PHOTRONICS INC

Listed Company

PLABCIK 0000810136NasdaqLarge AcceleratedSemiconductors & Related DevicesConnecticutFY ends Oct 31

Period

FY 2025

Revenue

$849.29M

Net Income

$136.41M

Total Assets

$1.80B

Equity

$1.17B

Shares Out

58.97M

Op. Cash Flow

$247.80M

Business

Photronics, Inc. is a global manufacturer of photomasks, producing high-precision quartz or glass plates that contain microscopic images of electronic circuits used to transfer patterns onto semiconductor wafers and flat panel display substrates. The company offers photomask sets for multiple layers, inspection and repair services, pellicle application, and research and development focused on advanced IC and FPD mask technologies. Photronics operates as a single reporting segment with manufacturing and R&D capacity for IC and FPD photomasks. It sells primarily to semiconductor and FPD designers and manufacturers worldwide through its facilities and local sales teams in Asia, the United States, and Europe.

Summary from filing dated 2025-12-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Revenue	849	867	892	825	664
Cost of goods sold	549	551	556	530	497
Gross profit	300	316	336	294	167
Selling, general and administrative	76	78	69	64	58
Research and development	16	17	14	18	18
Total operating expenses	91	94	83	82	76
Other operating expense	−240,000	−92,000	0	−17,000	4
Operating income	208	222	253	212	95
Foreign currency transactions impacts, net	−8	2	2	27	8
Interest income and other income, net	22	24	15	2	1
Interest expense	−55,000	−334,000	−433,000	—	−2
Income before income tax provision	222	247	270	239	102
Income tax provision	32	64	70	60	23
Net income	190	184	200	179	79
Net income attributable to noncontrolling interests	54	53	74	60	23
Net income attributable to Photronics, Inc. shareholders	136	131	125	119	55
Basic (in Dollars per share)	2.29	2.12	2.05	1.96	0.9
Diluted (in Dollars per share)	2.28	2.09	2.03	1.94	0.89
Basic (in Shares)	60	62	61	61	61
Diluted (in Shares)	60	62	62	61	62

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Cash and cash equivalents	492	598	499	320	277
Short-term investments	96	42	13	39	0
Accounts receivable, net of allowance of $1,166 in 2025 and $1,126 in 2024	196	201	195	198	174
Inventories	62	57	50	51	55
Other current assets	44	33	28	37	44
Total current assets	890	931	785	645	551
Property, plant and equipment, net	854	745	709	644	697
Deferred income taxes	40	23	21	20	24
Other assets	20	13	10	7	23
Total assets	1,805	1,712	1,526	1,316	1,294
Current portion of long-term debt	11,000	18	7	10	—
Accounts payable	84	79	84	80	82
Accrued liabilities	82	87	95	104	72
Total current liabilities	166	184	185	194	176
Long-term debt	13,000	25,000	18	32	—
Other liabilities	41	47	47	28	28
Total liabilities	207	231	251	254	294
Commitments and contingencies (Note 16)	—	—	—	—	—
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	0	0	0	0	0
Common stock, $0.01 par value, 150,000 shares authorized, 57,633 shares issued and outstanding at October 31, 2025, and 61,949 shares issued and outstanding at October 31, 2024	576,000	619,000	613,000	608,000	600,000
Additional paid-in capital	487	515	502	494	485
Retained earnings	772	692	561	436	318
Accumulated other comprehensive loss	−86	−86	−89	−98	21
Total Photronics, Inc. shareholders' equity	1,174	1,121	975	832	824
Noncontrolling interests	424	360	301	231	177
Total equity	1,597	1,481	1,276	1,062	1,001
Total liabilities and equity	1,805	1,712	1,526	1,316	1,294

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-10-31	FY 2024 2024-10-31	FY 2023 2023-10-31	FY 2022 2022-10-31	FY 2021 2021-10-31
Depreciation and amortization of property, plant and equipment	77	82	80	80	88
Amortization of intangible assets	347,000	372,000	362,000	359,000	3
Share-based compensation	13	14	8	6	5
Deferred income taxes	−17	−1	−927,000	809,000	−2
Accounts receivable	6	−3	4	−51	−37
Inventories	−5	−6	1	−2	3
Other current assets	−5	628,000	10	1	−13
Accounts payable, accrued liabilities and other	−13	−10	−294,000	61	25
Net cash provided by operating activities	248	261	302	275	151
Purchases of property, plant and equipment	−188	−131	−131	−112	−109
Purchases of short-term investments	−130	−101	−20	−39	—
Proceeds from maturities of short-term investments	77	73	48	0	—
Government incentives	2	2	3	4	6
Purchases of intangible assets	−94,000	−89,000	−117,000	−205,000	−170,000
Other	0	59,000	0	25,000	0
Net cash used in investing activities	−239	−156	−102	−148	−103
Repayments of debt	−18	−7	−18	−65	−20
Common stock repurchases	−97	0	0	−3	−48
Proceeds from share-based arrangements	2	2	1	6	4
Net settlements of restricted stock awards	−2	−3	−1	−1	−437,000
Net cash used in financing activities	−115	−8	−18	−39	−54
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	228,000	2	−3	−46	5
Net change in cash, cash equivalents, and restricted cash	−106	99	179	43	−2
Accruals for property, plant and equipment not yet paid	12	5	19	3	8
Expected refundable federal investment tax credit	11	5	0	0	—

Filings

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