Compugraphics Overview
Compugraphics is one of Europe's oldest independent merchant photomask makers and the only photomask manufacturer of scale headquartered in Scotland. Since 1967 it has produced the quartz, borosilicate and soda-lime masks and reticles that carry device patterns onto wafers in lithography. It does not compete at the leading-edge logic and memory nodes where Photronics, Toppan, DNP and captive fab mask shops dominate. Instead it serves the long tail of specialty microelectronics: MEMS, photonics and optoelectronics, sensors, power and compound semiconductors, biomedical and genomics devices, wafer-level packaging, metrology-tool makers, universities and R&D institutes. Its edge comes from responsiveness, short cycle times, design-data support and unusual formats. These include large-area masks up to 16 inches and 450 mm × 450 mm plates from Jena. Since 2015 it has been part of Element Solutions' electronics platform and has reported within the Semiconductor Solutions business, which grew to USD 351.3 million in FY2025.
What the company does. Compugraphics designs, writes, inspects and finishes photomasks and reticles to each customer's design. A photomask is a fused-silica (quartz) or glass substrate coated with an opaque film, typically chrome. The device designer's pattern is reproduced in that film to tight tolerances for critical dimension (CD), pattern placement (registration) and defects. Customers send layout data. Compugraphics prepares the data, exposes it on laser or electron-beam pattern generators, develops and etches the pattern, inspects and measures it, then cleans and pellicles the finished mask in Class 1 cleanroom conditions before shipping it to the fab.
The company's own description. On its own website and on parent pages, Compugraphics describes itself as a supplier of high-quality photomask and reticle solutions to customers worldwide. It says its reputation rests on technical and service excellence, responsiveness and over 50 years of meeting customer requirements. It also says it adds value by offering a wide range of mask solutions that give customers manufacturing flexibility and help them meet tight cycle times. Element Solutions' FY2023 Form 10-K lists "photomask technologies" alongside copper interconnects, die-attach, sintered silver, adhesives and wafer-bump processes in its Semiconductor Solutions offering for chip fabrication and packaging.
Independent characterisation. Compugraphics is a niche, high-mix, low-volume merchant mask shop. The economics are custom manufacturing: each order is a unique, non-repeatable part built to a customer design, priced per mask by format, technology level, writer time, inspection grade and turnaround. Value comes less from pushing resolution than from three things. The first is breadth of formats and substrates (2-inch copies up to 16-inch, 9 mm thick plates). The second is engineering support at the data-preparation stage, which matters to start-ups, universities and MEMS and photonics designers whose geometries (curves, non-Manhattan shapes) are awkward on writers built for integrated circuits. The third is reliable delivery. The business is capital-intensive relative to its revenue because pattern generators, inspection and metrology tools have long lives and high fixed cost. Revenue is recurring at the customer level: a customer's mask set is archived and reordered as masks wear, get damaged or as designs are revised.
Revenue model.
- Custom photomasks and reticles (1X masters, step-and-repeat reticles, copy masks, large-area masks) — Nature: Product, made to order; Mix: Core; the largest share
Direct-write wafer patterning: Nature: Product/service hybrid; Mix: Smaller, prototyping-led
- Mask services: cleaning, pellicle replacement, repair and recertification, MPT protective coating — Nature: Service; Mix: Complementary, recurring
Data preparation, archiving and mask storage: Nature: Service; Mix: Low-value but sticky
Licensing / subscription: Nature: None; Mix: —
The product/service split is not publicly disclosed.
Value-chain position. Compugraphics sits between mask-blank suppliers upstream (mostly Japanese makers of quartz and soda-lime blanks, plus pellicle and chrome-film suppliers) and wafer fabs, MEMS foundries, photonics fabs and packaging houses downstream. It is a merchant shop: it sells to independent device makers, unlike the captive mask shops that leading-edge foundries and IDMs run in-house.
