NASDAQ : PLAB
Photronics, Inc. — Financial statements
Technology · Semiconductor Equipment & Materials · United States
Last price 27.58 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.63B
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Financial statements
Photronics, Inc. (PLAB) reported revenue of 866.82M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 866.82M | 849.29M | 866.95M | 892.08M | 824.55M | 663.76M |
| Cost of Revenue | 575.10M | 549.46M | 551.00M | 555.91M | 530.34M | 496.72M |
| Gross Profit | 291.73M | 299.83M | 315.95M | 336.16M | 294.21M | 167.04M |
| Selling, General & Admin | 84.61M | 75.62M | 77.76M | 69.46M | 63.99M | 57.52M |
| Research & Development | 12.30M | 15.80M | 16.58M | 13.65M | 18.34M | 18.49M |
| Other Operating Expenses | 164.00K | 240.00K | 92.00K | 17.00K | -3.52M | |
| Operating Expenses | 97.08M | 91.67M | 94.43M | 83.11M | 82.35M | 72.49M |
| Operating Income | 194.65M | 208.16M | 221.52M | 253.05M | 211.87M | 94.55M |
| Interest Expense | -36.00K | -55.00K | -334.00K | -433.00K | -1.86M | -1.69M |
| Interest & Investment Income | 20.48M | 21.98M | 24.06M | 14.86M | 1.68M | 1.17M |
| Currency Exchange Gain (Loss) | 44.12M | -8.31M | 2.17M | 2.47M | 27.34M | 7.97M |
| EBT Excluding Unusual Items | 259.21M | 221.78M | 247.41M | 269.95M | 239.03M | 102.01M |
| Gain (Loss) on Sale of Investments | 9.00K | 9.00K | ||||
| Pretax Income | 259.22M | 221.78M | 247.41M | 269.95M | 239.03M | 102.01M |
| Income Tax Expense | 33.29M | 31.55M | 63.57M | 70.31M | 59.79M | 23.19M |
| Earnings From Continuing Operations | 225.93M | 190.23M | 183.85M | 199.63M | 179.24M | 78.82M |
| Minority Interest in Earnings | -60.85M | -53.83M | -53.16M | -74.15M | -60.46M | -23.37M |
| Net Income | 165.09M | 136.41M | 130.69M | 125.48M | 118.79M | 55.45M |
| Net Income to Common | 165.09M | 136.41M | 130.69M | 125.48M | 118.79M | 55.45M |
| Shares Outstanding (Basic) | 57.93M | 59.61M | 61.73M | 61.14M | 60.56M | 61.41M |
| Shares Outstanding (Diluted) | 58.46M | 59.92M | 62.39M | 61.76M | 61.19M | 62.00M |
| EPS (Basic) | 2.85 | 2.29 | 2.12 | 2.05 | 1.96 | 0.90 |
| EPS (Diluted) | 2.83 | 2.28 | 2.09 | 2.03 | 1.94 | 0.89 |
| Free Cash Flow | 110.47M | 59.66M | 130.50M | 170.88M | 162.85M | 41.67M |
| Free Cash Flow Per Share | 1.89 | 1.00 | 2.09 | 2.77 | 2.66 | 0.67 |
| Gross Margin | 33.66% | 35.30% | 36.44% | 37.68% | 35.68% | 25.17% |
| Operating Margin | 22.45% | 24.51% | 25.55% | 28.37% | 25.70% | 14.24% |
| Profit Margin | 19.05% | 16.06% | 15.07% | 14.07% | 14.41% | 8.35% |
| Free Cash Flow Margin | 12.75% | 7.03% | 15.05% | 19.16% | 19.75% | 6.28% |
| EBITDA | 273.84M | 285.77M | 304.32M | 333.88M | 292.20M | 184.95M |
| EBITDA Margin | 31.59% | 33.65% | 35.10% | 37.43% | 35.44% | 27.86% |
| D&A For EBITDA | 79.19M | 77.61M | 82.81M | 80.83M | 80.33M | 90.40M |
| EBIT | 194.65M | 208.16M | 221.52M | 253.05M | 211.87M | 94.55M |
| EBIT Margin | 22.45% | 24.51% | 25.55% | 28.37% | 25.70% | 14.24% |
