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U.S. Semiconductor Equipment Industry Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies38
  • 7D-1.0%
  • 3M35.6%
  • 1Y65.8%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 1.0%, driven by Applied Materials declining 2.2%. On the other hand Photronics is actually up 43%. This takes the industry's 12 month performance to a gain of 66%. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Dec 2025US$699.1bUS$95.9bUS$19.0b37.8x36.7x7.3x
Fri, 14 Nov 2025US$672.2bUS$96.0bUS$18.8b34.7x35.7x7x
Sun, 12 Oct 2025US$557.5bUS$89.4bUS$16.3b30.5x34.1x6.2x
Tue, 09 Sep 2025US$465.4bUS$89.4bUS$16.3b27.6x28.5x5.2x
Thu, 07 Aug 2025US$462.0bUS$88.9bUS$16.2b24.6x28.5x5.2x
Sat, 05 Jul 2025US$485.1bUS$87.0bUS$15.5b29x31.3x5.6x
Mon, 02 Jun 2025US$396.9bUS$87.0bUS$15.5b22.9x25.6x4.6x
Wed, 30 Apr 2025US$375.6bUS$85.7bUS$14.5b25.9x25.9x4.4x
Fri, 28 Mar 2025US$393.1bUS$84.8bUS$14.2b29.5x27.7x4.6x
Sun, 23 Feb 2025US$444.8bUS$84.9bUS$14.4b35.7x30.9x5.2x
Tue, 21 Jan 2025US$465.8bUS$83.2bUS$14.6b36.4x31.9x5.6x
Thu, 19 Dec 2024US$426.4bUS$83.2bUS$14.6b27x29.2x5.1x
Sat, 16 Nov 2024US$428.8bUS$83.2bUS$14.6b29x29.4x5.2x
Mon, 14 Oct 2024US$494.6bUS$82.5bUS$15.6b27.4x31.7x6x
Wed, 11 Sep 2024US$439.6bUS$82.5bUS$15.6b24.6x28.2x5.3x
Fri, 09 Aug 2024US$439.0bUS$82.5bUS$15.6b25.9x28.1x5.3x
Sun, 07 Jul 2024US$587.0bUS$82.8bUS$13.8b33.4x42.7x7.1x
Tue, 04 Jun 2024US$525.9bUS$82.8bUS$13.8b28.7x38.2x6.4x
Thu, 02 May 2024US$486.7bUS$83.3bUS$14.0b32.9x34.9x5.8x
Sat, 30 Mar 2024US$511.6bUS$84.5bUS$14.2b35.9x36x6.1x
Mon, 26 Feb 2024US$486.8bUS$84.9bUS$14.5b33.8x33.6x5.7x
Wed, 24 Jan 2024US$449.5bUS$90.1bUS$15.9b25.6x28.3x5x
Fri, 22 Dec 2023US$419.5bUS$90.1bUS$15.9b25.6x26.4x4.7x
Sun, 19 Nov 2023US$394.4bUS$90.1bUS$15.5b24.5x25.4x4.4x
Tue, 17 Oct 2023US$377.0bUS$93.9bUS$17.0b24.8x22.2x4x
Thu, 14 Sep 2023US$382.0bUS$93.9bUS$17.0b24.8x22.5x4.1x
Sat, 12 Aug 2023US$381.6bUS$94.0bUS$17.0b25.1x22.4x4.1x
Mon, 10 Jul 2023US$387.7bUS$96.1bUS$20.1b18.8x19.3x4x
Wed, 07 Jun 2023US$384.8bUS$96.1bUS$20.1b18x19.1x4x
Fri, 05 May 2023US$321.6bUS$95.5bUS$20.3b14.7x15.8x3.4x
Sun, 02 Apr 2023US$355.4bUS$96.1bUS$21.2b16.9x16.8x3.7x
Tue, 28 Feb 2023US$335.5bUS$95.3bUS$21.0b14.8x15.9x3.5x
Thu, 26 Jan 2023US$345.9bUS$92.3bUS$20.7b17.7x16.7x3.7x
Sat, 24 Dec 2022US$314.4bUS$92.3bUS$20.7b14.6x15.2x3.4x
Price to Earnings Ratio

15.2x


Total Market Cap: US$314.4bTotal Earnings: US$20.7bTotal Revenue: US$92.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 27.6x202320242025
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 36.7x which is higher than its 3-year average PE of 27.6x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 7.3x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have declined 2.7% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

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

US Market-0.69%
Tech-4.53%
Semiconductors-6.85%
Semiconductor Equipment-1.03%
Semiconductors-7.33%
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
PLAB PhotronicsUS$34.3633.7%
+US$511.6m		31.0%PE14.9x
ASYS Amtech SystemsUS$11.8834.8%
+US$44.4m		116.0%PS2.1x
ENPH Enphase EnergyUS$31.861.0%
+US$40.6m		-56.6%PE21.3x
ACMR ACM ResearchUS$37.140.3%
+US$6.5m		142.7%PE20.6x
TRT Trio-Tech InternationalUS$10.4111.2%
+US$4.6m		66.6%PE160.6x

Latest News

PLAB
US$34.36
Photronics
7D
33.7%
1Y
31.0%
ASYS
US$11.88
Amtech Systems
7D
34.8%
1Y
116.0%

Amtech Systems, Inc.'s (NASDAQ:ASYS) Shares Bounce 59% But Its Business Still Trails The Industry

Dec 16
Amtech Systems, Inc.'s (NASDAQ:ASYS) Shares Bounce 59% But Its Business Still Trails The Industry
AMAT
US$258.84
Applied Materials
7D
-3.1%
1Y
52.0%
NVMI
US$318.21
Nova
7D
-5.5%
1Y
61.0%

NVMI: Rising DRAM Fab Spending Will Strengthen Future AI Computing Position

Analysts have raised their price target on Nova to $390 from $300, citing improved visibility into DRAM fab investment, stronger positioning in AI computing, and slightly better long-term profitability despite modestly lower growth and a marginally higher discount rate. Analyst Commentary Recent research updates on Nova highlight a constructive outlook on the company’s positioning in memory and AI end markets, while also flagging areas of execution and cycle risk that could influence how the new valuation framework plays out.
MKSI
US$156.25
MKS
7D
-5.4%
1Y
42.2%

MKSI: DRAM And Wafer Fab Upswing Will Drive Strong 2025 To 2027 Cycle

Analysts have lifted our MKS fair value estimate to $200 from $152.52 as they factor in higher long term revenue growth, expanding profit margins, and a richer future P/E multiple, which is supported by a wave of recent price target increases and growing confidence in the company’s setup into 2025 to 2027. Analyst Commentary Bullish analysts have been steadily lifting their price targets on MKS, highlighting improved execution across core segments and a stronger multiyear earnings trajectory.
AMKR
US$40.28
Amkor Technology
7D
-9.7%
1Y
51.3%
ACMR
US$37.14
ACM Research
7D
0.3%
1Y
142.7%

ACMR: China Tools And New Platforms Will Drive Resilient Yet Measured Outlook

Analysts have trimmed their price target on ACM Research to $40 from $50 as they balance confidence in a Q3 demand recovery and mid to high teens revenue growth with caution around near term margin headwinds and modestly lower estimates. Analyst Commentary Street research on ACM Research reflects a generally constructive view on the companys growth and execution, tempered by a more conservative stance on near term profitability and risk.
ENPH
US$31.86
Enphase Energy
7D
1.0%
1Y
-56.6%

ENPH: Residential Solar Recovery And Cash Flow Visibility Will Drive Future Upside

Analysts slightly trimmed their blended price target on Enphase Energy by about $1 to the mid $30s, as cautious views on continued revenue contraction and modestly lower profit expectations offset incremental optimism from select firms citing improving conditions in residential solar. Analyst Commentary Recent research updates highlight a divided but slowly improving sentiment around Enphase, with modest target changes reflecting balancing views on execution risk and recovery potential in residential solar.
TER
US$192.29
Teradyne
7D
-3.8%
1Y
50.2%

TER: AI Test Demand And Robotics Expansion Will Drive Measured Upside Through 2027

Analysts have lifted their fair value estimate for Teradyne from $184.69 to $192.38, citing stronger multiyear AI testing demand, improving revenue growth and margins, and higher expected future earnings power reflected in a richer forward P E multiple. Analyst Commentary Recent Street research updates point to a sharp improvement in sentiment around Teradyne, with multiple firms raising price targets and, in some cases, upgrading ratings as AI driven test demand and Industrial Automation momentum become more visible through 2026 and beyond.
Q
US$78.50
Qnity Electronics
7D
-7.7%
1Y
n/a
ENTG
US$87.96
Entegris
7D
-5.0%
1Y
-19.6%

ENTG: AI Materials Demand And New U.S. Facility Will Drive Upside

Analysts have modestly trimmed their price target on Entegris by about $1 to roughly $100 per share, citing slightly lower assumed discount rates and a marginally less demanding future P E multiple, while leaving long term growth and margin expectations intact. Analyst Commentary Recent commentary on the sector highlights Entegris as one of only a few pure play electronic chemicals and materials providers, a positioning that investors increasingly view as strategically valuable as semiconductor capital spending and AI related demand scale up.
LRCX
US$163.26
Lam Research
7D
-1.5%
1Y
109.8%

LRCX: AI Memory And WFE Upswing Will Drive Balanced Future Returns

Analysts have nudged our Lam Research fair value estimate higher, from $158.52 to $160.30. This reflects increased confidence in the companys record profitability, sustained beat and raise cadence, and strengthening AI driven WFE demand despite some valuation pushback.
TRT
US$10.41
Trio-Tech International
7D
11.2%
1Y
66.6%