Photronics, Inc. Overview
Photronics is one of the world's largest independent ("merchant") makers of photomasks: the high-precision quartz or glass plates that carry the circuit pattern lithography tools print onto semiconductor wafers and flat panel display substrates. Every new chip design needs a new mask set, so Photronics' revenue follows design releases and tape-outs rather than wafer volumes. FY2025 revenue was USD 849.3 million: 72% integrated circuit (IC) masks and 28% flat panel display (FPD) masks. Photronics says it is the largest commercial mask maker in Taiwan, the only high-end-capable commercial mask maker in the United States, and the market leader in FPD masks, especially AMOLED and large-area G10.5+/G8.6 masks. Its two Asian IC joint ventures with Dai Nippon Printing (DNP) give it scale in Taiwan and mainland China. The current strategy is to diversify by geography and move up to higher-value nodes, through a capability expansion in Allen, Texas and an extension of the Cheonan, Korea site toward 8 nm. The balance sheet carries virtually no debt and about USD 673 million of cash and short-term investments (August 2, 2026).
What the company does. Photronics designs process flows for, manufactures and sells photomasks. A photomask is a high-purity quartz or glass substrate coated with an opaque or phase-shifting film. A mask writer (laser or electron-beam) patterns the film with the circuit or pixel geometry, which is then etched, inspected, repaired, cleaned and fitted with a pellicle. In wafer fabs and display fabs the mask serves as the master that lithography scanners and steppers use to transfer each circuit layer onto silicon wafers or glass panels. A leading-edge logic device can need dozens of mask layers, so a complete mask set for an advanced node is a high-value, custom, made-to-order product with turnaround measured in days.
Company description (FY2025 annual report). Photronics describes itself as "a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD) photomasks." Its masks are "high precision photographic quartz or glass plates that contain microscopic images of electronic circuits." Photomasks are "a key element in the manufacture of ICs and FPDs" and "are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates." The company has one reportable segment, photomask manufacturing, and sells to semiconductor and display designers, manufacturers and foundries, and to other high-performance electronics makers, through its own sales and customer-service staff.
Business model. Almost all revenue comes from manufactured products: custom photomasks built to order from customer design data. There is no subscription or licensing revenue of any size. Revenue is recognized mostly over time as each custom mask is produced, because masks have no alternative use and the company holds an enforceable right to payment. In the FY2021 10-K disclosure, USD 606.3 million of USD 663.8 million revenue (91%) was recognized over time. Pricing is per mask or per mask set. Average selling prices rise steeply with node complexity: high-end masks (IC at 28 nm and below; FPD at G10.5+, AMOLED and LTPS) "typically have higher ASPs than mainstream photomasks." The company's backlog usually covers one to three weeks, which keeps near-term visibility low. A few high-end mask-set orders can move a quarter's revenue and margin materially.
Revenue model mix (FY2025, USD M)
IC photomasks (product): FY2025: 615.1; Share of revenue (%): 72.4
FPD photomasks (product): FY2025: 234.2; Share of revenue (%): 27.6
Services, subscription, licensing as separate lines: FY2025: not publicly disclosed (not reported separately); Share of revenue (%): —
Value chain position. Photronics sits between the electronic design/EDA world and the wafer or panel fab. Upstream it buys mask blanks (coated quartz) and pellicles from a small number of specialist suppliers, and capital equipment (mask writers, inspection, metrology, repair) from a concentrated tool-vendor base. Downstream it sells to foundries, integrated device manufacturers (IDMs), memory makers, fabless designers whose tape-outs are produced at foundries, and panel makers. It competes in the merchant segment with independent mask makers and also with captive mask shops run by the largest chipmakers. Management's thesis is that captive shops are increasingly outsourcing to merchants.
Customer types and named customers. Three customers each exceeded or approached 10% of revenue in FY2025: Customer A ≈ 16%, Customer B ≈ 13%, Customer C ≈ 8% (FY2025 10-K). Management has publicly identified its largest customers as United Microelectronics (UMC, Taiwan), Samsung (split across IC and FPD) and Semiconductor Manufacturing International Corp. (SMIC, China). The five largest customers together accounted for about 50% of revenue in FY2025 and FY2024 and 51% in FY2023.
End-markets served
Logic and foundry (mature and advanced nodes): Mask type: High-end and mainstream IC; Demand driver: Design releases, node migration to 28 nm and below, AI/HPC, automotive, IoT
Memory (DRAM, NAND): Mask type: High-end and mainstream IC; Demand driver: Memory design cycles; captive outsourcing
Specialty and analog, power, MEMS, optoelectronics: Mask type: Mainstream IC; Demand driver: Product proliferation, regional fab build-outs
U.S. Government / defense ("Trusted" microelectronics): Mask type: High-end IC; Demand driver: Secure supply chain requirements; Boise is accredited for trusted masks
Smartphone and tablet AMOLED displays: Mask type: High-end FPD; Demand driver: Flagship-phone launch cycles, foldables
IT OLED (laptops, tablets, monitors): Mask type: High-end FPD (G8.6); Demand driver: New G8.6 OLED fabs in Korea and China
Large-area TV (G10.5+) and LCD: Mask type: High-end and mainstream FPD; Demand driver: TV panel size migration; China capacity
Independent characterization. Photronics is effectively a high-mix, capital-intensive custom manufacturer. It sells on design count rather than wafer volume, so it is less cyclical than wafer-volume suppliers but very sensitive to the number of new designs released. Its economics have three distinctive features. First, about 28–37% of consolidated net income goes to noncontrolling interests, mainly DNP's 49.99% share of the Taiwan (PDMC) and Xiamen (PDMCX) IC joint ventures. Second, a large share of consolidated cash sits inside those joint ventures. Third, it depends heavily on Asia: about 82% of FY2025 revenue was earned outside the United States. The current strategy is a deliberate reallocation of capital toward the United States and Korea, so that a larger share of revenue comes from those regions and from high-end nodes, partly offsetting rising competition in mainstream China IC.
Strategy
Stated strategy themes (FY2025 10-K, earnings calls and investor presentations, FY2025–FY2026)
Geographic diversification and regionalization: Company articulation: Investments in the U.S. and Korea "align with industry regionalization trends, and diversify geographic footprint"; revenue mix is expected to move toward the U.S. and Korea in FY2027–FY2028
High-end leadership and node migration: Company articulation: "Strategic emphasis on High-End to leverage competitive advantage"; node migration "drives ASP expansion and revenue growth"
Captive outsourcing: Company articulation: "Captives increasing outsourcing to merchant suppliers"; management names Samsung and other large captives as looking to outsource more
Display technology leadership: Company articulation: "Foldable displays and higher value masks drive FPD opportunity"; G8.6 AMOLED and IT OLED
Operational excellence: Company articulation: "Premier operational execution enables preferred supplier status"; continuous process improvement and cost discipline
Cash generation: Company articulation: "Consistent delivery of cash flow for strategic flexibility"
Measured EUV approach: Company articulation: "Our intentions are to manage the EUV investment cycle by expanding our EUV capabilities as the associated business opportunities emerge"
Strategic initiatives announced or advanced in the last 24 months
Allen, Texas capacity and capability extension: Timing: Announced late 2024; tools installed FY2025–FY2026; Scope: Cleanroom extension and new tools so Allen can make masks it could not make before; moves mid-range work from Boise; Status / targets: Qualification masks from fiscal Q3 2026; initial revenue fiscal Q4 2026; meaningful contribution FY2027+
Boise multi-beam mask writer: Timing: August 2025; Scope: First merchant multi-beam writer in production in the U.S.; Status / targets: Full production with 20+ customers qualified, including EUV users (December 2025)
Korea 8 nm-and-below extension: Timing: Announced FY2025; cleanroom FY2026; Scope: Extends Cheonan IC to 8 nm and below to capture Korean outsourcing; Status / targets: Equipment install from 2026; customer qualification through FY2027; revenue by end FY2027 / FY2028
Advanced FPD mask writer (Korea): Timing: Delivered March 31, 2026; installed fiscal Q2 2026; Scope: Most advanced AMOLED masks including G8.6 sizes; Status / targets: In service; first company to install the tool
End-of-life tool replacement program: Timing: FY2025–FY2027; Scope: Replace aging writers and inspection tools across the fleet; Status / targets: Peak spending may slip from FY2026 to FY2027
Share repurchase program: Timing: 2024–2025; Scope: Authorization topped up to USD 100M (August 2024) plus USD 25M (June 2025); Status / targets: USD 97.4M bought in FY2025; USD 27.6M remaining; no purchases in 9M FY2026
Leadership re-organization: Timing: 2025–2026; Scope: Founder-family CEO; President & CFO combination; new CAO, CAdO, sales and finance leaders; Status / targets: Completed
Business development initiatives: Timing: Ongoing; Scope: "Leverage and enhance core competencies"; management continues to "evaluate additional investment opportunities"; Status / targets: No transaction announced
Sustainability and cost programs. Quantified sustainability targets and a formal cost-reduction program with dollar savings targets are not publicly disclosed. Management describes continuing efficiency work across the organization.
Medium-term financial framework and guidance
Q4 FY2026 revenue: Guidance / target: USD 207–227M
Q4 FY2026 operating margin: Guidance / target: 19–24%
Q4 FY2026 non-GAAP diluted EPS: Guidance / target: USD 0.40–0.56 (about 59M diluted shares)
FY2026 capital expenditure: Guidance / target: USD 255–305M (previously USD 330M)
FY2027 capex: Guidance / target: To be given with fiscal Q4 2026 results
Revenue mix FY2027–FY2028: Guidance / target: Shift toward high-end IC nodes and toward the U.S. and Korea
Earlier long-range model (December 2022): Guidance / target: Illustrative model of USD 900–975M revenue with 38–43% gross margin and 28–33% operating margin; not reiterated since
Products & Services
Photronics sells custom, made-to-order masks rather than branded catalog products, so its portfolio is organized by technology class.
A. Integrated circuit (IC) photomasks
B. Flat panel display (FPD) photomasks
C. Services embedded in mask supply
Photronics does not disclose list prices. Pricing is negotiated per order and depends on node, layer criticality, mask size, write time and delivery speed.
Product Portfolio
| Product / capability | Description | Key specifications / capabilities | Target customers | Status / latest milestone | Pricing model |
|---|---|---|---|---|---|
High-end IC masks | Masks for logic, foundry and memory at 28 nm and smaller | Optical proximity correction (OPC), sub-resolution assist features, attenuated phase-shift (APSM) and binary films; most advanced nodes written on multi-beam writers | Foundries (e.g., UMC), IDMs, memory makers, U.S. fabless/IDM programs | Record high-end IC revenue in fiscal Q4 2025 and Q1 2026; 44% of IC revenue in Q3 FY2026 | Per mask/per set; much higher ASP than mainstream |
Multi-beam-written advanced masks (Boise) | Masks written with a parallel multi-beam engine | Faster writing of complex and curvilinear shapes; capable of the finest EUV and nanoimprint mask patterns | Leading-edge U.S. and global customers, including EUV users | Installed August 2025; in full production by December 2025 with 20+ customers qualified | Custom quotation |
U.S. Government Trusted masks | Masks made under trusted-supplier protocols for defense and government microelectronics | Boise is the only commercial high-end trusted mask facility in the U.S.; Photronics is the only U.S.-headquartered trusted mask producer | U.S. Government programs and defense contractors | Ongoing | Program-based |
EUV mask work | Pattern generation and related work for extreme-ultraviolet lithography | Full turnkey EUV capability would require major capital; Photronics uses partnerships in the interim | EUV users | "Measured approach"; capability to be expanded as business opportunities emerge | Custom |
Mainstream IC masks | Masks for nodes above 28 nm: analog, power, MCU, sensors, display drivers, MEMS, legacy logic and memory | Binary chrome-on-quartz and phase-shift; laser and e-beam writers | Global foundries and IDMs; China IC (via PDMCX), Europe, U.S. | ≈ USD 377M FY2025; Allen expansion targets "higher-end mainstream" from FY2027 | Per mask; more price-competitive |
Memory photomasks | DRAM/NAND masks | Technology inherited from PSMC/PDMC memory process know-how | Memory makers, including captive outsourcers | Ongoing | Per mask |
Mid-range node capability extension (Allen, TX) | New tools and cleanroom extension in Texas | Adds capability Allen could not previously make; moves mid-range high-end work from Boise so Boise can focus on higher-ASP orders | U.S. reshoring customers | Qualification masks shipped from fiscal Q3 2026; initial revenue targeted fiscal Q4 2026 | Per mask |
