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Photronics, Inc.

PLAB Technology Semiconductor Equipment & Materials

Photronics, Inc.’s revenue for fiscal 2025 (year ended October 2025) was $849.3 million, down 2.04% from fiscal 2024.

Revenue
+2.69%
EPS
+25.0%
Free cash flow
+56.1%
Total debt
+14,318.5%

Quarter to July 2026, against a year earlier

27.32 1.82 +7.14%
Market cap
$1.5B
P/E
9.0×
Fwd P/E
12.3×
Dividend yield
—
F-score
6/9
Altman Z
6.06
Beneish M
−2.32
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 23.95
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 5 10 — 3 18 — — — — 4 — —
Insider Ownership 2.53%

Capital & Financial Ratios $m

Size
Market Cap 1,500.00
Revenue ttm 866.82
Net income ttm 225.93
Free cash flow ttm 110.48
Net debt Q (668.92)
Valuation
P/E 9.04
Forward P/E 12.30
Price / sales 1.73
Forward P/S Powerpack
Price / FCF 13.63
Price / book 0.86
Financial health
Current ratio Q 4.94 (at or above 1.5: strong)
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q 1,467.87
Growth
Revenue growth Q +2.69% (above 0%: growing)
Operating income growth Q −5.52% (below 0%: shrinking)
EPS, this year 0.00%
EPS, next year A +1.99%
Revenue, next year A +2.20%
EPS, past 5 yrs +34.40% (at or above 15%: strong)
EPS, next 5 yrs A +2.82%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.0×, against a ten-year median of 1.0×; over the ten years it ranged from 0.5× in 2025 to 2.6× in 2026.
P/E against its own 10 years 5.76%
10-year low 10-year high
P/S against its own 10 years 80.49%
10-year low 10-year high
P/B against its own 10 years 50.02%
10-year low 10-year high
EV/Sales against its own 10 years 48.22%
10-year low 10-year high
EV/FCF against its own 10 years 44.93%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 512 641 588 673
Receivables 195 201 196 188
Inventory 50 57 62 65
Other 28 33 44 50
785 931 890 975
2023 2024 2025 Q'26
Payables 84 79 84 117
ST’ Debt 7 18 0 4
Other — — — —
185 184 166 197

Compound Annual Growth %

10y 5y 3y
Sales 4.94% 6.85% 0.99%
Cash Flow 6.40% 11.62% (3.43%)
Earnings 11.82% 32.17% 4.72%
Book Value 7.68% 10.67% 14.57%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.40 Actual 0.50

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.47 0.60 Beat by 0.13
Q1 FY26 0.54 0.61 Beat by 0.07
Q2 FY26 0.53 0.42 Miss by 0.11
Q3 FY26 0.40 0.50 Beat by 0.10
Q4 FY26 0.44 — Reports 9 December 2026

EPS $

Jan Apr Jul Oct Year
’26 0.74 0.54 0.49 — —
’25 0.68 0.15 0.39 1.07 2.28
’24 0.42 0.58 0.55 0.54 2.09
’23 0.23 0.65 0.44 0.72 2.03
’22 0.38 0.49 0.51 0.60 1.94
’21 0.13 0.17 0.28 0.33 0.89
’20 0.16 0.10 0.17 0.10 0.52
Fiscal quarters ending in the months shown.

Revenue $m

Jan Apr Jul Oct Year
’26 225 210 216 — —
’25 212 211 210 216 849
’24 216 217 211 223 867
’23 211 229 224 227 892
’22 190 205 220 210 825
’21 152 160 171 181 664
’20 160 143 158 149 610
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Jan Apr Jul Oct Year
’26 97 47 76 — —
’25 78 31 50 88 248
’24 42 76 75 68 261
’23 28 82 86 107 302
’22 59 44 93 79 275
’21 26 32 55 38 151
’20 31 31 17 65 143
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Jan Apr Jul Oct Year
’26 50 1 39 — —
’25 43 (29) 25 20 60
’24 (2) 56 51 25 130
’23 (3) 55 65 54 171
’22 40 29 81 13 163
’21 9 (24) 36 21 42
’20 17 14 10 31 72
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to October