| Effective Tax Rate | 12.84% | 14.23% | 25.69% | 26.05% | 25.01% | 22.73% |
Balance sheet
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 549.51M | 492.26M | 598.49M | 499.29M | 319.68M | 276.67M |
| Short-Term Investments | 123.30M | 95.91M | 42.18M | 12.91M | 38.82M | |
| Cash & Short-Term Investments | 672.81M | 588.16M | 640.67M | 512.21M | 358.50M | 276.67M |
| Accounts Receivable | 201.23M | 208.59M | 212.36M | 205.91M | 213.90M | 184.31M |
| Other Receivables | 14.00M | 7.68M | 2.31M | 2.71M | 24.21M | |
| Receivables | 201.23M | 222.59M | 220.05M | 208.22M | 216.61M | 208.52M |
| Inventory | 64.75M | 61.77M | 56.53M | 49.96M | 50.75M | 55.25M |
| Prepaid Expenses | 8.50M | 5.77M | 10.03M | 8.26M | 8.00M | |
| Other Current Assets | 36.07M | 9.02M | 8.05M | 5.03M | 10.52M | 2.18M |
| Total Current Assets | 974.86M | 890.05M | 931.06M | 785.45M | 644.65M | 550.62M |
| Property, Plant & Equipment | 955.04M | 860.41M | 750.27M | 715.43M | 647.21M | 702.13M |
| Long-Term Deferred Tax Assets | 37.68M | 40.21M | 23.06M | 21.30M | 19.82M | 24.35M |
| Other Long-Term Assets | 23.17M | 13.86M | 7.67M | 4.04M | 4.15M | 17.10M |
| Total Assets | 1.99B | 1.80B | 1.71B | 1.53B | 1.32B | 1.29B |
| Accounts Payable | 117.28M | 84.21M | 78.72M | 84.02M | 79.57M | 81.53M |
| Accrued Expenses | 61.36M | 41.80M | 45.95M | 52.00M | 43.40M | 36.45M |
| Current Portion of Long-Term Debt | 3.51M | 14.96M | ||||
| Current Portion of Leases | 3.89M | 1.99M | 19.90M | 8.53M | 7.87M | 9.56M |
| Current Income Taxes Payable | 21.09M | 24.20M | 24.08M | 37.59M | 15.60M | |
| Current Unearned Revenue | 14.75M | 9.49M | 12.38M | 9.96M | 18.87M | 14.72M |
| Other Current Liabilities | 7.29M | 2.67M | 6.62M | 2.99M | 3.33M | |
| Total Current Liabilities | 197.28M | 165.87M | 183.81M | 185.22M | 193.80M | 176.15M |
| Long-Term Debt | 7.74M | 58.36M | ||||
| Long-Term Leases | 4.00K | 3.97M | 3.06M | 22.22M | 26.50M | 34.33M |
| Long-Term Unearned Revenue | 12.01M | 5.04M | 8.91M | 12.45M | 4.99M | 5.20M |
| Pension & Post-Retirement Benefits | 13.22M | 12.99M | 11.99M | |||
| Long-Term Deferred Tax Liabilities | 247.00K | 296.00K | ||||
| Other Long-Term Liabilities | 37.75M | 19.12M | 22.52M | 18.73M | 20.47M | 19.31M |
| Total Liabilities | 247.04M | 207.23M | 231.30M | 250.61M | 253.74M | 293.64M |
| Common Stock | 582.00K | 576.00K | 619.00K | 613.00K | 608.00K | 600.00K |
| Additional Paid-In Capital | 496.69M | 486.93M | 514.76M | 502.01M | 493.74M | 484.67M |
| Retained Earnings | 874.67M | 772.20M | 691.81M | 561.12M | 435.63M | 317.85M |
| Comprehensive Income & Other | -91.25M | -86.12M | -86.32M | -88.73M | -98.46M | 20.57M |
| Total Common Equity | 1.28B | 1.17B | 1.12B | 975.01M | 831.53M | 823.69M |
| Minority Interest | 463.01M | 423.72M | 359.89M | 300.60M | 230.56M | 176.87M |
| Shareholders' Equity | 1.74B | 1.60B | 1.48B | 1.28B | 1.06B | 1.00B |
