📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Photronics, Inc., together with its subsidiaries, engages in the manufacture and sale of photomask products and services in the United States, Taiwan, China, Korea, Europe, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

⭐ Superinvestors Holding PLAB

View All Superinvestors →

Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	43.7K	$1.8M	0.00%	Mar 2026
Jim Simons Renaissance Technologies LLC	18.3K	$740K	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed ~ Volatile 4 quarters analysed

Q3 2025

Cautious

Management expressed caution about near-term demand, citing 'geopolitical uncertainty' and 'muted demand' in Asia. However, they highlighted solid Q3 results and strategic investments for long-term growth, using language like 'we remain cautious about the near-term demand environment' (Eric Rivera) while also stating 'we have identified excellent opportunities' (George Macricostas).

Q4 2025

Confident Specific

Management uses precise figures (record high-end IC at 42% of IC revenue, $216M revenue, EPS $0.60 non-GAAP) and concrete timelines for expansions (Allen tools installation in coming months, Korea equipment installation in 2026). Language like 'strong', 'record', 'exceeding expectations' reinforces positivity.

Q1 2026

Confident Specific

Management used precise language such as 'exceeding expectations', 'record high-end IC revenue', 'executed on robust high-end demand', and expressed optimism about continued growth. They provided specific metrics and guidance ranges, indicating a clear and positive outlook.

Q2 2026 latest

Mixed

Management conveys cautious near-term tone with phrases like 'near-term headwinds', 'visibility remains limited', and 'longer slowdown than anticipated', while maintaining optimism for the medium-to-long term with references to 'compelling multi-year growth opportunity' and 'secular demand trends remain positive'.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis for Photronics appears slightly weaker near-term due to delayed design releases, but the long-term thesis remains intact given strong AI-driven demand and the company's strategic expansions. The near-term headwinds are considered temporary and linked to industry dynamics (fab utilization, memory shortages) rather than competitive losses. Key metrics to watch next quarter are any signs of design release recovery, revenue from the Allen qualification masks, and margin stability. The elevated CapEx phase may pressure free cash flow but positions the company for growth in 2027-2028. Investors should monitor Q3 revenue guidance and any updates on geopolitical impacts.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Mixed ~ Volatile 4 quarters Full tone analysis in Intelligence →

📊 MIXED Photronics reports Q2 FY2026 revenue of $210M, IC down 5% YoY, FPD up 13% YoY.

Revenue & Profitability

Q2 fiscal 2026 revenue was $210 million, roughly flat year-over-year. IC revenue declined 5% year-over-year to $148 million, while FPD revenue increased 13% to $62 million. GAAP diluted EPS was $0.54 per share; non-GAAP diluted EPS (excluding foreign exchange) was $0.42. Operating margin was 20%, and operating cash flow was $47 million (22% of revenue). For Q3, management guided revenue of $207-215 million, operating margin of 18-20%, and non-GAAP EPS of $0.39-0.45.

Outlook

Near-term headwinds include elevated fab utilization rates, memory supply constraints, and geopolitical uncertainty (U.S.-Iran conflict) which have delayed design releases. The seasonal recovery after Chinese New Year was weaker than anticipated. However, long-term secular demand remains positive, driven by AI applications, captive outsourcing trends, and technology node migrations. Management expects continued strength in the Korea FPD market ahead of a G8.6 AMOLED upgrade cycle.

Growth Drivers

Key growth levers include surging AI-driven demand for leading-edge memory and logic chips, increased outsourcing by captive photomask producers, migration to higher technology nodes, and geographic diversification (U.S. and Korea). In FPD, the adoption of G8.6 AMOLED with higher ASP mask layers is a significant growth driver. The company also sees opportunities from onshore semiconductor manufacturing in the U.S.

Balance Sheet & CapEx

Fiscal 2026 CapEx guidance is $330 million, with investments focused on strategic expansions in the U.S. (Allen, Texas) and Korea (8nm capabilities). CapEx in Q2 was $46 million. The company is also completing end-of-life tool upgrades and facility optimization. Management continues to evaluate additional investment opportunities to support long-term growth.

Margins

Gross margin was 31% in Q2, reflecting operational leverage from fixed costs and product mix. Operating margin was 20%, and Q3 guidance implies operating margin of 18-20%. The cost structure is largely fixed, limiting variable cost reduction levers. Margin performance is heavily dependent on product mix (high-end vs. mainstream) and capacity utilization. The Allen expansion will add depreciation but is expected to improve long-term returns.

Key Risks

Management flagged multiple near-term risks: high fab utilization limiting capacity for new design releases, memory price surges and supply constraints delaying consumer electronics launches, and geopolitical instability (U.S.-Iran conflict) increasing macroeconomic uncertainty. Visibility is very limited, with a typical backlog of one to three weeks, making revenue and earnings sensitive to a small number of high-ASP orders.

Generated by AI · Q2 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-05-28

Q2 revenue was flat year-over-year at $210 million, with IC revenue down 5% and FPD up 13%. Strategic investments in the U.S. and Korea remain on track, while near-term visibility is limited due to industry headwinds and geopolitical uncertainty.

Q1 2026 Q1 2026 2026-02-27

Revenue grew 4% sequentially to $225M, led by high-end IC demand in Asia and strong FPD performance. Gross margin reached 35%, with Q2 guidance reflecting seasonal Chinese New Year impacts and continued investment in capacity expansion.

Q4 2025 Q4 2025 2025-12-10

Q4 revenue rose 3% sequentially to $216 million, led by record high-end IC sales and strong U.S. demand. Gross and operating margins exceeded expectations, and strategic expansions in the U.S. and Korea are set to drive future growth. Fiscal 2026 CapEx is planned at $330 million.

Q3 2025 Q3 2025 2025-08-27

Q3 revenue was $210M, flat year-over-year, with strong FPD growth offsetting IC headwinds. Strategic investments in advanced nodes and geographic expansion continue, while Q4 guidance reflects cautious optimism amid ongoing geopolitical risks.

Q2 2025 Q2 2025 2025-05-28

Second-quarter revenue was $211 million, flat sequentially and down 3% year-over-year, with high-end IC and advanced mask technologies outperforming amid ongoing weakness in mainstream segments. Leadership transitioned to George Macricostas as CEO, and $72 million was spent on share repurchases.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.