Photronics (PLAB) 10-K 18 Dec 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Oct. 31, 2024	Dec. 12, 2024	Apr. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Oct. 31, 2024
Current Fiscal Year End Date	--10-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-39063
Entity Registrant Name	PHOTRONICS INC
Entity Central Index Key	0000810136
Entity Incorporation, State or Country Code	CT
Entity Tax Identification Number	06-0854886
Entity Address, Address Line One	15 Secor Road
Entity Address, City or Town	Brookfield
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06804
City Area Code	203
Local Phone Number	775-9000
Title of 12(b) Security	COMMON
Trading Symbol	PLAB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 1,729,553,783
Entity Common Stock, Shares Outstanding		63,335,388
Auditor Firm ID	34
Auditor Name	Deloitte & Touche LLP
Auditor Location	Boston, Massachusetts

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Current assets:
Cash and cash equivalents	$ 598,485	$ 499,292
Short-term investments	42,184	12,915
Accounts receivable, net of allowance of $1,126 in 2024 and $1,099 in 2023	200,830	194,927
Inventories	56,527	49,963
Other current assets	33,036	28,353
Total current assets	931,062	785,450
Property, plant and equipment, net	745,257	709,244
Deferred income taxes	23,059	21,297
Other assets	12,681	10,230
Total assets	1,712,059	1,526,221
Current liabilities:
Current portion of long-term debt	17,972	6,621
Accounts payable	78,717	84,024
Accrued liabilities	87,122	94,578
Total current liabilities	183,811	185,223
Long-term debt	25	17,998
Other liabilities	47,464	47,391
Total liabilities	231,300	250,612
Commitments and contingencies (Note 16)
Equity:
Preferred stock, $0.01 par value, 2,000 shares authorized, none issued and outstanding	0	0
Common stock, $0.01 par value, 150,000 shares authorized, 61,949 shares issued and outstanding at October 31, 2024, and 61,310 shares issued and outstanding at October 31, 2023	619	613
Additional paid-in capital	514,757	502,010
Retained earnings	691,807	561,119
Accumulated other comprehensive loss	(86,319)	(88,734)
Total Photronics, Inc. shareholders' equity	1,120,864	975,008
Noncontrolling interests	359,895	300,601
Total equity	1,480,759	1,275,609
Total liabilities and equity	$ 1,712,059	$ 1,526,221

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Current assets:
Accounts receivable, allowance	$ 1,126	$ 1,099
Equity:
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	2,000	2,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000	150,000
Common stock, shares issued (in shares)	61,949	61,310
Common stock, shares outstanding (in shares)	61,949	61,310

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands		12 Months Ended
		Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Consolidated Statements of Income [Abstract]
Revenue	[1]	$ 866,946	$ 892,076	$ 824,549
Cost of goods sold		551,000	555,914	530,336
Gross profit		315,946	336,162	294,213
Operating expenses:
Selling, general and administrative		77,760	69,458	63,989
Research and development		16,576	13,654	18,341
Total operating expenses		94,336	83,112	82,330
Other operating expense		(92)	0	(17)
Operating income		221,518	253,050	211,866
Non-operating income (expense):
Foreign currency transactions impacts, net		2,168	2,466	27,344
Interest income and other income, net		24,063	14,863	1,680
Interest expense, net of subsidies		(334)	(433)	(1,857)
Income before income tax provision		247,415	269,946	239,033
Income tax provision		63,567	70,312	59,791
Net income		183,848	199,634	179,242
Net income attributable to noncontrolling interests		53,160	74,149	60,456
Net income attributable to Photronics, Inc. shareholders		$ 130,688	$ 125,485	$ 118,786
Earnings per share:
Basic (in dollars per share)		$ 2.12	$ 2.05	$ 1.96
Diluted (in dollars per share)		$ 2.09	$ 2.03	$ 1.94
Weighted-average number of common shares outstanding:
Basic (in shares)		61,726	61,139	60,559
Diluted (in shares)		62,391	61,755	61,189
[1]This table disaggregates revenue by the location in which it was earned.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Net income	$ 183,848	$ 199,634	$ 179,242
Other comprehensive income (loss), net of tax of $0:
Foreign currency translation adjustments	8,630	5,615	(151,209)
Other	(81)	(3)	423
Net other comprehensive income (loss)	8,549	5,612	(150,786)
Comprehensive income	192,397	205,246	28,456
Less: comprehensive income attributable to noncontrolling interests	59,293	70,039	28,697
Comprehensive income (loss) attributable to Photronics, Inc. shareholders	$ 133,104	$ 135,207	$ (241)

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Consolidated Statements of Comprehensive Income (Loss) [Abstract]
Other comprehensive income (loss), tax	$ 0	$ 0	$ 0

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Non-controlling Interests [Member]	Total
Balance at Oct. 31, 2021	$ 600	$ 484,672	$ 317,849	$ 0	$ 20,571	$ 176,870	$ 1,000,562
Balance (in shares) at Oct. 31, 2021	60,024
Net income	$ 0	0	118,786	0	0	60,456	179,242
Other comprehensive income (loss)	0	0	0	0	(119,027)	(31,759)	(150,786)
Shares issued under equity plans	$ 10	4,280	0	0	0	0	4,290
Shares issued under equity plans (in shares)	954
Share-based compensation expense	$ 0	6,308	0	0	0	0	6,308
Contribution from noncontrolling interest	0	0	0	0	0	24,995	24,995
Purchases of treasury stock	$ 0	0	0	(2,522)	0	0	(2,522)
Purchases of treasury stock (in shares)	0
Retirement of treasury stock	$ (2)	(1,519)	(1,001)	2,522	0	0	0
Retirement of treasury stock (in shares)	(187)
Balance at Oct. 31, 2022	$ 608	493,741	435,634	0	(98,456)	230,562	1,062,089
Balance (in shares) at Oct. 31, 2022	60,791
Net income	$ 0	0	125,485	0	0	74,149	199,634
Other comprehensive income (loss)	0	0	0	0	9,722	(4,110)	5,612
Shares issued under equity plans	$ 5	268	0	0	0	0	273
Shares issued under equity plans (in shares)	519
Share-based compensation expense	$ 0	8,001	0	0	0	0	8,001
Balance at Oct. 31, 2023	$ 613	502,010	561,119	0	(88,734)	300,601	1,275,609
Balance (in shares) at Oct. 31, 2023	61,310
Net income	$ 0	0	130,688	0	0	53,160	183,848
Other comprehensive income (loss)	0	0	0	0	2,415	6,134	8,549
Shares issued under equity plans	$ 6	(1,143)	0	0	0	0	(1,137)
Shares issued under equity plans (in shares)	639
Share-based compensation expense	$ 0	13,890	0	0	0	0	13,890
Balance at Oct. 31, 2024	$ 619	$ 514,757	$ 691,807	$ 0	$ (86,319)	$ 359,895	$ 1,480,759
Balance (in shares) at Oct. 31, 2024	61,949

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Cash flows from operating activities:
Net income	$ 183,848	$ 199,634	$ 179,242
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property, plant and equipment	82,433	80,473	79,971
Amortization of intangible assets	372	362	359
Share-based compensation	13,890	8,001	6,308
Deferred income taxes	(1,389)	(927)	809
Changes in assets, liabilities, and other:
Accounts receivable	(2,541)	4,026	(51,233)
Inventories	(6,154)	1,236	(2,039)
Other current assets	628	9,665	1,204
Accounts payable, accrued liabilities and other	(9,643)	(294)	60,566
Net cash provided by operating activities	261,444	302,176	275,187
Cash flows used in investing activities:
Purchases of property, plant and equipment	(130,942)	(131,295)	(112,338)
Purchases of short-term investments	(100,558)	(20,192)	(38,854)
Proceeds from maturities of short-term investments	72,836	47,537	0
Government incentives	2,229	2,522	3,615
Purchases of intangible assets	(89)	(117)	(205)
Other	59	0	25
Net cash used in investing activities	(156,465)	(101,545)	(147,757)
Cash flows used in financing activities:
Repayments of debt	(6,621)	(18,439)	(65,440)
Purchases of treasury stock	0	0	(2,522)
Contributions from noncontrolling interests	0	0	24,995
Proceeds from share-based arrangements	1,916	1,248	5,749
Net settlements of restricted stock awards	(3,025)	(1,302)	(1,471)
Net cash used in financing activities	(7,730)	(18,493)	(38,689)
Effects of exchange rate changes on cash, cash equivalents, and restricted cash	2,127	(2,680)	(46,012)
Net increase in cash, cash equivalents, and restricted cash	99,376	179,458	42,729
Cash, cash equivalents, and restricted cash at beginning of year	501,867	322,409	279,680
Cash, cash equivalents, and restricted cash at end of year	601,243	501,867	322,409
Less: Ending restricted cash	2,758	2,575	2,729
Cash and cash equivalents at end of year	598,485	499,292	319,680
Supplemental disclosure of non-cash information:
Accruals for property, plant and equipment not yet paid	5,217	18,607	3,266
Expected refundable federal investment tax credit	$ 5,013	$ 0	$ 0

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Business and Basis of Presentation Description of Business Photronics, Inc. (“Photronics”, “the Company”, “we”, “our”, or “us”) is one of the world’s leading manufacturers of photomasks, which are high-precision photographic quartz or glass plates containing microscopic images of electronic circuits. Photomasks are a key element in the manufacture of ICs and FPDs, and are used as masters to transfer circuit patterns onto semiconductor wafers and FPD substrates during the fabrication of integrated circuits, a variety of FPDs and, to a lesser extent, other types of electrical and optical components. The Company currently has eleven manufacturing facilities, located in Taiwan (3), China (2), Korea (1), the United States (3), and Europe (2). The Company operates as a single operating segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of IC’s and FPDs. In accordance with ASC 280 – “ Segment Reporting Basis of Presentation Principles of Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc., its wholly owned subsidiaries, in which Photronics is considered the primary beneficiary, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests in subsidiaries related to Photronics ownership interests of less than 100% are reported as Noncontrolling interests in the consolidated balance sheets. The results of noncontrolling ownership interests held by Photronics, net of tax, are reported as Net (income) attributable to noncontrolling interests in the consolidated statements of income. Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires Photronics to make estimates and assumptions that affect amounts reported in them. The Company’s estimates are based on historical experience and on various assumptions that are believed to be reasonable, based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. The Company reviews these estimates periodically and reflect any effects of revisions in the period in which they are determined. Translation of Foreign Currency Financial Statements Photronics reporting currency is the U.S. dollar. The functional currency of the majority of Photronics foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss. Foreign Currency Transactions Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Photronics ’ currency transactions impacts, net Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less, readily convertible to known amounts of cash, and so near to their maturity that they present insignificant risk of changes in value because of changes in interest rates. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments. Restricted Cash Restricted cash in the amounts of $2.8 million and $2.6 million are included in Other assets on the Company’s October 31, 2024 and October 31, 2023, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements. Investments The Company invests in various bank time deposits, money markets and U.S. Government Securities. The Company’s classification of investments is as follows: - Maturing within three months or less from the date of purchase Cash and cash equivalents - Maturing, as of the date of purchase, more than three months, but with remaining maturities of less than one year, from the balance sheet date Short-term investments - Maturing one year or more from the balance sheet date Long-term marketable investments As of October 31, 2024 and 2023, all of the Company’s investments from their dates of purchase had remaining maturities of more than three months, but less than one year, and have been classified as short-term investments. Based upon the Company’s intent and ability to hold its time deposits to maturity (which maturities range up to twelve months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. Money markets are classified as cash and cash equivalents. The Company’s U.S. Government Securities are classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income (loss). In the event of a sale of these securities, the Company would determine the cost of the investment sold at the specific individual security level and would include any gain or loss in Interest income and other income, net The table below provides information on the Company’s available-for-sale debt securities and time deposits classified as short-term investments. October 31, 2024 October 31, 2023 Amortized Unrealized Unrealized Carrying Amortized Unrealized Unrealized Carrying Cost Gains Losses Value Cost Gains Losses Value U.S. Government Securities (1) $ - $ - $ - $ - $ 12,913 $ 4 $ (2 ) $ 12,915 Time deposits 42,184 - - 42,184 - - - - Total $ 42,184 $ - $ - $ 42,184 $ 12,913 $ 4 $ (2 ) $ 12,915 (1) Matured during 2024 The Company’s investments in marketable securities consist primarily of investments in time deposits and U.S. Government Securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values. Accounts Receivable, Unbilled Receivables and Allowance for Credit Losses We generally record the Company’s accounts receivable at their billed amounts. The Company recognizes unbilled receivables when the Company has satisfied its performance obligations, has an unconditional right to consideration, but has not yet issued an invoice. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent that the Company believes a loss on the collection of a customer invoice is probable, the Company records the loss and credits an allowance for credit losses. In the event that an amount is determined to be uncollectible, the Company charges the allowance for credit losses and derecognizes the related receivable. Refer to the Company’s revenue recognition policy, below, for additional information on the Company’s accounting for accounts receivable. Inventories Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Please refer to Note 4 for additional information on the Company’s inventories. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to assigned expiration dates or other causes based on individual facts and circumstances. If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales. Property, Plant and Equipment, Net Property, plant and equipment, except as explained below under “Impairment of Long-Lived Assets,” is stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve or extend the lives of existing assets are capitalized. Upon sale or other disposition, the cost of the asset and its related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in earnings. Depreciation and amortization, essentially all of which are included in Cost of goods sold Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon the Company’s judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that the Company expects to hold and use is based on the fair value of the assets, determined using a market or income approach, compared with the carrying value of the asset. The carrying values of assets determined to be impaired would be reduced to their estimated fair values. Property, plant and equipment and other long-lived assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell. Treasury Stock The Company records treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and the Company would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that the Company subsequently reissues shares. When the Company retires the Company’s treasury stock, any excess of the repurchase price paid over par value is allocated between additional paid-in capital and retained earnings. Revenue Recognition The Company recognizes revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those goods or services. The Company accounts for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of the Company’s revenue comes from the sales of photomasks. The Company typically contracts with the Company’s customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which the Company invoices as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to the Company and, as the Company’s contracts generally provide the Company with the right to payment for work completed to date, the Company recognizes revenue as the Company performs, or “over time,” on most of the Company’s contracts. The Company measures the Company’s performance to date using an input method, which is based on the Company’s estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there are a number of uncompleted revenue contracts on which the Company has performed; for any such contracts under which the Company is entitled to be compensated for the Company’s costs incurred plus a reasonable profit, the Company recognizes revenue and a corresponding contract asset for such performance. The Company accounts for shipping and handling activities that the Company performs after a customer obtains control of a good as being activities to fulfill the Company’s promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. The Company reports the Company’s revenue net of any sales or similar taxes the Company collects on behalf of governmental entities. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, the Company’s photomasks do not have standard or “list” prices. The transaction prices of the vast majority of the Company’s revenue contracts include only fixed amounts of consideration. In certain instances, such as when the Company offers a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved. Contract Assets and Contract Liabilities The Company recognizes a contract asset when the Company’s performance under a contract precedes the Company’s receipt of consideration from a customer, or before payment is due, and the Company’s receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect the Company’s transfer of control to customers of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when the Company has an unconditional right to payment for the Company’s performance, which generally occurs when the Company ships the photomasks. The Company’s contract assets primarily consist of a significant amount of the Company’s in-process production orders and fully manufactured photomasks which have not yet shipped, for which the Company has an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, the Company nets contract assets with contract liabilities (deferred revenue) for financial reporting purposes. The Company’s net credit losses on the accounts receivable during 2024 were insignificant. The Company did not impair any contract assets or accounts receivable in 2024 or 2023. Contract Costs The Company pays commissions to third-party sales agents for certain sales that they procure on the Company’s behalf. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, the Company would not recognize any portion of these sales commissions as costs of obtaining a contract, nor does the Company currently foresee other circumstances under which the Company would recognize such assets. Remaining Performance Obligations As the Company is typically required to fulfill customer orders within a short time period, the Company’s backlog of orders is generally not in excess of one two two three two Revenue Contracts with Customers, Product Warranties The Company’s photomasks are sold under warranties that generally range from one Leases The Company determines if an agreement is, or contains, a lease on the earlier of the date of the agreement or the date on which the Company commits to entering the agreement and evaluates at that time whether the lease is an operating lease or a finance lease. The Company recognizes right-of-use assets and lease liabilities for operating and finance leases with terms greater than 12 months. Please refer to Note 11 – Leases Leases Leases The initial measurement process for finance leases and operating leases is the same, except that, for operating leases, the Company generally applies the Company’s incremental borrowing rates for collateralized borrowings over terms similar to those of the leases to determine the lease liability while, for finance leases, the Company uses the interest rates implicit in the leases. The initial measurement of ROU assets may require further adjustments for lease prepayments and initial direct costs the Company incurs. Operating leases are expensed on a straight-line basis over the terms of the leases, and are included in the consolidated statement of income in Cost of goods sold, Selling, general and administrative Research and development Cost of goods sold Interest expense Accounts payable, accrued liabilities and other Repayments of debt Share-Based Compensation We recognize share-based compensation expense on a straight-line basis over the requisite service period during which the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. The Company estimates stock price volatility based on daily averages of the Company’s common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data. Research and Development Research and development costs are expensed as incurred and consist primarily of development efforts related to high-end process technologies for advanced subwavelength reticle solutions for IC and FPD photomask technologies. Research and development expenses were $16.6 million, $13.7 million, and $18.3 million for the years ended October 31, 2024, 2023 and 2022, respectively. Government Grants The Company receives or expects to receive in the future, various types of government assistance, primarily in the form of grants or refundable tax credits. Government assistance is recognized when there is reasonable assurance that: (1) the Company will comply with the relevant conditions and (2) the assistance will be received. Government assistance related to reimbursing fixed asset purchases, such as reimbursement grants and refundable federal investment tax credits, are recorded as a reduction to the related asset(s), which then reduces depreciation expense over the expected useful life of the asset on a straight-line basis. If some, or all, of the amount of government assistance becomes repayable (e.g. due to non-fulfillment of the grant conditions) or there is no longer reasonable assurance the amount will be received (e.g. due to additional interpretive guidance) then the adjustment is accounted for prospectively as a change in accounting estimate. The effect of the change in estimate is recognized in the period in which management concludes that it is no longer reasonably assured that all of the grant conditions will be met. A corresponding financial liability is recognized for the amount of the repayment, if any The Company accounts for funds the Company receives from government grants by either reducing the costs of the assets (if the grant relates to capital expenditures) or expenses which could be Cost of goods sold, Selling, general and administrative, or Research and development expenses in the consolidated statements of income. If the funds the Company receives cannot be attributed to specific assets or expenses, they would be recognized as other income, and included in Interest income and other income, net in the consolidated statements of income. Funds the Company receive from government grants are classified in the Company’s consolidated statements of cash flows as either Net cash provided by operating activities or Net cash provided by investing activities , in accordance with how the Company expends the funds. When a grant is received before conditions of the grant have been met, the grant is recorded in Accrued liabilities or Other liabilities in the Consolidated Balance Sheets. For the years ended October 31, 2024, October 31, 2023, and October 31, 2022, grants recorded in the Company’s Consolidated Financial Statements were not material. The Company expects to receive refundable federal investment tax credits through the CHIPS Act in connection with ongoing expansion projects. As of October 31, 2024, the Company has reduced property, plant and equipment, net by $5.0 million as a result of expected refundable tax credits in connection with the CHIPS Act . The Company has also applied for direct capital grants through the CHIPS Act in connection with proposed projects. Income Taxes The income tax provision is computed on the basis of the income or loss before income taxes for each entity in its respective tax jurisdiction. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We employ judgment and make assumptions when establishing valuation allowances for deferred income tax assets, if their realization is not deemed to be more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We are eligible for investment tax credits in U.S. and non-U.S. tax jurisdictions. We account for investment tax credits under the “flow-through” method of accounting. As permitted in ASC 740 “Income Taxes”, under the flow-through method of accounting, the tax benefit from an investment tax credit is recorded as a reduction of income taxes in the period in which the credit is generated. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense is thus identified, and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets, which are presented on our consolidated balance sheets, and deferred tax liabilities, which are included in Other liabilities We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in the liability and in our income tax provision. Earnings Per Share Basic earnings per share (“EPS”) attributed to Photronics shareholders for both basic and diluted is computed independently for each period presented and is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards were exercised or earned. Variable Interest Entities We account for the investments the Company makes in certain legal entities in which equity investors do not have: 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We consolidate the results of any such entity in which the Company has determined that the Company has a controlling financial interest. The Company would have a “controlling financial interest” (and thus be considered the “primary beneficiary” of the entity) in such an entity when the Company has both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, the Company reassesses whether the Company has a controlling financial interest in any investments the Company has in these entities. We would account for investments the Company makes in VIEs in which the Company has determined that the Company does not have a controlling financial interest but have a significant influence over, and hold at least a twenty percent ownership interest in, using the equity method. An investment not meeting the parameters to be accounted for under the equity method would be accounted for using the cost method, unless the investment had a readily determinable fair value, at which value it would then be reported. Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this Update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this Update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption permitted. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures.

