Photronics, Inc. (PLAB) Key Metrics
PLAB valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $1.62B
- Enterprise value
- $1.13B
- P/E (TTM)
- 9.8 10-yr median 15.3
- Forward P/E
- 13.3
- PEG ratio
- 2.64
- Price / sales
- 1.9 10-yr median 1.4
- Price / book
- 1.4 10-yr median 1.1
- EV / EBITDA
- 3.3 10-yr median 2.9
- Dividend yield
- —
- Beta
- 1.32
PLAB key metrics, FY2016–FY2025
Fiscal year ended October 31, 2025 · U.S. dollarsPLAB valuation Price multiples at each fiscal year-end price.
PLAB returns How much profit the business earns on the capital it uses.
PLAB per-share figures Results divided by the shares outstanding at year-end.
PLAB financial health Debt, liquidity and how easily interest is covered.
PLAB efficiency & capital use Working capital cycle and where the cash goes.
PLAB valuation history
PLAB returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
PLAB debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
PLAB cash returned to shareholders
PLAB price vs earnings per share
PLAB key metrics
FY2016–FY2025| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $1.43B | $1.42B | $1.13B | $992.5M | $805.4M | $638.3M | $816.0M | $728.8M | $672.1M | $740.6M |
| Enterprise value | $849.9M | $804.8M | $648.1M | $679.6M | $645.9M | $430.5M | $662.3M | $456.9M | $424.0M | $494.1M |
| P/E ratio | 10.5 | 10.9 | 9.0 | 8.4 | 14.5 | 18.9 | 20.2 | 17.3 | 51.2 | 16.0 |
| Price / sales | 1.7 | 1.6 | 1.3 | 1.2 | 1.2 | 1.0 | 1.5 | 1.4 | 1.5 | 1.5 |
| Price / book | 1.2 | 1.3 | 1.2 | 1.2 | 1.0 | 0.8 | 1.1 | 1.0 | 0.9 | 1.0 |
| Price / free cash flow | 24.0 | 10.9 | 6.6 | 6.1 | 19.4 | 8.9 | — | 19.2 | 138.1 | 10.3 |
| Price / operating cash flow | 5.8 | 5.4 | 3.8 | 3.6 | 5.3 | 4.5 | 11.4 | 5.6 | 6.9 | 6.1 |
| EV / sales | 1.0 | 0.9 | 0.7 | 0.8 | 1.0 | 0.7 | 1.2 | 0.9 | 0.9 | 1.0 |
| EV / EBITDA | 2.8 | 2.4 | 1.8 | 2.1 | 3.3 | 2.7 | 4.9 | 2.9 | 3.6 | 3.4 |
| EV / free cash flow | 14.2 | 6.2 | 3.8 | 4.2 | 15.6 | 6.0 | — | 12.0 | 87.1 | 6.9 |
| Earnings yield | 9.5% | 9.2% | 11.1% | 12.0% | 6.9% | 5.3% | 5.0% | 5.8% | 2.0% | 6.2% |
| Free cash flow yield | 4.2% | 9.2% | 15.1% | 16.4% | 5.2% | 11.3% | −12.9% | 5.2% | 0.7% | 9.7% |
| Dividend yield | — | — | — | 0.6% | 0.5% | 2.5% | 5.5% | 1.1% | 1.2% | 1.6% |
| Shareholder yield (dividends + buybacks) | 6.8% | 0.0% | 0.0% | 0.8% | 6.5% | 7.9% | 8.2% | 4.3% | 1.2% | 1.7% |
| Share price at fiscal year-end | $23.90 | $22.80 | $18.36 | $16.22 | $12.99 | $9.75 | $11.80 | $9.74 | $9.70 | $9.70 |
| Per share | ||||||||||
| Revenue per share | $14.17 | $13.90 | $14.45 | $13.48 | $10.71 | $9.31 | $7.96 | $7.15 | $6.50 | $6.33 |
| Earnings per share | $2.28 | $2.09 | $2.03 | $1.94 | $0.89 | $0.52 | $0.59 | $0.56 | $0.19 | $0.61 |
