Latest Ratios: P/E Ratio 12.1x · EV/EBITDA 4.0x · 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 | $1.6B | $1.4B | $1.4B | $1.1B | $992M | $805M | $638M | $816M | $729M | $672M | $741M |
| Enterprise Value | $1.1B | $946M | $847M | $661M | $715M | $640M | $431M | $662M | $457M | $426M | $494M |
| P/E Ratio → | 12.08 | 10.48 | 10.91 | 9.04 | 8.36 | 14.60 | 18.75 | 20.00 | 17.39 | 51.05 | 15.16 |
| P/S Ratio | 1.91 | 1.69 | 1.64 | 1.27 | 1.20 | 1.21 | 1.05 | 1.48 | 1.36 | 1.49 | 1.53 |
| P/B Ratio | 1.03 | 0.90 | 0.96 | 0.89 | 0.93 | 0.80 | 0.66 | 0.90 | 0.81 | 0.78 | 0.90 |
| P/FCF | 27.23 | 24.00 | 10.90 | 6.64 | 6.09 | 19.41 | 8.86 | — | 19.19 | 138.06 | 10.29 |
| P/OCF | 6.56 | 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 | 3.98 | 3.31 | 2.78 | 1.98 | 2.45 | 3.46 | 2.73 | 4.87 | 3.05 | 3.60 | 3.65 |
| EV / EBIT | 5.46 | 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 | 8.3% | 9.5% | 9.2% | 11.1% | 12.0% | 6.9% | 5.3% | 5.0% | 5.7% | 2.0% | 6.6% |
| FCF Yield | 3.7% | 4.2% | 9.2% | 15.1% | 16.4% | 5.2% | 11.3% | — | 5.2% | 0.7% | 9.7% |
| Buyback Yield | 6.0% | 6.8% | 0.0% | 0.0% | 0.3% | 6.0% | 5.4% | 2.7% | 3.2% | 0.0% | 0.0% |
| Total Shareholder Yield | 6.0% | 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 |
Geopolitical supply chain disruption
According to current market data, Photronics trades at a TTM P/E of 13.46, which, when compared to the broader semiconductor equipment peer group, suggests that investors are pricing in significant skepticism regarding the company's ability to sustain long-term growth amidst a decelerating tape-out environment.
The low P/E multiple relative to peers like Onto Innovation suggests the market views Photronics as a mature, cyclical entity rather than a high-growth semiconductor participant. Investors should monitor whether the forward P/E of 16.63 indicates an expectation of earnings contraction or if the current valuation provides a margin of safety for potential cyclical recovery.
Based on reported figures, the company's ROIC has trended downward from 5.2% in 2024Q1 to 2.8% in 2026Q2, indicating that the firm is struggling to generate incremental returns on its heavy investments in lithography equipment as revenue growth remains under pressure.
The decline in ROIC suggests that the company's capital-intensive business model is failing to achieve the necessary scale to improve returns on invested capital. This trend warrants further investigation into whether the current asset base is becoming obsolete or if the competitive landscape is eroding the firm's pricing power.
As reported in financial statements, the company's cash conversion cycle has fluctuated significantly, reaching 1 day in 2026Q2 compared to 72 days in 2025Q1, which suggests that management is aggressively managing receivables and payables to offset the impact of slowing top-line growth on liquidity.
The volatility in the cash conversion cycle implies that the company's working capital efficiency is highly sensitive to the timing of customer payments and inventory turnover. Investors should monitor whether these shifts are sustainable or if they represent a temporary attempt to mask underlying operational inefficiencies.
According to the latest quarterly data, Photronics maintains a current ratio of 5.05 and a quick ratio of 4.69, providing a substantial liquidity cushion that, while impressive, may indicate an overly conservative capital structure that fails to optimize shareholder returns in the current environment.
The high liquidity position suggests the company is well-insulated against short-term operational shocks or supply chain disruptions. However, the lack of debt and high cash balance may imply that management lacks high-return reinvestment opportunities, which could lead to increased pressure for capital returns to shareholders.
The P/E ratio is frequently misapplied to Photronics, as it fails to account for the company's massive cash-to-revenue ratio of nearly 60%, which significantly distorts the earnings multiple and obscures the true valuation of the core photomask business relative to its peers.
Analysts should prioritize EV/EBITDA over P/E to strip out the impact of the company's idle cash, which currently provides little return. Adjusting for this cash would likely reveal a much lower valuation multiple, suggesting the market may be undervaluing the core business's cash-generating potential.
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Quick answers to the most common questions about buying PLAB stock.
Photronics, Inc.'s current P/E ratio is 12.1x. The historical average is 21.7x. This places it at the 20th percentile of its historical range.
Photronics, Inc.'s current EV/EBITDA is 4.0x. 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 12.1x. 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.