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Photronics (PLAB) Financials

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$31.55 -2.51 (-7.37%)
Closing price 06/23/2026 04:00 PM Eastern
Extended Trading
$32.20 +0.65 (+2.04%)
As of 04:58 AM Eastern
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Annual Income Statements for Photronics

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

Quarterly Income Statements for Photronics

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 10/31/2023 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
Net Income / (Loss) Attributable to Common Shareholders		 45 26 36 34 34 43 8.86 23 62 43 31
Consolidated Net Income / (Loss)		 63 39 56 48 40 58 24 29 79 60 43
Net Income / (Loss) Continuing Operations		 63 39 56 48 40 58 24 29 79 60 43
Total Pre-Tax Income 		83 54 77 62 55 77 30 39 76 75 54
Total Operating Income		 65 57 56 52 56 52 56 48 52 55 42
Total Gross Profit		 85 79 79 75 82 76 78 71 76 79 66
Total Revenue		 227 216 217 211 223 212 211 210 216 225 210
Operating Revenue		 227 216 217 211 223 212 211 210 216 225 210
Total Cost of Revenue		 143 137 138 136 140 137 133 140 140 146 144
Operating Cost of Revenue		 143 137 138 136 140 137 133 140 140 146 144
Total Operating Expenses		 20 22 23 23 26 23 22 23 23 24 24
Selling, General & Admin Expense		 17 18 19 19 21 19 18 18 20 21 21
Research & Development Expense		 3.37 3.45 4.29 3.56 5.28 4.26 4.09 4.27 3.19 2.59 2.82
Other Special Charges / (Income)		 - - - -0.00 - 0.00 0.00 0.00 - -0.06 0.00
Total Other Income / (Expense), net		 19 -3.75 21 10 -1.13 25 -26 -9.43 24 20 12
Interest Expense		 0.11 0.09 0.11 0.06 0.08 0.05 0.00 0.00 0.00 0.00 0.00
Other Income / (Expense), net		 19 -3.66 21 10 -1.05 25 -26 -9.43 24 20 12
Income Tax Expense		 20 15 20 14 15 19 5.71 9.59 -2.66 14 11
Net Income / (Loss) Attributable to Noncontrolling Interest		 19 13 20 14 6.36 15 15 6.25 17 17 12
Basic Earnings per Share		 $0.73 $0.43 $0.59 $0.56 $0.54 $0.69 $0.15 $0.40 $1.05 $0.74 $0.54
Weighted Average Basic Shares Outstanding		 61.14M 61.46M 61.77M 61.82M 61.73M 62.09M 60.79M 57.94M 59.61M 57.79M 58.12M
Diluted Earnings per Share		 $0.71 $0.42 $0.58 $0.55 $0.54 $0.68 $0.15 $0.39 $1.06 $0.74 $0.54
Weighted Average Diluted Shares Outstanding		 61.76M 62.28M 62.41M 62.41M 62.39M 62.66M 60.97M 58.07M 59.92M 58.39M 58.75M
Weighted Average Basic & Diluted Shares Outstanding		 62.60M 63.35M 63.36M 63.35M 63.34M 63.56M 60.15M - 0.00 - 58.96M

