HIGHBuilt-inGeographic
82%
non-U.S. operations
“10-K Item 1A: 'Revenues from our non-U.S. operations were approximately 82%...of our total revenues in 2025'”
PLAB · Concentration risk · 10-K extracted
Photronics (PLAB) concentration risks
Updated
The most significant concentration Photronics discloses is non-U.S. operations at 82%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Photronics’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
50%
five largest customers
“10-K Item 1A: 'Our five largest customers accounted for an aggregate of 50%...of our revenue in 2025'”
MEDIUMOutside partyCustomer
29%
two largest customers
“10-K Item 1A: 'our two largest customers accounted for an aggregate of 29%...of our revenue'”
LOWOutside partyCustomer
16%
Customer A
“10-K Item 1: 'Customer A, B and C accounted for approximately 16%, 13% and 8%, of consolidated revenue, respectively'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile combines a high-share international revenue dependency with a layered set of medium- and low-share customer concentrations that compound the overall exposure. Revenues from non-U.S. operations were approximately 82% of total revenues in 2025 — a high-share geographic concentration reflecting the global nature of the semiconductor supply chain, where the largest photomask buyers are predominantly based in Asia. Currency risk, export control regulations, and geopolitical disruptions in Asian semiconductor manufacturing hubs are therefore the primary macro-level variables affecting the top line. At the customer level, the five largest customers accounted for an aggregate of 50% of revenue in 2025 — a medium-share concentration — with the two largest accounting for an aggregate of 29%. This layering means the revenue base is meaningfully concentrated in a small number of relationships: Customer A alone at 16% and Customer B at 13% (both cited from the same source) represent the two largest single-buyer exposures. At those shares, a design program loss or a shift in sourcing decisions by either of the top two customers would be visible at the consolidated level. The geographic and customer concentrations are structurally linked: the most significant customers are predominantly in the same Asia-Pacific markets that generate the high share of international revenue. A regional demand slowdown in semiconductor capital spending would therefore compress both the geographic and customer exposure simultaneously, making the two dimensions more correlated than they might appear independently.
For the engine’s reasoning on PLAB’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Semiconductor Equipment & Materials
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| ACLS | Axcelis Technologies, Inc. | 3 | 1 | 0 | 4 |
| ACMR | ACM Research, Inc. | 3 | 0 | 0 | 3 |
| AMBA | Ambarella, Inc. | 3 | 0 | 0 | 3 |
| AMAT | Applied Materials, Inc. | 2 | 0 | 2 | 4 |
| PLAB● | Photronics, Inc. | 1 | 2 | 1 | 4 |
| AMKR | Amkor Technology, Inc. | 1 | 2 | 0 | 3 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.