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U.S. Semiconductor Equipment Industry Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies38
  • 7D-7.7%
  • 3M16.7%
  • 1Y163.9%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 7.7%, driven by Lam Research declining 7.0%. Meanwhile, Teradyne actually outperformed within the industry, gaining 5.9% in the last week. In the past year, the industry has gained 164%. Looking forward, earnings are forecast to grow by 22% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026US$1.3tUS$101.7bUS$22.6b62.7x58.1x12.9x
Fri, 19 Jun 2026US$1.5tUS$101.7bUS$22.6b83.4x68.2x15.1x
Sun, 17 May 2026US$1.2tUS$101.7bUS$22.5b61.9x52.6x11.7x
Tue, 14 Apr 2026US$1.1tUS$97.8bUS$20.8b52.3x52.7x11.2x
Thu, 12 Mar 2026US$920.2bUS$97.8bUS$20.8b43.1x44.3x9.4x
Sat, 07 Feb 2026US$869.8bUS$97.4bUS$19.8b41.5x43.9x8.9x
Mon, 05 Jan 2026US$754.3bUS$95.9bUS$19.0b39.8x39.6x7.9x
Wed, 03 Dec 2025US$696.4bUS$95.9bUS$19.0b36.2x36.6x7.3x
Fri, 31 Oct 2025US$681.6bUS$91.2bUS$17.0b34.8x40.1x7.5x
Sun, 28 Sep 2025US$564.0bUS$89.4bUS$16.3b30.6x34.5x6.3x
Tue, 26 Aug 2025US$457.3bUS$89.6bUS$16.3b27.5x28x5.1x
Thu, 24 Jul 2025US$476.9bUS$87.1bUS$15.5b27.3x30.8x5.5x
Sat, 21 Jun 2025US$444.9bUS$87.0bUS$15.5b25.6x28.7x5.1x
Mon, 19 May 2025US$420.1bUS$87.0bUS$15.5b23.3x27.1x4.8x
Wed, 16 Apr 2025US$360.8bUS$84.9bUS$14.2b24.7x25.4x4.3x
Fri, 14 Mar 2025US$389.5bUS$84.8bUS$14.2b28.5x27.4x4.6x
Sun, 09 Feb 2025US$447.8bUS$84.7bUS$15.2b36.7x29.4x5.3x
Tue, 07 Jan 2025US$422.8bUS$83.2bUS$14.6b33.8x29x5.1x
Thu, 05 Dec 2024US$439.4bUS$83.2bUS$14.6b28.8x30.1x5.3x
Sat, 02 Nov 2024US$431.3bUS$83.4bUS$15.9b24.1x27.1x5.2x
Mon, 30 Sep 2024US$494.5bUS$82.5bUS$15.6b25.5x31.7x6x
Wed, 28 Aug 2024US$491.2bUS$82.5bUS$15.6b26.2x31.5x6x
Fri, 26 Jul 2024US$513.2bUS$82.6bUS$13.8b28.8x37.1x6.2x
Sun, 23 Jun 2024US$568.2bUS$82.8bUS$13.8b27.2x41.3x6.9x
Tue, 21 May 2024US$516.7bUS$82.8bUS$13.8b28.5x37.5x6.2x
Thu, 18 Apr 2024US$483.9bUS$84.5bUS$14.2b33.8x34.1x5.7x
Sat, 16 Mar 2024US$493.7bUS$84.5bUS$14.2b33.7x34.8x5.8x
Mon, 12 Feb 2024US$474.5bUS$85.8bUS$14.5b31.5x32.6x5.5x
Wed, 10 Jan 2024US$410.4bUS$90.1bUS$15.9b24.9x25.8x4.6x
Fri, 08 Dec 2023US$385.8bUS$90.0bUS$15.9b24.8x24.2x4.3x
Sun, 05 Nov 2023US$359.1bUS$90.3bUS$15.6b21.9x23x4x
Tue, 03 Oct 2023US$367.7bUS$93.9bUS$16.9b24.8x21.7x3.9x
Thu, 31 Aug 2023US$402.4bUS$93.9bUS$17.0b27.3x23.7x4.3x
Sat, 29 Jul 2023US$408.1bUS$94.4bUS$19.6b22.2x20.8x4.3x
Price to Earnings Ratio

20.8x


Total Market Cap: US$408.1bTotal Earnings: US$19.6bTotal Revenue: US$94.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 34.4x202420252026
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 58.1x which is higher than its 3-year average PE of 34.4x.
  • The 3-year average PS ratio of 6.5x is lower than the industry's current PS ratio of 12.9x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 4.8% per year over the last three years.
  • Revenues for these companies have grown 2.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

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

US Market-1.36%
Tech-1.88%
Semiconductors-3.48%
Semiconductor Equipment-7.70%
Semiconductors-2.93%
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
TER TeradyneUS$374.045.9%
+US$3.3b		299.2%PE68.6x
AEHR Aehr Test SystemsUS$98.9137.4%
+US$873.7m		392.1%PS64.3x
CAMT CamtekUS$147.097.5%
+US$474.7m		56.0%PE140.9x
PLAB PhotronicsUS$31.346.3%
+US$110.3m		62.2%PE11.6x
UCTT Ultra Clean HoldingsUS$105.151.3%
+US$61.9m		338.7%PS2.3x

