What is Photronics' operating income?

Photronics' total operating income in 2025 was $208.16 million, based on the following breakdown: Total Gross Profit: $299.83 million Total Operating Expenses: $91.67 million

Photronics (PLAB) Financials

$27.16 -1.83 (-6.31%)

Closing price 09/14/2026 04:00 PM Eastern

Extended Trading

$27.43 +0.27 (+0.99%)

As of 09/14/2026 07:53 PM Eastern

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Annual Income Statements for Photronics

This table shows Photronics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/1/2015	10/30/2016	10/29/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Income / (Loss) Attributable to Common Shareholders	45	46	13	42	30	34	55	119	125	131	136
Consolidated Net Income / (Loss)	57	56	21	61	40	40	79	179	200	184	190
Net Income / (Loss) Continuing Operations	57	56	21	61	40	40	79	179	200	184	190
Total Pre-Tax Income	70	60	27	69	51	62	102	239	270	247	222
Total Operating Income	72	52	32	66	52	64	95	212	253	222	208
Total Gross Profit	143	119	91	132	121	135	167	294	336	316	300
Total Revenue	524	483	451	535	551	610	664	825	892	867	849
Operating Revenue	524	483	451	535	551	610	664	825	892	867	849
Total Cost of Revenue	381	365	359	404	430	475	497	530	556	551	549
Operating Cost of Revenue	381	365	359	404	430	475	497	530	556	551	549
Total Operating Expenses	71	66	59	66	69	71	72	82	83	94	92
Selling, General & Admin Expense	49	45	44	51	52	54	58	64	69	78	76
Research & Development Expense	22	22	16	14	16	17	18	18	14	17	16
Other Special Charges / (Income)	-	-	-	-	0.00	0.00	-3.53	0.02	0.00	0.09	0.24
Total Other Income / (Expense), net	-2.19	8.00	-5.30	2.94	-1.42	-2.33	7.45	27	17	26	14
Interest Expense	4.99	3.37	2.24	2.26	1.43	2.37	1.69	1.86	0.43	0.33	0.06
Other Income / (Expense), net	2.80	2.42	-3.07	5.21	0.01	0.04	9.14	29	17	26	14
Income Tax Expense	13	4.80	5.28	7.34	10	21	23	60	70	64	32
Net Income / (Loss) Attributable to Noncontrolling Interest	12	9.48	8.16	19	11	6.52	23	60	74	53	54
Basic Earnings per Share	$0.67	$0.68	$0.19	$0.61	$0.45	$0.52	$0.90	$1.96	$2.05	$2.12	$2.29
Weighted Average Basic Shares Outstanding	66.33M	67.54M	68.44M	68.83M	66.35M	64.87M	61.41M	60.56M	61.14M	61.73M	59.61M
Diluted Earnings per Share	$0.63	$0.64	$0.19	$0.59	$0.44	$0.52	$0.89	$1.94	$2.03	$2.09	$2.28
Weighted Average Diluted Shares Outstanding	78.38M	76.35M	69.29M	74.82M	69.16M	65.47M	62.00M	61.19M	61.76M	62.39M	59.92M
Weighted Average Basic & Diluted Shares Outstanding	66.60M	67.90M	69.10M	68.90M	65.42M	63.92M	60.90M	61.74M	62.60M	63.34M	59.06M

This table shows Photronics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/28/2024	4/28/2024	7/28/2024	10/31/2024	2/2/2025	5/4/2025	8/3/2025	10/31/2025	2/1/2026	5/3/2026	8/2/2026
Net Income / (Loss) Attributable to Common Shareholders	26	36	34	34	43	8.86	23	62	43	31	29
Consolidated Net Income / (Loss)	39	56	48	40	58	24	29	79	60	43	44
Net Income / (Loss) Continuing Operations	39	56	48	40	58	24	29	79	60	43	44
Total Pre-Tax Income	54	77	62	55	77	30	39	76	75	54	55
Total Operating Income	57	56	52	56	52	56	48	52	55	42	46
Total Gross Profit	79	79	75	82	76	78	71	76	79	66	72
Total Revenue	216	217	211	223	212	211	210	216	225	210	216
Operating Revenue	216	217	211	223	212	211	210	216	225	210	216
Total Cost of Revenue	137	138	136	140	137	133	140	140	146	144	144
Operating Cost of Revenue	137	138	136	140	137	133	140	140	146	144	144
Total Operating Expenses	22	23	23	26	23	22	23	23	24	24	26
Selling, General & Admin Expense	18	19	19	21	19	18	18	20	21	21	23
Research & Development Expense	3.45	4.29	3.56	5.28	4.26	4.09	4.27	3.19	2.59	2.82	3.71
Other Special Charges / (Income)	-	-	-0.00	-	0.00	0.00	0.00	-	-0.06	0.00	-0.02
Total Other Income / (Expense), net	-3.75	21	10	-1.13	25	-26	-9.43	24	20	12	9.37
Interest Expense	0.09	0.11	0.06	0.08	0.05	0.00	0.00	0.00	0.00	0.00	0.03
Other Income / (Expense), net	-3.66	21	10	-1.05	25	-26	-9.43	24	20	12	9.40
Income Tax Expense	15	20	14	15	19	5.71	9.59	-2.66	14	11	11
Net Income / (Loss) Attributable to Noncontrolling Interest	13	20	14	6.36	15	15	6.25	17	17	12	15
Basic Earnings per Share	$0.43	$0.59	$0.56	$0.54	$0.69	$0.15	$0.40	$1.05	$0.74	$0.54	$0.50
Weighted Average Basic Shares Outstanding	61.46M	61.77M	61.82M	61.73M	62.09M	60.79M	57.94M	59.61M	57.79M	58.12M	58.18M
Diluted Earnings per Share	$0.42	$0.58	$0.55	$0.54	$0.68	$0.15	$0.39	$1.06	$0.74	$0.54	$0.49
Weighted Average Diluted Shares Outstanding	62.28M	62.41M	62.41M	62.39M	62.66M	60.97M	58.07M	59.92M	58.39M	58.75M	58.72M
Weighted Average Basic & Diluted Shares Outstanding	63.35M	63.36M	63.35M	63.34M	63.56M	60.15M	59.00M	0.00	58.97M	58.96M	59.00M

