Photronics Inc (PLAB) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Photronics Inc stock $20.05, price $27.36, that is 26.7% below the price, quality 61 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $12.26 – $54.96 · fair‑value band $12.13 – $31.15 · the $27.36 price screens above the $20.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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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.
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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 also provides electrical and optical components.
It sells its products to semiconductor and FPD designers, manufacturers, and foundries 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.
Stock analysis
Photronics Inc (PLAB) currently trades at $27.36, while our model-based Fair Value estimate is $20.05, 27% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $57.76 per share, and 13 of the 24 models we run sit above the $27.36 price.
Bear case: the Asset-Based group reads lowest at $8.78, and 11 of the 24 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $12.13 (bear) to $31.15 (bull), the price of $27.36 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Technology sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Photronics Inc reported revenue of $849M in FY2025 versus $664M in FY2021, a compound +6.4%/yr. Reported net income was $136M in FY2025, compounding +25.2%/yr from FY2021.
Key figures
Market cap $1.6B Small · P/E ratio 9.7 · P/S ratio 2.58 · EPS (TTM) $2.81 · Net margin 19.1% · Return on equity 13.8% · Return on assets (EBIT) 12.9% (5-year average) · Operating margin 21.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 64 out of 100 (low confidence).
What moves the price
The share trades about 50% below its 52-week high and 35% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −7% fair-value upside, at −27%, PLAB screens richer than that median.
Fair Value models
Bear$12.13Fair Value $20.05Bull$31.15
Price $27.36 · Downside -26.7%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($2.81 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCF$12.13$14.97$18.6981
Growth DCF$12.12$14.53$17.4679
Owner Earnings$12.54$15.56$19.5177
All 24 models by family
DCF Models
FCF DCF$12.13$14.97$18.6981
Owner Earnings$12.54$15.56$19.5177
5Y Revenue Exit$21.12$33.01$48.6471
5Y EBITDA Exit$32.54$54.81$81.5673
5Y P/E Exit$33.37$56.41$81.3069
10Y Revenue Exit$16.53$25.48$38.1865
10Y EBITDA Exit$23.46$38.78$60.4466
10Y P/E Exit$23.93$39.75$60.2662
Earnings-Based
Graham-Dodd$15.72$54.39$73.0664
Lynch FV$12.59$17.99$23.3861
PEG = 1.0$12.59$17.99$23.3857
EPV$21.54$23.49$25.0873
Multiples
P/E Multiple$48.55$64.74$80.9263
P/S Multiple$29.48$39.31$49.1357
P/B Multiple$15.68$20.91$26.1355
EV/EBIT$51.50$66.70$81.9065
EV/EBITDA$52.84$68.48$84.1267
EV/Revenue$28.96$38.84$48.7253
Asset-Based
NCAV (Graham)$5.79$8.78$10.9754
Growth DCF
Growth DCF$12.12$14.53$17.4679
Rev-Margin DCF$21.12$32.71$46.3071
Economic Profit
Residual Income$16.72$18.29$21.9571
ROIC Compounder$21.90$24.99$28.5071
Growth Earnings
Growth-Adj P/E$40.43$57.76$75.0967
The fair value above starts from this blend and is adjusted for a cyclical peak year.
SaleGeorge MacricostasCEO121,194 shares at $42.94$5.2MApr 8, 2026
SaleMitchell G TysonDirector3× since Dec 12, 2025: 20,000 shares, avg. $39.00$780,000Apr 1, 2026
SaleMary PaladinoDirector11,250 shares at $35.11$394,988Jan 6, 2026
SaleChristopher J ProglerEVP, Chief Technology Officer2× since Dec 1, 2025: 35,000 shares, avg. $31.99$1.1MDec 12, 2025
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−2.0%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.9%
Start year 2020 (pandemic). Over 10 years: +4.9% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+35.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.0%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.31.2% vs 14.9%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.11% → 25%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+12.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +10.0% a year for the price and +0.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 235 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Photronics Inc Fair Value". https://www.fairvalue-calculator.com/stock/PLAB
Frequently asked questions
Is Photronics Inc (PLAB) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $20.05 versus a price of $27.36, about 27% lower (overvalued).
What is the fair value of PLAB?
Our model-based fair value for Photronics Inc is $20.05 (as of Nov 6, 2026), built from audited fundamentals. The current price: $27.36.
What is the quality score of PLAB?
Photronics Inc has a Quality Score of 61/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Photronics Inc (PLAB)?
Our model-based price target is the fair value of $20.05 (as of Nov 6, 2026) from 24 valuation models. Cautious scenario $12.13, optimistic scenario $31.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Photronics Inc stock forecast for 2026?
Our models put fair value at $20.05, about 27% lower versus a price of $27.36 (overvalued). Cautious scenario $12.13, optimistic scenario $31.15. The calculation is refreshed regularly with new filings.
What is the revenue of Photronics Inc (PLAB)?
Photronics Inc reported trailing-twelve-month revenue of about $867M (latest available figure, as of Nov 6, 2026).
What growth is priced into Photronics Inc (PLAB)?
For today's price to be fair in a discounted-cash-flow model, Photronics Inc would have to grow free cash flow by +12.7 % per year for five years (discount rate 12.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.9 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of PLAB use?
Our models discount Photronics Inc at 12.1 %: a base by market capitalisation (small), damped by beta 1.32, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Photronics Inc that is +12.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (12.1 %) and the same formula as our fair value.
How much growth has Photronics Inc (PLAB) delivered so far?
Over the past 5 years revenue at Photronics Inc grew +6.9 % a year. The price currently implies free-cash-flow growth of +12.7 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Photronics Inc (PLAB) growing?
The median revenue growth in the sector is +11.5 % a year. That is the yardstick for the growth priced into Photronics Inc (+12.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Photronics Inc (PLAB)?
The free-cash-flow yield on the price is 3.71 %: that much free cash flow Photronics Inc produces per unit of market value. When it exceeds the discount rate of our models (12.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Photronics Inc (PLAB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Photronics Inc it is $20.05 per share (as of Nov 6, 2026), against a price of $27.36. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Photronics Inc stock overvalued or undervalued in 2026?
As of Nov 6, 2026, PLAB trades above its calculated fair value: price $27.36, fair value $20.05, a gap of about −27% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PLAB?
No. The price is what the market pays today ($27.36); the fair value is what the company's own numbers justify ($20.05). For Photronics Inc the two are $7.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Photronics Inc worth?
The market values Photronics Inc at about $1.6B (market capitalisation, as of Nov 6, 2026). Per share that is $27.36; our models calculate a fair value of $20.05 per share.
What do the bullish and bearish scenarios say about PLAB?
Our models span a range for Photronics Inc: cautious scenario $12.13, base $20.05, optimistic $31.15 per share (as of Nov 6, 2026, price $27.36). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PLAB?
Photronics Inc trades at a price-to-earnings ratio of 9.7 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $20.05 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 9.9 (reported for FY2025: 12.0). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 9 of the years ex one-offs: 11.1. Other multiples: PEG 2.6, P/B 1.4, P/S 2.6, EV/EBITDA 5.8.
What is the PEG ratio of PLAB?
The PEG ratio of Photronics Inc is 2.64 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Photronics Inc (PLAB)?
Balance-sheet figures for Photronics Inc (as of Nov 6, 2026): return on equity 13.8%, debt of 0.02 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is PLAB from its 52-week high?
Photronics Inc trades at $27.36, about 50% below its 52-week high of $54.96 and 35% above the low of $20.28 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $20.05 is for.
Which stocks are comparable to Photronics Inc?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, KLA Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Photronics Inc stock attractive at the current price?
The data as of Nov 6, 2026: price $27.36, calculated fair value $20.05 (−27%), Quality Score 61/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PLAB calculated?
We run Photronics Inc through 24 models from 7 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of $20.05 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Photronics Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Photronics Inc (PLAB)?
The closing price on Nov 6, 2026 was $27.36. Our model-based fair value is $20.05, about 27% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Photronics Inc right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($12.13 to $31.15) leaves room in how you read the outcome.
Where does the earnings growth of Photronics Inc (PLAB) come from?
Earnings per share at Photronics Inc grew +16.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +8.8 %, EBIT margin +10.7 %, tax rate −1.6 %, residual (interest, one-offs) −1.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Photronics Inc
How large is the market capitalisation of Photronics Inc (PLAB)?
The market capitalisation of Photronics Inc is $1.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Photronics Inc (PLAB)?
The price-to-sales ratio of Photronics Inc is 2.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Photronics Inc (PLAB)?
Earnings per share at Photronics Inc are $2.81 (price ÷ EPS = P/E 9.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Photronics Inc (PLAB)?
The net margin of Photronics Inc is 19.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Photronics Inc (PLAB)?
The return on equity (ROE) of Photronics Inc is 13.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Photronics Inc (PLAB)?
On an EBIT basis the return on assets of Photronics Inc is 12.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Photronics Inc (PLAB)?
The operating margin of Photronics Inc is 21.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Photronics Inc (PLAB)?
Revenue at Photronics Inc is growing +2.7% versus a year earlier (3y avg +1.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Photronics Inc (PLAB)?
Earnings per share at Photronics Inc are growing +25.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Photronics Inc (PLAB) hold?
Photronics Inc holds more cash than debt, $486M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Some data
Nov 6, 2026