Customer types. Integrated device manufacturers and specialty foundries; MEMS and sensor makers; optoelectronics and photonics companies; biomedical, microfluidics and genomics device developers; makers of metrology and lithography tools that need calibration and test artefacts; universities, research institutes and start-ups. Historical supplier awards came from Freescale Semiconductor (twice), NXP, Analog Devices, Atmel and Intel.
End-markets. Semiconductor and integrated circuits (mature and specialty nodes), optoelectronics and photonics, MEMS, microfluidics, sensors, genomics, biomedical, wafer-level packaging, aerospace and defence electronics, optical metrology.
Strategy
Compugraphics' strategic positioning. Its stated aim is to be the mask partner customers can rely on, with the whole operation built around reliable, on-time delivery. Four themes recur in its materials:
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Specialty-market focus. It serves the established semiconductor, IC, optoelectronics and photonics markets plus growth markets such as genomics and sensors, rather than chasing leading-edge logic nodes.
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Flexibility and cycle time. A wide range of formats and services lets customers keep manufacturing flexible and hit tight cycle times.
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Long-term technical partnerships. It commits to long, sometimes lengthy R&D collaborations with metrology and lithography tool makers, sharing know-how to enable next-generation tools.
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Lifecycle services. MPT coating, cleaning, re-pellicling, repair, recertification and archiving extend mask life and lock in repeat business.
Parent strategy (Element Solutions, FY2025 10-K, earnings releases and the April 2026 virtual investor day). Management frames the strategy around operational excellence, prudent capital allocation and building "the best, most entrepreneurial team" in the industry (August 2026). Specific initiatives over the last 24 months:
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Sale of MacDermid Graphics Solutions (flexographic plates) for USD 320 million net of cash — Date: Closed 28 Feb 2025; Relevance to Compugraphics: Shifts the portfolio towards electronics; confirms photomasks as core rather than non-core
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Segment renaming to MacDermid Alpha Electronics Solutions and Element Specialties — Date: Q4 2025; Relevance to Compugraphics: Compugraphics consolidated under the MacDermid Alpha brand
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Acquisition of EFC Gases & Advanced Materials (high-purity specialty gases) for about USD 369 million — Date: Closed 2 Jan 2026; Relevance to Compugraphics: Adds semiconductor-fab gases; cross-selling opportunities into fab customers
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Acquisition of Micromax (advanced electronics inks and pastes) for about USD 500 million — Date: Closed 2 Feb 2026; Relevance to Compugraphics: Broadens advanced-electronics materials; more weight in high-reliability end-markets
2026 virtual investor day: Date: Apr 2026; Relevance to Compugraphics: Reaffirmed electronics growth and capital deployment framework
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Proposed merger with Solstice Advanced Materials (USD 14.5 billion) — Date: Announced 6 Jul 2026; terminated 27 Aug 2026; Relevance to Compugraphics: Would have moved Compugraphics into a larger advanced-materials group; termination keeps the status quo
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Raised 2026 guidance to about USD 720 million adjusted EBITDA, with adjusted EPS growth above 20% — Date: Oct 2026; Relevance to Compugraphics: Strong group cash generation supports reinvestment
Medium-term targets. Element Solutions guides on a full-year adjusted EBITDA basis only. For 2026 that is about USD 720 million, with adjusted EPS growth "in excess of 20%" (Q3 2026 call). No Compugraphics-specific targets are published.
Products & Services
All products sit within Semiconductor Solutions (MacDermid Alpha Electronics Solutions).
Substrates offered: soda-lime glass, borosilicate (Borofloat) and synthetic fused silica (quartz), from 2 inches up to 16 inches and 450 mm square, in thicknesses up to 9 mm.
Flagship differentiators: large-area and thick-plate masks (Jena); fast turnaround on specialty masks; MPT coating; a one-stop service ecosystem (cleaning, re-pellicling, repair, archiving).
