn$1.4bn$1.4bn$1.6bn
+ Net debt (− = net cash)−$247m−$246m−$272m−$154m−$210m−$165m−$277m−$475m−$580m−$492m−$546m
Enterprise value$505m$416m$457m$662m$428m$640m$715m$659m$842m$940m$1.1bn
Multiples
Price / sales 1.6x1.5x1.4x1.5x1.0x1.2x1.2x1.3x1.6x1.7x1.8x
Price / earnings 16.3x50.4x17.3x27.4x18.9x14.5x8.4x9.0x10.9x10.5x9.7x
Price / free cash flow 10.4x135.9x19.2x—8.8x19.3x6.1x6.6x10.9x24.0x14.5x
EV / EBITDA 3.9x3.7x3.1x5.0x2.8x3.5x2.5x2.0x2.8x3.3x3.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

60 /100

Moderate moat

How hard Photronics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 12 / 20

    Cash operating profit has been a median 9.8% of total assets over 10 years.

  • Pricing power 6 / 20

    Gross margin has been a median 28.7%, moving by 6.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median 17.2%; its worst year was 5.7%.

  • Cash conversion 14 / 20

    Free cash flow was positive in 8 of 10 years, at a median 11.9% of revenue.

  • Discipline 19 / 20

    The diluted share count fell 7.2% over five years; stock-based pay has been a median 0.8% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 9, 2026, before the open. Analysts expect revenue of $217m and EPS of $0.48 (range $0.47 to $0.48) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.01 0% $868m +2%
Next $2.08 +3% $892m +3%

Next year's EPS estimate has moved +2.6% in 90 days, across 3 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +8.9% on 90 days ago. In the last 30 days, 3 analysts raised Photronics Inc's forecast and 0 cut it.

Consensus EPS forecast Photronics Inc, last 90 days
$1.80 $1.90 $2.00 $2.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.84 Current fiscal year, 60 days ago: $1.84 Current fiscal year, 30 days ago: $1.86 Current fiscal year, 7 days ago: $1.86 Current fiscal year, Now: $2.01 $2.01 Next fiscal year, 90 days ago: $2.02 Next fiscal year, 60 days ago: $2.02 Next fiscal year, 30 days ago: $2.02 Next fiscal year, 7 days ago: $2.02 Next fiscal year, Now: $2.08 $2.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.84$2.02
60 days ago $1.84$2.02
30 days ago $1.86$2.02
7 days ago $1.86$2.02
Now $2.01$2.08

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.40 $0.50 +24.0%
Apr 2026 $0.53 $0.42 −20.0%
Jan 2026 $0.53 $0.61 +15.1%
Oct 2025 $0.45 $0.60 +34.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 26, 2026
  • Revenue fourth quarter of fiscal 2026 $207m to $227m
    “Revenue to be between $207 million and $227 million,” source
  • Non-GAAP diluted EPS attributable to Photronics, Inc. shareholders fourth quarter of fiscal 2026 $0.40 to $0.56 Non-GAAP
    “Non-GAAP diluted EPS attributable to Photronics, Inc. shareholders to be between $0.40 and $0.56 per share.” source
  • Operating margin fourth quarter of fiscal 2026 19% to 24%
    “Operating margin to be between 19% and 24%, and” source

How earlier guidance turned out

  • Operating margin, third quarter of fiscal 2026 guided 18% to 20% Above range: 21.062084%
  • Revenue, third quarter of fiscal 2026 guided $207m to $215m Above range: $216m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

3 analysts, Nov 2026
Buy3100%
Hold00%
Sell00%

Monthly trend

  1. Nov 202633

Counts of recommendations published by analysts covering Photronics Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.6%
of tradable shares
Days to cover
4.95
at average volume
Short interest, 1 month
−7%
to October 15, 2026
Held by institutions
97%
of shares
Held by insiders
3.2%
of shares
Employees
1,908
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +14.6%

$23.90 on October 31, 2025 to $27.40

ThenNowEffect
Revenue (last 12 months) $856m $867m +1.2%
Net margin 12.7% 19.0% +50.3%
P/E multiple 13.4x 9.7x −27.9%
Share count 61m 58m +4.4%

Biggest factor: net margin.

Last 3 years +38.2%

$19.82 on November 3, 2023 to $27.40

ThenNowEffect
Revenue (last 12 months) $875m $867m −0.9%
Net margin 13.5% 19.0% +41.3%
P/E multiple 10.3x 9.7x −6.3%
Share count 62m 58m +5.3%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
PLAB+69%−11%+86%−25%+36%−14%
Industry peers (median)+35%−39%+15%−9%+16%+17%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
PLAB58%42%50%25%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
PLAB−19%−45%−33%−39%−32%−51%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 51% from February 15, 2024 to May 30, 2025. Getting back needed a 103% gain, reached on December 10, 2025, 194 days after the low.

Price behaviour

52-week range
$20.28 – $54.96
From 52-week high
−50.1%
vs 50-day average
−5.8%
vs 200-day average
−22.6%
Volatility (1 year)
83%
Beta vs S&P 500
2.94

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±15.4%
After a week
3 up, 9 down
typical move ±12.5%
After a month
6 up, 6 down
typical move ±13.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 26, 2026 +3.2% +0.7% −4.9% +3.7%
May 28, 2026 −39.5% +0.8% −41.1% −41.5%
February 25, 2026 +1.8% +0.3% 0.0% +4.7%
December 10, 2025 +54.4% +0.9% +28.3% +31.2%
August 27, 2025 +5.9% +0.6% −0.2% +4.3%
May 28, 2025 −13.1% −0.2% −10.2% −6.6%
February 26, 2025 −0.5% −1.5% +1.0% +2.8%
December 11, 2024 +3.8% +0.3% −1.6% −7.0%
August 30, 2024 −4.4% −1.1% −11.4% −4.0%
May 22, 2024 −8.9% −1.0% −4.1% −13.4%
February 21, 2024 −14.3% +2.2% −10.7% −6.0%
December 13, 2023 +34.5% +1.7% +36.6% +36.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Photronics Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Photronics Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Photronics Inc
$840M $860M $880M $900M FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $892.1M Revenue (TTM), FY24 Q1: $897.3M Revenue (TTM), FY24 Q2: $885M Revenue (TTM), FY24 Q3: $871.8M Revenue (TTM), FY24 Q4: $866.9M Revenue (TTM), FY25 Q1: $862.8M Revenue (TTM), FY25 Q2: $856.7M Revenue (TTM), FY25 Q3: $856.2M Revenue (TTM), FY25 Q4: $849.3M Revenue (TTM), FY26 Q1: $862.2M Revenue (TTM), FY26 Q2: $861.2M Revenue (TTM), FY26 Q3: $866.8M $866.8M