8 nm-and-below extension (Cheonan, Korea) | Cleanroom and tools to extend Korea IC capability to 8 nm and below | Cleanroom preparation substantially complete; first tools received (August 2026) | Korean IC customers and captive outsourcing | Customer qualifications through FY2027; initial revenue by end FY2027 / FY2028 | Per mask |
| Product / capability | Description | Key specifications / capabilities | Target customers | Status / latest milestone | Pricing model |
|---|---|---|---|---|---|
AMOLED photomasks (mobile) | Large-area masks for thin-film-transistor backplanes of AMOLED smartphone and tablet displays | High resolution and overlay accuracy for high-PPI, high-refresh-rate panels | Korean and Chinese panel makers (e.g., Samsung; Visionox recognized Photronics in June 2025) | High-end FPD 79–85% of FPD revenue in FY2026 quarters | Per mask |
G8.6 IT OLED masks | Masks sized for Gen 8.6 OLED substrates used for laptops, tablets and monitors | Written on the most advanced FPD mask writer, installed in Korea in fiscal Q2 2026 (Photronics is the first company to install it) | G8.6 OLED fab operators in Korea and China | Orders broadening across a growing customer base (Q3 FY2026) | Per mask; premium ASP |
LTPS masks | Low-temperature polysilicon backplane masks | High-end FPD category | Mobile and IT panel makers | Ongoing | Per mask |
G10.5+ large-area masks | Masks for Gen 10.5+ TV substrates | Among the largest masks made; high-end FPD category | Chinese TV panel makers | Ongoing | Per mask |
Mainstream FPD masks | a-Si LCD and smaller-generation masks (below G10.5 that are not AMOLED/LTPS) | Lower complexity | China IT/LCD market | USD 38.5M FY2025; jump in fiscal Q1 2026 (+51% YoY) on China IT demand | Per mask |
| Service | Description |
|---|---|
Design-for-manufacturing and OPC data preparation support | Data handling and fracturing for customer designs ahead of writing |
Inspection, metrology, defect repair | Die-to-die / die-to-database inspection, CD metrology, e-beam and AFM repair |
Pellicle mounting and requalification | Pellicle attachment, cleaning and re-pellicle services |
Qualification masks | Masks supplied during customer qualification of new sites (e.g., Allen in FY2026, Korea 8 nm in FY2027) |
Financial Narrative
All figures in USD millions unless stated; fiscal years end October 31. Sources: FY2021–FY2025 annual earnings releases and Form 10-K filings; FY2026 quarterly releases.
6.1 Income statement
Non-GAAP diluted EPS, which excludes FX gains and losses and related tax and minority effects, was USD 1.66 in FY2022, USD 2.04 in FY2023, USD 2.05 in FY2024 and USD 2.01 in FY2025. Non-GAAP net income attributable to Photronics was USD 120.6M in FY2025 versus USD 127.6M in FY2024. FY2025 GAAP net income included a USD 16.8M benefit from reducing a deferred tax valuation allowance in fiscal Q4 2025.
6.2 Margins and growth
Revenue CAGR FY2021–FY2025: 6.4% a year (USD 663.8M to USD 849.3M). Net income attributable to Photronics grew at a 25.3% CAGR over the same period. EPS growth (diluted) was 26.5% a year.
Commentary. The decisive change came in FY2022. A tight mask market let Photronics raise mainstream prices, especially in Asia, while high-end volumes grew, so gross margin rose from 25.2% to 35.7% and operating margin from 14.2% to 25.7%. FY2023 was the sixth straight year of record revenue and the margin peak (gross 37.7%, operating 28.4%). Since then revenue has eased, down 2.8% in FY2024 and 2.0% in FY2025, as mainstream IC weakened in Asia and Europe. Margins have held up better than revenue because of mix shift toward high-end and cost control, though SG&A rose to USD 77.8M in FY2024 with leadership and governance changes. Attributable net income has still risen every year. FY2024 benefited from a lower minority share as JV profits moderated, and FY2025 from a lower tax rate. Net income is unusually sensitive to FX: non-operating income is mostly unrealized FX gains and losses on cash and intercompany balances held in Asia. That swing explains the gap between GAAP EPS of USD 0.15 and non-GAAP EPS of USD 0.40 in fiscal Q2 2025.
6.3 Quarterly trend (fiscal Q1 2025 – fiscal Q3 2026)
Nine months FY2026 versus nine months FY2025 (USD M)
Commentary on FY2026. The fiscal year has been uneven. Q1 set a record for high-end IC (USD 71.3M, +19% YoY) and produced the second-highest operating cash flow in company history (USD 97M, 43% of revenue). In Q2, IC revenue fell 11% sequentially. Management cited delayed design releases due to elevated foundry utilization, chip OEMs extending the life of existing designs, memory supply and cost pressure on OEMs, and geopolitical uncertainty, including the U.S.–Iran conflict. Gross margin dropped to 31.3%. Q3 revenue of USD 216.0M beat the top of guidance as part of the delayed demand returned, with high-end IC up 28% YoY. GAAP profits for the nine months were lifted by USD 40.7M of non-operating income, mostly FX.
6.4 Balance sheet (at October 31)
Goodwill and acquired intangibles are not reported as separate line items; any remaining intangibles sit within other assets (USD 60.0M total other assets at October 31, 2025). Total debt was USD 24 thousand at October 31, 2025 and USD 3.9M at August 2, 2026.
Latest balance sheet (August 2, 2026, USD M): cash 549.5; short-term investments 123.3; accounts receivable 187.7; inventories 64.7; total current assets 974.9; PP&E 955.0; total assets 1,990.7; current debt 3.9; payables and accrued liabilities 193.4; Photronics equity 1,280.7; noncontrolling interests 463.0; total equity 1,743.7. Of the USD 672.8M of cash and short-term investments, USD 503.5M (75%) was held by the 50.01%-owned joint ventures.
Commentary. Photronics paid down debt from USD 111.7M in FY2021 to nil by FY2025 and built net cash of about USD 588M at FY2025 year-end. FY2025 cash fell as USD 188M of capex and USD 97M of buybacks were funded from cash. Noncontrolling interests more than doubled from USD 177M to USD 424M over FY2021–FY2025 as the DNP JVs retained earnings. That growth matters because a large and rising share of consolidated cash belongs economically to DNP and is not freely available to Photronics shareholders. PP&E rose 22% in FY2025 and another 12% in the first nine months of FY2026, reflecting the U.S. and Korea build-outs.
6.5 Cash flow
Dividends paid to noncontrolling interests were USD 9.6M in FY2021; DNP contributed USD 25.0M of capital to a joint venture in FY2022.
Commentary. Operating cash flow has run at 23–34% of revenue. Capex is now rising sharply: USD 188M in FY2025, guidance of USD 255–305M for FY2026 (down from USD 330M), and a peak in end-of-life tool replacement that management says may fall in FY2027 rather than FY2026. Free cash flow therefore dropped to USD 59.7M in FY2025 and is likely to stay compressed through FY2026–FY2027. Capital allocation has three stated priorities: organic investment in the U.S. and Korea, "business development initiatives" that build on core competencies, and returning cash. In FY2025 the company returned USD 97M through buybacks, including USD 72.1M in fiscal Q2 2025 alone.
6.6 Ratios
Interest expense fell from USD 1.9M in FY2022 to USD 0.4M in FY2023, USD 0.3M in FY2024 and USD 0.06M in FY2025, so interest coverage is in the hundreds of times and not a meaningful constraint. Photronics reports trade payables together with accrued liabilities, so a payables-days figure (and a full cash conversion cycle) is not publicly disclosed. DSO plus DIO was about 125 days in FY2025, versus 136 days in FY2021.
Commentary. Returns peaked in FY2023 (ROIC ≈ 24%) and have eased to the high teens as margins normalized and invested capital rose with the new plants. Asset turnover is falling, from 0.63x in FY2022 to 0.47x in FY2025, because large cash balances and capex in progress are building ahead of revenue from Allen and Korea. Whether returns recover depends on those sites filling with high-ASP work in FY2027–FY2028. The very large cash position also depresses headline ROE and ROA.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansFinancial Detail
Group Entities
| Entity | Location | Ownership | Function |
|---|---|---|---|
Photronics, Inc. | Brookfield, CT, USA | Parent | Corporate HQ; U.S. IC manufacturing |
U.S. operations | Allen, TX; Boise, ID; Brookfield, CT | 100% | IC masks (Boise: high-end and trusted; Allen: expanding to higher-end mainstream and mid-range nodes) |
Photronics DNP Mask Corporation (PDMC) | Hsinchu, Taiwan | 50.01% (DNP 49.99%) | Taiwan IC masks; consolidated |
Photronics DNP Mask Corporation Xiamen (PDMCX) | Xiamen, China | 50.01% via Singapore subsidiary (DNP 49.99%) | China IC masks; consolidated |
Photronics Korea (PKL) | Cheonan, South Korea | Majority-owned since 2001 | IC and FPD masks |
Photronics Taichung | Taichung, Taiwan | Wholly owned operating unit | FPD masks |
Photronics Hefei | Hefei, China | Wholly owned operating unit | FPD masks |
Photronics Europe | Bridgend, Wales; Dresden, Germany | Wholly owned | IC masks |
Product Lines
| Product line (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
High-end IC revenue (USD Mn) | 163.0 | 195.3 | 195.0 | 228.5 | 238.4 |
Mainstream IC revenue (USD Mn) | 297.2 | 397.7 | 456.3 | 409.6 | 376.7 |
Total IC revenue (USD Mn) | 460.2 | 593.0 | 651.3 | 638.1 | 615.1 |
High-end FPD revenue (USD Mn) | 155.7 | 187.0 | 200.9 | 195.4 | 195.7 |
Mainstream FPD revenue (USD Mn) | 47.9 | 44.5 | 39.9 | 33.4 | 38.5 |
Total FPD revenue (USD Mn) | 203.6 | 231.5 | 240.8 | 228.8 | 234.2 |
Total revenue (USD Mn) | 663.8 | 824.5 | 892.1 | 866.9 | 849.3 |
Product line growth (%)
| Product line growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
High-end IC growth (%) | 19.9 | -0.2 | 17.2 | 4.3 |
Mainstream IC growth (%) | 33.8 | 14.7 | -10.2 | -8.0 |
Total IC growth (%) | 28.9 | 9.8 | -2.0 | -3.6 |
High-end FPD growth (%) | 20.1 | 7.4 | -2.7 | 0.2 |
Mainstream FPD growth (%) | -7.1 | -10.3 | -16.3 | 15.3 |
Total FPD growth (%) | 13.7 | 4.0 | -5.0 | 2.4 |
Share of total revenue (%)
| Share of total revenue (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
High-end IC share (%) | 24.6 | 23.7 | 21.9 | 26.4 | 28.1 |
Mainstream IC share (%) | 44.8 | 48.2 | 51.1 | 47.2 | 44.4 |
High-end FPD share (%) | 23.5 | 22.7 | 22.5 | 22.5 | 23.0 |
Mainstream FPD share (%) | 7.2 | 5.4 | 4.5 | 3.9 | 4.5 |
High-end IC as share of IC revenue (%) | 35.4 | 32.9 | 29.9 | 35.8 | 38.8 |
Product Lines (Quarterly)
| Product line (USD Mn) | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | 9M FY2026 |
|---|---|---|---|---|
High-end IC | 71.3 | 56.7 | 68.5 | 196.5 |
Mainstream IC | 94.0 | 90.9 | 86.2 | 271.1 |
Total IC | 165.3 | 147.5 | 154.7 | 467.5 |
High-end FPD | 46.9 | 52.8 | 52.3 | 152.0 |
Mainstream FPD | 12.8 | 9.6 | 9.1 | 31.5 |
Total FPD | 59.8 | 62.4 | 61.4 | 183.6 |
Total revenue | 225.1 | 209.9 | 216.0 | 651.1 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 663.8 | 824.5 | 892.1 | 866.9 | 849.3 |
Revenue growth YoY (%) | 8.9 | 24.2 | 8.2 | -2.8 | -2.0 |
Cost of goods sold (USD Mn) | 496.7 | 530.3 | 555.9 | 551.0 | 549.5 |
Gross profit (USD Mn) | 167.0 | 294.2 | 336.2 | 315.9 | 299.8 |
SG&A (USD Mn) | 57.5 | 64.0 | 69.5 | 77.8 | 75.6 |
R&D (USD Mn) | 18.5 | 18.3 | 13.7 | 16.6 | 15.8 |
Operating income (USD Mn) | 94.6 | 211.9 | 253.1 | 221.5 | 208.2 |
Depreciation & amortization (USD Mn) | 90.4 | 80.3 | 80.8 | 82.8 | 77.6 |
EBITDA (operating income + D&A, USD Mn) | 185.0 | 292.2 | 333.9 | 304.3 | 285.8 |
Non-operating income, net (USD Mn) | 7.5 | 27.2 | 16.9 | 25.9 | 13.6 |
Pre-tax income (USD Mn) | 102.0 | 239.0 | 269.9 | 247.4 | 221.8 |
Income tax provision (USD Mn) | 23.2 | 59.8 | 70.3 | 63.6 | 31.6 |
Net income, consolidated (USD Mn) | 78.8 | 179.2 | 199.6 | 183.8 | 190.2 |
Net income to noncontrolling interests (USD Mn) | 23.4 | 60.5 | 74.1 | 53.2 | 53.8 |
Net income attributable to Photronics (USD Mn) | 55.4 | 118.8 | 125.5 | 130.7 | 136.4 |
