PLAB

MKT CAP:$3B

Photronics, Inc.

Market Cap

$3B

Technology·Semiconductors·🇺🇸 United States·NASDAQ

Technology·Semiconductors·🇺🇸·NASDAQ

Stock Price

$50.48+$17.07 (+51.09%)

Apr 23, 2026

Company Details

Photronics, Inc., together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, Korea, Europe, China, and internationally. The company offers photomasks that are used in...

CEO

George C. Macricostas

IPO Date

Mar 10, 1987

Website

www.photronics.com

Key Metrics TTM

Revenue

$867M

+29.0% YoY

Net Income

$131M

EPS (Diluted)

$2.09

Free Cash Flow

$131M

Revenue / Share

$13.90

Gross Margin

36.4%

Operating Margin

25.5%

Net Margin

15.1%

FCF Margin

15.1%

P/S

3.6x

P/E

23.7x

Earnings Reports

FY 2025

Dec 17, 2025

$849MEPS $2.28

Q4 2024

Dec 18, 2024

$223MEPS $0.54

Q3 2024

Sep 5, 2024

$211MEPS $0.55

Q2 2024

Jun 6, 2024

$217MEPS $0.58

Q1 2024

Mar 7, 2024

$216MEPS $0.42

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$145M	$35M	$18M
Q1 19	$125M	$26M	$8M
Q2 19	$132M	$26M	$9M
Q3 19	$138M	$31M	$13M
Q4 19	$156M	$38M	$21M
Q1 20	$160M	$35M	$16M
Q2 20	$143M	$30M	$13M
Q3 20	$158M	$38M	$20M
Q1 21	$152M	$31M	$12M
Q2 21	$160M	$39M	$21M
Q3 21	$171M	$45M	$28M
Q1 22	$190M	$60M	$38M
Q1 24	$216M	$79M	$57M
Q2 24	$217M	$79M	$56M
Q3 24	$211M	$75M	$52M
Q4 24	$223M	$82M	$56M

Valuation

Quarter	P/S	P/E
Q4 18	5.8x	74.5x
Q1 19	5.8x	74.7x
Q2 19	5.8x	78.9x
Q3 19	5.7x	95.0x
Q4 19	5.6x	103.9x
Q1 20	5.3x	88.9x
Q2 20	5.2x	94.9x
Q3 20	5.0x	83.5x
Q1 21	5.1x	87.5x
Q2 21	5.1x	86.9x
Q3 21	4.8x	66.7x
Q1 22	4.6x	52.7x
Q1 24	4.2x	40.3x
Q2 24	3.9x	30.2x
Q3 24	3.7x	25.8x
Q4 24	3.6x	23.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	$44M	$15M
Q1 19	-$19M	-$126M
Q2 19	$17M	-$17M
Q3 19	$26M	$6M
Q4 19	$48M	$31M
Q1 20	$31M	$17M
Q2 20	$31M	$14M
Q3 20	$17M	$10M
Q1 21	$26M	$9M
Q2 21	$32M	-$24M
Q3 21	$55M	$36M
Q1 22	$59M	$40M
Q1 24	$42M	-$2M
Q2 24	$76M	$56M
Q3 24	$75M	$51M
Q4 24	$68M	$25M

Capital Expenditures

Quarter	CapEx
Q4 18	$28M
Q1 19	$107M
Q2 19	$34M
Q3 19	$20M
Q4 19	$17M
Q1 20	$14M
Q2 20	$16M
Q3 20	$7M
Q1 21	$18M
Q2 21	$56M
Q3 21	$19M
Q1 22	$19M
Q1 24	$43M
Q2 24	$20M
Q3 24	$24M
Q4 24	$43M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	+29.6%	+19.1%
Q1 19	+3.1%	+7.5%
Q2 19	+0.6%	+6.0%
Q3 19	+1.3%	+7.6%
Q4 19	+8.0%	+6.4%
Q1 20	+28.1%	+22.9%
Q2 20	+8.5%	+6.3%
Q3 20	+14.3%	+10.6%
Q1 21	-2.7%	+4.1%
Q2 21	+0.0%	-3.1%
Q3 21	+19.5%	+9.3%
Q1 22	+20.2%	+9.9%
Q1 24	+42.3%	+13.2%
Q2 24	+35.8%	+15.9%
Q3 24	+23.6%	+11.7%
Q4 24	+17.3%	+10.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	$3M	2.2%
Q1 19	$1M	0.9%
Q2 19	$900.0K	0.7%
Q3 19	$909.0K	0.7%
Q4 19	$4M	2.4%
Q1 20	$1M	0.8%
Q2 20	$1M	0.9%
Q3 20	$1M	0.8%
Q1 21	$1M	0.9%
Q2 21	$1M	0.9%
Q3 21	$1M	0.8%
Q1 22	$1M	0.8%
Q1 24	$3M	1.2%
Q2 24	$4M	1.8%
Q3 24	$3M	1.6%
Q4 24	$4M	1.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 18	$4M	$13M	$1M	—
Q1 19	$4M	—	—	$14M
Q2 19	$4M	—	—	$13M
Q3 19	$4M	—	—	$13M
Q4 19	$5M	—	—	$12M
Q1 20	$4M	—	—	$14M
Q2 20	$4M	—	—	$13M
Q3 20	$4M	—	—	$13M
Q1 21	$5M	—	—	$14M
Q2 21	$4M	—	—	$14M
Q3 21	$5M	—	—	$15M
Q1 22	$6M	—	—	$16M
Q1 24	$3M	—	—	$18M
Q2 24	$4M	—	—	$19M
Q3 24	$4M	—	—	$19M
Q4 24	$5M	—	—	$21M

