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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 14, 2026
DataAggregated Company Financials
Companies39
  • 7D5.2%
  • 3M29.0%
  • 1Y121.5%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 3.0%, driven by pullbacks in Applied Materials and Lam Research of 2.7% and 2.4%, respectively. On the other hand AXT is actually up 20%. Over the past 12 months, the industry was up 128%. 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
Sat, 14 Mar 2026US$892.1bUS$97.8bUS$20.8b41.7x42.9x9.1x
Mon, 09 Feb 2026US$919.6bUS$97.4bUS$19.8b41.5x46.5x9.4x
Wed, 07 Jan 2026US$796.1bUS$95.9bUS$19.0b43.7x41.8x8.3x
Fri, 05 Dec 2025US$708.1bUS$95.9bUS$19.0b38x37.3x7.4x
Sun, 02 Nov 2025US$674.2bUS$91.2bUS$17.0b34x39.7x7.4x
Tue, 30 Sep 2025US$564.0bUS$89.4bUS$16.3b30.9x34.5x6.3x
Thu, 28 Aug 2025US$466.5bUS$89.4bUS$16.3b27.3x28.6x5.2x
Sat, 26 Jul 2025US$477.1bUS$87.1bUS$15.5b26.6x30.8x5.5x
Mon, 23 Jun 2025US$436.4bUS$87.0bUS$15.5b25.6x28.2x5x
Wed, 21 May 2025US$417.8bUS$87.0bUS$15.5b23.3x26.9x4.8x
Fri, 18 Apr 2025US$345.0bUS$84.9bUS$14.2b24.2x24.3x4.1x
Sun, 16 Mar 2025US$403.3bUS$84.8bUS$14.2b30.1x28.4x4.8x
Tue, 11 Feb 2025US$447.8bUS$84.7bUS$15.2b36.4x29.4x5.3x
Thu, 09 Jan 2025US$440.6bUS$83.2bUS$14.6b34.1x30.2x5.3x
Sat, 07 Dec 2024US$420.0bUS$83.2bUS$14.6b28.4x28.8x5x
Mon, 04 Nov 2024US$433.3bUS$83.4bUS$15.9b24.1x27.2x5.2x
Wed, 02 Oct 2024US$488.1bUS$82.5bUS$15.6b25x31.3x5.9x
Fri, 30 Aug 2024US$486.9bUS$82.5bUS$15.6b26.2x31.3x5.9x
Sun, 28 Jul 2024US$511.9bUS$82.7bUS$13.9b28.9x36.9x6.2x
Tue, 25 Jun 2024US$568.2bUS$82.8bUS$13.8b26.7x41.3x6.9x
Thu, 23 May 2024US$534.7bUS$82.8bUS$13.8b29.2x38.9x6.5x
Sat, 20 Apr 2024US$472.0bUS$84.5bUS$14.2b32.9x33.3x5.6x
Mon, 18 Mar 2024US$487.6bUS$84.5bUS$14.2b33.7x34.3x5.8x
Wed, 14 Feb 2024US$462.9bUS$85.8bUS$14.5b30x31.8x5.4x
Fri, 12 Jan 2024US$408.6bUS$90.1bUS$15.9b24.9x25.7x4.5x
Sun, 10 Dec 2023US$390.9bUS$90.0bUS$15.9b24.5x24.6x4.3x
Tue, 07 Nov 2023US$359.1bUS$90.3bUS$15.6b21.9x23x4x
Thu, 05 Oct 2023US$368.2bUS$93.9bUS$16.9b24.8x21.7x3.9x
Sat, 02 Sep 2023US$409.3bUS$93.9bUS$17.0b27x24.1x4.4x
Mon, 31 Jul 2023US$421.4bUS$94.4bUS$19.6b22.2x21.5x4.5x
Wed, 28 Jun 2023US$402.1bUS$96.1bUS$20.1b19x20x4.2x
Fri, 26 May 2023US$350.9bUS$96.1bUS$20.1b16x17.5x3.7x
Sun, 23 Apr 2023US$338.3bUS$95.9bUS$21.0b15.4x16.1x3.5x
Tue, 21 Mar 2023US$347.6bUS$96.1bUS$21.2b16.9x16.4x3.6x
Price to Earnings Ratio

16.4x


Total Market Cap: US$347.6bTotal 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 29.8x202420252026
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 44.8x which is higher than its 3-year average PE of 29.8x.
  • The 3-year average PS ratio of 5.5x is lower than the industry's current PS ratio of 9.5x.
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-1.64%
Tech-0.75%
Semiconductors1.40%
Semiconductor Equipment5.21%
Semiconductors1.00%
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$212.206.5%
+US$16.1b		169.7%PE42.6x
AMAT Applied MaterialsUS$341.535.2%
+US$13.3b		119.4%PE34.6x
KLAC KLAUS$1.42k5.5%
+US$9.7b		99.0%PE40.8x
TER TeradyneUS$286.424.9%
+US$2.1b		230.2%PE80.9x
AXTI AXTUS$48.8650.9%
+US$880.6m		2,614.4%PS29.5x

Latest News

AMAT
US$341.53
Applied Materials
7D
5.2%
1Y
119.4%
KLAC
US$1,418.64
KLA
7D
5.5%
1Y
99.0%
COHU
US$27.25
Cohu
7D
-1.5%
1Y
60.0%

COHU: Future AI Memory Demand Will Support Hidden HBM Exposure Potential

Analysts have slightly reset their Cohu price targets around the $30 level, with modest trims and raises reflecting updated views on discount rates, profit expectations, and the stock's role as a "hidden HBM play" tied to high bandwidth memory demand in artificial intelligence. Analyst Commentary Recent research on Cohu clusters around the idea that the stock is increasingly tied to high bandwidth memory demand in artificial intelligence, with price targets generally coalescing near the $30 level and modest moves both higher and lower as assumptions are updated.
ENTG
US$108.28
Entegris
7D
-3.7%
1Y
10.1%
TER
US$286.42
Teradyne
7D
4.9%
1Y
230.2%
ENPH
US$44.07
Enphase Energy
7D
9.5%
1Y
-24.2%

ENPH: Recent Upgrade Wave Will Support Demand Recovery Despite Policy Risks

The analyst price target for Enphase Energy has been revised slightly higher to reflect a move in fair value from $71.04 to $71.86, with analysts pointing to improving demand visibility, a series of recent upgrades, and growing confidence in the company’s product pipeline and partnerships as key drivers behind the adjustment. Analyst Commentary Recent Street research on Enphase Energy has leaned more constructive, with several bullish analysts revisiting their assumptions on demand visibility, margins, and the value of the product pipeline.
NVMI
US$428.60
Nova
7D
4.2%
1Y
95.6%

NVMI: Multi Year Metrology Demand Visibility Will Shape Future Free Cash Flow

NOVA’s analyst price target has moved higher into the low $450s, with firms citing in-line earnings, steady wafer fab equipment guidance and improving multi-year demand visibility as key reasons for the reset. Analyst Commentary Recent research reflects a cluster of higher price targets for Nova into the low US$450 range, with analysts largely focused on execution against wafer fab equipment trends and the durability of multi-year demand.
AXTI
US$48.86
AXT
7D
50.9%
1Y
2,614.4%
ONTO
US$189.53
Onto Innovation
7D
5.5%
1Y
36.7%

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$212.20
Lam Research
7D
6.5%
1Y
169.7%

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.
Q
US$109.05
Qnity Electronics
7D
-1.0%
1Y
n/a
ALMU
US$14.81
Aeluma
7D
-1.4%
1Y
143.6%