Product Portfolio
| Product / service | Description and key capabilities | Target customer | Manufacturing site | Pricing model |
|---|---|---|---|---|
1X master photomasks | Full-field masks carrying the complete wafer image for contact, proximity or 1:1 projection exposure in a single shot or scan. Quartz, soda-lime and borosilicate substrates | MEMS, sensors, photonics, power and compound semiconductors, packaging | Glenrothes, Jena, Fremont | Per mask, quoted by format, CD and grade |
Reticles | Reduction reticles for steppers and scanners, with step-and-repeat patterning, built to tight CD, registration and defect specifications | Fabs running mature and specialty nodes; tool makers | Glenrothes, Jena, Fremont | Per reticle, quoted |
Copy masks | Contact-printed duplicates of masters, 2–7 inch formats at Jena; lower-cost consumables for aligner fabs | High-volume MEMS and discretes; academic fabs | Jena, Glenrothes | Per copy |
OPC and phase-shift masks | Masks with optical proximity correction features and phase-shift structures for better resolution and depth of focus on older exposure tools | Specialty IC and photonics designers | Glenrothes, Fremont | Quoted |
Large-area masks | Laser-written masks from 3 to 16 inches, up to 9 mm thick. Many hundreds of 9-inch-plus masks produced for wafer-level packaging and metrology. 450 mm × 450 mm format in soda-lime, Borofloat or quartz since February 2019 | Wafer-level and panel-level packaging, optical metrology, large sensors | Jena | Quoted |
E-beam lithography | Electron-beam writing for fine-feature and curvilinear patterns, historically on MEBES 5500 and Varian VLS-40 systems | Photonics, gratings, nano-structures, R&D | Jena; historically Los Gatos and Glenrothes | Quoted |
Laser lithography | Heidelberg Instruments laser pattern generators for 3–16 inch formats | Broad specialty base | Jena, Glenrothes | Quoted |
Direct-write wafers | Patterns written straight onto customer wafers, skipping the mask and aligner step; suited to prototyping, short runs and fast design iteration | Start-ups, universities, R&D groups | Network | Per wafer |
MPT protective coating | Chemically resistant coating that lengthens mask life and allows more exposures between cleanings with no loss of resolution, cutting cycle time and improving wafer yield | High-use contact and proximity aligner fabs | Network | Per coating |
Photomask cleaning | Contamination removal and re-qualification of in-service masks | All mask users | Network; Jena historically known for it | Per clean |
Pellicle replacement / re-pellicling | Removing a damaged, aged or compromised pellicle, cleaning the reticle and fitting a new pellicle | Fabs with reticles in service | Austin, Glenrothes, Jena | Per reticle |
Reticle repair and recertification | Repair and re-qualification of reticles damaged in the fab | US fabs | Austin, Texas | Per job |
Data preparation support | Converting, fracturing and checking customer layout data before writing, with help defining specifications | Designers new to masks; MEMS and photonics with non-Manhattan geometry | Glenrothes, Jena, Fremont | Generally bundled |
Secure data archiving and mask storage | Long-term archiving of customer data for reorders and fast remakes after in-fab damage; extended terms by agreement | Repeat customers | Network | Bundled or contract |
Education centre / resource centre | Technical guidance on photomask basics and data preparation | New customers | Online | Free |
Financial Narrative
Compugraphics does not publish consolidated brand-level accounts. The UK operating company files full statutory accounts with Companies House. Element Solutions reports Compugraphics within Semiconductor Solutions. Figures below are given on both bases.
Compugraphics International Limited (UK statutory accounts, GBP)
Sources: Companies House full accounts FY2023 and FY2024; FY2022 turnover as recorded from the FY2022 accounts. Turnover CAGR FY2022–FY2024 was 2.9%. The FY2025 accounts were filed on 21 August 2026.
