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Photronics, Inc., together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates. The company also provides electrical and optical components. It sells its products to semiconductor and FPD designers, manufacturers, and foundries 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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $849M | $299M | $136M | $60M | 11.6% | -2.0% | 4.4% |
| 2024 | $867M | $331M | $131M | $130M | 11.7% | -2.8% | 4.1% |
| 2023 | $892M | $351M | $125M | $171M | 12.9% | 8.2% | 5.6% |
| 2022 | $825M | $321M | $119M | $163M | 14.3% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 824.55 | 892.08 | 866.95 | 849.29 |
| Operating Revenue | - | 824.55 | 892.08 | 866.95 | 849.29 |
| Cost Of Revenue | - | 530.34 | 555.91 | 551 | 549.46 |
| Gross Profit | - | 294.21 | 336.16 | 315.95 | 299.83 |
| Operating Expense | - | 82.35 | 83.11 | 94.43 | 91.67 |
| Research And Development | - | 18.34 | 13.65 | 16.58 | 15.80 |
| Selling General And Administration | - | 63.99 | 69.46 | 77.76 | 75.62 |
| Total Expenses | - | 612.68 | 639.03 | 645.43 | 641.13 |
| Operating Income | - | 211.87 | 253.05 | 221.52 | 208.16 |
| Total Operating Income As Reported | - | 211.87 | 253.05 | 221.52 | 208.16 |
| EBITDA | - | 321.22 | 351.21 | 330.55 | 299.44 |
| Normalized EBITDA | - | 293.88 | 348.75 | 328.39 | 307.75 |
| EBIT | - | 240.89 | 270.38 | 247.75 | 221.84 |
| Interest Income | - | 1.68 | 14.86 | 24.06 | 21.99 |
| Interest Expense | - | 1.86 | 0.43 | 0.33 | 0.06 |
| Net Interest Income | - | -0.18 | 14.43 | 23.73 | 21.93 |
| Other Income Expense | - | 27.34 | 2.47 | 2.17 | -8.31 |
| Interest Income Non Operating | - | 1.68 | 14.86 | 24.06 | 21.99 |
| Interest Expense Non Operating | - | 1.86 | 0.43 | 0.33 | 0.06 |
| Net Non Operating Interest Income Expense | - | -0.18 | 14.43 | 23.73 | 21.93 |
| Pretax Income | - | 239.03 | 269.95 | 247.42 | 221.78 |
| Tax Provision | - | 59.79 | 70.31 | 63.57 | 31.55 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 6.84 | 0.64 | 0.56 | -1.18 |
| Net Income Continuous Operations | - | 179.24 | 199.63 | 183.85 | 190.23 |
| Net Income From Continuing And Discontinued Operation | - | 118.79 | 125.48 | 130.69 | 136.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 118.79 | 125.48 | 130.69 | 136.40 |
| Net Income | - | 118.79 | 125.48 | 130.69 | 136.40 |
| Net Income Common Stockholders | - | 118.79 | 125.48 | 130.69 | 136.40 |
| Net Income Including Noncontrolling Interests | - | 179.24 | 199.63 | 183.85 | 190.23 |
| Normalized Income | - | 98.28 | 123.66 | 129.08 | 143.53 |
| Diluted NI Availto Com Stockholders | - | 118.79 | 125.48 | 130.69 | 136.40 |
| Basic Average Shares | - | 60.56 | 61.14 | 61.73 | 59.61 |
| Diluted Average Shares | - | 61.19 | 61.76 | 62.39 | 59.92 |
| Reconciled Depreciation | - | 80.33 | 80.83 | 82.80 | 77.60 |
| Reconciled Cost Of Revenue | - | 530.34 | 555.91 | 551 | 549.46 |
| Total Unusual Items | - | 27.34 | 2.47 | 2.17 | -8.31 |
| Total Unusual Items Excluding Goodwill | - | 27.34 | 2.47 | 2.17 | -8.31 |
| Minority Interests | - | -60.46 | -74.15 | -53.16 | -53.83 |
| Gain On Sale Of Security | - | 27.34 | 2.47 | 2.17 | -8.31 |
| Other Operating Expenses | -3.52 | 0.02 | - | 0.09 | 0.24 |
| Average Dilution Earnings | 0 | 0 | 0 | 0 | - |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Photronics, Inc.this co. | PLAB | $1.9B | 13.63↓ discount | 1.58 | 11.6% | 4.58 |
| Rogers Corporation | ROG | $2.6B | -42.10 | 2.18 | -5.2% | 233.34 |
| Ichor Holdings, Ltd. | ICHR | $2.5B | - | 3.73 | -8.0% | - |
| Calix, Inc. | CALX | $2.4B | 136.74 | 2.85 | 2.1% | 59.89 |
| CSG Systems International, Inc. | CSGS | $2.3B | 41.17 |
| - |
| - |
| - |
| - |
| - |
| 8.11 |
| 19.7% |
| 13.98 |
| Alarm.com Holdings, Inc. | ALRM | $2.2B | 16.79 | 2.62 | 15.6% | 10.13 |
| ePlus inc. | PLUS | $2.1B | 15.95 | 1.98 | 12.4% | 9.08 |
| SPS Commerce, Inc. | SPSC | $2.1B | 22.07 | 2.11 | 9.6% | 10.85 |
| DXC Technology Company | DXC | $1.6B | 86.37 | 0.53 | 0.6% | 2.37 |
| Peer Median | - | 22.07 | 2.40 | 5.8% | 10.85 | |