Photomasks · Lithography reticles
Photronics
A world leader in semiconductor and display photomasks (lithography reticles). FY2025 revenue $849M (IC $615M, FPD $234M). ~675 customers across foundries, IDMs and display. Supplies Samsung and others via its Korean subsidiary PKL. Masks are an essential consumable: no chip is patterned without them.
PLAB Updated Jul 12, 2026 5 AI consumers· 4 recurring
Per the valuechain.wiki graph, Photronics is directly linked to 4 companies (1 supply, 3 revenue relationships) and reaches 28 companies within two hops; the links are backed by 7 dated sources, 2 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · FY2025 revenue $849M
- Customer concentration · ~675 foundry/IDM/display customers.
- Segments · IC photomasks · FPD photomasks
Revenue from
- TSMC High confidence
Supplies photomasks to TSMC. - Samsung Electronics High confidence
Supplies photomasks to Samsung. - foundry · IDM (photomask) Medium confidence· Market share 50% · FY2023~2025 · top-5 customers combined (10-K)
Supplies IC photomasks to foundries/IDMs (~675 customers). - Intel Medium confidence
Supplies photomasks to Intel.
Pays to
- mask blank & materials (undisclosed) Medium confidence
Sources mask blanks, pellicles and materials. - Mask blanks (Hoya, AGC) Medium confidence
Sources mask blanks for photomask making from Hoya (EUV 75%+ dominant) and AGC; processes blanks into photomasks.Mentions EN Semiconductor Insight Published Aug 1, 2025: HOYA expands EUV photomask blank capabilities, strengthening the semiconductor supply chain - mask-writing & inspection equipment (undisclosed) Low confidence
Mask writing/inspection equipment (undisclosed).
Investments
- PDMC (Photronics–DNP photomask JV, Photronics 50.01%) High confidence
Photronics operates Asian mask capacity through the PDMC JV (majority-owned) and Xiamen PDMCX with DNP — a capital tie-up combining DNP's leading-edge process with Photronics' global customer base.Confirms EN Dai Nippon Printing Published May 15, 2026: DNP Consolidated Financial Results for the Fiscal Year Ended March 31, 2026 [J-GAAP]
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +152.4 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +96.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +86.6 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +43.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +34.8 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +28.2 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +12.9 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -11.2 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -14.7 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -33.7 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +41.9 |
| Photronics | node | +68.9 | -10.7 | +86.4 | -24.9 | +35.8 | -9 |
| Hoya Corporation | benef1 | +10.8 | -3 | +34.4 | +11.3 | +24.9 | -6.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
Photronics operates across NASDAQ, Photomasks, lithography reticles (essential consumable). It is -9% in 2026. The demand side (avg +87.1%) is well ahead of the stock (-9%). Customer money has not fully worked its way down to this layer, which leaves catch-up room if propagation continues and a hardened gap if it stalls. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is Hoya Corporation (-6.1%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Masks are an essential consumable: no chip is patterned without them.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $46 · Price $29.13 (09-04) · Upside +58%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Freedom Capital Markets · Danial Yermakhan | Buy | $41 | Jul 2, 2026 | Report ↗ |
| Craig-Hallum · Christian Schwab | Buy | $42 | May 29, 2026 | Report ↗ |
| Lake Street Capital Markets · Max Michaelis | Buy | $55 | May 28, 2026 | Report ↗ |
Photomask specialist Photronics retains unanimous Buy ratings from its three covering brokers, backed by FPD growth and valuation appeal despite a soft IC segment.