This table details how cash moves in and out of Photronics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/1/2015	10/30/2016	10/29/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Net Change in Cash & Equivalents	13	108	-12	26	-125	72	-1.92	43	179	99	-106
Net Cash From Operating Activities	133	122	97	131	68	143	151	275	302	261	248
Net Cash From Continuing Operating Activities	133	122	97	131	68	143	151	275	302	261	248
Net Income / (Loss) Continuing Operations	57	56	21	61	40	40	79	179	200	184	190
Consolidated Net Income / (Loss)	57	56	21	61	40	40	79	179	200	184	190
Depreciation Expense	76	78	82	80	79	89	88	80	80	82	77
Amortization Expense	6.73	5.23	4.87	4.80	4.64	4.64	2.86	0.36	0.36	0.37	0.35
Non-Cash Adjustments To Reconcile Net Income	3.69	-5.11	3.63	3.18	3.68	4.93	5.35	6.31	8.00	14	13
Changes in Operating Assets and Liabilities, net	-9.77	-11	-15	-18	-60	3.96	-24	9.31	14	-19	-33
Net Cash From Investing Activities	-104	52	-98	-91	-151	-66	-103	-148	-102	-156	-239
Net Cash From Continuing Investing Activities	-104	52	-98	-91	-151	-66	-103	-148	-102	-156	-239
Purchase of Property, Plant & Equipment	-104	-50	-92	-93	-178	-71	-109	-112	-131	-131	-188
Acquisitions	-0.77	-0.01	-6.23	-0.22	-0.10	-0.16	-0.17	-0.21	-0.12	-0.09	-0.09
Purchase of Investments	-	-	-	-	-	0.00	0.00	-39	-20	-101	-130
Sale and/or Maturity of Investments	0.00	102	0.17	-	-	-	0.00	0.00	48	73	77
Other Investing Activities, net	0.50	0.60	0.02	1.93	27	5.26	5.78	3.64	2.52	2.29	2.16
Net Cash From Financing Activities	-7.10	-67	-11	-14	-42	-16	-54	-39	-18	-7.73	-115
Net Cash From Continuing Financing Activities	-7.10	-67	-11	-14	-42	-16	-54	-39	-18	-7.73	-115
Repayment of Debt	-9.75	-58	-5.46	-5.16	-61	-7.39	-20	-65	-18	-6.62	-18
Repurchase of Common Equity	-	0.00	0.00	-23	-22	-34	-48	-2.52	0.00	0.00	-97
Issuance of Common Equity	2.65	3.46	2.83	23	31	22	3.87	31	1.25	1.92	2.23
Other Financing Activities, net	-	-	-	-	-	-0.25	-0.44	-1.47	-1.30	-3.03	-2.09
Effect of Exchange Rate Changes	-8.85	0.80	-	-	-	11	4.70	-46	-2.68	2.13	0.23

This table details how cash moves in and out of Photronics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/28/2024	4/28/2024	7/28/2024	10/31/2024	2/2/2025	5/4/2025	8/3/2025	10/31/2025	2/1/2026	5/3/2026	8/2/2026
Net Change in Cash & Equivalents	9.45	-15	43	61	44	-111	-51	13	52	-33	38
Net Cash From Operating Activities	42	76	75	68	78	31	50	88	97	47	76
Net Cash From Continuing Operating Activities	42	76	75	68	78	31	50	88	97	47	76
Net Income / (Loss) Continuing Operations	39	56	48	40	58	24	29	79	60	43	44
Consolidated Net Income / (Loss)	39	56	48	40	58	24	29	79	60	43	44
Depreciation Expense	21	21	20	21	21	20	19	18	20	20	21
Non-Cash Adjustments To Reconcile Net Income	2.57	3.93	3.34	4.05	3.33	3.38	3.29	3.39	2.85	3.73	3.86
Changes in Operating Assets and Liabilities, net	-21	-4.60	3.44	2.90	-3.92	-16	-1.23	-13	14	-20	7.58
Net Cash From Investing Activities	-42	-72	-27	-14	6.85	-88	-93	-65	-40	-78	-33
Net Cash From Continuing Investing Activities	-42	-72	-27	-14	6.85	-88	-93	-65	-40	-78	-33
Purchase of Property, Plant & Equipment	-43	-20	-24	-43	-35	-61	-25	-68	-48	-46	-37
Purchase of Investments	-2.44	-64	-35	-	0.00	-28	-69	-33	-37	-69	-73
Sale and/or Maturity of Investments	2.50	11	31	28	41	-	0.67	35	41	37	77
Other Investing Activities, net	1.04	0.38	0.12	0.75	0.56	0.55	0.30	0.75	2.49	0.01	0.02
Net Cash From Financing Activities	-2.87	-1.86	-1.70	-1.30	-20	-75	-20	0.03	0.75	-1.17	0.08
Net Cash From Continuing Financing Activities	-2.87	-1.86	-1.70	-1.30	-20	-75	-20	0.03	0.75	-1.17	0.08
Repayment of Debt	-1.19	-1.65	-1.66	-2.12	-15	-2.62	-0.00	-0.00	-0.00	-0.00	-0.00
Issuance of Common Equity	0.94	0.12	0.02	0.84	1.43	0.15	0.54	0.11	0.75	0.46	0.12
Other Financing Activities, net	-2.61	-0.33	-0.06	-0.02	-2.00	-0.01	-0.01	-0.08	0.00	-1.63	-0.04
Effect of Exchange Rate Changes	13	-17	-2.62	8.58	-21	20	12	-9.90	-5.92	-0.81	-5.58

This table presents Photronics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/1/2015	10/30/2016	10/29/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Total Assets	1,043	988	1,021	1,110	1,119	1,188	1,294	1,316	1,526	1,712	1,805
Total Current Assets	361	442	449	503	428	500	551	645	785	931	890
Cash & Equivalents	206	314	308	329	207	279	277	320	499	598	492
Short-Term Investments	-	-	-	-	-	-	0.00	39	13	42	96
Accounts Receivable	110	93	105	121	134	134	174	198	195	201	196
Inventories, net	24	22	24	29	48	57	55	51	50	57	62
Other Current Assets	21	13	12	24	38	30	44	37	28	33	44
Plant, Property, & Equipment, net	547	506	535	572	632	631	697	644	709	745	854
Total Noncurrent Assets	135	40	36	35	59	57	47	27	32	36	60
Noncurrent Deferred & Refundable Income Taxes	13	16	15	18	21	22	24	20	21	23	40
Other Noncurrent Operating Assets	4.61	3.79	3.87	5.02	30	31	23	7.49	10	13	20
Total Liabilities & Shareholders' Equity	1,043	988	1,021	1,110	1,119	1,188	1,294	1,316	1,526	1,712	1,805
Total Liabilities	281	163	155	205	208	226	294	254	251	231	207
Total Current Liabilities	193	81	82	191	152	143	176	194	185	184	166
Short-Term Debt	65	5.43	4.64	57	11	14	22	10	6.62	18	0.01
Accounts Payable	88	52	51	89	91	75	82	80	84	79	84
Accrued Expenses	39	24	26	44	50	54	72	104	95	87	82
Total Noncurrent Liabilities	89	81	74	14	56	83	117	60	65	47	41
Long-Term Debt	67	62	57	0.00	42	55	89	32	18	0.03	0.01
Other Noncurrent Operating Liabilities	19	18	14	14	14	28	28	28	47	47	41
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	762	825	865	905	911	962	1,001	1,062	1,276	1,481	1,597
Total Preferred & Common Equity	647	710	745	760	770	805	824	832	975	1,121	1,174
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	647	710	745	760	770	805	824	832	975	1,121	1,174
Common Stock	527	542	548	556	525	508	485	494	503	515	488
Retained Earnings	130	176	189	231	254	279	318	436	561	692	772
Accumulated Other Comprehensive Income / (Loss)	-11	-7.67	6.89	-4.97	-9.01	18	21	-98	-89	-86	-86
Noncontrolling Interest	116	115	121	145	141	157	177	231	301	360	424