Commentary. The UK entity is a small, conservatively financed manufacturer. Turnover rose 11% in FY2023, helped by a strong demand cycle for mature-node and specialty semiconductors after the 2021–2022 shortage. It then fell 4.6% in FY2024 to GBP 12.39 million as European industrial, automotive and MEMS demand softened, the same weakness Element Solutions described in its own European volumes. Net assets grew GBP 0.56 million in FY2024 to GBP 8.92 million, which shows the entity was profitable on a retained basis because no new equity was injected. Liabilities fell 12% to GBP 2.05 million. The balance sheet is about 81% equity-funded. Cash in the UK entity was minimal (about GBP 2 thousand at December 2024) because cash is pooled at group level, a common feature of Element Solutions subsidiaries. Most current assets therefore sit as trade debtors, intercompany receivables and inventory. Turnover per employee of about GBP 258 thousand is typical of a specialty mask shop with heavily depreciated but productive capital equipment.
Gross profit, operating profit, EBITDA, pre-tax profit, net income, capex and operating cash flow for the UK entity appear in its filed statutory accounts and are not published elsewhere. Compugraphics Jena GmbH is classed as a small company (under 50 employees or under EUR 10 million turnover). Compugraphics USA Inc's results are not publicly disclosed.
Parent context — Element Solutions Inc (USD, US GAAP)
Sources: Element Solutions Form 10-K FY2021–FY2025 (net sales and net income as tagged in XBRL). Net sales CAGR FY2021–FY2025 was 1.5%.
Source: Element Solutions Q4/FY2024 earnings release.
FY2025 and 2026 run-rate. FY2025 net sales were USD 2.55 billion, up 4% reported and 6% organic. Element Solutions returned about USD 77.8 million in dividends in FY2025 and declared a USD 0.08 quarterly dividend in February 2026. In 2026 the EFC (USD 369 million) and Micromax (USD 500 million) acquisitions, plus pass-through metals pricing in Assembly Solutions, drove a step change in reported revenue:
Sources: Element Solutions Q1 2026 and Q3 2026 earnings releases. Q1 2025 and Q3 2025 net sales are derived from the reported 41% and 52% growth rates.
Q3 2026 adjusted EBITDA margin, excluding pass-through metals, was 28.2%, up 50 basis points. Operating cash flow was USD 159 million and free cash flow USD 135 million. GAAP diluted EPS was USD 0.27 against USD 0.16, and adjusted EPS USD 0.50 against USD 0.41. Full-year 2026 adjusted EBITDA guidance went from USD 650–670 million (February 2026) to about USD 720 million (October 2026).
What this means for Compugraphics. As a small unit inside a group earning more than USD 2.5 billion, Compugraphics gets its capital, treasury, insurance, IT, procurement and compliance from the parent. Its budget for capex on new pattern generators and inspection tools is set by group return thresholds rather than by its own balance sheet. Strong Semiconductor Solutions growth (13% organic in FY2025, 24% in Q3 2026) shows the business line is a priority for investment. Most of that growth comes from wafer-level packaging chemistries and power-electronics sintering materials, not from photomasks.
