Photronics, Inc. (PLAB) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1.5%

$26.99

vs $27.40 price

Levered DCF

$34.61

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

5.88

Safe zone

Rating

A+

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.44×	10.75×	8.96×	8.28×	15.09×	18.75×	19.34×	16.51×
P/B	1.21×	1.26×	1.15×	1.18×	1.01×	0.79×	1.02×	0.92×
P/S	1.68×	1.62×	1.26×	1.19×	1.26×	1.04×	1.42×	1.3×
EV / EBITDA	3.13×	2.52×	1.85×	2.2×	3.47×	2.69×	4.63×	2.73×
Gross margin	35.3%	36.4%	37.7%	35.7%	25.2%	22.1%	21.9%	24.6%
Operating margin	24.5%	25.6%	28.4%	25.7%	14.2%	10.5%	9.5%	12.3%
Net margin	16.1%	15.1%	14.1%	14.4%	8.4%	5.5%	7.4%	7.9%
Current ratio	5.37×	5.07×	4.24×	3.33×	3.13×	3.5×	2.89×	2.63×
Debt / equity	0.01×	0.02×	0.03×	0.05×	0.14×	0.09×	0.07×	0.08×
Interest coverage	3,789.11×	663.23×	584.41×	114.09×	56.12×	27.01×	36.58×	29.01×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	2.6%	5.8%	1.2%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	47.8%	111.3%	19.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	11.7%	12.9%	14.3%	6.7%	4.2%	5.3%	5.5%
Return on invested capital	10.9%	10.5%	13.8%	14.0%	6.4%	3.9%	4.3%	6.0%
Return on assets	7.6%	7.6%	8.2%	9.0%	4.3%	2.8%	3.6%	3.8%
Free cash flow yield	4.2%	9.3%	15.2%	16.6%	5.0%	11.4%	-13.5%	5.5%
Earnings yield	9.6%	9.3%	11.2%	12.1%	6.6%	5.3%	5.2%	6.0%
Enterprise value	$938.3M	$831.8M	$649.8M	$708.2M	$674.5M	$424.6M	$629.1M	$423.9M
Net debt / EBITDA	-1.62×	-1.74×	-1.35×	-0.85×	-0.82×	-1.32×	-1.13×	-1.75×
Cash conversion cycle (days)	81	76	63	76	95	93	75	58