A Business at a Glance
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PHOTRONICS INC
PLAB
$1.8B
Mkt Cap
$30.33
-1.97%
PHOTRONICS INC (PLAB) has a current P/E ratio of 10.8, compared to its historical median P/E of 14.9. The stock is currently considered Fair based on its historical valuation range.
PHOTRONICS INC (PLAB) has a 5-year average return on invested capital (ROIC) of 28.2%. This indicates strong capital allocation and a potential competitive advantage.
PHOTRONICS INC (PLAB) has a market capitalization of $1.8B. It is classified as a small-cap stock.
PHOTRONICS INC (PLAB) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 1.18%.
Based on historical P/E analysis, PHOTRONICS INC (PLAB) appears fair. The current P/E of 10.8 is 28% below its historical median of 14.9. The estimated fair value CAGR (P/E method) is 33.0%.
PHOTRONICS INC (PLAB) operates in the Semiconductors & Related Devices industry, within the Technology sector.
PHOTRONICS INC (PLAB) reported annual revenue of $849 million in its most recent fiscal year, based on SEC EDGAR filings.
Specific industry and technical terms used in this section are defined in the subsection entitled “Glossary of Terms and Acronyms,” found below the Table of Contents. Business Overview Photronics, Inc. (and its subsidiaries, collectively referred to herein as “Photronics”, the “Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of ICs, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. We have eleven manufacturing facilities, which are located in Taiwan (3), China (2), South Korea (1), the United States (3), and Europe (2).
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 861M | 849M | 867M | 892M | 825M | 664M |
| Net Income | 159M | 136M | 131M | 125M | 119M | 55M |
| EPS | $2.75 | $2.28 | $2.09 | $2.03 | $1.94 | $0.89 |
| Free Cash Flow | 96M | 60M | 131M | 171M | 163M | 42M |
| ROIC | 27.1% | 32.2% | 33.2% | 36.3% | 27.6% | 11.7% |
| Gross Margin | 33.8% | 35.3% | 36.4% | 37.7% | 35.7% | 25.2% |
| Debt/Equity | 0.00 | 0.00 | 0.02 | 0.03 | 0.05 | 0.14 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 197M | 208M | 222M | 253M | 212M | 95M |
| Operating Margin | 22.9% | 24.5% | 25.6% | 28.4% | 25.7% | 14.2% |
| ROE | 12.8% | 11.9% | 12.5% | 13.9% | 14.4% | 6.8% |
| Shares Outstanding | 58M | 60M | 63M | 62M | 61M | 62M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 456M | 524M | 483M | 451M | 535M | 551M | 610M | 664M | 825M | 892M | 867M | 849M | 861M |
| Gross Margin | 22.0% | 27.3% | 24.6% | 20.3% | 24.6% | 21.9% | 22.1% | 25.2% | 35.7% | 37.7% | 36.4% | 35.3% | 33.8% |
| R&D | 22M | 22M | 22M | 16M | 14M | 16M | 17M | 18M | 18M | 14M | 17M | 16M | 13M |
| SG&A | 50M | 49M | 45M | 44M | 51M | 52M | 54M | 58M | 64M | 69M | 78M | 76M | 80M |
| EBIT | 29M | 72M | 52M | 32M | 66M | 52M | 64M | 95M | 212M | 253M | 222M | 208M | 197M |
| Op. Margin | 6.3% | 13.8% | 10.9% | 7.1% | 12.3% | 9.5% | 10.5% | 14.2% | 25.7% | 28.4% | 25.6% | 24.5% | 22.9% |
| Net Income | 26M | 45M | 46M | 13M | 42M | 30M | 34M | 55M | 119M | 125M | 131M | 136M | 159M |