This table presents Photronics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	4/30/2023	7/30/2023	1/28/2024	4/28/2024	7/28/2024	2/2/2025	5/4/2025	8/3/2025	2/1/2026	5/3/2026	8/2/2026
Total Assets	1,451	1,503	1,583	1,603	1,645	1,705	1,703	1,753	1,901	1,931	1,991
Total Current Assets	720	772	808	844	893	921	856	872	946	944	975
Cash & Equivalents	367	448	509	494	537	642	531	480	544	511	550
Short-Term Investments	45	27	13	66	69	0.00	28	96	93	126	123
Accounts Receivable	214	206	204	198	200	188	196	191	199	189	188
Inventories, net	55	55	51	54	55	58	61	63	63	68	65
Other Current Assets	38	35	32	32	31	33	40	42	47	49	50
Plant, Property, & Equipment, net	700	701	743	729	723	750	808	839	895	928	955
Total Noncurrent Assets	31	30	32	30	30	34	40	42	61	59	61
Noncurrent Deferred & Refundable Income Taxes	19	19	22	20	20	19	25	26	38	37	38
Other Noncurrent Operating Assets	12	11	10	10	9.58	15	15	15	22	22	23
Total Liabilities & Shareholders' Equity	1,451	1,503	1,583	1,603	1,645	1,705	1,703	1,753	1,901	1,931	1,991
Total Liabilities	246	251	236	235	232	210	206	215	251	237	247
Total Current Liabilities	185	191	185	196	191	163	167	175	207	187	197
Short-Term Debt	7.02	6.59	21	19	20	2.63	0.01	0.01	0.01	0.01	3.89
Accounts Payable	93	102	87	95	89	86	89	100	112	108	117
Accrued Expenses	85	83	78	82	82	74	77	75	95	79	76
Total Noncurrent Liabilities	61	61	50	40	41	48	39	40	45	50	50
Long-Term Debt	21	20	2.66	2.46	0.03	0.02	0.02	0.02	0.01	3.85	0.00
Other Noncurrent Operating Liabilities	40	41	48	37	41	48	39	40	45	47	50
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,205	1,252	1,347	1,368	1,413	1,494	1,497	1,538	1,650	1,693	1,744
Total Preferred & Common Equity	928	961	1,023	1,035	1,068	1,128	1,101	1,126	1,211	1,241	1,281
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	928	961	1,023	1,035	1,068	1,128	1,101	1,126	1,211	1,241	1,281
Common Stock	498	500	504	507	511	516	490	484	489	493	497
Retained Earnings	490	517	587	624	658	732	698	710	814	846	875
Accumulated Other Comprehensive Income / (Loss)	-60	-56	-68	-96	-100	-120	-87	-69	-92	-98	-91
Noncontrolling Interest	277	291	324	333	345	366	396	412	439	452	463

