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Photronics
Photronics (PLAB) investor relations material
Photronics 28th Annual Needham Growth Conference Virtual summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.28th Annual Needham Growth Conference Virtual summary14 Jan, 2026
Financial performance and market overview
Fiscal 2025 revenue was flat, but operating profitability and cash flow remained strong, with a market cap of $2.1–$2.2 billion after a significant stock price increase post-earnings.
Revenue is geographically diversified: Taiwan (33%), China (26%), with further breakdown into FPD (11%) and IC (15%) for China.
Main business segments are semiconductor integrated circuits (70–75% of revenue) and flat panel displays (25%).
Three major customers each account for over 10% of revenue: UMC (Taiwan), Samsung (IC and FPD), and SMIC (China).
Gross margin has stabilized at mid-30s%, supporting profitability and cash flow.
Industry trends and strategic positioning
Industry is experiencing geographic diversification and reshoring of semiconductor production, increasing demand for photomasks in new regions.
Outsourcing by captive manufacturers is rising, especially as they expand globally.
Node migration to advanced chip designs increases the value of photomask sets, driving higher revenue potential.
Photomask market is projected to grow from $6–6.5 billion to $10 billion in several years, with a 9% CAGR.
Captives now represent 63% of the photomask market, up from 40% a decade ago, due to higher value at the leading edge.
Expansion and investment plans
Operating 11 cleanroom facilities globally, with significant expansions underway in Dallas, Texas (down to 65nm, later 40nm) and South Korea (down to 8nm).
Dallas expansion expected to generate revenue in late fiscal 2026, driving U.S. growth in fiscal 2027.
Boise, Idaho facility will focus on high-end opportunities as some production shifts to Texas.
South Korea investment targets high-end market, supported by customer demand.
These expansions will diversify geographic revenue and increase earnings power for shareholders.
Expected geographic revenue mix post-2026?
High-end node impact on aggregate gross margin?
JV cash repatriation cost and accessibility?
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Next Photronics earnings date
Q1 202625 Feb, 2026
Photronics
Next Photronics earnings date
Q1 202625 Feb, 2026
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Frequently asked questions
Photronics, Inc. manufactures and sells photomask products used to make semiconductor devices, flat panel displays, and light emitting diode (LED) products worldwide. The company offers photomasks for use in the production of semiconductor devices; and liquid crystal display photomasks that are used by flat panel display manufacturers to etch patterns onto glass panels.
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