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PLAB

Photronics, Inc.

PLAB

Photronics, Inc. • NASDAQ
$22.91 ▲ 0.88% (+0.20)
Market Cap $1.39 B
52w High $31.60
52w Low $16.46
Dividend Yield 0%
P/E 12.94
Volume 253.34K
Outstanding Shares 60.67M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $210.394M ▼ $22.695M ▲ $22.892M ▲ 10.881% ▲ $0.4 ▲ $-7.951M ▼
Q2-2025 $210.992M ▼ $22.189M ▼ $8.861M ▼ 4.2% ▼ $0.15 ▼ $49.529M ▼
Q1-2025 $212.138M ▼ $23.358M ▼ $42.851M ▲ 20.2% ▲ $0.69 ▲ $97.997M ▲
Q4-2024 $222.628M ▲ $26.474M ▲ $33.869M ▼ 15.213% ▼ $0.55 ▼ $76.062M ▼
Q3-2024 $210.984M $22.991M $34.388M 16.299% $0.56 $82.477M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $575.798M ▲ $1.753B ▲ $214.765M ▲ $1.126B ▲
Q2-2025 $558.407M ▼ $1.703B ▼ $206.263M ▼ $1.101B ▼
Q1-2025 $642.2M ▲ $1.705B ▼ $210.462M ▼ $1.128B ▲
Q4-2024 $640.669M ▲ $1.712B ▲ $231.3M ▼ $1.121B ▲
Q3-2024 $606.377M $1.645B $231.672M $1.068B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.139M ▲ $50.055M ▲ $-92.752M ▼ $-20.212M ▲ $-48.245M ▲ $25.216M ▲
Q2-2025 $24.217M ▼ $31.453M ▼ $-87.692M ▼ $-74.594M ▼ $-111.492M ▼ $-29.096M ▼
Q1-2025 $58.257M ▲ $78.466M ▲ $6.845M ▲ $-20.478M ▼ $43.631M ▼ $43.266M ▲
Q4-2024 $33.869M ▼ $68.37M ▼ $-14.407M ▲ $-1.302M ▲ $61.242M ▲ $25.161M ▼
Q3-2024 $34.388M $75.08M $-27.354M $-1.701M $43.426M $50.658M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Highend Flat Panel Displays
Highend Flat Panel Displays
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲
Highend Integrated Circuits
Highend Integrated Circuits
 $60.00M ▲$50.00M ▼$60.00M ▲$60.00M ▲
Mainstream Flat Panel Displays
Mainstream Flat Panel Displays
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Mainstream Integrated Circuits
Mainstream Integrated Circuits
 $100.00M ▲$110.00M ▲$100.00M ▼$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown solidly over the past few years, even though the most recent year shows a slight dip from its peak. Profitability has improved a lot compared with earlier years, with operating margins now clearly in healthy territory rather than just modest. Net income is still strong but has flattened and even stepped down from its recent high, suggesting some pressure from mix, pricing, or costs. Overall, the income statement shows a business that moved from mid-level profitability to clearly strong levels, but is now in a more mature, less explosive growth phase where year‑to‑year swings are possible.

Balance Sheet

Balance Sheet The balance sheet looks conservative and robust. Total assets and shareholders’ equity have been steadily building, which points to reinvestment and retained profits rather than financial strain. Cash levels are high relative to the size of the company, while debt is very low and has been coming down over time. This combination gives Photronics financial flexibility and a cushion to handle industry cycles or fund new investments without relying heavily on borrowing.

Cash Flow

Cash Flow Cash generated from the core business has strengthened meaningfully compared with a few years ago, even if it eased slightly in the latest year. The company continues to invest steadily in equipment and facilities, which is necessary in a capital‑intensive industry like photomasks. Even after these investments, free cash flow remains clearly positive, indicating the business is not just profitable on paper but also converting earnings into real cash. That healthy cash generation supports ongoing capital spending and balance sheet strength without obvious signs of stress.

Competitive Edge

Competitive Edge Photronics operates in a niche but critical part of the semiconductor and display supply chain, where barriers to entry are high due to cost, complexity, and required know‑how. It has built long‑standing relationships with major chip and display makers, supported by a global network of manufacturing sites close to customers. Its position as a leading U.S.-based merchant photomask supplier is strategically important at a time when governments want more secure and local chip production. Competition from large Japanese and Asian players remains intense, but Photronics’ scale, customer ties, and geographic reach give it a solid footing.

Innovation and R&D

Innovation and R&D The company’s edge comes from deep expertise in advanced photomask technologies and continuous investment in new tools and processes. The recent deployment of a cutting‑edge multi‑beam mask writer in the U.S. puts Photronics at the front of advanced semiconductor and EUV mask production among merchant suppliers. It is active across a wide range of mask types and is targeting next‑generation technologies such as EUV and nanoimprint lithography, which are key for leading‑edge chips. The flip side is that staying at the frontier requires ongoing heavy investment and flawless execution, so technology risk and capital intensity are structurally high.

Summary

Overall, Photronics combines improved profitability, a strong and cash‑rich balance sheet, and solid free cash flow with a defensible niche in a mission‑critical part of the semiconductor ecosystem. Financial trends over several years show a business that has become stronger and more efficient, though the latest period hints at a pause rather than a continuation of rapid growth. Its competitive moat is supported by high technical barriers, long customer relationships, and strategic U.S. capabilities, but it still faces the usual semiconductor cycle risks, technology transitions, and tough global rivals. The company appears positioned as a financially sound, specialized enabler of advanced chip and display manufacturing, with its future path closely tied to how well it executes on next‑generation photomask technologies and manages industry volatility.

NEWS

November 20, 2025 · 7:45 AM UTC

Photronics to Report Fourth Quarter 2025 Results on December 10, 2025

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November 11, 2025 · 1:11 PM UTC

Photronics to Participate in Upcoming Investor Conferences

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September 17, 2025 · 4:05 PM UTC

Photronics to Participate in the 17th Annual CEO Investor Summit During the Semicon West Industry Trade Show

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