Photronics Inc Financials
Photronics Inc (PLAB) reported $849.3M in revenue for fiscal year 2025, down 2.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Photronics converts accounting profit into operating cash, but heavier reinvestment and buybacks sharply reduce cash retained.
In FY2025, operating cash flow of$247.8M was 1.8x net income, indicating reported earnings were backed by cash rather than working-capital accounting. But free cash flow fell from$130.5M in FY2024 to$59.7M in FY2025 as reinvestment intensified, so the constraint was capital spending—not earnings conversion.
With revenue down in FY2025, operating margin eased from
The debt-light balance sheet paired a debt-to-equity ratio of 0.0x with FY2025 cash of
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Photronics Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Photronics Inc has an operating margin of 24.5%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 87/100, reflecting efficient cost management and pricing power. This is down from 25.6% the prior year.
Photronics Inc's revenue declined 2.0% year-over-year, from $866.9M to $849.3M. This contraction results in a growth score of 24/100.
Photronics Inc carries a low D/E ratio of 0.00, meaning only $0.00 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.37, Photronics Inc holds $5.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 91/100.
Photronics Inc converts 7.0% of revenue into free cash flow ($59.7M). This strong cash generation earns a score of 72/100.
Photronics Inc earns a strong 11.6% return on equity (ROE), meaning it generates $12 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 78/100. This is down from 11.7% the prior year.
Photronics Inc scores 3.49, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Photronics Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Photronics Inc generates $1.82 in operating cash flow ($247.8M OCF vs $136.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Photronics Inc generated $849.3M in revenue in fiscal year 2025. This represents a decrease of 2.0% from the prior year.
Photronics Inc's EBITDA was $285.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 6.1% from the prior year.
Photronics Inc reported $136.4M in net income in fiscal year 2025. This represents an increase of 4.4% from the prior year.
Photronics Inc earned $2.28 per diluted share (EPS) in fiscal year 2025. This represents an increase of 9.1% from the prior year.
Cash & Balance Sheet
Photronics Inc generated $59.7M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 54.3% from the prior year.
Photronics Inc held $492.3M in cash against $13K in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Photronics Inc's gross margin was 35.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.1 percentage points from the prior year.
Photronics Inc's operating margin was 24.5% in fiscal year 2025, reflecting core business profitability. This is down 1.0 percentage points from the prior year.
Photronics Inc's net profit margin was 16.1% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.0 percentage points from the prior year.
Photronics Inc's ROE was 11.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.
Capital Allocation
Photronics Inc invested $15.8M in research and development in fiscal year 2025. This represents a decrease of 4.7% from the prior year.
Photronics Inc spent $97.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Photronics Inc invested $188.1M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 43.7% from the prior year.
PLAB Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $209.9M-6.7% | $225.1M+7.0% | $210.4M-0.3% | $211.0M-0.5% | $212.1M-4.7% | $222.6M+5.5% | $211.0M-2.8% | $217.0M |
| Cost of Revenue | $144.2M-1.5% | $146.4M+4.9% | $139.5M+4.8% | $133.1M-2.6% | $136.6M-2.7% | $140.3M+3.3% | $135.8M-1.4% | $137.7M |
| Gross Profit | $65.8M-16.4% | $78.7M+11.1% | $70.9M-9.1% | $77.9M+3.1% | $75.5M-8.2% | $82.3M+9.5% | $75.1M-5.2% | $79.3M |
| R&D Expenses | $2.8M+9.0% | $2.6M-39.4% | $4.3M+4.4% | $4.1M-3.9% | $4.3M-19.4% | $5.3M+48.6% | $3.6M-17.2% | $4.3M |
| SG&A Expenses | $20.8M-2.6% | $21.3M+15.7% | $18.4M+1.8% | $18.1M-5.2% | $19.1M-9.1% | $21.0M+8.1% | $19.4M+2.3% | $19.0M |
| Operating Income | $42.2M-23.1% | $54.9M+13.9% | $48.2M-13.6% | $55.7M+6.8% | $52.2M-6.5% | $55.8M+7.1% | $52.1M-7.0% | $56.1M |
| Income Tax | $10.6M-26.1% | $14.4M+49.6% | $9.6M+67.9% | $5.7M-69.8% | $18.9M+29.7% | $14.6M+3.2% | $14.1M-30.1% | $20.2M |
| Net Income | $31.4M-26.8% | $42.9M+87.6% | $22.9M+158.3% | $8.9M-79.3% | $42.9M+26.5% | $33.9M-1.5% | $34.4M-5.1% | $36.3M |
| EPS (Diluted) | $0.54-27.0% | $0.74+89.7% | $0.39+160.0% | $0.15-77.9% | $0.68+25.9% | $0.54-1.8% | $0.55-5.2% | $0.58 |
Not reported in any period shown, so not listed: Interest Expense.