Latest News

ONTO
US$299.05
Onto Innovation
7D
-6.3%
1Y
209.0%
Narrative Update • Jul 20

ONTO: AI Packaging And Advanced Nodes Will Drive The Next Leg Higher

Onto Innovation's analyst price target has been revised higher from $220 to $330, with analysts pointing to stronger modeled revenue growth, higher profit margins, and a richer future P/E multiple supported by AI related demand for advanced packaging, metrology, and the Dragonfly G5 platform. Analyst Commentary Recent research on Onto Innovation highlights a wide range of opinions on how much of the AI related opportunity is already reflected in the stock price.
CAMT
US$147.09
Camtek
7D
7.5%
1Y
56.0%
ACMR
US$82.52
ACM Research
7D
-12.3%
1Y
171.4%
Narrative Update • Jul 20

ACMR: China Memory Dependence Will Drive Future Repricing Risk

ACM Research's fair value estimate has been raised from $36.00 to $70.00 as analysts factor in higher assumed revenue growth, a richer future P/E multiple, and supportive Street research citing China memory exposure, advanced packaging adoption, and broader tool demand. Analyst Commentary Recent Street research on ACM Research highlights a generally constructive view on the company, with several firms lifting their price targets and pointing to exposure to China memory, advanced packaging and a broader tool portfolio.
LRCX
US$322.00
Lam Research
7D
-7.0%
1Y
229.6%
AMAT
US$564.55
Applied Materials
7D
-5.2%
1Y
201.7%
AEHR
US$98.91
Aehr Test Systems
7D
37.4%
1Y
392.1%
AMKR
US$66.73
Amkor Technology
7D
-4.9%
1Y
210.2%
TER
US$374.04
Teradyne
7D
5.9%
1Y
299.2%
COHU
US$56.22
Cohu
7D
0.8%
1Y
184.1%
KLAC
US$217.56
KLA
7D
-5.6%
1Y
143.8%
Narrative Update • Jul 16

KLAC: AI WFE Backlogs And Volatile P/E Will Shape Returns Through 2028

KLA's updated analyst price target framework reflects a higher fair value estimate of $232.43, supported by slightly stronger revenue growth and profit margin assumptions, as well as a modestly higher future P/E multiple in line with Street research pointing to AI driven demand and extended semiconductor equipment backlogs. Analyst Commentary Street research around KLA highlights a wide range of updated price targets, with most analysts fine tuning their models around AI related demand for wafer fab equipment, extended backlogs and sector wide capacity plans.
UCTT
US$105.15
Ultra Clean Holdings
7D
1.3%
1Y
338.7%
Seeking Alpha • Jul 15

Ultra Clean Holdings: A 300% Rally On The Back Of A 2.1% Operating Margin Isn't Built To Last

Summary Ultra Clean Holdings is up over 300% in a year, but I believe its premium valuation is unjustified given weak margins and negative cash flow. Despite robust semiconductor industry demand and management's optimism, UCTT's Q1 2026 GAAP operating margin was just 2.1% with a $17.9M net loss. Operating expenses rose 8% year-over-year, outpacing revenue growth, and margin improvements are attributed to product mix rather than sustainable operational gains. Revenue is highly concentrated, with Lam Research and Applied Materials accounting for nearly 59%, and UCTT lacks long-term contracts, making revenue streams unstable. Read the full article on Seeking Alpha
ICHR
US$95.85
Ichor Holdings
7D
1.1%
1Y
342.3%
MKSI
US$345.44
MKS
7D
-3.6%
1Y
237.3%
ACLS
US$143.21
Axcelis Technologies
7D
0.7%
1Y
90.3%
Narrative Update • Jul 11

ACLS: Larger 2030 Chip Market And Volatility Will Shape Fairly Valued Outlook

Analysts have raised their price target for Axcelis Technologies from $90.00 to $156.00, citing updated industry models that factor in a larger estimated 2030 semiconductor addressable market of $2.7 billion, particularly in memory, data center, automotive, and industrial end markets. Analyst Commentary Recent commentary on Axcelis Technologies highlights a mixed backdrop, with some analysts acknowledging a larger long term semiconductor opportunity while still flagging risks around how the stock is priced and how the company might execute against that opportunity.
NVMI
US$453.10
Nova
7D
-4.3%
1Y
65.0%
Narrative Update • Jul 10

NVMI: Advanced Logic And Memory Exposure Will Drive Future Upside Potential

Analysts have lifted the fair value estimate for Nova stock from $335.00 to about $544.73, citing higher price targets across the Street, supported by Q1 strength, improving margins, and what they see as company specific growth drivers in advanced logic, memory, and packaging. Analyst Commentary Recent Street research on Nova points to broad support for the stock at higher levels, with several firms lifting price targets into the US$594 to US$640 range following the Q1 earnings release.
PLAB
US$31.34
Photronics
7D
6.3%
1Y
62.2%
Seeking Alpha • Jul 08

Photronics: The Next Rally Depends On A Recovery In Chip Design Activity

Summary Photronics is rated a buy, with a conservative FY 2026 price target of $32, reflecting 16% upside after a sharp share price correction. PLAB's recent revenue decline and margin contraction stem from delayed IC design releases, memory supply constraints, and geopolitical uncertainty, but liquidity remains robust. Any recovery in tape-out activities or normalization of design releases could catalyze sentiment and drive share price recovery for PLAB. I see moderate risk, with industry macro trends and leading indicators from players like TSMC critical to monitoring near-term recovery potential. Read the full article on Seeking Alpha