Photronics Inc. (PLAB) intrinsic value & 10-year financials
Photronics Inc. (PLAB) has a Graham intrinsic value of $75.73 per share. At $27.52 on Oct 17, 2026, the stock trades 64% below that value. Over the last 10 fiscal years revenue grew 6.5% a year to $849.3M, with an average return on invested capital of 16.2%.
- Graham intrinsic value
- $75.73
- Share price (Oct 17, 2026)
- $27.52
- Price vs Graham value
- 64% below
- Market cap
- $1.6B
- Revenue (FY2025)
- $849.3M
- Revenue growth (10-yr CAGR)
- 6.5%
- ROIC (10-yr avg)
- 16.2%
- Free cash flow (FY2025)
- $59.7M
PLAB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $849.3M | $136.4M | $2.28 | $59.7M | 24.5% | 28.1% |
| FY2024 | $866.9M | $130.7M | $2.09 | $130.5M | 25.6% | 29.3% |
| FY2023 | $892.1M | $125.5M | $2.03 | $170.9M | 28.4% | 31.3% |
| FY2022 | $824.5M | $118.8M | $1.94 | $162.8M | 25.7% | 22.8% |
| FY2021 | $663.8M | $55.4M | $0.89 | $41.7M | 14.2% | 10.4% |
| FY2020 | $609.7M | $33.8M | $0.52 | $72.2M | 10.5% | 6.5% |
| FY2019 | $550.7M | $29.8M | $0.44 | -$110.0M | 9.5% | 7.1% |
| FY2018 | $535.3M | $42.1M | $0.59 | $38.0M | 12.3% | 11.3% |
| FY2017 | $450.7M | $13.1M | $0.19 | $4.9M | 7.1% | 4.7% |
| FY2016 | $483.5M | $46.2M | $0.64 | $72.0M | 10.9% | 10.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
PHOTRONICS INC has demonstrated mature, steady growth, with revenue compounding at 6.5% annually over the past decade.
PHOTRONICS INC has earned high returns on invested capital, averaging 16.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, PHOTRONICS INC shows that management has aggressively returned capital to shareholders by retiring 21.5% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, PHOTRONICS INC is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $75.73 per share.