(PLAB) Photronics - Overview
Sector: Technology | Industry: Semiconductor Equipment & Materials | Exchange: NASDAQ (USA) | Market Cap: 2.699m USD | Total Return: 156.5% in 12m
Avg Turnover: 35.8M
EPS Trend: 20.7%
Qual. Beats: 3
Rev. Trend: -72.6%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Tailwind, Pullback 52w
Photronics, Inc. (PLAB) manufactures and sells photomasks, which are high-precision quartz plates containing microscopic images of electronic circuits. These products are critical components in the production of integrated circuits (ICs) and flat panel displays (FPDs), serving as the master templates used to transfer circuit patterns onto semiconductor wafers and display substrates.
The company operates within the semiconductor materials and equipment sector, where demand is driven by the increasing complexity of node transitions and the proliferation of AMOLED technology in mobile devices. Unlike chipmakers that focus on high-volume production, photomask manufacturers operate in a specialized niche where revenue is tied to the number of new design starts rather than total wafer throughput. Investors can evaluate these industry cycles and valuation metrics further at ValueRay.
Based in Connecticut and founded in 1969, Photronics maintains a global manufacturing footprint with facilities in key electronics hubs, including Taiwan, China, and Korea. Its customer base consists primarily of semiconductor foundries, integrated device manufacturers, and display panel producers.
- Mainland China expansion drives long-term revenue growth and market share gains
- High-end AMOLED display adoption boosts average selling prices for FPD masks
- Semiconductor design starts volume dictates demand regardless of total wafer output
- Capital expenditure cycles in logic and memory sectors impact quarterly order flow
- Geopolitical tensions and export controls pose risks to Asian manufacturing operations
| Net Income: 136.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.03 > 0.02 and ΔFCF/TA -6.83 > 1.0 |
| NWC/Revenue: 85.78% < 20% (prev 87.88%; Δ -2.10% < -1%) |
| CFO/TA 0.14 > 3% & CFO 266.6m > Net Income 136.5m |
| Net Debt (-630.9m) to EBITDA (295.7m): -2.13 < 3 |
| Current Ratio: 4.58 > 1.5 & < 3 |
| Outstanding Shares: last quarter (58.4m) vs 12m ago -6.82% < -2% |
| Gross Margin: 35.14% > 18% (prev 0.36%; Δ 3.48k% > 0.5%) |
| Asset Turnover: 47.82% > 50% (prev 50.61%; Δ -2.79% > 0%) |
| Interest Coverage Ratio: 3.71k > 6 (EBITDA TTM 295.7m / Interest Expense TTM 59.0k) |
| A: 0.39 (Total Current Assets 946.2m - Total Current Liabilities 206.6m) / Total Assets 1.90b |
| B: 0.43 (Retained Earnings 814.3m / Total Assets 1.90b) |
| C: 0.12 (EBIT TTM 219.1m / Avg Total Assets 1.80b) |
| D: 2.87 (Book Value of Equity 722.6m / Total Liabilities 251.5m) |
| Altman-Z'' = 7.78 = AAA |
| DSRI: 1.06 (Receivables 199.5m/188.4m, Revenue 862.2m/862.8m) |
| GMI: 1.03 (GM 35.14% / 36.19%) |
| AQI: 1.60 (AQ_t 0.03 / AQ_t-1 0.02) |
| SGI: 1.00 (Revenue 862.2m / 862.8m) |
| TATA: -0.07 (NI 136.5m - CFO 266.6m) / TA 1.90b) |
| Beneish M = -2.67 (Cap -4..+1) = A |
As of May 25, 2026, the stock is trading at USD 51.46 with a total of 677,369 shares traded.
Over the past week, the price has changed by +2.88%,
over one month by -1.55%,
over three months by +35.46% and
over the past year by +156.53%.
Photronics has received a consensus analysts rating of 5.00. Therefore, it is recommended to buy PLAB.
