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Photronics, Inc. PLAB

Technology — Semiconductor Equipment & Materials

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Insider Decisions

Total sells
24.46
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell 3 — 6 10 — 3 18 — — — — —
Insider Ownership
2.58%

Capital & Financial Ratios

Market Cap
1,710.00
Revenue
866.82
Net Income
225.93
Free Cash Flow
110.48
Net Debt
(668.92)
Current Ratio
4.94
Debt/Equity
0.00
P/E ratio
10.21
P/S ratio
1.95
P/B ratio
0.97
Past 5Y EPS Growth
36.44%
This Y EPS Growth
0.00%
Next Y EPS Growth
1.99%
Next 5Y EPS Growth
2.82%
in millions of $

Dividends

Payout Ratio
0.00
Annual Dividend Rate
—
Annual Dividend Yield
—
total individual payouts
2022 ‡‡‡
2021 ‡‡‡
2020 ‡‡‡
2019 ‡‡‡
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 512.21 640.67 588.17 672.81
Receivables 194.93 200.83 195.92 187.73
Inventory 49.96 56.53 61.77 64.75
Other 28.35 33.04 44.20 49.57
785.45 931.06 890.05 974.86
2023 2024 2025 Q'26
Payables 84.02 78.72 84.21 117.28
ST’ Debt 6.62 17.97 0.01 3.89
Other 69.00 — — —
185.22 183.81 165.87 197.28
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Jan Apr Jul Oct Year
’26 225.07 209.94 216.05 —
—
’25 212.14 210.99 210.39 215.77
849.29
’24 216.33 217.00 210.98 222.63
866.95
’23 211.09 229.31 224.21 227.47
892.08
’22 189.83 204.51 219.95 210.27
824.55
’21 152.07 159.76 170.64 181.29
663.76
’20 159.74 142.77 157.90 149.29
609.69
in millions of $

Operating Cash Flow

Jan Apr Jul Oct Year
’26 97.25 47.03 76.33 —
—
’25 78.47 31.45 50.06 87.82
247.80
’24 41.51 76.49 75.08 68.37
261.44
’23 27.68 82.00 85.88 106.62
302.18
’22 59.13 44.16 92.63 79.27
275.19
’21 26.29 31.93 54.88 37.68
150.77
’20 30.79 30.54 16.94 64.78
143.05
in millions of $

Free Cash Flow

Jan Apr Jul Oct Year
’26 49.62 1.23 39.35 —
—
’25 43.27 (29.10) 25.22 20.18
59.57
’24 (1.81) 56.49 50.66 25.07
130.41
’23 (3.42) 55.37 64.79 54.02
170.76
’22 39.96 28.53 81.10 13.06
162.64
’21 8.76 (24.05) 35.92 20.71
41.50
’20 16.98 14.22 10.24 30.64
72.07
in millions of $

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

Target Price Range

High
‡‡‡‡‡
‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡

Recommendation Rating

1
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 13.87 13.86 20.25 16.46 — — —
Low Price
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ 25.81 32.60 34.16 39.80 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,828 1,885 1,878 1,908 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.45 0.47 0.46 0.45 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 824.55 892.08 866.95 849.29 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 35.68% 37.68% 36.44% 35.30% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 239.03 269.95 247.42 221.78 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 28.99% 30.26% 28.54% 26.11% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 179.24 199.63 183.85 190.23 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 80.33 80.84 82.81 77.61 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 13.62 14.59 14.05 14.25 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ 1.96 2.05 2.12 2.29 ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.54 4.94 4.24 4.16 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.86) (2.15) (2.12) (3.16) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.69 2.79 2.11 1.00 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.54 20.86 23.99 26.80 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 60.56 61.14 61.73 59.61 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.15 8.96 10.70 10.35 ‡‡‡‡ ‡‡‡‡ —
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.19 1.26 1.62 1.68 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.92 0.88 0.95 0.89 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.81 0.71 0.91 0.98 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.10 3.73 6.04 14.14 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 275.19 302.18 261.44 247.80 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (112.54) (131.41) (131.03) (188.23) — — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 162.64 170.76 130.41 59.57 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 450.86 600.23 747.25 724.18 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 42.33 24.62 18.00 0.02 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (316.17) (487.59) (622.67) (588.14) — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,062.09 1,275.61 1,480.76 1,597.31 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.10% 8.83% 8.07% 7.76% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.75% 20.07% 16.13% 12.89% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.52% 10.74% 9.48% 8.86% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Photronics, Inc. (PLAB), a leader in photomask manufacturing essential for semiconductors and flat-panel displays, has demonstrated remarkable resilience through industry cycles, more than doubling revenue from $483 million in 2016 to a projected $849 million in 2025 while boosting revenue per employee 50% via automation and a shift to high-end EUV masks for clients like TSMC and Samsung. This growth rides tailwinds from AI-driven chip complexity, the U.S. CHIPS Act, and global capacity expansions, with gross margins expanding from the low 20s to 35-37% and net income surging 840% to $190 million, alongside peak ROIC of 20.1% and debt slashed 96% to near zero—leaving the firm cash-rich with $588 million net cash.

Free cash flow per share hit $4.94 in 2023, funding buybacks that cut shares 12%, while the stock soared 221% over the decade, tracking profitability peaks amid semi booms. Recent revenue dips (3-5% in 2024-2025) from display inventory corrections have tempered gains, compounded by heavy insider selling ($12.7 million in sells vs. minimal buys), yet analysts forecast a rebound to $946 million revenue by 2027, EPS at $2.22, and 8-9% upside to targets at discounted 10x forward PE and 1.7x PS multiples.

Positioned for AI and EUV tailwinds with diversified global fabs mitigating risks, PLAB offers undervalued semi exposure with robust ROE above 8% and fortress-like balance sheet—despite near-term wobbles, its track record of operational leverage and capital efficiency signals potential for outsized returns in the next upcycle.

Read full commentary →

Photronics, Inc. (PLAB) Latest News

News by impact score

Fine-tune

29 Aug

4 www.marketbeat.com, 12:01 AM
Photronics plans capacity expansions in Texas and Korea to drive advanced mask growth. Capacity expansions in Texas and Korea represent major strategic moves targeting advanced mask market growth.

28 Aug

3 , 11:10 AM
Photronics exceeded quarterly earnings estimates but its stock reversed gains and gave back the initial advance. Earnings beat offers short-term positive signal yet immediate stock reversal indicates only moderate lasting effect on performance outlook.

3 , 8:16 AM
Photronics (PLAB) faces a class action lawsuit alleging misleading revenue outlook claims. Lawsuit over revenue guidance raises legal risks and short-term investor scrutiny on financial projections.

27 Aug

3 , 10:48 AM
Photronics Q3 earnings call signals recovery in high-end IC segment. Q3 earnings recovery in high-end IC points to moderate positive effects on future performance.

3 , 3:23 AM
Photronics posts Q2 momentum in high-end products as strategic investments strengthen future outlook. High-end product momentum and strategic investments point to moderate effects on Photronics financial performance and positioning.

26 Aug

4 transcript , 5:02 PM
Photronics reported record high-end IC revenue in Q3 2026 earnings call, driving overall performance amid strong demand for advanced semiconductors. Record high-end IC revenue signals major positive shift in financial trajectory and investor outlook.

4 www.marketbeat.com, 12:50 PM
Photronics is emerging as a key beneficiary of the AI boom through its photomask production supporting advanced semiconductor manufacturing for AI chips. AI-driven semiconductor demand directly expands Photronics' core photomask revenue and market position.

4 , 7:00 AM
Photronics reported third quarter 2026 financial results. Quarterly earnings directly update financial performance and shift investor expectations for PLAB.

3 transcript www.fool.com, 8:28 PM
Photronics (PLAB) released its Q3 2026 earnings call transcript covering quarterly results and outlook. Earnings releases and guidance typically move stock prices in the near term.

3 app.moby.co, 4:46 PM
Photronics, Inc. reported Q3 2026 financial results and outlook during its earnings call, covering revenue, profits, and photomask business operations. Quarterly earnings updates typically influence short-term sentiment and specific operational details without fundamentally altering long-term trajectory.

3 www.fool.com, 12:15 PM
Photronics shares briefly rose 27% in morning trading on positive developments before pulling back. Temporary 27% stock jump points to short-term positive market reaction without evidence of lasting fundamental shift.

3 investorshub.advfn.com, 10:44 AM
Photronics Q3 revenue rose 2.7% as high-end IC business hit record mix. Modest revenue growth plus record high-end IC mix points to moderate effects on future performance.

