PLABNasdaqSemiconductors & Related DevicesFiscal year ends October 31
PHOTRONICS INC
Financials through Q3 FY2026, quarter ended Aug 2, 2026Last filing: 10-Q on Sep 10, 2026
$28.35+0.83 (+3.02%)
Close on Oct 19, 2026
- Market cap
- $1.66B
- P/E (TTM)
- 10.0
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
35.3%+13.2 pts over 5 years
Operating margin
24.5%+14.0 pts over 5 years
Net margin
16.1%+10.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.0% | +1.0% | +6.9% | +4.9% | |
| Gross profit | -5.1% | +0.6% | +17.4% | +7.7% | |
| Operating income | -6.0% | -0.6% | +26.6% | +11.2% | |
| Net income | +4.4% | +4.7% | +32.2% | +11.8% | |
| EPS, diluted | +9.1% | +5.5% | +34.4% | +13.7% | |
| Free cash flow | -54.3% | -28.4% | -3.8% | +7.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 6.8% | 4.3% | 11.9% | |
| Return on assets | 4.5% | 2.9% | 7.8% | |
| Current ratio | 5.43 | 3.50 | 5.37 | |
| Debt to equity | 0.09 | 0.09 | 0.00 | |
| Net debt to EBITDA | -1.92× | -1.39× | -1.72× | |
| Inventory turnover | 15.8× | 9.0× | 9.3× | |
| Capex to revenue | 10.4% | 11.6% | 22.2% | |
| Diluted shares | 76M | 65M | 60M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Photronics generated $1.24B from operations and spent $820.00M on capital expenditure, dividends and share buybacks. 82% of that went back into the business.
Generated
$1.24B
Used
$820.00M
Capital expenditure$671.81M82%Dividends$00%Share buybacks$148.19M18%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin16.1%
×Asset turnover0.48×
×Equity multiplier1.53×
=Return on equity, FY202511.9%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 16.1% | 0.48× | 1.53× | 11.9% |
| FY2024 | 15.1% | 0.54× | 1.55× | 12.5% |
| FY2023 | 14.1% | 0.63× | 1.57× | 13.9% |
| FY2022 | 14.4% | 0.63× | 1.58× | 14.4% |
| FY2021 | 8.4% | 0.53× | 1.52× | 6.8% |
| FY2020 | 5.5% | 0.53× | 1.46× | 4.3% |
| FY2019 | 5.4% | 0.49× | 1.46× | 3.9% |
| FY2018 | 7.9% | 0.50× | 1.42× | 5.6% |
| FY2017 | 2.9% | 0.45× | 1.38× | 1.8% |
| FY2016 | 9.6% | 0.48× | 1.50× | 6.8% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$136.41M
- Cash generatingOperating cash flow above zero$247.80M
- Return on assets improvedROA up on the prior year8.6% → 8.0%
- Earnings backed by cashOperating cash flow above net income$247.80M vs $136.41M
- Less leverageLong-term debt to assets fell0.0% → 0.0%
- Better liquidityCurrent ratio rose5.07 → 5.37
- No dilutionShare count did not rise62M → 60M
- Gross margin improvedGross margin up on the prior year36.44% → 35.30%
- More efficientAsset turnover rose0.57 → 0.50