| Net Margin | 5.7% | 8.5% | 9.6% | 2.9% | 7.9% | 5.4% | 5.5% | 8.4% | 14.4% | 14.1% | 15.1% | 16.1% | 18.5% |
| Non-Recurring | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 3.5M | -17K | 0 | -92K | -240K | -240K |
| Returns on Capital | |||||||||||||
| ROIC | 5.7% | 13.5% | 9.3% | 5.3% | 11.9% | 8.0% | 6.9% | 11.7% | 27.6% | 36.3% | 33.2% | 32.2% | 27.1% |
| ROE | 4.1% | 6.9% | 6.8% | 1.8% | 5.6% | 3.9% | 4.3% | 6.8% | 14.4% | 13.9% | 12.5% | 11.9% | 12.8% |
| ROA | 2.5% | 4.3% | 4.5% | 1.3% | 3.9% | 2.7% | 2.9% | 4.5% | 9.1% | 8.8% | 8.1% | 7.8% | 8.2% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 96M | 133M | 122M | 97M | 131M | 68M | 143M | 151M | 275M | 302M | 261M | 248M | 282M |
| Free Cash Flow | 5.3M | 29M | 72M | 4.9M | 38M | -110M | 72M | 42M | 163M | 171M | 131M | 60M | 96M |
| Owner Earnings | 19M | 54M | 41M | 12M | 48M | -15M | 49M | 58M | 189M | 214M | 165M | 157M | 192M |
| CapEx | 91M | 104M | 50M | 92M | 93M | 178M | 71M | 109M | 112M | 131M | 131M | 188M | 186M |
| Maint. CapEx | 73M | 76M | 78M | 82M | 80M | 79M | 89M | 88M | 80M | 80M | 82M | 77M | 77M |
| Growth CapEx | 18M | 28M | 0 | 10M | 13M | 99M | 0 | 22M | 32M | 51M | 49M | 111M | 109M |
| D&A | 73M | 76M | 78M | 82M | 80M | 79M | 89M | 88M | 80M | 80M | 82M | 77M | 77M |
| CapEx/OCF | 94.5% | 78.1% | 41.1% | 95.0% | 70.9% | 260.8% | 49.5% | 72.4% | 40.8% | 43.4% | 50.1% | 75.9% | 65.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 23M | 22M | 34M | 48M | 2.5M | 0 | 0 | 97M | 21M |
| Buyback Yield | N/A | N/A | N/A | N/A | 3.4% | 2.6% | 5.5% | 6.1% | 0.2% | N/A | N/A | 6.8% | 1.2% |
| Stock-Based Comp | 4.1M | 3.7M | 3.8M | 3.6M | 3.2M | 3.7M | 4.9M | 5.3M | 6.3M | 8.0M | 14M | 13M | 13M |
| Debt Repayment | 30M | 9.6M | 58M | 5.4M | 4.6M | 61M | 7.4M | 20M | 65M | 18M | 6.6M | 18M | 18M |
| Balance Sheet | |||||||||||||
| Net Debt | -233M | -214M | -247M | -246M | -272M | -154M | -210M | -165M | -316M | -488M | -623M | -588M | -634M |
| Cash & Equiv. | 193M | 206M | 314M | 308M | 329M | 207M | 279M | 277M | 320M | 499M | 598M | 492M | 638M |
| Long-Term Debt | 132M | 67M | 67M | 62M | 0 | 42M | 55M | 89M | 32M | 18M | 25K | 13K | 3.9M |
| Debt/Equity | 0.24 | 0.31 | 0.09 | 0.08 | 0.08 | 0.07 | 0.09 | 0.14 | 0.05 | 0.03 | 0.02 | 0.00 | 0.00 |
| Interest Coverage | 4.0 | 14.5 | 15.6 | 14.3 | 29.0 | 36.6 | N/A | 185.4 | 405.9 | 594.0 | 671.3 | 104080.5 | 104080.5 |
| Equity | 628M | 647M | 710M | 745M | 760M | 770M | 805M | 824M | 832M | 975M | 1.1B | 1.2B | 1.2B |
| Total Assets | 1.0B | 1.0B | 988M | 1.0B | 1.1B | 1.1B | 1.2B | 1.3B | 1.3B | 1.5B | 1.7B | 1.8B | 1.9B |
| Total Liabilities | 290M | 281M | 163M | 155M | 205M | 208M | 226M | 294M | 254M | 251M | 231M | 207M | 237M |
| Intangibles | 30M | 25M | 20M | 17M | 12M | 7.9M | 3.4M | 774K | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 85M | 130M | 176M | 189M | 231M | 254M | 279M | 318M | 436M | 561M | 692M | 772M | 846M |
| Working Capital | 197M | 168M | 360M | 367M | 312M | 276M | 357M | 374M | 451M | 600M | 747M | 724M | 757M |
