Revenue growth has stalled with a 0.5% year-over-year decline in 2026Q2, while gross margins have compressed to 31.3% from the 37.0% peak observed in 2024Q4.
| Metric | TTM | Oct'25 | Oct'24 | Oct'23 | Oct'22 | Oct'21 | Oct'20 | Oct'19 | Oct'18 | Oct'17 | Oct'16 | Oct'15 | Oct'14 | Oct'13 | Oct'12 | Oct'11 | Oct'10 | Oct'09 | Oct'08 | Oct'07 | Oct'06 | Oct'05 | Oct'04 | Oct'03 | Oct'02 | Oct'01 | Oct'00 | Oct'99 | Oct'98 | Oct'97 | Oct'96 |
|---|
| Sales/Revenue | 861.17M | 849.29M | 866.95M | 892.08M | 824.55M | 663.76M | 609.69M | 550.66M | 535.28M | 450.68M | 483.46M | 524.21M | 455.53M | 422.18M | 450.44M | 512.02M | 425.55M | 361.35M | 422.55M | 421.48M | 454.88M | 440.77M | 395.54M | 348.88M | 386.87M | 377.97M | 331.21M | 223.7M | 222.6M | 197.5M | 160.1M |
| Revenue Growth % | 0.52% | -2.04% | -2.82% | 8.19% | 24.22% | 8.87% | 10.72% | 2.87% | 18.77% | -6.78% | -7.77% | 15.08% | 7.9% | -6.27% | -12.03% | 20.32% | 17.77% | -14.48% | 0.25% | -7.34% | 3.2% | 11.44% | 13.37% | -9.82% | 2.36% | 14.12% | 48.06% | 0.49% | 12.71% | 23.36% | 27.77% |
| Cost of Goods Sold | 570.32M | 549.46M | 551M | 555.91M | 530.34M | 496.72M | 475.04M | 429.82M | 403.77M | 359.36M | 364.75M | 381.07M | 355.18M | 322.54M | 338.52M | 375.81M | 333.74M | 304.28M | 349.84M | 321.96M | 307.85M | 295.65M | 260.23M | 250.69M | 276.45M | 254.27M | 163.78M | 115.6M | 107.6M | 100.6M | 85.1M |
| COGS % of Revenue | - | 64.7% | 63.56% | 62.32% | 64.32% | 74.83% | 77.91% | 78.06% | 75.43% | 79.74% | 75.45% | 72.69% | 77.97% | 76.4% | 75.15% | 73.4% | 78.42% | 84.21% | 82.79% | 76.39% | 67.68% | 67.08% | 65.79% | 71.85% | 71.46% | 67.27% | 49.45% | 51.68% | 48.34% | 50.94% | 53.15% |
| Gross Profit | 290.85M | 299.83M | 315.95M | 336.16M | 294.21M | 167.04M | 134.65M | 120.84M | 131.5M | 91.31M | 118.71M | 143.14M | 100.35M | 99.64M | 111.92M | 136.21M | 91.81M | 57.07M | 72.71M | 99.52M | 147.02M | 145.12M | 135.31M | 98.2M | 110.42M | 123.7M | 167.43M | 108.1M | 115M | 96.9M | 75M |
| Gross Margin % | 33.77% | 35.3% | 36.44% | 37.68% | 35.68% | 25.17% | 22.09% | 21.94% | 24.57% | 20.26% | 24.55% | 27.31% | 22.03% | 23.6% | 24.85% | 26.6% | 21.58% | 15.79% | 17.21% | 23.61% | 32.32% | 32.92% | 34.21% | 28.15% | 28.54% | 32.73% | 50.55% | 48.32% | 51.66% | 49.06% | 46.85% |
| Gross Profit Growth % | - | -5.1% | -6.01% | 14.26% | 76.13% | 24.05% | 11.43% | -8.11% | 44.01% | -23.07% | -17.07% | 42.64% | 0.71% | -10.97% | -17.84% | 48.36% | 60.88% | -21.51% | -26.94% | -32.31% | 1.31% | 7.25% | 37.79% | -11.07% | -10.73% | -26.12% | 54.88% | -6% | 18.68% | 29.2% | 28.64% |
| Operating Expenses | 93.36M | 91.43M | 94.43M | 83.11M | 82.35M | 72.49M | 70.73M | 68.72M | 65.88M | 59.45M | 66.23M | 70.9M | 71.55M | 68.97M | 66.08M | 60.75M | 52.34M | 54.55M | 278.05M | 78.81M | 105.19M | 86.45M | 84.01M | 86.12M | 88.13M | 78.62M | 123.66M | 87.3M | 75.7M | 56.4M | 42.8M |
| OpEx % of Revenue | - | 10.77% | 10.89% | 9.32% | 9.99% | 10.92% | 11.6% | 12.48% | 12.31% | 13.19% | 13.7% | 13.53% | 15.71% | 16.34% | 14.67% | 11.86% | 12.3% | 15.1% | 65.8% | 18.7% | 23.13% | 19.61% | 21.24% | 24.68% | 22.78% | 20.8% | 37.34% | 39.03% | 34.01% | 28.56% | 26.73% |