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $892.1M
FY24 Q1 $897.3M
FY24 Q2 $885M
FY24 Q3 $871.8M
FY24 Q4 $866.9M
FY25 Q1 $862.8M
FY25 Q2 $856.7M
FY25 Q3 $856.2M
FY25 Q4 $849.3M
FY26 Q1 $862.2M
FY26 Q2 $861.2M
FY26 Q3 $866.8M
Revenue growth, TTM YoY Photronics Inc
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 8.2% Revenue growth, TTM YoY, FY24 Q1: 6.1% Revenue growth, TTM YoY, FY24 Q2: 1.7% Revenue growth, TTM YoY, FY24 Q3: -0.4% Revenue growth, TTM YoY, FY24 Q4: -2.8% Revenue growth, TTM YoY, FY25 Q1: -3.9% Revenue growth, TTM YoY, FY25 Q2: -3.2% Revenue growth, TTM YoY, FY25 Q3: -1.8% Revenue growth, TTM YoY, FY25 Q4: -2.0% Revenue growth, TTM YoY, FY26 Q1: -0.1% Revenue growth, TTM YoY, FY26 Q2: 0.5% Revenue growth, TTM YoY, FY26 Q3: 1.2% 1.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 8.2%
FY24 Q1 6.1%
FY24 Q2 1.7%
FY24 Q3 -0.4%
FY24 Q4 -2.8%
FY25 Q1 -3.9%
FY25 Q2 -3.2%
FY25 Q3 -1.8%
FY25 Q4 -2.0%
FY26 Q1 -0.1%
FY26 Q2 0.5%
FY26 Q3 1.2%
Operating margin (TTM) Photronics Inc
22% 24% 26% 28% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 28.4% Operating margin (TTM), FY24 Q1: 28.4% Operating margin (TTM), FY24 Q2: 27.5% Operating margin (TTM), FY24 Q3: 26.4% Operating margin (TTM), FY24 Q4: 25.6% Operating margin (TTM), FY25 Q1: 25.1% Operating margin (TTM), FY25 Q2: 25.2% Operating margin (TTM), FY25 Q3: 24.7% Operating margin (TTM), FY25 Q4: 24.5% Operating margin (TTM), FY26 Q1: 24.5% Operating margin (TTM), FY26 Q2: 22.9% Operating margin (TTM), FY26 Q3: 22.5% 22.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 28.4%
FY24 Q1 28.4%
FY24 Q2 27.5%
FY24 Q3 26.4%
FY24 Q4 25.6%
FY25 Q1 25.1%
FY25 Q2 25.2%
FY25 Q3 24.7%
FY25 Q4 24.5%
FY26 Q1 24.5%
FY26 Q2 22.9%
FY26 Q3 22.5%
FCF margin (TTM) Photronics Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 19.2% FCF margin (TTM), FY24 Q1: 19.2% FCF margin (TTM), FY24 Q2: 19.6% FCF margin (TTM), FY24 Q3: 18.3% FCF margin (TTM), FY24 Q4: 15.1% FCF margin (TTM), FY25 Q1: 20.4% FCF margin (TTM), FY25 Q2: 10.5% FCF margin (TTM), FY25 Q3: 7.5% FCF margin (TTM), FY25 Q4: 7.0% FCF margin (TTM), FY26 Q1: 7.7% FCF margin (TTM), FY26 Q2: 11.2% FCF margin (TTM), FY26 Q3: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 19.2%
FY24 Q1 19.2%
FY24 Q2 19.6%
FY24 Q3 18.3%
FY24 Q4 15.1%
FY25 Q1 20.4%
FY25 Q2 10.5%
FY25 Q3 7.5%
FY25 Q4 7.0%
FY26 Q1 7.7%
FY26 Q2 11.2%
FY26 Q3 12.7%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Photronics took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $849M
  2. Cost of revenue $549M · 64.7%
  3. Gross profit $300M · 35.3%
  4. Research and development $15.8M · 1.9%
  5. Selling, general and admin $75.6M · 8.9%
  6. Operating income $208M · 24.5%
  7. Income tax $31.6M · 3.7%
  8. Interest and other $40.2M · 4.7%
  9. Net income $136M · 16.1%

