PLABNasdaqSemiconductors & Related DevicesUS GAAP · USD

Photronics, Inc

Photronics Inc. manufactures photomasks, which are high-precision quartz or glass plates used to transfer circuit patterns onto semiconductor wafers and flat panel display substrates. The company serves customers through a global network of manufacturing facilities in Taiwan, China, South Korea, the United States, and Europe.

Kysy yhtiöstä
Liikevaihto849milj. USD
−2,0 %v/v
Liikevoitto (EBIT)208milj. USD
−6,0 %v/v
EBIT-marginaali24,5%
−1,0 %-yks.v/v
Nettotulos136milj. USD
+4,4 %v/v
Vapaa kassavirta59,7milj. USD
−54,3 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

02004006008001 000milj. USD2020: 610 milj. USD2020: EBIT 64 milj. USD20202021: 664 milj. USD2021: EBIT 95 milj. USD20212022: 825 milj. USD2022: EBIT 212 milj. USD20222023: 892 milj. USD2023: EBIT 253 milj. USD20232024: 867 milj. USD2024: EBIT 222 milj. USD20242025: 849 milj. USD2025: EBIT 208 milj. USD2025849208
LiikevaihtoLiikevoitto (EBIT)
Kysy Clarifolta: Photronics, Inc

Liiketoiminta

Osuus liikevaihdosta
IC photomasks75 %

Photomasks used in integrated circuit production across high-end and mainstream nodes.

FPD photomasks20 %

Photomasks used to fabricate flat panel display substrates and related display products.

Mask writing and process support5 %

Electron beam and optical writing services plus technical manufacturing support.

Tuotteet

Raportoitu · osuus liikevaihdosta
44,3%28,1%23,0%FY2025100 %
  • Mainstream Integrated Circuits44,3 %
  • High End Integrated Circuits28,1 %
  • High End Flat Panel Displays23,0 %
  • Mainstream Flat Panel Displays4,6 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Photronics sells primarily to semiconductor and flat panel display designers and manufacturers, including integrated device manufacturers, fabless chip companies, and pure-play foundries. Its photomasks are used in IC and FPD fabrication, so customers buy for both advanced technology nodes and mainstream production. The customer base is broad, but revenue is concentrated among a small number of large accounts.

Integrated device manufacturers

Buy IC photomasks for internal semiconductor fabrication and technology ramps.

Fabless semiconductor companies

Outsource photomask production for chip designs that are manufactured at foundries.

Pure-play foundries

Purchase masks to support customer wafer production across multiple process nodes.

Flat panel display manufacturers

Buy FPD photomasks for display panel fabrication and related production lines.

Strategia

Photronics focuses on investing in advanced photomask manufacturing capability, including higher-performing replacement equipment and multi-beam electron beam systems. The company also aligns capital spending with customer technology road maps so it can support both high-end and mainstream demand across IC and FPD markets. Its global footprint and technical capabilities are central to competing on quality, delivery speed, and proximity to customers.

Upgrade manufacturing technologyKeskipitkä aikaväli

Advanced tools improve speed, performance, and support for leading-edge masks.

Align capacity with customer road mapsLyhyt aikaväli

Photomask demand depends on design releases and node transitions.

Preserve global customer proximityPitkä aikaväli

Cycle time and delivery responsiveness are important in photomasks.

Maantiede

Q3/2026

Photronics operates a global manufacturing footprint with facilities in Taiwan, China, South Korea, the United States, and Europe. Revenue is earned across Asia, North America, and Europe, with Asia representing the largest share of business and an important source of both demand and operating exposure. The company’s geographic spread matters because photomask supply is time-sensitive and proximity to customers can influence delivery cycle times.

Taiwan32 %
Kina25 %
Etelä-Korea20 %
USA19 %
Europe4,7 %

Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.

Riskit

Photronics is exposed to customer concentration, cyclical semiconductor and display demand, and pricing pressure in a highly competitive photomask market. Its global manufacturing and supply chain also create exposure to tariffs, trade restrictions, foreign exchange movements, and geopolitical tensions, especially in Asia. Because the business is capital intensive, underutilized capacity or delays in customer design activity can pressure results and asset utilization.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Customer concentration1Semiconductor and display cyclicality2Tariffs and global trade policy3Competitive pricing pressure4Cybersecurity and intellectual property loss5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Customer concentrationVaikutus: KorkeaTodennäköisyys: Kohtalainen

    A small number of customers account for a large share of revenue, so order changes can materially affect results.

    Kohdistuu: Five largest customers were about half of revenue

  2. Semiconductor and display cyclicalityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Photomask demand depends on customer design releases, node transitions, and end-market demand.

    Kohdistuu: IC and FPD markets

  3. Tariffs and global trade policyVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Trade restrictions can increase equipment and materials costs and affect customer purchasing behavior.

    Kohdistuu: Asia-U.S. supply chain and semiconductor equipment procurement

  4. Competitive pricing pressureVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Customers often use multiple suppliers, which can force price competition and margin pressure.

    Kohdistuu: High-end and mainstream photomask markets

  5. Cybersecurity and intellectual property lossVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Manufacturing know-how, trade secrets, and customer data are critical assets that could be compromised.

    Kohdistuu: Proprietary manufacturing processes

Kysy Clarifolta: Photronics, Inc

Kirjanpito

Harkinnanvaraiset erät
Revenue recognition

Management must judge when a mask is sufficiently complete to recognize revenue, affecting timing and quarterly comparability.

Vaikutus: Timing of revenue and net income

Property, plant and equipment depreciation

Useful lives and depreciation start dates influence gross margin and operating expense in a tool-intensive business.

Vaikutus: Gross margin and operating income

Asset recoverability and impairment

If demand weakens, underutilized equipment or facilities may require impairment or write-downs.

Vaikutus: Asset values and earnings

Foreign currency translation

Operations span multiple currencies, so exchange-rate changes affect reported results and cash balances.

Vaikutus: Revenue, cash, and equity

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Päivitetty: 24.9.2026