Photronics (PLAB) financial statements
Photronics reported revenue of $849M in fiscal 2025, up 6.5% a year over 9 years.
Net income was $136M and the operating margin 24.5%, against 10.9% in 2016.
Free cash flow was $60M, and the company returned $97M in net buybacks.
The diluted share count fell 22% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Photronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $483M | $451M | $535M | $551M | $610M | $664M | $825M | $892M | $867M | $849M |
| Cost of revenue | $365M | $359M | $404M | $430M | $475M | $497M | $530M | $556M | $551M | $549M |
| Gross profit | $119M | $91M | $132M | $121M | $135M | $167M | $294M | $336M | $316M | $300M |
| Research and development | $22M | $16M | $14M | $16M | $17M | $18M | $18M | $14M | $17M | $16M |
| Selling, general and admin | $45M | $44M | $51M | $52M | $54M | $58M | $64M | $69M | $78M | $76M |
| Operating income | $52M | $32M | $66M | $52M | $64M | $95M | $212M | $253M | $222M | $208M |
| Interest expense | $3M | $2M | $2M | $1M | — | — | — | — | — | — |
| Pre-tax income | $60M | $27M | $69M | $51M | $62M | $102M | $239M | $270M | $247M | $222M |
| Income tax | $5M | $5M | $7M | $10M | $21M | $23M | $60M | $70M | $64M | $32M |
| Net income | $46M | $13M | $42M | $30M | $34M | $55M | $119M | $125M | $131M | $136M |
| EPS (diluted) | $0.64 | $0.19 | $0.59 | $0.44 | $0.52 | $0.89 | $1.94 | $2.03 | $2.09 | $2.28 |
| Diluted shares | 76M | 69M | 75M | 69M | 65M | 62M | 61M | 62M | 62M | 60M |
| Gross margin | 24.6% | 20.3% | 24.6% | 21.9% | 22.1% | 25.2% | 35.7% | 37.7% | 36.4% | 35.3% |
| Operating margin | 10.9% | 7.1% | 12.3% | 9.5% | 10.5% | 14.2% | 25.7% | 28.4% | 25.6% | 24.5% |
| Net margin | 9.6% | 2.9% | 7.9% | 5.4% | 5.5% | 8.4% | 14.4% | 14.1% | 15.1% | 16.1% |
Balance sheet
Fiscal years, from Photronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $314M | $308M | $329M | $207M | $279M | $277M | $358M | $512M | $641M | $588M |
| Receivables | $93M | $105M | $121M | $134M | $134M | $174M | $198M | $195M | $201M | $196M |
| Inventory | $22M | $24M | $29M | $48M | $57M | $55M | $51M | $50M | $57M | $62M |
| Total current assets | $442M | $449M | $503M | $428M | $500M | $551M | $645M | $785M | $931M | $890M |
| Property, plant and equipment | $506M | $535M | $572M | $632M | $631M | $697M | $644M | $709M | $745M | $854M |
| Total assets | $988M | $1.0B | $1.1B | $1.1B | $1.2B | $1.3B | $1.3B | $1.5B | $1.7B | $1.8B |
| Total current liabilities | $81M | $82M | $191M | $152M | $143M | $176M | $194M | $185M | $184M | $166M |
| Long-term debt | $62M | $57M | $0 | $42M | $55M | $89M | $32M | $18M | $25,000 | $13,000 |
| Total liabilities | $163M | $155M | $205M | $208M | $226M | $294M | $254M | $251M | $231M | $207M |
| Shareholders' equity | $710M | $745M | $760M | $770M | $805M | $824M | $832M | $975M | $1.1B | $1.2B |
| Net debt | -$252M | -$251M | -$272M | -$163M | -$215M | -$165M | -$277M | -$481M | -$598M | -$492M |
Cash flow
Fiscal years, from Photronics's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $122M | $97M | $131M | $68M | $143M | $151M | $275M | $302M | $261M | $248M |
| Capital spending | $50M | $92M | $93M | $178M | $71M | $109M | $112M | $131M | $131M | $188M |
| Free cash flow | $72M | $5M | $38M | -$110M | $72M | $42M | $163M | $171M | $131M | $60M |
| Stock-based compensation | $4M | $4M | $3M | $4M | $5M | $5M | $6M | $8M | $14M | $13M |
| Share buybacks (net) | $0 | $0 | -$23M | -$22M | -$34M | -$48M | -$3M | $0 | $0 | -$97M |
| Net borrowing | — | -$5M | -$5M | -$7M | $13M | $506,000 | -$65M | $0 | — | — |
| Free cash flow margin | 14.9% | 1.1% | 7.1% | -20.0% | 11.8% | 6.3% | 19.8% | 19.2% | 15.1% | 7.0% |
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Open PLAB in InvestinglyQuestions
What was Photronics's revenue in 2025?
$849M in fiscal 2025, from its 10-K filing.
How much free cash flow does Photronics generate?
$60M in fiscal 2025 (operating cash flow minus capital spending).
From Photronics's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.