Shares of revenue. Source: Photronics's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Nov 2009 2010 Oct 2010 2011 Oct 2011 2012 Oct 2012 2013 Nov 2013 2014 Nov 2014 2015 Nov 2015 2016 Oct 2016 2017 Oct 2017 2018 Oct 2018 2019 Oct 2019 2020 Oct 2020 2021 Oct 2021 2022 Oct 2022 2023 Oct 2023 2024 Oct 2024 2025 Oct 2025 LTM Aug 2026
Income
Revenue 361 426 512 450 422 456 524 483 451 535 551 610 664 825 892 867 849 867
Gross profit — — 136 112 100 100 143 119 91 132 121 135 167 294 336 316 300 292
EBITDA 64 121 162 123 97 102 148 130 114 145 131 153 182 292 334 304 285 273
Operating income −12 39 75 44 31 29 72 52 32 66 52 64 95 212 253 222 208 195
Net income −42 24 16 28 18 26 45 46 13 42 30 34 55 119 125 131 136 165
Diluted EPS −$0.97 $0.43 $0.28 $0.44 $0.29 $0.41 $0.63 $0.64 $0.19 $0.59 $0.44 $0.52 $0.89 $1.94 $2.03 $2.09 $2.28 $2.82
Growth (year on year)
Revenue — +17.8% +20.3% −12.0% −6.3% +7.9% +15.1% −7.8% −6.8% +18.8% +2.9% +10.7% +8.9% +24.2% +8.2% −2.8% −2.0% +1.2%
EBITDA — +88.7% +34.2% −24.1% −21.4% +5.2% +45.5% −12.1% −12.7% +27.8% −9.5% +16.6% +18.9% +60.3% +14.3% −8.9% −6.1% −6.3%
Operating income — — +91.2% −41.1% −30.9% −6.1% +150.9% −27.4% −39.3% +105.9% −20.6% +22.7% +47.9% +124.1% +19.4% −12.5% −6.0% −8.1%
Net income — — −32.2% +71.7% −35.5% +44.7% +71.7% +3.5% −71.6% +220.3% −29.2% +13.5% +64.0% +114.2% +5.6% +4.1% +4.4% +52.2%
Diluted EPS — — −34.9% +57.1% −34.1% +41.4% +53.7% +1.6% −70.3% +210.5% −25.4% +18.2% +71.2% +118.0% +4.6% +3.0% +9.1% +58.9%
Margins
Gross margin — — 26.6% 24.8% 23.6% 22.0% 27.3% 24.6% 20.3% 24.6% 21.9% 22.1% 25.2% 35.7% 37.7% 36.4% 35.3% 33.7%
EBITDA margin 17.7% 28.4% 31.7% 27.3% 22.9% 22.3% 28.2% 26.9% 25.2% 27.1% 23.9% 25.1% 27.4% 35.4% 37.4% 35.1% 33.6% 31.6%
Operating margin −3.5% 9.3% 14.7% 9.9% 7.3% 6.3% 13.8% 10.9% 7.1% 12.3% 9.5% 10.5% 14.2% 25.7% 28.4% 25.6% 24.5% 22.5%
Net margin −11.6% 5.6% 3.2% 6.2% 4.3% 5.7% 8.5% 9.6% 2.9% 7.9% 5.4% 5.5% 8.4% 14.4% 14.1% 15.1% 16.1% 19.0%
Free-cash-flow margin 9.2% 5.8% 10.6% 7.9% 8.4% 1.2% 5.6% 14.9% 1.1% 7.1% −20.0% 11.8% 6.3% 19.8% 19.2% 15.1% 7.0% 12.7%
Cash flow
Cash from operations 68 96 137 133 99 96 133 122 97 131 68 143 151 275 302 261 248 308
Capital spending 35 71 82 97 64 91 104 50 92 93 178 71 109 112 131 131 188 198
Free cash flow 33 25 54 36 36 5 29 72 5 38 −110 72 42 163 171 131 60 110
Stock-based pay 2 2 2 3 4 4 4 4 4 3 4 5 5 6 8 14 13 14
Free cash flow after stock pay 31 23 52 32 32 1 25 68 1 35 −114 67 36 157 163 117 46 97
Balance sheet
Cash 89 99 190 218 216 193 206 314 308 329 207 279 277 320 499 598 492 550
Total debt 0 90 158 177 194 142 133 67 62 57 53 69 112 42 25 18 0 4
Net debt (negative = net cash) −89 −9 −32 −41 −22 −51 −73 −247 −246 −272 −154 −210 −165 −277 −475 −580 −492 −546
Diluted shares 43m 66m 58m 76m 62m 67m 78m 76m 69m 75m 69m 65m 62m 61m 62m 62m 60m 58m
Returned to shareholders
Buybacks — — — — — — — 0 0 23 22 34 48 3 0 0 97 0
Total returned — — — — — — — 0 0 23 22 34 48 3 0 0 97 0

