Photronics, Inc. (PLAB) Stock

Photronics, Inc. (PLAB) is a Technology stock trading at $30.52 (as of 2026-08-20), with a market capitalization of $1.80B and a trailing P/E of 11.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Photronics, Inc. manufactures and sells photomask products and related services used to transfer circuit patterns for integrated circuits and flat panel displays. Its offerings are sold to semiconductor and FPD manufacturers, designers, and foundries, and to other electronics manufacturers, with operations spanning the United States, Taiwan, Korea, Europe, China, and other international markets.

Understand Photronics, Inc.: how it makes money

Photronics makes and sells photomasks used by semiconductor and flat panel display makers to transfer circuit patterns, and it earns money by supplying these photomask products and services to manufacturers, designers, foundries, and other high-performance electronics customers.

The profit engine is the sale of photomasks that semiconductor and flat panel display manufacturers use to transfer circuit patterns, so results primarily track demand and spend in integrated circuit mask demand and flat panel display mask demand.

Revenue by segment (latest quarter)
IC Masks$0.1B
FPD Masks$0.1B

Business quality (Mixed): Photronics is a photomask manufacturer tied directly to semiconductor and flat panel display production, with segment revenue indicating meaningful exposure to integrated circuit masks and additional exposure to flat panel display masks, supported by solid operating profitability in the latest period.

Valuation: At 11× earnings, PLAB trades 78% below the Semiconductors average (51×). Note: one-time items can distort reported P/E.

Bull case

  • Strong operating profitability in the latest period: Operating margin was 20.1% (gross margin 31.3%) for the period ended 2026-05-03.
  • Focused photomask demand from integrated circuit manufacturing: Integrated circuit masks are a large portion of segment revenue, with Photomask Revenue from Integrated Circuit Masks at 0.15B.
  • Presence across key technology manufacturing regions: The company manufactures and sells in the United States, Taiwan, Korea, Europe, China, and internationally.

Bear case

  • Cyclicality risk tied to semiconductor and flat panel display manufacturing: Because photomasks are used in manufacturing integrated circuits and flat panel displays, demand and purchasing can weaken when those end markets slow down.
  • Segment mix concentration: Integrated circuit masks (0.15B) are larger than flat panel display masks (0.06B), so changes in integrated circuit mask demand can disproportionately affect results.
Valuation — source: SEC EDGAR (first-party)
Price$30.52
Market Cap$1.80B
P/E Ratio11.3
EV / EBITDA4.7
Price / Book1.06
Price / Sales2.09
FCF Yield5.4%
DCF Value (model)$46.08
DCF Upside vs Price51.0%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$849.29M
Net Margin16.1%
Revenue Growth (YoY)-0.5%
EPS Growth (YoY)260.0%
FCF Growth (YoY)-104.2%
Financial Health — source: SEC EDGAR
Altman Z-Score7.15 (safe)
Valuation vs Sector & Industry
Stock P/E11.3
Sector P/E (Technology)33.9
Industry P/E (Electronic Equipment)39.4
vs Sector-66.7%
vs Industry-71.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($379.33M)
Institutional Holders Tracked10
Company
SectorTechnology
IndustryElectronic Equipment
CEOGeorge C. Macricostas
Employees1,900
CountryUS
IPO Date1987-03-10

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.