Photronics (PLAB) Cash Flow: Operating & Free Cash Flow

Photronics Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Photronics, Inc. (PLAB) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Oct 2025	Oct 2024	Oct 2023	Oct 2022	Oct 2021	Oct 2020	Oct 2019	Oct 2018	Oct 2017
Operating Activities
Net Income	136.41	183.85	199.63	179.24	78.82	40.34	40.49	61.24	21.29
Depreciation & Amortization	77.61	82.81	80.84	80.33	90.40	93.81	83.88	84.33	86.57
Deferred Income Tax	-17.17	-1.39	-0.93	0.81	-2.11	-0.45	-3.66	-0.27	1.63
Stock Based Compensation	13.39	13.89	8.00	6.31	5.35	4.93	3.68	3.18	3.63
Change in Working Capital	-16.26	-17.71	14.63	8.50	-23.79	4.41	-56.21	-15.00	-16.29
Change in Accounts Receivable	6.31	-2.54	4.03	-51.23	-36.62	6.99	-12.32	-18.55	-9.63
Change in Inventory	-4.94	-6.15	1.24	-2.04	2.99	-6.94	-23.09	-6.16	-0.60
Change in Accounts Payable	-12.91	-9.64	-0.29	60.57	25.43	-3.49	-11.96	18.54	-7.19
Change in Other Working Capital	-4.72	0.63	9.67	1.20	-15.58	7.85	-8.84	-8.82	1.13
Other Operating Activities	53.83	-1.39	-0.93	0.81	2.11	0.00	3.66	-2.91	0.00
Net Cash from Operating Activities	247.80	261.44	302.18	275.19	150.77	143.05	71.84	130.57	96.83
Investing Activities
Capital Expenditures	-188.14	-130.94	-131.41	-112.34	-109.27	-70.97	-177.19	-92.59	-91.97
Acquisitions	0.00	0.00	0.00	25.00	0.00	17.60	29.39	18.00	-5.40
Purchases of Investments	-129.65	-100.56	-20.19	-38.85	0.00	0.00	0.00	0.00	0.00
Sales/Maturities of Investments	76.82	72.84	47.54	-0.21	0.00	0.00	0.00	0.00	0.17
Other Investing Activities	2.06	2.29	2.52	3.64	5.78	-12.33	-7.06	1.86	-0.87
Net Cash from Investing Activities	-238.90	-156.47	-101.55	-147.76	-103.49	-65.71	-154.86	-90.73	-98.07
Financing Activities
Debt Repayment	-17.97	-6.62	-18.44	-65.44	0.51	12.95	-6.69	-4.64	-5.43
Common Stock Issued	2.23	1.92	1.25	5.75	0.00	0.00	0.00	0.00	2.83
Common Stock Repurchased	-97.42	-3.03	-1.30	-3.99	-48.25	-34.39	-21.70	-23.11	0.00
Dividends Paid	0.00	0.00	0.00	0.00	0.00	-16.15	-45.05	-8.17	-8.30
Other Financing Activities	-2.09	-3.03	-1.30	23.52	-6.16	21.59	31.37	22.11	-0.03
Net Cash from Financing Activities	-115.26	-7.73	-18.49	-38.69	-53.90	-16.01	-42.06	-13.81	-10.93
Summary
Effect of Forex Changes on Cash	0.23	2.13	-2.68	-46.01	4.70	10.99	2.38	-4.78	6.11
Net Change in Cash	-106.13	99.38	179.46	42.73	-1.92	72.31	-122.70	21.26	-6.05
Cash at Beginning of Period	601.24	501.87	322.41	279.68	281.60	209.29	331.99	308.02	314.07
Cash at End of Period	495.11	598.49	499.29	322.41	279.68	281.60	209.29	329.28	308.02
Free Cash Flow	59.66	130.50	170.76	162.85	41.50	72.07	-105.35	37.98	4.87
Supplemental Disclosures
Interest Paid	0.10	0.30	0.50	2.80	3.70	-	-	-	-
Income Taxes Paid	60.02	60.00	69.88	37.38	21.97	-	-	-	-

Source: Company financial statements from annual and quarterly filings. Data as of Aug 2, 2026. Data sources and methodology

Frequently Asked Questions About Photronics Cash Flow

What is Photronics's free cash flow?

Photronics generated free cash flow of $59.66M in fiscal 2025 (fiscal year ended Oct 31, 2025), operating cash flow of $247.80M minus $188.14M of capital expenditures. That was down 54.3% from $130.50M a year earlier. Free cash flow equaled 7.0% of revenue.

How much does Photronics spend on capital expenditures?

Photronics spent $188.14M on capital expenditures in fiscal 2025, compared with $130.94M a year earlier. That equals 75.9% of operating cash flow.

Does Photronics pay dividends or buy back shares?

Yes. In fiscal 2025 Photronics returned $97.42M in share buybacks to shareholders, according to its cash flow statement.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition