Photronics Inc. (PLAB) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.4	$0.5	+25.0%	—	—	—
Q1 27	$0.53	$0.42	-20.8%	—	—	—
Q4 26	$0.53	$0.61	+15.1%	—	—	—
Q3 26	$0.45	$0.6	+33.3%	—	—	—
Q2 26	$0.39	$0.51	+30.8%	—	—	—
Q1 26	$0.48	$0.4	-16.7%	—	—	—
Q4 25	$0.47	$0.52	+10.6%	—	—	—
Q3 25	$0.52	$0.59	+13.5%	—	—	—
Q2 25	$0.56	$0.51	-8.9%	—	—	—
Q1 25	$0.55	$0.46	-16.4%	—	—	—
Q4 24	$0.49	$0.48	-2.0%	—	—	—
Q3 24	$0.53	$0.6	+13.2%	—	—	—
Q2 24	$0.52	$0.51	-1.9%	—	—	—
Q1 24	$0.44	$0.54	+22.7%	—	—	—
Q4 23	$0.4	$0.23	-42.5%	—	—	—
Q3 23	$0.48	$0.6	+25.0%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$2.29	—	—	$849.3M	—
FY24	—	$2.12	—	—	$866.9M	—
FY23	—	$2.05	—	—	$892.1M	—
FY22	—	$1.96	—	—	$824.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$483.5M	$450.7M	$535.3M	$550.7M	$609.7M	$663.8M	$824.5M	$892.1M	$866.9M	$849.3M
YoY change	-7.77%	-6.78%	+18.8%	+2.87%	+10.7%	+8.87%	+24.2%	+8.19%	-2.82%	-2.04%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	483.5M	450.7M	535.3M	550.7M	609.7M	663.8M	824.5M	892.1M	866.9M	849.3M
Cost of revenue	364.8M	359.4M	403.8M	429.8M	475M	496.7M	530.3M	555.9M	551M	549.5M
Gross profit	118.7M	91.3M	131.5M	120.8M	134.7M	167M	294.2M	336.2M	315.9M	299.8M
Gross margin	24.6%	20.3%	24.6%	21.9%	22.1%	25.2%	35.7%	37.7%	36.4%	35.3%
Research & development	21.7M	15.9M	14.5M	16.4M	17.1M	18.5M	18.3M	13.7M	16.6M	15.8M
Selling, general & administrative	44.6M	43.6M	51.4M	52.3M	53.6M	57.5M	64M	69.5M	77.8M	75.6M
Operating expenses	66.2M	59.4M	65.9M	68.7M	70.7M	72.5M	82.3M	83.1M	94.4M	91.7M
Operating income	52.5M	31.9M	65.6M	52.1M	63.9M	94.6M	211.9M	253.1M	221.5M	208.2M
Operating margin	10.9%	7.07%	12.3%	9.47%	10.5%	14.2%	25.7%	28.4%	25.6%	24.5%
Non-operating income, net	8.9M	—	377K	-1.3M	-501K	8M	27.3M	2.5M	2.2M	-8.3M
Pretax income	60.5M	26.6M	68.6M	50.7M	61.6M	102M	239M	269.9M	247.4M	221.8M
Income tax	4.8M	5.3M	7.3M	10.2M	21.3M	23.2M	59.8M	70.3M	63.6M	31.6M
Net income	55.7M	21.3M	61.2M	40.5M	40.3M	78.8M	179.2M	199.6M	183.8M	190.2M
Net margin	11.5%	4.72%	11.4%	7.35%	6.62%	11.9%	21.7%	22.4%	21.2%	22.4%
EBITDA	137.7M	118.4M	154.8M	137.3M	158.3M	186.1M	293.9M	348.7M	328.4M	307.8M
EPS	0.68	0.19	0.61	0.45	0.52	0.9	1.96	2.05	2.12	2.29
Diluted EPS	0.64	0.19	0.59	0.44	0.52	0.89	1.94	2.03	2.09	2.28

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	227.5M	216.3M	217M	211M	222.6M	212.1M	211M	210.4M	215.8M	225.1M	209.9M	216M
Cost of revenue	142.6M	137.1M	137.7M	135.8M	140.3M	136.6M	133.1M	139.5M	140.2M	146.4M	144.2M	144.3M
Gross profit	84.9M	79.3M	79.3M	75.1M	82.3M	75.5M	77.9M	70.9M	75.5M	78.7M	65.8M	71.7M
Gross margin	37.3%	36.6%	36.5%	35.6%	37%	35.6%	36.9%	33.7%	35%	35%	31.3%	33.2%
Research & development	3.4M	3.4M	4.3M	3.6M	5.3M	4.3M	4.1M	4.3M	3.2M	2.6M	2.8M	3.7M
Selling, general & administrative	16.7M	18.3M	19M	19.4M	21M	19.1M	18.1M	18.4M	20M	21.3M	20.8M	22.5M