PLAB Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.9B+1.5% | $1.9B+8.5% | $1.8B+2.9% | $1.7B-0.1% | $1.7B-0.4% | $1.7B+4.1% | $1.6B+2.6% | $1.6B |
| Current Assets | $943.9M-0.2% | $946.2M+8.5% | $872.2M+1.9% | $855.8M-7.1% | $920.8M-1.1% | $931.1M+4.3% | $892.6M+5.7% | $844.1M |
| Cash & Equivalents | $511.5M-6.0% | $544.1M+13.5% | $479.5M-9.6% | $530.7M-17.4% | $642.2M+7.3% | $598.5M+11.4% | $537.3M+8.8% | $493.9M |
| Inventory | $67.8M+8.3% | $62.7M-1.3% | $63.5M+3.7% | $61.2M+6.3% | $57.6M+1.9% | $56.5M+1.9% | $55.5M+2.2% | $54.3M |
| Accounts Receivable | $189.0M-5.3% | $199.5M+4.5% | $190.9M-2.6% | $196.0M+4.0% | $188.4M-6.2% | $200.8M+0.5% | $199.9M+1.2% | $197.5M |
| Total Liabilities | $689.6M-0.1% | $690.0M+10.0% | $627.2M+4.2% | $602.1M+4.4% | $576.9M-2.4% | $591.2M+2.4% | $577.1M+1.5% | $568.6M |
| Current Liabilities | $187.0M-9.5% | $206.6M+18.1% | $174.9M+4.9% | $166.8M+2.5% | $162.6M-11.5% | $183.8M-3.8% | $191.1M-2.3% | $195.6M |
| Long-Term Debt | $3.9M+38430.0% | $10K-37.5% | $16K-15.8% | $19K-9.5% | $21K-16.0% | $25K-10.7% | $28K-98.9% | $2.5M |
| Total Equity | $1.2B+2.5% | $1.2B+7.6% | $1.1B+2.2% | $1.1B-2.4% | $1.1B+0.6% | $1.1B+5.0% | $1.1B+3.2% | $1.0B |
| Retained Earnings | $845.8M+3.9% | $814.3M+14.6% | $710.4M+1.7% | $698.4M-4.5% | $731.7M+5.8% | $691.8M+5.1% | $657.9M+5.5% | $623.5M |
Not reported in any period shown, so not listed: Goodwill.
PLAB Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $47.0M-51.6% | $97.3M+94.3% | $50.1M+59.1% | $31.5M-59.9% | $78.5M+14.8% | $68.4M-8.9% | $75.1M-1.8% | $76.5M |
| Capital Expenditures | $45.8M-3.9% | $47.6M+91.8% | $24.8M-59.0% | $60.5M+72.0% | $35.2M-18.5% | $43.2M+76.9% | $24.4M+22.1% | $20.0M |
| Free Cash Flow | $1.2M-97.5% | $49.6M+96.8% | $25.2M+186.7% | -$29.1M-167.2% | $43.3M+72.0% | $25.2M-50.3% | $50.7M-10.3% | $56.5M |
| Investing Cash Flow | -$77.6M-92.7% | -$40.3M+56.6% | -$92.8M-5.8% | -$87.7M-1381.1% | $6.8M+147.5% | -$14.4M+47.3% | -$27.4M+62.3% | -$72.5M |
| Financing Cash Flow | -$1.2M-256.2% | $749K+103.7% | -$20.2M+72.9% | -$74.6M-264.3% | -$20.5M-1472.8% | -$1.3M+23.5% | -$1.7M+8.4% | -$1.9M |
| Share Buybacks | $0 | $0-100.0% | $20.7M-71.2% | $72.1M+1476.8% | $4.6M | $0 | $0 | $0 |
Not reported in any period shown, so not listed: Dividends Paid.