| Total Liabilities & Equity | 1.99B | 1.80B | 1.71B | 1.53B | 1.32B | 1.29B |
| Total Debt | 3.89M | 5.96M | 22.96M | 30.75M | 45.62M | 117.21M |
| Net Cash (Debt) | 668.92M | 582.21M | 617.71M | 481.46M | 312.88M | 159.46M |
| Net Cash Per Share | 11.44 | 9.72 | 9.90 | 7.80 | 5.11 | 2.57 |
| Filing Date Shares Outstanding | 59.00M | 59.06M | 63.34M | 62.60M | 61.74M | 60.90M |
| Total Common Shares Outstanding | 58.20M | 57.63M | 61.95M | 61.31M | 60.79M | 60.02M |
| Working Capital | 777.57M | 724.18M | 747.25M | 600.23M | 450.86M | 374.47M |
| Book Value Per Share | 22.01 | 20.36 | 18.09 | 15.90 | 13.68 | 13.72 |
| Tangible Book Value | 1.28B | 1.17B | 1.12B | 975.01M | 831.53M | 823.69M |
| Tangible Book Value Per Share | 22.01 | 20.36 | 18.09 | 15.90 | 13.68 | 13.72 |
| Land | 12.37M | 12.24M | 11.42M | 11.38M | 11.13M | 12.44M |
| Buildings | 203.52M | 192.86M | 188.76M | 185.85M | 168.02M | 181.92M |
| Machinery | 2.21B | 2.13B | 1.97B | 1.90B | 1.74B | 1.93B |
| Construction In Progress | 150.97M | 134.88M | 91.21M | 55.43M | 90.85M | 35.01M |
| Leasehold Improvements | 19.59M | 20.47M | 19.27M | 18.89M | 18.80M | 21.75M |
Cash flow statement
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 165.09M | 136.41M | 130.69M | 125.48M | 118.79M | 55.45M |
| Depreciation & Amortization | 79.19M | 77.61M | 82.81M | 80.83M | 80.33M | 90.40M |
| Stock-Based Compensation | 13.82M | 13.39M | 13.89M | 8.00M | 6.31M | 5.35M |
| Other Operating Activities | 43.68M | 36.66M | 51.77M | 73.22M | 61.27M | 21.26M |
| Change in Accounts Receivable | 3.91M | 6.31M | -2.54M | 4.03M | -51.23M | -36.62M |
| Change in Inventory | -1.86M | -4.94M | -6.15M | 1.24M | -2.04M | 2.99M |
| Change in Accounts Payable | 1.28M | -12.91M | -9.64M | -294.00K | 60.57M | 25.43M |
| Change in Other Net Operating Assets | 3.33M | -4.71M | 628.00K | 9.66M | 1.20M | -13.47M |
| Operating Cash Flow | 308.43M | 247.80M | 261.44M | 302.18M | 275.19M | 150.77M |
| Capital Expenditures | -197.96M | -188.14M | -130.94M | -131.29M | -112.34M | -109.10M |
| Sale (Purchase) of Intangibles | -94.00K | -94.00K | -89.00K | -117.00K | -205.00K | -170.00K |
| Investment in Securities | -21.25M | -52.83M | -27.72M | 27.34M | -38.85M | |
| Other Investing Activities | 3.26M | 2.16M | 2.29M | 2.52M | 3.64M | 5.78M |
| Investing Cash Flow | -216.05M | -238.90M | -156.47M | -101.55M | -147.76M | -103.49M |
| Long-Term Debt Issued | 20.86M | |||||
| Long-Term Debt Repaid | -17.97M | -6.62M | -18.44M | -65.44M | -20.35M | |
| Net Debt Issued (Repaid) | -11.00K | -17.97M | -6.62M | -18.44M | -65.44M | 506.00K |
| Issuance of Common Stock | 1.45M | 2.23M | 1.92M | 1.25M | 5.75M | 3.87M |
| Repurchase of Common Stock | -97.42M | -2.52M | -48.25M | |||
| Other Financing Activities | -1.75M | -2.09M | -3.02M | -1.30M | 23.52M | -10.03M |
| Financing Cash Flow | -317.00K | -115.26M | -7.73M | -18.49M | -38.69M | -53.90M |
| Foreign Exchange Rate Adjustments | -22.21M | 228.00K | 2.13M | -2.68M | -46.01M | 4.70M |