This table displays calculated financial ratios and metrics derived from Photronics' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	11/1/2015	10/30/2016	10/29/2017	10/31/2018	10/31/2019	10/31/2020	10/31/2021	10/31/2022	10/31/2023	10/31/2024	10/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	15.08%	-7.77%	-6.78%	18.77%	2.87%	10.72%	8.87%	24.22%	8.19%	-2.82%	-2.04%
EBITDA Growth	22.32%	-12.51%	-16.24%	34.49%	-12.35%	16.01%	23.01%	65.50%	9.34%	-5.88%	-9.41%
EBIT Growth	54.46%	-26.83%	-47.54%	145.95%	-26.41%	22.72%	62.10%	132.32%	12.24%	-8.37%	-10.46%
NOPAT Growth	162.73%	-17.61%	-47.14%	129.48%	-28.98%	0.58%	74.50%	117.46%	17.79%	-12.04%	8.47%
Net Income Growth	77.49%	-2.08%	-61.76%	187.64%	-33.88%	-0.37%	95.36%	127.42%	11.38%	-7.91%	3.47%
EPS Growth	53.66%	1.59%	-70.31%	210.53%	-25.42%	18.18%	71.15%	117.98%	4.64%	2.96%	9.09%
Operating Cash Flow Growth	38.23%	-8.30%	-20.72%	34.84%	-47.62%	109.17%	5.40%	82.52%	9.81%	-13.48%	-5.22%
Free Cash Flow Firm Growth	158.36%	11.87%	-122.97%	400.28%	-283.88%	156.57%	-121.88%	2,520.26%	-41.64%	-34.82%	-70.94%
Invested Capital Growth	0.03%	-2.87%	7.01%	2.18%	19.69%	-0.67%	11.08%	-10.73%	5.64%	8.89%	17.61%
Revenue Q/Q Growth	3.44%	-6.63%	3.11%	4.63%	2.15%	-1.13%	5.07%	3.64%	1.97%	-0.56%	-0.80%
EBITDA Q/Q Growth	18.78%	-9.44%	12.34%	6.59%	2.31%	0.72%	17.29%	11.93%	4.27%	-7.95%	6.67%
EBIT Q/Q Growth	32.48%	-29.42%	36.42%	11.60%	-9.35%	-4.08%	32.73%	16.06%	4.58%	-10.41%	10.56%
NOPAT Q/Q Growth	33.59%	-24.57%	11.98%	8.71%	7.66%	-13.85%	25.48%	15.47%	1.14%	-4.65%	11.34%
Net Income Q/Q Growth	37.31%	-21.87%	22.62%	11.41%	-8.44%	-9.95%	34.12%	17.45%	4.12%	-11.09%	25.29%
EPS Q/Q Growth	36.96%	-21.95%	-5.00%	20.41%	-8.33%	-7.14%	32.84%	17.58%	5.73%	-7.52%	29.55%
Operating Cash Flow Q/Q Growth	5.42%	-8.00%	-7.37%	18.70%	1.90%	16.16%	-15.24%	17.80%	9.95%	-12.76%	8.52%
Free Cash Flow Firm Q/Q Growth	30.56%	2.35%	-136.16%	755.20%	-10.78%	-9.49%	53.19%	18.20%	4.58%	-36.23%	8.55%
Invested Capital Q/Q Growth	-0.12%	-3.00%	7.16%	-0.93%	0.68%	0.44%	0.78%	-1.39%	-1.84%	3.74%	4.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	27.31%	24.55%	20.26%	24.57%	21.94%	22.09%	25.17%	35.68%	37.68%	36.44%	35.30%
EBITDA Margin	30.03%	28.49%	25.60%	28.99%	24.70%	25.88%	29.24%	38.96%	39.37%	38.13%	35.26%
Operating Margin	13.78%	10.85%	7.07%	12.26%	9.47%	10.49%	14.25%	25.69%	28.37%	25.55%	24.51%
EBIT Margin	14.31%	11.36%	6.39%	13.23%	9.47%	10.49%	15.62%	29.21%	30.31%	28.58%	26.12%
Profit (Net Income) Margin	10.85%	11.52%	4.72%	11.44%	7.35%	6.62%	11.87%	21.74%	22.38%	21.21%	22.40%
Tax Burden Percent	81.18%	92.07%	80.14%	89.30%	79.86%	65.49%	77.27%	74.99%	73.95%	74.31%	85.77%
Interest Burden Percent	93.35%	110.16%	92.24%	96.81%	97.27%	96.30%	98.38%	99.23%	99.84%	99.87%	99.98%
Effective Tax Rate	18.82%	7.93%	19.86%	10.70%	20.14%	34.51%	22.73%	25.01%	26.05%	25.69%	14.23%
Return on Invested Capital (ROIC)	9.84%	8.23%	4.26%	9.36%	5.99%	5.55%	9.20%	20.09%	24.40%	20.00%	19.12%
ROIC Less NNEP Spread (ROIC-NNEP)	10.99%	4.66%	5.99%	8.35%	6.52%	6.38%	6.13%	11.62%	21.29%	16.53%	17.19%
Return on Net Nonoperating Assets (RNNOA)	-2.27%	-1.21%	-1.75%	-2.44%	-1.53%	-1.24%	-1.17%	-2.71%	-7.32%	-6.66%	-6.76%
Return on Equity (ROE)	7.57%	7.01%	2.52%	6.92%	4.46%	4.31%	8.03%	17.38%	17.08%	13.34%	12.36%
Cash Return on Invested Capital (CROIC)	9.82%	11.14%	-2.51%	7.21%	-11.94%	6.22%	-1.29%	31.43%	18.91%	11.49%	2.94%
Operating Return on Assets (OROA)	7.24%	5.41%	2.87%	6.65%	4.68%	5.55%	8.35%	18.46%	19.03%	15.30%	12.62%
Return on Assets (ROA)	5.49%	5.48%	2.12%	5.75%	3.63%	3.50%	6.35%	13.73%	14.05%	11.35%	10.82%
Return on Common Equity (ROCE)	6.43%	6.00%	2.17%	5.88%	3.76%	3.62%	6.66%	13.95%	13.20%	10.14%	9.21%
Return on Equity Simple (ROE_SIMPLE)	8.79%	7.84%	2.86%	8.06%	5.26%	5.01%	9.57%	21.56%	20.48%	16.40%	0.00%
Net Operating Profit after Tax (NOPAT)	59	48	26	59	42	42	73	159	187	165	179
NOPAT Margin	11.19%	9.99%	5.67%	10.95%	7.56%	6.87%	11.01%	19.27%	20.98%	18.99%	21.02%
Net Nonoperating Expense Percent (NNEP)	-1.15%	3.57%	-1.72%	1.02%	-0.53%	-0.84%	3.07%	8.47%	3.11%	3.47%	1.93%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	14.38%	14.39%	10.98%	11.18%
Cost of Revenue to Revenue	72.69%	75.45%	79.74%	75.43%	78.06%	77.91%	74.83%	64.32%	62.32%	63.56%	64.70%
SG&A Expenses to Revenue	9.34%	9.22%	9.67%	9.60%	9.50%	8.79%	8.67%	7.76%	7.79%	8.97%	8.90%
R&D to Revenue	4.18%	4.48%	3.52%	2.71%	2.98%	2.81%	2.79%	2.22%	1.53%	1.91%	1.86%
Operating Expenses to Revenue	13.53%	13.70%	13.19%	12.31%	12.48%	11.60%	10.92%	9.99%	9.32%	10.89%	10.79%
Earnings before Interest and Taxes (EBIT)	75	55	29	71	52	64	104	241	270	248	222
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	157	138	115	155	136	158	194	321	351	331	299
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.99	0.95	0.88	0.88	1.03	0.80	0.96	1.20	1.18	1.29	1.23
Price to Tangible Book Value (P/TBV)	1.03	0.97	0.91	0.89	1.04	0.80	0.96	1.20	1.18	1.29	1.23
Price to Revenue (P/Rev)	1.22	1.39	1.46	1.24	1.44	1.05	1.20	1.21	1.29	1.67	1.69
Price to Earnings (P/E)	14.35	14.54	50.14	15.84	26.61	18.93	14.33	8.42	9.15	11.05	10.54
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	6.97%	6.88%	1.99%	6.31%	3.76%	5.28%	6.98%	11.87%	10.93%	9.05%	9.49%
Enterprise Value to Invested Capital (EV/IC)	0.99	0.93	0.86	0.85	1.03	0.78	0.96	1.23	1.22	1.38	1.26
Enterprise Value to Revenue (EV/Rev)	1.12	1.12	1.18	1.01	1.42	0.96	1.21	1.11	1.08	1.36	1.50
Enterprise Value to EBITDA (EV/EBITDA)	3.74	3.92	4.62	3.47	5.74	3.72	4.15	2.85	2.74	3.57	4.25
Enterprise Value to EBIT (EV/EBIT)	7.86	9.84	18.51	7.61	14.97	9.18	7.78	3.80	3.56	4.77	5.74
Enterprise Value to NOPAT (EV/NOPAT)	10.05	11.18	20.87	9.20	18.75	14.03	11.04	5.76	5.14	7.18	7.13
Enterprise Value to Operating Cash Flow (EV/OCF)	4.43	4.42	5.50	4.13	11.41	4.11	5.35	3.33	3.18	4.52	5.14
Enterprise Value to Free Cash Flow (EV/FCFF)	10.08	8.25	0.00	11.95	0.00	12.52	0.00	3.68	6.63	12.50	46.35
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.17	0.08	0.07	0.06	0.06	0.07	0.11	0.04	0.02	0.01	0.00
Long-Term Debt to Equity	0.09	0.07	0.07	0.00	0.05	0.06	0.09	0.03	0.01	0.00	0.00
Financial Leverage	-0.21	-0.26	-0.29	-0.29	-0.23	-0.19	-0.19	-0.23	-0.34	-0.40	-0.39