Annual Cash Flow Statements for Photronics

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

Quarterly Cash Flow Statements for Photronics

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 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 10/31/2023 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
Net Change in Cash & Equivalents		 51 9.45 -15 43 61 44 -111 -51 13 52 -33
Net Cash From Operating Activities		 107 42 76 75 68 78 31 50 88 97 47
Net Cash From Continuing Operating Activities		 107 42 76 75 68 78 31 50 88 97 47
Net Income / (Loss) Continuing Operations		 63 39 56 48 40 58 24 29 79 60 43
Consolidated Net Income / (Loss)		 63 39 56 48 40 58 24 29 79 60 43
Depreciation Expense		 21 21 21 20 21 21 20 19 18 20 20
Non-Cash Adjustments To Reconcile Net Income		 2.13 2.57 3.93 3.34 4.05 3.33 3.38 3.29 3.39 2.85 3.73
Changes in Operating Assets and Liabilities, net		 20 -21 -4.60 3.44 2.90 -3.92 -16 -1.23 -13 14 -20
Net Cash From Investing Activities		 -37 -42 -72 -27 -14 6.85 -88 -93 -65 -40 -78
Net Cash From Continuing Investing Activities		 -37 -42 -72 -27 -14 6.85 -88 -93 -65 -40 -78
Purchase of Property, Plant & Equipment		 -52 -43 -20 -24 -43 -35 -61 -25 -68 -48 -46
Purchase of Investments		 -10 -2.44 -64 -35 - 0.00 -28 -69 -33 -37 -69
Sale and/or Maturity of Investments		 25 2.50 11 31 28 41 - 0.67 35 41 37
Other Investing Activities, net		 0.61 1.04 0.38 0.12 0.75 0.56 0.55 0.30 0.75 2.49 0.01
Net Cash From Financing Activities		 -2.09 -2.87 -1.86 -1.70 -1.30 -20 -75 -20 0.03 0.75 -1.17
Net Cash From Continuing Financing Activities		 -2.09 -2.87 -1.86 -1.70 -1.30 -20 -75 -20 0.03 0.75 -1.17
Repayment of Debt		 -2.09 -1.19 -1.65 -1.66 -2.12 -15 -2.62 -0.00 -0.00 -0.00 -0.00
Issuance of Common Equity		 0.01 0.94 0.12 0.02 0.84 1.43 0.15 0.54 0.11 0.75 0.46
Other Financing Activities, net		 -0.01 -2.61 -0.33 -0.06 -0.02 -2.00 -0.01 -0.01 -0.08 0.00 -1.63
Effect of Exchange Rate Changes		 -16 13 -17 -2.62 8.58 -21 20 12 -9.90 -5.92 -0.81

Annual Balance Sheets for Photronics

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

Quarterly Balance Sheets for Photronics

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 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 1/29/2023 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
Total Assets		 1,442 1,451 1,503 1,583 1,603 1,645 1,705 1,703 1,753 1,901 1,931
Total Current Assets		 701 720 772 808 844 893 921 856 872 946 944
Cash & Equivalents		 335 367 448 509 494 537 642 531 480 544 511
Short-Term Investments		 39 45 27 13 66 69 0.00 28 96 93 126
Accounts Receivable		 221 214 206 204 198 200 188 196 191 199 189
Inventories, net		 53 55 55 51 54 55 58 61 63 63 68
Other Current Assets		 53 38 35 32 32 31 33 40 42 47 49
Plant, Property, & Equipment, net		 711 700 701 743 729 723 750 808 839 895 928
Total Noncurrent Assets		 30 31 30 32 30 30 34 40 42 61 59
Noncurrent Deferred & Refundable Income Taxes		 22 19 19 22 20 20 19 25 26 38 37
Other Noncurrent Operating Assets		 8.02 12 11 10 10 9.58 15 15 15 22 22
Total Liabilities & Shareholders' Equity		 1,442 1,451 1,503 1,583 1,603 1,645 1,705 1,703 1,753 1,901 1,931
Total Liabilities		 259 246 251 236 235 232 210 206 215 251 237
Total Current Liabilities		 199 185 191 185 196 191 163 167 175 207 187
Short-Term Debt		 6.54 7.02 6.59 21 19 20 2.63 0.01 0.01 0.01 0.01
Accounts Payable		 85 93 102 87 95 89 86 89 100 112 108
Accrued Expenses		 108 85 83 78 82 82 74 77 75 95 79
Total Noncurrent Liabilities		 60 61 61 50 40 41 48 39 40 45 50
Long-Term Debt		 27 21 20 2.66 2.46 0.03 0.02 0.02 0.02 0.01 3.85
Other Noncurrent Operating Liabilities		 32 40 41 48 37 41 48 39 40 45 47
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		 1,183 1,205 1,252 1,347 1,368 1,413 1,494 1,497 1,538 1,650 1,693
Total Preferred & Common Equity		 921 928 961 1,023 1,035 1,068 1,128 1,101 1,126 1,211 1,241
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		 921 928 961 1,023 1,035 1,068 1,128 1,101 1,126 1,211 1,241
Common Stock		 496 498 500 504 507 511 516 490 484 489 493
Retained Earnings		 450 490 517 587 624 658 732 698 710 814 846
Accumulated Other Comprehensive Income / (Loss)		 -24 -60 -56 -68 -96 -100 -120 -87 -69 -92 -98
Noncontrolling Interest		 262 277 291 324 333 345 366 396 412 439 452

Annual Metrics And Ratios for Photronics

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%

Quarterly Metrics And Ratios for Photronics

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

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 10/31/2023 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
DEI Shares Outstanding		 - - - - - - - - - 60,150,512.00 60,150,512.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 60,150,512.00 60,150,512.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.71 0.52
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 8.18% 2.48% -5.37% -5.90% -2.13% -1.94% -2.77% -0.28% -3.08% - -0.50%
EBITDA Growth		 15.50% 22.79% -3.14% -2.87% -27.66% 31.48% -49.24% -30.19% 24.32% - 49.14%
EBIT Growth		 16.51% 29.41% -4.91% -3.30% -34.44% 43.42% -61.01% -37.88% 38.67% - 79.91%
NOPAT Growth		 4.55% 7.18% -16.30% -17.60% -16.41% -5.77% 9.27% -10.15% 31.59% - -24.86%
Net Income Growth		 14.28% 35.00% -4.89% -0.18% -36.31% 49.06% -57.04% -39.51% 95.45% - 78.59%
EPS Growth		 18.33% 82.61% -10.77% 25.00% -23.94% 61.90% -74.14% -29.09% 96.30% - 260.00%
Operating Cash Flow Growth		 34.51% 49.96% -6.72% -12.57% -35.88% 89.04% -58.88% -33.33% 28.45% - 49.52%
Free Cash Flow Firm Growth		 -94.92% 94.37% -3.86% 513.61% -519.38% -4.89% -301.67% -720.14% -234.06% - -37.91%
Invested Capital Growth		 5.64% 0.76% 1.20% 3.04% 8.89% 0.67% 13.07% 16.33% 17.61% - 12.92%
Revenue Q/Q Growth		 1.46% -4.90% 0.31% -2.77% 5.52% -4.71% -0.54% -0.28% 2.56% - -6.72%
EBITDA Q/Q Growth		 23.06% -28.68% 30.91% -15.47% -8.34% 29.63% -49.46% 16.26% 63.23% - -21.70%
EBIT Q/Q Growth		 29.58% -35.57% 42.64% -18.80% -12.14% 40.94% -61.23% 29.39% 96.13% - -27.74%
NOPAT Q/Q Growth		 0.19% -14.74% -1.31% -2.26% 1.64% -3.88% 14.43% -19.63% 48.85% - -23.53%
Net Income Q/Q Growth		 30.88% -38.12% 44.24% -14.55% -16.49% 44.83% -58.43% 20.32% 169.81% - -28.13%
EPS Q/Q Growth		 61.36% -40.85% 38.10% -5.17% -1.82% 25.93% -77.94% 160.00% 171.79% - -27.03%
Operating Cash Flow Q/Q Growth		 24.15% -61.07% 84.27% -1.84% -8.94% 14.77% -59.92% 59.14% 75.46% - -51.64%
Free Cash Flow Firm Q/Q Growth		 167.00% 411.00% -11.32% -49.28% -282.48% 215.88% -288.04% -55.96% 1.70% - 23.42%
Invested Capital Q/Q Growth		 -1.84% 7.73% -2.24% -0.33% 3.74% -0.40% 9.80% 2.54% 4.88% - 4.60%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 37.32% 36.64% 36.52% 35.61% 36.97% 35.61% 36.92% 33.68% 35.01% - 31.32%
EBITDA Margin		 45.94% 34.45% 44.96% 39.09% 33.96% 46.19% 23.47% 27.37% 43.56% - 35.18%
Operating Margin		 28.48% 26.57% 25.83% 24.72% 25.08% 24.60% 26.41% 22.89% 24.15% - 20.09%
EBIT Margin		 36.73% 24.88% 35.38% 29.55% 24.61% 36.39% 14.19% 18.41% 35.21% - 25.65%
Profit (Net Income) Margin		 27.76% 18.07% 25.98% 22.83% 18.07% 27.46% 11.48% 13.85% 36.44% - 20.60%
Tax Burden Percent		 75.69% 72.72% 73.61% 77.33% 73.41% 75.50% 80.91% 75.23% 103.50% - 80.31%
Interest Burden Percent		 99.87% 99.83% 99.74% 99.91% 100.03% 99.94% 99.99% 100.00% 99.99% - 100.00%
Effective Tax Rate		 24.31% 27.28% 26.39% 22.67% 26.59% 24.50% 19.09% 24.77% -3.50% - 19.69%
