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Side-by-side financial comparison of HUTCHMED (China) Ltd (HCM) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
HUTCHMED (China) Ltd is the larger business by last-quarter revenue ($270.8M vs $210.4M, roughly 1.3× PHOTRONICS INC). PHOTRONICS INC runs the higher net margin — 10.9% vs 0.7%, a 10.2% gap on every dollar of revenue. On growth, PHOTRONICS INC posted the faster year-over-year revenue change (-5.5% vs -16.5%). PHOTRONICS INC produced more free cash flow last quarter ($25.2M vs $3.4M).
HUTCHMED (China) LtdHCMEarnings & Financial Report
HUTCHMED (China) Ltd is a biopharmaceutical firm focused on discovering, developing and commercializing targeted and immunotherapies for oncology and immunological diseases. It operates across China and global markets, with multiple marketed oncology drugs and a robust pipeline of late-stage clinical candidates addressing unmet patient needs.
Photronics, Inc. is an American semiconductor photomask manufacturer. It was the third largest photomask supplier globally as of 2009. Photronics is a member of the eBeam Initiative.
HCM vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $270.8M | $210.4M |
| Net Profit | $2.0M | $22.9M |
| Gross Margin | 37.7% | 33.7% |
| Operating Margin | -13.2% | 22.9% |
| Net Margin | 0.7% | 10.9% |
| Revenue YoY | -16.5% | -5.5% |
| Net Profit YoY | -83.6% | -32.4% |
| EPS (diluted) | $0.00 | $0.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $270.8M | — | ||
| Q3 25 | — | $210.4M | ||
| Q2 25 | $277.7M | $211.0M | ||
| Q1 25 | $324.5M | $212.1M | ||
| Q4 24 | — | $222.6M | ||
| Q3 24 | — | $211.0M | ||
| Q2 24 | $305.7M | $217.0M | ||
| Q1 24 | — | $216.3M |
| Q4 25 | $2.0M | — | ||
| Q3 25 | — | $22.9M | ||
| Q2 25 | $455.0M | $8.9M | ||
| Q1 25 | $11.9M | $42.9M | ||
| Q4 24 | — | $33.9M | ||
| Q3 24 | — | $34.4M | ||
| Q2 24 | $25.8M | $36.3M | ||
| Q1 24 | — | $26.2M |
| Q4 25 | 37.7% | — | ||
| Q3 25 | — | 33.7% | ||
| Q2 25 | 0.1% | 36.9% | ||
| Q1 25 | 48.0% | 35.6% | ||
| Q4 24 | — | 37.0% | ||
| Q3 24 | — | 35.6% | ||
| Q2 24 | 41.1% | 36.5% | ||
| Q1 24 | — | 36.6% |
| Q4 25 | -13.2% | — | ||
| Q3 25 | — | 22.9% | ||
| Q2 25 | -1.3% | 26.4% | ||
| Q1 25 | -5.0% | 24.6% | ||
| Q4 24 | — | 25.1% | ||
| Q3 24 | — | 24.7% | ||
| Q2 24 | -9.0% | 25.8% | ||
| Q1 24 | — | 26.6% |
| Q4 25 | 0.7% | — | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | 163.8% | 4.2% | ||
| Q1 25 | 3.7% | 20.2% | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | — | 16.3% | ||
| Q2 24 | 8.4% | 16.7% | ||
| Q1 24 | — | 12.1% |
| Q4 25 | $0.00 | — | ||
| Q3 25 | — | $0.39 | ||
| Q2 25 | $0.52 | $0.15 | ||
| Q1 25 | $0.01 | $0.68 | ||
| Q4 24 | — | $0.54 | ||
| Q3 24 | — | $0.55 | ||
| Q2 24 | $0.03 | $0.58 | ||
| Q1 24 | — | $0.42 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.4B | $575.8M |
| Total DebtLower is stronger | $93.2M | $16.0K |
| Stockholders' EquityBook value | $1.2B | $1.1B |