Operating expenses	20.1M	21.8M	23.2M	23M	26.5M	23.4M	22.2M	22.7M	23.2M	23.8M	23.6M	26.2M
Operating income	64.8M	57.5M	56.1M	52.1M	55.8M	52.2M	55.7M	48.2M	52.1M	54.9M	42.2M	45.5M
Operating margin	28.5%	26.6%	25.8%	24.7%	25.1%	24.6%	26.4%	22.9%	24.1%	24.4%	20.1%	21.1%
Non-operating income, net	13.2M	-8.9M	14.8M	4.1M	-7.8M	18.4M	-31.1M	-14.3M	18.6M	12.9M	7.9M	4.8M
Pretax income	83.4M	53.7M	76.6M	62.3M	54.8M	77.2M	29.9M	38.7M	76M	74.5M	53.9M	54.9M
Income tax	20.3M	14.7M	20.2M	14.1M	14.6M	18.9M	5.7M	9.6M	-2.7M	14.4M	10.6M	11M
Net income	63.2M	39.1M	56.4M	48.2M	40.2M	58.3M	24.2M	29.1M	78.6M	60.2M	43.3M	43.9M
Net margin	27.8%	18.1%	26%	22.8%	18.1%	27.5%	11.5%	13.8%	36.4%	26.7%	20.6%	20.3%
EBITDA	91.6M	83.4M	82.7M	78.4M	83.8M	79.6M	80.6M	71.8M	75.7M	81.5M	66M	71.1M
EPS	0.73	0.43	0.59	0.56	0.55	0.69	0.15	0.4	1.07	0.74	0.54	0.5
Diluted EPS	0.72	0.42	0.58	0.55	0.54	0.68	0.15	0.39	1.07	0.74	0.54	0.49

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	655.1M	663.8M	670.4M	782.9M	632.4M	797.7M	982.3M	1.1B	1.4B	1.4B	1.8B
Enterprise value	408.3M	417.8M	398.6M	629.1M	424.6M	635M	667.5M	641.1M	789.6M	842.4M	1.6B
Shares outstanding	67.5M	68.4M	68.8M	66.3M	64.9M	61.4M	60.6M	61.1M	61.7M	59.6M	59.6M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	11.8	31.2	10.9	19.3	15.7	10.1	5.48	5.62	7.65	7.49	10.8
P/S	1.36	1.47	1.25	1.42	1.04	1.2	1.19	1.26	1.62	1.68	2.06
P/B	0.79	0.77	0.74	0.86	0.66	0.8	0.92	0.88	0.95	0.89	1.38
EV/EBITDA	2.96	3.53	2.57	4.58	2.68	3.41	2.27	1.84	2.4	2.74	5.8
EV/Sales	0.84	0.93	0.74	1.14	0.7	0.96	0.81	0.72	0.91	0.99	1.83
Earnings yield	8.5%	3.21%	9.13%	5.17%	6.38%	9.88%	18.2%	17.8%	13.1%	13.4%	9.28%
FCF yield	11%	0.61%	5.63%	-14.1%	11.4%	5.2%	16.6%	15.2%	9.27%	4.18%	1.64%
PEG	—	—	—	—	—	—	—	—	—	—	0.43

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	24.6%	20.3%	24.6%	21.9%	22.1%	25.2%	35.7%	37.7%	36.4%	35.3%	33.2%
Operating margin	10.9%	7.07%	12.3%	9.47%	10.5%	14.2%	25.7%	28.4%	25.6%	24.5%	21.1%
Net margin	11.5%	4.72%	11.4%	7.35%	6.62%	11.9%	21.7%	22.4%	21.2%	22.4%	19%
ROE	6.74%	2.46%	6.77%	4.44%	4.19%	7.88%	16.9%	15.7%	12.4%	11.9%	13.8%
ROA	5.64%	2.09%	5.52%	3.62%	3.4%	6.09%	13.6%	13.1%	10.7%	10.5%	6.5%
ROIC	8.35%	4.12%	9.26%	5.5%	5.55%	8.72%	21.3%	23.6%	19.1%	17.6%	15.8%
Return on tangible assets	5.87%	2.16%	5.64%	3.67%	3.42%	6.1%	13.6%	13.1%	10.7%	10.5%	11.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.43	5.49	2.63	2.81	3.5	3.13	3.33	4.24	5.07	5.37	4.94
Quick ratio	5.16	5.2	2.48	2.5	3.1	2.81	3.06	3.97	4.76	4.99	4.61
Debt / equity	0.08	0.07	0.06	0.06	0.07	0.11	0.04	0.02	0.02	0	0
Debt / assets	0.07	0.06	0.05	0.05	0.06	0.09	0.03	0.02	0.01	0	0
Net debt / EBITDA	-1.79	-2.08	-1.76	-1.12	-1.31	-0.87	-1.07	-1.38	-1.88	-1.89	-2.27
Interest coverage	19	6.01	31.3	36.6	27	61.5	129.7	624.4	741.8	4K	7.2K
