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U.S. Semiconductor Equipment Industry Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies39
  • 7D2.4%
  • 3M27.3%
  • 1Y75.8%
  • YTDn/a

The Semiconductor Equipment industry is up 8.9% in the last week, with Lam Research up 14%. In the last 12 months, the industry was up 74%. 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
Fri, 26 Dec 2025US$733.3bUS$95.9bUS$19.0b38.8x38.5x7.6x
Sun, 23 Nov 2025US$616.2bUS$95.9bUS$19.0b33.7x32.4x6.4x
Tue, 21 Oct 2025US$620.4bUS$89.4bUS$16.3b33.9x38x6.9x
Thu, 18 Sep 2025US$513.7bUS$89.4bUS$16.3b29.5x31.4x5.7x
Sat, 16 Aug 2025US$496.6bUS$89.6bUS$16.3b26.1x30.5x5.5x
Mon, 14 Jul 2025US$494.9bUS$87.0bUS$15.5b31.5x32x5.7x
Wed, 11 Jun 2025US$433.7bUS$87.0bUS$15.5b26x28x5x
Fri, 09 May 2025US$383.5bUS$86.4bUS$15.1b25.2x25.4x4.4x
Sun, 06 Apr 2025US$317.7bUS$84.8bUS$14.2b22.6x22.4x3.7x
Tue, 04 Mar 2025US$408.5bUS$84.8bUS$14.2b31x28.8x4.8x
Thu, 30 Jan 2025US$424.9bUS$83.2bUS$14.6b34.9x29.1x5.1x
Sat, 28 Dec 2024US$416.8bUS$83.2bUS$14.6b27.6x28.6x5x
Mon, 25 Nov 2024US$417.8bUS$83.2bUS$14.6b28.3x28.6x5x
Wed, 23 Oct 2024US$440.4bUS$82.5bUS$15.6b26x28.3x5.3x
Fri, 20 Sep 2024US$457.3bUS$82.5bUS$15.6b25.4x29.3x5.5x
Sun, 18 Aug 2024US$511.8bUS$83.0bUS$15.8b26.2x32.4x6.2x
Tue, 16 Jul 2024US$592.5bUS$82.8bUS$13.8b34.8x43.1x7.2x
Thu, 13 Jun 2024US$556.1bUS$82.8bUS$13.8b27.5x40.4x6.7x
Sat, 11 May 2024US$503.6bUS$82.8bUS$13.6b32.2x37x6.1x
Mon, 08 Apr 2024US$507.0bUS$84.5bUS$14.2b34.5x35.7x6x
Wed, 06 Mar 2024US$517.6bUS$84.5bUS$14.2b35.3x36.5x6.1x
Fri, 02 Feb 2024US$438.3bUS$88.0bUS$14.9b24.9x29.3x5x
Sun, 31 Dec 2023US$434.6bUS$90.1bUS$15.9b25.8x27.3x4.8x
Tue, 28 Nov 2023US$396.7bUS$90.0bUS$15.9b24.5x24.9x4.4x
Thu, 26 Oct 2023US$338.1bUS$92.3bUS$16.4b22.4x20.6x3.7x
Sat, 23 Sep 2023US$361.5bUS$93.9bUS$17.0b24.8x21.3x3.8x
Mon, 21 Aug 2023US$381.3bUS$93.9bUS$17.0b25x22.5x4.1x
Wed, 19 Jul 2023US$410.1bUS$96.1bUS$20.1b21.6x20.4x4.3x
Fri, 16 Jun 2023US$398.6bUS$96.1bUS$20.1b18.8x19.8x4.1x
Sun, 14 May 2023US$335.3bUS$95.7bUS$20.1b15.2x16.7x3.5x
Tue, 11 Apr 2023US$338.1bUS$96.1bUS$21.2b16x16x3.5x
Thu, 09 Mar 2023US$347.3bUS$96.1bUS$21.2b16.8x16.4x3.6x
Sat, 04 Feb 2023US$358.2bUS$93.6bUS$21.1b17.2x17x3.8x
Mon, 02 Jan 2023US$310.1bUS$92.3bUS$20.7b14.8x15x3.4x
Price to Earnings Ratio

15x


Total Market Cap: US$310.1bTotal 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 27.8x20242025
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 38.5x which is higher than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 7.6x.
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 Market1.34%
Tech1.56%
Semiconductors3.23%
Semiconductor Equipment2.37%
Semiconductors3.31%
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
LRCX Lam ResearchUS$177.332.9%
+US$6.4b		141.6%PE38.3x
KLAC KLAUS$1.28k2.5%
+US$4.1b		98.0%PE39.6x
AMAT Applied MaterialsUS$260.781.7%
+US$3.5b		56.3%PE29.5x
Q Qnity ElectronicsUS$83.374.6%
+US$768.7m		n/aPE21.7x
TER TeradyneUS$198.531.7%
+US$524.6m		54.5%PE70.2x

Latest News

ONTO
US$161.86
Onto Innovation
7D
3.5%
1Y
-5.2%

ONTO: Semilab Acquisition Set To Drive Stronger Earnings Power Ahead

Onto Innovation's analyst price target has been raised from $160 to $200 per share, as analysts factor in stronger revenue growth, higher profit margins, and a modestly richer future earnings multiple supported by recent target hikes following the Semilab acquisition and an improving memory spending outlook. Analyst Commentary Bullish analysts have steadily raised their price targets on Onto Innovation in recent months, citing improving fundamentals, strategic execution, and leverage to a recovering memory cycle.
LRCX
US$177.33
Lam Research
7D
2.9%
1Y
141.6%

LRCX: Recent AI And Memory Upcycle Euphoria Will Likely Fade

Analysts have raised their price target on Lam Research to approximately $110 from about $81, citing the company's stronger than expected earnings momentum, improving wafer fab equipment upcycle exposure, and durable AI driven demand for advanced memory and 3D stacking technologies. Analyst Commentary Recent Street research reflects a broadly constructive view on Lam Research, with multiple firms lifting price targets and highlighting the company’s leverage to an improving wafer fab equipment cycle, AI driven memory demand, and stronger than expected profitability.
KLAC
US$1,276.99
KLA
7D
2.5%
1Y
98.0%
AMAT
US$260.78
Applied Materials
7D
1.7%
1Y
56.3%
NVMI
US$336.34
Nova
7D
4.2%
1Y
68.1%

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$163.40
MKS
7D
2.4%
1Y
53.9%

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.
DQ
US$31.42
Daqo New Energy
7D
-4.7%
1Y
63.1%

DQ: Industry Stabilization And Anti Involution Policy Will Test Margin Recovery Prospects

Analysts have raised their price target on Daqo New Energy by $11 to $25 per share, citing expectations that industry stabilization and potential cash cost breakeven in Q3 could mark an earnings inflection point, despite recent below-cost sales and lowered 2025 production guidance. Analyst Commentary Street research points to a more constructive outlook on Daqo New Energy, even as near term fundamentals remain challenging.
ENPH
US$32.85
Enphase Energy
7D
-1.2%
1Y
-54.5%

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$198.53
Teradyne
7D
1.7%
1Y
54.5%

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$83.37
Qnity Electronics
7D
4.6%
1Y
n/a
ATOM
US$2.25
Atomera
7D
-3.4%
1Y
-84.2%