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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 07, 2026
DataAggregated Company Financials
Companies39
  • 7D-13.2%
  • 3M21.2%
  • 1Y107.7%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 13%, driven by declines in Lam Research and Applied Materials of 15% and 13%, respectively. Meanwhile, inTEST actually outperformed within the industry, gaining 14% in the last week. This takes the industry's 12 month performance to a gain of 108%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Mar 2026US$919.3bUS$97.8bUS$20.8b39.4x44.2x9.4x
Mon, 02 Feb 2026US$904.0bUS$97.0bUS$19.8b44x45.7x9.3x
Wed, 31 Dec 2025US$723.0bUS$95.9bUS$19.0b38.1x38x7.5x
Fri, 28 Nov 2025US$670.0bUS$95.9bUS$19.0b35.8x35.2x7x
Sun, 26 Oct 2025US$634.2bUS$90.6bUS$16.8b33x37.8x7x
Tue, 23 Sep 2025US$547.0bUS$89.4bUS$16.3b31.9x33.5x6.1x
Thu, 21 Aug 2025US$455.5bUS$89.6bUS$16.3b26.3x27.9x5.1x
Sat, 19 Jul 2025US$490.2bUS$87.0bUS$15.5b30.9x31.7x5.6x
Mon, 16 Jun 2025US$439.1bUS$87.0bUS$15.5b24.8x28.4x5x
Wed, 14 May 2025US$419.5bUS$86.5bUS$15.1b26.4x27.8x4.8x
Fri, 11 Apr 2025US$377.6bUS$84.9bUS$14.2b23.6x26.6x4.5x
Sun, 09 Mar 2025US$408.6bUS$84.8bUS$14.2b31.2x28.8x4.8x
Tue, 04 Feb 2025US$445.1bUS$84.5bUS$15.1b32x29.5x5.3x
Thu, 02 Jan 2025US$405.8bUS$83.2bUS$14.6b30.9x27.8x4.9x
Sat, 30 Nov 2024US$421.0bUS$83.2bUS$14.6b28.5x28.9x5.1x
Mon, 28 Oct 2024US$444.6bUS$83.1bUS$15.8b26.1x28.2x5.4x
Wed, 25 Sep 2024US$473.4bUS$82.5bUS$15.6b24.4x30.4x5.7x
Fri, 23 Aug 2024US$516.0bUS$83.0bUS$15.8b25.6x32.6x6.2x
Sun, 21 Jul 2024US$517.9bUS$82.8bUS$13.8b29.7x37.6x6.3x
Tue, 18 Jun 2024US$570.8bUS$82.8bUS$13.8b27.6x41.5x6.9x
Thu, 16 May 2024US$512.5bUS$82.8bUS$13.6b27.2x37.6x6.2x
Sat, 13 Apr 2024US$518.3bUS$84.5bUS$14.2b35.1x36.5x6.1x
Mon, 11 Mar 2024US$509.8bUS$84.5bUS$14.2b35.6x35.9x6x
Wed, 07 Feb 2024US$434.1bUS$86.5bUS$14.8b23.6x29.4x5x
Fri, 05 Jan 2024US$402.9bUS$90.1bUS$15.9b24.5x25.3x4.5x
Sun, 03 Dec 2023US$400.0bUS$90.0bUS$15.9b24.8x25.1x4.4x
Tue, 31 Oct 2023US$335.0bUS$91.6bUS$16.0b20.1x20.9x3.7x
Thu, 28 Sep 2023US$359.2bUS$93.9bUS$17.0b23.9x21.2x3.8x
Sat, 26 Aug 2023US$385.1bUS$93.9bUS$17.0b25.6x22.7x4.1x
Mon, 24 Jul 2023US$390.2bUS$96.1bUS$20.1b21x19.4x4.1x
Wed, 21 Jun 2023US$388.4bUS$96.1bUS$20.1b18.3x19.3x4x
Fri, 19 May 2023US$367.7bUS$95.7bUS$20.1b17x18.3x3.8x
Sun, 16 Apr 2023US$334.1bUS$96.1bUS$21.2b15.4x15.8x3.5x
Tue, 14 Mar 2023US$335.0bUS$96.1bUS$21.2b16.3x15.8x3.5x
Price to Earnings Ratio

15.8x


Total Market Cap: US$335.0bTotal 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 29.7x202420252026
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 44.2x 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 9.4x.
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-2.31%
Tech-0.53%
Semiconductors-2.64%
Semiconductor Equipment-13.20%
Semiconductors-1.25%
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
INTT inTESTUS$13.2413.6%
+US$19.6m		70.0%PS1.4x
TRT Trio-Tech InternationalUS$5.4712.6%
+US$5.3m		79.3%PS1x
CVV CVD EquipmentUS$3.704.2%
+US$1.0m		25.4%PS0.9x

Latest News

ENTG
US$112.44
Entegris
7D
-15.1%
1Y
9.2%
ONTO
US$179.72
Onto Innovation
7D
-16.8%
1Y
35.3%

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.
LRCX
US$199.33
Lam Research
7D
-14.8%
1Y
152.3%

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$1,344.55
KLA
7D
-11.8%
1Y
89.0%

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.
MKSI
US$210.00
MKS
7D
-14.1%
1Y
147.4%

MKSI: Wafer Fab Upswing And Semi Strength Will Support 2025 To 2027 Cycle

The updated analyst fair value estimate for MKS has moved to $320 from $200. Analysts point to recent Q4 earnings and guidance, strong Electronics & Packaging and Semi trends, healthier margins, and lower interest expense as key drivers behind higher revenue growth, profit margin, and future P/E assumptions.
INTT
US$13.24
inTEST
7D
13.6%
1Y
70.0%
AMAT
US$324.74
Applied Materials
7D
-12.8%
1Y
108.6%

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$110.14
Qnity Electronics
7D
-13.1%
1Y
n/a
TER
US$273.05
Teradyne
7D
-14.7%
1Y
151.6%

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.
TRT
US$5.47
Trio-Tech International
7D
12.6%
1Y
79.3%
CVV
US$3.70
CVD Equipment
7D
4.2%
1Y
25.4%

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%