Photronics, Inc.
- Open
- 27.70
- Day high
- 29.54
- Day low
- 27.61
- Prev close
- 29.02
- Volume
- 803K
- Mkt cap
- $1.7B
- P/E (TTM)
- 10.6
- EPS (TTM)
- $2.73
- P/B
- 1.4
- P/S
- 2.0
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$7.1M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions mixed (13F)
Photronics, Inc. (PLAB) is a Technology company listed on NASDAQ. The stock is up 50% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
Photronics, Inc. (PLAB) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PLAB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 28, 2026 | $0.53 | $0.42 | -20.8% | $210M | -3.0% |
| Feb 27, 2026 | $0.54 | $0.73 | +36.1% | $225M | +2.3% |
| Dec 10, 2025 | $0.45 | $0.60 | +32.4% | $216M | +5.2% |
| Aug 27, 2025 | $0.39 | $0.51 | +30.8% | $210M | +2.9% |
| May 28, 2025 | $0.48 | $0.40 | -16.7% | $211M | -4.1% |
| Feb 26, 2025 | $0.47 | $0.52 | +10.6% | $212M | -5.7% |
| Dec 11, 2024 | $0.52 | $0.59 | +13.5% | $223M | +2.1% |
| Aug 29, 2024 | $0.56 | $0.51 | -8.9% | $211M | -3.2% |
| May 22, 2024 | $0.55 | $0.46 | -16.4% | $217M | -3.6% |
| Feb 21, 2024 | $0.49 | $0.42 | -14.3% | $216M | -1.7% |
| Dec 13, 2023 | $0.53 | $0.72 | +35.8% | $227M | +1.6% |
| Sep 6, 2023 | $0.52 | $0.44 | -15.4% | $224M | +0.1% |
PLAB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Apr 21, 2026 | ZHANG RUIofficer: VP, CAO & Corporate Controller | Sell | 4,556 | $46.70 |
| Apr 20, 2026 | Lee Kang Jyhdirector | Sell | 10,000 | $46.05 |
| Apr 17, 2026 | Lee Kang Jyhdirector | Sell | 10,000 | $45.10 |
| Apr 16, 2026 | Wang Hsueh-Chunofficer: SVP/COO IC & US/EU Mnstrm Ops | Sell | 19,250 | $45.30 |
| Apr 15, 2026 | Lee Kang Jyhdirector | Sell | 5,000 | $45.00 |
| Apr 15, 2026 | Rivera Ericofficer: President, CFO | Option | 1,000 | $9.78 |
| Apr 15, 2026 | MACRICOSTAS CONSTANTINE Sdirector | Grant | 3,722 | — |
| Apr 15, 2026 | Liao Daniel JLdirector | Grant | 3,722 | — |
| Apr 15, 2026 | Garcia David A.director | Grant | 3,722 | — |
| Apr 15, 2026 | Rivera Ericofficer: President, CFO | Sell | 1,000 | $44.77 |
| Apr 15, 2026 | Almeida Michelledirector | Grant | 3,722 | — |
| Apr 15, 2026 | TYSON MITCHELL Gdirector | Grant | 3,722 | — |
| Apr 15, 2026 | LEWIS ADAM Mdirector | Grant | 3,722 | — |
| Apr 15, 2026 | Lee Kang Jyhdirector | Option | 5,000 | $8.60 |
| Apr 14, 2026 | MACRICOSTAS CONSTANTINE Sdirector | Sell | 50,000 | $45.35 |
Source: PLAB SEC Form 4 filings, latest Apr 21, 2026. For informational purposes only — not investment advice.
See the full PLAB insider & 13F page →Photronics, Inc. company profile
Overview
Photronics, Inc. (NASDAQ:PLAB) is a leading manufacturer of photomasks, specialized components essential to semiconductor and flat panel display production. Founded in 1969 and incorporated in Connecticut, the company went public in 1987 and has evolved from Photronic Labs into a global technology supplier serving major semiconductor manufacturers, foundries, and display makers across the United States, Taiwan, Korea, Europe, and China. With over five decades of experience, Photronics has established itself as a critical player in the semiconductor supply chain, providing the precision photomasks that enable the production of integrated circuits and advanced display technologies.
Business
Photronics operates in the semiconductor equipment and services industry, specifically manufacturing photomasks - precision glass plates with intricate patterns that serve as templates for transferring circuit designs onto semiconductor wafers and display substrates. Think of photomasks as sophisticated stencils used in semiconductor manufacturing, similar to how a photographer uses negatives to print photos, but with microscopic precision measured in nanometers. The company operates two primary business segments. The Integrated Circuit (IC) photomask segment represents approximately 75% of total revenue and produces masks used in manufacturing computer processors, memory chips, and other semiconductor devices. These masks enable the creation of circuit patterns on silicon wafers through photolithography, a process where light passes through the mask to etch patterns onto photosensitive materials. The Flat Panel Display (FPD) photomask segment accounts for roughly 25% of revenue and manufactures masks for producing LCD screens, OLED displays, and advanced AMOLED panels used in smartphones, televisions, tablets, and automotive displays. Within the IC segment, Photronics serves both mainstream applications (older, established semiconductor nodes) and high-end applications (advanced nodes below 28 nanometers). The high-end segment has become increasingly important, representing nearly 40% of IC revenue, as customers migrate to smaller, more powerful chip designs driven by artificial intelligence, mobile computing, and advanced automotive electronics. The FPD segment similarly spans from mainstream display technologies to cutting-edge AMOLED panels for premium smartphones and emerging applications like automotive displays and large-format screens.