ACCOUNTS RECEIVABLE

ACCOUNTS RECEIVABLE	12 Months Ended
	Oct. 31, 2024
ACCOUNTS RECEIVABLE [Abstract]
ACCOUNTS RECEIVABLE	NOTE 2 – ACCOUNTS RECEIVABLE The components of Accounts Receivable at the balance sheet dates are presented below. October 31, 2024 October 31, 2023 Accounts Receivable $ 172,741 $ 171,433 Unbilled Receivable 29,215 24,593 Allowance for Credit Losses (1,126 ) (1,099 ) $ 200,830 $ 194,927

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Oct. 31, 2024
OTHER CURRENT ASSETS [Abstract]
OTHER CURRENT ASSETS	NOTE 3 - OTHER CURRENT ASSETS Presented below are the components of Other current assets October 31, 2024 October 31, 2023 Contract assets $ 11,532 $ 10,984 Prepaid expenses 5,770 10,031 Recoverable value added taxes 2,684 2,312 Prepaid and refundable income taxes 1,875 2,489 Other (1) 11,175 2,537 $ 33,036 $ 28,353 (1) The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

INVENTORIES

INVENTORIES	12 Months Ended
	Oct. 31, 2024
INVENTORIES [Abstract]
INVENTORIES	NOTE 4 - INVENTORIES The components of Inventories October 31, 2024 October 31, 2023 Raw materials $ 56,128 $ 48,948 Work in process 398 1,010 Finished goods 1 5 $ 56,527 $ 49,963

PROPERTY, PLANT AND EQUIPMENT,

PROPERTY, PLANT AND EQUIPMENT, NET	12 Months Ended
	Oct. 31, 2024
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]
PROPERTY, PLANT AND EQUIPMENT, NET	NOTE 5 - PROPERTY, PLANT AND EQUIPMENT, NET Presented below are the components of Property, plant and equipment, net October 31, 2024 October 31, 2023 Land $ 11,419 $ 11,378 Buildings and improvements 188,756 185,850 Machinery and equipment 1,990,610 1,922,041 Leasehold improvements 19,268 18,894 Furniture, fixtures, and office equipment 18,091 15,856 Construction in progress 91,213 55,434 2,319,357 2,209,453 Accumulated depreciation and amortization (1,574,100 ) (1,500,209 ) $ 745,257 $ 709,244 Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. October 31, 2024 October 31, 2023 Machinery and equipment $ 42,815 $ 42,820 Accumulated amortization (10,522 ) (7,655 ) $ 32,293 $ 35,165 The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant and equipment incurred during the reporting periods. Years Ended October 31, 2024 October 31, 2023 October 31, 2022 Depreciation and amortization expense $ 82,433 $ 80,472 $ 79,971

PDMCX JOINT VENTURE

PDMCX JOINT VENTURE	12 Months Ended
	Oct. 31, 2024
PDMCX JOINT VENTURE [Abstract]
PDMCX JOINT VENTURE	NOTE 6 - PDMCX JOINT VENTURE In January 2018, Photronics , Photronics “ ”, 49.99% interest in the Company’s . In 2020, in combination with local financing obtained by PDMCX, Photronics and DNP fulfilled their investment obligations under the PDMCX operating agreement ( “ ” Under the Agreement, should either Photronics’ or DNP’s six three The following table presents net income the Company recorded from the operations of PDMCX during the reporting periods. Years Ended October 31, 2024 October 31, 2023 October 31, 2022 Net income from PDMCX $ 20,074 $ 25,098 $ 16,714 As required by the guidance in ASC Topic 810 - “ Consolidation The following table presents the carrying amounts of PDMCX assets and liabilities included in the Company’s consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, the Company’s maximum exposure to loss from PDMCX is the Company’s interest in the carrying amount of the net assets of the joint venture. October 31, 2024 October 31, 2023 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 174,059 $ 87,047 $ 135,960 $ 67,994 Noncurrent assets 151,039 75,535 136,334 68,181 Total assets 325,098 162,582 272,294 136,175 Current liabilities 40,691 20,350 36,305 18,156 Noncurrent liabilities 3,320 1,660 1,873 937 Total liabilities 44,011 22,010 38,178 19,093 Net assets $ 281,087 $ 140,572 $ 234,116 $ 117,082

ACCRUED LIABILITIES

ACCRUED LIABILITIES	12 Months Ended
	Oct. 31, 2024
ACCRUED LIABILITIES [Abstract]
ACCRUED LIABILITIES	NOTE 7 - ACCRUED LIABILITIES Presented below are the components of Accrued liabilities October 31, 2024 October 31, 2023 Compensation related expenses $ 31,188 $ 37,218 Income taxes 24,200 24,080 Contract liabilities 12,375 9,965 Value added and other taxes 2,837 3,523 Property, plant, and equipment 2,670 6,624 Operating leases 1,925 1,912 Telecommunications and utilities 1,040 1,311 Service Contracts 1,448 2,613 Other 9,439 7,332 Accrued liabilities $ 87,122 $ 94,578

DEBT

DEBT	12 Months Ended
	Oct. 31, 2024
DEBT [Abstract]
DEBT	NOTE 8 - DEBT As of October 31, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below: As of October 31, 2024 Finance Leases Principal due: Next 12 months $ 17,972 Months 13 – 24 $ 12 Months 25 – 36 12 Months 37 – 48 1 Months 49 – 60 - Long-term debt 25 Total debt $ 17,997 Interest rate at balance sheet date N/A Basis spread on interest rates N/A Interest rate reset N/A Maturity date N/A Periodic payment amount Varies as Lease matures Periodic payment frequency Monthly Loan collateral (carrying amount) $ 32,293 (1) (1) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. The table below provides information on the Company’s long-term debt as of October 31, 2023. As of October 31, 2023 Finance Leases Principal due: Next 12 months $ 6,621 Months 13 – 24 $ 17,972 Months 25 – 36 12 Months 37 – 48 13 Months 49 – 60 1 Long-term debt 17,998 Total debt $ 24,619 Interest rate at balance sheet date N/A Basis spread on interest rates N/A Interest rate reset N/A Maturity date N/A Periodic payment amount Varies as Lease matures Periodic payment frequency Monthly Loan collateral (carrying amount) $ 35,165 (1) (1) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. Finance Leases In February 2021, the Company entered into a five-year $7.2 million finance lease for a high-end inspection tool. Monthly payments on the lease, which commenced in February 2021, are $0.1 million per month. Upon the payment of the fiftieth monthly payment and prior to payment of the fifty-first monthly payment, the Company may exercise an early buyout option to purchase the tool for $2.4 million. After the original term or any renewal periods, the Company may return the tool, elect to extend the lease, or purchase the tool at its fair market value. Management has determined that the Company will exercise its early buyout option during the first half of 2025. In December 2020, the Company entered into a five-year $35.5 million 0.5 14.1 5.0 Xiamen Project Loans In November 2018, PDMCX obtained approval to borrow RMB 345.0 million from the Industrial and Commercial Bank of China. From November 2018 through July 2020, PDMCX entered into separate loan agreements (the “Project Loans”) for the entire approved amount. In February 2023, PDMCX repaid the entire outstanding balance of RMB 26.4 million ($3.9 million). As of October 31, 2024, PDMCX had no amount outstanding and the amounts may not be re-borrowed. The Project Loans were used to finance certain capital expenditures at the PDMCX facility and were collateralized by liens granted on the land use right, building, and certain equipment located at the facility. The interest rates on the Project Loans were variable (based on the RMB Loan Prime Rate of the National Interbank Funding Center), and interest incurred on the loans was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration. The Project Loans were subject to covenants and provisions, certain of which related to the assets pledged as security for the loans, all of which the Company were in compliance with at the time of repayment. Xiamen Working Capital Loans In November 2018, PDMCX obtained approval for revolving, unsecured credit of RMB 200 million ($25 million), pursuant to which PDMCX may enter into separate loan agreements with varying terms to maturity. In December 2022, the Company repaid the Company’s entire outstanding balance of RMB 25.6 million ($3.6 million). The interest rates are variable, based on the RMB Loan Prime Rate of the National Interbank Funding Center. Interest incurred on the loans related to the amount borrowed was eligible for reimbursement through incentives provided by the Xiamen Torch Hi-Tech Industrial Development Zone, which provided for such reimbursements up to a prescribed limit and duration. This facility is subject to annual reviews and extensions. In August 2024, the Company was issued an extension to the revolving, unsecured credit agreement for RMB 200 million (approximately $28.1 million) with an expiration date of July 31, 2025. As of October 31, 2024, PDMCX had no outstanding borrowings against the approval. Corporate Credit Agreement In September 2018, the Company entered into a five-year 50 100 no Interest Paid for Debt Interest payments were $0.3 million in 2024, $0.5 million in 2023, and $2.8 million in 2022. The weighted-average interest rate on the Company’s current portion of long-term debt for the periods ended October 31, 2024 and October 31, 2023 was 1.5% and 1.5%, respectively.

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Oct. 31, 2024
OTHER LIABILITIES [Abstract]
OTHER LIABILITIES	NOTE 9 - OTHER LIABILITIES Presented below are the components of Other liabilities October 31, 2024 October 31, 2023 Unrecognized tax benefit $ 14,720 $ 8,908 Post employment benefit 12,993 11,994 Contract liabilities 8,910 12,454 Tax payable 4,310 6,622 Operating lease 3,037 4,218 Other 3,494 3,195 Other liabilities $ 47,464 $ 47,391

REVENUE

REVENUE	12 Months Ended
	Oct. 31, 2024
REVENUE [Abstract]
REVENUE	NOTE 10 - REVENUE The following tables present the Company’s revenue for the years ended October 31, 2024, October 31, 2023, and October 31, 2022, disaggregated by product type, geographic origin, and timing of recognition. Year Ended Revenue by Product Type October 31, 2024 October 31, 2023 October 31, 2022 IC High-end $ 228,469 $ 194,939 $ 195,332 Mainstream 409,682 456,340 397,694 Total IC $ 638,151 $ 651,279 $ 593,026 FPD High-end $ 195,365 $ 200,842 $ 186,988 Mainstream 33,430 39,955 44,535 Total FPD $ 228,795 $ 240,797 $ 231,523 $ 866,946 $ 892,076 $ 824,549 Year Ended Revenue by Geographic Origin* October 31, 2024 October 31, 2023 October 31, 2022 Taiwan $ 288,275 $ 316,889 $ 291,342 China 232,941 245,378 212,598 Korea 158,017 162,235 156,139 United States 146,652 128,879 126,205 Europe 39,244 36,579 36,402 Other 1,817 2,116 1,863 $ 866,946 $ 892,076 $ 824,549 * This table disaggregates revenue by the location in which it was earned. Year Ended Revenue by Timing of Recognition October 31, 2024 October 31, 2023 October 31, 2022 Over time $ 831,500 $ 838,628 $ 758,359 At a point in time 35,446 53,448 66,190 $ 866,946 $ 892,076 $ 824,549 Contract Assets and Contract Liabilities The following table provides information about the Company’s contract balances at the balance sheet dates. Classification October 31, October 31, 2023 Contract Assets Other current assets $ 11,532 $ 10,984 Contract Liabilities Accrued liabilities $ 12,375 $ 9,965 Other liabilities 8,910 12,454 $ 21,285 $ 22,419 The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods. October 31, 2024 October 31, 2023 October 31, 2022 Revenue recognized from beginning liability $ 12,222 $ 13,966 $ 8,934 The Company’s invoice terms generally range from net thirty In instances when the Company is paid in advance of the Company’s performance, the Company records a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when the Company receives payment from the customer and the date when the Company expects to be entitled to the payment is greater than one year. Historically, advance payments the Company has received from customers have generally not preceded the completion of the Company’s performance obligations by more than one year.

