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 basisPrimary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-12-17. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$664M
FY’22
$825M+24%
FY’23
$892M+8%
FY’24
$867M-3%
FY’25
$849M-2%
Margins & balance sheet — FY’25
Gross margin35.3%
Operating margin24.5%
Net margin16.1%
Net cash$485M
The read
Where our coverage leans
Bull & bear in tension
Sign in to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Photronics
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 financial advice — analyst work product for a qualified professional.