Tearsheet

Photronics (PLAB)

Market Price (12/24/2025): $34.35 | Market Cap: $2.0 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Photronics (PLAB)

Market Price (12/24/2025): $34.35
Market Cap: $2.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%	Weak multi-year price returns 2Y Excs Rtn is -33%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg QQuarterly Revenue Change % is -3.1%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%		Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 82%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%		Key risks PLAB key risks include [1] a significant increase in capital expenditure projected for 2026, Show more.
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%
4	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -30%
2	Attractive operating margins Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 25%
3	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%
4	Megatrend and thematic drivers Megatrends include Artificial Intelligence, Electric Vehicles & Autonomous Driving, and 5G & Advanced Connectivity. Themes include AI Chips, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -33%
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.0%, Rev Chg QQuarterly Revenue Change % is -3.1%
7	Valuation getting more expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 82%
8	Key risks PLAB key risks include [1] a significant increase in capital expenditure projected for 2026, Show more.

Valuation, Metrics & Events

	12/24/25	2024	2023	2022
Share Price CYE	$34.35	$23.56	$31.37	$16.83
Market Cap CYE ($ Bil)	2.0	1.5	1.9	1.0
Total Debt ($ Bil)	0.0	0.0	0.0	0.0
Total Cash ($ Bil)	0.6	0.6	0.6	0.5
Enterprise Value ($ Bil)	1.4	1.5	1.9	1.0
Valuation Ratios
P/S TTM	2.3	1.7	2.2	1.2
P/EBIT TTM	8.9	6.3	7.8	3.8
P/E TTM	14.5	10.3	14.8	8.2
P/FCF TTM	33.2	23.6	14.8	6.0
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9	2.6
P/EBIT TTM (Sector)	3.0	2.3	-0.2	-0.7
P/E TTM (Sector)	-0.2	-0.3	-0.5	-0.8
P/FCF TTM (Sector)	12.2	13.7	12.2	6.9

	12/24/25	2024	2023
Share Price CYE	$34.35	$23.56	$31.37
Market Cap CYE ($ Bil)	2.0	1.5	1.9
Total Debt ($ Bil)	0.0	0.0	0.0
Total Cash ($ Bil)	0.6	0.6	0.6
Enterprise Value ($ Bil)	1.4	1.5	1.9
Valuation Ratios
P/S TTM	2.3	1.7	2.2
P/EBIT TTM	8.9	6.3	7.8
P/E TTM	14.5	10.3	14.8
P/FCF TTM	33.2	23.6	14.8
Sector Ratios
P/S TTM (Sector)	3.2	3.2	2.9
P/EBIT TTM (Sector)	3.0	2.3	-0.2
P/E TTM (Sector)	-0.2	-0.3	-0.5
P/FCF TTM (Sector)	12.2	13.7	12.2

	PLAB	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	0.8
Rev Chg Q	-3.1%	7.3%
Rev Chg LTM	-2.0%	6.1%
Rev Chg 3Y Avg	1.1%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.2
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	24.5%	18.8%
CFO/Rev LTM	29.2%	20.4%
Net Inc Mgn	16.1%	13.1%
VALUATION	MODERATE
P/S	2.3	3.2
P/CFO	8.0	15.7
P/FCF	33.2	20.6
P/E	14.5	23.5
STABILITY	VERY GOOD
Debt/Equity	0.00	0.21
Cash/Assets	0.33	0.07

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Metric	Value	Date	Source
Semiconductor IC Photomask Market Share	approximately 18%	6252024	Link
Total Patents	141	11082025	Link
Number of Manufacturing Sites	11	8272025	Link
Integrated Circuit (IC) Revenue Percentage	70.3%	8272025	Link
Flat Panel Display (FPD) Revenue Percentage	29.7%	8272025	Link

Recent
12/10/2025	Earnings Release	Rev: $215 Mil (A) vs. $205 Mil (E) EPS: 0.60 (A) vs. $0.45 (E)
Upcoming
2/25/2026	Earnings Release	Rev: $220 Mil (E) EPS: $0.53 (E)

PLAB Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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1. Photronics exceeded analyst expectations with strong financial results for its third and fourth quarters of fiscal year 2025, reporting higher-than-anticipated revenue and adjusted earnings per share.

2. The company provided optimistic forward-looking guidance for upcoming quarters, suggesting continued positive momentum and growth.

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Stock Movement Drivers

Fundamental Drivers

The 38.3% change in PLAB stock from 9/23/2025 to 12/23/2025 was primarily driven by a 26.8% change in the company's Net Income Margin (%).

	9232025	12232025	Change
Stock Price ($)	24.73	34.20	38.29%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	856.15	849.29	-0.80%
Net Income Margin (%)	12.67%	16.06%	26.77%
P/E Multiple	13.21	14.44	9.34%
Shares Outstanding (Mil)	57.94	57.60	0.58%
Cumulative Contribution			38.29%

LTM = Last Twelve Months as of date shown

Market Drivers

9/23/2025 to 12/23/2025

	Return	Correlation
PLAB	38.3%
Market (SPY)	3.7%	42.5%
Sector (XLK)	4.2%	36.5%

Fundamental Drivers

The 80.8% change in PLAB stock from 6/24/2025 to 12/23/2025 was primarily driven by a 50.6% change in the company's P/E Multiple.

	6242025	12232025	Change
Stock Price ($)	18.92	34.20	80.76%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	856.74	849.29	-0.87%
Net Income Margin (%)	14.00%	16.06%	14.70%
P/E Multiple	9.59	14.44	50.64%
Shares Outstanding (Mil)	60.79	57.60	5.25%
Cumulative Contribution			80.26%

LTM = Last Twelve Months as of date shown

Market Drivers

6/24/2025 to 12/23/2025

	Return	Correlation
PLAB	80.8%
Market (SPY)	13.7%	42.6%
Sector (XLK)	18.2%	38.5%

Fundamental Drivers

The 43.4% change in PLAB stock from 12/23/2024 to 12/23/2025 was primarily driven by a 27.9% change in the company's P/E Multiple.