Return on Invested Capital (ROIC)		 25.07% 20.50% 20.40% 20.44% 19.39% 18.81% 20.70% 16.48% 22.74% - 13.91%
ROIC Less NNEP Spread (ROIC-NNEP)		 21.56% 21.15% 17.12% 18.93% 19.53% 15.49% 24.51% 17.70% 18.66% - 12.33%
Return on Net Nonoperating Assets (RNNOA)		 -7.41% -7.01% -6.14% -7.35% -7.87% -6.20% -9.38% -6.97% -7.34% - -4.61%
Return on Equity (ROE)		 17.66% 13.49% 14.26% 13.09% 11.53% 12.61% 11.32% 9.51% 15.40% - 9.30%
Cash Return on Invested Capital (CROIC)		 18.91% 21.62% 20.77% 18.19% 11.49% 18.36% 6.34% 2.83% 2.94% - 5.02%
Operating Return on Assets (OROA)		 23.06% 14.77% 20.51% 16.37% 13.18% 19.10% 7.35% 9.28% 17.01% - 12.16%
Return on Assets (ROA)		 17.43% 10.72% 15.05% 12.64% 9.67% 14.41% 5.95% 6.98% 17.60% - 9.76%
Return on Common Equity (ROCE)		 13.65% 10.37% 10.88% 9.97% 8.76% 9.54% 8.44% 7.07% 11.48% - 6.83%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 20.51% 19.99% 19.36% 0.00% 18.00% 15.52% 0.00% 0.00% - 0.00%
Net Operating Profit after Tax (NOPAT)		 49 42 41 40 41 39 45 36 54 44 34
NOPAT Margin		 21.56% 19.33% 19.01% 19.11% 18.41% 18.57% 21.37% 17.22% 24.99% - 16.13%
Net Nonoperating Expense Percent (NNEP)		 3.51% -0.65% 3.28% 1.52% -0.14% 3.32% -3.81% -1.22% 4.08% - 1.57%
Return On Investment Capital (ROIC_SIMPLE)		 3.77% 3.05% 2.97% - 2.73% 2.63% 3.01% 2.36% 3.38% 2.68% 2.00%
Cost of Revenue to Revenue		 62.69% 63.36% 63.48% 64.39% 63.03% 64.39% 63.08% 66.32% 64.99% - 68.68%
SG&A Expenses to Revenue		 7.35% 8.47% 8.75% 9.21% 9.44% 9.00% 8.58% 8.76% 9.27% - 9.89%
R&D to Revenue		 1.48% 1.59% 1.98% 1.69% 2.37% 2.01% 1.94% 2.03% 1.48% - 1.34%
Operating Expenses to Revenue		 8.84% 10.06% 10.73% 10.90% 11.85% 11.01% 10.52% 10.79% 10.86% - 11.23%
Earnings before Interest and Taxes (EBIT)		 84 54 77 62 55 77 30 39 76 75 54
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 105 75 98 82 76 98 50 58 94 94 74
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.18 1.84 1.73 1.52 1.29 1.29 1.11 1.06 1.23 - 0.00
Price to Tangible Book Value (P/TBV)		 1.18 1.84 1.73 1.52 1.29 1.29 1.11 1.06 1.23 - 0.00
Price to Revenue (P/Rev)		 1.29 2.10 2.02 1.86 1.67 1.69 1.43 1.39 1.69 - 0.00
Price to Earnings (P/E)		 9.15 13.69 13.37 11.48 11.05 9.88 10.18 10.97 10.54 - 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 10.93% 7.30% 7.48% 8.71% 9.05% 10.12% 9.82% 9.11% 9.49% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 1.22 2.02 1.91 1.67 1.38 1.38 1.13 1.07 1.26 - 0.00
Enterprise Value to Revenue (EV/Rev)		 1.08 1.91 1.79 1.59 1.36 1.37 1.24 1.20 1.50 - 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 2.74 4.69 4.39 3.85 3.57 3.35 3.47 3.66 4.25 - 0.00
Enterprise Value to EBIT (EV/EBIT)		 3.56 6.06 5.69 5.00 4.77 4.36 4.72 5.12 5.74 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 5.14 9.04 8.76 8.01 7.18 7.30 6.44 6.40 7.13 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 3.18 5.42 5.11 4.61 4.52 3.96 4.18 4.50 5.14 - 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 6.63 9.36 9.26 9.33 12.50 7.56 18.88 40.58 46.35 - 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.02 0.02 0.02 0.01 0.01 0.00 0.00 0.00 0.00 - 0.00