Revenue Segments

Quarter	High-end Flat Panel Displays	High-end Integrated Circuits	Mainstream Flat Panel Displays	Mainstream Integrated Circuits
Q1 19	$21M	$35M	$8M	$60M
Q2 19	$23M	$38M	$10M	$60M
Q3 19	$26M	$38M	$12M	$62M
Q4 19	$28M	$45M	$15M	$68M
Q1 20	$40M	$41M	$13M	$66M
Q2 20	$32M	$38M	$14M	$59M
Q3 20	$37M	$39M	$13M	$70M
Q1 21	$35M	$37M	$12M	$68M
Q2 21	$39M	$41M	$8M	$71M
Q3 21	$41M	$42M	$12M	$75M
Q1 22	$46M	$47M	$14M	$83M
Q1 24	$51M	$61M	$8M	$97M
Q2 24	$48M	$58M	$8M	$103M
Q3 24	$48M	$49M	$7M	$106M
Q4 24	$48M	$60M	$11M	$104M

Revenue by Geography

Quarter	All Other Asia	Europe	Korea	Taiwan	United States	China	Other
Q1 19	$909.0K	$8M	$35M	$58M	$22M	—	—
Q2 19	$429.0K	$8M	$38M	$56M	$27M	$1M	—
Q3 19	$455.0K	$8M	$37M	$61M	$25M	$6M	—
Q4 19	$116.0K	$8M	$37M	$69M	$30M	$12M	—
Q1 20	$376.0K	$8M	$41M	$66M	$25M	$20M	—
Q2 20	—	$8M	$36M	$56M	$25M	$17M	$326.0K
Q3 20	—	$8M	$39M	$61M	$28M	$21M	$544.0K
Q1 21	$518.0K	$9M	$39M	$57M	$27M	$21M	—
Q2 21	—	$9M	$40M	$59M	$27M	$24M	$386.0K
Q3 21	—	$9M	$40M	$64M	$25M	$33M	$425.0K
Q1 22	—	$9M	$40M	$68M	$27M	$46M	$428.0K
Q1 24	—	$10M	$40M	$75M	$33M	$58M	$459.0K
Q2 24	—	$10M	$39M	$75M	$33M	$59M	$371.0K
Q3 24	—	$10M	$38M	$68M	$39M	$55M	$497.0K
Q4 24	—	$10M	$40M	$70M	$42M	$61M	$490.0K

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$329M	$0	$329M
Q3 22	$381M	$0	$381M
Q4 22	$320M	$39M	$359M
Q1 23	$335M	$39M	$374M
Q2 23	$367M	$45M	$413M
Q3 23	$448M	$27M	$476M
Q4 23	$499M	$13M	$512M
Q1 24	$509M	$13M	$522M
Q2 24	$494M	$66M	$560M
Q3 24	$537M	$69M	$606M
Q4 24	$598M	$42M	$641M
Q1 25	$642M	$0	$642M
Q2 25	$531M	$28M	$558M
Q3 25	$480M	$96M	$576M
Q4 25	$492M	$96M	$588M
Q1 26	$544M	$93M	$637M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	74M	-1.8%	+6.5%
Q1 19	67M	-9.3%	-3.1%
Q2 19	71M	+5.3%	-6.1%
Q3 19	67M	-5.7%	-11.5%
Q4 19	67M	+0.4%	-9.5%
Q1 20	66M	-0.6%	-0.9%
Q2 20	65M	-1.6%	-7.3%
Q3 20	65M	-0.3%	-2.0%
Q1 21	63M	-3.4%	-5.8%
Q2 21	63M	-0.7%	-5.8%
Q3 21	62M	-1.7%	-6.0%
Q1 22	61M	-0.9%	-6.6%
Q1 24	62M	+2.2%	-1.1%
Q2 24	62M	+0.2%	-0.3%
Q3 24	62M	+0.0%	+1.5%
Q4 24	62M	-0.0%	+2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$91.8K	2K
Q1 19	$79.2K	2K
Q2 19	$83.5K	2K
Q3 19	$87.7K	2K
Q4 19	$88.0K	2K
Q1 20	$90.0K	2K
Q2 20	$80.4K	2K
Q3 20	$89.0K	2K
Q1 21	$88.0K	2K
Q2 21	$92.5K	2K
Q3 21	$98.8K	2K
Q1 22	$109.9K	2K
Q1 24	$114.8K	2K
Q2 24	$115.1K	2K
Q3 24	$111.9K	2K
Q4 24	$118.5K	2K

Revenue / Employee