Ichor Holdings, Ltd. (ICHR) vs Photronics, Inc. (PLAB)

Ichor Holdings, Ltd. and Photronics, Inc. are both Semiconductor Equipment & Materials companies. Ichor Holdings, Ltd. is the larger, with a market value of $2.1B against $1.8B — 1.2× the size. Ichor Holdings, Ltd. has negative trailing earnings, so its P/E is not meaningful; Photronics, Inc. trades at 10.7×. Ichor Holdings, Ltd. grew revenue faster over the last twelve months: 9.10% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs −3.97%) and the higher return on invested capital (11.3% vs −2.05%). Across the 20 metrics below, Photronics, Inc. leads on 17 and Ichor Holdings, Ltd. on 3.

Valuation

Metric ICHR PLAB Semiconductor Equipment & Materials median
P/E n/m 10.67 54.39
P/S 2.02 2.04 6.08
P/B 2.37 1.01 4.89
Price to free cash flow n/m 16.08 60.92
EV/EBITDA 220.78 4.02 39.95
EV/Sales 1.89 1.27 6.36
Earnings yield (2.02%) 9.38% 1.14%
Free cash flow yield (1.65%) 6.22% 1.28%

Profitability

Metric ICHR PLAB Semiconductor Equipment & Materials median
Gross margin 10.39% 33.65% 43.95%
Operating margin (2.37%) 22.46% 10.32%
Net margin (3.97%) 19.04% 7.45%
Free cash flow margin (2.53%) 12.74% 6.77%
Return on equity (5.17%) 10.06% 4.78%
Return on assets (3.71%) 8.82% 3.62%
Return on invested capital (2.05%) 11.32% 6.10%

Growth

Metric ICHR PLAB Semiconductor Equipment & Materials median
Revenue growth (TTM) 9.10% 1.25% 14.60%
EPS growth (last fiscal year) (140.63%) 9.09% —
Revenue growth, 5-year CAGR 0.72% 6.85% 8.85%
Net income growth, 5-year CAGR 0.00% 32.17% 0.00%

Health

Metric ICHR PLAB Semiconductor Equipment & Materials median
Debt to equity 0.14 0.00 0.09
Current ratio 3.70 4.94 3.66
Net debt to EBITDA (4.73) (2.06) (0.49)

Dividend

Metric ICHR PLAB Semiconductor Equipment & Materials median
Dividend yield — — 0.85%
Payout ratio 0.00 0.00 0.00

Size

Metric ICHR PLAB Semiconductor Equipment & Materials median
Market cap 2.14b 1.78b 4.63b

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