| Operating cash flow per share | $4.14 | $4.19 | $4.89 | $4.50 | $2.43 | $2.18 | $1.04 | $1.75 | $1.40 | $1.60 |
| Free cash flow per share | $1.00 | $2.09 | $2.77 | $2.66 | $0.67 | $1.10 | −$1.52 | $0.51 | $0.07 | $0.94 |
| Cash per share | $9.82 | $10.27 | $8.29 | $5.86 | $4.46 | $4.26 | $2.99 | $4.40 | $4.45 | $4.11 |
| Book value per share | $19.59 | $17.97 | $15.79 | $13.59 | $13.29 | $12.30 | $11.13 | $10.15 | $10.75 | $9.30 |
| Tangible book value per share | $19.59 | $17.97 | $15.79 | $13.59 | $13.27 | $12.19 | $10.91 | $9.82 | $10.25 | $8.78 |
| Dividends per share | — | — | — | $0.09 | $0.06 | $0.25 | $0.65 | $0.11 | $0.12 | $0.16 |
| Capex per share | $3.14 | $2.10 | $2.13 | $1.84 | $1.76 | $1.08 | $2.56 | $1.24 | $1.33 | $0.66 |
| Debt per share | $0.10 | $0.37 | $0.43 | $0.75 | $1.89 | $1.08 | $0.76 | $0.77 | $0.86 | $0.88 |
| Shares outstanding | 59.9M | 62.4M | 61.8M | 61.2M | 62.0M | 65.5M | 69.2M | 74.8M | 69.3M | 76.4M |
| Change in shares outstanding | −4.0% | +1.0% | +0.9% | −1.3% | −5.3% | −5.3% | −7.6% | +8.0% | −9.3% | −2.6% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.9% | 12.5% | 13.9% | 14.4% | 6.8% | 4.3% | 5.3% | 5.6% | 1.8% | 6.8% |
| Return on invested capital (ROIC) | 32.7% | 33.2% | 37.1% | 26.9% | 11.6% | 6.9% | 7.5% | 11.9% | 5.3% | 9.3% |
| Return on assets (ROA) | 7.8% | 8.1% | 8.8% | 9.1% | 4.5% | 2.9% | 3.6% | 3.9% | 1.3% | 4.5% |
| Return on tangible assets | 7.6% | 7.6% | 8.2% | 9.0% | 4.3% | 2.9% | 3.7% | 3.9% | 1.3% | 4.9% |
| Free cash flow margin | 7.0% | 15.1% | 19.2% | 19.8% | 6.3% | 11.8% | −19.1% | 7.1% | 1.1% | 14.9% |
| Income quality (OCF / net income) | 1.82 | 2.00 | 2.41 | 2.32 | 2.72 | 4.23 | 1.77 | 3.10 | 7.37 | 2.64 |
| Financial health | ||||||||||
| Total debt | $6.0M | $23.0M | $26.5M | $45.6M | $117.2M | $70.8M | $52.8M | $57.5M | $59.9M | $67.6M |
| Cash & short-term investments | $588.2M | $640.7M | $512.2M | $358.5M | $276.7M | $278.7M | $206.5M | $329.3M | $308.0M | $314.1M |
| Net debt | −$582.2M | −$617.7M | −$485.7M | −$312.9M | −$159.5M | −$207.8M | −$153.8M | −$271.8M | −$248.1M | −$246.5M |
| Debt / equity | 0.01 | 0.02 | 0.03 | 0.05 | 0.14 | 0.09 | 0.07 | 0.08 | 0.08 | 0.10 |
| Debt / assets | 0.00 | 0.01 | 0.02 | 0.03 | 0.09 | 0.06 | 0.05 | 0.05 | 0.06 | 0.07 |
| Net debt / EBITDA | −1.94 | −1.87 | −1.38 | −0.97 | −0.82 | −1.32 | −1.13 | −1.75 | −2.09 | −1.68 |
| Current ratio | 5.37 | 5.07 | 4.24 | 3.33 | 3.13 | 3.50 | 2.89 | 2.63 | 5.49 | 5.43 |
| Quick ratio | 4.99 | 4.76 | 3.97 | 3.06 | 2.81 | 3.10 | 2.57 | 2.48 | 5.20 | 5.16 |
| Interest coverage | — | 663.2 | 584.4 | 114.1 | 56.1 | 27.0 | 36.6 | 29.0 | 6.0 | 15.6 |