Long-Term Debt to Equity		 0.01 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 -0.34 -0.33 -0.36 -0.39 -0.40 -0.40 -0.38 -0.39 -0.39 - -0.37
Leverage Ratio		 1.22 1.20 1.19 1.18 1.17 1.16 1.15 1.15 1.14 - 1.14
Compound Leverage Factor		 1.21 1.19 1.18 1.18 1.18 1.16 1.15 1.15 1.14 - 1.14
Debt to Total Capital		 1.89% 1.71% 1.57% 1.40% 1.20% 0.18% 0.00% 0.00% 0.00% - 0.23%
Short-Term Debt to Total Capital		 0.51% 1.52% 1.39% 1.40% 1.20% 0.18% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 1.38% 0.19% 0.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.23%
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		 23.12% 23.65% 23.97% 24.10% 24.01% 24.48% 26.45% 26.82% 26.53% - 26.64%
Common Equity to Total Capital		 74.99% 74.64% 74.46% 74.50% 74.79% 75.34% 73.55% 73.18% 73.47% - 73.13%
Debt to EBITDA		 0.07 0.06 0.06 0.06 0.05 0.01 0.00 0.00 0.00 - 0.01
Net Debt to EBITDA		 -1.39 -1.37 -1.49 -1.63 -1.88 -1.81 -1.83 -2.05 -1.96 - -1.98
Long-Term Debt to EBITDA		 0.05 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 - 0.01
Debt to NOPAT		 0.13 0.12 0.12 0.12 0.11 0.02 0.00 0.00 0.00 - 0.02
Net Debt to NOPAT		 -2.61 -2.63 -2.97 -3.40 -3.78 -3.95 -3.39 -3.59 -3.29 - -3.70
Long-Term Debt to NOPAT		 0.10 0.01 0.01 0.00 0.00 0.00 0.00 0.00 0.00 - 0.02
Altman Z-Score		 4.50 6.47 6.31 5.93 5.45 5.94 5.17 4.93 5.85 - 0.00
Noncontrolling Interest Sharing Ratio		 22.72% 23.17% 23.70% 23.87% 23.96% 24.30% 25.45% 25.68% 25.46% - 26.58%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.24 4.36 4.32 4.67 5.07 5.66 5.13 4.99 5.37 - 5.05
Quick Ratio		 3.82 3.91 3.87 4.22 4.58 5.11 4.52 4.38 4.73 - 4.42
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6.93 35 31 16 -29 34 -63 -99 -97 -114 -87
Operating Cash Flow to CapEx		 203.16% 95.83% 382.49% 307.43% 158.23% 222.91% 51.95% 201.52% 130.02% - 102.68%
Free Cash Flow to Firm to Interest Expense		 64.21 393.71 285.65 274.76 -382.65 717.03 -15,842.17 0.00 -24,287.27 - -87,393.42
Operating Cash Flow to Interest Expense		 987.22 461.20 695.33 1,294.48 899.61 1,669.49 7,863.25 0.00 21,956.00 - 47,030.00
Operating Cash Flow Less CapEx to Interest Expense		 501.28 -20.07 513.54 873.41 331.07 920.55 -7,274.00 0.00 5,068.75 - 1,229.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.63 0.59 0.58 0.55 0.54 0.52 0.52 0.50 0.48 - 0.47
Accounts Receivable Turnover		 4.54 4.23 4.30 4.29 4.38 4.40 4.35 4.38 4.28 - 4.47
Inventory Turnover		 11.04 10.78 10.16 9.98 10.35 10.17 9.46 9.24 9.29 - 8.84
Fixed Asset Turnover		 1.32 1.23 1.24 1.22 1.19 1.16 1.11 1.10 1.06 - 0.99
Accounts Payable Turnover		 6.80 6.50 5.92 5.81 6.77 6.37 5.93 5.80 6.75 - 5.78
Days Sales Outstanding (DSO)		 80.41 86.30 84.96 85.00 83.31 82.93 83.82 83.30 85.26 - 81.57
Days Inventory Outstanding (DIO)		 33.06 33.84 35.92 36.57 35.27 35.89 38.60 39.51 39.29 - 41.29
Days Payable Outstanding (DPO)		 53.70 56.17 61.65 62.85 53.90 57.30 61.59 62.89 54.11 - 63.18
Cash Conversion Cycle (CCC)		 59.77 63.97 59.23 58.72 64.68 61.52 60.83 59.92 70.43 - 59.68
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 788 849 830 827 858 855 938 962 1,009 1,013 1,060
Invested Capital Turnover		 1.16 1.06 1.07 1.07 1.05 1.01 0.97 0.96 0.91 - 0.86
