PHOTRONICS, INC.
boothcheck covers PHOTRONICS, INC. (PLAB) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed June 27, 2026.
- The market is pricing modest decline, not growth. At about $34 Photronics trades near 8 times company-wide operating income, which inverts to roughly 3.4% annual operating growth, well below what a 22.9% operating margin and a 12.8% return on equity would normally command. Three of four valuation families support or exceed the price. - The balance sheet is the anchor: about $634M of net cash and effectively no debt, against a book value near $21 per share. The stock trades close to where the a
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320 institutional managers reported holding PLAB in 13F filings for the quarter ended 2026-03-31. Together they hold about 95% of the company; the top 10 hold 57%. 67 opened new positions that quarter. Held by BlackRock, Vanguard Group, Dimensional Fund Advisors, among others. On the short side, 3.8M shares were sold short as of the 2026-06-15 count, about 7% of shares outstanding (1.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
PLAB has cut its share count 4.5% over the past five years, spending $124.94M on repurchases. It pays no dividend. Cash returned over the past three years: $97.42M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at PLAB over the trailing three years: 2025: 1 buy totaling $50k. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
PLAB's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-06-09 | +17.7% | +1.4% |
| 2023-09-08 | -12.3% | +1.2% |
| 2023-12-27 | +34.5% | -14.1% |
| 2024-03-08 | -14.3% | +0.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
PLAB's latest 8-K filings: 2026-08-26 (items 2.02, 9.01); 2026-05-28 (items 2.02, 9.01); 2026-04-09 (items 5.07); 2026-02-25 (items 2.02, 9.01); 2026-01-13 (items 5.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.