| Total Assets | $1.8B | $1.8B |
| Debt / EquityLower = less leverage | 0.08× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.4B | — | ||
| Q3 25 | — | $575.8M | ||
| Q2 25 | $1.4B | $558.4M | ||
| Q1 25 | $836.1M | $642.2M | ||
| Q4 24 | — | $640.7M | ||
| Q3 24 | — | $606.4M | ||
| Q2 24 | $802.5M | $559.9M | ||
| Q1 24 | — | $521.5M |
| Q4 25 | $93.2M | — | ||
| Q3 25 | — | $16.0K | ||
| Q2 25 | $93.4M | $19.0K | ||
| Q1 25 | $82.8M | $21.0K | ||
| Q4 24 | — | $25.0K | ||
| Q3 24 | — | $28.0K | ||
| Q2 24 | $82.1M | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $1.2B | — | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $1.2B | $1.1B | ||
| Q1 25 | $759.9M | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | $740.1M | $1.0B | ||
| Q1 24 | — | $1.0B |
| Q4 25 | $1.8B | — | ||
| Q3 25 | — | $1.8B | ||
| Q2 25 | $1.8B | $1.7B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | — | $1.7B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | — | $1.6B |
| Q4 25 | 0.08× | — | ||
| Q3 25 | — | 0.00× | ||
| Q2 25 | 0.08× | 0.00× | ||
| Q1 25 | 0.11× | 0.00× | ||
| Q4 24 | — | 0.00× | ||
| Q3 24 | — | 0.00× | ||
| Q2 24 | 0.11× | 0.00× | ||
| Q1 24 | — | 0.00× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $8.2M | $50.1M |
| Free Cash FlowOCF − Capex | $3.4M | $25.2M |
| FCF MarginFCF / Revenue | 1.2% | 12.0% |
| Capex IntensityCapex / Revenue | 1.8% | 11.8% |
| Cash ConversionOCF / Net Profit | 4.21× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-96.2M | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | — | ||
| Q3 25 | — | $50.1M | ||
| Q2 25 | $-72.9M | $31.5M | ||
| Q1 25 | $40.3M | $78.5M | ||
| Q4 24 | — | $68.4M | ||
| Q3 24 | — | $75.1M | ||
| Q2 24 | $-39.8M | $76.5M | ||
| Q1 24 | — | $41.5M |
| Q4 25 | $3.4M | — | ||
| Q3 25 | — | $25.2M | ||
| Q2 25 | $-82.2M | $-29.1M | ||
| Q1 25 | $32.5M | $43.3M | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | $-49.9M | $56.5M | ||
| Q1 24 | — | $-1.8M |
| Q4 25 | 1.2% | — | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | -29.6% | -13.8% | ||
| Q1 25 | 10.0% | 20.4% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | -16.3% | 26.0% | ||
| Q1 24 | — | -0.8% |
| Q4 25 | 1.8% | — | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | 3.3% | 28.7% | ||
| Q1 25 | 2.4% | 16.6% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | 3.3% | 9.2% | ||
| Q1 24 | — | 20.0% |
| Q4 25 | 4.21× | — | ||
| Q3 25 | — | 2.19× | ||
| Q2 25 | -0.16× | 3.55× | ||
| Q1 25 | 3.38× | 1.83× | ||
| Q4 24 | — | 2.02× | ||
| Q3 24 | — | 2.18× | ||
| Q2 24 | -1.54× | 2.11× | ||
| Q1 24 | — | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
HCM
Segment breakdown not available.
PLAB
| High End Integrated Circuits | $53.6M | 25% |
| High End Flat Panel Displays | $53.5M | 25% |
| KR | $43.7M | 21% |
| Other | $42.1M | 20% |
| Mainstream Flat Panel Displays | $9.1M | 4% |
| Transferred At Point In Time | $8.4M | 4% |
