Photronics, Inc.

photronics.com

What Do They Do?

Sells photomasks—quartz or glass plates with circuit patterns—to semiconductor and flat-panel-display designers and manufacturers.

How Do They Make Money?

Photronics sells photomasks made to customer circuit designs; customers generally pay within thirty to ninety days of invoicing.

revenue

Segment	Share	Revenue
High-end	28% FY2022: 24%
Mainstream	44% FY2022: 48%
IC	72% FY2022: 72%
High-end	23% FY2022: 23%
Mainstream	4.6% FY2022: 5.4%
FPD	28% FY2022: 28%

Who Are Their Customers?

Photronics sells mainly to integrated device makers, fabless semiconductor companies and foundries. Its sales staff and customer-service representatives work closely with management and technical staff.

Do Revenues Turn Into Profits?

Yes. It kept 16 cents of every revenue dollar as net income in FY2025 and turned 7 cents into free cash flow.

Operating income, FY2025

25% of revenue

▼ −6% vs FY2024 ($221.5M, 26%)

Net income, FY2025

16% of revenue

▲ +4% vs FY2024 ($130.7M, 15%)

Free cash flow, FY2025

7% of revenue

▼ −54% vs FY2024 ($130.5M, 15%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q3 FY2026, the three months to Aug 2, 2026

Revenue: ▲ +3%; vs $210.4M in Q3 FY2025
Net income: ▲ +26%; vs $22.9M in Q3 FY2025

IC share of revenue vs 70.3% in Q3 FY2025

Aug 26, 2026 Issued fourth-quarter revenue and earnings guidance It expects fourth-quarter revenue of $207 million to $227 million and earnings per share of $0.40 to $0.56 on a non-GAAP basis.

Growing. Revenue grew 28% in 4 years, from $663.8M in FY2021 to $849.3M in FY2025, about 6% a year.

Revenue over time

High-end Mainstream IC High-end Mainstream FPD

$1B$500M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Compugraphics International, Dai Nippon Printing, Hoya, LG Innotek, Shenzhen Newway Photomask Making, Shenzhen Qingyi Photomask, SK-Electronics, Taiwan Mask, and Tekscend Photomask

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