Photronics Inc

Technology
Semiconductors
www.photronics.com

Earnings Score
Moat Score
Safety Score
Final Score

Market Cap $1.34B
PE 10
Debt $18.00M
Cash $601.24M
EV $758.16M
FCF $130.50M

Earnings

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Sales & Net Margins

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Earnings	$130.69M
EBIT	$247.42M
ROE	9%
ROA	14%
FCF	$130.50M
Equity	$1.48B
Growth Stability	88%
PE	10.26
PEG	0.22
PB	0.91
P/FCF	10.28
P/S	1.55
Price/Cash	0.45
Debt/Equity	0.01
Debt/FCF	0.14
Net Margins	15%
Gross Margins	36%
Op. Margins	29%
Earnings CAGR	24%
Sales Growth YoY	-2%
Sales Growth QoQ	6%
Sales CAGR	9%
FCF CAGR	16%
Equity CAGR	6%
Earnings Stability	0.62
Earnings Growth YoY	-24%
Earnings Growth QoQ	-2%

Earnings CAGR 5Y	46%
Sales CAGR 5Y	11%
FCF CAGR 5Y	38%
Equity CAGR 5Y	11%
Earnings CAGR 3Y	7%
Sales CAGR 3Y	7%
FCF CAGR 3Y	15%
Equity CAGR 3Y	14%
Market Cap	$1.34B
Revenue	$866.95M
Assets	$1.71B
Total Debt	$18.00M
Cash	$601.24M
Shares Outstanding	61.65M
EV	758.16M
Earnings Score	88%
Moat Score	92%
Safety Score	97%
Final Score	92%
Working Capital	747.25M
Current Ratio	5.07
Gross Profit	$315.95M
Shares Growth 3y	1%
Equity Growth QoQ	5%
Equity Growth YoY	16%

Assets & ROA

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Stockholders Equity & ROE

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Photronics is a U.S.-based company that is principally engaged in manufacturing photomasks. The photomasks are photographic quartz plates that contain microscopic images of electronic circuits that are used as a component in the manufacture of integrated circuits and flat-panel displays. The revenue from products designed for integrated circuits production accounts for the majority of total revenue, with the rest derived from products for flat-panel display production. The company's assets are located in Taiwan, Korea, and the United States. It generates revenue worldwide, including the United States, Europe, Taiwan, Korea, China, and elsewhere in Asia, with Asia contributing the majority of total revenue.

SEC Filings

Direct access to Photronics Inc (PLAB) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Oct 31
- 10-Q Jul 28
- 10-Q Apr 28
- 10-Q Jan 28
2023
- 10-K Oct 31
- 10-Q Jul 30
- 10-Q Apr 30
- 10-Q Jan 29
2022
- 10-K Oct 31
- 10-Q Jul 31
- 10-Q May 01
- 10-Q Jan 30

Sector Comparison

How does Photronics Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Photronics Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 24%

Stability 62%

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Photronics Inc Discounted Cash Flow

Fully customizable DCF calculator online for Photronics Inc.

Years

Calculation mode

= $4B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$131M	$152M	$176M	$205M	$238M	$276M	$321M	$373M	$433M	$504M	$585M	$5.9B
DCF		$138M	$146M	$154M	$162M	$172M	$181M	$191M	$202M	$214M	$226M	$2.3B
Value	$4B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	10/2015	10/2016	10/2017	10/2018	10/2019	10/2020	10/2021	10/2022	10/2023	10/2024	TTM
Net Margins	9%	10%	3%	8%	5%	6%	8%	14%	14%	15%	15%
ROA	-	6%	3%	6%	5%	5%	8%	18%	18%	14%	14%
ROE	-	6%	2%	5%	3%	4%	6%	11%	10%	9%	9%

Good Net Margins (15.07%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	10/2015	10/2016	10/2017	10/2018	10/2019	10/2020	10/2021	10/2022	10/2023	10/2024	TTM
Debt over FCF	-	1.01	13.68	3.03	-0.48	1.01	3.21	0.26	0.14	0.14	0.14
Debt over Equity	0.26	0.09	0.08	0.13	0.06	0.08	0.13	0.04	0.02	0.01	0.01
Growth Stability	-	-	-	100%	88%	100%	100%	100%	100%	100%	88%

Good Debt/FCF ratio (0.14)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.01)

The company is not overleveraged and has a good balance between equity and debt.

Neutral Graham’s Stability (88%)

The company has a stability in its earnings that is not too good nor too bad.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	10/2015	10/2016	10/2017	10/2018	10/2019	10/2020	10/2021	10/2022	10/2023	10/2024	CAGR 5Y
Revenue YoY growth	-	-8%	-7%	19%	3%	11%	9%	24%	8%	-3%	11%
Earnings YoY growth	-	4%	-72%	220%	-29%	14%	64%	114%	6%	4%	46%
Equity YoY growth	-	8%	5%	5%	1%	6%	4%	6%	20%	16%	11%
FCF YoY growth	-	147%	-93%	680%	-390%	-166%	-42%	291%	5%	-24%	38%