EPS basic (USD) | 0.90 | 1.96 | 2.05 | 2.12 | 2.29 |
EPS diluted (USD) | 0.89 | 1.94 | 2.03 | 2.09 | 2.28 |
Diluted weighted shares (M) | 62.0 | 61.2 | 61.8 | 62.4 | 59.9 |
Dividends per share (USD) | 0 | 0 | 0 | 0 | 0 |
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansMargin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 25.2 | 35.7 | 37.7 | 36.4 | 35.3 |
Operating margin (%) | 14.2 | 25.7 | 28.4 | 25.6 | 24.5 |
EBITDA margin (%) | 27.9 | 35.4 | 37.4 | 35.1 | 33.6 |
Net margin, attributable (%) | 8.4 | 14.4 | 14.1 | 15.1 | 16.1 |
Effective tax rate (%) | 22.7 | 25.0 | 26.0 | 25.7 | 14.2 |
Noncontrolling share of consolidated net income (%) | 29.7 | 33.7 | 37.1 | 28.9 | 28.3 |
Income Statement and Margin Analysis (%) (Quarterly)
| Metric | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 |
|---|---|---|---|---|---|---|---|
Revenue (USD Mn) | 212.1 | 211.0 | 210.4 | 215.8 | 225.1 | 209.9 | 216.0 |
IC revenue (USD Mn) | 154.0 | 155.9 | 147.8 | 157.4 | 165.3 | 147.5 | 154.7 |
FPD revenue (USD Mn) | 58.1 | 55.1 | 62.6 | 58.3 | 59.8 | 62.4 | 61.4 |
Gross margin (%) | 35.6 | 36.9 | 33.7 | 35.0 | 35.0 | 31.3 | 33.2 |
Operating margin (%) | 24.6 | 26.4 | 22.9 | 24.1 | 24.4 | 20.1 | 21.1 |
GAAP net income attributable (USD Mn) | 42.9 | 8.9 | 22.9 | 61.8 | 42.9 | 31.4 | 28.9 |
GAAP diluted EPS (USD) | 0.68 | 0.15 | 0.39 | 1.07 | 0.74 | 0.54 | 0.49 |
Non-GAAP diluted EPS (USD) | 0.52 | 0.40 | 0.51 | 0.60 | 0.61 | 0.42 | 0.50 |
Operating cash flow (USD Mn) | 78.5 | 31.5 | 50.1 | 87.8 | 97.3 | 47.0 | 76.3 |
Capital expenditures (USD Mn) | 35.2 | 60.5 | 24.8 | 67.5 | 47.6 | 45.8 | 37.0 |
Margin Analysis (%) and Per-Share Data
| Metric | 9M FY2025 | 9M FY2026 | Change (%) |
|---|---|---|---|
Revenue | 633.5 | 651.1 | 2.8 |
Gross profit | 224.3 | 216.2 | -3.6 |
Gross margin (%) | 35.4 | 33.2 | -2.2 pts |
Operating income | 156.1 | 142.5 | -8.7 |
Operating margin (%) | 24.6 | 21.9 | -2.7 pts |
Other income (expense), net | -10.2 | 40.7 | — |
Net income attributable to Photronics | 74.6 | 103.3 | 38.5 |
Diluted EPS (USD) | 1.23 | 1.76 | 43.1 |
Operating cash flow | 160.0 | 220.6 | 37.9 |
Capital expenditures | 120.6 | 130.4 | 8.1 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Cash & cash equivalents (USD Mn) | 276.7 | 319.7 | 499.3 | 598.5 | 492.3 |
Short-term investments (USD Mn) | 0 | 38.8 | 12.9 | 42.2 | 95.9 |
Cash + short-term investments (USD Mn) | 276.7 | 358.5 | 512.2 | 640.7 | 588.2 |
Accounts receivable (USD Mn) | 174.4 | 198.1 | 194.9 | 200.8 | 195.9 |
Inventories (USD Mn) | 55.2 | 50.8 | 50.0 | 56.5 | 61.8 |
Total current assets (USD Mn) | 550.6 | 644.7 | 785.5 | 931.1 | 890.1 |
PP&E, net (USD Mn) | 696.6 | 643.9 | 709.2 | 745.3 | 854.4 |
Total assets (USD Mn) | 1,294.2 | 1,315.8 | 1,526.2 | 1,712.1 | 1,804.5 |
Short-term debt (USD Mn) | 22.2 | 10.0 | 6.6 | 18.0 | 0.0 |
Long-term debt (USD Mn) | 89.4 | 32.3 | 18.0 | 0.0 | 0.0 |
Total debt (USD Mn) | 111.7 | 42.3 | 24.6 | 18.0 | 0.0 |
Net debt (debt − cash − STI, USD Mn) | -165.0 | -316.2 | -487.6 | -622.7 | -588.2 |
Total current liabilities (USD Mn) | 176.1 | 193.8 | 185.2 | 183.8 | 165.9 |
Working capital (USD Mn) | 374.5 | 450.9 | 600.2 | 747.3 | 724.2 |
Photronics shareholders' equity (USD Mn) | 823.7 | 831.5 | 975.0 | 1,120.9 | 1,173.6 |
Noncontrolling interests (USD Mn) | 176.9 | 230.6 | 300.6 | 359.9 | 423.7 |
Total equity (USD Mn) | 1,000.6 | 1,062.1 | 1,275.6 | 1,480.8 | 1,597.3 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 150.8 | 275.2 | 302.2 | 261.4 | 247.8 |
Capital expenditures (USD Mn) | 109.1 | 112.3 | 131.3 | 130.9 | 188.1 |
Free cash flow (OCF − capex, USD Mn) | 41.7 | 162.9 | 170.9 | 130.5 | 59.7 |
OCF as share of revenue (%) | 22.7 | 33.4 | 33.9 | 30.2 | 29.2 |
Capex as share of revenue (%) | 16.4 | 13.6 | 14.7 | 15.1 | 22.2 |
Share repurchases (USD Mn) | 48.2 | 2.5 | 0 | 0 | 97.4 |
Debt repayments (USD Mn) | 20.4 | 65.4 | 18.4 | 6.6 | 18.0 |
Common dividends paid (USD Mn) | 0 | 0 | 0 | 0 | 0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, attributable NI / year-end Photronics equity (%) | 6.7 | 14.3 | 12.9 | 11.7 | 11.6 |
ROA, consolidated NI / total assets (%) | 6.1 | 13.6 | 13.1 | 10.7 | 10.5 |
ROIC, after-tax operating income / (equity + debt − cash) (%) | 8.7 | 21.3 | 23.8 | 19.2 | 17.7 |
Current ratio (x) | 3.13 | 3.33 | 4.24 | 5.07 | 5.37 |
Debt / total equity (x) | 0.11 | 0.04 | 0.02 | 0.01 | 0.00 |
Net debt / EBITDA (x) | -0.89 | -1.08 | -1.46 | -2.05 | -2.06 |
Asset turnover, revenue / total assets (x) | 0.51 | 0.63 | 0.58 | 0.51 | 0.47 |
Days sales outstanding (days) | 95.9 | 87.7 | 79.7 | 84.5 | 84.2 |
Days inventory outstanding (days) | 40.6 | 35.0 | 32.8 | 37.4 | 41.0 |
Revenue by Region
| Region (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Taiwan revenue (USD Mn) | 248.6 | 291.3 | 316.9 | 288.3 | 283.8 |