Leverage Ratio	1.38	1.28	1.19	1.20	1.23	1.23	1.26	1.27	1.22	1.17	1.14
Compound Leverage Factor	1.29	1.41	1.10	1.17	1.19	1.19	1.24	1.26	1.21	1.17	1.14
Debt to Total Capital	14.82%	7.54%	6.68%	5.97%	5.47%	6.66%	10.04%	3.83%	1.89%	1.20%	0.00%
Short-Term Debt to Total Capital	7.32%	0.61%	0.50%	5.97%	1.13%	1.33%	2.00%	0.91%	0.51%	1.20%	0.00%
Long-Term Debt to Total Capital	7.50%	6.93%	6.18%	0.00%	4.35%	5.33%	8.04%	2.93%	1.38%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	12.91%	12.89%	13.02%	15.06%	14.65%	15.26%	15.90%	20.88%	23.12%	24.01%	26.53%
Common Equity to Total Capital	72.27%	79.57%	80.30%	78.97%	79.88%	78.08%	74.06%	75.29%	74.99%	74.79%	73.47%
Debt to EBITDA	0.84	0.49	0.54	0.37	0.39	0.44	0.58	0.13	0.07	0.05	0.00
Net Debt to EBITDA	-1.06	-1.79	-2.13	-1.75	-1.13	-1.33	-0.85	-0.98	-1.39	-1.88	-1.96
Long-Term Debt to EBITDA	0.43	0.45	0.50	0.00	0.31	0.35	0.46	0.10	0.05	0.00	0.00
Debt to NOPAT	2.26	1.39	2.43	0.98	1.27	1.64	1.53	0.27	0.13	0.11	0.00
Net Debt to NOPAT	-2.84	-5.11	-9.63	-4.64	-3.69	-5.02	-2.26	-1.99	-2.61	-3.78	-3.29
Long-Term Debt to NOPAT	1.14	1.28	2.25	0.00	1.01	1.31	1.22	0.20	0.10	0.00	0.00
Altman Z-Score	2.47	3.84	3.77	3.27	3.55	3.08	3.09	4.47	4.91	5.82	6.12
Noncontrolling Interest Sharing Ratio	15.11%	14.53%	13.95%	15.01%	15.76%	15.93%	17.03%	19.75%	22.72%	23.96%	25.46%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.87	5.43	5.49	2.63	2.81	3.50	3.13	3.33	4.24	5.07	5.37
Quick Ratio	1.64	5.00	5.05	2.35	2.24	2.89	2.56	2.87	3.82	4.58	4.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	58	65	-15	45	-83	47	-10	249	145	95	27
Operating Cash Flow to CapEx	128.03%	243.56%	105.29%	141.02%	38.34%	202.00%	138.20%	244.96%	230.15%	199.66%	131.71%
Free Cash Flow to Firm to Interest Expense	11.72	19.44	-6.72	19.94	-58.21	19.83	-6.09	133.84	334.97	283.05	499.45
Operating Cash Flow to Interest Expense	26.69	36.30	43.33	57.72	47.99	60.43	89.48	148.19	697.87	782.77	4,505.42
Operating Cash Flow Less CapEx to Interest Expense	5.84	21.39	2.18	16.79	-77.19	30.52	24.73	87.69	394.64	390.72	1,084.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.51	0.48	0.45	0.50	0.49	0.53	0.53	0.63	0.63	0.54	0.48
Accounts Receivable Turnover	5.12	4.77	4.55	4.74	4.32	4.53	4.30	4.43	4.54	4.38	4.28
Inventory Turnover	16.34	15.78	15.70	15.27	11.12	9.01	8.83	10.01	11.04	10.35	9.29
Fixed Asset Turnover	0.96	0.92	0.87	0.97	0.91	0.96	1.00	1.23	1.32	1.19	1.06
Accounts Payable Turnover	4.37	5.22	7.01	5.77	4.76	5.70	6.33	6.58	6.80	6.77	6.75
Days Sales Outstanding (DSO)	71.22	76.51	80.16	77.00	84.50	80.50	84.94	82.47	80.41	83.31	85.26
Days Inventory Outstanding (DIO)	22.33	23.13	23.25	23.90	32.84	40.50	41.34	36.48	33.06	35.27	39.29
Days Payable Outstanding (DPO)	83.56	69.86	52.05	63.27	76.65	64.06	57.65	55.44	53.70	53.90	54.11
Cash Conversion Cycle (CCC)	9.99	29.79	51.37	37.63	40.69	56.93	68.63	63.51	59.77	64.68	70.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	596	579	619	633	757	752	836	746	788	858	1,009
Invested Capital Turnover	0.88	0.82	0.75	0.86	0.79	0.81	0.84	1.04	1.16	1.05	0.91
Increase / (Decrease) in Invested Capital	0.16	-17	41	13	125	-5.06	83	-90	42	70	151
Enterprise Value (EV)	590	540	533	539	780	588	806	915	961	1,182	1,273
Market Capitalization	640	672	658	666	793	640	794	1,001	1,148	1,444	1,438
Book Value per Share	$9.68	$10.42	$10.80	$11.11	$11.46	$12.26	$13.47	$13.48	$15.59	$17.69	$19.69
Tangible Book Value per Share	$9.31	$10.13	$10.55	$10.93	$11.34	$12.21	$13.47	$13.48	$15.59	$17.69	$19.69
Total Capital	895	893	927	962	964	1,031	1,112	1,104	1,300	1,499	1,597
Total Debt	133	67	62	57	53	69	112	42	25	18	0.02
Total Long-Term Debt	67	62	57	0.00	42	55	89	32	18	0.03	0.01
Net Debt	-166	-247	-246	-272	-154	-210	-165	-316	-488	-623	-588
Capital Expenditures (CapEx)	104	50	92	93	178	71	109	112	131	131	188
Debt-free, Cash-free Net Working Capital (DFCFNWC)	28	52	64	40	80	92	120	102	95	125	136
Debt-free Net Working Capital (DFNWC)	234	366	372	369	286	371	397	461	607	765	724
Net Working Capital (NWC)	168	360	367	312	276	357	374	451	600	747	724
Net Nonoperating Expense (NNE)	1.78	-7.36	4.25	-2.63	1.13	1.52	-5.76	-20	-12	-19	-12
Net Nonoperating Obligations (NNO)	-166	-247	-246	-272	-154	-210	-165	-316	-488	-623	-588
Total Depreciation and Amortization (D&A)	82	83	87	84	84	94	90	80	81	83	78
Debt-free, Cash-free Net Working Capital to Revenue	5.28%	10.68%	14.19%	7.44%	14.51%	15.12%	18.09%	12.42%	10.61%	14.37%	16.02%
Debt-free Net Working Capital to Revenue	44.56%	75.64%	82.54%	68.96%	52.02%	60.83%	59.77%	55.89%	68.03%	88.27%	85.27%
Net Working Capital to Revenue	32.06%	74.52%	81.51%	58.22%	50.04%	58.59%	56.42%	54.68%	67.28%	86.19%	85.27%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.67	$0.68	$0.19	$0.61	$0.45	$0.52	$0.90	$1.96	$2.05	$2.12	$2.29
Adjusted Weighted Average Basic Shares Outstanding	66.33M	67.54M	68.44M	68.83M	66.35M	64.87M	61.41M	60.56M	61.14M	61.73M	59.61M
Adjusted Diluted Earnings per Share	$0.63	$0.64	$0.19	$0.59	$0.44	$0.52	$0.89	$1.94	$2.03	$2.09	$2.28
Adjusted Weighted Average Diluted Shares Outstanding	78.38M	76.35M	69.29M	74.82M	69.16M	65.47M	62.00M	61.19M	61.76M	62.39M	59.92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	66.98M	68.33M	69.05M	66.99M	65.42M	63.92M	60.90M	61.74M	62.60M	63.34M	0.00
Normalized Net Operating Profit after Tax (NOPAT)	59	48	26	59	42	42	70	159	187	165	179
Normalized NOPAT Margin	11.19%	9.99%	5.67%	10.95%	7.56%	6.87%	10.60%	19.27%	20.98%	18.99%	21.05%
Pre Tax Income Margin	13.36%	12.51%	5.89%	12.81%	9.21%	10.10%	15.37%	28.99%	30.26%	28.54%	26.11%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	15.04	16.31	12.89	31.31	36.58	27.02	61.54	129.72	624.43	741.76	4,033.44
NOPAT to Interest Expense	11.75	14.36	11.43	25.91	29.21	17.69	43.36	85.55	432.19	492.83	3,246.34
EBIT Less CapEx to Interest Expense	-5.81	1.41	-28.26	-9.62	-88.60	-2.89	-3.21	69.23	321.21	349.72	612.76
NOPAT Less CapEx to Interest Expense	-9.10	-0.55	-29.72	-15.02	-95.96	-12.23	-21.39	25.06	128.97	100.79	-174.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	23.09%	38.98%	13.34%	111.26%	40.03%	12.18%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	23.09%	38.98%	51.08%	164.84%	125.29%	73.39%	1.41%	0.00%	0.00%	51.21%