| Net Cash Flow | 69.86M | -106.13M | 99.38M | 179.46M | 42.73M | -1.92M |
| Free Cash Flow | 110.47M | 59.66M | 130.50M | 170.88M | 162.85M | 41.67M |
| Free Cash Flow Margin | 12.75% | 7.03% | 15.05% | 19.16% | 19.75% | 6.28% |
| Free Cash Flow Per Share | 1.89 | 1.00 | 2.09 | 2.77 | 2.66 | 0.67 |
| Levered Free Cash Flow | 29.46M | 21.31M | 73.98M | 122.49M | 123.94M | 16.59M |
| Unlevered Free Cash Flow | 29.49M | 21.34M | 74.19M | 122.76M | 125.10M | 17.64M |
| Cash Interest Paid | 100.00K | 100.00K | 300.00K | 500.00K | 2.80M | 3.70M |
| Cash Income Tax Paid | 60.02M | 60.02M | 60.00M | 69.88M | 37.38M | 21.97M |
| Change in Working Capital | 6.66M | -16.26M | -17.71M | 14.63M | 8.50M | -21.68M |
Ratios
Fiscal year November - October; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.62B | 1.41B | 1.44B | 1.15B | 1.00B | 794.35M |
| Enterprise Value | 947.60M | 1.25B | 1.20B | 989.96M | 910.28M | 811.62M |
| Last Close Price | 27.40 | 23.90 | 22.80 | 18.36 | 16.22 | 12.99 |
| PE Ratio | 9.69 | 10.34 | 11.05 | 9.15 | 8.42 | 14.33 |
| Forward PE | 13.35 | 12.65 | 10.86 | 8.42 | 8.30 | 12.93 |
| PS Ratio | 1.86 | 1.66 | 1.67 | 1.29 | 1.21 | 1.20 |
| PB Ratio | 1.25 | 0.88 | 0.97 | 0.90 | 0.94 | 0.79 |
| P/TBV Ratio | 1.26 | 1.20 | 1.29 | 1.18 | 1.20 | 0.96 |
| P/FCF Ratio | 14.63 | 23.64 | 11.07 | 6.72 | 6.14 | 19.06 |
| P/OCF Ratio | 5.24 | 5.69 | 5.53 | 3.80 | 3.64 | 5.27 |
| PEG Ratio | 2.90 | 1.88 | 1.88 | 1.88 | 1.88 | 1.88 |
| EV/Sales Ratio | 1.09 | 1.47 | 1.39 | 1.11 | 1.10 | 1.22 |
| EV/EBITDA Ratio | 3.46 | 4.36 | 3.96 | 2.96 | 3.12 | 4.39 |
| EV/EBIT Ratio | 4.87 | 5.99 | 5.43 | 3.91 | 4.30 | 8.58 |
| EV/FCF Ratio | 8.58 | 20.90 | 9.22 | 5.79 | 5.59 | 19.48 |
| Debt / Equity Ratio | 0.00 | 0.00 | 0.02 | 0.02 | 0.04 | 0.12 |
| Debt / EBITDA Ratio | 0.01 | 0.02 | 0.07 | 0.09 | 0.15 | 0.62 |
| Debt / FCF Ratio | 0.04 | 0.10 | 0.18 | 0.18 | 0.28 | 2.81 |
| Net Debt / Equity Ratio | -0.38 | -0.36 | -0.42 | -0.38 | -0.29 | -0.16 |
| Net Debt / EBITDA Ratio | -2.44 | -2.04 | -2.03 | -1.44 | -1.07 | -0.86 |
| Net Debt / FCF Ratio | -6.05 | -9.76 | -4.73 | -2.82 | -1.92 | -3.83 |
| Asset Turnover | 0.46 | 0.48 | 0.54 | 0.63 | 0.63 | 0.54 |
| Inventory Turnover | 8.97 | 9.29 | 10.35 | 11.04 | 10.01 | 8.83 |
| Quick Ratio | 4.43 | 4.89 | 4.68 | 3.89 | 2.97 | 2.75 |
| Current Ratio | 4.94 | 5.37 | 5.07 | 4.24 | 3.33 | 3.13 |
| Return on Equity (ROE) | 13.77% | 12.36% | 13.34% | 17.08% | 17.38% | 8.03% |
| Return on Assets (ROA) | 6.50% | 7.40% | 8.55% | 11.13% | 10.15% | 4.76% |
| Return on Invested Capital (ROIC) | 15.90% | 19.01% | 19.87% | 24.25% | 19.98% | 9.13% |
| Return on Capital Employed (ROCE) | 10.90% | 12.70% | 14.50% | 18.90% | 18.90% | 8.50% |
| Earnings Yield | 10.32% | 9.67% | 9.05% | 10.93% | 11.87% | 6.98% |
| FCF Yield | 6.83% | 4.23% | 9.04% | 14.88% | 16.28% | 5.25% |
| Buyback Yield / Dilution | 4.23% | 3.96% | -1.03% | -0.92% | 1.31% | 5.30% |