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

7 of 7 checks passed · August 2, 2026
What it owns · $2.0bn
Short-term assets $975mLonger-term assets $1.0bn
What it owes, and who funded it · $1.5bn
Short-term liabilities $197mLonger-term liabilities $50mShareholders' equity $1.3bn
  • Short-term assets cover short-term liabilities $975m of assets due within a year against $197m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $975m short-term assets against $50m of longer-dated liabilities.
  • More cash than debt $550m of cash against $4,000 of debt.
  • Debt below 40% of shareholders' equity Debt is 0% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 9% to 0% over five years.
  • A year's operating cash flow covers at least 20% of debt $308m of operating cash flow against $4,000 of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Photronics Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$0
Returned to shareholders
0%
of free cash flow
Buybacks, last 3 fiscal years
$97.4M
Diluted share count
−4.2%
year over year
Total shareholder yield
0.0%
dividends 0.0% + buybacks 0.0% of market value
R&D spending
1.4%
of revenue
Sales & admin spending
9.8%
of revenue
Days sales outstanding
79 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in semiconductors
Last 12 months unless stated PLAB SLAB SIMO FORM HIMX RMBS Median
Revenue, last 12 months $867m $856m $886m $902m $832m $796m $1.1bn
Revenue growth, last 12 months 1.2% 21.7% 10.2% 18.0% −8.2% 17.3% 13.7%
Revenue growth, 3-year average −0.3% −5.6% 57.8% 10.4% — 20.0% 3.9%
Revenue growth, latest quarter 2.7% 18.3% — 31.9% — 22.3% 20.1%
Gross margin 33.7% 60.6% 48.3% 43.1% 30.6% 79.1% 48.3%
Operating margin 22.5% −5.1% 10.5% 12.9% 5.3% 36.3% 4.8%
Operating margin, 3-year average 24.5% −17.4% 18.5% 11.9% 13.9% 34.6% 4.8%
Net margin 19.0% −4.6% 13.8% 12.8% 5.3% 33.4% 5.3%
Cash from operations / revenue 35.6% 3.9% 6.9% 19.9% 16.8% 43.6% 17.4%
Free-cash-flow margin 12.7% −0.6% 0.7% 15.1% 14.4% 39.3% 9.6%
Free-cash-flow margin, 3-year average 12.9% −1.9% 11.5% 7.4% 12.5% 40.4% 8.5%
Stock pay / revenue 1.6% 10.2% 3.0% 4.0% 0.1% 7.4% 5.8%
Change in share count −4.2% 1.6% −0.1% 1.6% −0.2% 0.9% 0.9%

Median of all 75 companies we cover in semiconductors. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

75 semiconductor companies
Measure Company Peer median Rank
Revenue growth Growth 1.2% 13.7% 56 of 75
Change in growth rate Growth +0.7pp +3.7pp 45 of 75
Gross margin Profitability 33.7% 48.3% 52 of 73
Operating margin Profitability 22.5% 4.8% 17 of 75
Net margin Profitability 19.0% 5.3% 18 of 75
Free-cash-flow margin Cash generation 12.7% 9.6% 33 of 75
Stock pay as % of revenue Cash generation 1.6% 6.4% 13 of 74
Long-term debt as % of assets Balance sheet 0.0% 14.0% 3 of 47
Change in share count Balance sheet -4.2% 0.9% 3 of 72
Days sales outstanding Balance sheet 79 days 58 days 50 of 62

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to October 31, 2025
Products and services
Line of business Revenue Share YoY
Integrated Circuits $615M 72.4% ▼ 3.6%
Mainstream Integrated Circuits $376M 61.2% ▼ 8.2%
High End Integrated Circuits $239M 38.8% ▲ 4.6%
Flat Panel Displays $234M 27.6% ▲ 2.4%
High End Flat Panel Displays $196M 83.5% ▲ 0.1%
Mainstream Flat Panel Displays $38.7M 16.5% ▲ 15.7%
Geography
Region Revenue Share YoY
Taiwan $284M 33.4% ▼ 1.5%
China $221M 26.0% ▼ 5.1%
South Korea $159M 18.7% ▲ 0.3%
United States $149M 17.5% ▲ 1.5%
Europe $34.1M 4.0% ▼ 13.2%
Other $2.9M 0.3% ▲ 61.3%

From Photronics Inc's 10-K filed December 17, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$1.8B
Institutions reporting
309
Shares held vs prior quarter
▼ 1.0%
Positions opened / closed
55 / 72

