Photronics, Inc. PLAB

Information TechnologySemiconductors & Semiconductor EquipmentUnited States of America

Last close 29.12 USD on Nov 1, 2026, −13.8% year to date

Quant rating

Quant rating C Rank 219 of 389 in Information Technology

Growth D 303 of 389
Valuation A 2 of 389
Quality C 197 of 389
Revisions C 264 of 389
Momentum D 285 of 389

Wall Street consensus Buy (1.75)Average target 42.52 USD +46.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.6B
Enterprise value: 1.4B
52-week range: 20.19 – 56.00
3-year range: 16.71 – 56.00
Dividend yield: –
Beta (5 years): 1.41
Shares outstanding: 59.0M
Next earnings: Dec 8, 2026

About the company

Photronics, Inc. is a manufacturer of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. The Company manufactures photomasks, which are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. The photomasks the Company manufactures incorporate circuit designs provided on a confidential basis by its customers. The Company sells its photomasks to semiconductor designers and manufacturers, and manufacturers of FPDs. Photomask technology is also being applied to the fabrication of other higher-performance electronic products such as virtual reality/augmented reality advanced IC packages, photonics, micro-electronic mechanical systems, and certain nanotechnology applications. The Company operates approximately 11 manufacturing facilities, which are located in Taiwan, China, Korea, the United States, and Europe.

Growth and profitability fiscal year ends October 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	849	867	892	825	664	–
Revenue growth	−2.0%	−2.8%	8.2%	24.2%	8.9%	6.9%
EPS (basic, normalized)	2.01	2.05	2.03	1.94	0.86	–
EPS growth	−2.0%	1.0%	4.6%	125.6%	–	–
Gross margin	35.3%	36.4%	37.7%	35.7%	25.2%	34.1%
Net margin	16.1%	15.1%	14.1%	14.4%	8.4%	13.6%
ROE	11.9%	12.5%	13.9%	14.4%	6.8%	11.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	673
Current ratio	4.94x
Long-term debt (mil)	0
Net debt (mil)	−206
Total equity (mil)	1,281
Net debt / equity	−0.16x
Net debt / EBITDA	−0.72x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	849	−2.0%	1.7x	286	−6.1%	5.0x	2.01	−2.0%	14.5x
2026	868	+2.2%	1.6x	284	−0.7%	5.0x	2.07	+2.9%	14.1x
2027	893	+2.8%	1.6x	309	+9.0%	4.6x	2.05	−0.8%	14.2x
2028	947	+6.1%	1.5x	338	+9.3%	4.2x	2.15	+4.7%	13.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	868	0.0%	+1.0%	−2.3%	2.07	+2.9%	+11.2%	−10.1%
2027	893	0.0%	−0.6%	−4.3%	2.05	0.0%	+1.5%	−17.0%
2028	947	0.0%	−1.6%	–	2.15	−1.8%	−2.0%	–

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Apr 2024	Jul 2024	Oct 2024	Jan 2025	Apr 2025	Jul 2025	Oct 2025	Jan 2026	Apr 2026	Jul 2026
Sales reported (mil)	217	211	223	212	211	210	216	225	210	216
Sales mean (mil)	231	225	218	210	212	205	205	221	217	209
Surprise	−6.1%	−6.2%	+2.1%	+1.0%	−0.5%	+2.8%	+5.1%	+2.0%	−3.1%	+3.5%
EPS reported	0.46	0.51	0.59	0.52	0.40	0.51	0.60	0.61	0.42	0.50
EPS mean	0.55	0.56	0.52	0.47	0.48	0.38	0.45	0.54	0.54	0.40
Surprise	−15.9%	−8.9%	+13.5%	+10.6%	−17.5%	+34.3%	+32.0%	+14.0%	−22.2%	+24.0%

Peer comparison Semiconductors & Semiconductor Equipment

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
PLAB Photronics, Inc.	1.6B	−0.72x	16.1%	1.25x	14.1x	14.2x	5.0x	4.6x
ASML ASML Holding N.V.	613.0B	−0.83x	29.4%	25.97x	33.6x	24.5x	27.3x	19.9x
LRCX Lam Research Corporation	298.7B	–	31.3%	21.47x	24.7x	19.4x	19.9x	16.3x
AMAT Applied Materials Inc	309.6B	−0.30x	24.7%	12.08x	30.5x	20.8x	25.8x	17.5x
KLAC KLA Corporation	205.8B	0.17x	35.6%	31.55x	27.4x	22.2x	22.5x	18.7x
ATEYY ADVANTEST CORPORATION	162.0B	−3.40x	33.3%	21.44x	–	–	–	–
Mean		−1.02x	28.4%	18.96x	26.0x	20.2x	20.1x	15.4x
Median		−0.72x	30.3%	21.46x	27.4x	20.8x	22.5x	17.5x

Technical analysis

1M−9.6%
3M−5.4%
1Y+15.0%
3Y+48.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Photronics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	849	867	892	825	664	610
Cost of revenue	549	551	556	530	497	475
Gross profit	300	316	336	294	167	135
Selling, general & administrative expenses	75.6	77.8	69.5	64.0	57.5	53.6
Research & development	15.8	16.6	13.7	18.3	18.5	17.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	0.2	0.1	0	0	−3.5	0
Operating income	208	222	253	212	94.6	63.9
Net interest income (expense)	13.6	25.9	16.9	27.2	7.5	−2.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	222	247	270	239	102	61.6
Provision for taxes	31.6	63.6	70.3	59.8	23.2	21.3
Minority interest	−53.8	−53.2	−74.1	−60.5	−23.4	−6.5
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	136	131	125	119	55.4	33.8
Extraordinary items	–	–	–	–	0	0
Net income	136	131	125	119	55.4	33.8
EBIT, normalized	208	222	253	212	94.6	63.9
EBITDA, normalized	286	304	334	295	185	158
Basic EPS, normalized	2.01	2.05	2.03	1.94	0.86	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Photronics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	588	641	512	358	277	279
Receivables	227	226	211	217	209	158
Total inventory	61.8	56.5	50.0	50.8	55.2	57.3
Prepaid expenses	12.9	7.6	12.5	18.0	9.5	6.3
Other current assets	0	0	0	0	0	0
Total current assets	890	931	785	645	551	500
Property, plant & equipment	860	750	715	647	702	631
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	0.8	3.4
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	54.1	30.7	25.3	24.0	40.7	53.1
Total assets	1,805	1,712	1,526	1,316	1,294	1,188
Liabilities
Accounts payable	84.2	78.7	84.0	79.6	81.5	75.4
Payable/accrued	–	–	–	–	–	–
Accrued expenses	51.1	50.5	60.5	47.7	42.1	34.4
Short-term debt	0	0	0	0	0	4.7
Current portion of long-term debt	0	18.0	6.6	10.0	22.2	9.0
Other current liabilities	30.6	36.6	34.0	56.5	30.3	19.5
Total current liabilities	166	184	185	194	176	143
Long-term debt	0	0	18.0	32.3	89.4	55.0
Minority interest	424	360	301	231	177	157
Other liabilities	41.3	47.5	47.4	27.6	28.0	28.0
Total liabilities	631	591	551	484	471	383
Shareholders' equity
Preferred stock	0	–	–	0	0	0
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	487	515	502	494	485	507
Retained earnings (accumulated deficit)	772	692	561	436	318	279
Treasury stock	–	–	–	–	–	–
Other equity	−86.1	−86.3	−88.7	−98.5	20.6	18.0
Total equity	1,174	1,121	975	832	824	805
Total liabilities & shareholders' equity	1,805	1,712	1,526	1,316	1,294	1,188

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Photronics, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	190	184	200	179	78.8	40.3
Depreciation, depletion & amortization	77.6	82.8	80.8	80.3	90.4	93.8
Deferred taxes	−17.2	−1.4	−0.9	0.8	−2.1	−0.4
Non-cash items	13.4	13.9	8.0	6.3	5.3	4.9
Changes in working capital	−16.3	−17.7	14.6	8.5	−21.7	4.4
Cash from operations	248	261	302	275	151	143
Investing activities
Capital expenditures	−188	−131	−131	−113	−109	−71.0
Other investing cash flows	−50.7	−25.4	29.9	−35.2	5.8	5.3
Cash from investing	−239	−156	−102	−148	−103	−65.7
Financing activities
Financing cash flow items	0.1	−1.1	−0.1	29.3	−6.2	5.4
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−115	−6.6	−18.4	−68.0	−47.7	−21.4
Cash from financing	−115	−7.7	−18.5	−38.7	−53.9	−16.0
Foreign exchange effects	0.2	2.1	−2.7	−46.0	4.7	11.0
Net change in cash	−106	99.4	179	42.7	−1.9	72.3
Free cash flow	59.6	130	171	163	41.5	72.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.