PHOTRONICS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data PHOTRONICS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	483	451	535	551	610	664	825	892	867	849
Cost of revenue	365	359	404	430	475	497	530	556	551	549
Gross profit	119	91.3	132	121	135	167	294	336	316	300
Research and development	21.7	15.9	14.5	16.4	17.1	18.5	18.3	13.7	16.6	15.8
Selling, general and administrative	44.6	43.6	51.4	52.3	53.6	57.5	64	69.5	77.8	75.6
Operating expenses	66.2	59.4	65.9	68.7	70.7	76	82.3	83.1	94.3	91.4
Operating income	52.5	31.9	65.6	52.1	63.9	94.6	212	253	222	208
Interest expense	3.37	2.24	2.26	1.43
Other non-operating income	2.42	-3.07	4.83	1.27	0.54	1.17	1.68	14.9	24.1	22
Pre-tax income	60.5	26.6	68.6	50.7	61.6	102	239	270	247	222
Income tax	4.8	5.28	7.34	10.2	21.3	23.2	59.8	70.3	63.6	31.6
Net income to minority interests	9.48	8.16	19.2	10.7	6.52	23.4	60.5	74.1	53.2	53.8
Net income	46.2	13.1	42.1	29.8	33.8	55.4	119	125	131	136
EBITDA	130	114	145	131	153	182	292	334	304	285
EPS, basic	0.68	0.19	0.61	0.45	0.52	0.90	1.96	2.05	2.12	2.29
EPS, diluted	0.64	0.19	0.59	0.44	0.52	0.89	1.94	2.03	2.09	2.28
Shares, basic (weighted)	67.5	68.4	68.8	66.3	64.9	61.4	60.6	61.1	61.7	59.6
Shares, diluted (weighted)	76.4	69.3	74.8	69.2	65.5	62	61.2	61.8	62.4	59.9

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	314	308	329	207	279	277	320	499	598	492
Short-term investments						0	38.8	12.9	42.2	95.9
Receivables	92.6	105	121	134	134	174	198	195	201	196
Inventory	22.1	23.7	29.2	48.2	57.3	55.2	50.8	50	56.5	61.8
Other current assets	12.8	12.1	23.8	38.4	29.7	44.3	37.3	28.4	33	44.2
Total current assets	442	449	503	428	500	551	645	785	931	890
Property, plant and equipment	506	535	572	632	631	697	644	709	745	854
Lease right-of-use assets					7.71	5.58	3.34	6.19	5.01	5.98
Intangible assets	19.9	17.1	12.4	7.87	3.44	0.77
Other non-current assets	3.79	3.87	5.02	30	31.1	22.7	7.49	10.2	12.7	19.8
Total assets	988	1,021	1,110	1,119	1,188	1,294	1,316	1,526	1,712	1,805
Accounts payable	48.9	50.8	89.1	91.4	75.4	81.5	79.6	84	78.7	84.2
Accrued liabilities	24.2	26.3	44.5	49.7	53.9	72.4	104	94.6	87.1	81.7
Deferred revenue			7.83	11.5	8.02	14.7	18.9	9.97	12.4	9.49
Short-term debt	5.43	4.64	57.5	2.14	8.97	22.2	10	6.62	18	0.01
Total current liabilities	81.3	81.8	191	152	143	176	194	185	184	166
Long-term debt	61.9	57.3	0	41.9	55	89.4	32.3	18	0.03	0.01
Lease liabilities					5.01	3.25	1.93	4.22	3.04	3.96
Other non-current liabilities	17.8	14.3	14.4	13.7	28	28	27.6	47.4	47.5	41.3
Total liabilities	163	155	205	208	226	294	254	251	231	207
Total debt	67.3	62	57.5	44	64	112	42.3	24.6	18	0.02
Paid-in capital	541	548	556	524	507	485	494	502	515	487
Retained earnings	176	189	231	254	279	318	436	561	692	772
Treasury stock		0	-23.1	0	0
Other comprehensive income	-7.67	6.89	-4.97	-9.01	18	20.6	-98.5	-88.7	-86.3	-86.1
Shareholders' equity	710	745	760	770	805	824	832	975	1,121	1,174
Minority interests	115	121	145	141	157	177	231	301	360	424
Total equity	825	865	905	911	962	1,001	1,062	1,276	1,481	1,597
Total liabilities and equity	988	1,021	1,110	1,119	1,188	1,294	1,316	1,526	1,712	1,805
Shares outstanding	68.1	68.7	67.1	65.6	63.1	60	60.8	61.3	61.9	57.6

