Short answer
PHOTRONICS INC (PLAB) filed its fiscal 2025 10-K annual report with the SEC on Dec 17, 2025. It reported revenue of $849M (−2.0% year over year) and net income of $136M.
- Top risk flagged: Tax provision risk due to complex U.S. and foreign tax laws with judgments on deferred tax assets recoverability and tax audit outcomes
FY2025 key financial metrics · XBRL
- Revenue
- $849M
- −2.0% YoY
- Net income
- $136M
- +4.4% YoY
- Operating margin
- 24.5%
- −1.0 pp YoY
- Gross margin
- 35.3%
- −1.1 pp YoY
- EPS (diluted)
- $2.28
- +9.1% YoY
- ROE
- 11.6%
- −0.0 pp YoY
- Operating cash flow
- $248M
- −5.2% YoY
Source: XBRL data from the PHOTRONICS INC (PLAB) FY2025 10-K on SEC EDGAR. USD.
PHOTRONICS INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: manufacturer of photomasks for semiconductor ICs and flat panel displays with 11 global manufacturing facilities
- Emphasis on high-end photomasks supporting 28nm and smaller IC nodes and Gen 10.5+ AMOLED/LTPS FPDs, alongside mainstream photomasks
- Strategic focus on ongoing investments in manufacturing processes and technology aligned with customer regional presence
- Notable geographic manufacturing footprint: facilities in Taiwan (3), China (2), South Korea (1), US (3), Europe (2)
- Quick turnaround capability with some photomasks delivered within 24 hours, challenging backlog reliability as revenue predictor
Management Discussion & Analysis
- Revenue $849.3M YTD FY25, down 2.0% YoY, driven by IC decline of $23.0M (-3.6%) and FPD growth of $5.4M (+2.4%)
- Gross margin 35.3% YTD FY25 vs 36.4% YTD FY24, Q4 FY25 margin 35.0% vs 33.7% Q3 FY25 and 37.0% Q4 FY24
- Best segment: IC high-end revenue up $10.4M (+4.6%) YTD; worst: IC mainstream revenue down $33.4M (-8.2%) YTD
- Cash from operations $247.8M FY25; Capex $238.9M; share repurchases $97.4M; cash $492.3M as of Oct 31, 2025
- Management guides FY26 capex ~$330M targeting high-end and mainstream tools; notes tax law changes and foreign currency risk as key uncertainties
Risk Factors
- Tax provision risk due to complex U.S. and foreign tax laws with judgments on deferred tax assets recoverability and tax audit outcomes
- Geopolitical exposure from earnings repatriation plans impacting the effective tax rate in multiple jurisdictions
- Operational risk in revenue recognition judgments on manufacturing progress affecting timing and amount of reported revenue
- Contingency loss risk requiring accrual when probable, with changes materially impacting financial performance
- Lease classification judgment between operating and finance leases affecting timing and classification of lease costs
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.