Photronics, Inc. (PLAB) vs Trio-Tech International (TRT)

Photronics, Inc. and Trio-Tech International are both Semiconductor Equipment & Materials companies. Photronics, Inc. is the larger, with a market value of $1.7B against $53.7M — 31.3× the size. Trio-Tech International has negative trailing earnings, so its P/E is not meaningful; Photronics, Inc. trades at 9.7×. Trio-Tech International grew revenue faster over the last twelve months: 71.7% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs −0.05%) and the higher return on invested capital (11.3% vs −0.73%). Across the 21 metrics below, Photronics, Inc. leads on 15 and Trio-Tech International on 6.

Valuation

Metric PLAB TRT Semiconductor Equipment & Materials median
P/E 9.66 n/m 45.03
P/S 1.85 0.71 4.64
P/B 0.92 1.03 3.22
Price to free cash flow 14.56 26.29 48.18
EV/EBITDA 3.40 8.95 33.11
EV/Sales 1.08 0.30 5.52
Earnings yield 10.36% 0.00% 1.41%
Free cash flow yield 6.87% 3.80% 1.67%

Profitability

Metric PLAB TRT Semiconductor Equipment & Materials median
Gross margin 33.65% 16.64% 43.95%
Operating margin 22.46% (0.33%) 10.32%
Net margin 19.04% (0.05%) 7.45%
Free cash flow margin 12.74% 2.69% 6.77%
Return on equity 10.06% (0.09%) 4.78%
Return on assets 8.82% (0.07%) 3.62%
Return on invested capital 11.32% (0.73%) 6.10%

Growth

Metric PLAB TRT Semiconductor Equipment & Materials median
Revenue growth (TTM) 1.25% 71.65% 14.60%
EPS growth (last fiscal year) 9.09% 100.00% (4.56%)
Revenue growth, 5-year CAGR 6.85% 14.04% 10.11%
Net income growth, 5-year CAGR 32.17% 0.00% 0.00%

Health

Metric PLAB TRT Semiconductor Equipment & Materials median
Debt to equity 0.00 0.01 0.09
Current ratio 4.94 3.44 3.66
Net debt to EBITDA (2.06) (12.29) (0.49)

Dividend

Metric PLAB TRT Semiconductor Equipment & Materials median
Dividend yield — — 0.42%
Payout ratio — — 0.19

Size

Metric PLAB TRT Semiconductor Equipment & Materials median
Market cap 1.68b 53.69m 3.80b

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