- StrongBuy: 1
- Buy: 0
- Hold: 0
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 51.5 | 0.1% |
P/E Trailing = 19.5598
P/E Forward = 13.2626
P/S = 3.1302
P/B = 2.612
P/EG = 2.6419
Revenue TTM = 862.2m USD
EBIT TTM = 219.1m USD
EBITDA TTM = 295.7m USD
Long Term Debt = 10.0k USD (from longTermDebt, last quarter)
Short Term Debt = 11.0k USD (from shortTermDebt, last quarter)
Debt = 5.98m USD (from shortLongTermDebtTotal, last quarter) + Leases 5.96m
Net Debt = -630.9m USD (calculated: Debt 5.98m - CCE 636.9m)
Enterprise Value = 2.07b USD (2.70b + Debt 5.98m - CCE 636.9m)
Interest Coverage Ratio = 3.71k (Ebit TTM 219.1m / Interest Expense TTM 59.0k)
EV/FCF = 31.37x (Enterprise Value 2.07b / FCF TTM 65.9m)
FCF Yield = 3.19% (FCF TTM 65.9m / Enterprise Value 2.07b)
FCF Margin = 7.65% (FCF TTM 65.9m / Revenue TTM 862.2m)
Net Margin = 15.83% (Net Income TTM 136.5m / Revenue TTM 862.2m)
Gross Margin = 35.14% ((Revenue TTM 862.2m - Cost of Revenue TTM 559.2m) / Revenue TTM)
Gross Margin QoQ = 34.97% (prev 35.01%)
Tobins Q-Ratio = 1.09 (Enterprise Value 2.07b / Total Assets 1.90b)
Interest Expense / Debt = 0.99% (Interest Expense 59.0k / Debt 5.98m)
Taxrate = 19.26% (14.4m / 74.5m)
NOPAT = 176.9m (EBIT 219.1m * (1 - 19.26%))
Current Ratio = 4.58 (Total Current Assets 946.2m / Total Current Liabilities 206.6m)
Debt / Equity = 0.00 (Debt 5.98m / totalStockholderEquity, last quarter 1.21b)
Debt / EBITDA = -2.13 (Net Debt -630.9m / EBITDA 295.7m)
Debt / FCF = -9.57 (Net Debt -630.9m / FCF TTM 65.9m)
Total Stockholder Equity = 1.15b (last 4 quarters mean from totalStockholderEquity)
RoA = 7.57% (Net Income 136.5m / Total Assets 1.90b)
RoE = 11.84% (Net Income TTM 136.5m / Total Stockholder Equity 1.15b)
RoCE = 19.01% (EBIT 219.1m / Capital Employed (Equity 1.15b + L.T.Debt 10.0k))
RoIC = 10.53% (NOPAT 176.9m / Invested Capital 1.68b)
WACC = 12.99% (E(2.70b)/V(2.70b) * Re(13.02%) + D(5.98m)/V(2.70b) * Rd(0.99%) * (1-Tc(0.19)))
Discount Rate = 13.02% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -37.78 | Cagr: -2.68%
[DCF] Terminal Value 57.89% ; FCFF base≈109.8m ; Y1≈96.3m ; Y5≈77.8m
[DCF] Fair Price = 22.78 (EV 712.6m - Net Debt -630.9m = Equity 1.34b / Shares 59.0m; r=12.99% [WACC]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 20.66 | EPS CAGR: 0.88% | SUE: 1.04 | # QB: 3
Revenue Correlation: -72.64 | Revenue CAGR: -1.35% | SUE: 0.54 | # QB: 0
EPS current Quarter (2026-07-31): EPS=0.52 | Chg30d=+0.00% | Revisions=+20% | Analysts=2
EPS current Year (2026-10-31): EPS=2.21 | Chg30d=+0.00% | Revisions=+20% | GrowthEPS=+10.0% | GrowthRev=+4.1%
EPS next Year (2027-10-31): EPS=2.36 | Chg30d=+0.00% | Revisions=+20% | GrowthEPS=+6.8% | GrowthRev=+5.0%
[Analyst] Revisions Ratio: +20%