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. It offers photomasks that are used in the manufacture of integrated circuits and flat panel displays (FPDs); and to transfer circuit patterns onto semiconductor wafers, and FDP substrates. The company offers electrical and optical components. It sells its products to semiconductor and FPD manufacturers, designers, and foundries, as well as to other high-performance electronics manufacturers through its sales personnel and customer service representatives. The company was formerly known as Photronic Labs, Inc. and changed its name to Photronics, Inc. in 1990. Photronics, Inc. was incorporated in 1969 and is based in Brookfield, Connecticut.

Photronics, Inc.

Among the underlying components of the Russell 3000 index, we saw noteworthy options trading volume today in Photronics, Inc. (Symbol: PLAB), where a total of 2,529 contracts have traded so far, representing approximately 252,900 underlying shares. That amounts to about 49.6% of PLAB's average daily trading volume over the past month of 510,155 shares. Particularly high volume was seen for the $20 strike put option expiring December 19, 2025, with 750 contracts trading so far today, representing approximately 75,000 underlying shares of PLAB. Below is a chart showing PLAB's trailing twelve month trading history, with the $20 strike highlighted in orange:
Roku Inc (Symbol: ROKU) saw options trading volume of 13,242 contracts, representing approximately 1.3 million underlying shares or approximately 49.5% of ROKU's average daily trading volume over the past month, of 2.7 million shares. Particularly high volume was seen for the $80 strike put option expiring January 16, 2026, with 982 contracts trading so far today, representing approximately 98,200 underlying shares of ROKU. Below is a chart showing ROKU's trailing twelve month trading history, with the $80 strike highlighted in orange:
And SoFi Technologies Inc (Symbol: SOFI) saw options trading volume of 349,570 contracts, representing approximately 35.0 million underlying shares or approximately 49% of SOFI's average daily trading volume over the past month, of 71.4 million shares. Particularly high volume was seen for the $21 strike call option expiring August 01, 2025, with 19,164 contracts trading so far today, representing approximately 1.9 million underlying shares of SOFI. Below is a chart showing SOFI's trailing twelve month trading history, with the $21 strike highlighted in orange:
For the various different available expirations for PLAB options, ROKU options, or SOFI options, visit StockOptionsChannel.com.
TAN Split History
ITRI Historical Stock Prices
Funds Holding NKTR
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Notable Monday Option Activity: PLAB, ROKU, SOFI

The following are the top rated Information Technology stocks according to Validea's Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
PHOTRONICS INC (PLAB) is a small-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Photronics, Inc. is a manufacturer of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. The Company manufactures photomasks, which are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. The photomasks the Company manufactures incorporate circuit designs provided on a confidential basis by its customers. The Company sells its photomasks to semiconductor designers and manufacturers, and manufacturers of FPDs. Photomask technology is also being applied to the fabrication of other higher-performance electronic products such as virtual reality/augmented reality advanced IC packages, photonics, micro-electronic mechanical systems, and certain nanotechnology applications. The Company operates approximately 11 manufacturing facilities, which are located in Taiwan, China, Korea, the United States, and Europe.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PHOTRONICS INC
VISHAY INTERTECHNOLOGY INC (VSH) is a mid-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Vishay Intertechnology, Inc. is engaged in manufacturing a portfolio of discrete semiconductors and passive electronic components, which supports designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. The Company manufactures and markets electronic components that cover a range of functions and technologies. The Companys products include commodity, non-commodity, and custom products. Its brands include Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, BCcomponents, and Ametherm. Its semiconductor products include metal oxide semiconductor field-effect transistors (MOSFETs), diodes, and optoelectronic components. Its semiconductor components are used for a variety of functions, including switching, amplifying, rectifying, routing, or transmitting electrical signals, power conversion, and power management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of VISHAY INTERTECHNOLOGY INC
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Benjamin Graham - 7/25/2025

Bargain hunters are wise to pay careful attention to insider buying, because although there are many various reasons for an insider to sell a stock, presumably the only reason they would use their hard-earned dollars to make a purchase, is that they expect to make money. Today we look at two noteworthy recent insider buys.
On Friday, Photronics', David A. Garcia, made a $50,350 buy of PLAB, purchasing 2,650 shares at a cost of $19.00 each. Photronics is trading up about 3.7% on the day Tuesday. This purchase marks the first one filed by Garcia in the past twelve months.
And on Thursday, Director Arthur B. Laffer purchased $46,920 worth of Nexpoint Diversified Real Estate Trust, purchasing 11,250 shares at a cost of $4.17 each. Before this latest buy, Laffer purchased NXDT on 3 other occasions during the past year, for a total investment of $141,775 at an average of $3.55 per share. Nexpoint Diversified Real Estate Trust is trading up about 4.1% on the day Tuesday.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tuesday 7/1 Insider Buying Report: PLAB, NXDT

The following are the top rated Information Technology stocks according to Validea's Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
PHOTRONICS INC (PLAB) is a small-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Photronics, Inc. is a manufacturer of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. The Company manufactures photomasks, which are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. The photomasks the Company manufactures incorporate circuit designs provided on a confidential basis by its customers. The Company sells its photomasks to semiconductor designers and manufacturers, and manufacturers of FPDs. Photomask technology is also being applied to the fabrication of other higher-performance electronic products such as virtual reality/augmented reality advanced IC packages, photonics, micro-electronic mechanical systems, and certain nanotechnology applications. The Company operates approximately 11 manufacturing facilities, which are located in Taiwan, China, Korea, the United States, and Europe.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of PHOTRONICS INC
VISHAY INTERTECHNOLOGY INC (VSH) is a mid-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Vishay Intertechnology, Inc. is engaged in manufacturing a portfolio of discrete semiconductors and passive electronic components, which supports designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. The Company manufactures and markets electronic components that cover a range of functions and technologies. The CompanyGs products include commodity, non-commodity, and custom products. Its brands include Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, BCcomponents, and Ametherm. Its semiconductor products include metal oxide semiconductor field-effect transistors (MOSFETs), diodes, and optoelectronic components. Its semiconductor components are used for a variety of functions, including switching, amplifying, rectifying, routing, or transmitting electrical signals, power conversion, and power management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
Detailed Analysis of VISHAY INTERTECHNOLOGY INC
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Benjamin Graham - 6/27/2025

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Photronics PLAB Q2 2025 Earnings Call Transcript

(RTTNews) - Photronics, Inc. (PLAB), a semiconductor photomask maker, said on Wednesday that its Chief Executive Officer Frank Lee intends to retire within two years.
In order to prepare for this transition, Lee has stepped down from his role as CEO with immediate effect. However, he will continue to work for the company's Asia operations and will remain Chairman and President of Photronics' PDMC subsidiary in Taiwan, and also member of the Board.
Subsequently, the company's Chairman, George Macricostas, will assume the role of CEO of Photronics with immediate effect while continuing in his current role as Chairman.
On Wednesday, for the second quarter, the company posted a net income of $8.861 million, or $0.15 per share, lower than $36.251 million, or $0.58 per share, in the same period last year.
Excluding items, earnings stood at $24.3 million, or $0.40 per share, compared with $28.7 million, or $0.46 per share, a year ago. Revenue was $211 million, down from the previous year's $217 million.
PLAB was down by 5.18% at $19.02 in the pre-market trade on the Nasdaq.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Photronics CEO Frank Lee Steps Down As CEO, To Retire Within 2 Years; Stock Down 5% After Q2 Result