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jul ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 483 451 535 551 610 664 825 892 867 849 867 +6.5% 868 892 946 +3.7%
Gross margin, % 24.55 20.26 24.57 21.94 22.09 25.17 35.68 37.68 36.44 35.30 33.65 +10.7 pt
EBT 60 27 69 51 62 102 239 270 247 222 259 +15.5%
EBT margin, % 12.51 5.89 12.81 9.21 10.10 15.37 28.99 30.26 28.54 26.11 29.90 +13.6 pt
Net income 56 21 61 40 40 79 179 200 184 190 226 +14.6%
Per share, $
Per share, $ Revenue 7.16 6.59 7.78 8.30 9.40 10.81 13.62 14.59 14.05 14.25 14.90 +7.9%
Earnings 0.68 0.19 0.61 0.45 0.52 0.90 1.96 2.05 2.12 2.29 2.85 +14.4%
Cash flow 1.81 1.41 1.90 1.03 2.21 2.46 4.54 4.94 4.24 4.16 5.30 +9.7%
Capex (0.74) (1.36) (1.35) (2.69) (1.09) (1.78) (1.86) (2.15) (2.12) (3.16) (3.40) +17.4%
Free cash flow 1.07 0.06 0.55 (1.66) 1.11 0.68 2.69 2.79 2.11 1.00 1.90 (0.7%)
Book value 12.22 12.64 13.14 13.73 14.83 16.29 17.54 20.86 23.99 26.80 29.97 +9.1%
Shares, m 68 68 69 66 65 61 61 61 62 60 58 (1.4%)
Valuation, ×
Valuation, × P/E 14.06 48.50 15.97 25.65 19.11 14.92 8.15 8.96 10.70 10.35 9.04 17.6
P/S 1.36 1.47 1.25 1.42 1.08 1.26 1.19 1.26 1.62 1.68 1.73 1.4
P/B 0.79 0.77 0.74 0.86 0.68 0.83 0.92 0.88 0.95 0.89 0.86 0.8
EV/Sales 0.84 0.93 0.85 1.14 0.73 1.01 0.81 0.71 0.91 0.98 0.96 0.9
EV/FCF 5.95 144.76 12.61 (5.66) 6.23 16.25 4.10 3.73 6.04 14.14 7.55 20.8
Cash, $m
Cash, $m Operating cash flow 122 97 131 68 143 151 275 302 261 248 308 +8.2%
Capex (50) (93) (93) (178) (71) (109) (113) (131) (131) (188) (198) +15.8%
Free cash flow 72 4 38 (110) 72 42 163 171 130 60 110 (2.1%)
Balance, $m
Balance, $m Working capital 360 367 312 276 357 374 451 600 747 724 778 +8.1%
Net debt (247) (246) (272) (154) (210) (165) (316) (488) (623) (588) (669) +10.1%
Shareholders’ equity 825 865 905 911 962 1,001 1,062 1,276 1,481 1,597 1,744 +7.6%
Returns, %
Returns, % ROA 4.55 1.31 3.95 2.67 2.93 4.47 9.10 8.83 8.07 7.76 8.82 +3.2 pt
ROIC 5.67 3.22 6.48 4.30 5.31 7.07 17.75 20.07 16.13 12.89 11.32 +7.2 pt
ROE 5.82 1.55 4.75 3.28 3.61 5.65 11.52 10.74 9.48 8.86 10.06 +3.0 pt
People
People Employees 1,530 1,475 1,575 1,775 1,728 1,728 1,828 1,885 1,878 1,908 — +2.5%
Revenue/emp, $m 0.32 0.31 0.34 0.31 0.35 0.38 0.45 0.47 0.46 0.45 — +3.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Oct 2025 · latest quarter Jul 2026

Photronics, Inc. vs peers in Semiconductor Equipment & Materials (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACLS Axcelis Technologies, Inc. $2.8B 26.6× 35.3× +11.31% (above 0%: growing) +46.99% (above 0%: growing) −12.96% (below 0%: shrinking) 40.97% 11.50% Compare
IPGP IPG Photonics Corporation $2.6B 65.0× 65.8× +14.64% (above 0%: growing) +164.83% (above 0%: growing) +105.15% (above 0%: growing) 40.71% 7.23% Compare
AMBA Ambarella, Inc. $2.4B — (loss-making) — (loss-making) +13.21% (above 0%: growing) n/m −612.08% (below 0%: shrinking) 57.73% (7.53%) Compare
VECO Veeco Instruments Inc. $2.0B 80.7× 43.4× +26.23% (above 0%: growing) +22.22% (above 0%: growing) +313.69% (above 0%: growing) 38.39% 6.73% Compare
UCTT Ultra Clean Holdings, Inc. $1.8B 60.9× 30.1× +48.82% (above 0%: growing) n/m −692.31% (below 0%: shrinking) 16.92% 7.08% Compare
COHU Cohu, Inc. $1.7B — (loss-making) 353× +37.00% (above 0%: growing) n/m +116.61% (above 0%: growing) 45.51% 7.40% Compare
AEHR Aehr Test Systems $1.6B — (loss-making) 106× +33.69% (above 0%: growing) n/m +133.16% (above 0%: growing) 42.57% (6.40%) Compare
PLAB Photronics, Inc. $1.5B 9.0× 12.3× +2.69% (above 0%: growing) +25.00% (above 0%: growing) +56.06% (above 0%: growing) 33.20% 21.06%
ICHR Ichor Holdings, Ltd. $1.1B 483× 54.5× +37.36% (above 0%: growing) n/m −1,983.47% (below 0%: shrinking) 15.83% 6.94% Compare
Median of peers $1.9B 65.0× 54.5× +29.96% +46.99% +46.10% 40.84% 7.01%

All 30 Semiconductor Equipment & Materials stocks →

Pay and ownership Proxy statement filed 23 February 2026

Ownership

Directors and executive officers, together 3.30%
Black Rock, Inc. 16.50%
Vanguard Group 10.30%
Dimensional Fund Advisors Palisades West, Building One 8.20%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Photronics, Inc. (PLAB) Latest News

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stockrow.com/PLAB · Data as of Jul 31, 2026 · For information only; not investment advice. · © 2026 stockrow.com