Increase / (Decrease) in Invested Capital		 42 6.37 9.84 24 70 5.70 108 135 151 158 121
Enterprise Value (EV)		 961 1,711 1,587 1,382 1,182 1,183 1,059 1,027 1,273 - 0.00
Market Capitalization		 1,148 1,885 1,792 1,623 1,444 1,456 1,222 1,190 1,438 - 0.00
Book Value per Share		 $15.59 $16.65 $16.33 $16.86 $17.69 $17.81 $17.32 $18.71 $19.69 $20.96 $21.36
Tangible Book Value per Share		 $15.59 $16.65 $16.33 $16.86 $17.69 $17.81 $17.32 $18.71 $19.69 $20.96 $21.36
Total Capital		 1,300 1,370 1,390 1,434 1,499 1,497 1,497 1,538 1,597 1,650 1,697
Total Debt		 25 23 22 20 18 2.65 0.03 0.03 0.02 0.02 3.86
Total Long-Term Debt		 18 2.66 2.46 0.03 0.03 0.02 0.02 0.02 0.01 0.01 3.85
Net Debt		 -488 -498 -538 -586 -623 -640 -558 -576 -588 -637 -634
Capital Expenditures (CapEx)		 52 43 20 24 43 35 61 25 68 48 46
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 95 122 108 115 125 119 131 122 136 103 119
Debt-free Net Working Capital (DFNWC)		 607 643 668 722 765 761 689 697 724 740 757
Net Working Capital (NWC)		 600 622 649 702 747 758 689 697 724 740 757
Net Nonoperating Expense (NNE)		 -14 2.72 -15 -7.84 0.76 -19 21 7.09 -25 -16 -9.38
Net Nonoperating Obligations (NNO)		 -488 -498 -538 -586 -623 -640 -558 -576 -588 -637 -634
Total Depreciation and Amortization (D&A)		 21 21 21 20 21 21 20 19 18 20 20
Debt-free, Cash-free Net Working Capital to Revenue		 10.61% 13.56% 12.21% 13.22% 14.37% 13.75% 15.25% 14.19% 16.02% - 13.85%
Debt-free Net Working Capital to Revenue		 68.03% 71.68% 75.47% 82.77% 88.27% 88.19% 80.42% 81.45% 85.27% - 87.90%
Net Working Capital to Revenue		 67.28% 69.36% 73.28% 80.47% 86.19% 87.88% 80.42% 81.45% 85.27% - 87.90%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.73 $0.43 $0.59 $0.56 $0.54 $0.69 $0.15 $0.40 $1.05 $0.74 $0.54
Adjusted Weighted Average Basic Shares Outstanding		 61.14M 61.46M 61.77M 61.82M 61.73M 62.09M 60.79M 57.94M 59.61M 57.79M 58.12M
Adjusted Diluted Earnings per Share		 $0.71 $0.42 $0.58 $0.55 $0.54 $0.68 $0.15 $0.39 $1.06 $0.74 $0.54
Adjusted Weighted Average Diluted Shares Outstanding		 61.76M 62.28M 62.41M 62.41M 62.39M 62.66M 60.97M 58.07M 59.92M 58.39M 58.75M
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		 62.60M 63.35M 63.36M 63.35M 63.34M 63.56M 60.15M 0.00 0.00 0.00 58.96M
Normalized Net Operating Profit after Tax (NOPAT)		 49 42 41 40 41 39 45 36 36 44 34
Normalized NOPAT Margin		 21.56% 19.33% 19.01% 19.11% 18.41% 18.57% 21.37% 17.22% 16.90% - 16.13%
Pre Tax Income Margin		 36.68% 24.84% 35.29% 29.53% 24.61% 36.37% 14.19% 18.41% 35.21% - 25.65%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 773.64 598.13 698.05 1,075.03 720.79 1,642.66 7,483.75 0.00 18,991.50 - 53,857.00
NOPAT to Interest Expense		 454.00 464.52 375.07 695.25 539.27 838.20 11,270.08 0.00 13,482.48 - 33,872.58
EBIT Less CapEx to Interest Expense		 287.69 116.87 516.25 653.97 152.25 893.72 -7,653.50 0.00 2,104.25 - 8,056.00
NOPAT Less CapEx to Interest Expense		 -31.94 -16.75 193.28 274.18 -29.27 89.27 -3,867.17 0.00 -3,404.77 - -11,928.42
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% 0.00% 2.25% 44.88% 64.16% 51.21% - 9.82%