LEASES

LEASES	12 Months Ended
	Oct. 31, 2024
LEASES [Abstract]
LEASES	NOTE 11 - LEASES The following table provides information on operating and finance leases included in the Company’s consolidated balance sheets. Classification October 31, 2024 October 31, 2023 ROU Assets – Operating Leases Other assets $ 5,010 $ 6,189 ROU Assets – Finance Leases Property, plant and equipment, net $ 32,293 $ 35,165 Lease Liabilities – Operating Leases Accrued liabilities $ 1,925 $ 1,912 Other liabilities 3,037 4,218 $ 4,962 $ 6,130 Lease Liabilities – Finance Leases Current portion of long-term debt $ 17,972 $ 6,621 Long-term debt 25 17,998 $ 17,997 $ 24,619 The following table presents future lease payments under noncancelable operating and finance leases as of October 31, 2024. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. Fiscal Year Operating Leases Finance Leases 2025 $ 2,039 18,027 2026 1,651 13 2027 1,228 13 2028 267 1 2029 and thereafter 6 - Total lease payments $ 5,191 18,054 Imputed interest (229 ) (57 ) Lease liabilities $ 4,962 17,997 The following table presents lease costs for 2024, 2023, and 2022. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Operating lease costs $ 2,255 $ 2,278 $ 2,253 Short-term lease costs $ 1,273 $ 462 $ 469 Variable lease costs $ 595 $ 656 $ 603 Interest on finance lease $ 330 $ 426 $ 522 Amortization of ROU assets $ 2,950 $ 2,870 $ 2,917 The following table presents statistical information related to the Company’s operating and finance leases. The information presented is as of the balance sheet dates. October 31, 2024 October 31, 2023 Classification Weighted- average remaining lease term (in years) Weighted- average discount rate Weighted- average remaining lease term (in years) Weighted- average discount rate Operating leases 2.8 3.2 % 3.7 2.4 % Finance leases 0.2 1.5 % 1.2 1.5 % The following table presents the effects of leases on the Company’s 2024, 2023, and 2022 consolidated statements of cash flows, and provides leases-related non-cash information for those years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Operating cash flows used for operating leases $ 2,241 $ 2,271 $ 2,259 Operating cash flows used for finance leases $ 330 $ 429 $ 566 Financing cash flows used for finance leases $ 6,621 $ 6,521 $ 7,289 ROU assets obtained in exchange for operating lease obligations $ 842 $ 5,116 $ 513

SHARE-BASED COMPENSATION

SHARE-BASED COMPENSATION	12 Months Ended
	Oct. 31, 2024
SHARE-BASED COMPENSATION [Abstract]
SHARE-BASED COMPENSATION	NOTE 12 - SHARE-BASED COMPENSATION In March 2016, shareholders approved the Company’s current equity incentive compensation plan (“the Plan”), under which incentive stock options, non-qualified stock options, stock grants, stock-based awards, restricted stock, restricted stock units, stock appreciation rights, performance units, performance stock, and other stock or cash awards may be granted. Shares to be issued under the Plan may be authorized and unissued shares, issued shares that have been reacquired by the Company On March 16, 2023, at its annual meeting of shareholders, the shareholders of Photronics, Inc., approved amendments to the Plan to increase the number of shares available for issuance by an additional one million shares, thereby increasing the shares available for issuance under the Plan from four million to five million. or at the discretion of the compensation committee; the vesting of awards may be accelerated. The Plan, aspects of which are more fully described below, prohibits further awards from being issued under prior plans. The table below presents information on the Company’s share-based compensation expenses for the three most recent fiscal years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Expense reported in: Cost of goods sold $ 2,704 $ 1,259 $ 868 Selling, general, and administrative 10,124 5,962 4,803 Research and development 1,062 780 637 Total expense incurred $ 13,890 $ 8,001 $ 6,308 Expense by award type: Restricted stock awards * $ 13,868 $ 7,909 $ 5,800 Stock options - 1 298 Employee stock purchase plan 22 91 210 Total expense incurred $ 13,890 $ 8,001 $ 6,308 Income tax benefits of share-based compensation $ 1,156 $ 715 $ 449 * During the year ended October 31, 2024, upon the departure of two executives from the Company and in accordance with the terms of their separation agreements, previously granted time-vesting restricted stock awards accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as a modification, and recognized $1.2 million of incremental stock-based compensation for the acceleration of restricted stock awards, within selling, general and administrative expenses on the Consolidated Statements of Income for the year ended October 31, 2024. Restricted Stock Awards We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one the Company’s A summary of restricted stock award activity during 2024 and the status of the Company’s restricted stock awards as of October 31, 2024, is presented below. Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2023 1,238,297 $ 16.27 Granted 865,050 29.50 Vested (550,069 ) 17.74 Cancelled (129,676 ) 21.90 Outstanding at October 31, 2024 1,423,602 23.23 Expected to vest as of October 31, 2024 1,292,883 23.14 The table below presents additional information on the Company’s Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Number of shares granted 865,050 791,925 654,224 Weighted-average grant-date fair value of awards (in dollars per share) $ 29.50 $ 16.84 $ 18.73 Compensation costs not yet recognized $ 21,303 $ 12,760 $ 8,949 Weighted-average amortization period (in years) 2.8 2.8 2.7 Fair value of awards for which restrictions lapsed $ 9,755 $ 6,256 $ 5,212 Shares outstanding at balance sheet date 1,423,602 1,238,297 893,704 Stock Options Option awards generally vest in one The table below presents a summary of stock options activity during 2024 and information on stock options outstanding at October 31, 2024. Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2023 472,275 $ 10.18 Granted - $ - Exercised (191,650 ) $ 9.86 Cancellations, forfeitures, and adjustments (3,000 ) $ 10.43 Outstanding at October 31, 2024 277,625 $ 10.39 1.94 years $ 3,445 Exercisable at October 31, 2024 277,625 $ 10.39 1.94 years $ 3,445 Expected to vest as of October 31, 2024 - $ - - years $ - The table below presents additional information on stock option awards for the three most recent fiscal years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Number of options granted in period - - - Total intrinsic value of options exercised $ 2,981 $ 1,654 $ 5,108 Cash received from option exercises $ 1,888 $ 1,101 $ 5,275 Compensation cost not yet recognized $ - $ - $ 13 Weighted-average amortization period for cost not yet recognized (in years) - - 0.2 Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year from the commencement date). The Company recognizes the ESPP expense over that same period. As of October 31, 2024, the maximum number of shares of common stock approved by the Company’s shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.6 million shares had been issued through October 31, 2024. As of October 31, 2024, there is unrecognized compensation cost of $0.2 million.

EMPLOYEE RETIREMENT PLANS

EMPLOYEE RETIREMENT PLANS	12 Months Ended
	Oct. 31, 2024
EMPLOYEE RETIREMENT PLANS [Abstract]
EMPLOYEE RETIREMENT PLANS	NOTE 13 - EMPLOYEE RETIREMENT PLANS We maintain a 401(k) Savings and Profit-Sharing Plan (“401(k) Plan”) which covers all full and certain part-time U.S. employees who have completed three months of service and are 18 years of age or older. Under the terms of the 401(k) Plan, employees may contribute up to 50% of their salary, subject to certain maximum amounts, which will be matched by the Company at 100% of the employee’s contributions that are up to 4% of the employee’s compensation. Employee and employer contributions vest immediately upon contribution. The total employer contributions for all of the Company’s defined contribution plans were $1.2 million, $0.8 million and $0.7 million in 2024, 2023, and 2022, respectively.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Oct. 31, 2024
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 14 - INCOME TAXES On December 15, 2022, the European Union (EU) Member States formally adopted the EU’s Pillar Two Directive, which generally provides for a minimum effective tax rate of 15%, as established by the Organization for Economic Co-operation and Development (OECD) Pillar Two Framework. The EU effective dates are January 1, 2024, and January 1, 2025, for different aspects of the directive. A significant number of other countries are expected to also implement similar legislation with varying effective dates. The Company is currently not subject to Pillar Two but is continuously evaluating the potential impact of the Pillar Two Framework to ensure we are compliant in the future. Income before the income tax provisions consists of the following: Year Ended October 31, 2024 October 31, 2023 October 31, 2022 United States $ 20,145 $ (1,737 ) $ 1,813 Foreign 227,270 271,683 237,220 $ 247,415 $ 269,946 $ 239,033 Income Tax Provision The components of our income tax provisions are presented below. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Current: Federal $ - $ - $ - State 95 14 1 Foreign 64,861 71,225 58,981 64,956 71,239 58,982 Deferred: Federal - - - State 13 12 10 Foreign (1,402 ) (939 ) 799 (1,389 ) (927 ) 809 Total $ 63,567 $ 70,312 $ 59,791 The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 U.S. federal income tax at statutory rate $ 51,957 $ 56,689 $ 50,197 Changes in valuation allowance (1,986 ) (256 ) (1,462 ) Foreign rate differential 10,695 11,394 7,941 Tax credits (5,209 ) (2,425 ) (1,368 ) Uncertain tax positions, including reserves, settlements and resolutions 6,226 3,328 3,214 Other, net 1,884 1,582 1,269 Income tax provision $ 63,567 $ 70,312 $ 59,791 Reporting Period U.S. Statutory Tax Rates Photronics Effective Tax Rates Primary Reasons for Differences 2024 21.0% 25.7% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances. 2023 21.0% 26.0% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances. 2022 21.0% 25.0% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdiction. Deferred Income Tax Assets and Liabilities The net deferred income tax assets consist of the following: As of October 31, 2024 October 31, 2023 Deferred income tax assets Net operating losses $ 18,941 $ 26,377 Reserves not currently deductible 9,892 8,776 Tax credit carryforwards 12,550 10,442 Share-based compensation 3,102 1,892 Property, plant and equipment 10,710 9,844 Research intangibles 2,721 - Lease liabilities 4,116 5,743 62,032 63,074 Valuation allowances (30,633 ) (32,619 ) 31,399 30,455 Deferred income tax liabilities ROU assets (7,351 ) (8,193 ) Other (1,458 ) (1,200 ) (8,809 ) (9,393 ) Net deferred income tax assets $ 22,590 $ 21,062 Classification Deferred income tax assets $ 23,059 $ 21,297 Other liabilities (469 ) (235 ) $ 22,590 $ 21,062 We have established a valuation allowance for a portion of our deferred tax assets because we believe, based on the weight of all available evidence, that it is more likely than not that a portion of our deferred tax assets will expire prior to utilization. In 2024 the valuation allowance decreased as a result of management’s determination that tax benefits on deferred tax assets would more likely than not be realized and, therefore, decreased the valuation allowance to include these deferred tax assets. Due to the Tax Cuts and Jobs Act, which was signed into law in December 2017, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and foreign withholding tax expense on those earnings, the amount of which is not practicable to compute. Tax The following tables present our available operating loss and credit carryforwards as of October 31, 2024, and their related expiration periods. Operating Loss Carryforwards Amount Expiration Period Federal $ 55,729 2030 State $ 135,736 2025 Foreign $ 165 2025 2034 Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 6,042 2025 2044 Federal 48D credit $ 2,276 2043 2044 State $ 5,357 2025 2038 Uncertain Tax Positions We include unrecognized tax benefits in Other liabilities A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Balance at beginning of year before interest and penalties $ 8,332 $ 5,204 $ 3,534 (Reductions) additions of tax positions in prior years 86 209 (355 ) Additions based on current year tax positions 6,139 3,361 2,892 Settlements (835 ) (423 ) (848 ) Lapses of statutes of limitations (30 ) (19 ) (19 ) Balance at end of year before interest and penalties 13,692 8,332 5,204 Interest and penalties 1,028 576 395 Balance at end of year including interest and penalties $ 14,720 $ 8,908 $ 5,599 The following table presents additional information on our uncertain tax positions, as of the balance sheet dates. October 31, 2024 October 31, 2023 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 14,720 $ 8,908 Accrued interest and penalties related to uncertain tax positions $ 1,028 $ 576 Although the timing of the reversal of uncertain tax positions may be uncertain, as they can be dependent upon the settlement of tax audits or expirations of statutes of limitations, the Company believes that the amount of uncertain tax positions (including accrued interest and penalties, and net of tax benefits) that may be resolved over the next twelve months is $0.4 million. Resolution of these uncertain tax positions may result from either or both the lapses of statutes of limitations and tax settlements. The Company is no longer subject to tax authority examinations in the U.S., major foreign, or state tax jurisdictions for years prior to fiscal year 2019. Income Tax Payments and Refunds The table below presents income taxes paid and refunds of income taxes received during the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Income taxes paid $ 62,520 $ 70,362 $ 37,770 Income tax refunds received $ 2,519 $ 485 $ 388

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Oct. 31, 2024
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 15 - EARNINGS PER SHARE The calculation of basic and diluted earnings per share is presented below. Year Ended October 31, October 31, October 31, (in thousands, except for per share data) 2024 2023 2022 Net income attributable to Photronics, Inc. shareholders $ 130,688 $ 125,485 $ 118,786 Effect of dilutive securities - - - Earnings used for diluted earnings per share $ 130,688 $ 125,485 $ 118,786 Weighted-average common shares outstanding: Basic 61,726 61,139 60,559 Effect of dilutive securities: Share-based payment awards 665 616 630 Potentially dilutive common shares 665 616 630 Weighted-average common shares-Diluted 62,391 61,755 61,189 Earnings per share: Net Income attributable to Photronics shareholders - Basic $ 2.12 $ 2.05 $ 1.96 Net Income attributable to Photronics shareholders - Diluted $ 2.09 $ 2.03 $ 1.94 The table below sets forth the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Share based payment awards 371 136 314 Total potentially dilutive shares excluded 371 136 314

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Oct. 31, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 16 - COMMITMENTS AND CONTINGENCIES Presented below are the Company’s unrecognized unconditional purchase obligations, which are mainly payments for the acquisition of property, plant and equipment, with a remaining term in excess of one year as of October 31, 2024. The amounts below do not include the Company’s commitments under the Company’s debt and lease arrangements, which are presented in Notes 8 and 11, respectively. Fiscal Year Unrecognized Commitments 2025 $ 70,992 2026 3,052 2027 1 2028 1 2029 - Thereafter - Total $ 74,046 We are subject to various claims that arise in the ordinary course of business. The Company believes that the Company’s potential liability under such claims, individually and in the aggregate, will not have a material effect on the Company’s consolidated financial statements. As of October 31, 2024, and October 31, 2023, the Company was not involved in environmental litigation to which a government was a party.