China revenue (USD Mn) | 115.7 | 212.6 | 245.4 | 232.9 | 221.0 |
South Korea revenue (USD Mn) | 156.4 | 156.1 | 162.2 | 158.0 | 158.5 |
United States revenue (USD Mn) | 105.0 | 126.2 | 128.9 | 146.7 | 148.9 |
Europe revenue (USD Mn) | 36.2 | 36.4 | 36.6 | 39.2 | 34.1 |
Other revenue (USD Mn) | 1.8 | 1.9 | 2.1 | 1.8 | 2.9 |
Total revenue (USD Mn) | 663.8 | 824.5 | 892.1 | 866.9 | 849.3 |
Region growth (%)
| Region growth (%) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Taiwan growth (%) | 17.2 | 8.8 | -9.0 | -1.5 |
China growth (%) | 83.7 | 15.4 | -5.1 | -5.1 |
South Korea growth (%) | -0.2 | 3.9 | -2.6 | 0.3 |
United States growth (%) | 20.2 | 2.1 | 13.8 | 1.5 |
Europe growth (%) | 0.4 | 0.5 | 7.3 | -13.2 |
Region share (%)
| Region share (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Taiwan share (%) | 37.5 | 35.3 | 35.5 | 33.3 | 33.4 |
China share (%) | 17.4 | 25.8 | 27.5 | 26.9 | 26.0 |
South Korea share (%) | 23.6 | 18.9 | 18.2 | 18.2 | 18.7 |
United States share (%) | 15.8 | 15.3 | 14.4 | 16.9 | 17.5 |
Europe share (%) | 5.5 | 4.4 | 4.1 | 4.5 | 4.0 |
Revenue by Region (%)
| Region × product (%) | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 |
|---|---|---|---|---|
Taiwan (IC, PDMC) | 31 | 33 | 32 | 32 |
China IC (PDMCX) | 15 | 16 | 17 | 14 |
China FPD (Hefei) | 12 | 12 | 12 | 11 |
United States (IC) | 20 | 17 | 16 | 19 |
South Korea (IC and FPD) | 17 | 18 | 19 | 20 |
Europe (IC) | 4 | 4 | 4 | 4 |
Long-lived assets (USD Mn)
| Long-lived assets (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
China | 249.4 | 256.1 | 263.9 |
Taiwan | 199.3 | 213.9 | 240.5 |
United States | 140.7 | 144.6 | 200.8 |
South Korea | 119.4 | 123.6 | 139.5 |
Europe and other | 7.3 | 7.0 | 9.7 |
Capital Markets
| Measure | Value |
|---|---|
Recent price | ≈ USD 28.10 (late October 2026) |
Year-to-date 2026 | ≈ -12% (from USD 32.00 at December 31, 2025) |
1-year | ≈ +18% (from USD 23.90 at October 31, 2025) |
3-year (to September 11, 2026) | +45.0% |
5-year (to September 11, 2026) | +106.9% |
52-week range | USD 20.05 – USD 56.00 |
Largest single-day move in 2026 | -36% (USD -19.49) on May 28, 2026 |
Margin Analysis (%) (2021–2025)
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
PLAB share price return (%) | 68.9 | -10.7 | 86.4 | -24.7 | 35.8 |
Valuation Snapshot
| Metric | Value |
|---|---|
Market capitalization | ≈ USD 1.66B (58.96M shares) |
Enterprise value (market cap + noncontrolling interests USD 463.0M + debt USD 3.9M − cash and STI USD 672.8M) | ≈ USD 1.45B |
TTM revenue | USD 866.9M |
TTM operating income | USD 194.6M |
TTM EBITDA (approximate, with D&A ≈ USD 78M) | ≈ USD 272M |
TTM net income attributable to Photronics | USD 165.1M |
TTM GAAP diluted EPS | ≈ USD 2.81 |
P/E (TTM GAAP) | ≈ 10.0x |
EV / EBITDA | ≈ 5.3x |
EV / Sales | ≈ 1.7x |
P/B (on Photronics equity USD 1,280.7M) | ≈ 1.3x |
Peer Comparison
| Company | Date of price | Market cap | P/E (TTM) | Price / Sales (TTM) |
|---|---|---|---|---|
Photronics | Late October 2026 | USD 1.66B | 10.0 | 1.9 |
Tekscend Photomask | April 21, 2026 | JPY 380.9B | 25.0 | 3.0 |
Firm Details
| Firm | Rating | Latest target (USD) | Date |
|---|---|---|---|
Lake Street Capital | Buy | 55 | May 1, 2026 (maintained after fiscal Q3 2026) |
Craig-Hallum | Buy | 42 | May 29, 2026 |
Freedom Capital Markets | Buy | 41 | July 2, 2026 (initiation) |
D.A. Davidson | Buy | 45 | December 11, 2025 |
Action by Date
| Date | Action | Amount (USD Mn) |
|---|---|---|
September 2020 | Program authorized (no expiry) | 100.0 |
August 2024 | Remaining capacity of USD 31.7M topped up to USD 100M | 100.0 |
June 2025 | Additional authorization | 25.0 |
FY2025 | Repurchased 5.0M shares at an average USD 19.52 | 97.4 |
October 31, 2025 onward | Remaining authorization (no purchases in 9M FY2026) | 27.6 |
Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Share repurchases (USD Mn) | 48.2 | 2.5 | 0 | 0 | 97.4 |
Analyst Conclusions
Management guidance (August 26, 2026)
Q4 FY2026 revenue: Guidance: USD 207–227M (implies FY2026 revenue of about USD 858–878M, or roughly +1% to +3% YoY)
Q4 FY2026 operating margin: Guidance: 19–24%
Q4 FY2026 non-GAAP diluted EPS: Guidance: USD 0.40–0.56
FY2026 capex: Guidance: USD 255–305M
Allen, Texas: Guidance: Initial revenue in fiscal Q4 2026; geographic diversification visible from FY2027
Korea 8 nm: Guidance: Customer qualifications through FY2027; revenue from end FY2027 / FY2028
FY2027 capex: Guidance: To be issued with fiscal Q4 2026 results; part of the FY2026 plan shifts into FY2027
Consensus expectations. The street expects modest growth: about 5% revenue growth and about 7% EPS growth for FY2027. Some models forecast EPS falling over three years as depreciation from new plants rises before they reach full utilization.