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Group Structure
| Level | Name | Contents |
|---|---|---|
Ultimate parent | Element Solutions Inc (NYSE: ESI) | Specialty chemicals and materials group; about 5,200 employees; 63 manufacturing and R&D sites in 18 countries |
Reportable segment | Electronics, renamed MacDermid Alpha Electronics Solutions in Q4 2025 | Assembly Solutions, Circuitry Solutions, Semiconductor Solutions; Micromax from Q1 2026 |
Business line | Semiconductor Solutions | Advanced copper interconnects, die attach, sintered silver (Argomax), adhesives, wafer-bump processes, photomask technologies (Compugraphics) |
Brand / division | Compugraphics, organised in the "Integrated Electronics" business unit | Photomasks, reticles and related services |
Legal entities | Compugraphics International Ltd (UK); Compugraphics Jena GmbH (DE); Compugraphics USA Inc (US) | Manufacturing and service sites |
Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Electronics segment net sales (USD Mn) | 1,414.7 | 1,561.4 | 1,786.2 |
Semiconductor Solutions net sales (USD Mn) | 264.3 | 307.9 | 351.3 |
Semiconductor Solutions reported growth (%) | — | 17 | 14 |
Semiconductor Solutions organic growth (%) | — | 14 | 13 |
Semiconductor Solutions share of Electronics (%) | 18.7 | 19.7 | 19.7 |
Element Solutions total net sales (USD Mn) | 2,333 | 2,457 | 2,551 |
Semiconductor Solutions share of group sales (%) | 11.3 | 12.5 | 13.8 |
Revenue by Segment
| Metric | Q3 2025 | Q3 2026 |
|---|---|---|
Semiconductor Solutions net sales (USD Mn) | 89.6 | 111.0 |
Electronics segment net sales (USD Mn) | 465.2 | 779.6 |
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View Subscription PlansBalance Sheet and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
Turnover (GBP Mn) | 11.70 | 12.99 | 12.39 |
Turnover growth (%) | — | 11.0 | -4.6 |
Total assets (GBP Mn) | — | 10.69 | 10.96 |
Total liabilities (GBP Mn) | — | 2.34 | 2.05 |
Net assets / equity (GBP Mn) | — | 8.36 | 8.92 |
Employees (average) | — | 47 | 48 |
Turnover per employee (GBP K) | — | 276 | 258 |
Liabilities / total assets (%) | — | 21.9 | 18.7 |
Equity / total assets (%) | — | 78.2 | 81.4 |
Asset turnover (x) | — | 1.22 | 1.13 |
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View Subscription PlansIncome Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Net sales (USD Mn) | 2,400 | 2,549 | 2,333 | 2,457 | 2,551 |
Net sales growth (%) | — | 6.2 | -8.5 | 5.3 | 3.8 |
Net income (USD Mn) | 204 | 188 | 118 | 245 | 191 |
Net margin (%) | 8.5 | 7.4 | 5.1 | 10.0 | 7.5 |
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View Subscription PlansPer-Share Data
| Metric | FY2023 | FY2024 |
|---|---|---|
GAAP diluted EPS (USD) | 0.48 | 1.00 |
Adjusted EPS (USD) | 1.29 | 1.44 |
Income Statement
| Metric | Q1 2025 | Q1 2026 | Q3 2025 | Q3 2026 |
|---|---|---|---|---|
Net sales (USD Mn) | 596 | 840 | 655 | 995 |
Net income (USD Mn) | 98 | 56 | 39 | 66 |
Adjusted EBITDA (USD Mn) | 128 | 162 | 147 | 191 |
Region Overview
| Region | Facilities | Role | Principal demand |
|---|---|---|---|
United Kingdom and Ireland | Glenrothes (manufacturing and service) | Original and largest European mask shop | UK compound semiconductor, photonics and MEMS clusters (Scotland, South Wales, Cambridge), universities, Irish fabs |
Continental Europe | Jena (manufacturing) | Large-area, e-beam and copy masks | German sensor, optics and metrology cluster (Jena, Dresden/Silicon Saxony), automotive and industrial semiconductors |
North America | Fremont, California (manufacturing); Austin, Texas (reticle repair and recertification); Waterbury, Connecticut (MacDermid Alpha office) | US manufacturing and service | Silicon Valley start-ups, photonics, defence and aerospace, biomedical, Texas fabs |
Asia | Singapore office (14 Joo Koon Crescent) | Sales and customer support | Southeast Asian packaging and MEMS fabs |
Rest of world | Served by export | — | More than 500 customers across 55 countries |
Capital Markets
| Item | Detail |
|---|---|
Listing | NYSE: ESI; added to the S&P SmallCap 600 in March 2025 |
Recent share price | USD 35.05 (close, 16 Oct 2026) |
Sell-side reference | Barclays price target USD 53.00 (October 2026) |
Latest quarter vs consensus | Q3 2026 adjusted EPS USD 0.50 vs USD 0.48 consensus; revenue USD 995.3 million vs USD 968.0 million consensus |
Dividend | USD 0.08 per share quarterly; about USD 77.8 million paid in FY2025 |
Corporate events | USD 14.5 billion Solstice merger announced 6 Jul 2026 and terminated 27 Aug 2026, no break fees |
Leverage | Debt-funded EFC and Micromax acquisitions in Q1 2026; Q3 2026 free cash flow of USD 135 million supports reducing it |
Per-Share Data — GAAP diluted EPS
| Metric | FY2023 | FY2024 |
|---|---|---|
GAAP diluted EPS (USD) | 0.48 | 1.00 |
Adjusted EPS (USD) | 1.29 | 1.44 |
Analyst Conclusions
Management guidance. Element Solutions expects about USD 720 million of adjusted EBITDA in 2026, with adjusted EPS growth above 20%. It cites AI and data-centre electronics demand, recent acquisitions and new product introductions. No Compugraphics-specific guidance is published.