CHANGES IN ACCUMULATED OTHER CO

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT	12 Months Ended
	Oct. 31, 2024
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT	NOTE 17 - CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT The following tables set forth the changes in the Company’s accumulated other comprehensive (loss) income by component (net of tax of $0) for the years ended October 31, 2024, and October 31, 2023. Year Ended October 31, 2024 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2023 $ (88,044 ) $ (690 ) $ (88,734 ) Other comprehensive income (loss) 8,630 (81 ) 8,549 Other comprehensive (loss) income attributable to noncontrolling interests (6,173 ) 39 (6,134 ) Balance at October 31, 2024 $ (85,587 ) $ (732 ) $ (86,319 ) Year Ended October 31, 2023 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2022 $ (97,790 ) $ (666 ) $ (98,456 ) Other comprehensive income (loss) 5,615 (3 ) 5,612 Other comprehensive income (loss) attributable to noncontrolling interests 4,131 (21 ) 4,110 Balance at October 31, 2023 $ (88,044 ) $ (690 ) $ (88,734 )

RISKS AND CONCENTRATIONS

RISKS AND CONCENTRATIONS	12 Months Ended
	Oct. 31, 2024
RISKS AND CONCENTRATIONS [Abstract]
RISKS AND CONCENTRATIONS	NOTE 18 - RISKS AND CONCENTRATIONS Financial instruments that potentially subject the Company to credit risk principally consist of trade accounts receivable and short-term cash investments. The Company sells the Company’s products primarily to semiconductor and FPD manufacturers in Asia, North America, and Europe. The Company believes that the concentration of credit risk in the Company’s trade receivables is substantially mitigated by the Company’s ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company establishes an allowance for credit losses based upon factors surrounding the credit risk of specific customers, historical trends, and other information. Our cash and cash equivalents are deposited in several financial institutions, including institutions located within all of the countries in which the Company manufactures photomasks. Portions of deposits in some of these institutions may exceed the amount of insurance available for such deposits at these institutions. As these deposits are generally redeemable upon demand and are held by high quality, reputable institutions, the Company considers them to bear minimal credit risk. The Company further mitigates credit risks related to the Company’s cash and cash equivalents by spreading such risk among a number of institutions. The following table presents the percentages of the Company’s net accounts receivable attributable to customers that accounted for more than ten percent of the total balance as of the balance sheet dates. October 31, 2024 October 31, 2023 Customer A 19.2 % 21 % Customer B 14.6 % 10 % The following table presents the percentages of the Company’s revenue attributable to customers that accounted for more than ten percent of the total revenue during the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Customer A 15 % 14 % 15 % Customer B 12 % 10 % 11 % Customer C 9 % 13 % 5 % We operate as a single reporting segment as a manufacturer of photomasks, which are high precision quartz or glass plates containing microscopic images of electronic circuits for use in the fabrication of ICs and FPDs. As of the balance sheet dates, the Company’s long-lived assets and net assets were, by geographic area, as presented below. October 31, 2024 October 31, 2023 Long-lived Assets Net Assets Long-lived Assets Net Assets China $ 256,072 $ 379,460 $ 249,357 $ 317,409 Europe and Other 7,010 (420 ) 7,294 (2,175 ) United States 144,634 217,890 140,733 188,712 Korea 123,631 315,597 119,438 281,941 Taiwan 213,910 568,232 199,313 489,722 $ 745,257 $ 1,480,759 $ 716,135 $ 1,275,609

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Oct. 31, 2024
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 19 - RELATED PARTY TRANSACTIONS Our chief executive officer is related to an individual in a position of authority at one of the Company’s largest customers. The Company recorded revenue from this customer of $127.0 million, $126.5 million and $119.0 million, in 2024, 2023, and 2022, respectively. As of October 31, 2024, and October 31, 2023, the Company had accounts receivable of $38.8 million and $41.5 million, respectively, from this customer. The Company believes that the terms of the transaction described above was negotiated at arm’s length and were no less favorable to the Company than terms the Company could have obtained from unrelated third parties.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Oct. 31, 2024
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 20 - FAIR VALUE MEASUREMENTS The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1- These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access. Level 2- These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets. Level 3- These are investments where values are derived from techniques in which one or more significant inputs are unobservable. The following are the major categories of assets measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3): October 31, 2024 October 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Government Securities $ - $ - $ - $ - $ 12,915 $ - $ - $ 12,915 Time deposits - 42,184 - 42,184 - - - - Money market funds 36,322 - - 36,322 19,187 - - 19,187 Total $ 36,322 $ 42,184 $ - $ 78,506 $ 32,102 $ - $ - $ 32,102

SHARE REPURCHASE PROGRAMS

SHARE REPURCHASE PROGRAMS	12 Months Ended
	Oct. 31, 2024
SHARE REPURCHASE PROGRAMS [Abstract]
SHARE REPURCHASE PROGRAMS	NOTE 21 - SHARE REPURCHASE PROGRAMS In September 2020, the Company’s Board of Directors authorized the repurchase of up to $100 million of its common stock, pursuant to a repurchase plan under Rule 10b5-1 of the Securities Act. Share repurchases under this authorization commenced On August 28, 2024, the Board of Directors authorized an increase to the Company’s existing share repurchase program from the remaining $ 31.7 The table below presents information on the repurchase programs for the three most recent fiscal years . 2024 Purchases 2023 Purchases 2022 Purchases Number of shares repurchased - - 187 Cost of shares repurchased $ - $ - $ 2,522 Average price paid per share $ - $ - $ 13.43

INSIDER TRADING ARRANGEMENTS

INSIDER TRADING ARRANGEMENTS	3 Months Ended
	Oct. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Photronics, Inc., its wholly owned subsidiaries, in which Photronics is considered the primary beneficiary, and the majority-owned subsidiaries which it controls. All intercompany balances and transactions have been eliminated in consolidation. Noncontrolling interests in subsidiaries related to Photronics ownership interests of less than 100% are reported as Noncontrolling interests in the consolidated balance sheets. The results of noncontrolling ownership interests held by Photronics, net of tax, are reported as Net (income) attributable to noncontrolling interests in the consolidated statements of income.
Estimates and Assumptions	Estimates and Assumptions The preparation of financial statements in conformity with U.S. GAAP requires Photronics to make estimates and assumptions that affect amounts reported in them. The Company’s estimates are based on historical experience and on various assumptions that are believed to be reasonable, based on the facts and circumstances available at the time they are made. Subsequent actual results may differ from such estimates. The Company reviews these estimates periodically and reflect any effects of revisions in the period in which they are determined.
Translation of Foreign Currency Financial Statements	Translation of Foreign Currency Financial Statements Photronics reporting currency is the U.S. dollar. The functional currency of the majority of Photronics foreign subsidiaries is their local currency. As such, amounts included in the consolidated statements of income, comprehensive income, cash flows, and changes in equity are translated using average exchange rates during each period. Assets and liabilities are translated at period-end exchange rates and resulting foreign currency translation adjustments are recorded in the consolidated balance sheets as a component of Accumulated other comprehensive loss.
Foreign Currency Transactions	Foreign Currency Transactions Monetary assets and liabilities denominated in currencies other than the functional currency are remeasured into their respective functional currencies at exchange rates in effect at the balance sheet date. The resulting exchange gain or loss is included in Photronics ’ currency transactions impacts, net
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include cash and highly liquid investments with an original maturity of three months or less, readily convertible to known amounts of cash, and so near to their maturity that they present insignificant risk of changes in value because of changes in interest rates. Restricted cash is included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the consolidated statements of cash flows. The carrying values of cash equivalents approximate their fair values, due to the short-term maturities of these instruments.
Restricted Cash	Restricted Cash Restricted cash in the amounts of $2.8 million and $2.6 million are included in Other assets on the Company’s October 31, 2024 and October 31, 2023, consolidated balance sheets, respectively. The restrictions on these amounts are primarily related to land lease agreements and customs requirements.
Investments	Investments The Company invests in various bank time deposits, money markets and U.S. Government Securities. The Company’s classification of investments is as follows: - Maturing within three months or less from the date of purchase Cash and cash equivalents - Maturing, as of the date of purchase, more than three months, but with remaining maturities of less than one year, from the balance sheet date Short-term investments - Maturing one year or more from the balance sheet date Long-term marketable investments As of October 31, 2024 and 2023, all of the Company’s investments from their dates of purchase had remaining maturities of more than three months, but less than one year, and have been classified as short-term investments. Based upon the Company’s intent and ability to hold its time deposits to maturity (which maturities range up to twelve months at purchase), such securities have been classified as held-to-maturity and are carried at amortized cost, which approximates market value. Money markets are classified as cash and cash equivalents. The Company’s U.S. Government Securities are classified as available-for-sale. Available-for-sale investments are reported at fair value, with unrealized gains or losses (net of tax) reported in Accumulated other comprehensive income (loss). In the event of a sale of these securities, the Company would determine the cost of the investment sold at the specific individual security level and would include any gain or loss in Interest income and other income, net The table below provides information on the Company’s available-for-sale debt securities and time deposits classified as short-term investments. October 31, 2024 October 31, 2023 Amortized Unrealized Unrealized Carrying Amortized Unrealized Unrealized Carrying Cost Gains Losses Value Cost Gains Losses Value U.S. Government Securities (1) $ - $ - $ - $ - $ 12,913 $ 4 $ (2 ) $ 12,915 Time deposits 42,184 - - 42,184 - - - - Total $ 42,184 $ - $ - $ 42,184 $ 12,913 $ 4 $ (2 ) $ 12,915 (1) Matured during 2024 The Company’s investments in marketable securities consist primarily of investments in time deposits and U.S. Government Securities. Market values were determined for each individual security in the investment portfolio. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as length of time and extent to which fair value has been below cost basis, the financial condition of the issuer, and the Company’s ability and intent to hold the investment for a period of time, which may be sufficient for anticipated recovery in market values.
Accounts Receivable, Unbilled Receivables and Allowance for Credit Losses	Accounts Receivable, Unbilled Receivables and Allowance for Credit Losses We generally record the Company’s accounts receivable at their billed amounts. The Company recognizes unbilled receivables when the Company has satisfied its performance obligations, has an unconditional right to consideration, but has not yet issued an invoice. All outstanding past due customer invoices are reviewed for collectability during, and at the end of, every reporting period. To the extent that the Company believes a loss on the collection of a customer invoice is probable, the Company records the loss and credits an allowance for credit losses. In the event that an amount is determined to be uncollectible, the Company charges the allowance for credit losses and derecognizes the related receivable. Refer to the Company’s revenue recognition policy, below, for additional information on the Company’s accounting for accounts receivable.
Inventories	Inventories Inventories are stated at the lower of cost, determined under the first-in, first-out (“FIFO”) method, or net realizable value. Please refer to Note 4 for additional information on the Company’s inventories. Inventory reserves are established when conditions indicate that the net realizable value is less than costs due to assigned expiration dates or other causes based on individual facts and circumstances. If net realizable value is less than cost at the balance sheet date, the carrying amount is reduced to the realizable value, and the difference is recognized as a loss on valuation of inventories within cost of sales.
Property, Plant and Equipment, Net	Property, Plant and Equipment, Net Property, plant and equipment, except as explained below under “Impairment of Long-Lived Assets,” is stated at cost less accumulated depreciation and amortization. Repairs and maintenance, as well as renewals and replacements of a routine nature, are charged to operations as incurred, while those that improve or extend the lives of existing assets are capitalized. Upon sale or other disposition, the cost of the asset and its related accumulated depreciation are removed from the accounts, and any resulting gain or loss is reflected in earnings. Depreciation and amortization, essentially all of which are included in Cost of goods sold
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Determinations of recoverability are based upon the Company’s judgment and estimates of undiscounted future cash flows resulting from the use of the assets and their eventual disposition. Measurement of an impairment loss for long-lived assets that the Company expects to hold and use is based on the fair value of the assets, determined using a market or income approach, compared with the carrying value of the asset. The carrying values of assets determined to be impaired would be reduced to their estimated fair values. Property, plant and equipment and other long-lived assets to be sold or otherwise disposed of are reported at the lower of carrying amount or fair value less cost to sell.
Treasury Stock	Treasury Stock The Company records treasury stock purchases under the cost method, recording the entire cost of the acquired stock as treasury stock. Gains and losses on subsequent reissuances would be credited or charged to additional paid-in capital, and the Company would employ the average cost method (with average cost being determined separately for each share repurchase program), in the event that the Company subsequently reissues shares. When the Company retires the Company’s treasury stock, any excess of the repurchase price paid over par value is allocated between additional paid-in capital and retained earnings.
Revenue Recognition	Revenue Recognition The Company recognizes revenue when, or as, control of a good or service transfers to a customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for transferring those goods or services. The Company accounts for an arrangement as a revenue contract when each party has approved and is committed to perform under the contract, the rights of the contracting parties regarding the goods or services to be transferred and the payment terms are identifiable, the arrangement has commercial substance, and collection of consideration is probable. Substantially all of the Company’s revenue comes from the sales of photomasks. The Company typically contracts with the Company’s customers to sell sets of photomasks, which are comprised of multiple layers, the predominance of which the Company invoices as they ship to customers. As the photomasks are manufactured to customer specifications, they have no alternative use to the Company and, as the Company’s contracts generally provide the Company with the right to payment for work completed to date, the Company recognizes revenue as the Company performs, or “over time,” on most of the Company’s contracts. The Company measures the Company’s performance to date using an input method, which is based on the Company’s estimated costs to complete the various manufacturing phases of a photomask. At the end of a reporting period, there are a number of uncompleted revenue contracts on which the Company has performed; for any such contracts under which the Company is entitled to be compensated for the Company’s costs incurred plus a reasonable profit, the Company recognizes revenue and a corresponding contract asset for such performance. The Company accounts for shipping and handling activities that the Company performs after a customer obtains control of a good as being activities to fulfill the Company’s promise to transfer the good to the customer, rather than as promised services, or performance obligations, under the contract. The Company reports the Company’s revenue net of any sales or similar taxes the Company collects on behalf of governmental entities. As stated above, photomasks are manufactured to customer specifications in accordance with their proprietary designs; thus, they are individually unique. Due to their uniqueness and other factors, their transaction prices are individually established through negotiations with customers; consequently, the Company’s photomasks do not have standard or “list” prices. The transaction prices of the vast majority of the Company’s revenue contracts include only fixed amounts of consideration. In certain instances, such as when the Company offers a customer an early payment discount, an estimate of variable consideration would be included in the transaction price, but only to the extent that a significant reversal of revenue would not occur when the uncertainty related to the variability was resolved. Contract Assets and Contract Liabilities The Company recognizes a contract asset when the Company’s performance under a contract precedes the Company’s receipt of consideration from a customer, or before payment is due, and the Company’s receipt of consideration is conditional upon factors other than the passage of time. Contract assets reflect the Company’s transfer of control to customers of photomasks that are in process or completed but not yet shipped to customers. A receivable is recognized when the Company has an unconditional right to payment for the Company’s performance, which generally occurs when the Company ships the photomasks. The Company’s contract assets primarily consist of a significant amount of the Company’s in-process production orders and fully manufactured photomasks which have not yet shipped, for which the Company has an enforceable right to collect consideration (including a reasonable profit) in the event the in-process orders are cancelled by customers. On an individual contract basis, the Company nets contract assets with contract liabilities (deferred revenue) for financial reporting purposes. The Company’s net credit losses on the accounts receivable during 2024 were insignificant. The Company did not impair any contract assets or accounts receivable in 2024 or 2023. Contract Costs The Company pays commissions to third-party sales agents for certain sales that they procure on the Company’s behalf. However, the bases of the commissions are the transaction prices of the sales, which are completed in less than one year; thus, no relationship is established with a customer that will result in future business. Therefore, the Company would not recognize any portion of these sales commissions as costs of obtaining a contract, nor does the Company currently foresee other circumstances under which the Company would recognize such assets. Remaining Performance Obligations As the Company is typically required to fulfill customer orders within a short time period, the Company’s backlog of orders is generally not in excess of one two two three two Revenue Contracts with Customers, Product Warranties The Company’s photomasks are sold under warranties that generally range from one
Leases	Leases The Company determines if an agreement is, or contains, a lease on the earlier of the date of the agreement or the date on which the Company commits to entering the agreement and evaluates at that time whether the lease is an operating lease or a finance lease. The Company recognizes right-of-use assets and lease liabilities for operating and finance leases with terms greater than 12 months. Please refer to Note 11 – Leases Leases Leases The initial measurement process for finance leases and operating leases is the same, except that, for operating leases, the Company generally applies the Company’s incremental borrowing rates for collateralized borrowings over terms similar to those of the leases to determine the lease liability while, for finance leases, the Company uses the interest rates implicit in the leases. The initial measurement of ROU assets may require further adjustments for lease prepayments and initial direct costs the Company incurs. Operating leases are expensed on a straight-line basis over the terms of the leases, and are included in the consolidated statement of income in Cost of goods sold, Selling, general and administrative Research and development Cost of goods sold Interest expense Accounts payable, accrued liabilities and other Repayments of debt
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation expense on a straight-line basis over the requisite service period during which the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. The Company estimates stock price volatility based on daily averages of the Company’s common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Research and Development	Research and Development Research and development costs are expensed as incurred and consist primarily of development efforts related to high-end process technologies for advanced subwavelength reticle solutions for IC and FPD photomask technologies. Research and development expenses were $16.6 million, $13.7 million, and $18.3 million for the years ended October 31, 2024, 2023 and 2022, respectively.
Government Grants	Government Grants The Company receives or expects to receive in the future, various types of government assistance, primarily in the form of grants or refundable tax credits. Government assistance is recognized when there is reasonable assurance that: (1) the Company will comply with the relevant conditions and (2) the assistance will be received. Government assistance related to reimbursing fixed asset purchases, such as reimbursement grants and refundable federal investment tax credits, are recorded as a reduction to the related asset(s), which then reduces depreciation expense over the expected useful life of the asset on a straight-line basis. If some, or all, of the amount of government assistance becomes repayable (e.g. due to non-fulfillment of the grant conditions) or there is no longer reasonable assurance the amount will be received (e.g. due to additional interpretive guidance) then the adjustment is accounted for prospectively as a change in accounting estimate. The effect of the change in estimate is recognized in the period in which management concludes that it is no longer reasonably assured that all of the grant conditions will be met. A corresponding financial liability is recognized for the amount of the repayment, if any The Company accounts for funds the Company receives from government grants by either reducing the costs of the assets (if the grant relates to capital expenditures) or expenses which could be Cost of goods sold, Selling, general and administrative, or Research and development expenses in the consolidated statements of income. If the funds the Company receives cannot be attributed to specific assets or expenses, they would be recognized as other income, and included in Interest income and other income, net in the consolidated statements of income. Funds the Company receive from government grants are classified in the Company’s consolidated statements of cash flows as either Net cash provided by operating activities or Net cash provided by investing activities , in accordance with how the Company expends the funds. When a grant is received before conditions of the grant have been met, the grant is recorded in Accrued liabilities or Other liabilities in the Consolidated Balance Sheets. For the years ended October 31, 2024, October 31, 2023, and October 31, 2022, grants recorded in the Company’s Consolidated Financial Statements were not material. The Company expects to receive refundable federal investment tax credits through the CHIPS Act in connection with ongoing expansion projects. As of October 31, 2024, the Company has reduced property, plant and equipment, net by $5.0 million as a result of expected refundable tax credits in connection with the CHIPS Act . The Company has also applied for direct capital grants through the CHIPS Act in connection with proposed projects.
Income Taxes	Income Taxes The income tax provision is computed on the basis of the income or loss before income taxes for each entity in its respective tax jurisdiction. Deferred income taxes reflect the tax effects of differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax purposes, as well as the tax effects of net operating losses and tax credit carryforwards. We employ judgment and make assumptions when establishing valuation allowances for deferred income tax assets, if their realization is not deemed to be more likely than not, by considering future market growth, operating forecasts, future taxable income, and the mix of earnings among the tax jurisdictions in which we operate. Accordingly, income taxes charged against earnings may have been impacted by changes in the valuation allowances. We are eligible for investment tax credits in U.S. and non-U.S. tax jurisdictions. We account for investment tax credits under the “flow-through” method of accounting. As permitted in ASC 740 “Income Taxes”, under the flow-through method of accounting, the tax benefit from an investment tax credit is recorded as a reduction of income taxes in the period in which the credit is generated. We consider income taxes in each of the tax jurisdictions in which we operate in order to determine our effective income tax rate. Our current income tax expense is thus identified, and temporary differences resulting from differing treatments of items for tax and financial reporting purposes are assessed. These differences result in deferred tax assets, which are presented on our consolidated balance sheets, and deferred tax liabilities, which are included in Other liabilities We account for uncertain tax positions by recording a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in our tax returns. We include any applicable interest and penalties related to uncertain tax positions in the liability and in our income tax provision.
Earnings Per Share	Earnings Per Share Basic earnings per share (“EPS”) attributed to Photronics shareholders for both basic and diluted is computed independently for each period presented and is based on the weighted-average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution that could occur if certain share-based payment awards were exercised or earned.
Variable Interest Entities	Variable Interest Entities We account for the investments the Company makes in certain legal entities in which equity investors do not have: 1) sufficient equity at risk for the legal entity to finance its activities without additional subordinated financial support or, 2) as a group, the holders of the equity investment at risk do not have either the power, through voting or similar rights, to direct the activities of the legal entity that most significantly impact the entity’s economic performance or, 3) the obligation to absorb the expected losses of the legal entity or the right to receive expected residual returns of the legal entity as “variable interest entities”, or “VIEs”. We consolidate the results of any such entity in which the Company has determined that the Company has a controlling financial interest. The Company would have a “controlling financial interest” (and thus be considered the “primary beneficiary” of the entity) in such an entity when the Company has both the power to direct the activities that most significantly affect the VIE’s economic performance and the obligation to absorb the losses of, or right to receive the benefits from, the VIE that could be potentially significant to the VIE. On a quarterly basis, the Company reassesses whether the Company has a controlling financial interest in any investments the Company has in these entities. We would account for investments the Company makes in VIEs in which the Company has determined that the Company does not have a controlling financial interest but have a significant influence over, and hold at least a twenty percent ownership interest in, using the equity method. An investment not meeting the parameters to be accounted for under the equity method would be accounted for using the cost method, unless the investment had a readily determinable fair value, at which value it would then be reported.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, to enhance the transparency and decision usefulness of income tax disclosures. The amendments in this Update related to the rate reconciliation and income taxes paid disclosures to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. The amendments allow investors to better assess, in their capital allocation decisions, how an entity’s worldwide operations and related tax risks and tax planning and operational opportunities affect its income tax rate and prospects for future cash flows. The guidance in this Update will be effective for Photronics in its fiscal year 2026 Form 10-K, with early application of the amendments allowed. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures. In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance in this Update is effective for Photronics in its fiscal year 2025 Form 10-K, with early adoption permitted. The Company is currently evaluating the effect the adoption of this ASU may have on the Company’s disclosures.

