What is Photronics Inc worth?
With the base-case assumptions below, a discounted cash flow model on Photronics Inc's reported free cash flow gives $29.75 per share. The share price was $30.40 on September 25, 2026, 2% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 2.0% | 10.0% | $21.80 | -28% |
| Base | 7.0% | 9.0% | $29.75 | -2% |
| Bull | 12.0% | 8.0% | $44.59 | +47% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $35.51 | $37.27 | $39.43 | $42.12 | $45.58 |
| 8.0% | $31.21 | $32.35 | $33.70 | $35.32 | $37.31 |
| 9.0% | $28.07 | $28.85 | $29.75 | $30.80 | $32.05 |
| 10.0% | $25.68 | $26.23 | $26.86 | $27.58 | $28.41 |
| 11.0% | $23.80 | $24.20 | $24.66 | $25.17 | $25.75 |
Where the presets come from
Base: years 1 to 5 grow at Photronics Inc's revenue growth rate over the last 5 fiscal years (6.9% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions