Photronics
Makes photomasks that transfer circuit designs onto semiconductor wafers and display substrates.
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Profile
Makes custom quartz and glass photomasks used to transfer circuit patterns onto semiconductor wafers and flat-panel displays. Sales span high-end and mainstream IC and display masks, with demand tied more to customers’ new design releases than to production volumes.
Produces high-precision quartz and glass photomasks that transfer customer-supplied circuit patterns onto semiconductor wafers and flat-panel-display substrates. The portfolio spans high-end and mainstream IC masks, plus high-end and mainstream FPD masks, within a single reporting segment. Revenue comes from selling custom mask sets to chip designers, foundries, integrated device manufacturers, and display makers.
Competes through process control, inspection, fast delivery, technical capability, and proximity to customers, supported by eleven plants across Asia, North America, and Europe. Customer qualification and close applications-development work link each facility to local manufacturing roadmaps. Demand depends chiefly on new semiconductor and display design releases rather than end-product unit volumes. Most sales originate outside the United States, and production relies on specialized lithography equipment and a limited supplier base.
Company facts
Key statistics
Year to date −17.0% · Average volume (30d) 1.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| May 1, 2026 | Lake Street | Target | $55 | ||
| Mar 3, 2026 | Craig-Hallum | Target | $42 | $48 | |
| Dec 11, 2025 | Craig-Hallum | Reiterate | Buy | $42 | |
| Dec 11, 2025 | DA Davidson | Reiterate | Buy | $30 | $45 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 26, 2026Q3 FY26 | $0.40 | $0.50 | +24.0% | $208.8M | $216.0M | +3.5% | +3.17% |
| May 28, 2026Q2 FY26 | $0.53 | $0.42 | −20.8% | $216.5M | $209.9M | −3.0% | −4.91% |
| Feb 25, 2026Q1 FY26 | $0.54 | $0.61 | +13.0% | $220.7M | $225.1M | +2.0% | −11.27% |
| Dec 10, 2025Q4 FY25 | $0.45 | $0.60 | +32.4% | $205.2M | $215.8M | +5.2% | +6.21% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $211.0M | $210.4M | $215.8M | $225.1M | $209.9M | $216.0M | |
| Gross profit | $77.9M | $70.9M | $75.5M | $78.7M | $65.8M | $71.7M | |
| Operating income | $55.7M | $48.2M | $52.3M | $54.8M | $42.2M | −$96.9M | |
| Net income | $8.9M | $22.9M | $61.8M | $42.9M | $31.4M | $28.9M | |
| Diluted EPS | $0.15 | $0.38 | $1.07 | $0.74 | $0.54 | $0.48 | |
| Gross margin | 36.9% | 33.7% | 35.0% | 35.0% | 31.3% | 33.2% | |
| Operating margin | 26.4% | 22.9% | 24.3% | 24.3% | 20.1% | -44.9% |
Fiscal years (4-quarter sums)FY21 $663.8M · FY22 $824.6M · FY23 $892.1M · FY24 $866.9M · FY25 $849.3M
Revenue by geography · Q2 FY26
Balance sheet, Aug 2, 2026Cash & short-term investments $672.8M · Total debt $3.9M · Total assets $1.99B · Shareholders' equity $1.74B
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 58.96M · Float 56.57M · 95.9% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 9.49M | 16.09% | 13F | Aug 7, 2026 |
| Dimensional Fund Advisors LP | 3.64M | 6.20% | 13G | Jul 14, 2026 |
| American Century Companies Inc | 3.39M | 5.74% | 13F | Aug 12, 2026 |
| Stowers Institute for Medical Research | 3.39M | 5.70% | 13G | Aug 14, 2026 |
| Vanguard Portfolio Management | 3.01M | 5.10% | 13G | Jul 31, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 17, 2026 | Rui Zhang | officer: VP, CAO & Corporate Controller | −4,556 | $46.70 |
| Apr 16, 2026 | Kang Jyh Lee | director | −20,000 | $45.93 |
| Apr 15, 2026 | Kang Jyh Lee | director | −10,000 | $45.10 |
| Apr 14, 2026 | Hsueh-Chun Wang | officer: SVP/COO IC & US/EU Mnstrm Ops | −19,250 | $45.30 |
| Apr 13, 2026 | Eric Rivera | officer: President, CFO | −1,000 | $44.77 |
Peers
Not reported.