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Photronics Inc key statistics and ratios

In fiscal 2025, Photronics Inc had return on equity of 11.9%, an operating margin of 24.5%, debt equal to 0.0% of equity and a current ratio of 5.37. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2009Nov 20092010Oct 20102011Oct 20112012Oct 20122013Nov 20132014Nov 20142015Nov 20152016Oct 20162017Oct 20172018Oct 20182019Oct 20192020Oct 20202021Oct 20212022Oct 20222023Oct 20232024Oct 20242025Oct 2025LTMAug 2026
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%
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 margin9.2%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%
Return on equity−9.3%5.4%3.4%5.2%3.2%4.3%7.0%6.8%1.8%5.6%3.9%4.3%6.8%14.4%13.9%12.5%11.9%13.5%
Return on assets—3.4%2.1%3.3%2.1%2.7%4.3%4.5%1.3%3.9%2.7%2.9%4.5%9.1%8.8%8.1%7.8%8.7%
Asset turnover—0.600.670.540.490.480.510.480.450.500.490.530.530.630.630.540.480.46
Current ratio—1.733.183.743.042.421.875.435.492.632.813.503.133.334.245.075.374.94
Debt to equity0.0%20.4%30.9%32.1%33.1%22.6%20.5%9.5%8.3%7.6%6.9%8.5%13.6%5.1%2.5%1.6%0.0%0.3%
Effective tax rate—23.0%43.7%26.6%27.0%22.5%18.8%7.9%19.9%10.7%20.1%34.5%22.7%25.0%26.0%25.7%14.2%12.8%
R&D as % of revenue4.3%3.5%3.0%4.3%4.9%4.8%4.2%4.5%3.5%2.7%3.0%2.8%2.8%2.2%1.5%1.9%1.9%1.4%
SG&A as % of revenue11.4%10.0%8.8%10.4%11.4%10.9%9.3%9.2%9.7%9.6%9.5%8.8%8.7%7.8%7.8%9.0%8.9%9.8%
Capital spending as % of revenue9.7%16.8%16.0%21.5%15.1%20.0%19.8%10.4%20.4%17.3%32.4%11.6%16.4%13.6%14.7%15.1%22.2%22.8%
Free cash flow ÷ net income—102.6%335.4%127.6%198.2%20.3%65.3%155.8%37.1%90.3%−369.2%213.6%75.2%137.1%136.2%99.9%43.7%66.9%
Dividends and buybacks ÷ free cash flow———————0.0%0.0%60.8%—47.6%115.8%1.5%0.0%0.0%163.3%0.0%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

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Figures from Photronics Inc's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Photronics Inc.