This table displays calculated financial ratios and metrics derived from Photronics' official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/28/2024	4/28/2024	7/28/2024	10/31/2024	2/2/2025	5/4/2025	8/3/2025	10/31/2025	2/1/2026	5/3/2026	8/2/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	60,150,512.00	60,150,512.00	58,963,698.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	60,150,512.00	60,150,512.00	58,963,698.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	0.71	0.52	0.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.48%	-5.37%	-5.90%	-2.13%	-1.94%	-2.77%	-0.28%	-3.08%	-	-0.50%	2.69%
EBITDA Growth	22.79%	-3.14%	-2.87%	-27.66%	31.48%	-49.24%	-30.19%	24.32%	-	49.14%	31.83%
EBIT Growth	29.41%	-4.91%	-3.30%	-34.44%	43.42%	-61.01%	-37.88%	38.67%	-	79.91%	41.75%
NOPAT Growth	7.18%	-16.30%	-17.60%	-16.41%	-5.77%	9.27%	-10.15%	31.59%	-	-24.86%	0.44%
Net Income Growth	35.00%	-4.89%	-0.18%	-36.31%	49.06%	-57.04%	-39.51%	95.45%	-	78.59%	50.60%
EPS Growth	82.61%	-10.77%	25.00%	-23.94%	61.90%	-74.14%	-29.09%	96.30%	-	260.00%	25.64%
Operating Cash Flow Growth	49.96%	-6.72%	-12.57%	-35.88%	89.04%	-58.88%	-33.33%	28.45%	-	49.52%	52.48%
Free Cash Flow Firm Growth	94.37%	-3.86%	513.61%	-519.38%	-4.89%	-301.67%	-720.14%	-234.06%	-	-37.91%	22.93%
Invested Capital Growth	0.76%	1.20%	3.04%	8.89%	0.67%	13.07%	16.33%	17.61%	-	12.92%	11.70%
Revenue Q/Q Growth	-4.90%	0.31%	-2.77%	5.52%	-4.71%	-0.54%	-0.28%	2.56%	-	-6.72%	2.91%
EBITDA Q/Q Growth	-28.68%	30.91%	-15.47%	-8.34%	29.63%	-49.46%	16.26%	63.23%	-	-21.70%	2.76%
EBIT Q/Q Growth	-35.57%	42.64%	-18.80%	-12.14%	40.94%	-61.23%	29.39%	96.13%	-	-27.74%	1.94%
NOPAT Q/Q Growth	-14.74%	-1.31%	-2.26%	1.64%	-3.88%	14.43%	-19.63%	48.85%	-	-23.53%	7.44%
Net Income Q/Q Growth	-38.12%	44.24%	-14.55%	-16.49%	44.83%	-58.43%	20.32%	169.81%	-	-28.13%	1.46%
EPS Q/Q Growth	-40.85%	38.10%	-5.17%	-1.82%	25.93%	-77.94%	160.00%	171.79%	-	-27.03%	-9.26%
Operating Cash Flow Q/Q Growth	-61.07%	84.27%	-1.84%	-8.94%	14.77%	-59.92%	59.14%	75.46%	-	-51.64%	62.29%
Free Cash Flow Firm Q/Q Growth	411.00%	-11.32%	-49.28%	-282.48%	215.88%	-288.04%	-55.96%	1.70%	-	23.42%	12.85%
Invested Capital Q/Q Growth	7.73%	-2.24%	-0.33%	3.74%	-0.40%	9.80%	2.54%	4.88%	-	4.60%	1.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.64%	36.52%	35.61%	36.97%	35.61%	36.92%	33.68%	35.01%	-	31.32%	33.20%
EBITDA Margin	34.45%	44.96%	39.09%	33.96%	46.19%	23.47%	27.37%	43.56%	-	35.18%	35.14%
Operating Margin	26.57%	25.83%	24.72%	25.08%	24.60%	26.41%	22.89%	24.15%	-	20.09%	21.06%
EBIT Margin	24.88%	35.38%	29.55%	24.61%	36.39%	14.19%	18.41%	35.21%	-	25.65%	25.41%
Profit (Net Income) Margin	18.07%	25.98%	22.83%	18.07%	27.46%	11.48%	13.85%	36.44%	-	20.60%	20.31%
Tax Burden Percent	72.72%	73.61%	77.33%	73.41%	75.50%	80.91%	75.23%	103.50%	-	80.31%	79.97%
Interest Burden Percent	99.83%	99.74%	99.91%	100.03%	99.94%	99.99%	100.00%	99.99%	-	100.00%	99.94%
Effective Tax Rate	27.28%	26.39%	22.67%	26.59%	24.50%	19.09%	24.77%	-3.50%	-	19.69%	20.03%
Return on Invested Capital (ROIC)	20.50%	20.40%	20.44%	19.39%	18.81%	20.70%	16.48%	22.74%	-	13.91%	14.34%
ROIC Less NNEP Spread (ROIC-NNEP)	21.15%	17.12%	18.93%	19.53%	15.49%	24.51%	17.70%	18.66%	-	12.33%	13.13%
Return on Net Nonoperating Assets (RNNOA)	-7.01%	-6.14%	-7.35%	-7.87%	-6.20%	-9.38%	-6.97%	-7.34%	-	-4.61%	-4.98%
Return on Equity (ROE)	13.49%	14.26%	13.09%	11.53%	12.61%	11.32%	9.51%	15.40%	-	9.30%	9.35%
Cash Return on Invested Capital (CROIC)	21.62%	20.77%	18.19%	11.49%	18.36%	6.34%	2.83%	2.94%	-	5.02%	5.61%
Operating Return on Assets (OROA)	14.77%	20.51%	16.37%	13.18%	19.10%	7.35%	9.28%	17.01%	-	12.16%	11.77%
Return on Assets (ROA)	10.72%	15.05%	12.64%	9.67%	14.41%	5.95%	6.98%	17.60%	-	9.76%	9.41%
Return on Common Equity (ROCE)	10.37%	10.88%	9.97%	8.76%	9.54%	8.44%	7.07%	11.48%	-	6.83%	6.86%
Return on Equity Simple (ROE_SIMPLE)	20.51%	19.99%	19.36%	0.00%	18.00%	15.52%	0.00%	0.00%	-	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	42	41	40	41	39	45	36	54	44	34	36
NOPAT Margin	19.33%	19.01%	19.11%	18.41%	18.57%	21.37%	17.22%	24.99%	-	16.13%	16.84%
Net Nonoperating Expense Percent (NNEP)	-0.65%	3.28%	1.52%	-0.14%	3.32%	-3.81%	-1.22%	4.08%	-	1.57%	1.20%
Return On Investment Capital (ROIC_SIMPLE)	3.05%	2.97%	-	2.73%	2.63%	3.01%	2.36%	3.38%	2.68%	2.00%	2.08%
Cost of Revenue to Revenue	63.36%	63.48%	64.39%	63.03%	64.39%	63.08%	66.32%	64.99%	-	68.68%	66.80%
SG&A Expenses to Revenue	8.47%	8.75%	9.21%	9.44%	9.00%	8.58%	8.76%	9.27%	-	9.89%	10.43%
R&D to Revenue	1.59%	1.98%	1.69%	2.37%	2.01%	1.94%	2.03%	1.48%	-	1.34%	1.72%
Operating Expenses to Revenue	10.06%	10.73%	10.90%	11.85%	11.01%	10.52%	10.79%	10.86%	-	11.23%	12.14%
Earnings before Interest and Taxes (EBIT)	54	77	62	55	77	30	39	76	75	54	55
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	75	98	82	76	98	50	58	94	94	74	76
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.84	1.73	1.52	1.29	1.29	1.11	1.06	1.23	-	0.00	1.39
Price to Tangible Book Value (P/TBV)	1.84	1.73	1.52	1.29	1.29	1.11	1.06	1.23	-	0.00	1.39
Price to Revenue (P/Rev)	2.10	2.02	1.86	1.67	1.69	1.43	1.39	1.69	-	0.00	2.06
Price to Earnings (P/E)	13.69	13.37	11.48	11.05	9.88	10.18	10.97	10.54	-	0.00	10.82
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Earnings Yield	7.30%	7.48%	8.71%	9.05%	10.12%	9.82%	9.11%	9.49%	-	0.00%	9.24%
Enterprise Value to Invested Capital (EV/IC)	2.02	1.91	1.67	1.38	1.38	1.13	1.07	1.26	-	0.00	1.47
Enterprise Value to Revenue (EV/Rev)	1.91	1.79	1.59	1.36	1.37	1.24	1.20	1.50	-	0.00	1.82
Enterprise Value to EBITDA (EV/EBITDA)	4.69	4.39	3.85	3.57	3.35	3.47	3.66	4.25	-	0.00	4.67
Enterprise Value to EBIT (EV/EBIT)	6.06	5.69	5.00	4.77	4.36	4.72	5.12	5.74	-	0.00	6.09
Enterprise Value to NOPAT (EV/NOPAT)	9.04	8.76	8.01	7.18	7.30	6.44	6.40	7.13	-	0.00	9.31
Enterprise Value to Operating Cash Flow (EV/OCF)	5.42	5.11	4.61	4.52	3.96	4.18	4.50	5.14	-	0.00	5.12
Enterprise Value to Free Cash Flow (EV/FCFF)	9.36	9.26	9.33	12.50	7.56	18.88	40.58	46.35	-	0.00	27.67
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.02	0.02	0.01	0.01	0.00	0.00	0.00	0.00	-	0.00	0.00
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-	0.00	0.00
Financial Leverage	-0.33	-0.36	-0.39	-0.40	-0.40	-0.38	-0.39	-0.39	-	-0.37	-0.38