Photronics reports Q2 2025 results, announces CEO transition, and expects revenue guidance of $200-$208 million for Q3.
Quiver AI Summary
Photronics, Inc. announced its financial results for the second quarter of fiscal year 2025, reporting revenues of $211 million, a 3% decline year-over-year, alongside a net income of $8.9 million. The company also revealed that Dr. Frank Lee plans to retire within the next two years; he has stepped down as CEO but will remain focused on the Asia operations and continue as Chairman of the PDMC subsidiary. George Macricostas steps in as the new CEO while maintaining his role as Chairman of the Board. The quarter saw strong performance in Asia, leading to a $72 million stock repurchase as a sign of confidence in the company's long-term strategy. Guidance for the third quarter anticipates revenue between $200 million and $208 million.
Potential Positives
Dr. Frank Lee's transition plan and continued involvement with the company demonstrate a structured leadership succession strategy, which can help to maintain stability during the leadership change.
The company aggressively returned cash to shareholders through a $72 million stock repurchase, signaling confidence in its long-term business model.
Despite a slight decline in revenue, the company reported a strong gross margin of 36.9%, indicating effective cost control and operational efficiency.
Potential Negatives
Revenue decreased by 3% year-over-year and 1% sequentially, indicating potential challenges in maintaining sales growth.
GAAP net income attributable to shareholders dropped significantly from $36.3 million in Q2 2024 to $8.9 million in Q2 2025, highlighting a decline in profitability.
Non-GAAP net income also decreased from $28.7 million in Q2 2024 to $24.3 million in Q2 2025, suggesting that operational performance may be struggling even when excluding certain items.
FAQ
What is Photronics' recent financial performance?
Photronics reported Q2 revenue of $211 million, a 3% decrease year-over-year, with a net income of $8.9 million.
Who is the new CEO of Photronics?
Mr. George Macricostas has assumed the role of Chief Executive Officer, succeeding Dr. Frank Lee.
What are the expectations for Photronics' Q3 revenue?
Photronics expects Q3 revenue to be between $200 million and $208 million.
What is the non-GAAP net income for Q2 2025?
The non-GAAP net income for Q2 2025 is $24.3 million, or $0.40 per diluted share.
How much cash was returned to shareholders in Q2 2025?
Photronics returned $72 million to shareholders through stock repurchases in Q2 2025.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PLAB Insider Trading Activity
$PLAB insiders have traded $PLAB stock on the open market 31 times in the past 6 months. Of those trades, 0 have been purchases and 31 have been sales.
Here’s a breakdown of recent trading of $PLAB stock by insiders over the last 6 months:
KANG JYH LEE (CHIEF EXECUTIVE OFFICER) has made 0 purchases and 12 sales selling 122,500 shares for an estimated $2,909,437.
CHRISTOPHER J PROGLER (EVP, Chief Technology Officer) has made 0 purchases and 7 sales selling 73,000 shares for an estimated $1,781,393.
WALTER M FIEDEROWICZ has made 0 purchases and 7 sales selling 54,548 shares for an estimated $1,149,557.
HAN KYUNG PARK (SVP & GM of FPD Ops) has made 0 purchases and 3 sales selling 33,750 shares for an estimated $818,100.
MITCHELL G TYSON sold 20,000 shares for an estimated $501,200
ADAM M LEWIS sold 19,750 shares for an estimated $476,172
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PLAB Hedge Fund Activity
We have seen 133 institutional investors add shares of $PLAB stock to their portfolio, and 160 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
PACER ADVISORS, INC. removed 1,385,370 shares (-69.5%) from their portfolio in Q1 2025, for an estimated $28,760,281
BLACKROCK, INC. removed 638,402 shares (-6.2%) from their portfolio in Q1 2025, for an estimated $13,253,225
RUBRIC CAPITAL MANAGEMENT LP added 547,831 shares (+41.7%) to their portfolio in Q1 2025, for an estimated $11,372,971
GOLDMAN SACHS GROUP INC removed 393,928 shares (-47.4%) from their portfolio in Q1 2025, for an estimated $8,177,945
NORGES BANK added 291,400 shares (+745.3%) to their portfolio in Q4 2024, for an estimated $6,865,384
ASSENAGON ASSET MANAGEMENT S.A. removed 224,645 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $5,292,636
MILL ROAD CAPITAL MANAGEMENT LLC added 223,400 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,637,784
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BROOKFIELD, Conn., May 28, 2025 (GLOBE NEWSWIRE) --
Photronics, Inc.
(NASDAQ:PLAB), a worldwide leader in photomask technologies and solutions, today reported financial results for its second quarter of fiscal year 2025 ended May 4, 2025 and also announced that Dr. Frank Lee has informed Photronics of his plans to retire in the next year or two. In order to prepare for this transition, effective immediately, Dr. Lee has stepped down from his role as CEO of Photronics, but will continue to focus on the company’s Asia operations and will remain Chairman and President of Photronics’ PDMC subsidiary in Taiwan, while also remaining on the Photronics Board of Directors. Mr. George Macricostas will immediately assume the role of Chief Executive Officer of Photronics, Inc. while remaining Chairman of the Board.
“I would like to thank Frank for leading Photronics over the past three years as CEO,” said Mr. Macricostas. “For nearly twenty years he led and grew Photronics business in Asia including years of strong execution driving significant, profitable revenue growth. I look forward to working with Frank as he continues to manage the Asia operations until his retirement.”
Commenting on the second-quarter performance, Dr. Lee said, “Our business in Asia continued to perform at a strong level and I am extremely proud of what we continue to accomplish. Node migration remains a positive driver of our IC business at both the high end and the higher end of mainstream. Strategically, we took an aggressive approach to return cash to our shareholders during the quarter, repurchasing $72 million of our stock as an endorsement of our long-term business model.”
Second Quarter Fiscal 2025 Results
Revenue was $211.0 million, down 3% year-over-year and 1% sequentially.
GAAP Net income attributable to Photronics, Inc. shareholders was $8.9 million, or $0.15 per diluted share, compared with $36.3 million, or $0.58 per diluted share, in the second quarter of 2024 and $42.9 million, or $0.68 per diluted share, in the first quarter of 2025.
Non-GAAP Net income attributable to Photronics, Inc. shareholders was $24.3 million, or $0.40 per diluted share, compared with $28.7 million, or $0.46 per diluted share in the second quarter of 2024 and $32.4 million, or $0.52 per diluted share, in the first quarter of 2025.
IC revenue was $155.9 million, down 3% year-over-year and up 1% sequentially.
FPD revenue was $55.1 million, down 2% from the same quarter last year and 5% sequentially.
Cash generated from operating activities was $31.5 million, cash invested in organic growth through capital expenditures was $60.5 million, and cash returned to shareholders through share repurchases was $72.1 million.
Cash, cash equivalents and short-term investments at the end of the quarter was $558.4 million.
Third Quarter Fiscal 2025 Guidance
For the third quarter of fiscal 2025, Photronics expects Revenue to be between $200 million and $208 million and non-GAAP Net income attributable to Photronics, Inc. shareholders to be between $0.35 and $0.41 per diluted share.
Webcast
A webcast to discuss these results is scheduled for 8:30 a.m. Eastern time on May 28, 2025. The call will be broadcast live and on-demand on the
Events and Presentations
link on the Photronics website. Analysts and investors who wish to participate in the Q&A portion of the call should click
here
. It is suggested that participants register fifteen minutes prior to the call's scheduled start time.
About Photronics
Photronics
is a leading worldwide manufacturer of integrated circuit (IC) and flat panel display (FPD)
photomasks.
High precision quartz plates that contain microscopic images of electronic circuits, photomasks are a key element in the IC and FPD manufacturing process. Founded in 1969, Photronics has been a trusted photomask supplier for over 55 years. The company operates 11 strategically located
manufacturing facilities
in Asia, Europe, and North America. Additional information on the company can be accessed at
www.photronics.com
.
Forward-Looking Statements
Certain statements in this press release constitute “forward-looking statements” regarding our industry, our strategic position, and our financial and operating results. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results, performance or achievements to differ materially. Please refer to our Annual Report on Form 10-K for the fiscal year ended October 31, 2024 and other subsequent filings with the Securities and Exchange Commission. These documents contain and identify important factors that could cause our actual results to differ materially from those contained in these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. We are under no duty to update any of the forward-looking statements after the date of this release to conform these statements to actual results.
Non-GAAP Financial Measures
Non-GAAP Net Income attributable to Photronics, Inc. shareholders and non-GAAP diluted earnings per share are "non-GAAP financial measures" as such term is defined by Regulation G of the Securities and Exchange Commission, and may differ from similarly named non-GAAP financial measures used by other companies. The attached financial supplement reconciles Photronics, Inc. financial results under GAAP to non-GAAP financial information. We believe these non-GAAP financial measures that exclude certain items are useful for analysts and investors to evaluate our on-going performance because they enable a more meaningful comparison of our projected performance with our historical results. These non-GAAP metrics are not a measure of consolidated operating results under U.S. GAAP and should not be considered as an alternative to Net income (loss), Net income (loss) per share, or any other measure of consolidated results under U.S. GAAP. The items excluded from these non-GAAP metrics, but included in the calculation of their closest GAAP equivalent, are significant components of the condensed consolidated statement of income and must be considered in performing a comprehensive assessment of overall financial performance. Please refer to the non-GAAP reconciliations below.
PHOTRONICS, INC.
Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
Six Months Ended
May 4,
February 2,
April 28,
May 4,
April 28,
2025
2025
2024
2025
2024
Revenue
$
210,992
$
212,138
$
217,000
$
423,130
$
433,334
Cost of goods sold
133,086
136,603
137,749
269,689
274,828
Gross Profit
77,906
75,535
79,251
153,441
158,506
Gross margin %
36.9
%
35.6
%
36.5
%
36.3
%
36.6
%
Operating Expenses:
Selling, general and administrative
18,099
19,101
18,996
37,201
37,317
Research and development
4,090
4,257
4,292
8,346
7,736
Total Operating Expenses
22,189
23,358
23,288
45,547
45,053
Other operating gain
-
-
89
-
89
Operating Income
55,717
52,177
56,052
107,894
113,542
Operating Margin
26.4
%
24.6
%
25.8
%
25.5
%
26.2
%
Non-operating (loss) income, net
(25,786
)
24,981
20,534
(805
)
16,786
Income Before Income Tax Provision
29,931
77,158
76,586
107,089
130,328
Income tax provision
5,714
18,901
20,214
24,615
34,874
Net Income
24,217
58,257
56,372
82,474
95,454
Net income attributable to noncontrolling interests
15,356
15,406
20,121
30,762
33,023
Net income attributable to Photronics, Inc. shareholders
$
8,861
$
42,851
$
36,251
$
51,712
$
62,431
Earnings per share attributed to Photronics, Inc. shareholders:
Basic
$
0.15
$
0.69
$
0.59
$
0.84
$
1.01
Diluted
$
0.15
$
0.68
$
0.58
$
0.84
$
1.00
Weighted-average number of common shares outstanding:
Basic
60,793
62,093
61,771
61,443
61,613
Diluted
60,974
62,661
62,409
61,817
62,346
PHOTRONICS, INC.
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited)
May 4,
October 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$
530,708
$
598,485
Short-term investments
27,699
42,184
Accounts receivable
195,977
200,830
Inventories
61,201
56,527
Other current assets
40,221
33,036
Total current assets
855,806
931,062
Property, plant and equipment, net
807,558
745,257
Other assets
39,668
35,740
Total assets
$
1,703,032
$
1,712,059
Liabilities and Equity
Current liabilities:
Current portion of long-term debt
$
11
$
17,972
Accounts payable and accrued liabilities
166,772
165,839
Total current liabilities
166,783
183,811
Long-term debt
19
25
Other liabilities
39,461
47,464
Equity:
Photronics, Inc. shareholders' equity
1,100,920
1,120,864
Noncontrolling interests
395,849
359,895
Total equity
1,496,769
1,480,759
Total liabilities and equity
$
1,703,032
$
1,712,059
PHOTRONICS, INC.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended
May 4,
April 28,
2025
2024
Cash flows from operating activities:
Net income
$
82,474
$
95,454
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization
40,386
41,487
Share-based compensation
6,710
6,499
Changes in operating assets, liabilities and other
(19,651
)
(25,446
)
Net cash provided by operating activities
109,919
117,994
Cash flows from investing activities:
Purchases of property, plant and equipment
(95,749
)
(63,311
)
Purchases of short-term investments
(27,689
)
(66,040
)
Proceeds from maturities of short-term investments
41,482
13,234
Government incentives
1,166
1,419
Other
(57
)
(6
)
Net cash used in investing activities
(80,847
)
(114,704
)
Cash flows from financing activities:
Repayments of debt
(17,966
)
(2,844
)
Common stock repurchases
(76,682
)
-
Proceeds from share-based arrangements
1,583
1,055
Net settlements of restricted stock awards
(2,007
)
(2,938
)
Net cash used in financing activities
(95,072
)
(4,727
)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash
(1,697
)
(3,839
)
Net decrease in cash, cash equivalents, and restricted cash
(67,697
)
(5,276
)
Cash, cash equivalents, and restricted cash, beginning of period
601,243
501,867
Cash, cash equivalents, and restricted cash, end of period
$
533,546
$
496,591
PHOTRONICS, INC.
Reconciliation of GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders to Non-GAAP Net income and Earnings per Share attributable to Photronics, Inc. shareholders
(in thousands, except per share amounts)
(Unaudited)
Three Months ended
May 4,
February 2,
April 28,
2025
2025
2024
GAAP Net income attributable to Photronics, Inc. shareholders
$
8,861
$
42,851
$
36,251
FX (gain) loss
31,111
(18,443
)
(14,766
)
Estimated tax effects of FX (gain) loss
(8,337
)
5,152
3,743
Estimated noncontrolling interest effects of above
(7,376
)
2,823
3,489
Non-GAAP Net income attributable to Photronics, Inc. shareholders
$
24,259
$
32,383
$
28,717
Weighted-average number of common shares outstanding - Diluted
60,974
62,661
62,409
GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders
$
0.15
$
0.68
$
0.58
Effects of non-GAAP adjustments above
0.25
(0.16
)
(0.12
)
Non-GAAP Diluted earnings per share attributable to Photronics, Inc. shareholders
$
0.40
$
0.52
$
0.46
For Further Information:
Ted Moreau
VP, Investor Relations
469.395.8175
tmoreau@photronics.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Photronics, Inc. Reports Q2 Fiscal 2025 Financial Results and Announces Leadership Transition

The following are the top rated Information Technology stocks according to Validea's Value Investor model based on the published strategy of Benjamin Graham. This deep value methodology screens for stocks that have low P/B and P/E ratios, along with low debt and solid long-term earnings growth.
AXCELIS TECHNOLOGIES INC (ACLS) is a small-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 86% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Axcelis Technologies, Inc. provides high-productivity solutions for the semiconductor industry. The Company is focused on developing enabling process applications through the design, manufacture and complete life cycle support of ion implantation systems, one of the critical and enabling steps in the IC manufacturing process. Its ion implantation products include high current ion implant, high energy ion implant and medium current ion implant. The Company's Purion H, Purion Dragon, Purion H200, and GSD/E2 Ovation spot beam, high current systems cover all traditional high current requirements as well as those associated with emerging and future devices. Its Purion XE, EXE, and other Purion high energy systems combine its production-proven RF Linac high energy, spot beam technology with the Purion platform wafer handling system. Its medium current ion implant products include its Purion M Si and SiC medium current systems. It also offers its customers aftermarket service and support.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
SECTOR:
FAIL
SALES:
PASS
CURRENT RATIO:
PASS
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:
PASS
LONG-TERM EPS GROWTH:
PASS
P/E RATIO:
PASS
PRICE/BOOK RATIO:
PASS
Detailed Analysis of AXCELIS TECHNOLOGIES INC
ACLS Guru Analysis
ACLS Fundamental Analysis
ON SEMICONDUCTOR CORP (ON) is a large-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 86% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: ON Semiconductor Corporation operates under the onsemi brand. It provides intelligent power and intelligent sensing solutions. Its segments include the Power Solutions Group (PSG), the Analog & Mixed-Signal Group (AMG), and the Intelligent Sensing Group (ISG). PSG offers an array of discrete, module and integrated semiconductor products that perform multiple application functions, including power switching, signal conditioning, and circuit protection. AMG designs and develops analog, mixed-signal, Power Management ICs, Sensor Interface devices, Power Conversion, Signal Chain, and Voltage Regulation devices for a broad base of end-users in the automotive, industrial, computing and mobile end-markets. ISG designs and develops CMOS image sensors, image signal processors, single photon detectors, including SiPM, SPAD arrays and short-wavelength infrared products, as well as actuator drivers for autofocus and image stabilization for a broad base of end-users in the different end-markets.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
SECTOR:
FAIL
SALES:
PASS
CURRENT RATIO:
PASS
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:
PASS
LONG-TERM EPS GROWTH:
PASS
P/E RATIO:
PASS
PRICE/BOOK RATIO:
PASS
Detailed Analysis of ON SEMICONDUCTOR CORP
ON Guru Analysis
PHOTRONICS INC (PLAB) is a small-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Photronics, Inc. is a manufacturer of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. The Company manufactures photomasks, which are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates. The photomasks the Company manufactures incorporate circuit designs provided on a confidential basis by its customers. The Company sells its photomasks to semiconductor designers and manufacturers, and manufacturers of FPDs. Photomask technology is also being applied to the fabrication of other higher-performance electronic products such as virtual reality/augmented reality advanced IC packages, photonics, micro-electronic mechanical systems, and certain nanotechnology applications. The Company operates approximately 11 manufacturing facilities, which are located in Taiwan, China, Korea, the United States, and Europe.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
SECTOR:
FAIL
SALES:
FAIL
CURRENT RATIO:
PASS
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:
PASS
LONG-TERM EPS GROWTH:
PASS
P/E RATIO:
PASS
PRICE/BOOK RATIO:
PASS
Detailed Analysis of PHOTRONICS INC
PLAB Guru Analysis
PLAB Fundamental Analysis
VISHAY INTERTECHNOLOGY INC (VSH) is a small-cap value stock in the Semiconductors industry. The rating according to our strategy based on Benjamin Graham is 71% based on the firm’s underlying fundamentals and the stock’s valuation. A score of 80% or above typically indicates that the strategy has some interest in the stock and a score above 90% typically indicates strong interest.
Company Description: Vishay Intertechnology, Inc. is engaged in manufacturing a portfolio of discrete semiconductors and passive electronic components, which supports designs in the automotive, industrial, computing, consumer, telecommunications, military, aerospace, and medical markets. The Company manufactures and markets electronic components that cover a range of functions and technologies. The CompanyGs products include commodity, non-commodity, and custom products. Its brands include Siliconix, Dale, Draloric, Beyschlag, Sfernice, MCB, UltraSource, Applied Thin-Film Products, IHLP, HiRel Systems, Sprague, Vitramon, Barry, Roederstein, ESTA, BCcomponents, and Ametherm. Its semiconductor products include metal oxide semiconductor field-effect transistors (MOSFETs), diodes, and optoelectronic components. Its semiconductor components are used for a variety of functions, including switching, amplifying, rectifying, routing, or transmitting electrical signals, power conversion, and power management.
The following table summarizes whether the stock meets each of this strategy's tests. Not all criteria in the below table receive equal weighting or are independent, but the table provides a brief overview of the strong and weak points of the security in the context of the strategy's criteria.
SECTOR:
FAIL
SALES:
PASS
CURRENT RATIO:
PASS
LONG-TERM DEBT IN RELATION TO NET CURRENT ASSETS:
PASS
LONG-TERM EPS GROWTH:
FAIL
P/E RATIO:
PASS
PRICE/BOOK RATIO:
PASS
Detailed Analysis of VISHAY INTERTECHNOLOGY INC
VSH Guru Analysis
VSH Fundamental Analysis
Benjamin Graham Portfolio
Top Benjamin Graham Stocks
About Benjamin Graham: The late Benjamin Graham may be the oldest of the gurus we follow, but his impact on the investing world has lasted for decades after his death in 1976. Known as both the "Father of Value Investing" and the founder of the entire field of security analysis, Graham mentored several of history's greatest investors -- including Warren Buffett -- and inspired a slew of others, including John Templeton, Mario Gabelli, and another of Validea's gurus, John Neff. Graham built his fortune and reputation after living through some extremely difficult times, including both the Great Depression and his own family's financial woes following his father's death when Benjamin was a young man. His investment firm posted per annum returns of about 20 percent from 1936 to 1956, far outpacing the 12.2 percent average return for the market during that time.
About Validea: Validea is aninvestment researchservice that follows the published strategies of investment legends. Validea offers both stock analysis and model portfolios based on gurus who have outperformed the market over the long-term, including Warren Buffett, Benjamin Graham, Peter Lynch and Martin Zweig. For more information about Validea, click here
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Validea's Top Information Technology Stocks Based On Benjamin Graham - 5/2/2025

The semiconductor market made a solid rebound last year after suffering for most of 2022 and 2023. Higher demand from a variety of industries coupled with the ongoing enthusiasm surrounding artificial intelligence saw semiconductor sales soar last year.
Semiconductor stocks, especially those focused on AI, took a beating last week following the debut of a low-cost Chinese AI model, DeepSeek, which sparked concerns that it could challenge the dominance of U.S. tech firms in the AI space. However, the fears ebbed shortly and the enthusiasm resumed.
Given the positive sentiment, semiconductor stocks like Semtech Corporation SMTC, Taiwan Semiconductor Manufacturing Company Limited TSM, NVIDIA Corporation NVDA and Photronics, Inc. PLAB appear to be lucrative buys. Each of these stocks carries a Zacks Rank #1 (Strong Buy) or 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Semiconductor Sale Jump
Global semiconductor sales totaled $626 billion in 2024, an increase of 18.1% from the previous year, according to data from Gartner. Besides, fresh data shows that semiconductor sales are projected to $705 billion in 2025.
Sales were driven by surging demand for AI processors and GPUs in data centers. According to Gartner, data centers emerged as the second-largest semiconductor market after smartphones, with revenues surging to $112 billion in 2024 — almost twice the $64.8 billion recorded in 2023.
The memory market staged a solid rebound in 2024, with revenues jumping a whopping 71.8% year over year. The segment contributed 25.2% of total semiconductor sales, with DRAM revenues jumping 75.4% and NAND revenues soaring 75.7% from the year-ago levels.
Meanwhile, non-memory semiconductor revenues increased 6.9%, accounting for 74.8% of the industry's total revenues.
AI Optimism to Drive Semiconductor Sales
Several tech companies have been making significant investments in AI and its advancement. Businesses that have deeply integrated AI into their products have experienced considerable growth in the last few years.
Last week, Chinese start-up DeepSeek challenged the U.S. AI space by offering a low-cost open-source free assistant, which it claims uses cheaper chips and less data. DeepSeek claimed that the AI model cost less than $6 million to design, casting doubt on expectations that AI will fuel demand across the supply chain, from chipmakers to data centers.
This caused tech and semiconductor stocks to take a massive beating. However, the fears soon subsided as experts believed the Chinese model was overhyped.
Experts see AI as having immense untapped potential, with much still to be discovered. This growing excitement is likely to drive demand even higher as more semiconductor companies join the AI competition.
4 Semiconductor Stocks With Upside
Semtech Corporation
Semtech Corporation designs, manufactures and markets a wide range of analog and mixed-signal semiconductors for commercial applications. SMTC’s product line comprises Signal Integrity Products, Protection Products, Power and High-Reliability Products, Wireless and Sensing Products, and Systems Innovation Group.
Semtech’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings improved 14.9% over the past 90 days. SMTC presently sports a Zacks Rank #1.
Taiwan Semiconductor Manufacturing Company Limited
Taiwan Semiconductor Manufacturing Company Limited is the world's largest dedicated integrated circuit foundry. As a foundry, TSM manufactures ICs for its customers based on their proprietary IC designs using its advanced production processes. Taiwan Semiconductor Manufacturing Company Limited’s goal is to establish itself as one of the world's leading semiconductor companies by building upon the strengths that have made it the world's leading IC foundry.
Taiwan Semiconductor Manufacturing Company Limited’s expected earnings growth rate for the current year is 29.6%. The Zacks Consensus Estimate for current-year earnings has improved 2.9% over the past 90 days. TSM presently carries a Zacks Rank #2.
NVIDIA Corporation
NVIDIA Corporation is a major player in the semiconductor industry and has been one of the standout success stories of 2023 and 2024. As a leading designer of graphic processing units (GPUs), the value of the NVDA stock tends to surge in a thriving crypto market. This is primarily due to the crucial role that GPUs play in data centers, artificial intelligence, and the mining or production of cryptocurrencies.
NVIDIA’s expected earnings growth rate for the current year is more than 100%. The Zacks Consensus Estimate for current-year earnings has improved 4.3% over the past 90 days. Currently, NVIDIA has a Zacks Rank #2.
Photronics, Inc.
Photronics, Inc. is a leading worldwide manufacturer of photomasks. Photomasks are high-precision quartz plates that contain microscopic images of electronic circuits. PLAB produces photomasks in accordance with product designs provided by customers at strategically located manufacturing facilities in Asia, Europe, and North America.
Photronics’ expected earnings growth rate for the current year is 12.2%. The Zacks Consensus Estimate for current-year earnings has improved 4.5% over the past 60 days. PLAB currently sports a Zacks Rank #1.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

4 Semiconductor Stocks to Buy on Solid Rebound in Sales

Macy's Inc.’s (M) shares fell 0.8% after the company reported third-quarter fiscal 2024 adjusted earnings per share of $0.04, missing the Zacks Consensus Estimate of $0.07.
Shares of Photronics Inc. (PLAB) climbed 10.8% after the company posted fourth-quarter fiscal 2024 adjusted earnings per share of $0.59, beating the Zacks Consensus Estimate of $0.52.
Kanzhun Ltd.’s (BZ) shares rose 2.7% after reporting third quarter fiscal 2024 adjusted earnings per share of $0.23, surpassing the Zacks Consensus Estimate of $0.22.
Shares of REV Group Inc. (REVG) jumped 13.8% after posting fourth-quarter fiscal 2024 adjusted earnings per share of $0.51, outpacing the Zacks Consensus Estimate of $0.50.
Zacks Naming Top 10 Stocks for 2025
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Macy's, Inc. (M) : Free Stock Analysis Report
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KANZHUN LIMITED Sponsored ADR (BZ) : Free Stock Analysis Report
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Indicator	TTM Median
P/E	9.43 28.98
Price/Sales	1.31 2.58
P/B	0.76 2.76
P/FCF	6.44 24.31

Indicator	TTM Median
ROE	8.16 15.33
ROA	7.10 6.66
ROI	8.16 9.73
Net Worth	1.11 0.98
Quick Ratio	4.76 1.53
Current Ratio	5.13 1.84

Indicator	TTM Median
Net Profit Margin	14.00 9.71
Operating Margin	25.20 11.07
Gross Margin	36.29 50.00
Return on tangible equity	10.22 27.59

Indicator	TTM Median
EPS	0.40 0.24
EPS Forecast	0.48 0.19
Revenue	211.00M 73.00M
Gross Profit	78.00M —
EBITDA	73.00M —

Photronics, Inc.

Fundamental PLAB

Valuation

Debts

Efficiency

Other ratios

Revenue