| Current Assets | 336M | 361M | 442M | 449M | 503M | 428M | 500M | 551M | 645M | 785M | 931M | 890M | 944M |
| Current Liabilities | 139M | 193M | 81M | 82M | 191M | 152M | 143M | 176M | 194M | 185M | 184M | 166M | 187M |
| Per Share Data | |||||||||||||
| EPS | 0.41 | 0.63 | 0.64 | 0.19 | 0.59 | 0.44 | 0.52 | 0.89 | 1.94 | 2.03 | 2.09 | 2.28 | 2.75 |
| Owner EPS | 0.31 | 0.76 | 0.56 | 0.17 | 0.67 | -0.21 | 0.75 | 0.93 | 3.09 | 3.46 | 2.64 | 2.63 | 3.31 |
| Book Value | 9.91 | 9.13 | 9.84 | 10.77 | 10.66 | 11.37 | 12.38 | 13.22 | 13.58 | 15.77 | 17.93 | 19.62 | 21.34 |
| Cash Flow/Share | 1.52 | 1.88 | 1.69 | 1.40 | 1.83 | 1.01 | 2.20 | 2.42 | 4.49 | 4.89 | 4.18 | 4.14 | 4.05 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 63.4M | 70.8M | 72.2M | 69.1M | 71.3M | 67.7M | 65.0M | 62.3M | 61.2M | 61.8M | 62.5M | 59.8M | 58.2M |
| Valuation | |||||||||||||
| P/E Ratio | 21.5 | 15.7 | 15.4 | 50.3 | 16.0 | 28.3 | 18.4 | 14.4 | 8.5 | 9.2 | 11.4 | 10.5 | 11.0 |
| P/FCF | 105.8 | 23.9 | 9.9 | 135.6 | 17.8 | N/A | 8.6 | 19.1 | 6.2 | 6.7 | 11.5 | 24.1 | 18.3 |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | 13.2 | 2.1 | 6.9 | 3.3 | 2.6 | 4.0 | 4.1 | 5.7 |
| Price/Book | N/A | N/A | N/A | N/A | N/A | N/A | 0.8 | 1.0 | 1.2 | 1.2 | 1.3 | 1.2 | 1.4 |
| Price/Sales | 1.2 | 1.2 | 1.5 | 1.6 | 1.2 | 1.2 | 1.3 | 1.2 | 1.3 | 1.4 | 1.9 | 1.5 | 2.0 |
| FCF Yield | 0.9% | 4.2% | 10.1% | 0.7% | 5.6% | -13.0% | 11.6% | 5.2% | 16.1% | 14.8% | 8.7% | 4.2% | 5.5% |
| Market Cap | 558M | 698M | 711M | 660M | 674M | 844M | 623M | 797M | 1.0B | 1.2B | 1.5B | 1.4B | 1.8B |
| Avg. Price | 8.51 | 8.89 | 10.33 | 10.19 | 8.78 | 9.70 | 11.91 | 12.62 | 17.64 | 19.48 | 26.10 | 21.72 | 30.33 |
| Year-End Price | 8.80 | 9.86 | 9.85 | 9.55 | 9.46 | 12.47 | 9.58 | 12.79 | 16.48 | 18.62 | 23.92 | 23.99 | 30.33 |
PHOTRONICS INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
PHOTRONICS INC trades at 10.8x trailing earnings, compared to its 15-year median P/E of 14.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.1x vs a median of 10.7x. The company's 5-year average ROIC is 28.2% with a gross margin of 34.1%. Total shareholder yield (buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +31.4%.
PHOTRONICS INC (PLAB) has a net profit margin of 16.1%. This is a healthy margin.
PHOTRONICS INC (PLAB) generated $60 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
PHOTRONICS INC (PLAB) has a debt-to-equity ratio of 0.00. This indicates a conservatively financed balance sheet.
PHOTRONICS INC (PLAB) reported earnings per share (EPS) of $2.28 in its most recent fiscal year.
PHOTRONICS INC (PLAB) has a return on equity (ROE) of 11.9%. This indicates moderate shareholder returns.
PHOTRONICS INC (PLAB) has a 5-year average gross margin of 34.1%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for PHOTRONICS INC (PLAB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
PHOTRONICS INC (PLAB) has a book value per share of $19.62, based on its most recent annual SEC filing.