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Photronics, Inc. (PLAB) vs Veeco Instruments Inc. (VECO)

Photronics, Inc. and Veeco Instruments Inc. are both Semiconductor Equipment & Materials companies. Veeco Instruments Inc. is the larger, with a market value of $2.0B against $1.5B — 1.4× the size. Photronics, Inc. trades at the lower P/E: 9.0× against 80.7×. Veeco Instruments Inc. grew revenue faster over the last twelve months: 6.58% against 1.25%. Photronics, Inc. has the higher net margin (19.0% vs 0.00%) and the higher return on invested capital (11.3% vs 2.05%). Across the 22 metrics below, Photronics, Inc. leads on 17 and Veeco Instruments Inc. on 5.

Valuation

Metric PLAB VECO Semiconductor Equipment & Materials median
P/E 9.04 80.74 33.70
P/S 1.73 2.85 4.22
P/B 0.86 2.24 2.94
Price to free cash flow 13.63 16.46 31.49
EV/EBITDA 3.03 44.09 22.64
EV/Sales 0.96 2.54 4.97
Earnings yield 11.06% 1.24% 2.02%
Free cash flow yield 7.33% 6.08% 2.27%

Profitability

Metric PLAB VECO Semiconductor Equipment & Materials median
Gross margin 33.65% 37.39% 46.86%
Operating margin 22.46% 3.02% 12.02%
Net margin 19.04% 0.00% 10.16%
Free cash flow margin 12.74% 17.32% 6.73%
Return on equity 10.06% 0.00% 5.31%
Return on assets 8.82% 0.00% 4.10%
Return on invested capital 11.32% 2.05% 6.36%

Growth

Metric PLAB VECO Semiconductor Equipment & Materials median
Revenue growth (TTM) 1.25% 6.58% 15.82%
EPS growth (last fiscal year) 9.09% (52.03%) (4.56%)
Revenue growth, 5-year CAGR 6.85% 7.90% 10.11%
Net income growth, 5-year CAGR 32.17% 0.00% 0.00%

Health

Metric PLAB VECO Semiconductor Equipment & Materials median
Debt to equity 0.00 0.25 0.09
Current ratio 4.94 3.87 3.56
Net debt to EBITDA (2.06) (2.95) (0.49)

Dividend

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

Size

Metric PLAB VECO Semiconductor Equipment & Materials median
Market cap 1.50b 2.03b 3.04b

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