Photronics
ConvictionModerate
B2B merchant manufacturing: makes photomasks to order for foundries, IDMs and display makers under NRE/per-mask pricing; ~72% IC masks, ~28% flat-panel-display masks; operates via majority-owned (50.01%) JVs with Dai Nippon Printing (Taiwan) and Micron (Xiamen, China), which drive large noncontrolling interests and hold roughly $477M of the reported cash.
Revenue
$849.3MFY2025, ended 2025-10-31); ~$860M TTM thru Q2 FY2026 (approxRev growth
-2.0% FY2025 YoYafter -3% FY2024); Q2 FY2026 -0.5% YoY and -6.7% sequentialGross margin
35.3%FY2025); 31.3% in Q2 FY2026 - mix/utilization pressureOp margin
~24%FY2025); 20.1% in Q2 FY2026, down from 26.4% in the prior-year Q2Capex intensity
~22% FY2025$188.1M capex); guided to jump to ~39% FY2026 (~$330M capexMarket cap
~$1.71BNasdaq: PLAB, ~$28.94 x ~59M sh, 2026-07-06; some data vendors showed up to ~$1.92B on a different share-count/enterprise basisThe read
Where our coverage leans
Bull & bear in tension
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage FY2025 (fiscal year ended 2025-10-31, results released 2025-12-10); Q2 FY2026 (quarter ended 2026-05-03, released 2026-05-28); price/market-cap as of 2026-07-06· sign in (free) for the analyst summary; Pro unlocks full intelligence