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	55.7	21.3	61.2	40.5	40.3	78.8	179	200	184	190
Depreciation and amortization	77.6	81.7	79.5	79.2	89.2	87.5	80	80.5	82.4	77.3
Stock-based compensation	3.83	3.63	3.18	3.68	4.93	5.35	6.31	8	13.9	13.4
Deferred income tax	-3.82	1.63	-0.27	-3.66	-0.44	-2.11	0.81	-0.93	-1.39	-17.2
Change in receivables	18.8	-9.63	-18.6	-12.3	6.99	-36.6	-51.2	4.03	-2.54	6.31
Change in inventory	2.27	-0.6	-6.16	-23.1	-6.94	2.99	-2.04	1.24	-6.15	-4.94
Cash from operations	122	96.8	131	68.4	143	151	275	302	261	248
Capital expenditures	-50.1	-92	-92.6	-178	-70.8	-109	-112	-131	-131	-188
Acquisitions	0	-5.4	0	0
Purchases of investments					0	0	-38.9	-20.2	-101	-130
Sales and maturities of investments						0	0	47.5
Cash from investing	52.3	-98	-90.9	-151	-65.7	-103	-148	-102	-156	-239
Debt issued		0	0	54.6	20.3	20.9	0	0
Debt repaid		-5.43	-4.64	-61.3	-7.39	-20.4	-65.4
Share buybacks	0	0	-23.1	-21.7	-34.4	-48.2	-2.52	0	0	-97.4
Cash from financing	-67	-10.9	-13.8	-42.1	-16	-53.9	-38.7	-18.5	-7.73	-115
Exchange rate effect	0.8	6.25	-4.84	2.38	11	4.7	-46	-2.68	2.13	0.23
Net change in cash	108	-5.86	21.1	-123	72.3	-1.92	42.7	179	99.4	-106
Free cash flow	72	4.87	38	-110	72.2	41.7	163	171	131	59.7
Interest paid	3.2	2.1	1.9	2.6	2.6	3.8	2.8	0.5	0.3	0.1
Income taxes paid	11.4	9.3	6.1	15.9	23	22.7	37.8	70.4	62.5	60.4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 2, 2026; growth uses fiscal years. Valuation uses the share price of $30.40 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	33.7%	Gross profit / revenue.
Operating margin	22.5%	Operating income / revenue.
EBITDA margin	31.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	29.9%	Pre-tax income / revenue.
Net margin	19.0%	Net income / revenue.
FCF margin	12.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	35.6%	Cash from operations / revenue.
Effective tax rate	12.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	12.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.3%	Net income / average total assets.
Return on invested capital (ROIC)	23.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	1.4%	Research and development expense / revenue.
SG&A / revenue	9.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	22.8%	Capital expenditures / revenue.
D&A / revenue	9.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-5.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	0.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	17.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-6.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-0.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	26.6%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-6.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.7%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	13.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	4.4%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	4.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	32.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	9.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	34.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-3.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-54.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-28.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-3.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	8.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-4.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.94x	Current assets / current liabilities.
Quick ratio	4.36x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	3.41x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.2%	Total debt / total assets.
Liabilities / assets	12.4%	Total liabilities / total assets.
Net debt	-$668.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.45x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$777.6M	Current assets - current liabilities.
Tangible book value	$1.28B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.44x	Revenue / average total assets.
Fixed asset turnover	0.91x	Revenue / average property, plant and equipment.
Inventory turnover	8.88x	Cost of revenue / average inventory.
Days inventory	41 days	365 x average inventory / cost of revenue.
Receivables turnover	4.62x	Revenue / average receivables.
Days sales outstanding	79 days	365 x average receivables / revenue.
Days payables	74 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	46 days	Days inventory + days sales outstanding - days payables.
FCF conversion	66.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	64.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.81	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$14.76	Revenue / diluted weighted shares.
FCF per share	$1.88	Free cash flow / diluted weighted shares.
Operating cash flow per share	$5.25	Cash from operations / diluted weighted shares.
Book value per share	$22.01	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$22.01	Tangible book value / shares outstanding.
Cash per share	$11.56	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.79B	Share price x shares outstanding.
Enterprise value	$1.12B	Market cap + total debt - cash - short-term investments.
P/E	10.9x	Market cap / net income. Only when net income is positive.
P/S	2.07x	Market cap / revenue.
P/B	1.40x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.40x	Market cap / tangible book value, when positive.
P/FCF	16.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	5.81x	Market cap / cash from operations, when positive.
EV/Sales	1.30x	Enterprise value / revenue.
EV/EBIT	5.77x	Enterprise value / operating income, when both are positive.
EV/EBITDA	4.11x	Enterprise value / EBITDA, when both are positive.
EV/FCF	10.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.2%	Free cash flow / market cap.
Earnings yield	9.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.
PEG	1.96x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was PHOTRONICS INC's revenue in fiscal 2025?

PHOTRONICS INC reported revenue of $849.3M for fiscal 2025, 2% lower than the year before.

Was PHOTRONICS INC profitable in fiscal 2025?

Yes. Net income was $136.4M, a net margin of 16.1%.

How much free cash flow did PHOTRONICS INC generate in fiscal 2025?

Cash from operations of $247.8M minus capital expenditures of $188.1M left free cash flow of $59.7M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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