Effective tax rate	7.93%	19.9%	10.7%	20.1%	34.5%	22.7%	25%	26%	25.7%	14.2%	12.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.16	6.59	7.78	8.3	9.4	10.8	13.6	14.6	14	14.2	15
EPS (basic)	0.68	0.19	0.61	0.45	0.52	0.9	1.96	2.05	2.12	2.29	2.29
EPS (diluted)	0.64	0.19	0.59	0.44	0.52	0.89	1.94	2.03	2.09	2.28	2.81
Book value per share	12.2	12.6	13.1	13.7	14.8	16.3	17.5	20.9	24	26.8	22
FCF per share	1.07	0.06	0.55	-1.66	1.11	0.68	2.69	2.79	2.11	1	1.88
Cash per share	4.65	4.5	4.78	3.11	4.3	4.51	5.92	8.38	10.4	9.87	11.4
Capex per share	0.74	1.34	1.35	2.69	1.09	1.78	1.86	2.15	2.12	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	10.4%	20.4%	17.3%	32.4%	11.6%	16.4%	13.6%	14.7%	15.1%	—	—
Capex / operating cash flow	36.8%	95%	70.9%	260.8%	49.5%	72.4%	40.8%	43.4%	50.1%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$227.5M	$216.3M	$217M	$211M	$222.6M	$212.1M	$211M	$210.4M	$215.8M	$225.1M	$209.9M	$216M
YoY change	+8.18%	+2.48%	-5.37%	-5.9%	-2.13%	-1.94%	-2.77%	-0.28%	-3.08%	+6.09%	-0.5%	+2.69%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	314.1M	308M	329.3M	206.5M	278.7M	276.7M	358.5M	512.2M	640.7M	588.2M
Receivables	92.6M	105.3M	120.5M	134.5M	134.5M	174.4M	198.1M	194.9M	200.8M	195.9M
Inventory	22.1M	23.7M	29.2M	48.2M	57.3M	55.2M	50.8M	50M	56.5M	61.8M
Total current assets	441.6M	449.1M	502.7M	427.5M	500.1M	550.6M	644.7M	785.5M	931.1M	890.1M
Property, plant & equipment	384.6M	409.9M	447M	460.1M	452.3M	514.6M	475.8M	523.4M	556.5M	661.6M
Goodwill & intangibles	39.7M	34.2M	24.7M	15.7M	6.9M	1.5M	—	—	—	—
Total assets	988M	1B	1.1B	1.1B	1.2B	1.3B	1.3B	1.5B	1.7B	1.8B
Accounts payable	48.9M	50.8M	89.1M	91.4M	75.4M	81.5M	79.6M	84M	78.7M	84.2M
Short-term debt	5.4M	4.6M	57.5M	10.9M	15.9M	24.5M	11.4M	8.5M	19.9M	2M
Total current liabilities	81.3M	81.8M	191.1M	152M	142.9M	176.1M	193.8M	185.2M	183.8M	165.9M
Long-term debt	61.9M	57.3M	—	41.9M	55M	89.4M	32.3M	22.2M	3.1M	4M
Total liabilities	162.5M	155.5M	205.4M	207.6M	225.9M	293.6M	253.7M	250.6M	231.3M	207.2M
Shareholders' equity	825.5M	865.3M	904.6M	911.1M	962.3M	1B	1.1B	1.3B	1.5B	1.6B
Total debt	67.3M	62M	57.5M	52.8M	70.8M	114M	43.7M	30.7M	23M	6M
Net debt	-246.8M	-246M	-271.8M	-153.8M	-207.8M	-162.7M	-276M	-468.5M	-575.5M	-486.3M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	512.2M	521.5M	559.9M	606.4M	640.7M	642.2M	558.4M	575.8M	588.2M	636.9M	637.7M	672.8M
Receivables	194.9M	203.6M	175M	173.7M	200.8M	149.7M	165.4M	190.9M	195.9M	199.5M	189M	187.7M
Inventory	50M	50.7M	54.3M	55.5M	56.5M	57.6M	61.2M	63.5M	61.8M	62.7M	67.8M	64.7M
Total current assets	785.5M	807.7M	844.1M	892.6M	931.1M	920.8M	855.8M	872.2M	890.1M	946.2M	943.9M	974.9M
Property, plant & equipment	523.4M	553.5M	543.6M	535.5M	556.5M	564.3M	618.3M	646.4M	661.6M	696.1M	725.4M	751.5M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	1.5B	1.6B	1.6B	1.6B	1.7B	1.7B	1.7B	1.8B	1.8B	1.9B	1.9B	2B