Bull case
-
The U.S. and Korea investments raise mix and margins. High-end IC has already gone from 30% to 44% of IC revenue. If Allen frees Boise for higher-ASP work and Korea adds 8 nm business by FY2028, mix-driven ASP gains could lift gross margin back toward the 36–38% reached in FY2023–FY2024.
-
Captive outsourcing and reshoring. Samsung and other captives are looking to outsource more. Photronics is the only high-end-capable merchant in the U.S. and is ready to capture new-fab demand.
-
Valuation and balance sheet. At about 10x trailing GAAP EPS, about 5x EV/EBITDA and about 1.3x book, with net cash of roughly USD 669M, the shares price in little growth. A return to normal design-release patterns, as seen in fiscal Q3 2026, could re-rate them toward the USD 41–55 analyst targets.
Bear case
-
Mainstream erosion outpaces high-end gains. Mainstream IC has fallen 17% from its FY2023 peak, and Chinese competitors keep gaining. Total revenue has not grown since FY2023.
-
Capex arrives before returns. USD 255–305M of FY2026 spending and a possible FY2027 peak will compress free cash flow (USD 59.7M in FY2025) and lift depreciation before new revenue arrives. Returns on capital could slide below the FY2025 level of about 18%.
-
Governance, litigation and value leakage. The securities class action, frequent leadership changes and the large minority share of JV earnings and cash (28% of net income; 75% of cash) cap how much of the consolidated value reaches Photronics shareholders.
Key catalysts and monitorables (next 12 months)
Late November – mid-December 2026: Catalyst / monitorable: Fiscal Q4 2026 and full-year FY2026 results; What to watch: Revenue versus the USD 207–227M guide; first Allen revenue; FY2027 capex guide
Fiscal Q1 2027 (Nov 2026 – Jan 2027): Catalyst / monitorable: Seasonal pre-Chinese New Year demand; What to watch: Whether high-end IC beats the record USD 71.3M
FY2027: Catalyst / monitorable: Allen ramp; What to watch: Size of U.S. mainstream growth that management says will rise in FY2027
FY2027: Catalyst / monitorable: Korea 8 nm qualifications; What to watch: Qualification progress and first customer wins
Ongoing: Catalyst / monitorable: Design-release cadence; What to watch: Foundry utilization, memory pricing, geopolitical developments
Ongoing: Catalyst / monitorable: Class action; What to watch: Lead-plaintiff appointment, amended complaint, motion to dismiss
Early 2027: Catalyst / monitorable: 2027 proxy and annual meeting; What to watch: CTO appointment, board refresh, pay outcomes
Ongoing: Catalyst / monitorable: Capital allocation; What to watch: Use of the remaining USD 27.6M authorization; any business-development transaction; JV dividends
Ongoing: Catalyst / monitorable: Competitive moves; What to watch: Tekscend expansion in North America and Europe; Chinese mask-maker capacity
Analyst verdict. Photronics comes out of FY2026 as a financially strong, operationally capable merchant mask maker in the middle of a strategic repositioning. The core facts support a constructive view. The company carries no meaningful debt, generates operating cash of close to 30% of revenue, earns operating margins in the low-to-mid 20s even in a flat market, and has steadily raised the high-end share of its IC business to a record 44%. It also has positions competitors cannot easily copy: the largest commercial mask share in Taiwan, the only high-end merchant capability in the United States, including trusted manufacturing, and leadership in AMOLED and G8.6 display masks.
The investment case is not about cheap assets alone, though. Revenue has stalled near USD 850–870 million for three years. Mainstream IC, still about 44% of revenue, is eroding under Chinese competition. The company is now committing USD 250–300 million a year of capex before the payoff is visible. Fiscal Q2 2026 showed how fast short-visibility, order-driven revenue can disappoint and how harshly the market reacts: the shares lost more than a third of their value in a day, and a class action followed. Structural features also limit per-share value. DNP owns 49.99% of the most profitable Asian JVs, and much of the headline cash pile sits inside them.
On balance, Photronics looks like a reasonably priced, self-funded bet on regionalization and node migration, with downside protected by the balance sheet. A sustained re-rating would need three things in FY2027: visible revenue from Allen, Korea qualifications on schedule, and gross margin recovering from about 33% toward the mid-30s without another design-release shock. Investors should treat the fiscal Q4 2026 report and FY2027 capex guidance as the next decisive test. Leadership stability, including filling the CTO role, and how the shareholder litigation is resolved are secondary but real swing factors.
Unlock Company Financials
Unlock this company profile to view its financial data.
