Photronics, Inc. (PLAB) vs Ultra Clean Holdings, Inc. (UCTT)

Photronics, Inc. and Ultra Clean Holdings, Inc. are both Semiconductor Equipment & Materials companies. Ultra Clean Holdings, Inc. is the larger, with a market value of $1.8B against $1.5B — 1.2× the size. Photronics, Inc. trades at the lower P/E: 9.0× against 60.9×. Ultra Clean Holdings, Inc. grew revenue faster over the last twelve months: 15.8% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs 1.09%) and the higher return on invested capital (11.3% vs 5.60%). Across the 21 metrics below, Photronics, Inc. leads on 17 and Ultra Clean Holdings, Inc. on 4.

Valuation

Metric PLAB UCTT Semiconductor Equipment & Materials median
P/E 9.04 60.90 33.70
P/S 1.73 0.70 4.22
P/B 0.86 2.10 2.94
Price to free cash flow 13.63 n/m 31.49
EV/EBITDA 3.03 11.22 22.64
EV/Sales 0.96 0.85 4.97
Earnings yield 11.06% 1.64% 2.02%
Free cash flow yield 7.33% (9.77%) 2.27%

Profitability

Metric PLAB UCTT Semiconductor Equipment & Materials median
Gross margin 33.65% 16.11% 46.86%
Operating margin 22.46% 4.32% 12.02%
Net margin 19.04% 1.09% 10.16%
Free cash flow margin 12.74% (6.84%) 6.73%
Return on equity 10.06% 3.34% 5.31%
Return on assets 8.82% 1.39% 4.10%
Return on invested capital 11.32% 5.60% 6.36%

Growth

Metric PLAB UCTT Semiconductor Equipment & Materials median
Revenue growth (TTM) 1.25% 15.79% 15.82%
EPS growth (last fiscal year) 9.09% (869.23%) (4.56%)
Revenue growth, 5-year CAGR 6.85% 7.99% 10.11%
Net income growth, 5-year CAGR 32.17% 0.00% 0.00%

Health

Metric PLAB UCTT Semiconductor Equipment & Materials median
Debt to equity 0.00 0.78 0.09
Current ratio 4.94 2.79 3.56
Net debt to EBITDA (2.06) 1.35 (0.49)

Dividend

Metric PLAB UCTT Semiconductor Equipment & Materials median
Dividend yield — — 0.59%
Payout ratio — — 0.16

Size

Metric PLAB UCTT Semiconductor Equipment & Materials median
Market cap 1.50b 1.78b 3.04b

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