Accounts payable	84M	86.9M	94.7M	89M	78.7M	85.9M	89.5M	100.4M	84.2M	111.7M	108M	117.3M
Short-term debt	8.5M	20.8M	19.3M	20.1M	19.9M	2.6M	11K	11K	2M	11K	11K	3.9M
Total current liabilities	185.2M	185.3M	195.6M	191.1M	183.8M	162.6M	166.8M	174.9M	165.9M	206.6M	187M	197.3M
Long-term debt	22.2M	2.7M	2.5M	28K	3.1M	21K	19K	16K	4M	10K	3.9M	4K
Total liabilities	250.6M	235.8M	235.4M	231.7M	231.3M	210.5M	206.3M	214.8M	207.2M	251.5M	237.4M	247M
Shareholders' equity	1.3B	1.3B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B	1.6B	1.6B	1.7B	1.7B
Total debt	30.7M	23.4M	21.8M	20.1M	23M	2.7M	30K	27K	6M	21K	3.9M	3.9M
Net debt	-468.5M	-485.1M	-472.1M	-517.2M	-575.5M	-639.5M	-530.7M	-479.5M	-486.3M	-544.1M	-507.6M	-545.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	55.7M	21.3M	61.2M	40.5M	40.3M	78.8M	179.2M	199.6M	183.8M	190.2M
Depreciation & amortization	82.8M	86.6M	84.3M	83.9M	93.8M	90.4M	80.3M	80.8M	82.8M	77.6M
Stock-based compensation	3.8M	3.6M	3.2M	3.7M	4.9M	5.3M	6.3M	8M	13.9M	13.4M
Change in working capital	-7.5M	-16.3M	-17.9M	-56M	4.4M	-21.7M	8.5M	14.6M	-17.7M	-16.3M
Operating cash flow	136.3M	96.8M	130.6M	68.4M	143M	150.8M	275.2M	302.2M	261.4M	247.8M
Capital expenditure	-50.1M	-92M	-92.6M	-178.4M	-70.8M	-109.1M	-112.3M	-131.3M	-130.9M	—
Investing cash flow	52.3M	-97.2M	-90.7M	-151.3M	-65.6M	-103.3M	-147.6M	-101.4M	-156.4M	-50.7M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	-23.1M	-21.7M	-34.4M	-48.2M	-2.5M	0	0	-97.4M
Financing cash flow	-70.5M	-13.8M	-18.4M	-44.1M	-16M	-57.3M	-43M	-18.4M	-6.6M	-115.4M
Net change in cash	118.1M	-14.1M	21.5M	-127.1M	61.5M	-9.9M	84.7M	182.3M	98.4M	81.7M
Free cash flow	72M	4M	37.8M	-110.1M	72.1M	41.5M	162.6M	170.8M	130.4M	59.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	63.2M	39.1M	56.4M	48.2M	40.2M	58.3M	24.2M	29.1M	78.6M	60.2M	43.3M	43.9M
Depreciation & amortization	21.3M	20.7M	20.8M	20.1M	21.2M	20.8M	19.6M	18.8M	18.4M	19.8M	20M	21M
Stock-based compensation	2.1M	2.6M	3.9M	3.3M	4M	3.3M	3.4M	3.3M	3.4M	2.9M	3.7M	3.9M
Change in working capital	15M	-20.8M	-4.6M	-2.6M	5.7M	-3.9M	-15.7M	-1.2M	4.6M	14.4M	-20M	7.6M
Operating cash flow	101.6M	41.5M	76.5M	69.1M	71.1M	78.5M	31.5M	50.1M	87.8M	97.3M	47M	76.3M
Capital expenditure	-52.5M	-43.3M	-20M	-24.4M	-43.2M	-35.2M	-60.5M	—	—	—	—	—
Investing cash flow	-37.2M	-42.2M	-72.5M	-27.4M	-14.3M	6.8M	-87.7M	-67.9M	2.3M	7.4M	-31.8M	4.1M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	—	—	—	—	-4.6M	-72.1M	-20.7M	0	0	0	0
Financing cash flow	-2.1M	-258K	-1.5M	-1.6M	-2.1M	-18.5M	-74.6M	-20.2M	-3K	749K	462K	118K
Net change in cash	62.4M	-965K	2.5M	40.1M	54.7M	66.8M	-130.8M	-38.1M	90.2M	105.4M	15.7M	80.6M
Free cash flow	54M	-1.8M	56.5M	50.7M	25.1M	43.3M	-29.1M	25.2M	20.2M	49.6M	1.2M	39.4M

Photronics Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement