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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies39
  • 7D-6.9%
  • 3M24.9%
  • 1Y130.5%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 6.9%, driven by Applied Materials declining 8.9%. Meanwhile, inTEST actually outperformed within the industry, gaining 11% in the last week. This takes the industry's 12 month performance to a gain of 130%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

Has the U.S. Semiconductor Equipment Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Mar 2026US$871.7bUS$97.8bUS$20.8b41.8x41.9x8.9x
Fri, 06 Feb 2026US$843.3bUS$97.4bUS$19.8b38.3x42.6x8.7x
Sun, 04 Jan 2026US$754.3bUS$95.9bUS$19.0b39.8x39.6x7.9x
Tue, 02 Dec 2025US$677.7bUS$95.9bUS$19.0b35.7x35.6x7.1x
Thu, 30 Oct 2025US$660.7bUS$90.8bUS$16.8b34.7x39.3x7.3x
Sat, 27 Sep 2025US$559.2bUS$89.4bUS$16.3b30.6x34.2x6.3x
Mon, 25 Aug 2025US$457.3bUS$89.6bUS$16.3b27.4x28x5.1x
Wed, 23 Jul 2025US$492.7bUS$87.0bUS$15.5b30.3x31.9x5.7x
Fri, 20 Jun 2025US$444.9bUS$87.0bUS$15.5b26x28.7x5.1x
Sun, 18 May 2025US$420.1bUS$87.0bUS$15.5b23.3x27.1x4.8x
Tue, 15 Apr 2025US$359.1bUS$84.9bUS$14.2b24.6x25.3x4.2x
Thu, 13 Mar 2025US$380.3bUS$84.8bUS$14.2b28.5x26.8x4.5x
Sat, 08 Feb 2025US$455.7bUS$84.7bUS$15.2b36.7x29.9x5.4x
Mon, 06 Jan 2025US$422.8bUS$83.2bUS$14.6b32.2x29x5.1x
Wed, 04 Dec 2024US$440.0bUS$83.2bUS$14.6b28.8x30.2x5.3x
Fri, 01 Nov 2024US$431.3bUS$83.4bUS$15.9b23.6x27.1x5.2x
Sun, 29 Sep 2024US$494.5bUS$82.5bUS$15.6b25.5x31.7x6x
Tue, 27 Aug 2024US$505.7bUS$83.0bUS$15.8b24.8x32x6.1x
Thu, 25 Jul 2024US$542.2bUS$82.4bUS$13.6b29.7x39.8x6.6x
Sat, 22 Jun 2024US$576.1bUS$82.8bUS$13.8b27.2x41.9x7x
Mon, 20 May 2024US$516.7bUS$82.8bUS$13.8b28.3x37.5x6.2x
Wed, 17 Apr 2024US$497.9bUS$84.5bUS$14.2b34.7x35.1x5.9x
Fri, 15 Mar 2024US$496.2bUS$84.5bUS$14.2b34.4x35x5.9x
Sun, 11 Feb 2024US$474.5bUS$85.8bUS$14.5b31.5x32.6x5.5x
Tue, 09 Jan 2024US$402.1bUS$90.1bUS$15.9b25x25.3x4.5x
Thu, 07 Dec 2023US$385.7bUS$90.0bUS$15.9b24.8x24.2x4.3x
Sat, 04 Nov 2023US$359.0bUS$90.3bUS$15.6b21.9x23x4x
Mon, 02 Oct 2023US$367.7bUS$93.9bUS$16.9b24.8x21.7x3.9x
Wed, 30 Aug 2023US$400.4bUS$93.9bUS$17.0b26.7x23.6x4.3x
Fri, 28 Jul 2023US$396.0bUS$94.5bUS$19.6b20.8x20.2x4.2x
Sun, 25 Jun 2023US$379.8bUS$96.1bUS$20.1b18x18.9x4x
Tue, 23 May 2023US$361.6bUS$96.1bUS$20.1b16.5x18x3.8x
Thu, 20 Apr 2023US$330.2bUS$96.1bUS$21.2b15.2x15.6x3.4x
Sat, 18 Mar 2023US$343.0bUS$96.1bUS$21.2b16.7x16.2x3.6x
Price to Earnings Ratio

16.2x


Total Market Cap: US$343.0bTotal Earnings: US$21.2bTotal Revenue: US$96.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 29.8x202420252026
Current Industry PE
  • Investors are optimistic on the American Semiconductor Equipment industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 41.9x which is higher than its 3-year average PE of 29.7x.
  • The 3-year average PS ratio of 5.4x is lower than the industry's current PS ratio of 8.9x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Semiconductor Equipment industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Comparison

How does U.S. Semiconductor Equipment compare with similar industries?

US Market-1.50%
Tech0.60%
Semiconductors-0.14%
Semiconductor Equipment-6.87%
Semiconductors0.66%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
KLAC KLAUS$1.45k0.8%
+US$1.5b		118.7%PE41.8x
NVMI NovaUS$432.171.6%
+US$219.9m		104.2%PE53x
AXTI AXTUS$44.306.1%
+US$135.6m		2,634.6%PS26.8x
ENPH Enphase EnergyUS$43.590.9%
+US$51.1m		-28.3%PE33.2x
DQ Daqo New EnergyUS$23.001.8%
+US$26.8m		24.3%PS2.3x

Latest News

MKSI
US$225.28
MKS
7D
-3.1%
1Y
185.6%
ENTG
US$116.88
Entegris
7D
-7.8%
1Y
24.5%
TER
US$300.77
Teradyne
7D
-1.1%
1Y
245.4%
SEDG
US$38.11
SolarEdge Technologies
7D
0.8%
1Y
137.4%

SEDG: Margin Reliance On Tax Credits Will Likely Cap Future Upside

SolarEdge Technologies' fair value estimate has shifted higher as analysts fine tune price targets around the $24 to $43 range, citing recent Q4 sales and margin performance, aligned Q1 guidance, and early expectations around Nexis and data center opportunities. Analyst Commentary Recent Street research paints a mixed picture for SolarEdge Technologies, with the fair value debate centering on how durable the current margin profile is and how much to credit potential growth avenues such as Nexis and data center products.
ENPH
US$43.59
Enphase Energy
7D
0.9%
1Y
-28.3%

ENPH: Recent Upgrade Wave Will Support Demand Recovery Despite Policy Risks

The analyst price target for Enphase Energy has been revised slightly higher to reflect a move in fair value from $71.04 to $71.86, with analysts pointing to improving demand visibility, a series of recent upgrades, and growing confidence in the company’s product pipeline and partnerships as key drivers behind the adjustment. Analyst Commentary Recent Street research on Enphase Energy has leaned more constructive, with several bullish analysts revisiting their assumptions on demand visibility, margins, and the value of the product pipeline.
NVMI
US$432.17
Nova
7D
1.6%
1Y
104.2%

NVMI: Multi Year Metrology Demand Visibility Will Shape Future Free Cash Flow

NOVA’s analyst price target has moved higher into the low $450s, with firms citing in-line earnings, steady wafer fab equipment guidance and improving multi-year demand visibility as key reasons for the reset. Analyst Commentary Recent research reflects a cluster of higher price targets for Nova into the low US$450 range, with analysts largely focused on execution against wafer fab equipment trends and the durability of multi-year demand.
AXTI
US$44.30
AXT
7D
6.1%
1Y
2,634.6%
INTT
US$14.24
inTEST
7D
16.0%
1Y
88.1%

INTT: Raised Outlook Into 2026 Will Support Repriced Earnings Multiple

Analysts have lifted their price target on inTEST to $19 from $12, citing recent Q4 outperformance, "solid" guidance into 2026, and updated assumptions for revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Bullish analysts are pointing to inTEST's recent Q4 performance and the company's guidance into 2026 as key reasons for lifting their valuation ranges.
ONTO
US$193.82
Onto Innovation
7D
-6.6%
1Y
55.6%

ONTO: High Bandwidth Memory Demand Will Drive A More Constructive Medium Term Outlook

Analysts have raised their blended price target for Onto Innovation from $237.86 to $265.71, citing stronger expected revenue growth, higher future P/E assumptions, and continued interest in high bandwidth memory orders and product developments as key reasons for the change. Analyst Commentary Bullish and more cautious analysts are largely aligned on Onto Innovation's exposure to high bandwidth memory and advanced packaging, but they are assigning different levels of confidence around how consistently management can translate that exposure into results and how much of that is already reflected in the share price.
DQ
US$23.00
Daqo New Energy
7D
1.8%
1Y
24.3%
PDFS
US$33.25
PDF Solutions
7D
1.5%
1Y
56.5%

PDFS: Evolving Analytics Role And 20% Ambition Will Shape Balanced Outlook

Narrative Update: PDF Solutions (Price Target Revision) Analysts have lifted their price target on PDF Solutions to $40, a $2 move that they link to ongoing discussions around the company’s evolving business model and its growing role as a standard for networking and scaled analytics across the semiconductor ecosystem. Analyst Commentary Recent research updates on PDF Solutions center on its business model evolution and growing role in analytics across the semiconductor ecosystem, but not all commentary is uniformly enthusiastic.
LRCX
US$215.23
Lam Research
7D
-0.9%
1Y
193.4%

LRCX: Future DRAM WFE Cycle May Drive Multi Year Upswing

The analyst price target for Lam Research has been raised by $10 to $254, as analysts point to higher wafer fab equipment growth forecasts, strong demand for DRAM memory spending, and broad Street support including Lam's addition to BofA's "US 1 List". Analyst Commentary Recent research is broadly constructive on Lam Research, with a series of higher price targets and fresh initiations pointing to confidence in the company’s position in wafer fab equipment and memory exposure.
KLAC
US$1,452.94
KLA
7D
0.8%
1Y
118.7%

KLAC: AI And DRAM Spending Upswing Will Challenge Lofty P/E Premium

The analyst price target for KLA has inched higher to $1,336 from $1,332, as analysts factor in slightly stronger long term revenue growth, a marginally higher profit margin profile and a small adjustment lower in the discount rate, while keeping future P/E expectations broadly similar. Analyst Commentary Across recent research, most commentary on KLA has centered on higher price targets, upbeat views on wafer fab equipment spending and interest in the upcoming investor day, where some analysts expect long term financial targets to be outlined.
AMAT
US$345.88
Applied Materials
7D
-1.5%
1Y
135.3%

AMAT: Wafer Equipment Upswing And Services Mix Will Support Future Upside

Our fair value estimate for Applied Materials has been raised from $420.71 to $470.00 as analysts lift long term wafer fab equipment growth expectations and highlight the stock as a top pick in semiconductor production equipment. Analyst Commentary Recent Street research around Applied Materials has been heavily skewed toward positive revisions, with a broad group of bullish analysts lifting price targets and, in several cases, upgrading their ratings.
Q
US$113.97
Qnity Electronics
7D
-1.9%
1Y
n/a
CAMT
US$156.28
Camtek
7D
-3.9%
1Y
146.5%

CAMT: AI Packaging Cycle And 2026 Double Digit Upside Look Underappreciated

Analysts have raised our Camtek fair value estimate from $126.75 to $173.83, citing higher Street price targets in the $145 to $190 range, improved revenue and EPS projections, and greater visibility into margins and growth beyond 2026. Analyst Commentary Street research on Camtek is skewed toward higher valuation targets, but not all commentators agree on the risk and reward tradeoff at current levels.