PDMCX JOINT VENTURE (Policies)

PDMCX JOINT VENTURE (Policies)	12 Months Ended
	Oct. 31, 2024
PDMCX JOINT VENTURE [Abstract]
Variable Interest Entities	As required by the guidance in ASC Topic 810 - “ Consolidation

REVENUE (Policies)

REVENUE (Policies)	12 Months Ended
	Oct. 31, 2024
REVENUE [Abstract]
Revenue	The Company’s invoice terms generally range from net thirty In instances when the Company is paid in advance of the Company’s performance, the Company records a contract liability and, as allowed under the practical expedient in Topic 606, recognize interest expense only if the period between when the Company receives payment from the customer and the date when the Company expects to be entitled to the payment is greater than one year. Historically, advance payments the Company has received from customers have generally not preceded the completion of the Company’s performance obligations by more than one year.

SHARE-BASED COMPENSATION (Polic

SHARE-BASED COMPENSATION (Policies)	12 Months Ended
	Oct. 31, 2024
Stock Options [Abstract]
Share-Based Compensation	Share-Based Compensation We recognize share-based compensation expense on a straight-line basis over the requisite service period during which the awards are expected to vest. Share-based compensation expense includes the estimated effects of forfeitures, which are adjusted over the requisite service period to the extent actual forfeitures differ, or are expected to differ, from such estimates. Changes in estimated forfeitures are recognized in the period of change and will impact the amount of expense to be recognized in future periods. Determining the appropriate option pricing model, calculating the grant date fair value of share-based awards, and estimating forfeiture rates requires considerable judgment, including estimations of stock price volatility and the expected term of options granted. We use the Black-Scholes option pricing model to value employee stock options. The Company estimates stock price volatility based on daily averages of the Company’s common stock’s historical volatility over a term approximately equal to the estimated time period the grant will remain outstanding. The expected term of options and forfeiture rate assumptions are derived from historical data.
Employee Stock Purchase Plan	Employee Stock Purchase Plan The Company’s Employee Stock Purchase Plan (“ESPP”) permits employees to purchase Photronics, Inc. common shares at 85% of the lower of the closing market price at the commencement or ending date of the Plan year (which is approximately one year from the commencement date). The Company recognizes the ESPP expense over that same period. As of October 31, 2024, the maximum number of shares of common stock approved by the Company’s shareholders to be purchased under the ESPP was 1.85 million shares, of which approximately 1.6 million shares had been issued through October 31, 2024. As of October 31, 2024, there is unrecognized compensation cost of $0.2 million.
Restricted Stock [Member]
Stock Options [Abstract]
Share-Based Compensation	Restricted Stock Awards We periodically grant restricted stock awards, the restrictions on which typically lapse over a service period of one the Company’s
Employee Stock Option [Member]
Stock Options [Abstract]
Share-Based Compensation	Stock Options Option awards generally vest in one

INCOME TAXES (Policies)

INCOME TAXES (Policies)	12 Months Ended
	Oct. 31, 2024
INCOME TAXES [Abstract]
Unremitted Earnings in Foreign Investment	Due to the Tax Cuts and Jobs Act, which was signed into law in December 2017, as of fiscal year end 2018, U.S. deferred taxes were no longer provided on the undistributed earnings of non-U.S. subsidiaries. Our policy to indefinitely reinvest these earnings in non-U.S. operations remains unchanged for the purpose of determining deferred tax liabilities for U.S. state and foreign withholding taxes. Therefore, should we elect in the future to repatriate the remaining foreign earnings deemed to be indefinitely reinvested, we may incur additional state and foreign withholding tax expense on those earnings, the amount of which is not practicable to compute.
Interest and Penalties Related to Uncertain Tax Positions	We include unrecognized tax benefits in Other liabilities

FAIR VALUE MEASUREMENTS (Polici

FAIR VALUE MEASUREMENTS (Policies)	12 Months Ended
	Oct. 31, 2024
FAIR VALUE MEASUREMENTS [Abstract]
Fair Value Financial Instruments	The accounting framework for determining fair value includes a hierarchy for ranking the quality and reliability of the information used to measure fair value, which enables the reader of the financial statements to assess the inputs used to develop those measurements. The fair value hierarchy consists of three tiers as follows: Level 1- These are investments where values are based on unadjusted quoted prices for identical assets in an active market the Company has the ability to access. Level 2- These are investments where values are based on quoted market prices that are not active or model derived valuations in which all significant inputs are observable in active markets. Level 3- These are investments where values are derived from techniques in which one or more significant inputs are unobservable.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Oct. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Available-for-Sale Debt Securities and Time Deposits	The table below provides information on the Company’s available-for-sale debt securities and time deposits classified as short-term investments. October 31, 2024 October 31, 2023 Amortized Unrealized Unrealized Carrying Amortized Unrealized Unrealized Carrying Cost Gains Losses Value Cost Gains Losses Value U.S. Government Securities (1) $ - $ - $ - $ - $ 12,913 $ 4 $ (2 ) $ 12,915 Time deposits 42,184 - - 42,184 - - - - Total $ 42,184 $ - $ - $ 42,184 $ 12,913 $ 4 $ (2 ) $ 12,915 (1) Matured during 2024

ACCOUNTS RECEIVABLE (Tables)

ACCOUNTS RECEIVABLE (Tables)	12 Months Ended
	Oct. 31, 2024
ACCOUNTS RECEIVABLE [Abstract]
Accounts Receivable	The components of Accounts Receivable at the balance sheet dates are presented below. October 31, 2024 October 31, 2023 Accounts Receivable $ 172,741 $ 171,433 Unbilled Receivable 29,215 24,593 Allowance for Credit Losses (1,126 ) (1,099 ) $ 200,830 $ 194,927

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Oct. 31, 2024
OTHER CURRENT ASSETS [Abstract]
Other Current Assets	Presented below are the components of Other current assets October 31, 2024 October 31, 2023 Contract assets $ 11,532 $ 10,984 Prepaid expenses 5,770 10,031 Recoverable value added taxes 2,684 2,312 Prepaid and refundable income taxes 1,875 2,489 Other (1) 11,175 2,537 $ 33,036 $ 28,353 (1) The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Oct. 31, 2024
INVENTORIES [Abstract]
Inventories	The components of Inventories October 31, 2024 October 31, 2023 Raw materials $ 56,128 $ 48,948 Work in process 398 1,010 Finished goods 1 5 $ 56,527 $ 49,963

PROPERTY, PLANT AND EQUIPMENT_2

PROPERTY, PLANT AND EQUIPMENT, NET (Tables)	12 Months Ended
	Oct. 31, 2024
PROPERTY, PLANT, AND EQUIPMENT, NET [Abstract]
Property, Plant and Equipment, Net	Presented below are the components of Property, plant and equipment, net October 31, 2024 October 31, 2023 Land $ 11,419 $ 11,378 Buildings and improvements 188,756 185,850 Machinery and equipment 1,990,610 1,922,041 Leasehold improvements 19,268 18,894 Furniture, fixtures, and office equipment 18,091 15,856 Construction in progress 91,213 55,434 2,319,357 2,209,453 Accumulated depreciation and amortization (1,574,100 ) (1,500,209 ) $ 745,257 $ 709,244
Information on ROU Assets from Finance Leases	Information on ROU assets resulting from finance leases, at the balance sheet dates, is presented below. October 31, 2024 October 31, 2023 Machinery and equipment $ 42,815 $ 42,820 Accumulated amortization (10,522 ) (7,655 ) $ 32,293 $ 35,165
Depreciation Expense	The following table presents depreciation expense (including the amortization of ROU assets) related to property, plant and equipment incurred during the reporting periods. Years Ended October 31, 2024 October 31, 2023 October 31, 2022 Depreciation and amortization expense $ 82,433 $ 80,472 $ 79,971

PDMCX JOINT VENTURE (Tables)

PDMCX JOINT VENTURE (Tables)	12 Months Ended
	Oct. 31, 2024
PDMCX JOINT VENTURE [Abstract]
Net Income Recorded from Operations	The following table presents net income the Company recorded from the operations of PDMCX during the reporting periods. Years Ended October 31, 2024 October 31, 2023 October 31, 2022 Net income from PDMCX $ 20,074 $ 25,098 $ 16,714
Carrying Amounts and Exposure to Loss Related to Assets and Liabilities	The following table presents the carrying amounts of PDMCX assets and liabilities included in the Company’s consolidated balance sheets. General creditors of PDMCX do not have recourse to the assets of Photronics (other than the net assets of PDMCX); therefore, the Company’s maximum exposure to loss from PDMCX is the Company’s interest in the carrying amount of the net assets of the joint venture. October 31, 2024 October 31, 2023 Classification Carrying Amount Photronics Interest Carrying Amount Photronics Interest Current assets $ 174,059 $ 87,047 $ 135,960 $ 67,994 Noncurrent assets 151,039 75,535 136,334 68,181 Total assets 325,098 162,582 272,294 136,175 Current liabilities 40,691 20,350 36,305 18,156 Noncurrent liabilities 3,320 1,660 1,873 937 Total liabilities 44,011 22,010 38,178 19,093 Net assets $ 281,087 $ 140,572 $ 234,116 $ 117,082

ACCRUED LIABILITIES (Tables)

ACCRUED LIABILITIES (Tables)	12 Months Ended
	Oct. 31, 2024
ACCRUED LIABILITIES [Abstract]
Accrued Liabilities	Presented below are the components of Accrued liabilities October 31, 2024 October 31, 2023 Compensation related expenses $ 31,188 $ 37,218 Income taxes 24,200 24,080 Contract liabilities 12,375 9,965 Value added and other taxes 2,837 3,523 Property, plant, and equipment 2,670 6,624 Operating leases 1,925 1,912 Telecommunications and utilities 1,040 1,311 Service Contracts 1,448 2,613 Other 9,439 7,332 Accrued liabilities $ 87,122 $ 94,578

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Oct. 31, 2024
DEBT [Abstract]
Long-term Debt	As of October 31, 2024, the Current portion of long-term debt and the Long-term debt balances were comprised of finance leases as described below: As of October 31, 2024 Finance Leases Principal due: Next 12 months $ 17,972 Months 13 – 24 $ 12 Months 25 – 36 12 Months 37 – 48 1 Months 49 – 60 - Long-term debt 25 Total debt $ 17,997 Interest rate at balance sheet date N/A Basis spread on interest rates N/A Interest rate reset N/A Maturity date N/A Periodic payment amount Varies as Lease matures Periodic payment frequency Monthly Loan collateral (carrying amount) $ 32,293 (1) (1) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests. The table below provides information on the Company’s long-term debt as of October 31, 2023. As of October 31, 2023 Finance Leases Principal due: Next 12 months $ 6,621 Months 13 – 24 $ 17,972 Months 25 – 36 12 Months 37 – 48 13 Months 49 – 60 1 Long-term debt 17,998 Total debt $ 24,619 Interest rate at balance sheet date N/A Basis spread on interest rates N/A Interest rate reset N/A Maturity date N/A Periodic payment amount Varies as Lease matures Periodic payment frequency Monthly Loan collateral (carrying amount) $ 35,165 (1) (1) Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Oct. 31, 2024
OTHER LIABILITIES [Abstract]
Other Liabilities	Presented below are the components of Other liabilities October 31, 2024 October 31, 2023 Unrecognized tax benefit $ 14,720 $ 8,908 Post employment benefit 12,993 11,994 Contract liabilities 8,910 12,454 Tax payable 4,310 6,622 Operating lease 3,037 4,218 Other 3,494 3,195 Other liabilities $ 47,464 $ 47,391