View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In current role since | Age | Prior roles / background | Education |
|---|---|---|---|---|---|
George C. Macricostas | Chairman and Chief Executive Officer | CEO May 28, 2025; Executive Chairman Jan 6, 2025; director since 2002 | 56 | Founder, Chairman and CEO of RagingWire Data Centers (sold to NTT in stages, 2014–2018); former chair of the board Compensation Committee; son of founder | — |
Eric Rivera | President and Chief Financial Officer | President Jan 12, 2026; CFO May 2024 (interim from Feb 2024) | 49 | Joined 2016 as Corporate Controller; Chief Accounting Officer 2020–2024; earlier at IBM and Thomson Reuters; CPA | B.S. Accounting, Mercy College |
Dr. Frank Lee | President, PDMC; senior executive, Asia; director | CEO 2022 – May 2025; leads Asia operations until retirement | 73 | President of PSMC; general manager of PDMC from 2014; led Asia business for nearly 20 years | B.S., Tsinghua University; M.S. and Ph.D., University of Cincinnati |
H.K. Park | SVP, General Manager, FPD Operations | — | 56 | Leads global FPD business | — |
David Wang | SVP, Chief Operating Officer, IC Operations | — | 61 | Leads IC operations | — |
Todd Alesio | SVP and Chief Administrative Officer; Head of Global HR | Jan 12, 2026 (joined Nov 2024) | 48 | Global human resources leader | — |
Rui (Elie) Zhang | Chief Accounting Officer | Jan 12, 2026 | — | Finance and accounting | — |
Jeff Catlin | SVP, Global Sales | January 2026 | — | Sales leadership | — |
Christopher Dayton | SVP, Finance (reports to President & CFO) | May 11, 2026 | — | Finance leadership, based in Brookfield | — |
Christopher J. Lutzo | Vice President, General Counsel and Secretary | — | — | Legal | — |
Ted Moreau | Vice President, Investor Relations | — | — | Investor relations | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | Salary | Bonus | Stock awards | All other | Total |
|---|---|---|---|---|---|
George C. Macricostas (Chairman & CEO) | 492,404 | 675,000 | 3,773,012 | 44,900 | 4,985,316 |
Frank Lee (former CEO; President, PDMC) | 783,832 | 509,484 | 1,929,600 | 28,914 | 3,222,906 |
Eric Rivera (President & CFO) | 410,789 | 340,209 | 1,342,160 | 50,575 | 2,144,733 |
David Wang (SVP, COO IC) | 332,625 | 233,652 | 916,560 | 36,582 | 1,498,436 |
H.K. Park (SVP, GM FPD) | 324,164 | 205,553 | 916,560 | 11,381 | 1,446,276 |
Christopher J. Progler (former EVP & CTO) | 445,805 | 0 | 675,360 | 27,463 | 1,148,628 |
Executive Leadership Team (Annual)
| Executive | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Frank Lee | 4,061,200 | 4,926,253 | 3,222,906 |
H.K. Park | 1,394,049 | 1,821,866 | 1,446,276 |
Christopher J. Progler | 1,638,678 | 1,884,945 | 1,148,628 |
Board of Directors
| Director | Age | Director since | Independent | Committees | Background / education |
|---|---|---|---|---|---|
George C. Macricostas (Chair) | 56 | 2002 | No | — | Chairman and CEO; RagingWire founder |
Constantine S. Macricostas | 90 | 1974 | No | Cybersecurity; non-voting adviser to Compensation | Founder; former CEO on three occasions |
Dr. Frank Lee | 73 | 2022 | No | — | President, PDMC; former CEO; Tsinghua B.S., Cincinnati M.S./Ph.D. |
Adam Lewis (Lead Independent Director) | 47 | 2022 | Yes | Audit (Chair); Compensation; Nominating | Investment banking and private equity; University of Vermont |
David A. Garcia | 58 | 2024 | Yes | Compensation (Chair); Audit | 30+ years legal practice; A.B. Stanford, J.D. Harvard |
Daniel Liao | 72 | 2020 | Yes | Nominating (Chair); Compensation; Audit | Former Lam Research executive; B.S./M.S. Electrical Engineering |
Mitchell G. Tyson | 71 | 2004 | Yes | Cybersecurity (Chair) | Former CEO, PRI Automation; clean-energy consultant |
Michelle Almeida | 50 | 2026 (effective Jan 1, 2026) | Yes | — | SVP and Treasurer, Compass Datacenters; M.S. Accounting, University of Pune |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
February 23, 2024 | CFO John Jordan retires; Eric Rivera interim CFO | Planned retirement after joining in 2017 |
May 28, 2024 | Eric Rivera named CFO | Promotion from interim |
November 2024 | Todd Alesio joins as head of global HR | People and organization build-out |
January 6, 2025 | George Macricostas named Executive Chairman | Founder family takes direct executive role |
May 28, 2025 | Frank Lee steps down as CEO; George Macricostas becomes CEO | Lee plans to retire within one to two years and keeps Asia/PDMC leadership |
December 29, 2025 | CTO Christopher Progler steps down | Planned transition after 20+ years; possible advisory role |
January 1, 2026 | Michelle Almeida joins the board as an independent director | Adds finance and treasury expertise |
January 2026 | Jeff Catlin named SVP, Global Sales | Commercial leadership |
January 12, 2026 | Rivera named President; Zhang named CAO; Alesio named SVP & CAO | CEO says the changes "enhance organizational clarity" |
April 8, 2026 | Mary Paladino leaves the board; board reduced to eight | Annual meeting |
May 11, 2026 | Christopher Dayton named SVP, Finance | Finance depth under the President & CFO |
Major Shareholders
| Holder | Shares | Stake (%) |
|---|---|---|
BlackRock, Inc. | 9,549,506 | 16.5 |
The Vanguard Group | 5,990,697 | 10.3 |
Dimensional Fund Advisors LP | 4,769,232 | 8.2 |
All directors and executive officers as a group (13 persons) | 1,919,762 | 3.3 |
Competitive Landscape
Key Competitors
| Competitor | Home market | Segments where it competes with Photronics | Relative positioning |
|---|---|---|---|
Tekscend Photomask Corp. (formerly Toppan Photomask; TSE: 429A) | Japan | IC, all nodes including EUV | Largest merchant supplier, with a 37.8% merchant share in 2024 (SEMI data cited by Tekscend); EUV-capable; listed October 2025 |
Dai Nippon Printing (DNP) | Japan | IC (outside Taiwan and China, where it partners with Photronics) | Leading-edge and EUV-capable; Photronics' JV partner |
Hoya Corporation | Japan | IC masks; also a major mask-blank supplier | Advanced-node capability; also a supplier to the industry |
Taiwan Mask Corporation (TWSE: 2338) | Taiwan | Mainstream IC | Smaller, loss-making in 2025 |
SK-Electronics | Japan | FPD (large-area) | Main FPD rival in large-area masks |
LG Innotek | South Korea | FPD | Korean display masks |
Shenzhen Newway Photomask Making | China | FPD and mainstream IC | Domestic Chinese competitor gaining share |
Shenzhen Qingyi Photomask | China | FPD and mainstream IC | Domestic Chinese competitor |
Compugraphics International | UK | Specialty and mainstream IC | Niche European supplier |
Captive mask shops (e.g., at TSMC, Samsung, Intel and other large chipmakers) | Global | Leading-edge IC | In-house supply of the most advanced masks; a potential outsourcing source for merchants |
Peer Comparison FY2025
| Company | Fiscal year | Revenue | Revenue growth (%) | Operating margin (%) |
|---|---|---|---|---|
Photronics | FY to Oct 2025 | USD 849.3M | -2.0 | 24.5 |
Tekscend Photomask | FY to Mar 2026 | JPY 129.6B (≈ USD 0.85B) | 9.8 | 21.2 |
Taiwan Mask Corp. | FY to Dec 2025 | TWD 6.04B (≈ USD 0.19B) | -20.2 | -10.1 |
