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Side-by-side financial comparison of PHOTRONICS INC (PLAB) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($340.0M vs $210.4M, roughly 1.6× PHOTRONICS INC). On growth, PHOTRONICS INC posted the faster year-over-year revenue change (-5.5% vs -12.4%). Over the past eight quarters, PHOTRONICS INC's revenue compounded faster (-3.8% CAGR vs -31.8%).
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.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
PLAB vs ULS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $210.4M | $340.0M |
| Net Profit | $22.9M | — |
| Gross Margin | 33.7% | — |
| Operating Margin | 22.9% | 24.4% |
| Net Margin | 10.9% | — |
| Revenue YoY | -5.5% | -12.4% |
| Net Profit YoY | -32.4% | — |
| EPS (diluted) | $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.
| Q1 26 | — | $340.0M | ||
| Q4 25 | — | $789.0M | ||
| Q3 25 | $210.4M | $783.0M | ||
| Q2 25 | $211.0M | $776.0M | ||
| Q1 25 | $212.1M | $705.0M | ||
| Q4 24 | $222.6M | $739.0M | ||
| Q3 24 | $211.0M | $731.0M | ||
| Q2 24 | $217.0M | $730.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $67.0M | ||
| Q3 25 | $22.9M | $100.0M | ||
| Q2 25 | $8.9M | $91.0M | ||
| Q1 25 | $42.9M | $67.0M | ||
| Q4 24 | $33.9M | $81.0M | ||
| Q3 24 | $34.4M | $88.0M | ||
| Q2 24 | $36.3M | $101.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 49.7% | ||
| Q3 25 | 33.7% | 50.3% | ||
| Q2 25 | 36.9% | 49.4% | ||
| Q1 25 | 35.6% | 48.4% | ||
| Q4 24 | 37.0% | 47.4% | ||
| Q3 24 | 35.6% | 49.0% | ||
| Q2 24 | 36.5% | 50.1% |
| Q1 26 | — | 24.4% | ||
| Q4 25 | — | 15.0% | ||
| Q3 25 | 22.9% | 19.9% | ||
| Q2 25 | 26.4% | 17.9% | ||
| Q1 25 | 24.6% | 15.5% | ||
| Q4 24 | 25.1% | 15.6% | ||
| Q3 24 | 24.7% | 17.8% | ||
| Q2 24 | 25.8% | 17.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 8.5% | ||
| Q3 25 | 10.9% | 12.8% | ||
| Q2 25 | 4.2% | 11.7% | ||
| Q1 25 | 20.2% | 9.5% | ||
| Q4 24 | 15.2% | 11.0% | ||
| Q3 24 | 16.3% | 12.0% | ||
| Q2 24 | 16.7% | 13.8% |
| Q1 26 | — | — | ||
| Q4 25 | — | $0.33 | ||
| Q3 25 | $0.39 | $0.49 | ||
| Q2 25 | $0.15 | $0.45 | ||
| Q1 25 | $0.68 | $0.33 | ||
| Q4 24 | $0.54 | $0.40 | ||
| Q3 24 | $0.55 | $0.44 | ||
| Q2 24 | $0.58 | $0.50 |
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 | $16.0K | — |
| Stockholders' EquityBook value | $1.1B | — |
| Total Assets | $1.8B | — |
| Debt / EquityLower = less leverage | 0.00× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $295.0M | ||
| Q3 25 | $575.8M | $255.0M | ||
| Q2 25 | $558.4M | $272.0M | ||
| Q1 25 | $642.2M | $267.0M | ||
| Q4 24 | $640.7M | $298.0M | ||
| Q3 24 | $606.4M | $327.0M | ||
| Q2 24 | $559.9M | $295.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $491.0M | ||
| Q3 25 | $16.0K | $544.0M | ||
| Q2 25 | $19.0K | $608.0M | ||
| Q1 25 | $21.0K | $653.0M | ||
| Q4 24 | $25.0K | $742.0M | ||
| Q3 24 | $28.0K | $797.0M | ||
| Q2 24 | $2.5M | $810.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | $1.1B | $1.2B | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | $1.1B | $970.0M | ||
| Q4 24 | $1.1B | $904.0M | ||
| Q3 24 | $1.1B | $872.0M | ||
| Q2 24 | $1.0B | $769.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $1.8B | $2.9B | ||
| Q2 25 | $1.7B | $2.9B | ||
| Q1 25 | $1.7B | $2.9B | ||
| Q4 24 | $1.7B | $2.8B | ||
| Q3 24 | $1.6B | $2.9B | ||
| Q2 24 | $1.6B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.39× | ||
| Q3 25 | 0.00× | 0.46× | ||
| Q2 25 | 0.00× | 0.56× | ||
| Q1 25 | 0.00× | 0.67× | ||
| Q4 24 | 0.00× | 0.82× | ||
| Q3 24 | 0.00× | 0.91× | ||
| Q2 24 | 0.00× | 1.05× |
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 | $50.1M | — |
| Free Cash FlowOCF − Capex | $25.2M | — |
| FCF MarginFCF / Revenue | 12.0% | — |
| Capex IntensityCapex / Revenue | 11.8% | — |
| Cash ConversionOCF / Net Profit | 2.19× | — |
| TTM Free Cash FlowTrailing 4 quarters | $64.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $144.0M | ||
| Q3 25 | $50.1M | $155.0M | ||
| Q2 25 | $31.5M | $147.0M | ||
| Q1 25 | $78.5M | $154.0M | ||
| Q4 24 | $68.4M | $130.0M | ||
| Q3 24 | $75.1M | $150.0M | ||
| Q2 24 | $76.5M | $103.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $86.0M | ||
| Q3 25 | $25.2M | $109.0M | ||
| Q2 25 | $-29.1M | $105.0M | ||
| Q1 25 | $43.3M | $103.0M | ||
| Q4 24 | $25.2M | $72.0M | ||
| Q3 24 | $50.7M | $84.0M | ||
| Q2 24 | $56.5M | $47.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 10.9% | ||
| Q3 25 | 12.0% | 13.9% | ||
| Q2 25 | -13.8% | 13.5% | ||
| Q1 25 | 20.4% | 14.6% | ||
| Q4 24 | 11.3% | 9.7% | ||
| Q3 24 | 24.0% | 11.5% | ||
| Q2 24 | 26.0% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 7.4% | ||
| Q3 25 | 11.8% | 5.9% | ||
| Q2 25 | 28.7% | 5.4% | ||
| Q1 25 | 16.6% | 7.2% | ||
| Q4 24 | 19.4% | 7.8% | ||
| Q3 24 | 11.6% | 9.0% | ||
| Q2 24 | 9.2% | 7.7% |
| Q1 26 | — | — | ||
| Q4 25 | — | 2.15× | ||
| Q3 25 | 2.19× | 1.55× | ||
| Q2 25 | 3.55× | 1.62× | ||
| Q1 25 | 1.83× | 2.30× | ||
| Q4 24 | 2.02× | 1.60× | ||
| Q3 24 | 2.18× | 1.70× | ||
| Q2 24 | 2.11× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
ULS
Segment breakdown not available.