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Oct. 31, 2024
REVENUE [Abstract]
Disaggregation of Revenue	The following tables present the Company’s revenue for the years ended October 31, 2024, October 31, 2023, and October 31, 2022, disaggregated by product type, geographic origin, and timing of recognition. Year Ended Revenue by Product Type October 31, 2024 October 31, 2023 October 31, 2022 IC High-end $ 228,469 $ 194,939 $ 195,332 Mainstream 409,682 456,340 397,694 Total IC $ 638,151 $ 651,279 $ 593,026 FPD High-end $ 195,365 $ 200,842 $ 186,988 Mainstream 33,430 39,955 44,535 Total FPD $ 228,795 $ 240,797 $ 231,523 $ 866,946 $ 892,076 $ 824,549 Year Ended Revenue by Geographic Origin* October 31, 2024 October 31, 2023 October 31, 2022 Taiwan $ 288,275 $ 316,889 $ 291,342 China 232,941 245,378 212,598 Korea 158,017 162,235 156,139 United States 146,652 128,879 126,205 Europe 39,244 36,579 36,402 Other 1,817 2,116 1,863 $ 866,946 $ 892,076 $ 824,549 * This table disaggregates revenue by the location in which it was earned. Year Ended Revenue by Timing of Recognition October 31, 2024 October 31, 2023 October 31, 2022 Over time $ 831,500 $ 838,628 $ 758,359 At a point in time 35,446 53,448 66,190 $ 866,946 $ 892,076 $ 824,549
Contract Balances	The following table provides information about the Company’s contract balances at the balance sheet dates. Classification October 31, October 31, 2023 Contract Assets Other current assets $ 11,532 $ 10,984 Contract Liabilities Accrued liabilities $ 12,375 $ 9,965 Other liabilities 8,910 12,454 $ 21,285 $ 22,419 The following table presents revenue recognized from contract liabilities that existed at the beginning of the reporting periods. October 31, 2024 October 31, 2023 October 31, 2022 Revenue recognized from beginning liability $ 12,222 $ 13,966 $ 8,934

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Oct. 31, 2024
LEASES [Abstract]
Information on Operating and Finance Leases Included in Consolidated Balance Sheets	The following table provides information on operating and finance leases included in the Company’s consolidated balance sheets. Classification October 31, 2024 October 31, 2023 ROU Assets – Operating Leases Other assets $ 5,010 $ 6,189 ROU Assets – Finance Leases Property, plant and equipment, net $ 32,293 $ 35,165 Lease Liabilities – Operating Leases Accrued liabilities $ 1,925 $ 1,912 Other liabilities 3,037 4,218 $ 4,962 $ 6,130 Lease Liabilities – Finance Leases Current portion of long-term debt $ 17,972 $ 6,621 Long-term debt 25 17,998 $ 17,997 $ 24,619
Future Lease Payments under Noncancelable Operating and Finance Leases	The following table presents future lease payments under noncancelable operating and finance leases as of October 31, 2024. Imputed interest represents the difference between undiscounted cash flows and discounted cash flows. Fiscal Year Operating Leases Finance Leases 2025 $ 2,039 18,027 2026 1,651 13 2027 1,228 13 2028 267 1 2029 and thereafter 6 - Total lease payments $ 5,191 18,054 Imputed interest (229 ) (57 ) Lease liabilities $ 4,962 17,997
Lease Costs	The following table presents lease costs for 2024, 2023, and 2022. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Operating lease costs $ 2,255 $ 2,278 $ 2,253 Short-term lease costs $ 1,273 $ 462 $ 469 Variable lease costs $ 595 $ 656 $ 603 Interest on finance lease $ 330 $ 426 $ 522 Amortization of ROU assets $ 2,950 $ 2,870 $ 2,917
Weighted-Average Remaining Lease Terms And Weighted-Average Discount Rates	The following table presents statistical information related to the Company’s operating and finance leases. The information presented is as of the balance sheet dates. October 31, 2024 October 31, 2023 Classification Weighted- average remaining lease term (in years) Weighted- average discount rate Weighted- average remaining lease term (in years) Weighted- average discount rate Operating leases 2.8 3.2 % 3.7 2.4 % Finance leases 0.2 1.5 % 1.2 1.5 %
Cash and Non-cash Information Related to Leases	The following table presents the effects of leases on the Company’s 2024, 2023, and 2022 consolidated statements of cash flows, and provides leases-related non-cash information for those years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Operating cash flows used for operating leases $ 2,241 $ 2,271 $ 2,259 Operating cash flows used for finance leases $ 330 $ 429 $ 566 Financing cash flows used for finance leases $ 6,621 $ 6,521 $ 7,289 ROU assets obtained in exchange for operating lease obligations $ 842 $ 5,116 $ 513

SHARE-BASED COMPENSATION (Table

SHARE-BASED COMPENSATION (Tables)	12 Months Ended
	Oct. 31, 2024
SHARE-BASED COMPENSATION [Abstract]
Share-based Compensation Expenses	The table below presents information on the Company’s share-based compensation expenses for the three most recent fiscal years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Expense reported in: Cost of goods sold $ 2,704 $ 1,259 $ 868 Selling, general, and administrative 10,124 5,962 4,803 Research and development 1,062 780 637 Total expense incurred $ 13,890 $ 8,001 $ 6,308 Expense by award type: Restricted stock awards * $ 13,868 $ 7,909 $ 5,800 Stock options - 1 298 Employee stock purchase plan 22 91 210 Total expense incurred $ 13,890 $ 8,001 $ 6,308 Income tax benefits of share-based compensation $ 1,156 $ 715 $ 449 * During the year ended October 31, 2024, upon the departure of two executives from the Company and in accordance with the terms of their separation agreements, previously granted time-vesting restricted stock awards accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as a modification, and recognized $1.2 million of incremental stock-based compensation for the acceleration of restricted stock awards, within selling, general and administrative expenses on the Consolidated Statements of Income for the year ended October 31, 2024.
Restricted Stock Awards Activity	A summary of restricted stock award activity during 2024 and the status of the Company’s restricted stock awards as of October 31, 2024, is presented below. Restricted Stock Shares Weighted-Average Fair Value at Grant Date Outstanding at October 31, 2023 1,238,297 $ 16.27 Granted 865,050 29.50 Vested (550,069 ) 17.74 Cancelled (129,676 ) 21.90 Outstanding at October 31, 2024 1,423,602 23.23 Expected to vest as of October 31, 2024 1,292,883 23.14
Additional Information on Restricted Stock Awards	The table below presents additional information on the Company’s Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Number of shares granted 865,050 791,925 654,224 Weighted-average grant-date fair value of awards (in dollars per share) $ 29.50 $ 16.84 $ 18.73 Compensation costs not yet recognized $ 21,303 $ 12,760 $ 8,949 Weighted-average amortization period (in years) 2.8 2.8 2.7 Fair value of awards for which restrictions lapsed $ 9,755 $ 6,256 $ 5,212 Shares outstanding at balance sheet date 1,423,602 1,238,297 893,704
Stock Options Activity	The table below presents a summary of stock options activity during 2024 and information on stock options outstanding at October 31, 2024. Shares Weighted-Average Exercise Price Weighted-Average Remaining Contractual Life Aggregate Intrinsic Value Outstanding at October 31, 2023 472,275 $ 10.18 Granted - $ - Exercised (191,650 ) $ 9.86 Cancellations, forfeitures, and adjustments (3,000 ) $ 10.43 Outstanding at October 31, 2024 277,625 $ 10.39 1.94 years $ 3,445 Exercisable at October 31, 2024 277,625 $ 10.39 1.94 years $ 3,445 Expected to vest as of October 31, 2024 - $ - - years $ -
Additional Information on Stock Option Awards	The table below presents additional information on stock option awards for the three most recent fiscal years. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Number of options granted in period - - - Total intrinsic value of options exercised $ 2,981 $ 1,654 $ 5,108 Cash received from option exercises $ 1,888 $ 1,101 $ 5,275 Compensation cost not yet recognized $ - $ - $ 13 Weighted-average amortization period for cost not yet recognized (in years) - - 0.2

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Oct. 31, 2024
INCOME TAXES [Abstract]
Income Before Income Tax Provision for Domestic and Foreign	Income before the income tax provisions consists of the following: Year Ended October 31, 2024 October 31, 2023 October 31, 2022 United States $ 20,145 $ (1,737 ) $ 1,813 Foreign 227,270 271,683 237,220 $ 247,415 $ 269,946 $ 239,033
Income Tax Provision	The components of our income tax provisions are presented below. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Current: Federal $ - $ - $ - State 95 14 1 Foreign 64,861 71,225 58,981 64,956 71,239 58,982 Deferred: Federal - - - State 13 12 10 Foreign (1,402 ) (939 ) 799 (1,389 ) (927 ) 809 Total $ 63,567 $ 70,312 $ 59,791
Income Tax Rate Reconciliation	The table below presents a reconciliation of income taxes calculated by applying the statutory U.S. federal income tax rate to our income tax provisions of the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 U.S. federal income tax at statutory rate $ 51,957 $ 56,689 $ 50,197 Changes in valuation allowance (1,986 ) (256 ) (1,462 ) Foreign rate differential 10,695 11,394 7,941 Tax credits (5,209 ) (2,425 ) (1,368 ) Uncertain tax positions, including reserves, settlements and resolutions 6,226 3,328 3,214 Other, net 1,884 1,582 1,269 Income tax provision $ 63,567 $ 70,312 $ 59,791 Reporting Period U.S. Statutory Tax Rates Photronics Effective Tax Rates Primary Reasons for Differences 2024 21.0% 25.7% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances. 2023 21.0% 26.0% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions, the establishment of uncertain tax positions in non-U.S. jurisdiction and loss jurisdiction pre-tax losses not being benefited due to valuation allowances. 2022 21.0% 25.0% Non-U.S. pre-tax income being taxed at higher statutory rates in non-U.S. jurisdictions; and the establishment of uncertain tax positions in non-U.S. jurisdiction.
Net Deferred Income Tax Assets	The net deferred income tax assets consist of the following: As of October 31, 2024 October 31, 2023 Deferred income tax assets Net operating losses $ 18,941 $ 26,377 Reserves not currently deductible 9,892 8,776 Tax credit carryforwards 12,550 10,442 Share-based compensation 3,102 1,892 Property, plant and equipment 10,710 9,844 Research intangibles 2,721 - Lease liabilities 4,116 5,743 62,032 63,074 Valuation allowances (30,633 ) (32,619 ) 31,399 30,455 Deferred income tax liabilities ROU assets (7,351 ) (8,193 ) Other (1,458 ) (1,200 ) (8,809 ) (9,393 ) Net deferred income tax assets $ 22,590 $ 21,062 Classification Deferred income tax assets $ 23,059 $ 21,297 Other liabilities (469 ) (235 ) $ 22,590 $ 21,062
Operating Loss Carryforwards	The following tables present our available operating loss and credit carryforwards as of October 31, 2024, and their related expiration periods. Operating Loss Carryforwards Amount Expiration Period Federal $ 55,729 2030 State $ 135,736 2025 Foreign $ 165 2025 2034
Tax Credit Carryforwards	Tax Credit Carryforwards Amount Expiration Period Federal research and development $ 6,042 2025 2044 Federal 48D credit $ 2,276 2043 2044 State $ 5,357 2025 2038
Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits	A reconciliation of the beginning and ending amounts of unrecognized tax benefits is presented below. The amounts in the table include settlements of non-U.S. audits. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Balance at beginning of year before interest and penalties $ 8,332 $ 5,204 $ 3,534 (Reductions) additions of tax positions in prior years 86 209 (355 ) Additions based on current year tax positions 6,139 3,361 2,892 Settlements (835 ) (423 ) (848 ) Lapses of statutes of limitations (30 ) (19 ) (19 ) Balance at end of year before interest and penalties 13,692 8,332 5,204 Interest and penalties 1,028 576 395 Balance at end of year including interest and penalties $ 14,720 $ 8,908 $ 5,599
Unrecognized Tax Benefits	The following table presents additional information on our uncertain tax positions, as of the balance sheet dates. October 31, 2024 October 31, 2023 Unrecognized tax benefits that, if recognized, would impact the effective tax rate $ 14,720 $ 8,908 Accrued interest and penalties related to uncertain tax positions $ 1,028 $ 576
Income Tax Payments and Refunds	The table below presents income taxes paid and refunds of income taxes received during the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Income taxes paid $ 62,520 $ 70,362 $ 37,770 Income tax refunds received $ 2,519 $ 485 $ 388

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Oct. 31, 2024
EARNINGS PER SHARE [Abstract]
Calculation of Basic and Diluted Earnings Per Share	The calculation of basic and diluted earnings per share is presented below. Year Ended October 31, October 31, October 31, (in thousands, except for per share data) 2024 2023 2022 Net income attributable to Photronics, Inc. shareholders $ 130,688 $ 125,485 $ 118,786 Effect of dilutive securities - - - Earnings used for diluted earnings per share $ 130,688 $ 125,485 $ 118,786 Weighted-average common shares outstanding: Basic 61,726 61,139 60,559 Effect of dilutive securities: Share-based payment awards 665 616 630 Potentially dilutive common shares 665 616 630 Weighted-average common shares-Diluted 62,391 61,755 61,189 Earnings per share: Net Income attributable to Photronics shareholders - Basic $ 2.12 $ 2.05 $ 1.96 Net Income attributable to Photronics shareholders - Diluted $ 2.09 $ 2.03 $ 1.94
Outstanding Securities Excluded from Calculation of Diluted Earnings or Loss Per Share	The table below sets forth the outstanding weighted-average share-based payment awards that were excluded from the calculation of diluted earnings per share because their exercise price exceeded the average market value of the common shares for the period or, under application of the treasury stock method, they were otherwise determined to be antidilutive. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Share based payment awards 371 136 314 Total potentially dilutive shares excluded 371 136 314

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Oct. 31, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
Unrecognized Commitments	Presented below are the Company’s unrecognized unconditional purchase obligations, which are mainly payments for the acquisition of property, plant and equipment, with a remaining term in excess of one year as of October 31, 2024. The amounts below do not include the Company’s commitments under the Company’s debt and lease arrangements, which are presented in Notes 8 and 11, respectively. Fiscal Year Unrecognized Commitments 2025 $ 70,992 2026 3,052 2027 1 2028 1 2029 - Thereafter - Total $ 74,046

CHANGES IN ACCUMULATED OTHER _2

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Tables)	12 Months Ended
	Oct. 31, 2024
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Changes in Accumulated Other Comprehensive (Loss) Income by Component	The following tables set forth the changes in the Company’s accumulated other comprehensive (loss) income by component (net of tax of $0) for the years ended October 31, 2024, and October 31, 2023. Year Ended October 31, 2024 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2023 $ (88,044 ) $ (690 ) $ (88,734 ) Other comprehensive income (loss) 8,630 (81 ) 8,549 Other comprehensive (loss) income attributable to noncontrolling interests (6,173 ) 39 (6,134 ) Balance at October 31, 2024 $ (85,587 ) $ (732 ) $ (86,319 ) Year Ended October 31, 2023 Foreign Currency Translation Adjustments Other Total Balance at October 31, 2022 $ (97,790 ) $ (666 ) $ (98,456 ) Other comprehensive income (loss) 5,615 (3 ) 5,612 Other comprehensive income (loss) attributable to noncontrolling interests 4,131 (21 ) 4,110 Balance at October 31, 2023 $ (88,044 ) $ (690 ) $ (88,734 )

RISKS AND CONCENTRATIONS (Table

RISKS AND CONCENTRATIONS (Tables)	12 Months Ended
	Oct. 31, 2024
Concentration Risk [Line Items]
Long-Lived Assets by Geographic Area	As of the balance sheet dates, the Company’s long-lived assets and net assets were, by geographic area, as presented below. October 31, 2024 October 31, 2023 Long-lived Assets Net Assets Long-lived Assets Net Assets China $ 256,072 $ 379,460 $ 249,357 $ 317,409 Europe and Other 7,010 (420 ) 7,294 (2,175 ) United States 144,634 217,890 140,733 188,712 Korea 123,631 315,597 119,438 281,941 Taiwan 213,910 568,232 199,313 489,722 $ 745,257 $ 1,480,759 $ 716,135 $ 1,275,609
Accounts Receivable [Member]
Concentration Risk [Line Items]
Concentration of Risk Factor	The following table presents the percentages of the Company’s net accounts receivable attributable to customers that accounted for more than ten percent of the total balance as of the balance sheet dates. October 31, 2024 October 31, 2023 Customer A 19.2 % 21 % Customer B 14.6 % 10 %
Revenue [Member]
Concentration Risk [Line Items]
Concentration of Risk Factor	The following table presents the percentages of the Company’s revenue attributable to customers that accounted for more than ten percent of the total revenue during the reporting periods. Year Ended October 31, 2024 October 31, 2023 October 31, 2022 Customer A 15 % 14 % 15 % Customer B 12 % 10 % 11 % Customer C 9 % 13 % 5 %