	12232024	12232025	Change
Stock Price ($)	23.85	34.20	43.40%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	866.95	849.29	-2.04%
Net Income Margin (%)	15.07%	16.06%	6.54%
P/E Multiple	11.29	14.44	27.93%
Shares Outstanding (Mil)	61.86	57.60	6.88%
Cumulative Contribution			42.72%

LTM = Last Twelve Months as of date shown

Market Drivers

12/23/2024 to 12/23/2025

	Return	Correlation
PLAB	43.4%
Market (SPY)	16.7%	48.7%
Sector (XLK)	23.2%	48.4%

Fundamental Drivers

The 108.4% change in PLAB stock from 12/24/2022 to 12/23/2025 was primarily driven by a 72.0% change in the company's P/E Multiple.

	12242022	12232025	Change
Stock Price ($)	16.41	34.20	108.41%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	824.55	849.29	3.00%
Net Income Margin (%)	14.41%	16.06%	11.49%
P/E Multiple	8.40	14.44	72.02%
Shares Outstanding (Mil)	60.77	57.60	5.22%
Cumulative Contribution			107.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2023 to 12/23/2025

	Return	Correlation
PLAB	9.4%
Market (SPY)	48.4%	53.6%
Sector (XLK)	53.8%	54.0%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
PLAB Return	-29%	69%	-11%	86%	-25%	46%	118%
Peers Return	43%	48%	-37%	60%	1%	52%	226%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	114%
Monthly Win Rates [3]
PLAB Win Rate	33%	58%	42%	50%	25%	50%
Peers Win Rate	58%	65%	32%	65%	47%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
PLAB Max Drawdown	-46%	-2%	-25%	-16%	-34%	-29%
Peers Max Drawdown	-38%	-6%	-51%	-7%	-9%	-31%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: AMAT, KLAC, VECO, FORM, MKSI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/23/2025 (YTD)

How Low Can It Go

Unique Key	Event	PLAB	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-45.0%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	81.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	65 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-45.6%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	83.9%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	630 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-37.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	59.1%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	624 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-97.9%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	4720.0%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	4,761 days	1,480 days

Compare to

In The Past

Photronics's stock fell -45.0% during the 2022 Inflation Shock from a high on 8/12/2022. A -45.0% loss requires a 81.8% gain to breakeven.

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About Photronics (PLAB)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

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 the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, FDP substrates, and other types of electrical and optical components. It sells its products to semiconductor and FPD manufacturers, designers, and foundries, as well as to other high-performance electronics manufacturers through its sales personnel and customer service representatives. The company was formerly known as Photronic Labs, Inc. and changed its name to Photronics, Inc. in 1990. Photronics, Inc. was incorporated in 1969 and is based in Brookfield, Connecticut.

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Here are 1-2 brief analogies for Photronics (PLAB):

Photronics is like the **Corning (GLW) of the chip and display world**, providing the essential, ultra-precise patterned 'stencils' (photomasks) needed to manufacture every microchip and flat panel display.
Think of Photronics as the **Coherent (COHR) for semiconductor and display manufacturing**, supplying the highly specialized 'master templates' (photomasks) that enable the mass production of electronic circuits.

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Photronics (PLAB) Major Products:

Photomasks for Integrated Circuits (ICs): High-precision quartz plates that serve as master templates for printing microscopic circuit patterns onto silicon wafers during semiconductor manufacturing.
Photomasks for Flat Panel Displays (FPDs): Large-format photomasks used as master templates to create circuit patterns for various flat panel displays, including LCDs and OLEDs.

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Photronics (PLAB) primarily sells its products to other companies (B2B).

Based on its annual reports (10-K filings), Photronics states that no single customer accounted for 10% or more of its total revenue in fiscal years 2023, 2022, or 2021. As such, the company does not publicly disclose the specific names of its major customers.

However, Photronics' business description indicates that its customers are predominantly manufacturers within the semiconductor and flat panel display industries. These customers fall into the following categories:

Integrated Device Manufacturers (IDMs): Companies that design and manufacture their own semiconductors. Examples of leading public companies in this category include:
- Intel (Symbol: INTC)
- Micron Technology (Symbol: MU)
- Texas Instruments (Symbol: TXN)
- Samsung (Symbol: 005930.KS - also has a foundry and display division)
- SK Hynix (Symbol: 000660.KS)
Semiconductor Foundries: Companies that specialize in manufacturing semiconductors for other companies based on their designs. Examples of leading public companies in this category include:
- Taiwan Semiconductor Manufacturing Company (TSMC) (Symbol: TSM)
- GlobalFoundries (Symbol: GFS)
- United Microelectronics Corporation (UMC) (Symbol: UMC)
Flat Panel Display Manufacturers: Companies that produce various types of flat panel displays (e.g., LCD, OLED). Examples of leading public companies in this category include:
- LG Display (Symbol: LPL)
- BOE Technology Group (Symbol: 000725.SZ)
- Innolux Corporation (Symbol: 3481.TW)
- AU Optronics (Symbol: AUO)

These examples illustrate the types of companies that would be Photronics' customers, rather than specific, confirmed major customers whose names are not disclosed by Photronics itself.

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George Macricostas, Chief Executive Officer and Executive Chairman Mr. Macricostas was appointed Chief Executive Officer in May 2025 and also serves as Executive Chairman. He previously held the role of Senior Vice President at Photronics. Mr. Macricostas founded, chaired, and served as CEO of RagingWire Data Centers, Inc., a provider of mission-critical data center colocation facilities. He oversaw the sale of RagingWire Data Centers to NTT of Japan in two stages, in 2014 and 2018. He has over 30 years of experience in technical and business management in business operations and information technology. Eric Rivera, Chief Financial Officer Mr. Rivera was appointed Chief Financial Officer after serving as interim Chief Financial Officer effective January 2024. He joined Photronics in 2016 as corporate controller and was promoted to chief accounting officer in 2020. Prior to his tenure at Photronics, Mr. Rivera accumulated 24 years of experience, including various accounting and financial reporting roles at companies such as IBM and Thompson Reuters. Christopher J. Progler, Executive Vice President and Chief Technology Officer Dr. Progler was promoted to Chief Technology Officer in March 2004 and also serves as Executive Vice President of Strategic Planning. He joined Photronics in 2001 as Chief Scientist. With over 30 years of experience in the semiconductor industry, his career includes significant contributions at leading semiconductor companies such as IBM, Texas Instruments, and ST Microelectronics in R&D and manufacturing process integration. Dr. Progler holds a Ph.D. in Electrical Engineering from the University of Texas at Dallas and a BS/MS in Optics from the University of Rochester. He is also a board member for two Photronics Asia photomask joint venture companies and a Fellow of SPIE. Debbie Wierzbicki, Senior Vice President of US/EU Mainstream Operations & Global Production Control Ms. Wierzbicki oversees production operations and global production support, collaborating with other executives to enhance operational efficiency. Dennic Hu, Vice President of Global Supply Chain Mr. Hu is responsible for managing supply chain operations, optimizing processes to support Photronics' overall performance and strategic goals.

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The key risks to Photronics' (PLAB) business largely stem from the inherent volatility and competitive nature of the semiconductor industry, coupled with the significant capital investment required for technological advancement.

Cyclicality of the Semiconductor Industry and Economic Uncertainty: Photronics operates within the highly cyclical semiconductor market, which experiences fluctuating demand influenced by macroeconomic pressures and global economic conditions. A downturn in the broader semiconductor industry, particularly impacting the mainstream Integrated Circuit (IC) segment, can lead to reduced demand for photomasks and pressure on Photronics' revenues and profitability.
Intense Competition and Market Saturation: The photomask industry is characterized by intense competition from major global players, which can put significant pressure on Photronics' margins. This competitive landscape necessitates continuous innovation and strategic positioning to maintain market share and pricing power.
High Capital Expenditure and Rapid Technological Advancements: The nature of the photomask business requires substantial and ongoing capital expenditures to keep pace with rapid technological changes and to support the production of advanced photomasks. Photronics anticipates a significant increase in its capital expenditure in 2026, which is projected to impact earnings and valuation in the near term. Elevated capital spending, combined with unpredictable demand in cyclical markets, could also strain the company's cash flows.

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Photronics (PLAB) primarily manufactures and sells photomasks, which are high-precision image transfer tools essential for the fabrication of integrated circuits (ICs) and flat panel displays (FPDs).

Addressable Market Sizes:

Global Photomask Market:

The global photomask market size was valued at approximately USD 5.1 billion in 2024.
It is projected to reach around USD 7.0 billion by 2033, exhibiting a Compound Annual Growth Rate (CAGR) of 3.50% from 2025-2033.
Other estimates indicate the market was USD 5.11 billion in 2023 and is expected to grow to USD 7.44 billion by 2030, with a CAGR of 4.7% from 2024 to 2030.

Global IC Photomask Market:

The global semiconductor IC photomask market was valued at approximately USD 6.209 billion in 2024.
It is projected to grow to approximately USD 9.153 billion by 2032, with a CAGR of 5.6% during the forecast period.
Another estimate valued the global IC photomask market at USD 4.710 billion in 2024, anticipating it to reach USD 6.709 billion by 2031, at a CAGR of 5.3% from 2025-2031.
North America holds a significant share of the global IC Photomask market, valued at USD 2.01 billion in 2024 and projected to reach USD 3.22 billion in 2035.

Global Flat Panel Display (FPD) Photomask Market:

The displays segment accounted for 48% of the total photomask market in 2024.
Display photomask revenue for 2025 is expected to grow to between ¥148 billion and ¥155 billion (Japanese Yen).
Displays accounted for the largest revenue share of 33.1% in the global photomask market in 2023.

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Photronics (PLAB) is expected to drive future revenue growth over the next 2-3 years through several key factors:

Growth in High-End Integrated Circuit (IC) Photomasks and Advanced Node Migration: The company anticipates increased demand for high-end IC photomasks, particularly for advanced nodes such as 22nm, 28nm, and potentially smaller geometries (e.g., 6-8nm), driven by technological advancements like artificial intelligence (AI) and the continuous evolution of semiconductor manufacturing. Photronics' investments in its U.S. and Asian facilities are aimed at capturing this growing demand for smaller node AI chips by supplying high-margin, high-end IC photomasks.
Sustained Strong Demand for High-End Flat Panel Display (FPD) Photomasks: The Flat Panel Display segment, especially high-end AMOLED displays, is a significant growth area. Photronics benefits from the increasing adoption of AMOLED technology in mobile displays, smartphones, tablets, and laptops, which fuels demand for its FPD photomasks in regions like Korea and China.
Strategic Geographic Expansion and Diversification: Photronics is actively pursuing a strategy of geographic expansion and diversification, including investments in its U.S. facilities (e.g., Texas and Idaho) to meet demand for midrange and high-end nodes, and evaluating capability extensions in its Asia facilities. This approach aims to support the regionalization of semiconductor production and cater to customer growth initiatives across the U.S., Europe, and Asia, thereby creating a more diversified and robust geographic revenue base.
Recovery of the Broader Semiconductor Industry: Despite recent market softness, Photronics and analysts anticipate a rebound in the broader semiconductor industry, expected in late 2025 or early 2026. This recovery is poised to drive increased demand for both high-end and mainstream photomasks as sectors like consumer electronics and automotive improve.

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Share Repurchases

Photronics authorized a $100 million share repurchase program in September 2020.
From September 2020 through October 2022, the company repurchased $68 million of shares. In fiscal 1H25 (six-months ended May 4, 2025), an additional $77 million of shares were repurchased.
In August 2024, the Board authorized an increase to the existing share repurchase program, allowing for repurchases up to $100 million from the remaining $31.7 million. As of August 3, 2025 (fiscal 3Q25), $27.6 million remained available under this authorization.

Capital Expenditures

Photronics estimated capital expenditures for fiscal year 2023 to be approximately $130 million, primarily focused on high-end and mainstream point tools to increase operating capacity and efficiency.
For fiscal year 2025, the company has a full-year capital expenditure target of approximately $200 million.
These capital expenditures are primarily directed toward expanding facility and IC capacity in the United States, replacing end-of-life tools, and advancing market share in higher-end nodes IC segment and G8.6 AMOLED displays, driven by trends such as AI and supply chain regionalization.

Better Bets than Photronics (PLAB)

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MKS

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ENTG (3.8%)

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AMAT (3.2%)

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Higher Op Mgn LTM (Value for PLAB: 24.5%)

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KLA

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Applied Materials

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

KLAC (33.9%)

KLA

LRCX (32.6%)

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Higher FCF/Rev LTM (Value for PLAB: 7.0%)

KLAC (30.9%)

KLA

LRCX (28.3%)

Lam Research

AMAT (20.1%)

Applied Materials

TER (16.0%)

Teradyne

ENTG (10.3%)

Entegris

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for PLAB: 1.1% | 2.3x)

CTSH (2.6% | 2.0x)

Cognizant Technology Solutions

FISV (6.8% | 1.7x)

Fiserv

HPE (6.5% | 1.0x)

Hewlett Packard Enterprise

GIB (7.4% | 1.3x)

CGI

SMCI (63.1% | 0.9x)

Super Micro Computer

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PLAB: 1.1% | 9.5x)

FISV (6.8% | 6.0x)

Fiserv

GIB (7.4% | 7.9x)

CGI

OTEX (15.8% | 7.9x)

Open Text

STNE (21.3% | 0.6x)

StoneCo

PAGS (10.6% | 0.4x)

PagSeguro Digital

Higher Rev Chg LTM (Value for PLAB: -2.0%)

NVDA (65.2%)

NVIDIA

AVGO (23.9%)

Broadcom

MSFT (15.6%)

Microsoft

ORCL (11.1%)

Oracle

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for PLAB: 1.1%)

NVDA (91.6%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (13.2%)

Microsoft

ORCL (9.8%)

Oracle

AAPL (1.8%)

Apple

Higher Op Mgn LTM (Value for PLAB: 24.5%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

AVGO (40.8%)

Broadcom

ORCL (31.9%)

Oracle

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

MSFT (50.0%)

Microsoft

PLTR (46.6%)

Palantir Technologies

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

ORCL (36.5%)

Oracle

Higher FCF/Rev LTM (Value for PLAB: 7.0%)

PLTR (46.0%)

Palantir Technologies

AVGO (42.1%)

Broadcom

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

Higher Total Yield (Value for PLAB: 6.9%)

MSTR (17.6%)

Strategy

HPQ (14.3%)

FISV (9.9%)

Fiserv

DELL (7.7%)

Dell Technologies

NTAP (7.3%)

NetApp

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PLAB: 1.1% | 2.3x)

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

HD (1.9% | 2.1x)

Home Depot

UNH (11.4% | 0.7x)

UnitedHealth

DIS (4.5% | 2.2x)

Walt Disney

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PLAB: 1.1% | 9.5x)

ENB (8.6% | 9.2x)

Enbridge

CVS (7.7% | 9.2x)

CVS Health

TRP (1.5% | 9.2x)

TC Energy

PYPL (6.7% | 9.0x)

PayPal

OKE (16.4% | 7.8x)

ONEOK

Higher Rev Chg LTM (Value for PLAB: -2.0%)

LLY (36.8%)

Eli Lilly

META (21.3%)

Meta Platforms

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

TSLA (-1.6%)

Tesla

Higher Rev Chg 3Y Avg (Value for PLAB: 1.1%)

BRK-B (19.8%)

Berkshire Hathaway

META (17.3%)

Meta Platforms

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

TSLA (9.3%)

Tesla

Higher Op Mgn LTM (Value for PLAB: 24.5%)

MA (58.3%)

Mastercard

META (43.2%)

Meta Platforms

LLY (43.0%)

Eli Lilly

GOOGL (32.2%)

Alphabet

JNJ (26.2%)

Johnson & Johnson

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

V (57.6%)

Visa

BAC (57.3%)

Bank of America

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

GOOGL (39.3%)

Alphabet

Higher FCF/Rev LTM (Value for PLAB: 7.0%)

MA (52.5%)

Mastercard

META (23.7%)

Meta Platforms

GOOGL (19.1%)

Alphabet

XOM (7.3%)

Exxon Mobil

TSLA (7.1%)

Tesla

Higher Total Yield (Value for PLAB: 6.9%)

XOM (9.2%)

Exxon Mobil

WFC (8.8%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

KO (7.2%)

Coca-Cola

BAC (7.1%)

Bank of America

		Best Bets In Information Technology Sector
	PLAB	VRSN	IDCC	NVDA	RMBS	GEN	ZM	DBX	YOU	MPWR	DAVE
What You Pay
P/E	14.4	28.2	17.0	46.4	44.3	29.7	16.3	14.6	19.4	23.8	20.3
P/EBIT	8.9	20.4	13.8	39.5	37.8	10.5	23.7	11.9	21.1	65.3	23.2
What You Get
Rev Chg Q	-3.1%	7.3%	28.0%	62.5%	22.7%	25.3%	4.4%	-0.7%	15.5%	18.9%	63.0%
Rev Chg LTM	-2.0%	5.5%	28.8%	65.2%	31.0%	16.2%	3.8%	-0.4%	17.8%	30.5%	53.8%
Rev Chg 3Y Avg	1.1%	5.2%	27.1%	91.6%	17.3%	16.5%	3.4%	3.4%	31.0%	17.2%	38.6%
FCF/Rev 3Y Avg	13.7%	57.4%	54.2%	43.4%	39.3%	36.7%	36.1%	33.4%	32.5%	28.6%	26.0%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Photronics Earnings Notes
2	Photronics Stock Surges 61% In A Single Month, Should You Buy The Stock?	Buy or Fear
3	How Does Photronics Stock Compare With Peers?
4	Is Photronics Stock Built to Withstand More Downside?	Return
5	Why Photronics Stock Moved: PLAB Stock Has Gained 97% Since 2022 Fiscal End, Primarily Due To Favorable Change In Price To Sales Multiple (P/S)
6	PLAB Dip Buy Analysis
7	Photronics (PLAB) Valuation Ratios Comparison	Financials
8	Photronics Total Shareholder Return (TSR): 24.2% in 2024 and 20.6% 3-yr compounded annual returns (above peer average)
9	Photronics (PLAB) Operating Cash Flow Comparison	Financials
10	Photronics (PLAB) Net Income Comparison	Financials