| Selling, General & Admin | 80.49M | 75.63M | 77.76M | 69.46M | 63.99M | 57.52M | 53.58M | 52.33M | 51.4M | 43.59M | 44.58M | 48.98M | 49.64M | 48.21M | 46.71M | 45.24M | 42.39M | 41.16M | 55.17M | 61.51M | 62.22M | 54.3M | 53.49M | 56.15M | 57.97M | 53.76M | 46.06M | 31.1M | 28.8M | 24.9M | 21.1M |
| SG&A % of Revenue | - | 8.9% | 8.97% | 7.79% | 7.76% | 8.67% | 8.79% | 9.5% | 9.6% | 9.67% | 9.22% | 9.34% | 10.9% | 11.42% | 10.37% | 8.84% | 9.96% | 11.39% | 13.06% | 14.59% | 13.68% | 12.32% | 13.52% | 16.1% | 14.99% | 14.22% | 13.91% | 13.9% | 12.94% | 12.61% | 13.18% |
| Research & Development | 12.87M | 15.8M | 16.58M | 13.65M | 18.34M | 18.49M | 17.14M | 16.39M | 14.48M | 15.86M | 21.65M | 21.92M | 21.91M | 20.76M | 19.37M | 15.51M | 14.93M | 15.42M | 17.48M | 17.3M | 27.34M | 32.15M | 30.52M | 29.96M | 30.15M | 24.86M | 20.73M | 15.5M | 12.9M | 10.6M | 8.5M |
| R&D % of Revenue | - | 1.86% | 1.91% | 1.53% | 2.22% | 2.79% | 2.81% | 2.98% | 2.71% | 3.52% | 4.48% | 4.18% | 4.81% | 4.92% | 4.3% | 3.03% | 3.51% | 4.27% | 4.14% | 4.1% | 6.01% | 7.29% | 7.72% | 8.59% | 7.79% | 6.58% | 6.26% | 6.93% | 5.8% | 5.37% | 5.31% |
| Other Operating Expenses | 0 | 0 | 92K | 0 | 17K | -3.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 205.41M | 0 | 15.64M | 0 | 0 | 0 | 0 | 0 | 56.87M | 40.7M | 34M | 20.9M | 13.2M |
| Operating Income | 197.49M | 208.4M | 221.52M | 253.05M | 211.87M | 94.55M | 63.93M | 52.12M | 65.63M | 31.87M | 52.48M | 72.23M | 28.8M | 30.67M | 44.41M | 75.47M | 39.48M | -12.49M | -205.85M | 22.97M | 41.83M | 58.67M | 51.3M | -29.92M | 7.79M | 6.98M | 43.77M | 20.8M | 39.3M | 40.5M | 32.2M |
| Operating Margin % | 22.93% | 24.54% | 25.55% | 28.37% | 25.69% | 14.25% | 10.49% | 9.47% | 12.26% | 7.07% | 10.85% | 13.78% | 6.32% | 7.26% | 9.86% | 14.74% | 9.28% | -3.46% | -48.72% | 5.45% | 9.2% | 13.31% | 12.97% | -8.58% | 2.01% | 1.85% | 13.22% | 9.3% | 17.66% | 20.51% | 20.11% |
| Operating Income Growth % | - | -5.92% | -12.46% | 19.44% | 124.07% | 47.91% | 22.65% | -20.58% | 105.93% | -39.27% | -27.35% | 150.85% | -6.11% | -30.95% | -41.15% | 91.18% | 415.93% | 93.93% | -996.26% | -45.1% | -28.7% | 14.37% | 271.45% | -483.96% | 11.63% | -84.05% | 110.44% | -47.07% | -2.96% | 25.78% | 36.44% |
| EBITDA | 234.71M | 286.01M | 304.32M | 333.88M | 292.2M | 184.95M | 157.74M | 136M | 149.96M | 118.44M | 135.32M | 154.65M | 108.93M | 103.61M | 129.62M | 162.13M | 120.85M | 77.98M | -109.92M | 120.99M | 132.51M | 146.52M | 139.43M | 55.17M | 90.98M | 79.96M | 100.64M | 61.5M | 73.3M | 61.4M | 45.4M |
| EBITDA Margin % | 27.25% | 33.68% | 35.1% | 37.43% | 35.44% | 27.86% | 25.87% | 24.7% | 28.02% | 26.28% | 27.99% | 29.5% | 23.91% | 24.54% | 28.78% | 31.66% | 28.4% | 21.58% | -26.01% | 28.71% | 29.13% | 33.24% | 35.25% | 15.81% | 23.52% | 21.15% | 30.39% | 27.49% | 32.93% | 31.09% | 28.36% |
| EBITDA Growth % | -21.13% | -6.02% | -8.85% | 14.27% | 57.99% | 17.25% | 15.99% | -9.31% | 26.61% | -12.47% | -12.5% | 41.97% | 5.13% | -20.07% | -20.05% | 34.16% | 54.98% | 170.94% | -190.86% | -8.7% | -9.56% | 5.09% | 152.71% | -39.35% | 13.79% | -20.55% | 63.64% | -16.1% | 19.38% | 35.24% | 36.34% |