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Oct. 31, 2024
FAIR VALUE MEASUREMENTS [Abstract]
Assets Measured at Fair Value on Recurring Basis	The following are the major categories of assets measured at fair value on a recurring basis using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2) and significant unobservable inputs (Level 3): October 31, 2024 October 31, 2023 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total U.S. Government Securities $ - $ - $ - $ - $ 12,915 $ - $ - $ 12,915 Time deposits - 42,184 - 42,184 - - - - Money market funds 36,322 - - 36,322 19,187 - - 19,187 Total $ 36,322 $ 42,184 $ - $ 78,506 $ 32,102 $ - $ - $ 32,102

SHARE REPURCHASE PROGRAMS (Tabl

SHARE REPURCHASE PROGRAMS (Tables)	12 Months Ended
	Oct. 31, 2024
SHARE REPURCHASE PROGRAMS [Abstract]
Shares Repurchase Programs	The table below presents information on the repurchase programs for the three most recent fiscal years . 2024 Purchases 2023 Purchases 2022 Purchases Number of shares repurchased - - 187 Cost of shares repurchased $ - $ - $ 2,522 Average price paid per share $ - $ - $ 13.43

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Business (Details)	12 Months Ended
	Oct. 31, 2024 Facility
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	11
Taiwan [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
China [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2
Korea [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	1
United States [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	3
Europe [Member]
Manufacturing Facilities [Abstract]
Number of manufacturing facilities	2

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Principles of Consolidation (Details)	Oct. 31, 2024
Principles of Consolidation [Abstract]
Percentage of ownership interest in subsidiaries	100%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Restricted Cash (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Restricted Cash [Abstract]
Restricted cash	$ 2,758	$ 2,575	$ 2,729

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Investments (Details) - USD ($) $ in Thousands		Oct. 31, 2024	Oct. 31, 2023
Available-for-sale [Abstract]
Amortized cost		$ 42,184	$ 12,913
Unrealized gains		0	4
Unrealized losses		0	(2)
Carrying Value		42,184	12,915
Time Deposits [Member]
Available-for-sale [Abstract]
Amortized cost		42,184	0
Unrealized gains		0	0
Unrealized losses		0	0
Carrying Value		42,184	0
U.S. Government Securities [Member]
Available-for-sale [Abstract]
Amortized cost	[1]	0	12,913
Unrealized gains	[1]	0	4
Unrealized losses	[1]	0	(2)
Carrying Value	[1]	$ 0	$ 12,915
[1]Matured during 2024

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Property, Plant and Equipment, Net (Details)	Oct. 31, 2024
Buildings and Improvements [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	10 years
Buildings and Improvements [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	39 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	15 years
Furniture, Fixtures and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	3 years
Furniture, Fixtures and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Abstract]
Estimated useful lives	5 years

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023
Contract with Customer, Asset and Liability [Abstract]
Impairment loss on contract assets	$ 0	$ 0
Impairment loss on accounts receivable	$ 0	$ 0
Minimum [Member]
Product Warranty [Abstract]
Product warranty period	1 month
Maximum [Member]
Product Warranty [Abstract]
Product warranty period	24 months
IC [Member] | Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	7 days
Customer order, extended satisfaction period	2 months
IC [Member] | Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
Customer order, extended satisfaction period	3 months
FPD [Member] | Minimum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	14 days
FPD [Member] | Maximum [Member]
Backlog of Orders [Abstract]
Customer order, expected satisfaction period	21 days

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Research and Development Expense [Abstract]
Research and development expenses	$ 16,576	$ 13,654	$ 18,341

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Government Grants (Details) $ in Millions	12 Months Ended
	Oct. 31, 2024 USD ($)
Government Grants [Abstract]
Decrease in property and equipment, net	$ (5)

SUMMARY OF SIGNIFICANT ACCOU_12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, Variable Interest Entities (Details)	12 Months Ended
	Oct. 31, 2024
Minimum [Member] | Photronics and DNP [Member]
Variable Interest Entities [Abstract]
Ownership percentage	20%

ACCOUNTS RECEIVABLE (Details)

ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
ACCOUNTS RECEIVABLE [Abstract]
Accounts Receivable	$ 172,741	$ 171,433
Unbilled Receivable	29,215	24,593
Allowance for Credit Losses	(1,126)	(1,099)
Total	$ 200,830	$ 194,927

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands		Oct. 31, 2024	Oct. 31, 2023
OTHER CURRENT ASSETS [Abstract]
Contract assets		$ 11,532	$ 10,984
Prepaid expenses		5,770	10,031
Recoverable value added taxes		2,684	2,312
Prepaid and refundable income taxes		1,875	2,489
Other	[1]	11,175	2,537
Total other current assets		33,036	$ 28,353
Expected tax credits receivable		$ 5,000
[1]The Company expects to receive refundable federal investment tax credits of $5 million through CHIPS Act in connection with the Company’s ongoing expansion projects.

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
INVENTORIES [Abstract]
Raw materials	$ 56,128	$ 48,948
Work in process	398	1,010
Finished goods	1	5
Inventories	$ 56,527	$ 49,963

PROPERTY, PLANT AND EQUIPMENT_3

PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 2,319,357	$ 2,209,453
Accumulated depreciation and amortization	(1,574,100)	(1,500,209)
Property, plant and equipment, net	745,257	709,244
Finance lease, Right-of-use asset [Abstract]
Finance lease, right-of-use asset, gross	42,815	42,820
Accumulated amortization	(10,522)	(7,655)
Finance lease, right-of-use asset, net	32,293	35,165
Depreciation Expense [Abstract]
Depreciation and amortization expense	82,433	80,472	$ 79,971
Land [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	11,419	11,378
Buildings and Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	188,756	185,850
Machinery and Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	1,990,610	1,922,041
Leasehold Improvements [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	19,268	18,894
Furniture, Fixtures and Office Equipment [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	18,091	15,856
Construction in Progress [Member]
Property, plant and equipment [Abstract]
Property, plant and equipment, gross	$ 91,213	$ 55,434

PDMCX JOINT VENTURE, VIE (Detai

PDMCX JOINT VENTURE, VIE (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2018	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Variable Interest Entity [Abstract]
Long-term debt		$ 25	$ 17,998
Photronics and DNP [Member]
Variable Interest Entity [Abstract]
Period before put or purchase option can be exercised		6 months
Number of business days for obtaining required approvals and clearance for exiting party		3 days
Net Income (Loss) from Operations [Abstract]
Net income from PDMCX		$ 20,074	25,098	$ 16,714
Photronics and DNP [Member] | Minimum [Member]
Variable Interest Entity [Abstract]
Ownership percentage		20%
PDMCX [Member]
Variable Interest Entity [Abstract]
Long-term debt			$ 0
Photronics Interest [Member]
Variable Interest Entity [Abstract]
Ownership percentage		50.01%
DNP [Member]
Variable Interest Entity [Abstract]
Ownership percentage	49.99%

PDMCX JOINT VENTURE, Carrying A

PDMCX JOINT VENTURE, Carrying Amounts of Assets and Liabilities (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Carrying amounts of assets and liabilities [Abstract]
Current assets	$ 931,062	$ 785,450
Total assets	1,712,059	1,526,221
Current liabilities	183,811	185,223
Total liabilities	231,300	250,612
Net assets	1,480,759	1,275,609
Carrying Amount [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	174,059	135,960
Noncurrent assets	151,039	136,334
Total assets	325,098	272,294
Current liabilities	40,691	36,305
Noncurrent liabilities	3,320	1,873
Total liabilities	44,011	38,178
Net assets	281,087	234,116
Photronics Interest [Member]
Carrying amounts of assets and liabilities [Abstract]
Current assets	87,047	67,994
Noncurrent assets	75,535	68,181
Total assets	162,582	136,175
Current liabilities	20,350	18,156
Noncurrent liabilities	1,660	937
Total liabilities	22,010	19,093
Net assets	$ 140,572	$ 117,082

ACCRUED LIABILITIES (Details)

ACCRUED LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
ACCRUED LIABILITIES [Abstract]
Compensation related expenses	$ 31,188	$ 37,218
Income taxes	24,200	24,080
Contract liabilities	12,375	9,965
Value added and other taxes	2,837	3,523
Property, plant, and equipment	2,670	6,624
Operating leases	1,925	1,912
Telecommunications and utilities	1,040	1,311
Service Contracts	1,448	2,613
Other	9,439	7,332
Accrued liabilities	$ 87,122	$ 94,578

DEBT, Long-term Debt (Details)

DEBT, Long-term Debt (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2024	Oct. 31, 2023
Long-term debt [Abstract]
Long-term debt		$ 25	$ 17,998
Finance Leases [Member]
Long Term Debt Maturing In Year One [Abstract]
Next 12 months		17,972	6,621
Long-term debt [Abstract]
Months 13 - 24		12	17,972
Months 25 - 36		12	12
Months 37 - 48		1	13
Months 49 - 60		0	1
Long-term debt		25	17,998
Total debt		$ 17,997	$ 24,619
Periodic payment amount		Varies as Lease matures	Varies as Lease matures
Periodic payment frequency		Monthly	Monthly
Loan collateral (carrying amount)	[1]	$ 32,293	$ 35,165
[1]Represents the carrying amount at the balance sheet date of the related ROU assets, in which the lessors have secured interests.

DEBT, Finance Leases (Details)

DEBT, Finance Leases (Details) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2021	Jan. 31, 2021	Oct. 31, 2024	Oct. 31, 2023	Dec. 31, 2020
Debt Instruments [Abstract]
Finance lease amount			$ 17,997	$ 24,619
$7.2 Million Finance Lease [Member]
Debt Instruments [Abstract]
Finance lease contract term			5 years
Finance lease amount	$ 7,200
Early buyout option to purchase tool	2,400
$7.2 Million Finance Lease [Member] | Monthly [Member]
Debt Instruments [Abstract]
Finance lease monthly payments	$ 100
$35.5 Million Finance Lease [Member]
Debt Instruments [Abstract]
Finance lease contract term			5 years
Finance lease amount					$ 35,500
Early buyout option to purchase tool		$ 14,100
$35.5 Million Finance Lease [Member] | First Three Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		40
$35.5 Million Finance Lease [Member] | Following Nine Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		600
$35.5 Million Finance Lease [Member] | Forty Eight Months [Member]
Debt Instruments [Abstract]
Finance lease monthly payments		500
$35.5 Million Finance Lease [Member] | Minimum [Member]
Debt Instruments [Abstract]
Outstanding committed balance for cross default provision		$ 5,000

DEBT, Xiamen Project Loans (Det

DEBT, Xiamen Project Loans (Details) - Xiamen Project Loans [Member] ¥ in Millions, $ in Millions	1 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 28, 2023 CNY (¥)	Oct. 31, 2024 USD ($)	Nov. 30, 2018 CNY (¥)
Project Loans [Abstract]
Maximum borrowing capacity | ¥				¥ 345
Repayments of long-term debt	$ 3.9	¥ 26.4
Amount outstanding | $			$ 0

DEBT, Xiamen Working Capital Lo

DEBT, Xiamen Working Capital Loans (Details) - Xiamen Working Capital Loans [Member] ¥ in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CNY (¥)	Oct. 31, 2024 USD ($)	Oct. 31, 2024 CNY (¥)	Nov. 30, 2018 USD ($)	Nov. 30, 2018 CNY (¥)
Debt Instruments [Abstract]
Maximum borrowing capacity			$ 28.1	¥ 200	$ 25	¥ 200
Expiration date			Jul. 31, 2025
Repayments of long-term debt	$ 3.6	¥ 25.6
Amount outstanding			$ 0

DEBT, Corporate Credit Agreemen

DEBT, Corporate Credit Agreement (Details) - Corporate Credit Agreement [Member] - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Sep. 30, 2018
Debt Instruments [Abstract]
Term of loan	5 years
Current borrowing capacity		$ 50
Maximum borrowing capacity		100
Cash limit for dividends, distributions and redemption on equity		$ 50
Amount outstanding	$ 0

DEBT, Interest Paid for Debt (D

DEBT, Interest Paid for Debt (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Interest Paid [Abstract]
Interest payments	$ 0.3	$ 0.5	$ 2.8
Weighted-average interest rate	1.50%	1.50%

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
OTHER LIABILITIES [Abstract]
Unrecognized tax benefit	$ 14,720	$ 8,908
Post employment benefit	12,993	11,994
Contract liabilities	8,910	12,454
Tax payable	4,310	6,622
Operating lease	3,037	4,218
Other	3,494	3,195
Other liabilities	$ 47,464	$ 47,391

REVENUE, Disaggregation of Reve

REVENUE, Disaggregation of Revenue (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Disaggregation of Revenue [Abstract]
Revenue	[1]	$ 866,946	$ 892,076	$ 824,549
IC [Member]
Disaggregation of Revenue [Abstract]
Revenue		638,151	651,279	593,026
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue		228,469	194,939	195,332
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue		409,682	456,340	397,694
FPD [Member]
Disaggregation of Revenue [Abstract]
Revenue		228,795	240,797	231,523
High-end [Member]
Disaggregation of Revenue [Abstract]
Revenue		195,365	200,842	186,988
Mainstream [Member]
Disaggregation of Revenue [Abstract]
Revenue		33,430	39,955	44,535
Taiwan [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	288,275	316,889	291,342
China [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	232,941	245,378	212,598
Korea [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	158,017	162,235	156,139
United States [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	146,652	128,879	126,205
Europe [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	39,244	36,579	36,402
Other [Member]
Disaggregation of Revenue [Abstract]
Revenue	[1]	1,817	2,116	1,863
Over Time [Member]
Disaggregation of Revenue [Abstract]
Revenue		831,500	838,628	758,359
At a Point in Time [Member]
Disaggregation of Revenue [Abstract]
Revenue		$ 35,446	$ 53,448	$ 66,190
[1]This table disaggregates revenue by the location in which it was earned.

REVENUE, Contract Assets, Liabi

REVENUE, Contract Assets, Liabilities and Accounts Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 21,285	$ 22,419
Change in Contract with Customer, Liability [Abstract]
Revenue recognized from beginning liability	12,222	13,966	$ 8,934
Other Current Assets [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract assets	11,532	10,984
Accrued Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	12,375	9,965
Other Liabilities [Member]
Contract with Customer, Asset and Liability [Abstract]
Contract liabilities	$ 8,910	$ 12,454
Minimum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	30 days
Maximum [Member]
Revenue, Performance Obligation [Abstract]
Product invoice term	90 days

LEASES, Information on Operatin

LEASES, Information on Operating and Finance Leases included on Balance Sheet (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Operating and Finance Leases included in Consolidated Balance Sheets [Abstract]
ROU Assets - Operating Leases	$ 5,010	$ 6,189
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
ROU Assets - Finance Leases	$ 32,293	$ 35,165
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, Plant and Equipment, Net	Property, Plant and Equipment, Net
Operating Lease Liability [Abstract]
Operating Lease Liability - Current	$ 1,925	$ 1,912
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued Liabilities, Current	Accrued Liabilities, Current
Operating Lease Liability, Noncurrent	$ 3,037	$ 4,218
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Lease Liabilities - Operating Leases	$ 4,962	$ 6,130
Finance Lease Liability [Abstract]
Finance Lease Liability, Current	$ 17,972	$ 6,621
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation, Current	Long-Term Debt and Lease Obligation, Current
Finance Lease Liability, Noncurrent	$ 25	$ 17,998
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Long-Term Debt and Lease Obligation	Long-Term Debt and Lease Obligation
Lease Liabilities - Finance Leases	$ 17,997	$ 24,619

LEASES, Future Lease Payments U

LEASES, Future Lease Payments Under Noncancelable Operating and Finance Leases (Details) - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Future Lease Payments Under Noncancelable Operating Leases [Abstract]
2025	$ 2,039
2026	1,651
2027	1,228
2028	267
2029 and thereafter	6
Total lease payments	5,191
Imputed interest	(229)
Operating lease liabilities	4,962	$ 6,130
Future Lease Payments Under Noncancelable Finance Leases [Abstract]
2025	18,027
2026	13
2027	13
2028	1
2029 and thereafter	0
Total lease payments	18,054
Imputed interest	(57)
Finance lease liabilities	$ 17,997	$ 24,619

LEASES, Lease Cost (Details)

