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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies39
  • 7D-8.3%
  • 3M34.7%
  • 1Y129.8%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 8.8%, driven by pullbacks in Lam Research and Applied Materials of 11% and 9.4%, respectively. On the other hand Veeco Instruments is actually up 14%. In the past year, the industry has gained 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
Thu, 05 Mar 2026US$930.3bUS$97.8bUS$20.8b43.6x44.8x9.5x
Sat, 31 Jan 2026US$962.7bUS$97.0bUS$19.8b44x48.7x9.9x
Mon, 29 Dec 2025US$735.7bUS$95.9bUS$19.0b39x38.6x7.7x
Wed, 26 Nov 2025US$641.8bUS$95.9bUS$19.0b35.6x33.8x6.7x
Fri, 24 Oct 2025US$601.4bUS$90.6bUS$16.8b32.3x35.8x6.6x
Sun, 21 Sep 2025US$546.6bUS$89.4bUS$16.3b30.1x33.5x6.1x
Tue, 19 Aug 2025US$453.2bUS$89.6bUS$16.3b26.7x27.8x5.1x
Thu, 17 Jul 2025US$495.4bUS$87.0bUS$15.5b30.1x32.1x5.7x
Sat, 14 Jun 2025US$448.2bUS$87.0bUS$15.5b24.8x28.9x5.2x
Mon, 12 May 2025US$384.4bUS$86.5bUS$15.1b23.7x25.4x4.4x
Wed, 09 Apr 2025US$332.0bUS$84.8bUS$14.2b22.6x23.4x3.9x
Fri, 07 Mar 2025US$405.8bUS$84.8bUS$14.2b30.3x28.6x4.8x
Sun, 02 Feb 2025US$446.9bUS$84.5bUS$15.1b32.8x29.6x5.3x
Tue, 31 Dec 2024US$415.0bUS$83.2bUS$14.6b27.2x28.4x5x
Thu, 28 Nov 2024US$415.1bUS$83.2bUS$14.6b28.1x28.4x5x
Sat, 26 Oct 2024US$438.3bUS$83.1bUS$15.8b26.1x27.8x5.3x
Mon, 23 Sep 2024US$469.5bUS$82.5bUS$15.6b24.9x30.1x5.7x
Wed, 21 Aug 2024US$517.3bUS$83.0bUS$15.8b25.4x32.7x6.2x
Fri, 19 Jul 2024US$539.4bUS$82.8bUS$13.8b30.9x39.2x6.5x
Sun, 16 Jun 2024US$570.8bUS$82.8bUS$13.8b27.7x41.5x6.9x
Tue, 14 May 2024US$503.8bUS$82.8bUS$13.6b27.2x37x6.1x
Thu, 11 Apr 2024US$515.1bUS$84.5bUS$14.2b35.3x36.3x6.1x
Sat, 09 Mar 2024US$509.8bUS$84.5bUS$14.2b35.6x35.9x6x
Mon, 05 Feb 2024US$441.1bUS$88.0bUS$14.9b24.5x29.5x5x
Wed, 03 Jan 2024US$417.2bUS$90.1bUS$15.9b24.8x26.2x4.6x
Fri, 01 Dec 2023US$394.5bUS$90.0bUS$15.9b24.1x24.8x4.4x
Sun, 29 Oct 2023US$336.7bUS$91.6bUS$16.0b20.2x21x3.7x
Tue, 26 Sep 2023US$363.4bUS$93.9bUS$17.0b24.6x21.4x3.9x
Thu, 24 Aug 2023US$395.6bUS$93.9bUS$17.0b26.4x23.3x4.2x
Sat, 22 Jul 2023US$390.2bUS$96.1bUS$20.1b21x19.4x4.1x
Mon, 19 Jun 2023US$391.4bUS$96.1bUS$20.1b18.5x19.5x4.1x
Wed, 17 May 2023US$348.6bUS$95.7bUS$20.1b16x17.4x3.6x
Fri, 14 Apr 2023US$335.1bUS$96.1bUS$21.2b15.2x15.8x3.5x
Sun, 12 Mar 2023US$333.5bUS$96.1bUS$21.2b16.2x15.7x3.5x
Price to Earnings Ratio

15.7x


Total Market Cap: US$333.5bTotal 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 29.6x202420252026
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 46.7x which is higher than its 3-year average PE of 29.6x.
  • The 3-year average PS ratio of 5.4x is lower than the industry's current PS ratio of 9.9x.
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-1.22%
Tech-2.70%
Semiconductors-6.09%
Semiconductor Equipment-8.34%
Semiconductors-5.81%
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
VECO Veeco InstrumentsUS$32.3713.7%
+US$236.1m		51.9%PE55.2x
ACLS Axcelis TechnologiesUS$86.623.6%
+US$95.0m		47.1%PE22.1x
Q Qnity ElectronicsUS$120.030.1%
+US$59.1m		n/aPE36.4x
AEHR Aehr Test SystemsUS$42.662.8%
+US$36.1m		350.0%PS24.5x
ALMU AelumaUS$18.3612.2%
+US$36.1m		182.4%PS63.4x

Latest News

ASYS
US$14.09
Amtech Systems
7D
10.4%
1Y
184.6%
LRCX
US$222.99
Lam Research
7D
-10.6%
1Y
182.1%

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.
VECO
US$32.37
Veeco Instruments
7D
13.7%
1Y
51.9%

VECO: AI Datacom Demand And Merger Outlook Will Support Balanced Future

Analysts have raised their price target on Veeco Instruments to $40 from $36, citing refreshed models after the latest earnings update that assume different revenue growth, profit margin, discount rate, and future P/E inputs. Analyst Commentary Bullish Takeaways Bullish analysts see the higher US$40 price target as reflecting updated assumptions for revenue growth and profit margins that, in their view, better align the valuation with the latest earnings run rate.
AEHR
US$42.66
Aehr Test Systems
7D
2.8%
1Y
350.0%
KLAC
US$1,475.91
KLA
7D
-4.6%
1Y
106.2%

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.
FORM
US$92.60
FormFactor
7D
-12.5%
1Y
186.0%

FORM: Future Returns Will Rely On Delivering Margin Assumptions Despite Hype

Analysts have lifted their price targets on FormFactor, supporting an increase in our fair value estimate from $67.88 to $84.11. They attribute this change to updated assumptions around revenue growth, profit margins and future P/E expectations.
INTT
US$12.68
inTEST
7D
24.1%
1Y
61.3%
AMAT
US$357.76
Applied Materials
7D
-9.4%
1Y
130.3%

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.
AMKR
US$45.77
Amkor Technology
7D
-10.1%
1Y
120.9%
ENTG
US$129.00
Entegris
7D
-6.1%
1Y
26.0%
Q
US$120.03
Qnity Electronics
7D
0.1%
1Y
n/a
ACLS
US$86.62
Axcelis Technologies
7D
3.6%
1Y
47.1%
TER
US$305.20
Teradyne
7D
-11.0%
1Y
176.9%

TER: AI Test Demand And Wafer Fab Spending Upswing Will Drive Outlook

Our Teradyne fair value estimate edges up by about $1 to $397.65 as analysts lift price targets on expectations for stronger semiconductor capital equipment demand, partially offset by a few valuation driven downgrades. Analyst Commentary Recent Street research on Teradyne has been active, with several firms adjusting views and price targets in both directions.
ONTO
US$209.04
Onto Innovation
7D
-7.2%
1Y
49.1%

ONTO: Higher Street Conviction Will Shape A Balanced Medium Term Outlook

The updated analyst price target for Onto Innovation moves from about $172 to roughly $238, as analysts generally point to higher Street targets in the $200 to $275 range, along with stronger confidence around the product roadmap, including progress on Dragonfly G5, while using a slightly lower discount rate and a higher assumed future P/E multiple. Analyst Commentary Recent Street research on Onto Innovation has centered on updated price targets in the roughly US$200 to US$275 range, shifts in ratings, and how the company is positioned around product execution, including Dragonfly G5, and broader semiconductor capital equipment trends.
ALMU
US$18.36
Aeluma
7D
12.2%
1Y
182.4%
CVV
US$4.14
CVD Equipment
7D
4.8%
1Y
38.0%

CVD Equipment Corporation's (NASDAQ:CVV) Price Is Right But Growth Is Lacking After Shares Rocket 36%

Jan 10
CVD Equipment Corporation's (NASDAQ:CVV) Price Is Right But Growth Is Lacking After Shares Rocket 36%