Bull case.
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Strong business line. Semiconductor Solutions has grown double digits organically (13% in FY2025, 24% in Q3 2026), and group demand for fab and packaging inputs gives Compugraphics a strong channel.
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Packaging demand. Advanced and wafer-level packaging creates demand for large-area masks that only a handful of merchant shops, Jena among them, can make at 16 inches and 450 mm.
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Stable ownership. With the Solstice deal terminated, Element Solutions has committed to an independent, operationally focused strategy and has the cash flow to fund targeted capex at Glenrothes, Jena and Fremont.
Bear case.
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Shrinking addressable value. Captive shops and leading-edge masks keep taking value from the merchant market Compugraphics serves.
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Flat UK revenue. UK turnover fell 4.6% in FY2024 to GBP 12.39 million, close to where it was in FY2022, a sign that European specialty demand is not growing.
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Capital competition. As a small, unreported unit in a group spending heavily on acquisitions (USD 869 million on EFC and Micromax in early 2026), Compugraphics may struggle for capital to renew its tools, or could be divested.
Key catalysts and monitorables (next 12 months):
Element Solutions Q4/FY2026 results: Timing: February 2027; What to watch: Semiconductor Solutions growth rate; 2027 guidance
Compugraphics International Ltd FY2026 accounts: Timing: By 30 September 2027; What to watch: Turnover trend from GBP 12.39 million (FY2024); headcount; net assets
Capex and tool announcements: Timing: Ongoing; What to watch: New laser or e-beam writers, inspection upgrades, large-area capacity at Jena
European demand recovery: Timing: 2027; What to watch: Automotive, industrial and MEMS order trends
Parent portfolio actions: Timing: Ongoing; What to watch: Any revival of combination talks or carve-outs at Element Solutions
Export-control developments: Timing: Ongoing; What to watch: Rules affecting shipments of semiconductor materials to China
UK board changes: Timing: Ongoing; What to watch: Further Element Solutions nominee turnover
Analyst verdict. Compugraphics is a durable specialist rather than a growth leader. Its value lies in a franchise that photomask giants find hard to serve profitably: hundreds of low-volume, high-mix customers in MEMS, photonics, sensors, biomedical devices, research and advanced packaging. For them, a quick turnaround, help with data preparation and an unusual mask format matter more than nanometre resolution. The UK operating company's accounts show what that franchise looks like financially: around GBP 12–13 million of turnover, a near-flat three-year trend (2.9% CAGR FY2022–FY2024), about 48 employees and a balance sheet that is roughly four-fifths equity. It is a stable, cash-generative, modestly profitable business that is far too small to matter much in a group with more than USD 2.5 billion of sales.
Its strategic value is greater than its financial weight. Inside Element Solutions it sits in Semiconductor Solutions, the group's fastest-growing business line, which reached USD 351.3 million in FY2025 and grew 24% in Q3 2026. It gives MacDermid Alpha a physical lithography capability and a direct line into fabs and packaging houses alongside the group's plating, sintering and specialty-gas offerings. The terminated Solstice transaction removes near-term ownership uncertainty. Management's renewed focus on standalone execution should support continued, if selective, investment.