Leverage Ratio	1.20	1.19	1.18	1.17	1.16	1.15	1.15	1.14	-	1.14	1.14
Compound Leverage Factor	1.19	1.18	1.18	1.18	1.16	1.15	1.15	1.14	-	1.14	1.14
Debt to Total Capital	1.71%	1.57%	1.40%	1.20%	0.18%	0.00%	0.00%	0.00%	-	0.23%	0.22%
Short-Term Debt to Total Capital	1.52%	1.39%	1.40%	1.20%	0.18%	0.00%	0.00%	0.00%	-	0.00%	0.22%
Long-Term Debt to Total Capital	0.19%	0.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.23%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Noncontrolling Interests to Total Capital	23.65%	23.97%	24.10%	24.01%	24.48%	26.45%	26.82%	26.53%	-	26.64%	26.49%
Common Equity to Total Capital	74.64%	74.46%	74.50%	74.79%	75.34%	73.55%	73.18%	73.47%	-	73.13%	73.28%
Debt to EBITDA	0.06	0.06	0.06	0.05	0.01	0.00	0.00	0.00	-	0.01	0.01
Net Debt to EBITDA	-1.37	-1.49	-1.63	-1.88	-1.81	-1.83	-2.05	-1.96	-	-1.98	-1.98
Long-Term Debt to EBITDA	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	-	0.01	0.00
Debt to NOPAT	0.12	0.12	0.12	0.11	0.02	0.00	0.00	0.00	-	0.02	0.02
Net Debt to NOPAT	-2.63	-2.97	-3.40	-3.78	-3.95	-3.39	-3.59	-3.29	-	-3.70	-3.94
Long-Term Debt to NOPAT	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00	-	0.02	0.00
Altman Z-Score	6.47	6.31	5.93	5.45	5.94	5.17	4.93	5.85	-	0.00	5.95
Noncontrolling Interest Sharing Ratio	23.17%	23.70%	23.87%	23.96%	24.30%	25.45%	25.68%	25.46%	-	26.58%	26.68%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.36	4.32	4.67	5.07	5.66	5.13	4.99	5.37	-	5.05	4.94
Quick Ratio	3.91	3.87	4.22	4.58	5.11	4.52	4.38	4.73	-	4.42	4.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	35	31	16	-29	34	-63	-99	-97	-114	-87	-76
Operating Cash Flow to CapEx	95.83%	382.49%	307.43%	158.23%	222.91%	51.95%	201.52%	130.02%	-	102.68%	206.43%
Free Cash Flow to Firm to Interest Expense	393.71	285.65	274.76	-382.65	717.03	-15,842.17	0.00	-24,287.27	-	-87,393.42	-2,456.90
Operating Cash Flow to Interest Expense	461.20	695.33	1,294.48	899.61	1,669.49	7,863.25	0.00	21,956.00	-	47,030.00	2,462.13
Operating Cash Flow Less CapEx to Interest Expense	-20.07	513.54	873.41	331.07	920.55	-7,274.00	0.00	5,068.75	-	1,229.00	1,269.42
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.59	0.58	0.55	0.54	0.52	0.52	0.50	0.48	-	0.47	0.46
Accounts Receivable Turnover	4.23	4.30	4.29	4.38	4.40	4.35	4.38	4.28	-	4.47	4.58
Inventory Turnover	10.78	10.16	9.98	10.35	10.17	9.46	9.24	9.29	-	8.84	8.97
Fixed Asset Turnover	1.23	1.24	1.22	1.19	1.16	1.11	1.10	1.06	-	0.99	0.97
Accounts Payable Turnover	6.50	5.92	5.81	6.77	6.37	5.93	5.80	6.75	-	5.78	5.29
Days Sales Outstanding (DSO)	86.30	84.96	85.00	83.31	82.93	83.82	83.30	85.26	-	81.57	79.71
Days Inventory Outstanding (DIO)	33.84	35.92	36.57	35.27	35.89	38.60	39.51	39.29	-	41.29	40.69
Days Payable Outstanding (DPO)	56.17	61.65	62.85	53.90	57.30	61.59	62.89	54.11	-	63.18	69.06
Cash Conversion Cycle (CCC)	63.97	59.23	58.72	64.68	61.52	60.83	59.92	70.43	-	59.68	51.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	849	830	827	858	855	938	962	1,009	1,013	1,060	1,075
Invested Capital Turnover	1.06	1.07	1.07	1.05	1.01	0.97	0.96	0.91	-	0.86	0.85
Increase / (Decrease) in Invested Capital	6.37	9.84	24	70	5.70	108	135	151	158	121	113
Enterprise Value (EV)	1,711	1,587	1,382	1,182	1,183	1,059	1,027	1,273	-	0.00	1,580
Market Capitalization	1,885	1,792	1,623	1,444	1,456	1,222	1,190	1,438	-	0.00	1,786
Book Value per Share	$16.65	$16.33	$16.86	$17.69	$17.81	$17.32	$18.71	$19.69	$20.96	$21.36	$21.72
Tangible Book Value per Share	$16.65	$16.33	$16.86	$17.69	$17.81	$17.32	$18.71	$19.69	$20.96	$21.36	$21.72
Total Capital	1,370	1,390	1,434	1,499	1,497	1,497	1,538	1,597	1,650	1,697	1,748
Total Debt	23	22	20	18	2.65	0.03	0.03	0.02	0.02	3.86	3.89
Total Long-Term Debt	2.66	2.46	0.03	0.03	0.02	0.02	0.02	0.01	0.01	3.85	0.00
Net Debt	-498	-538	-586	-623	-640	-558	-576	-588	-637	-634	-669
Capital Expenditures (CapEx)	43	20	24	43	35	61	25	68	48	46	37
Debt-free, Cash-free Net Working Capital (DFCFNWC)	122	108	115	125	119	131	122	136	103	119	109
Debt-free Net Working Capital (DFNWC)	643	668	722	765	761	689	697	724	740	757	781
Net Working Capital (NWC)	622	649	702	747	758	689	697	724	740	757	778
Net Nonoperating Expense (NNE)	2.72	-15	-7.84	0.76	-19	21	7.09	-25	-16	-9.38	-7.49
Net Nonoperating Obligations (NNO)	-498	-538	-586	-623	-640	-558	-576	-588	-637	-634	-669
Total Depreciation and Amortization (D&A)	21	21	20	21	21	20	19	18	20	20	21
Debt-free, Cash-free Net Working Capital to Revenue	13.56%	12.21%	13.22%	14.37%	13.75%	15.25%	14.19%	16.02%	-	13.85%	12.53%
Debt-free Net Working Capital to Revenue	71.68%	75.47%	82.77%	88.27%	88.19%	80.42%	81.45%	85.27%	-	87.90%	90.15%
Net Working Capital to Revenue	69.36%	73.28%	80.47%	86.19%	87.88%	80.42%	81.45%	85.27%	-	87.90%	89.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.43	$0.59	$0.56	$0.54	$0.69	$0.15	$0.40	$1.05	$0.74	$0.54	$0.50
Adjusted Weighted Average Basic Shares Outstanding	61.46M	61.77M	61.82M	61.73M	62.09M	60.79M	57.94M	59.61M	57.79M	58.12M	58.18M
Adjusted Diluted Earnings per Share	$0.42	$0.58	$0.55	$0.54	$0.68	$0.15	$0.39	$1.06	$0.74	$0.54	$0.49
Adjusted Weighted Average Diluted Shares Outstanding	62.28M	62.41M	62.41M	62.39M	62.66M	60.97M	58.07M	59.92M	58.39M	58.75M	58.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	63.35M	63.36M	63.35M	63.34M	63.56M	60.15M	0.00	0.00	0.00	58.96M	59.00M
Normalized Net Operating Profit after Tax (NOPAT)	42	41	40	41	39	45	36	36	44	34	36
Normalized NOPAT Margin	19.33%	19.01%	19.11%	18.41%	18.57%	21.37%	17.22%	16.90%	-	16.13%	16.84%
Pre Tax Income Margin	24.84%	35.29%	29.53%	24.61%	36.37%	14.19%	18.41%	35.21%	-	25.65%	25.40%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	598.13	698.05	1,075.03	720.79	1,642.66	7,483.75	0.00	18,991.50	-	53,857.00	1,771.06
NOPAT to Interest Expense	464.52	375.07	695.25	539.27	838.20	11,270.08	0.00	13,482.48	-	33,872.58	1,173.91
EBIT Less CapEx to Interest Expense	116.87	516.25	653.97	152.25	893.72	-7,653.50	0.00	2,104.25	-	8,056.00	578.35
NOPAT Less CapEx to Interest Expense	-16.75	193.28	274.18	-29.27	89.27	-3,867.17	0.00	-3,404.77	-	-11,928.42	-18.80
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	2.25%	44.88%	64.16%	51.21%	-	9.82%	0.00%

Financials Breakdown Chart

Key Financial Trends

Photronics (NASDAQ: PLAB) has maintained a strong balance sheet and positive cash generation, but its latest quarter shows a meaningful sequential slowdown in operating performance. Q2 fiscal 2026 revenue was $209.9 million, down 6.7% from Q1 fiscal 2026 and slightly below the restated $211.0 million reported in Q2 fiscal 2025. Revenue has generally remained in a relatively narrow range of roughly $210 million to $229 million across the available quarterly history, suggesting limited top-line growth.

Liquidity remains a major strength. Cash and equivalents plus short-term investments totaled approximately $637.7 million at the end of Q2 fiscal 2026, compared with $558.4 million in Q2 fiscal 2025 and $475.8 million in Q3 fiscal 2023.
Leverage is exceptionally low. Total reported debt was only about $3.9 million in Q2 fiscal 2026, down substantially from approximately $48.6 million in Q3 fiscal 2022. This limits interest-rate and refinancing risk.
The company remains profitable and cash-generative. Q2 fiscal 2026 net income attributable to common shareholders was $31.4 million, while operating cash flow was $47.0 million. Operating cash flow has been positive in every quarter provided.
Year-over-year earnings improved despite lower revenue. Q2 fiscal 2026 common earnings of $31.4 million and diluted EPS of $0.54 were well above the restated Q2 fiscal 2025 figures of $8.9 million and $0.15, respectively. However, the comparison benefits from unusually weak prior-year results.
Photronics continues to invest in manufacturing capacity. Net property, plant and equipment increased to $927.9 million in Q2 fiscal 2026 from $749.8 million in Q1 fiscal 2024, reflecting sustained capital investment in its facilities and equipment.
Working capital provides a substantial cushion. Q2 fiscal 2026 current assets of $943.9 million were about five times current liabilities of $187.0 million, giving the company considerable flexibility to fund operations and capital expenditures.
Other income has materially influenced reported earnings. Q2 fiscal 2026 included $11.7 million of net other income, compared with $19.7 million in Q1 fiscal 2026 and a $25.8 million net other expense in restated Q2 fiscal 2025. This volatility means net income may not always reflect underlying operating trends.
Share count has declined over the longer term but edged higher recently. Diluted shares outstanding fell from approximately 61.8 million in Q4 fiscal 2022 to 58.7 million in Q2 fiscal 2026, although Q2 fiscal 2026 was modestly above Q1 fiscal 2026.
Profit margins deteriorated sharply in the latest quarter. Q2 fiscal 2026 gross margin was approximately 31.3%, down from 35.0% in Q2 fiscal 2025 and 35.0% in Q1 fiscal 2026. Operating margin fell to about 20.1% from 24.4% in Q1 fiscal 2026.
Free cash flow was nearly eliminated in Q2 fiscal 2026. Capital expenditures of $45.8 million consumed almost all of the $47.0 million in operating cash flow, leaving estimated free cash flow of only about $1.2 million. Heavy investment may support future growth, but it also increases dependence on continued operating cash generation.

The balance sheet trend is favorable: total assets increased from approximately $1.35 billion in Q3 fiscal 2022 to $1.93 billion in Q2 fiscal 2026, while liabilities remained comparatively modest. Retained earnings and total equity also expanded over the period. Investors should nevertheless recognize that noncontrolling interests represented $452.2 million of total equity in the latest quarter, so consolidated earnings are not entirely attributable to PLAB common shareholders.

Overall, Photronics combines strong liquidity, minimal debt and a consistent history of profitability with a capital-intensive operating model. The most important near-term issue is whether the Q2 margin compression and sequential decline in operating cash flow are temporary or signal weaker demand and lower utilization. Continued monitoring of revenue, gross margin and free cash flow will be particularly important.

09/15/26 01:19 AM ETAI Generated. May Contain Errors.

Photronics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Photronics' financial year ends in October. Their financial year 2025 ended on October 31, 2025.

Photronics' net income appears to be on an upward trend, with a most recent value of $190.23 million in 2025, rising from $56.86 million in 2015. The previous period was $183.85 million in 2024. Find out what analysts predict for Photronics in the coming months.

Photronics' total operating income in 2025 was $208.16 million, based on the following breakdown:

Total Gross Profit: $299.83 million
Total Operating Expenses: $91.67 million

Over the last 10 years, Photronics' total revenue changed from $524.21 million in 2015 to $849.29 million in 2025, a change of 62.0%.

Photronics' total liabilities were at $207.23 million at the end of 2025, a 10.4% decrease from 2024, and a 26.3% decrease since 2015.

In the past 10 years, Photronics' cash and equivalents has ranged from $205.87 million in 2015 to $598.49 million in 2024, and is currently $492.26 million as of their latest financial filing in 2025.

Over the last 10 years, Photronics' book value per share changed from 9.68 in 2015 to 19.69 in 2025, a change of 103.3%.

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Financial statements for NASDAQ:PLAB last updated on 9/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Photronics (PLAB) Financials

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Photronics Financials - Frequently Asked Questions

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Photronics (PLAB) Financials

Annual Income Statements for Photronics

Quarterly Income Statements for Photronics

Annual Cash Flow Statements for Photronics

Quarterly Cash Flow Statements for Photronics

Annual Balance Sheets for Photronics

Quarterly Balance Sheets for Photronics

Annual Metrics And Ratios for Photronics

Quarterly Metrics And Ratios for Photronics

Financials Breakdown Chart

Key Financial Trends

Photronics Financials - Frequently Asked Questions

When does Photronics' fiscal year end?

How has Photronics' net income changed over the last 10 years?

What is Photronics' operating income?

How has Photronics' revenue changed over the last 10 years?

How much debt does Photronics have?

How much cash does Photronics have?

How has Photronics' book value per share changed over the last 10 years?

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