	Title
0	ARTICLES

Trade Ideas

Select ideas related to PLAB. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ENPH_11302025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11302025	ENPH	Enphase Energy	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	-0.9%
PD_11262025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11262025	PD	PagerDuty	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.2%	10.2%	0.0%
CRM_11212025_Dip_Buyer_FCFYield	11212025	CRM	Salesforce	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	16.2%	16.2%	-0.1%
HUBS_11212025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11212025	HUBS	HubSpot	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	11.7%	11.7%	0.0%
FIVN_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FIVN	Five9	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	4.2%	4.2%	0.0%
PLAB_2292024_Quality_Momentum_RoomToRun_10%	02292024	PLAB	Photronics	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-13.4%	-27.6%	-28.5%
PLAB_6302022_Quality_Momentum_RoomToRun_10%	06302022	PLAB	Photronics	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-13.2%	32.4%	-27.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
RZLT	Rezolute	0.3	18.0%	-50.6%
WW	WW International	2.4	14.2%
NRGV	Energy Vault	0.8	10.4%	122.8%
METC	Ramaco Resources	1.0	8.5%	67.0%
UAMY	United States Antimony	0.7	7.9%	240.7%
LION	Lionsgate Studios	2.6	7.4%	-71.0%
GHM	Graham	0.8	7.3%	56.3%
VG	Venture Global	17.0	6.4%
CRK	Comstock Resources	6.7	5.7%	26.6%
SSII	SS Innovations International	1.1	5.5%	-25.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
TPL	Texas Pacific Land	6.8	-67.3%	-18.9%
GOSS	Gossamer Bio	0.7	-12.9%	263.1%
CSIQ	Canadian Solar	1.6	-11.8%	115.2%
TDUP	ThredUp	0.8	-11.7%	363.3%
LAB	Standard BioTools	0.6	-11.0%	-14.6%
INBX	Inhibrx Biosciences	1.2	-10.8%	407.0%
QBTS	D-Wave Quantum	10.0	-9.5%	246.7%
FDMT	4D Molecular Therapeutics	0.4	-9.3%	41.8%
FBYD	Falcons Beyond Global	0.6	-8.5%	109.8%
PVLA	Palvella Therapeutics	1.1	-8.1%	735.6%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LUNR	Intuitive Machines	1.9	53.2%	-9.1%
HUT	Hut 8	5.5	42.4%	156.1%
AAOI	Applied Optoelectronics	2.6	40.3%	10.3%
FBYD	Falcons Beyond Global	0.6	39.8%	109.8%
RKLB	Rocket Lab	39.8	39.1%	203.0%
DJT	Trump Media & Technology	3.9	31.9%	-58.5%
SGML	Sigma Lithium	1.5	31.9%	20.2%
ADEA	Adeia	1.9	31.0%	23.9%
TE	T1 Energy	1.1	30.7%
FOLD	Amicus Therapeutics	4.4	30.5%	50.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.0	-80.2%	-27.2%
TPL	Texas Pacific Land	6.8	-63.8%	-18.9%
FDMT	4D Molecular Therapeutics	0.4	-31.4%	41.8%
LW	Lamb Weston	5.9	-30.1%	-35.8%
TLRY	Tilray Brands	11.2	-24.5%	-20.8%
OLMA	Olema Pharmaceuticals	2.4	-19.3%	374.6%
INSP	Inspire Medical Systems	2.8	-17.8%	-48.8%
GETY	Getty Images	0.5	-17.6%	-41.7%
TDUP	ThredUp	0.8	-16.4%	363.3%
FRMI	Fermi	5.8	-15.3%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TE	T1 Energy	1.1	161.4%
WVE	WAVE Life Sciences	2.9	147.9%	41.3%
AAOI	Applied Optoelectronics	2.6	97.5%	10.3%
LUNR	Intuitive Machines	1.9	91.5%	-9.1%
RKLB	Rocket Lab	39.8	91.5%	203.0%
VERA	Vera Therapeutics	3.4	89.4%	27.5%
PL	Planet Labs PBC	6.3	85.8%	413.1%
ANF	Abercrombie & Fitch	5.9	77.2%	-17.2%
ARWR	Arrowhead Pharmaceuticals	9.7	72.6%	271.4%
NRGV	Energy Vault	0.8	68.8%	122.8%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-75.4%	-50.6%
JANX	Janux Therapeutics	0.9	-51.0%	-73.6%
LENZ	LENZ Therapeutics	0.5	-42.9%	-41.5%
FRMI	Fermi	5.8	-42.5%
GOGO	Gogo	0.6	-35.0%	-43.3%
HPK	HighPeak Energy	0.5	-29.7%	-70.1%
UP	Wheels Up Experience	0.4	-29.2%	-61.8%
ORIC	ORIC Pharmaceuticals	0.6	-28.8%	2.5%
LW	Lamb Weston	5.9	-27.5%	-35.8%
ACLX	Arcellx	3.7	-27.4%	-14.6%

Peer Comparisons for Photronics

Peers to compare with:

Financials

	PLAB	AMAT	KLAC	VECO	FORM	MKSI	Median
Name	Photroni.	Applied .	KLA	Veeco In.	FormFact.	MKS
Mkt Price	34.20	260.23	1,268.75	29.58	58.16	162.92	110.54
Mkt Cap	2.0	206.9	167.2	1.8	4.5	11.0	7.7
Rev LTM	849	28,368	12,524	681	759	3,831	2,340
Op Inc LTM	208	8,470	5,231	69	42	553	381
FCF LTM	60	5,698	3,873	55	5	530	295
FCF 3Y Avg	120	6,926	3,413	47	20	392	256
CFO LTM	248	7,958	4,248	73	105	679	463
CFO 3Y Avg	270	8,445	3,737	68	91	511	391

Growth & Margins

	PLAB	AMAT	KLAC	VECO	FORM	MKSI	Median
Name	Photroni.	Applied .	KLA	Veeco In.	FormFact.	MKS
Rev Chg LTM	-2.0%	4.4%	22.1%	-3.9%	2.3%	8.1%	3.3%
Rev Chg 3Y Avg	1.1%	3.2%	8.7%	2.0%	-0.5%	6.4%	2.6%
Rev Chg Q	-3.1%	-3.5%	13.0%	-10.2%	-2.5%	10.3%	-2.8%
QoQ Delta Rev Chg LTM	-0.8%	-0.9%	3.0%	-2.7%	-0.7%	2.5%	-0.7%
Op Mgn LTM	24.5%	29.9%	41.8%	10.1%	5.6%	14.4%	19.5%
Op Mgn 3Y Avg	26.1%	29.2%	38.9%	10.5%	3.1%	13.3%	19.7%
QoQ Delta Op Mgn LTM	-0.2%	-0.3%	0.5%	-1.7%	0.2%	-0.1%	-0.2%
CFO/Rev LTM	29.2%	28.1%	33.9%	10.7%	13.9%	17.7%	22.9%
CFO/Rev 3Y Avg	31.1%	30.9%	34.0%	10.0%	12.5%	13.7%	22.3%
FCF/Rev LTM	7.0%	20.1%	30.9%	8.0%	0.7%	13.8%	10.9%
FCF/Rev 3Y Avg	13.7%	25.4%	31.1%	7.0%	2.7%	10.5%	12.1%

Valuation

	PLAB	AMAT	KLAC	VECO	FORM	MKSI	Median
Name	Photroni.	Applied .	KLA	Veeco In.	FormFact.	MKS
Mkt Cap	2.0	206.9	167.2	1.8	4.5	11.0	7.7
P/S	2.3	7.3	13.3	2.6	5.9	2.9	4.4
P/EBIT	8.9	21.7	32.4	33.2	57.7	20.4	27.0
P/E	14.4	29.6	39.5	36.1	110.2	39.3	37.7
P/CFO	7.9	26.0	39.3	24.4	42.7	16.1	25.2
Total Yield	6.9%	4.1%	3.1%	2.8%	0.9%	3.1%	3.1%
Dividend Yield	0.0%	0.7%	0.6%	0.0%	0.0%	0.5%	0.3%
FCF Yield 3Y Avg	8.9%	4.9%	3.6%	2.7%	0.6%	5.3%	4.2%
D/E	0.0	0.0	0.0	0.1	0.0	0.4	0.0
Net D/E	-0.3	-0.0	0.0	-0.1	-0.1	0.4	-0.0

Returns

	PLAB	AMAT	KLAC	VECO	FORM	MKSI	Median
Name	Photroni.	Applied .	KLA	Veeco In.	FormFact.	MKS
1M Rtn	62.4%	16.2%	15.6%	8.0%	17.7%	13.1%	15.9%
3M Rtn	38.3%	29.8%	18.6%	-0.1%	56.8%	27.0%	28.4%
6M Rtn	80.8%	45.1%	43.3%	42.4%	68.7%	67.2%	56.1%
12M Rtn	43.4%	57.0%	97.5%	6.9%	26.8%	54.6%	49.0%
3Y Rtn	108.4%	175.0%	246.2%	61.0%	171.1%	99.7%	139.8%
1M Excs Rtn	57.7%	11.5%	11.0%	3.3%	13.0%	8.5%	11.3%
3M Excs Rtn	35.1%	25.3%	14.8%	-3.0%	56.0%	27.6%	26.5%
6M Excs Rtn	66.9%	29.4%	29.1%	29.5%	55.4%	52.3%	40.9%
12M Excs Rtn	22.3%	45.0%	87.9%	-10.6%	19.3%	42.5%	32.4%
3Y Excs Rtn	19.2%	75.9%	159.5%	-26.7%	65.9%	23.8%	44.9%

FDIC Bank Data

Bank Capital

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Bank Deposits

null

Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 10/31	LTM	2025	2024	2023	2022	2021	2020
Period End	10/31/2025	10/31/2025	10/31/2024	10/31/2023	10/31/2022	10/31/2021	10/31/2020
Filing Date	12/17/2025	12/17/2025	12/19/2024	12/26/2023	12/23/2022	12/17/2021	1/15/2021
Key Financials
Total Revenue	849	849	867	892	825	664	610
EBITDA	299	299	331	351	321	194	158
Operating Income	208	208	222	253	212	95	64
Net Income	136	136	131	125	119	55	34
EPS	2.31	2.29	2.12	2.05	1.96	0.90	0.52
Growth Rates
Total Revenue Growth	-2.0%	-2.0%	-2.8%	8.2%	24.2%	8.9%	10.7%
EBITDA Growth	-9.4%	-9.4%	-5.9%	9.3%	65.5%	23.0%	16.0%
Operating Income Growth	-6.0%	-6.0%	-12.5%	19.4%	124.1%	47.9%	22.7%
Net Income Growth	4.4%	4.4%	4.1%	5.6%	114.2%	64.0%	13.5%
Margins
EBITDA Margin	35.3%	35.3%	38.1%	39.4%	39.0%	29.2%	25.9%
Operating Income Margin	24.5%	24.5%	25.6%	28.4%	25.7%	14.2%	10.5%
Net Income Margin	16.1%	16.1%	15.1%	14.1%	14.4%	8.4%	5.5%
Cash & Debt
Total Cash	588	588	641	512	358	277	279
Total Debt	6	6	23	31	44	114	71
Net Debt / (Cash)	-582	-582	-618	-481	-315	-163	-208
Cash Flows
Net Cash from Operations	248	248	261	302	275	151	143
Free Cash from Operations	60	60	130	171	163	42	72
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	97	97	-0	-0	3	48	34

