IPG Photonics Corporation (IPGP) vs Photronics, Inc. (PLAB)

IPG Photonics Corporation and Photronics, Inc. are both Semiconductor Equipment & Materials companies. IPG Photonics Corporation is the larger, with a market value of $2.6B against $1.5B — 1.8× the size. Photronics, Inc. trades at the lower P/E: 9.6× against 67.6×. IPG Photonics Corporation grew revenue faster over the last twelve months: 14.8% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs 3.65%) and the higher return on invested capital (11.3% vs 1.06%). Across the 22 metrics below, Photronics, Inc. leads on 16 and IPG Photonics Corporation on 6.

Valuation

Metric IPGP PLAB Semiconductor Equipment & Materials median
P/E 67.64 9.60 35.94
P/S 2.49 1.84 4.44
P/B 1.28 0.91 3.09
Price to free cash flow 73.33 14.47 33.07
EV/EBITDA 25.00 3.37 23.48
EV/Sales 1.68 1.06 5.23
Earnings yield 1.48% 10.42% 2.34%
Free cash flow yield 1.36% 6.91% 2.18%

Profitability

Metric IPGP PLAB Semiconductor Equipment & Materials median
Gross margin 38.71% 33.65% 46.86%
Operating margin 1.89% 22.46% 12.02%
Net margin 3.65% 19.04% 10.20%
Free cash flow margin 3.39% 12.74% 6.73%
Return on equity 1.90% 10.06% 5.32%
Return on assets 1.66% 8.82% 4.10%
Return on invested capital 1.06% 11.32% 6.36%

Growth

Metric IPGP PLAB Semiconductor Equipment & Materials median
Revenue growth (TTM) 14.78% 1.25% 16.16%
EPS growth (last fiscal year) 117.85% 9.09% (4.56%)
Revenue growth, 5-year CAGR (3.52%) 6.85% 10.11%
Net income growth, 5-year CAGR (27.90%) 32.17% 0.00%

Health

Metric IPGP PLAB Semiconductor Equipment & Materials median
Debt to equity 0.00 0.00 0.09
Current ratio 5.99 4.94 3.44
Net debt to EBITDA (12.73) (2.06) (0.49)

Dividend

Metric IPGP PLAB Semiconductor Equipment & Materials median
Dividend yield — — 0.55%
Payout ratio — — 0.16

Size

Metric IPGP PLAB Semiconductor Equipment & Materials median
Market cap 2.64b 1.50b 2.69b

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