Photronics - Public Comps and Valuation Multiples

Photronics Overview

About Photronics

Photronics Inc is a U.S.-based company principally engaged in the manufacturing of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of integrated circuits (ICs) and flat-panel displays (FPDs) and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during fabrication, as well as to a lesser extent, other types of electrical and optical components. The Company has manufacturing facilities in Taiwan, China, South Korea, the United States, and Europe, and generates revenue globally, with Taiwan contributing the majority of total revenue.

Founded

1969

HQ

Employees

1.9K+

Website

photronics.com

Sectors

Semiconductors
Electronic Components
DeepTech

Financials

LTM Revenue $857M

LTM EBITDA $288M

EV

$1.5B

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Photronics Financials

As of December 2025, Photronics reported last 12-month revenue of $857M and EBITDA of $288M.

In the same period, Photronics generated $301M in LTM gross profit and $134M in net income.

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Photronics P&L

In the most recent fiscal year, Photronics reported revenue of $849M and EBITDA of $299M.

Photronics expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue	$857M	XXX	$849M	XXX	XXX	XXX
Gross Profit	$301M	XXX	$300M	XXX	XXX	XXX
Gross Margin	35%	XXX	35%	XXX	XXX	XXX
EBITDA	$288M	XXX	$299M	XXX	XXX	XXX
EBITDA Margin	34%	XXX	35%	XXX	XXX	XXX
EBIT	$209M	XXX	$208M	XXX	XXX	XXX
EBIT Margin	24%	XXX	25%	XXX	XXX	XXX
Net Profit	$134M	XXX	$136M	XXX	XXX	XXX
Net Margin	16%	XXX	16%	XXX	XXX	XXX
Net Debt	XXX	XXX	n/a	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Photronics including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $857M. EBITDA for the last twelve months was $288M. In the most recent fiscal year, Photronics achieved $849M in revenue and $299M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2026)	Next Fiscal Year (2027)	Two Years Forward (2028)
Total Revenue	$857M	Analyst estimates available to subscribers	$849M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$301M	Analyst estimates available to subscribers	$300M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	35.2% gross margin	Analyst estimates available to subscribers	35.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$288M	Analyst estimates available to subscribers	$299M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	33.6% EBITDA margin	Analyst estimates available to subscribers	35.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$209M	Analyst estimates available to subscribers	$208M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	24.4% EBIT margin	Analyst estimates available to subscribers	24.5% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$134M	Analyst estimates available to subscribers	$136M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	15.7% net profit margin	Analyst estimates available to subscribers	16.1% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	n/a	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Photronics

This financial data table provides comprehensive performance metrics for Photronics, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Photronics generated $857M in revenue over the last twelve months.
The company achieved $288M in EBITDA over the last twelve months.
Gross profit for the last twelve months was $301M.
Net income over the last twelve months reached $134M.

Fiscal Year Performance

In the most recent fiscal year, Photronics reported $849M in total revenue.
Fiscal year EBITDA was $299M.
The company maintained a gross profit margin of 35.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 35.3%.
Net profit margin reached 16.1% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Photronics. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Photronics Stock Performance

Photronics has current market cap of $2.0B, and EV of $1.5B.

Market Cap Evolution

Photronics Stock Data

As of January 16, 2026, Photronics's stock price is $35.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$1.5B	$2.0B	XXX	XXX	XXX	XXX	$2.03

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Photronics Valuation Multiples

Photronics's trades at 1.7x EV/Revenue multiple, and 4.9x EV/EBITDA.

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Photronics Financial Valuation Multiples

As of January 16, 2026, Photronics has market cap of $2.0B and EV of $1.5B.

Equity research analysts estimate Photronics's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Photronics has a P/E ratio of 15.2x.

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Market cap (current)	$2.0B	XXX	$2.0B	XXX	XXX	XXX
EV (current)	$1.5B	XXX	$1.5B	XXX	XXX	XXX
EV/Revenue	1.7x	XXX	1.7x	XXX	XXX	XXX
EV/EBITDA	5.1x	XXX	4.9x	XXX	XXX	XXX
EV/EBIT	7.0x	XXX	7.0x	XXX	XXX	XXX
EV/Gross Profit	4.8x	XXX	n/a	XXX	XXX	XXX
P/E	15.2x	XXX	15.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	12.3x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Photronics Margins & Growth Rates

Photronics's last 12 month revenue growth is 6%

Photronics's revenue per employee in the last FY averaged $0.4M, while opex per employee averaged $48K for the same period.

Photronics's rule of 40 is 44% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Photronics's rule of X is 48% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Photronics Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2026	FY 2027	FY 2028
Revenue Growth	6%	XXX	n/a	XXX	XXX	XXX
EBITDA Margin	34%	XXX	35%	XXX	XXX	XXX
EBITDA Growth	1%	XXX	-6%	XXX	XXX	XXX
Rule of 40	44%	XXX	41%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	48%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$48K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	2%	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	11%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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