Latest Ratios: P/E Ratio 13.3x · EV/EBITDA 4.6x · ROE 8.9%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.4B | $1.4B | $1.1B | $992M | $805M | $638M | $816M | $729M | $672M | $741M |
| Enterprise Value | $1.3B | $946M | $847M | $661M | $715M | $640M | $431M | $662M | $457M | $426M | $494M |
| P/E Ratio → | 13.31 | 10.48 | 10.91 | 9.04 | 8.36 | 14.60 | 18.75 | 20.00 | 17.39 | 51.05 | 15.16 |
| P/S Ratio | 2.11 | 1.69 | 1.64 | 1.27 | 1.20 | 1.21 | 1.05 | 1.48 | 1.36 | 1.49 | 1.53 |
| P/B Ratio | 1.14 | 0.90 | 0.96 | 0.89 | 0.93 | 0.80 | 0.66 | 0.90 | 0.81 | 0.78 | 0.90 |
| P/FCF | 30.00 | 24.00 | 10.90 | 6.64 | 6.09 | 19.41 | 8.86 | — | 19.19 | 138.06 | 10.29 |
| P/OCF | 7.22 | 5.78 | 5.44 | 3.75 | 3.61 | 5.34 | 4.46 | 11.36 | 5.58 | 6.94 | 6.06 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.11 | 0.98 | 0.74 | 0.87 | 0.96 | 0.71 | 1.20 | 0.85 | 0.95 | 1.02 |
| EV / EBITDA | 4.56 | 3.31 | 2.78 | 1.98 | 2.45 | 3.46 | 2.73 | 4.87 | 3.05 | 3.60 | 3.65 |
| EV / EBIT | 6.25 | 4.54 | 3.42 | 2.44 | 2.97 | 6.18 | 6.73 | 12.70 | 6.45 | 13.37 | 7.74 |
| EV / FCF | — | 15.85 | 6.49 | 3.87 | 4.39 | 15.43 | 5.97 | — | 12.03 | 87.52 | 6.86 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.3% | 35.3% | 36.4% | 37.7% | 35.7% | 25.2% | 22.1% | 21.9% | 24.6% | 20.3% | 24.6% |
| Operating Margin | 24.5% | 24.5% | 25.6% | 28.4% | 25.7% | 14.2% | 10.5% | 9.5% | 12.3% | 7.1% | 10.9% |
| Net Profit Margin | 16.1% | 16.1% | 15.1% | 14.1% | 14.4% | 8.4% | 5.5% | 7.4% | 7.9% | 2.9% | 9.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 8.9% | 8.9% | 9.5% | 10.7% | 11.5% | 5.6% | 3.6% | 4.5% | 4.8% | 1.6% | 5.8% |
| ROA | 7.8% | 7.8% | 8.1% | 8.8% | 9.1% | 4.5% | 2.9% | 3.6% | 3.9% | 1.3% | 4.5% |
| ROIC | 15.5% | 15.5% | 19.5% | 23.9% | 19.5% | 8.9% | 6.3% | 5.6% | 7.9% | 4.0% | 6.2% |
| ROCE | 13.2% | 13.2% | 15.4% | 20.5% | 18.9% | 8.7% | 6.4% | 5.5% | 7.1% | 3.5% | 6.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.00 | 0.00 | 0.02 | 0.02 | 0.04 | 0.12 | 0.07 | 0.06 | 0.06 | 0.07 | 0.08 |
| Debt / EBITDA | 0.02 | 0.02 | 0.08 | 0.08 | 0.16 | 0.63 | 0.45 | 0.39 | 0.38 | 0.52 | 0.50 |
| Net Debt / Equity | — | -0.30 | -0.39 | -0.37 | -0.26 | -0.16 | -0.22 | -0.17 | -0.30 | -0.28 | -0.30 |
| Net Debt / EBITDA | -1.70 | -1.70 | -1.89 | -1.42 | -0.95 | -0.89 | -1.32 | -1.13 | -1.81 | -2.08 | -1.82 |
| Debt / FCF | — | -8.15 | -4.41 | -2.77 | -1.70 | -3.98 | -2.88 | — | -7.16 | -50.54 | -3.42 |
| Interest Coverage | 3789.11 | 3789.11 | 741.76 | 624.43 | 129.72 | 61.54 | 27.02 | 36.58 | 31.31 | 6.01 | 18.97 |
Net cash position: cash ($492M) exceeds total debt ($6M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 5.37 | 5.37 | 5.07 | 4.24 | 3.33 | 3.13 | 3.50 | 2.89 | 2.63 | 5.49 | 5.43 |
| Quick Ratio | 4.99 | 4.99 | 4.76 | 3.97 | 3.06 | 2.81 | 3.10 | 2.57 | 2.48 | 5.20 | 5.16 |
| Cash Ratio | 3.55 | 3.55 | 3.49 | 2.77 | 1.85 | 1.57 | 1.95 | 1.36 | 1.72 | 3.77 | 3.86 |
| Asset Turnover | — | 0.47 | 0.51 | 0.58 | 0.63 | 0.51 | 0.51 | 0.49 | 0.48 | 0.44 | 0.49 |
| Inventory Turnover | 8.90 | 8.90 | 9.75 | 11.13 | 10.45 | 8.99 | 8.29 | 8.93 | 13.84 | 15.16 | 16.52 |
| Days Sales Outstanding | — | 90.98 | 90.54 | 85.20 | 95.89 | 114.66 | 94.18 | 94.16 | 82.18 | 85.30 | 69.94 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | 2.5% | 5.5% | 1.1% | 1.2% | 1.6% |
| Payout Ratio | — | — | — | — | — | — | 47.8% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 7.5% | 9.5% | 9.2% | 11.1% | 12.0% | 6.9% | 5.3% | 5.0% | 5.7% | 2.0% | 6.6% |
| FCF Yield | 3.3% | 4.2% | 9.2% | 15.1% | 16.4% | 5.2% | 11.3% | — | 5.2% | 0.7% | 9.7% |
| Buyback Yield | 5.4% | 6.8% | 0.0% | 0.0% | 0.3% | 6.0% | 5.4% | 2.7% | 3.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.4% | 6.8% | 0.0% | 0.0% | 0.3% | 6.0% | 7.9% | 8.2% | 4.3% | 1.2% | 1.6% |
| Shares Outstanding | — | $60M | $62M | $62M | $61M | $62M | $65M | $69M | $75M | $69M | $76M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying PLAB stock.