The main long-term questions are capital intensity and relevance. If the parent funds tool renewal and leans into large-area and packaging masks, Compugraphics can grow mid-single digits within a structurally growing specialty niche. If not, it risks slow erosion from Asian merchant competition and captive shops, and possible future divestiture. On balance, the franchise is resilient, the parent is supportive and the risk is moderate. Investors should treat Compugraphics as a small, steady contributor to Element Solutions' semiconductor materials platform, not as an independent value driver.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Role | Background |
|---|---|---|
Brian Young | General Manager, Compugraphics International (Glenrothes) | Led Glenrothes through the 2011 ML&C integration, the 2012 NMI award and the 2017 TechWorks award |
Brian Gibson | Managing Director / Chief Operating Officer, Glenrothes (company directory listing); previously Operations Manager | Long-serving operations leader at Glenrothes |
Laura Sackmann | Marketing and Sales contact, Compugraphics Jena GmbH | Commercial lead for German customers |
Carey James Dorman | 15 Jun 2023 | Chief Financial Officer, Element Solutions Inc |
Caroline Simonne Lind | 1 Dec 2024 | General Counsel and Secretary, Element Solutions Inc |
Richard Louis Fricke | 1 Dec 2024 | Element Solutions group director; also on other MacDermid UK boards (MacDermid Autotype Ltd) |
Kevin Legassey | 1 May 2026 | Element Solutions group appointee |
Major Shareholders
| Holder | Stake (%) | Basis |
|---|---|---|
MacDermid Continental Investments Limited | 100 | Companies House register of persons with significant control; confirmation statement dated 10 August 2026 (no changes) |
Competitive Landscape
Key Competitors
| Competitor | Headquarters | Overlap with Compugraphics | Relative positioning |
|---|---|---|---|
Photronics Inc (NASDAQ: PLAB) | Brookfield, Connecticut, USA | Mature-node reticles in the US and Europe (Bridgend, Wales; Dresden, Germany) | Global leading merchant; far larger; leading-edge and flat-panel display capability |
Toppan Photomask group | Tokyo, Japan | European and US mature-node masks | Global top-three merchant; broad node coverage |
Dai Nippon Printing (DNP) | Tokyo, Japan | Specialty and large-area masks | Global top-three merchant; strong in displays and EUV |
Hoya Corporation | Tokyo, Japan | Mask blanks (supplier) and some masks | Dominant blank supplier; upstream of Compugraphics |
Taiwan Mask Corporation | Hsinchu, Taiwan | Mature-node masks for Asian fabs | Regional merchant |
Infinite Graphics Inc | Minneapolis, USA | Specialty and large-format masks | Small US specialty peer |
Photo Sciences Inc | Torrance, USA | Quick-turn specialty and MEMS masks | Small US peer |
Front Range Photomask | USA | Specialty and R&D masks | Small US peer |
HTA Photomask | San Jose, USA | Quick-turn and R&D masks | Small US peer |
Advance Reproductions | USA | Specialty photomasks | Small US peer |
JD Photo Data | UK | Film and low-end chrome masks | UK low-end peer |
Delta Mask | Netherlands | Specialty and MEMS masks | European niche peer |
Nippon Filcon | Japan | Specialty masks | Niche peer |
Captive mask shops (TSMC, Samsung, Intel and others) | Various | Displace merchant demand at advanced nodes | About two-thirds of the photomask market by value |
Peer Comparison FY2025
| Metric | Compugraphics International Ltd (UK, FY2024) | Photronics (FY2025, Oct year-end) |
|---|---|---|
Revenue | GBP 12.39 M | USD 849.3 M |
Revenue growth (%) | -4.6 | -2.0 |
Gross margin (%) | — | 35.3 |
Net income | — | USD 136.4 M |
Employees | 48 | — |