$ Mil \| FY: 10/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	10/31/2025	8/3/2025	5/4/2025	2/2/2025	10/31/2024	7/28/2024	4/28/2024	1/28/2024	10/31/2023	7/30/2023	4/30/2023	1/29/2023
Filing Date	12/17/2025	9/9/2025	6/11/2025	3/13/2025	12/19/2024	9/5/2024	6/7/2024	3/7/2024	12/26/2023	9/7/2023	6/8/2023	3/9/2023
Key Financials Quarterly
Total Revenue	216	210	211	212	223	211	217	216	227	224	229	211
Ebitda	94	58	50	98	76	82	97	75	105	85	101	61
Operating Income	52	48	56	52	56	52	56	57	65	65	67	56
Net Income	62	23	9	43	34	34	36	26	45	27	40	14
EPS	1.07	0.40	0.15	0.69	0.55	0.56	0.59	0.43	0.73	0.44	0.65	0.23
Key Financials TTM
Total Revenue TTM	849	856	857	863	867	872	885	897	892	875	871	846
Ebitda TTM	299	281	306	354	331	359	362	365	351	337	340	309
Operating Income TTM	208	212	216	216	222	230	244	255	253	249	247	230
Net Income TTM	136	108	120	147	131	141	134	138	125	118	122	110
Growth Rates Quarterly
Total Revenue Growth	-3.1%	-0.3%	-2.8%	-1.9%	-2.1%	-5.9%	-5.4%	2.5%	8.2%	1.9%	12.1%	11.2%
EBITDA Growth	24.0%	-30.2%	-49.2%	31.5%	-27.5%	-2.9%	-3.2%	22.8%	15.5%	-3.3%	43.9%	-6.0%
Operating Income Growth	-6.7%	-7.6%	-0.6%	-9.2%	-13.8%	-20.1%	-16.4%	2.7%	7.0%	2.4%	35.7%	46.5%
Net Income Growth	82.5%	-33.4%	-75.6%	63.7%	-24.1%	27.6%	-9.2%	87.2%	20.4%	-13.7%	45.6%	-39.4%
Margins Quarterly
EBITDA Margin	43.7%	27.4%	23.5%	46.2%	34.2%	39.1%	44.9%	34.5%	46.1%	37.9%	43.9%	28.8%
Operating Income Margin	24.1%	22.9%	26.4%	24.6%	25.1%	24.7%	25.8%	26.6%	28.5%	29.1%	29.2%	26.5%
Net Income Margin	28.6%	10.9%	4.2%	20.2%	15.2%	16.3%	16.7%	12.1%	19.6%	12.0%	17.4%	6.6%
Cash & Debt
Total Cash	588	576	558	642	641	606	560	522	512	476	413	374
Total Debt	6	0	0	3	23	20	22	23	31	27	28	34
Net Debt / (Cash)	-582	-576	-558	-640	-618	-586	-538	-498	-481	-449	-385	-340
Cash Flows Quarterly
FCF from Operations	88	50	31	78	68	75	76	42	107	86	82	28
Cash Flows TTM
FCF from Operations TTM	248	228	253	298	261	300	310	316	302	275	282	244
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-0	21	72	5	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	365.7%	119.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	338.8%	130.1%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Integrated circuits (IC)	638	651	593	460	418
Flat-panel displays (FPD)	229	241	232	204	191
Total	867	892	825	664	610

Price Behavior

Price Behavior

Market Price	$34.20
Market Cap ($ Bil)	2.0
First Trading Date	03/26/1990
Distance from 52W High	-13.8%
	50 Days	200 Days
DMA Price	$25.44	$21.66
DMA Trend	up	up
Distance from DMA	34.5%	57.9%
	3M	1YR
Volatility	105.1%	66.2%
Downside Capture	340.74	190.19
Upside Capture	442.01	198.07
Correlation (SPY)	43.0%	48.7%

PLAB Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	2.45	2.77	2.69	2.54	1.56	1.76
Up Beta	3.27	2.70	3.07	2.65	1.43	1.64
Down Beta	1.28	2.37	2.72	3.17	1.43	1.53
Up Capture	203%	305%	251%	291%	230%	925%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	8	19	27	63	116	362
Down Capture	253%	278%	253%	195%	140%	111%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	12	23	35	61	130	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of PLAB With Other Asset Classes (Last 1Y)
	PLAB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	37.3%	26.5%	18.8%	72.9%	9.0%	3.7%	-11.4%
Annualized Volatility	65.9%	27.6%	19.5%	19.2%	15.3%	17.2%	35.0%
Sharpe Ratio	0.71	0.83	0.76	2.72	0.36	0.05	-0.14
Correlation With Other Assets		48.1%	48.4%	6.4%	21.0%	26.6%	23.8%

ETFs used for asset classes: Sector ETF = XLK, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data

		Comparison of PLAB With Other Asset Classes (Last 5Y)
	PLAB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	24.9%	19.1%	14.8%	18.9%	11.8%	4.7%	35.5%
Annualized Volatility	52.7%	24.7%	17.1%	15.5%	18.7%	18.9%	48.9%
Sharpe Ratio	0.61	0.70	0.70	0.98	0.51	0.16	0.62
Correlation With Other Assets		54.9%	54.8%	10.9%	17.3%	35.6%	23.2%

Based On 10-Year Data

		Comparison of PLAB With Other Asset Classes (Last 10Y)
	PLAB	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	10.7%	22.4%	14.8%	15.1%	6.8%	5.4%	69.1%
Annualized Volatility	47.9%	24.2%	18.0%	14.8%	17.6%	20.8%	55.8%
Sharpe Ratio	0.39	0.85	0.71	0.85	0.31	0.23	0.90
Correlation With Other Assets		53.1%	52.8%	7.1%	20.4%	35.8%	15.7%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	5,417,653
Short Interest: % Change Since 11152025	7.9%
Average Daily Volume	601,135
Days-to-Cover Short Interest	9.01
Basic Shares Quantity	57,602,000
Short % of Basic Shares	9.4%

Returns Analyses

	Title
0	Is Photronics Stock Built to Withstand More Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
12/10/2025	45.4%	33.7%
8/27/2025	7.6%	-2.0%	7.4%
5/28/2025	-15.6%	-11.2%	-5.1%
2/26/2025	2.0%	-2.6%	4.7%
12/11/2024	10.8%	3.6%	-6.7%
8/30/2024	-7.9%	-14.6%	-7.5%
5/22/2024	-6.9%	-5.4%	-11.7%
2/21/2024	-13.9%	-11.9%	-8.6%
...
SUMMARY STATS
# Positive	11	7	8
# Negative	12	16	15
Median Positive	7.6%	23.4%	20.6%
Median Negative	-8.3%	-6.5%	-8.9%
Max Positive	45.4%	43.7%	35.4%
Max Negative	-23.6%	-29.0%	-31.6%

	Forward Returns
12/10/2025	45.4%	33.7%
8/27/2025	7.6%	-2.0%	7.4%
5/28/2025	-15.6%	-11.2%	-5.1%
2/26/2025	2.0%	-2.6%	4.7%
12/11/2024	10.8%	3.6%	-6.7%
8/30/2024	-7.9%	-14.6%	-7.5%
5/22/2024	-6.9%	-5.4%	-11.7%
2/21/2024	-13.9%	-11.9%	-8.6%
12/13/2023	21.3%	41.5%	34.0%
5/24/2023	6.7%	23.4%	33.9%
2/21/2023	-9.0%	-1.3%	-6.2%
12/13/2022	3.8%	-7.6%	-1.1%
8/30/2022	-23.6%	-29.0%	-31.6%
5/25/2022	18.8%	43.7%	35.2%
2/23/2022	-7.1%	-4.4%	-7.5%
12/8/2021	25.9%	16.0%	35.4%
8/25/2021	-0.3%	10.7%	4.0%
5/26/2021	-1.2%	-0.8%	2.9%
2/24/2021	3.4%	-8.7%	-9.3%
12/9/2020	-15.9%	-14.7%	-13.2%
8/27/2020	-4.7%	-5.4%	-11.3%
5/27/2020	-8.6%	-10.5%	-18.3%
3/4/2020	7.3%	-1.6%	-23.3%
SUMMARY STATS
# Positive	11	7	8
# Negative	12	16	15
Median Positive	7.6%	23.4%	20.6%
Median Negative	-8.3%	-6.5%	-8.9%
Max Positive	45.4%	43.7%	35.4%
Max Negative	-23.6%	-29.0%	-31.6%

SEC Filings

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Report Date	Filing Date	Filing
10312025	12172025	10-K 10/31/2025
7312025	9092025	10-Q 8/3/2025
4302025	6112025	10-Q 5/4/2025
1312025	3132025	10-Q 2/2/2025
10312024	12192024	10-K 10/31/2024
7312024	9052024	10-Q 7/28/2024
4302024	6072024	10-Q 4/28/2024
1312024	3072024	10-Q 1/28/2024
10312023	12262023	10-K 10/31/2023
7312023	9072023	10-Q 7/30/2023
4302023	6082023	10-Q 4/30/2023
1312023	3092023	10-Q 1/29/2023
10312022	12232022	10-K 10/31/2022
7312022	9072022	10-Q 7/31/2022
4302022	6152022	10-Q 5/1/2022
1312022	3102022	10-Q 1/30/2022

Insider Activity

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	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	TYSON MITCHELL G		10092025	Sell	25.04	5,000	125,200	1,300,252	Form

External Quote Links

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2	SeekingAlpha	ValueLine
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5	MarketWatch	Unusual Whales
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Photronics (PLAB)

Market Price (12/24/2025): $34.35 | Market Cap: $2.0 BilSector: Information Technology | Industry: Semiconductor Materials & Equipment

Photronics (PLAB)

Market Price (12/24/2025): $34.35Market Cap: $2.0 BilSector: Information TechnologyIndustry: Semiconductor Materials & Equipment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

PLAB Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

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Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Photronics (PLAB)

Addressable Market Sizes:

Global Photomask Market:

Global IC Photomask Market:

Global Flat Panel Display (FPD) Photomask Market:

Interactive Breakdown

Better Bets than Photronics (PLAB)

INDUSTRY: Semiconductor Materials & Equipment

Higher Rev Chg 3Y Avg | Lower P/S (Values for PLAB: 1.1% | 2.3x)

Higher Rev Chg LTM (Value for PLAB: -2.0%)

Higher Rev Chg 3Y Avg (Value for PLAB: 1.1%)

Higher Op Mgn LTM (Value for PLAB: 24.5%)

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

Higher FCF/Rev LTM (Value for PLAB: 7.0%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for PLAB: 1.1% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PLAB: 1.1% | 9.5x)

Higher Rev Chg LTM (Value for PLAB: -2.0%)

Higher Rev Chg 3Y Avg (Value for PLAB: 1.1%)

Higher Op Mgn LTM (Value for PLAB: 24.5%)

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

Higher FCF/Rev LTM (Value for PLAB: 7.0%)

Higher Total Yield (Value for PLAB: 6.9%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for PLAB: 1.1% | 2.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for PLAB: 1.1% | 9.5x)

Higher Rev Chg LTM (Value for PLAB: -2.0%)

Higher Rev Chg 3Y Avg (Value for PLAB: 1.1%)

Higher Op Mgn LTM (Value for PLAB: 24.5%)

Higher CFO/Rev LTM (Value for PLAB: 29.2%)

Higher FCF/Rev LTM (Value for PLAB: 7.0%)

Higher Total Yield (Value for PLAB: 6.9%)

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Market Price (12/24/2025): $34.35 | Market Cap: $2.0 Bil
Sector: Information Technology | Industry: Semiconductor Materials & Equipment

Market Price (12/24/2025): $34.35
Market Cap: $2.0 Bil
Sector: Information Technology
Industry: Semiconductor Materials & Equipment