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Side-by-side financial comparison of Innovex International, Inc. (INVX) and PHOTRONICS INC (PLAB). Click either name above to swap in a different company.
Innovex International, Inc. is the larger business by last-quarter revenue ($273.6M vs $210.4M, roughly 1.3× PHOTRONICS INC). PHOTRONICS INC runs the higher net margin — 10.9% vs 5.1%, a 5.8% gap on every dollar of revenue. On growth, Innovex International, Inc. posted the faster year-over-year revenue change (9.1% vs -5.5%). Over the past eight quarters, Innovex International, Inc.'s revenue compounded faster (46.2% CAGR vs -3.8%).
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.
INVX vs PLAB — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $273.6M | $210.4M |
| Net Profit | $14.0M | $22.9M |
| Gross Margin | 28.9% | 33.7% |
| Operating Margin | 9.4% | 22.9% |
| Net Margin | 5.1% | 10.9% |
| Revenue YoY | 9.1% | -5.5% |
| Net Profit YoY | -56.1% | -32.4% |
| EPS (diluted) | $0.20 | $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 | $273.6M | — | ||
| Q3 25 | $240.0M | $210.4M | ||
| Q2 25 | $224.2M | $211.0M | ||
| Q1 25 | $240.4M | $212.1M | ||
| Q4 24 | $250.7M | $222.6M | ||
| Q3 24 | $151.8M | $211.0M | ||
| Q2 24 | $130.3M | $217.0M | ||
| Q1 24 | $128.0M | $216.3M |
| Q4 25 | $14.0M | — | ||
| Q3 25 | $39.2M | $22.9M | ||
| Q2 25 | $15.3M | $8.9M | ||
| Q1 25 | $14.8M | $42.9M | ||
| Q4 24 | $31.8M | $33.9M | ||
| Q3 24 | $82.6M | $34.4M | ||
| Q2 24 | $9.5M | $36.3M | ||
| Q1 24 | $16.4M | $26.2M |
| Q4 25 | 28.9% | — | ||
| Q3 25 | 31.6% | 33.7% | ||
| Q2 25 | 32.0% | 36.9% | ||
| Q1 25 | 31.8% | 35.6% | ||
| Q4 24 | 33.9% | 37.0% | ||
| Q3 24 | 34.7% | 35.6% | ||
| Q2 24 | 35.3% | 36.5% | ||
| Q1 24 | 38.4% | 36.6% |
| Q4 25 | 9.4% | — | ||
| Q3 25 | 26.0% | 22.9% | ||
| Q2 25 | 10.1% | 26.4% | ||
| Q1 25 | 9.1% | 24.6% | ||
| Q4 24 | 10.7% | 25.1% | ||
| Q3 24 | -8.7% | 24.7% | ||
| Q2 24 | 10.0% | 25.8% | ||
| Q1 24 | 17.4% | 26.6% |
| Q4 25 | 5.1% | — | ||
| Q3 25 | 16.3% | 10.9% | ||
| Q2 25 | 6.8% | 4.2% | ||
| Q1 25 | 6.1% | 20.2% | ||
| Q4 24 | 12.7% | 15.2% | ||
| Q3 24 | 54.4% | 16.3% | ||
| Q2 24 | 7.3% | 16.7% | ||
| Q1 24 | 12.8% | 12.1% |
| Q4 25 | $0.20 | — | ||
| Q3 25 | $0.57 | $0.39 | ||
| Q2 25 | $0.22 | $0.15 | ||
| Q1 25 | $0.21 | $0.68 | ||
| Q4 24 | $-0.03 | $0.54 | ||
| Q3 24 | $1.99 | $0.55 | ||
| Q2 24 | $0.30 | $0.58 | ||
| Q1 24 | $0.51 | $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 | — | $575.8M |
| Total DebtLower is stronger | $18.9M | $16.0K |
| Stockholders' EquityBook value | $1.1B | $1.1B |
| Total Assets | $1.3B | $1.8B |
| Debt / EquityLower = less leverage | 0.02× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | — | ||