| D&A (Non-Cash Add-back) | 37.22M | 77.61M | 82.81M | 80.83M | 80.33M | 90.4M | 93.81M | 83.88M | 84.33M | 86.57M | 82.84M | 82.41M | 80.14M | 72.94M | 85.21M | 86.66M | 81.37M | 90.47M | 95.93M | 98.02M | 90.68M | 87.85M | 88.13M | 85.1M | 83.19M | 72.97M | 56.87M | 40.7M | 34M | 20.9M | 13.2M |
| EBIT | 197.49M | 208.4M | 247.75M | 270.38M | 240.89M | 103.69M | 63.97M | 52.13M | 70.83M | 31.87M | 63.84M | 75.03M | 48.58M | 34.56M | 48.14M | 43.16M | 42.03M | -14.7M | -200.29M | 20.71M | 41.83M | 66.23M | 55.77M | 12.08M | 22.29M | 45.08M | 43.77M | 27.2M | 48.8M | 40.5M | 32.2M |
| Net Interest Income | 16.88M | 21.93M | 23.73M | 14.43M | -177K | -520K | -1.83M | -154K | 2.57M | -5.3M | -941K | -2.19M | -3.84M | -3.86M | -3.77M | -4.31M | -9.47M | -22.4M | -11.88M | 0 | 0 | 0 | -14.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 16.88M | 21.99M | 24.06M | 14.86M | 1.68M | 1.17M | 541K | 1.27M | 4.83M | 0 | 2.42M | 2.8M | 3.41M | 3.89M | 3.72M | 2.95M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4K | 55K | 334K | 433K | 1.86M | 1.69M | 2.37M | 1.43M | 2.26M | 5.3M | 3.37M | 4.99M | 7.25M | 7.76M | 7.49M | 7.26M | 9.47M | 22.4M | 11.88M | 0 | 0 | 0 | 14.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 45.59M | 13.38M | 25.9M | 16.9M | 27.17M | 7.45M | -2.33M | -1.42M | 2.94M | -5.3M | 8M | -2.19M | 12.54M | -3.86M | -3.77M | -39.57M | -6.92M | -24.61M | -6.32M | 916K | 3.55M | -3.33M | -10.26M | -11.74M | -13.29M | -9.3M | -28.9M | 2M | 3.6M | 900K | 1.7M |
| Pretax Income | 243.08M | 221.78M | 247.41M | 269.95M | 239.03M | 102.01M | 61.6M | 50.7M | 68.57M | 26.57M | 60.47M | 70.04M | 41.33M | 26.8M | 40.65M | 35.9M | 32.55M | -37.1M | -212.17M | 23.88M | 45.39M | 55.34M | 41.05M | -41.66M | -5.5M | -2.32M | 14.88M | 17M | 33.1M | 41.4M | 33.9M |
| Pretax Margin % | 28.23% | 26.11% | 28.54% | 30.26% | 28.99% | 15.37% | 10.1% | 9.21% | 12.81% | 5.89% | 12.51% | 13.36% | 9.07% | 6.35% | 9.02% | 7.01% | 7.65% | -10.27% | -50.21% | 5.67% | 9.98% | 12.56% | 10.38% | -11.94% | -1.42% | -0.61% | 4.49% | 7.6% | 14.87% | 20.96% | 21.17% |
| Income Tax | 31.9M | 31.55M | 63.57M | 70.31M | 59.79M | 23.19M | 21.26M | 10.21M | 7.33M | 5.28M | 4.8M | 13.18M | 9.29M | 7.23M | 10.79M | 15.69M | 7.47M | 4.32M | -2.78M | -3.18M | 10.46M | 10.06M | 5.76M | 924K | -7.02M | -3M | 4.7M | 6.3M | 12.6M | 15.8M | 12.9M |
| Effective Tax Rate % | 13.12% | 14.23% | 25.69% | 26.05% | 25.01% | 22.73% | 34.51% | 20.14% | 10.7% | 19.86% | 7.93% | 18.82% | 22.49% | 26.97% | 26.55% | 43.71% | 22.95% | -11.65% | 1.31% | -13.31% | 23.05% | 18.17% | 14.04% | -2.22% | 127.66% | 129.25% | 31.59% | 37.06% | 38.07% | 38.16% | 38.05% |
| Net Income | 159.06M | 136.41M | 130.69M | 125.48M | 118.79M | 55.45M | 33.82M | 40.49M | 42.05M | 13.13M | 46.2M | 44.63M | 26M | 17.97M | 27.87M | 16.23M | 23.92M | -41.91M | -210.76M | 24.52M | 29.33M | 38.65M | 24.47M | -48.16M | -4.86M | -4.03M | 10.18M | 10.7M | 20.5M | 25.6M | 21M |
| Net Margin % | 18.47% | 16.06% | 15.07% | 14.07% | 14.41% | 8.35% | 5.55% | 7.35% | 7.86% | 2.91% | 9.56% | 8.51% | 5.71% | 4.26% | 6.19% | 3.17% | 5.62% | -11.6% | -49.88% | 5.82% | 6.45% | 8.77% | 6.19% | -13.8% | -1.26% | -1.07% | 3.07% | 4.78% | 9.21% | 12.96% | 13.12% |
| Net Income Growth % | 32.58% | 4.37% | 4.15% | 5.64% | 114.23% | 63.95% | -16.48% | -3.72% | 220.3% | -71.58% | 3.53% | 71.66% | 44.7% | -35.53% | 71.72% | -32.16% | 157.08% | 80.12% | -959.46% | -16.4% | -24.11% | 57.99% | 150.8% | -891.6% | -20.64% | -139.56% | -4.9% | -47.8% | -19.92% | 21.9% | 12.9% |
| Net Income (Continuing) | 211.19M | 190.23M | 183.85M | 199.63M | 179.24M | 78.82M | 40.34M | 40.49M | 61.24M | 21.29M | 55.68M | 56.86M | 32.03M | 19.58M | 29.86M | 20.21M | 25.08M | -41.43M | -209.39M | 27.06M | 34.92M | 38.65M | 24.47M | -48.16M | -4.86M | -4.03M | 10.18M | 14.4M | 26.6M | 25.6M | 21M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 452.21M | 423.72M | 359.89M | 300.6M | 230.56M | 176.87M | 157.3M | 141.2M | 144.9M | 120.73M | 115.11M | 115.51M | 111.44M | 2.52M | 34.62M | 48.71M | 54.14M | 49.94M | 49.62M | 49.47M | 46M | 45.82M | 64.72M | 52.81M | 44.97M | 45.01M | 27.13M | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.72 | 2.28 | 2.09 | 2.03 | 1.94 | 0.89 | 0.52 | 0.59 | 0.56 | 0.19 | 0.64 | 0.63 | 0.41 | 0.29 | 0.44 | 0.28 | 0.43 | -0.97 | -5.06 | 0.56 | 0.66 | 0.95 | 0.68 | -1.50 | -0.16 | -0.13 | 0.34 | 0.51 | 0.92 | 1.03 | 0.87 |
| EPS Growth % | 42.19% | 9.09% | 2.96% | 4.64% | 117.98% | 71.15% | -11.86% | 5.36% | 194.74% | -70.31% | 1.59% | 53.66% | 41.38% | -34.09% | 57.14% | -34.88% | 144.33% | 80.83% | -1003.57% | -15.15% | -30.53% | 39.71% | 145.33% | -837.5% | -23.08% | -138.24% | -33.33% | -44.57% | -10.68% | 18.39% | 4.82% |
| EPS (Basic) | - | 2.29 | 2.12 | 2.05 | 1.96 | 0.90 | 0.52 | 0.61 | 0.59 | 0.19 | 0.68 | 0.67 | 0.42 | 0.30 | 0.46 | 0.28 | 0.45 | -0.97 | -5.06 | 0.59 | 0.71 | 1.09 | 0.75 | -1.50 | -0.16 | -0.13 | 0.35 | 0.52 | 0.95 | 1.07 | 0.87 |
| Diluted Shares Outstanding | 58.57M | 59.92M | 62.39M | 61.76M | 61.19M | 62M | 65.47M | 69.16M | 74.82M | 69.29M | 76.35M | 78.38M | 66.68M | 61.6M | 76.46M | 58.46M | 65.8M | 43.21M | 41.66M | 51.28M | 51.07M | 45.26M | 42.34M | 32.14M | 31.28M | 29.92M | 29.83M | 28.11M | 33.09M | 24.85M | 24.2M |
| Basic Shares Outstanding | 57.96M | 59.61M | 61.73M | 61.14M | 60.56M | 61.41M | 64.87M | 66.35M | 71.43M | 68.44M | 67.54M | 66.33M | 61.78M | 60.64M | 60.05M | 57.03M | 53.43M | 43.21M | 41.66M | 41.54M | 41.37M | 35.52M | 32.56M | 32.14M | 31.28M | 29.92M | 28.76M | 27.8M | 28.12M | 23.93M | 24.2M |
| Dividend Payout Ratio | - | - | - | - | - | - | 47.76% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Geopolitical supply chain disruption
As reported in recent financial filings, Photronics experienced a 0.5% year-over-year revenue decline in 2026Q2, signaling a deceleration in demand for new mask tape-outs that suggests the company is currently struggling to capture incremental growth from the broader semiconductor design activity across its core Asian markets.
The recent top-line contraction appears to reflect a cooling in the semiconductor design environment, particularly within the FPD segment where mask complexity requirements may be plateauing. Investors should monitor whether this trend represents a temporary inventory correction or a more structural shift in the merchant photomask market's ability to sustain historical growth rates.
