Photronics, Inc. — Earnings Quality Grade B
PLAB · Technology
Generally healthy
Screening Summary
管理层信号
数据来源：SEC EDGAR 8-K Item 5.02，附 Exhibit 99.1 链接
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 84 days, change -0 days YoY
AR growth -2.4% vs revenue growth -2.0%
Revenue -2.0%, CFFO -5.2%. Cash follows revenue
Expense Quality
Inventory 9.3% vs COGS -0.3%. Normal
CapEx growth 43.7% is >2x revenue growth -2.0%
SG&A/Gross Profit = 25.2%, excellent (<30%)
Gross margin 35.3%, change -1.1pp. Stable
Cash Flow Quality
CFFO/NI = 1.82. Profits backed by cash
FCF $0.1B, FCF/NI = 0.44
Accruals ratio = -6.2%. Low accruals
Cash $0.6B covers debt $0.0B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 0.0x. Healthy
Other assets grew 56.4% vs revenue -2.0%
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.46 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25