Photronics, Inc.'s current P/E ratio is 13.3x. The historical average is 21.7x. This places it at the 20th percentile of its historical range.
Photronics, Inc.'s current EV/EBITDA is 4.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 5.5x.
Photronics, Inc.'s return on equity (ROE) is 8.9%. The historical average is 3.4%.
Based on historical data, Photronics, Inc. is trading at a P/E of 13.3x. This is at the 20th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Photronics, Inc. has 35.3% gross margin and 24.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Photronics, Inc.'s Debt/EBITDA ratio is 0.0x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Geopolitical concentration in Asia
Metrics are mathematically derived from official filings.
Deep Value Discount to Tech Peers
Photronics trades at a significant discount to its semiconductor equipment peers, with a P/E of 12.78 and EV/EBITDA of 4.31, suggesting the market is pricing in minimal growth and cyclicality despite its fortress balance sheet.
The company's valuation multiples are a fraction of peers like Onto Innovation (P/E 96.41) and MKS (EV/EBITDA 23.76), indicating a deep value pricing that likely reflects its lower growth profile and perceived cyclicality. The PEG ratio of 0.37 is exceptionally low, implying the market is not pricing in any of the potential upside from increased design complexity or AMOLED penetration. This discount appears structural, as investors may be applying a conglomerate-style discount to its pure-play model or over-weighting the risk of its geographic concentration.
Margin Compression from Peak Efficiency
Gross margins have contracted 380 basis points from their Q4 2024 peak to 33.2% in Q3 2026, suggesting the company is experiencing pricing pressure or an unfavorable product mix shift that is eroding its fixed-cost absorption advantage.
The decline in operating margin from 25.1% to 21.1% over the same period indicates that the gross margin compression is flowing directly to the bottom line, as the lean corporate structure offers limited offset. This trend warrants monitoring, as it may signal that the company's pricing power is weakening in the face of customer consolidation or that the mix is tilting toward lower-margin, high-volume mask sets. The current profitability level remains solid but is no longer at the peak efficiency demonstrated in late 2024.
Declining Returns on Invested Capital
Return on Invested Capital has trended downward from 4.8% in Q2 2024 to 2.9% in Q3 2026, indicating that the significant capital invested in new lithography tools is not yet generating commensurate returns.
This decline in ROIC, despite a growing asset base, suggests that the recent capital expenditure cycle has not yet translated into proportional earnings growth, likely due to the revenue softness and margin compression noted elsewhere. The trend is concerning because it implies the company may be in a period of lower capital efficiency, which could persist until utilization rates improve with a recovery in design activity. Investors should compare this trajectory to the historical ROIC range to assess if this is a cyclical trough or a structural shift.
Zero Leverage as Strategic Moat
With a debt-to-equity ratio of 0.00% and a cash balance of $549.5M, Photronics maintains a fortress balance sheet that provides complete insulation from interest rate risk and significant strategic optionality.
The absence of debt and substantial cash position, representing over 27% of total assets, is a defining feature of the company's financial profile. This structure suggests management prioritizes survival through semiconductor cycles over aggressive, debt-fueled expansion. While this provides immense safety, it also raises questions about capital efficiency, as the cash pile earns a minimal return compared to the potential returns from strategic M&A or accelerated investment in advanced mask technologies.
Working Capital Management Deteriorating
The cash conversion cycle has compressed dramatically from 72 days in Q1 2025 to just 1 day in Q3 2026, driven by a sharp increase in days payable outstanding to 120 days, which may indicate strained supplier relationships.
The collapse in CCC is not a sign of improved efficiency but rather a significant lengthening of the payment cycle to suppliers, as DPO has more than doubled. This could be a deliberate strategy to preserve cash, but it warrants investigation as it may signal deteriorating leverage with key suppliers of high-purity materials. The stability of days sales outstanding and days inventory outstanding suggests the operational core of the business remains efficient, but the financing of operations has shifted dramatically.
The Misapplied P/E Ratio
The P/E ratio is the most commonly misapplied metric for Photronics, as it obscures the company's asset-heavy, cyclical nature and the significant impact of non-cash depreciation on reported earnings.
Investors focusing solely on the low P/E of 12.78 may miss that earnings are heavily influenced by depreciation schedules for its expensive lithography tools, which can be adjusted to smooth volatility. A more appropriate metric is EV/EBITDA, which at 4.31 better reflects the cash-generating power of the asset base and is less distorted by capital structure and non-cash charges. Furthermore, the P/E fails to capture the strategic value of the company's $492M cash position, which should be subtracted from enterprise value to assess the core business valuation.