Based on the company's 2026Q2 income statement, gross margins have compressed to 31.3% from a peak of 37.0% in 2024Q4, indicating that the firm's high fixed-cost structure is becoming increasingly sensitive to lower utilization rates as revenue growth remains under pressure across key segments.
The erosion of gross margin suggests that the company is struggling to maintain pricing power in a competitive merchant environment. This trend warrants further investigation into whether the current cost base is optimized for the prevailing lower-volume environment or if further operational adjustments are required to protect profitability.
According to the provided quarterly data, operating margins have retreated to 20.1% in 2026Q2, down from 26.6% in 2024Q1, which implies that the company is currently unable to achieve the necessary operating leverage to offset the recent decline in gross profit contribution.
The inability to scale operating income alongside revenue suggests that the company's overhead structure remains rigid despite the recent top-line weakness. This lack of operating flexibility may indicate that management is maintaining capacity in anticipation of a recovery that has yet to materialize in the current data.
Analysis of the income statement reveals significant quarterly fluctuations in net income, such as the 98.1% EPS growth in 2025Q4 followed by a sharp decline, suggesting that non-operating items or tax anomalies may be distorting the underlying quality of reported earnings for the firm.
The wide variance in net margins, ranging from 4.2% to 28.6% over the last ten quarters, indicates that investors should focus on operating income as a more reliable proxy for performance. The impact of foreign currency fluctuations and potential non-recurring items appears to be creating noise that masks the true operational trajectory of the business.
Based on reported figures, the company maintains a debt-free balance sheet with a substantial cash pile, yet the recent negative revenue growth suggests that this capital is not currently being deployed to generate meaningful returns, raising questions about the efficiency of the firm's long-term capital allocation strategy.
Short-term observers may argue that the accumulation of cash without a clear reinvestment path or shareholder return policy represents a drag on ROIC. This defensive posture may be interpreted as a lack of confidence in future growth opportunities, potentially inviting activist pressure to unlock value from the idle balance sheet.
Quick answers to the most common questions about buying PLAB stock.
For fiscal year 2025, Photronics, Inc. (PLAB) reported total revenue of $849.3M. This represents a 430.5% increase compared to $160.1M in 1996.
Photronics, Inc. (PLAB) is profitable, generating $136.4M in net income for the fiscal year ending 2025 with a net profit margin of 16.1%.
Photronics, Inc. (PLAB) reported an operating income of $208.4M, resulting in an operating profit margin of 24.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Photronics, Inc. (PLAB) generated $299.8M in gross profit for the year, representing a gross profit margin of 35.3%. This demonstrates the company's core pricing power and production efficiency.