How Does Photronics Stock Compare With Peers?
Photronics‘ stock has seen positive returns over the past year, yet significantly lagged its larger semiconductor equipment peers. A closer look reveals negative LTM revenue growth and weaker free cash flow margins compared to competitors. However, PLAB trades at a considerably lower valuation, and its strategic investments in advanced photomask technology, vital for evolving semiconductor and display markets, present a unique, specialized position amidst industry tailwinds from AI and EUV adoption.
- PLAB’s 24.7% operating margin, high yet below KLAC (41.8%), reflects KLAC’s premium in specialized process control and yield solutions.
- PLAB’s -1.8% revenue contraction, lagging peers, indicates softer demand in its photomask segment vs. broader equipment/test markets.
- PLAB’s 47.5% stock gain and 10.1x PE, despite stronger peer returns, suggests lower market growth expectations for its photomasks.
Here’s how Photronics stacks up across size, valuation, and profitability versus key peers.
| PLAB | LRCX | AMAT | KLAC | TER | |
|---|---|---|---|---|---|
| Market Cap ($ Bil) | 2.2 | 212.8 | 219.6 | 163.2 | 32.4 |
| Revenue ($ Bil) | 0.9 | 19.6 | 28.6 | 12.5 | 2.9 |
| PE Ratio | 10.1 | 29.1 | 21.4 | 33.5 | 49.3 |
| LTM Revenue Growth | -1.8% | 25.7% | 6.6% | 22.1% | 4.5% |
| LTM Operating Margin | 24.7% | 33.0% | 30.1% | 41.8% | 18.8% |
| LTM FCF Margin | 7.5% | 28.3% | 20.4% | 30.9% | 16.0% |
| 12M Market Return | 47.5% | 126.7% | 65.3% | 94.7% | 75.1% |
For more details on Photronics, read Buy or Sell PLAB Stock. Below we compare PLAB’s growth, margin, and valuation with peers across years
Revenue Growth Comparison
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| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| PLAB | -1.8% | – | -2.8% | 8.2% | 24.2% |
| LRCX | 25.7% | 23.7% | -14.5% | 1.2% | |
| AMAT | 6.6% | – | 2.5% | 2.8% | 11.8% |
| KLAC | 22.1% | 23.9% | -6.5% | 13.9% | |
| TER | 4.5% | – | 5.4% | -15.2% | -14.8% |
Operating Margin Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| PLAB | 24.7% | – | 25.6% | 28.4% | 25.7% |
| LRCX | 33.0% | 32.0% | 28.7% | 29.9% | |
| AMAT | 30.1% | – | 28.9% | 28.9% | 30.2% |
| KLAC | 41.8% | 41.2% | 37.1% | 38.1% | |
| TER | 18.8% | – | 19.6% | 19.5% | 26.9% |
PE Ratio Comparison
| LTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
| PLAB | 10.1 | – | 11.1 | 15.3 | 8.6 |
| LRCX | 29.1 | 17.3 | 26.9 | 12.6 | |
| AMAT | 21.4 | – | 18.7 | 19.9 | 13.0 |
| KLAC | 33.5 | 20.6 | 28.5 | 15.5 | |
| TER | 49.3 | – | 36.9 | 37.3 | 19.3 |
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