Revenue model
Photronics generates revenue primarily through product sales of photomasks to semiconductor manufacturers, foundries, and display producers. The company operates on a business-to-business model where customers place orders for custom photomasks designed to their specific circuit or display patterns. Revenue is recognized upon delivery of completed masks, with pricing varying significantly based on complexity, technology node, and mask type. The company's customers include major semiconductor foundries like TSMC, memory manufacturers, logic chip producers, and display manufacturers producing everything from smartphone screens to automotive displays. Payment terms are typically standard commercial arrangements, with customers ranging from large multinational corporations to specialized chip designers and emerging technology companies. Several factors influence Photronics' margins and profitability. Positive margin drivers include the ongoing migration to advanced semiconductor nodes, which command higher average selling prices due to increased complexity and precision requirements. The artificial intelligence boom has created demand for specialized chips requiring advanced photomasks, while supply chain regionalization trends have increased demand for local photomask production. Long-term customer agreements provide pricing stability and volume commitments. Margin pressures come from intense competition, particularly from Chinese suppliers in mainstream segments, which forces pricing discipline and market share battles. Macroeconomic downturns can reduce semiconductor demand, affecting utilization rates and pricing power. The high capital intensity of photomask manufacturing requires continuous equipment investments, while geopolitical tensions and export restrictions can disrupt customer relationships and limit market access. Additionally, the cyclical nature of the semiconductor industry creates periodic demand volatility that can pressure margins during downturns.
Competitive moat
Photronics possesses a moderate but meaningful competitive moat built on several key factors. The company benefits from high switching costs, as photomask suppliers must undergo extensive qualification processes with semiconductor manufacturers that can take months or years. Once qualified, customers are reluctant to change suppliers due to the critical nature of photomasks in production and the risks associated with switching. The company's technological expertise and manufacturing precision create barriers to entry, particularly in high-end applications where nanometer-level accuracy is required. Photronics has invested decades in developing specialized equipment, processes, and quality control systems that are difficult to replicate quickly. The company's global manufacturing footprint, with facilities strategically located near major semiconductor hubs, provides logistical advantages and enables close customer collaboration. However, the moat faces several challenges. Competition from Chinese suppliers has intensified, particularly in mainstream segments where they can offer lower prices. This has forced Photronics to focus increasingly on higher-end applications where technological barriers remain higher. The capital-intensive nature of the business means well-funded competitors can potentially build competitive capabilities over time. Potential disruption could come from new lithography technologies that might reduce photomask requirements, changes in semiconductor manufacturing processes, or continued expansion of Chinese competitors into higher-end segments. Additionally, if major customers decide to vertically integrate photomask production, this could reduce the addressable market. The company's moat is strongest in advanced technology nodes and specialized applications, but remains vulnerable in mainstream segments to price-based competition.
Risks & safety
Photronics demonstrates a strong margin of safety with robust financial health and conservative capital structure. • Cash and liquidity: $642 million in cash and short-term investments with minimal debt of only $3 million, providing substantial financial flexibility • Debt levels: Debt-to-equity ratio of just 0.002, indicating virtually no leverage risk • Solvency: Current ratio of 5.66 and quick ratio of 5.31 demonstrate excellent short-term liquidity • Cash generation: Strong operating cash flow of $78 million in Q1 2025 and free cash flow of $43 million • Valuation metrics: Trading at attractive multiples with P/E ratio of 8.1, EV/EBITDA of 1.9, and price-to-book of 1.23 • Graham metrics: Stock price below Graham number of $16.79, suggesting potential undervaluation • Other considerations: Consistent profitability, strong return on equity, and substantial cash position provide multiple layers of downside protection, though cyclical industry exposure creates some earnings volatility risk.
Recent development
Over the past few years, Photronics has executed several strategic initiatives to strengthen its market position and capitalize on industry trends. The company has significantly expanded its focus on high-end semiconductor applications, with advanced node business (28nm and below) growing to represent nearly 40% of IC revenue. This strategic shift has been driven by the artificial intelligence boom and customers' migration to more sophisticated chip designs. Capacity expansion has been a major priority, with the company planning $200 million in capital expenditures for 2025, primarily focused on expanding IC capacity in the United States. This investment aligns with semiconductor industry regionalization trends and customer requirements for local supply chain resilience. The company has also been expanding its presence in China while strengthening its U.S. manufacturing capabilities. In the display segment, Photronics has secured its first orders for G8.6 AMOLED displays, positioning the company in the growing market for advanced mobile displays and emerging applications like automotive screens. The company has also been investing in EUV (Extreme Ultraviolet) photomask technology and multi-beam mask writing capabilities to serve next-generation semiconductor manufacturing requirements. Financial strategy has focused on maintaining a strong balance sheet while returning capital to shareholders. The company increased its share repurchase program to $100 million and has been evaluating potential merger and acquisition opportunities. Management has taken a cautious approach to capital allocation given macroeconomic uncertainties while maintaining the flexibility to invest in growth opportunities as they emerge.
PLAB company profile · for informational purposes only — not investment advice.
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