Financials Breakdown Chart

Key Financial Trends

Photronics (NASDAQ: PLAB) is showing a strong balance sheet, solid profitability, and consistent cash generation, but investors should note that recent results also include some quarter-to-quarter volatility in revenue and operating cash flow.

Across the last several years, Photronics has remained highly profitable and cash-rich. The company continues to generate meaningful free cash flow from operations, while keeping debt extremely low. At the same time, revenue has been range-bound rather than consistently accelerating, and a large portion of earnings has been influenced by other income and noncontrolling interests.

  • Strong cash position: As of Q1 2026, Photronics held $544.1 million in cash and equivalents plus $92.7 million in short-term investments, giving it substantial liquidity.
  • Very low debt: Total debt remains negligible, with only $11 thousand in short-term debt and $10 thousand in long-term debt reported in Q1 2026.
  • Healthy balance sheet: Total liabilities were just $251.5 million against $1.65 billion in total equity and noncontrolling interests in Q1 2026, indicating a conservative capital structure.
  • Consistent profitability: Photronics posted $42.9 million in net income attributable to common shareholders in Q1 2026, up from $33.9 million in Q4 2025 and above $22.9 million in Q3 2025.
  • Solid operating cash flow: The company generated $97.3 million in operating cash flow in Q1 2026, following $87.8 million in Q4 2025 and $50.1 million in Q3 2025.
  • Gross margins remain healthy: In Q1 2026, gross profit was $78.7 million on revenue of $225.1 million, showing the business still converts a sizable portion of sales into gross profit.
  • Retained earnings are growing: Retained earnings increased to $814.3 million in Q1 2026 from $710.4 million in Q3 2025, reflecting continued earnings accumulation.
  • Revenue growth is modest, not explosive: Quarterly revenue rose to $225.1 million in Q1 2026 from $215.8 million in Q4 2025 and $210.4 million in Q3 2025, but the multi-year trend looks more cyclical than high-growth.
  • Large noncontrolling interest: Noncontrolling interests remain significant at $438.5 million in Q1 2026, which means a meaningful portion of total earnings does not accrue to common shareholders.
  • Capital spending remains material: Photronics invested $47.6 million in property, plant and equipment in Q1 2026, suggesting ongoing reinvestment needs to support the business.
  • Cash flow can swing quarter to quarter: Q1 2025 operating cash flow was $78.5 million, but Q3 2025 fell to $50.1 million before rebounding, showing some volatility in working capital and cash generation.
  • Other income has been a big earnings driver: Recent pretax results have benefited from substantial other income, which can make earnings less purely tied to core operations.
  • Equity repurchases have been active: The company repurchased $20.7 million of common equity in Q3 2025 and $72.1 million in Q2 2025, which supports EPS but also uses cash.
  • Accumulated other comprehensive loss is sizable: AOCI was negative $92.3 million in Q1 2026, reflecting unrealized losses and/or foreign currency effects that have weighed on equity.

Bottom line: Photronics looks financially sturdy, with an excellent liquidity position and minimal leverage. The main caution for investors is that growth has been fairly steady rather than rapid, and reported earnings can be influenced by non-operating items. For long-term investors, the balance sheet is a clear strength; for growth investors, the revenue profile may feel less compelling.

06/24/26 02:41 AM ETAI Generated. May Contain Errors.

Photronics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Photronics' fiscal year ends in October. Their fiscal 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. See where experts think Photronics is headed by visiting Photronics' forecast page.

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 6/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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