PLAB Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q3'26 | Q2'26 | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.3%-3.7pp | 35.0%+1.3pp | 33.7%-3.2pp | 36.9%+1.3pp | 35.6%-1.4pp | 37.0%+1.4pp | 35.6%-0.9pp | 36.5% |
| Operating Margin | 20.1%-4.3pp | 24.4%+1.5pp | 22.9%-3.5pp | 26.4%+1.8pp | 24.6%-0.5pp | 25.1%+0.4pp | 24.7%-1.1pp | 25.8% |
| Net Margin | 15.0%-4.1pp | 19.1%+8.2pp | 10.9%+6.7pp | 4.2%-16.0pp | 20.2%+5.0pp | 15.2%-1.1pp | 16.3%-0.4pp | 16.7% |
| Return on Equity | 2.5%-1.0pp | 3.5%+1.5pp | 2.0%+1.2pp | 0.8%-3.0pp | 3.8%+0.8pp | 3.0%-0.2pp | 3.2%-0.3pp | 3.5% |
| Return on Assets | 1.6%-0.6pp | 2.3%+0.9pp | 1.3%+0.8pp | 0.5%-2.0pp | 2.5%+0.5pp | 2.0%-0.1pp | 2.1%-0.2pp | 2.3% |
| Current Ratio | 5.05+0.5x | 4.58-0.4x | 4.99-0.1x | 5.13-0.5x | 5.66+0.6x | 5.07+0.4x | 4.67+0.4x | 4.32 |
| Debt-to-Equity | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.000.0x | 0.00 |
| FCF Margin | 0.6%-21.5pp | 22.1%+10.1pp | 12.0%+25.8pp | -13.8%-34.2pp | 20.4%+9.1pp | 11.3%-12.7pp | 24.0%-2.0pp | 26.0% |
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Where Photronics Inc Ranks
Frequently Asked Questions
What is Photronics Inc's annual revenue?
Photronics Inc (PLAB) reported $849.3M in total revenue for fiscal year 2025. This represents a -2.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Photronics Inc's revenue growing?
Photronics Inc (PLAB) revenue declined by 2.0% year-over-year, from $866.9M to $849.3M in fiscal year 2025.
Is Photronics Inc profitable?
Yes, Photronics Inc (PLAB) reported a net income of $136.4M in fiscal year 2025, with a net profit margin of 16.1%.
What is Photronics Inc's EBITDA?
Photronics Inc (PLAB) had EBITDA of $285.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Photronics Inc have?
As of fiscal year 2025, Photronics Inc (PLAB) had $492.3M in cash and equivalents against $13K in long-term debt.
What is Photronics Inc's gross margin?
Photronics Inc (PLAB) had a gross margin of 35.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Photronics Inc's operating margin?
Photronics Inc (PLAB) had an operating margin of 24.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Photronics Inc's net profit margin?
Photronics Inc (PLAB) had a net profit margin of 16.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Photronics Inc's return on equity (ROE)?
Photronics Inc (PLAB) has a return on equity of 11.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Photronics Inc's free cash flow?
Photronics Inc (PLAB) generated $59.7M in free cash flow during fiscal year 2025. This represents a -54.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Photronics Inc's operating cash flow?
Photronics Inc (PLAB) generated $247.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Photronics Inc's total assets?
Photronics Inc (PLAB) had $1.8B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Photronics Inc's capital expenditures?
Photronics Inc (PLAB) invested $188.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Photronics Inc spend on research and development?
Photronics Inc (PLAB) invested $15.8M in research and development during fiscal year 2025.
What is Photronics Inc's current ratio?
Photronics Inc (PLAB) had a current ratio of 5.37 as of fiscal year 2025, which is generally considered healthy.
What is Photronics Inc's debt-to-equity ratio?
Photronics Inc (PLAB) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Photronics Inc's return on assets (ROA)?
Photronics Inc (PLAB) had a return on assets of 7.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Photronics Inc's Altman Z-Score?
Photronics Inc (PLAB) has an Altman Z-Score of 3.49, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Photronics Inc's Piotroski F-Score?
Photronics Inc (PLAB) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Photronics Inc's earnings high quality?
Photronics Inc (PLAB) has an earnings quality ratio of 1.82x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Photronics Inc?
Photronics Inc (PLAB) scores 75 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.