| Q3 25 | — | $575.8M | ||
| Q2 25 | — | $558.4M | ||
| Q1 25 | — | $642.2M | ||
| Q4 24 | — | $640.7M | ||
| Q3 24 | — | $606.4M | ||
| Q2 24 | $185.6M | $559.9M | ||
| Q1 24 | $202.2M | $521.5M |
| Q4 25 | $18.9M | — | ||
| Q3 25 | $20.1M | $16.0K | ||
| Q2 25 | $34.8M | $19.0K | ||
| Q1 25 | $19.7M | $21.0K | ||
| Q4 24 | $24.9M | $25.0K | ||
| Q3 24 | $12.4M | $28.0K | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $2.7M |
| Q4 25 | $1.1B | — | ||
| Q3 25 | $1.0B | $1.1B | ||
| Q2 25 | $995.6M | $1.1B | ||
| Q1 25 | $978.4M | $1.1B | ||
| Q4 24 | $958.2M | $1.1B | ||
| Q3 24 | $904.4M | $1.1B | ||
| Q2 24 | $352.5M | $1.0B | ||
| Q1 24 | $344.3M | $1.0B |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.2B | $1.7B | ||
| Q4 24 | $1.2B | $1.7B | ||
| Q3 24 | $1.1B | $1.6B | ||
| Q2 24 | $1.0B | $1.6B | ||
| Q1 24 | $1.0B | $1.6B |
| Q4 25 | 0.02× | — | ||
| Q3 25 | 0.02× | 0.00× | ||
| Q2 25 | 0.03× | 0.00× | ||
| Q1 25 | 0.02× | 0.00× | ||
| Q4 24 | 0.03× | 0.00× | ||
| Q3 24 | 0.01× | 0.00× | ||
| Q2 24 | — | 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 | $52.2M | $50.1M |
| Free Cash FlowOCF − Capex | — | $25.2M |
| FCF MarginFCF / Revenue | — | 12.0% |
| Capex IntensityCapex / Revenue | — | 11.8% |
| Cash ConversionOCF / Net Profit | 3.74× | 2.19× |
| TTM Free Cash FlowTrailing 4 quarters | — | $64.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $52.2M | — | ||
| Q3 25 | $48.4M | $50.1M | ||
| Q2 25 | $59.2M | $31.5M | ||
| Q1 25 | $31.1M | $78.5M | ||
| Q4 24 | $36.3M | $68.4M | ||
| Q3 24 | $21.7M | $75.1M | ||
| Q2 24 | $22.8M | $76.5M | ||
| Q1 24 | $12.6M | $41.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | $25.2M | ||
| Q2 25 | — | $-29.1M | ||
| Q1 25 | — | $43.3M | ||
| Q4 24 | — | $25.2M | ||
| Q3 24 | — | $50.7M | ||
| Q2 24 | $16.6M | $56.5M | ||
| Q1 24 | $7.8M | $-1.8M |
| Q4 25 | — | — | ||
| Q3 25 | — | 12.0% | ||
| Q2 25 | — | -13.8% | ||
| Q1 25 | — | 20.4% | ||
| Q4 24 | — | 11.3% | ||
| Q3 24 | — | 24.0% | ||
| Q2 24 | 12.7% | 26.0% | ||
| Q1 24 | 6.1% | -0.8% |
| Q4 25 | — | — | ||
| Q3 25 | — | 11.8% | ||
| Q2 25 | — | 28.7% | ||
| Q1 25 | — | 16.6% | ||
| Q4 24 | — | 19.4% | ||
| Q3 24 | — | 11.6% | ||
| Q2 24 | 4.7% | 9.2% | ||
| Q1 24 | 3.7% | 20.0% |
| Q4 25 | 3.74× | — | ||
| Q3 25 | 1.23× | 2.19× | ||
| Q2 25 | 3.86× | 3.55× | ||
| Q1 25 | 2.11× | 1.83× | ||
| Q4 24 | 1.14× | 2.02× | ||
| Q3 24 | 0.26× | 2.18× | ||
| Q2 24 | 2.39× | 2.11× | ||
| Q1 24 | 0.77× | 1.59× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
INVX
| Products | $202.7M | 74% |
| Leasing | $42.3M | 15% |
| Services | $28.6M | 10% |
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% |