LEASES, Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Lease, Cost [Abstract]
Operating lease costs	$ 2,255	$ 2,278	$ 2,253
Short-term lease costs	1,273	462	469
Variable lease costs	595	656	603
Interest on finance lease	330	426	522
Amortization of ROU assets	$ 2,950	$ 2,870	$ 2,917

LEASES, Operating and Finance L

LEASES, Operating and Finance Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Weighted Average Remaining Lease Terms, Discount Rates [Abstract]
Operating leases, Weighted-average remaining lease term	2 years 9 months 18 days	3 years 8 months 12 days
Operating leases, Weighted-average discount rate	3.20%	2.40%
Finance leases, Weighted-average remaining lease term	2 months 12 days	1 year 2 months 12 days
Finance leases, Weighted-average discount rate	1.50%	1.50%
Cash and Non-cash Information Related to Leases [Abstract]
Operating cash flows used for operating leases	$ 2,241	$ 2,271	$ 2,259
Operating cash flows used for finance leases	330	429	566
Financing cash flows used for finance leases	6,621	6,521	7,289
ROU assets obtained in exchange for operating lease obligations	$ 842	$ 5,116	$ 513

SHARE-BASED COMPENSATION (Detai

SHARE-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands			12 Months Ended
		Mar. 16, 2023 shares	Oct. 31, 2024 USD ($) Executive $ / shares shares	Oct. 31, 2023 USD ($) $ / shares shares	Oct. 31, 2022 USD ($) $ / shares shares	Mar. 15, 2023 shares
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares) | shares		5,000,000				4,000,000
Additional shares available for issuance (in shares) | shares		1,000,000
Number of executives departed from company | Executive			2
Expense incurred			$ 13,890	$ 8,001	$ 6,308
Income tax benefits of share-based compensation			1,156	715	449
Cost of Goods Sold [Member]
Share-based Compensation [Abstract]
Expense incurred			2,704	1,259	868
Selling, General and Administrative [Member]
Share-based Compensation [Abstract]
Expense incurred			10,124	5,962	4,803
Research and Development [Member]
Share-based Compensation [Abstract]
Expense incurred			1,062	780	637
Restricted Stock [Member]
Share-based Compensation [Abstract]
Expense incurred	[1]		$ 13,868	$ 7,909	$ 5,800
Shares [Roll Forward]
Outstanding at beginning of period (in shares) | shares			1,238,297	893,704
Granted (in shares) | shares			865,050	791,925	654,224
Vested (in shares) | shares			(550,069)
Cancelled (in shares) | shares			(129,676)
Outstanding at end of period (in shares) | shares			1,423,602	1,238,297	893,704
Expected to vest (in shares) | shares			1,292,883
Weighted-Average Fair Value at Grant Date [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 16.27
Granted (in dollars per share) | $ / shares			29.5	$ 16.84	$ 18.73
Vested (in dollars per share) | $ / shares			17.74
Cancelled (in dollars per share) | $ / shares			21.9
Outstanding at end of period (in dollars per share) | $ / shares			23.23	$ 16.27
Expected to vest (in dollars per share) | $ / shares			$ 23.14
Fair value of awards for which restrictions lapsed			$ 9,755	$ 6,256	$ 5,212
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized			$ 21,303	$ 12,760	$ 8,949
Weighted-average amortization period (in years)			2 years 9 months 18 days	2 years 9 months 18 days	2 years 8 months 12 days
Restricted Stock [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period			1 year
Restricted Stock [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period			4 years
Restricted Stock [Member] | Selling, General and Administrative [Member] | Executive [Member]
Share-based Compensation [Abstract]
Expense incurred			$ 1,200
Stock Options [Member]
Share-based Compensation [Abstract]
Expense incurred			0	$ 1	$ 298
Estimated Expenses Not Yet Incurred [Abstract]
Compensation cost not yet recognized			$ 0	$ 0	$ 13
Weighted-average amortization period (in years)					2 months 12 days
Stock Options Activity [Abstract]
Contractual term			10 years
Shares [Roll Forward]
Outstanding at beginning of period (in shares) | shares			472,275
Granted (in shares) | shares			0	0	0
Exercised (in shares) | shares			(191,650)
Cancellations, forfeitures, and adjustments (in shares) | shares			(3,000)
Outstanding at end of period (in shares) | shares			277,625	472,275
Exercisable at end of period (in shares) | shares			277,625
Expected to vest (in shares) | shares			0
Weighted-Average Exercise Price [Abstract]
Outstanding at beginning of period (in dollars per share) | $ / shares			$ 10.18
Granted (in dollars per share) | $ / shares			0
Exercised (in dollars per share) | $ / shares			9.86
Cancellations, forfeitures, and adjustments (in dollars per share) | $ / shares			10.43
Outstanding at end of period (in dollars per share) | $ / shares			10.39	$ 10.18
Exercisable at end of period (in dollars per share) | $ / shares			10.39
Expected to vest (in dollars per share) | $ / shares			$ 0
Weighted-Average Remaining Contractual Life [Abstract]
Outstanding at end of period			1 year 11 months 8 days
Exercisable at end of period			1 year 11 months 8 days
Aggregate Intrinsic Value [Abstract]
Outstanding at end of period			$ 3,445
Exercisable at end of period			3,445
Expected to vest			0
Options Exercised [Abstract]
Total intrinsic value of options exercised			2,981	$ 1,654	$ 5,108
Cash received from options exercises			$ 1,888	1,101	5,275
Stock Options [Member] | Minimum [Member]
Share-based Compensation [Abstract]
Award vesting period			1 year
Stock Options [Member] | Maximum [Member]
Share-based Compensation [Abstract]
Award vesting period			4 years
Employee Stock Purchase Plan [Member]
Share-based Compensation [Abstract]
Maximum number of shares of common stock that may be issued (in shares) | shares			1,850,000
Expense incurred			$ 22	$ 91	$ 210
Award vesting period			1 year
Options Exercised [Abstract]
Percent of market price that participants pay for shares subscribed			85%
Total shares issued since inception (in shares) | shares			1,600,000
Unrecognized compensation cost			$ 200
[1]During the year ended October 31, 2024, upon the departure of two executives from the Company and in accordance with the terms of their separation agreements, previously granted time-vesting restricted stock awards accelerated vesting. The Company accounted for the effects of the accelerated vesting of these stock awards as a modification, and recognized $1.2 million of incremental stock-based compensation for the acceleration of restricted stock awards, within selling, general and administrative expenses on the Consolidated Statements of Income for the year ended October 31, 2024.

EMPLOYEE RETIREMENT PLANS (Deta

EMPLOYEE RETIREMENT PLANS (Details) - USD ($) $ in Millions	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
EMPLOYEE RETIREMENT PLANS [Abstract]
Number of months of service completed to come under retirement plan	3 months
Minimum age of employees to come under retirement plan	18 years
Percentage of salary that can be contributed by the employee	50%
Maximum percentage of employees' contributions that Company will match	100%
Maximum percentage of employees' gross pay that Company will match	4%
Company's contribution to defined contribution retirement plans	$ 1.2	$ 0.8	$ 0.7

INCOME TAXES, Components of Inc

INCOME TAXES, Components of Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Components of Income Before Income Tax Provision [Abstract]
United States	$ 20,145	$ (1,737)	$ 1,813
Foreign	227,270	271,683	237,220
Income before income tax provision	247,415	269,946	239,033
Current [Abstract]
Federal	0	0	0
State	95	14	1
Foreign	64,861	71,225	58,981
Current income tax provision	64,956	71,239	58,982
Deferred [Abstract]
Federal	0	0	0
State	13	12	10
Foreign	(1,402)	(939)	799
Deferred income tax provision	(1,389)	(927)	809
Income tax provision, Total	63,567	70,312	59,791
Income Tax Provision Reconciliation [Abstract]
U.S. federal income tax at statutory rate	51,957	56,689	50,197
Changes in valuation allowance	(1,986)	(256)	(1,462)
Foreign rate differential	10,695	11,394	7,941
Tax credits	(5,209)	(2,425)	(1,368)
Uncertain tax positions, including reserves, settlements and resolutions	6,226	3,328	3,214
Other, net	1,884	1,582	1,269
Income tax provision, Total	$ 63,567	$ 70,312	$ 59,791
U.S. statutory tax rates	21%	21%	21%
Photronics effective tax rates	25.70%	26%	25%
Deferred Income Tax Assets [Abstract]
Net operating losses	$ 18,941	$ 26,377
Reserves not currently deductible	9,892	8,776
Tax credit carryforwards	12,550	10,442
Share-based compensation	3,102	1,892
Property, plant and equipment	10,710	9,844
Lease liabilities	4,116	5,743
Research intangibles	2,721	0
Deferred tax assets	62,032	63,074
Valuation allowances	(30,633)	(32,619)
Deferred tax assets net of valuation allowance	31,399	30,455
Deferred Income Tax Liabilities [Abstract]
ROU assets	(7,351)	(8,193)
Other	(1,458)	(1,200)
Deferred income taxes liabilities	(8,809)	(9,393)
Net deferred income tax assets	22,590	21,062
Classification [Abstract]
Deferred income tax assets	23,059	21,297
Other liabilities	(469)	(235)
Net deferred income tax assets	$ 22,590	$ 21,062

INCOME TAXES, Unrecognized Tax

INCOME TAXES, Unrecognized Tax Benefits and Carryforwards (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Unrecognized Tax Benefits [Abstract]
Balance at beginning of year before interest and penalties	$ 8,332	$ 5,204	$ 3,534
Reductions of tax positions in prior years	86	209
Additions of tax positions in prior years			(355)
Additions based on current year tax positions	6,139	3,361	2,892
Settlements	(835)	(423)	(848)
Lapses of statutes of limitations	(30)	(19)	(19)
Balance at end of year before interest and penalties	13,692	8,332	5,204
Interest and penalties	1,028	576	395
Balance at end of year including interest and penalties	14,720	8,908	5,599
Income Tax Uncertainties [Abstract]
Unrecognized tax benefits that, if recognized, would impact the effective tax rate	14,720	8,908
Accrued interest and penalties related to uncertain tax positions	1,028	576	395
Uncertain tax positions that may be resolved over next twelve months	400
Income Tax Payments and Refunds [Abstract]
Income taxes paid	62,520	70,362	37,770
Income tax refunds received	2,519	$ 485	$ 388
Federal Research and Development [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 6,042
Federal Research and Development [Member] | Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2025
Federal Research and Development [Member] | Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2044
Federal 48D credit [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 2,276
Federal 48D credit [Member] | Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2043
Federal 48D credit [Member] | Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2044
State [Member]
Tax Credit Carryforward [Abstract]
Tax credit carryforward amount	$ 5,357
State [Member] | Minimum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2025
State [Member] | Maximum [Member]
Tax Credit Carryforward [Abstract]
Expiration period	Oct. 31, 2038
Federal [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 55,729
Federal [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2030
State [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 135,736
State [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2025
Foreign [Member]
Operating Loss Carryforward [Abstract]
Operating loss carryforwards amount	$ 165
Foreign [Member] | Minimum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2025
Foreign [Member] | Maximum [Member]
Operating Loss Carryforward [Abstract]
Expiration periods	Oct. 31, 2034

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Calculation of Basic and Diluted Earnings Per Share [Abstract]
Net income attributable to Photronics, Inc. shareholders	$ 130,688	$ 125,485	$ 118,786
Effect of dilutive securities	0	0	0
Earnings used for diluted earnings per share	$ 130,688	$ 125,485	$ 118,786
Weighted-average common shares outstanding [Abstract]
Basic (in shares)	61,726	61,139	60,559
Effect of Dilutive Securities [Abstract]
Share-based payment awards (in shares)	665	616	630
Potentially dilutive common shares (in shares)	665	616	630
Weighted-average common shares-Diluted (in shares)	62,391	61,755	61,189
Net Income attributable to Photronics shareholders - Basic (in dollars per share)	$ 2.12	$ 2.05	$ 1.96
Net Income attributable to Photronics shareholders - Diluted (in dollars per share)	$ 2.09	$ 2.03	$ 1.94
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	371	136	314
Share-based Payment Awards [Member]
Antidilutive Securities [Abstract]
Total potentially dilutive shares excluded (in shares)	371	136	314

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Oct. 31, 2024 USD ($)
Commitment and Contingencies [Abstract]
Minimum remaining term of plant and equipment	1 year
Unrecognized Commitments [Abstract]
2025	$ 70,992
2026	3,052
2027	1
2028	1
2029	0
Thereafter	0
Total	$ 74,046

CHANGES IN ACCUMULATED OTHER _3

CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
CHANGES IN ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME BY COMPONENT [Abstract]
Other comprehensive (loss) income, tax	$ 0	$ 0	$ 0
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	975,008
Ending Balance	1,120,864	975,008
Accumulated Other Comprehensive Income (Loss) [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(88,734)	(98,456)
Ending Balance	(86,319)	(88,734)	(98,456)
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(88,044)	(97,790)
Ending Balance	(85,587)	(88,044)	(97,790)
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Beginning Balance	(690)	(666)
Ending Balance	(732)	(690)	$ (666)
AOCI Including Portion Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,549	5,612
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	8,630	5,615
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss)	(81)	(3)
AOCI Attributable to Noncontrolling Interest [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	(6,134)	4,110
Foreign Currency Translation Adjustments [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	(6,173)	4,131
Other [Member]
Changes in Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) attributable to noncontrolling interests	$ 39	$ (21)

RISKS AND CONCENTRATIONS (Detai

RISKS AND CONCENTRATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Geographical Areas [Abstract]
Long-lived Assets	$ 745,257	$ 716,135
Net Assets	1,480,759	1,275,609
China [Member]
Geographical Areas [Abstract]
Long-lived Assets	256,072	249,357
Net Assets	379,460	317,409
Europe and Other [Member]
Geographical Areas [Abstract]
Long-lived Assets	7,010	7,294
Net Assets	(420)	(2,175)
United States [Member]
Geographical Areas [Abstract]
Long-lived Assets	144,634	140,733
Net Assets	217,890	188,712
Korea [Member]
Geographical Areas [Abstract]
Long-lived Assets	123,631	119,438
Net Assets	315,597	281,941
Taiwan [Member]
Geographical Areas [Abstract]
Long-lived Assets	213,910	199,313
Net Assets	$ 568,232	$ 489,722
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	19.20%	21%
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	14.60%	10%
Revenue [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	15%	14%	15%
Revenue [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	12%	10%	11%
Revenue [Member] | Customer Concentration Risk [Member] | Customer C [Member]
Customer Account [Abstract]
Customer's percentage of net accounts receivable/revenue	9%	13%	5%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands		12 Months Ended
		Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022
Related Party Agreement [Abstract]
Revenue	[1]	$ 866,946	$ 892,076	$ 824,549
Accounts receivable		200,830	194,927
Customer One [Member]
Related Party Agreement [Abstract]
Revenue		127,000	126,500	$ 119,000
Accounts receivable		$ 38,800	$ 41,500
[1]This table disaggregates revenue by the location in which it was earned.

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Oct. 31, 2024	Oct. 31, 2023
Fair Value, Assets [Abstract]
Assets, fair value disclosure	$ 78,506	$ 32,102
Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	19,187
U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	12,915
Level 1 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	32,102
Level 1 [Member] | Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	36,322	19,187
Level 1 [Member] | U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	12,915
Level 2 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Level 2 [Member] | Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	42,184	0
Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 2 [Member] | U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] | Time Deposits [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	0	0
Level 3 [Member] | U.S. Government Securities [Member]
Fair Value, Assets [Abstract]
Assets, fair value disclosure	$ 0	$ 0

SHARE REPURCHASE PROGRAMS (Deta

SHARE REPURCHASE PROGRAMS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended			38 Months Ended
	Oct. 31, 2024	Oct. 31, 2023	Oct. 31, 2022	Oct. 31, 2023	Aug. 28, 2024	Sep. 30, 2020
Share Repurchase Program [Abstract]
Cost of shares repurchased			$ 2,522
September 2020 Announced Program [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount						$ 100,000
Stock repurchase program - commencement date	Sep. 16, 2020
Stock repurchase program - expiration and termination date	Sep. 15, 2022
Amount remaining under authorization for purchase of additional shares	$ 31,700
Share Repurchase Programs [Member]
Share Repurchase Program [Abstract]
Stock repurchased authorized amount					$ 100,000
Number of shares repurchased (in shares)	0	0	187	5,800
Cost of shares repurchased	$ 0	$ 0	$ 2,522	$ 68,300
Average price paid per share (in dollars per share)	$ 0	$ 0	$ 13.43	$ 11.7
Number of additional shares repurchased (in shares)	0