| Working capital | $724.2M | $747.3M | $600.2M | $450.9M | $374.5M | $357.2M | $286.8M | $311.7M | $367.3M | $360.3M |
| Invested capital | $591.4M | $503.2M | $489.3M | $518.6M | $664.2M | $597.1M | $616.1M | $487.8M | $496.5M | $463.9M |
| Tangible asset value | $1.60B | $1.48B | $1.28B | $1.06B | $999.8M | $955.4M | $895.4M | $879.8M | $831.1M | $785.8M |
| Net current asset value | $682.8M | $699.8M | $534.8M | $390.9M | $257.0M | $274.2M | $231.2M | $297.3M | $293.6M | $278.8M |
| Graham number | $31.67 | $29.10 | $26.87 | $24.36 | $16.35 | $11.95 | $12.11 | $11.33 | $6.77 | $11.25 |
| Graham net-net per share | $9.66 | $9.60 | $7.17 | $4.78 | $2.69 | $3.05 | $1.87 | $3.06 | $3.51 | $3.04 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | $5.7M | $3.9M | $16.2M | $45.0M | $8.2M | $8.3M | $11.9M |
| Share buybacks (net) | $97.4M | $0 | $0 | $2.5M | $48.2M | $34.4M | $21.7M | $23.1M | $0 | $966,000 |
| Dividend payout ratio | — | — | — | 4.8% | 7.0% | 47.8% | 111.3% | 19.4% | 63.2% | 25.7% |
| Dividends + buybacks / free cash flow | 163.3% | 0.0% | 0.0% | 5.1% | 125.6% | 70.1% | — | 82.3% | 170.5% | 17.9% |
| Capex / revenue | 22.2% | 15.1% | 14.7% | 13.6% | 16.5% | 11.6% | 32.2% | 17.3% | 20.4% | 10.4% |
| Capex / operating cash flow | 75.9% | 50.1% | 43.4% | 40.8% | 72.5% | 49.6% | 246.6% | 70.9% | 95.0% | 41.1% |
| Capex / depreciation | 2.42 | 1.58 | 1.62 | 1.40 | 1.21 | 0.76 | 2.11 | 1.10 | 1.06 | 0.61 |
| Stock-based compensation / revenue | 1.6% | 1.6% | 0.9% | 0.8% | 0.8% | 0.8% | 0.7% | 0.6% | 0.8% | 0.8% |
| R&D / revenue | 1.9% | 1.9% | 1.5% | 2.2% | 2.8% | 2.8% | 3.0% | 2.7% | 3.5% | 4.5% |
| SG&A / revenue | 8.9% | 9.0% | 7.8% | 7.8% | 8.7% | 8.8% | 9.5% | 9.6% | 9.7% | 9.2% |
| Efficiency | ||||||||||
| Days sales outstanding | 94.0 | 89.1 | 86.9 | 94.1 | 100.6 | 89.6 | 87.0 | 77.0 | 80.2 | 76.5 |
| Days of inventory on hand | 39.3 | 35.3 | 33.1 | 36.5 | 41.3 | 40.5 | 32.8 | 23.9 | 23.3 | 23.1 |
| Days payables outstanding | 54.1 | 53.9 | 53.7 | 55.4 | 51.4 | 49.5 | 53.5 | 44.3 | 46.4 | 64.1 |
| Cash conversion cycle (days) | 79.2 | 70.5 | 66.3 | 75.1 | 90.5 | 80.6 | 66.4 | 56.6 | 57.0 | 35.6 |
| Receivables turnover | 3.88 | 4.10 | 4.20 | 3.88 | 3.63 | 4.07 | 4.19 | 4.74 | 4.55 | 4.77 |
| Payables turnover | 6.74 | 6.77 | 6.80 | 6.58 | 7.10 | 7.37 | 6.83 | 8.25 | 7.87 | 5.70 |
| Inventory turnover | 9.29 | 10.35 | 11.04 | 10.01 | 8.83 | 9.01 | 11.12 | 15.27 | 15.70 | 15.78 |
| Asset turnover | 0.48 | 0.54 | 0.63 | 0.63 | 0.53 | 0.53 | 0.49 | 0.50 | 0.45 | 0.48 |
| Average receivables | $218.8M | $211.6M | $212.4M | $212.6M | $182.9M | $149.7M | $131.3M | $112.9M | $99.0M | $101.3M |
| Average payables | $81.5M | $81.4M | $81.8M | $80.5M | $70.0M | $64.4M | $62.9M | $49.0M | $45.7M | $64.0M |
| Average inventory | $59.1M | $53.2M | $50.4M | $53.0M | $56.3M | $52.7M | $38.7M | $26.4M | $22.9M | $23.1M |
| Intangibles / total assets | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.6% | 1.4% | 2.2% | 3.4% | 4.0% |
Computed from PLAB's annual financial statements (latest annual report filed December 17, 2025) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
PLAB valuation and financial ratios
At the end of fiscal 2025 (October 31, 2025), Photronics traded at 10.5 times earnings, against a 10-year median of 15.3. Based on the latest twelve months, the trailing P/E is 9.8 and the forward P/E is 13.3. Photronics earned a return on equity of 11.9% and a return on invested capital of 32.7% in fiscal 2025. It ended the year with $6.0 million of debt and $588.2 million in cash and short-term investments, a net cash position of $582.2 million. It returned $97.4 million to shareholders: $0 in dividends and $97.4 million in share buybacks, 163% of free cash flow. The share count fell 21.5% from 76.4M to 59.9M over 9 years.
See the PLAB income statement, the PLAB chart for price history, or the PLAB stock overview for the latest quote and news.
PLAB key metrics FAQ
What is Photronics's P/E ratio?
Photronics's trailing P/E ratio is 9.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 13.3. At the end of fiscal 2025 it was 10.5, compared with a 10-year median of 15.3.
What is Photronics's EV/EBITDA?
Photronics's enterprise value was 2.8 times EBITDA at the end of fiscal 2025 (enterprise value $849.9 million, EBITDA $299.4 million); the current EV/EBITDA is 3.3.
What is Photronics's return on equity?
Photronics's return on equity (ROE) was 11.9% in fiscal 2025: net income of $136.4 million on average shareholders' equity of $1.1 billion.
What is Photronics's ROIC?
Photronics's return on invested capital was 32.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Photronics have?
Photronics had total debt of $6.0 million at the end of fiscal 2025, a debt-to-equity ratio of 0.01 and more cash than debt.
Does Photronics buy back its shares?
Yes. Photronics spent $97.4 million on net share repurchases in fiscal 2025 Shares outstanding changed −4.0% over the year, to 59.9M..
What is Photronics's free cash flow yield?
Photronics generated $59.7 million of free cash flow in fiscal 2025, a free cash flow yield of 4.2% on its market value at year-end ($1.4 billion).
What is Photronics's current ratio?
Photronics's current ratio was 5.37 at the end of fiscal 2025: current assets were 5.37 times current liabilities.