3 www.marketbeat.com, 10:03 AM
Photronics Q3 earnings call highlights financial performance, operational updates and company outlook. Quarterly earnings updates typically deliver moderate influence on near-term financial expectations and sentiment.

3 , 8:15 AM
Photronics (PLAB) surpassed Q3 earnings and revenue estimates. Earnings and revenue beats typically produce moderate short-term gains in stock price and investor sentiment without altering long-term fundamentals.

3 , 7:28 AM
Photronics reports impressive Q2 results, driving an 18.7% stock increase. Strong quarterly earnings produce notable short-term stock gains and positive sentiment without altering long-term company trajectory.

17 Aug

5 , 3:09 PM
Securities lawsuits targeting Photronics revenue disclosures threaten major shifts in company operations, regulatory exposure, and investor sentiment with potential to reshape its market trajectory. Revenue disclosure lawsuits carry risk of redefining Photronics competitive position through regulatory and financial consequences.

3 , 2:10 PM
Photronics encounters supply chain disruptions impacting photomask production for semiconductors, potentially delaying deliveries and affecting customer timelines amid ongoing industry demand. Supply disruptions introduce moderate operational and financial risks without fundamentally shifting long-term positioning.

24 Jul

3 , 4:33 PM
Photronics reported Q1 earnings, prompting analysis on whether to buy, sell or hold PLAB stock. Q1 earnings results may moderately influence PLAB stock trajectory and investor views.

18 Jun

3 , 1:01 PM
Photronics (PLAB) Q1 earnings are compared to peer semiconductor manufacturing stocks. Q1 earnings comparison directly informs Photronics competitive positioning and near-term financial outlook versus sector peers.

15 Jun

3 , 1:06 AM
Photronics shares rose 9.0% after earnings release, with results under scrutiny and margins declining, raising questions whether the bull case remains intact. Earnings scrutiny and margin decline at Photronics point to possible pressure on near-term financial performance and investor sentiment.

9 Jun

3 Simply Wall St., 7:08 AM
Photronics (PLAB) valuation faces pressure after sector selloff and earnings miss weigh on investor sentiment. Earnings miss and sector selloff create moderate effects on PLAB financial perception and market trajectory.

4 Jun

4 Simply Wall St., 4:12 AM
Photronics faces a fraud probe that questions its valuation amid ongoing insider selling and governance risks. Fraud probe combined with insider selling signals governance issues likely to pressure valuation and investor sentiment.

3 StockStory, 6:05 AM
Photronics held its Q1 earnings call, addressing the top five analyst questions on results, outlook, and strategy. Q1 earnings call and analyst questions may shape near-term views on PLAB performance and guidance.

1 Jun

3 Zacks, 1:56 PM
Photronics missed Q2 earnings due to delayed semiconductor design releases. Q2 earnings miss from design delays signals moderate short-term pressure on financial results and sentiment.

3 StockStory, 5:52 AM
Delayed chip designs and margin compression weighed on Photronics Q1 results. Margin compression and design delays signal operational pressures that can affect near-term financial performance.

29 May

4 transcript www.fool.com, 3:10 PM
Photronics (PLAB) released its Q2 2026 earnings call transcript covering quarterly financial results, executive commentary on operations, and analyst questions on performance and outlook. Quarterly earnings figures and forward guidance disclosed in the transcript can materially shift investor views and stock valuation.

4 www.fool.com, 12:38 PM
Photronics stock plunged 37% this week after the company posted weaker-than-expected results and issued cautious guidance amid slowing semiconductor demand. 37% share-price collapse signals major negative developments that will hurt near-term valuation, sentiment and operating outlook.

3 Benzinga, 8:32 PM
Photronics CEO flags production delays, supply chain strains and uncertainty impacting operations. CEO-flagged delays and supply strains create moderate pressure on near-term results and sentiment.

3 transcript app.moby.co, 8:30 AM
Photronics, Inc. held Q2 2026 earnings call covering quarterly financial results, operational performance, and forward-looking guidance for the semiconductor photomask business. Quarterly earnings and guidance directly inform near-term financial expectations and valuation for PLAB.

28 May

3 transcript GuruFocus.com, 7:01 PM
Photronics reported flat Q2 2026 revenue while continuing strategic investments. Flat revenue paired with strategic investments points to moderate future influence without immediate trajectory shifts.
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