Top buyers and sellers, Q2 2026: 157 institutions bought and 188 sold ; the biggest buyer was Price T Rowe Associates Inc (+668K shares) and the biggest seller LSV Asset Management (−697K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $309M 9.5M 17.3% ▲ 1.1%
Dimensional Fund Advisors LP $118M 3.6M 6.6% ▼ 8.1%
American Century Companies Inc $110M 3.4M 6.2% ▲ 20.1%
Vanguard Portfolio Management LLC $96.7M 3.0M 5.4% ▲ 4.5%
Vanguard Capital Management LLC $81.4M 2.5M 4.6% ▼ 0.1%
State Street Corp $76.1M 2.3M 4.3% ▲ 4.5%
LSV Asset Management $71.1M 2.2M 4.0% ▼ 24.2%
Geode Capital Management, LLC $70.5M 2.2M 3.9% ▲ 16.9%
Invesco Ltd. $59.9M 1.8M 3.4% ▲ 28.9%
Price T Rowe Associates Inc $51.1M 1.6M 2.9% ▲ 74.0%
Victory Capital Management Inc $47.6M 1.5M 2.7% ▼ 24.6%
Vaughan Nelson Investment Management, L.P. $34.8M 1.1M 2.0% ▼ 9.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Photronics Inc's complete shareholder register. Values are as reported by the filers ; 5 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $24.2M 50 trades by 10 insiders · 1% under pre-set plans
Net ▼ $24.2M net selling
Insider Date Trade Shares Price Value
Lee Kang Jyh Director September 29, 2026 Sell 10,000 $30.75 $307,500
Park Han Kyung SVP & GM of FPD Ops September 25, 2026 Sell 9,500 $30.37 $288,515
Lee Kang Jyh Director September 24, 2026 Sell 7,500 $29.50 $221,250
Lee Kang Jyh Director September 22, 2026 Sell 10,000 $29.70 $297,000
Zhang Rui VP, CAO & Corporate Controller April 17, 2026 Sell 4,556 $46.70 $212,765
Lee Kang Jyh Director April 16, 2026 Sell 10,000 $45.80 $458,000
Lee Kang Jyh Director April 16, 2026 Sell 10,000 $46.05 $460,500
Lee Kang Jyh Director April 15, 2026 Sell 10,000 $45.10 $451,000
Macricostas Constantine S Director April 14, 2026 Sell 50,000 $45.35 $2.3M
Wang Hsueh-Chun SVP/COO IC & US/EU Mnstrm Ops April 14, 2026 Sell 19,250 $45.30 $872,025
Rivera Eric President, CFO April 13, 2026 Sell 1,000 $44.77 $44,770
Lee Kang Jyh Director April 13, 2026 Sell 5,000 $45.00 $225,000

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 25, 2026 estimated from the company's past filing pattern, not announced

  • August 26, 2026
  • May 28, 2026
  • February 25, 2026
  • December 10, 2025
  • August 27, 2025
  • May 28, 2025

Recent SEC filings

Data status

When each part of this page on Photronics Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Photronics Inc in brief

What does Photronics Inc do?
Photronics Inc is a US-listed company in the semiconductors industry. Its financial year ends in October.
What is Photronics Inc's stock ticker?
Photronics Inc trades under the ticker PLAB on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Photronics Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Photronics Inc reported revenue of $867M, 1.2% higher than a year earlier, according to its SEC filings.
What is Photronics Inc's free cash flow?
Photronics Inc's free-cash-flow margin is 12.7% of revenue over the trailing twelve months, ranking 33 of the 75 semiconductor companies we cover.
Who are Photronics Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and American Century Companies Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Photronics Inc buying back stock, and does it pay a dividend?
Photronics Inc spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 4.2% over the year.
What is Photronics Inc's market cap?
On November 2, 2026, Photronics Inc's market capitalisation was about $1.6B, with a price-to-earnings ratio of 9.7 and net debt of -$546M. Market figures come from third-party market data and may be delayed.
How much debt does Photronics Inc have?
Photronics Inc's debt-to-equity ratio is 0.0%, from its latest balance sheet (9.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Photronics Inc's competitors?
In our Semiconductors peer group, the companies closest to Photronics Inc are Silicon Laboratories Inc., Silicon Motion Technology Corp, Formfactor Inc, Himax Technologies, Inc. and Rambus Inc. The side-by-side comparison below sets their revenue, margins and growth against Photronics Inc's.
Are insiders buying or selling Photronics Inc stock?
Over the last 12 months, Photronics Inc's directors and officers reported 0 open-market purchases and 50 sales on Form 4. The insider trading page charts every trade.
When is Photronics Inc's next earnings date?
Around December 9, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Photronics Inc announces its own schedule.