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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 24, 2026
DataAggregated Company Financials
Companies39
  • 7D5.1%
  • 3M33.1%
  • 1Y136.7%
  • YTDn/a

In the last week, the Semiconductor Equipment industry is up 5.1%, with Lam Research up 6.3%. During this same period, the Enphase Energy underperformed, falling 11%. This takes the industry's 12 month performance to a gain of 137%. 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
Wed, 25 Mar 2026US$952.4bUS$97.8bUS$20.8b45.2x45.8x9.7x
Fri, 20 Feb 2026US$981.8bUS$97.8bUS$20.8b39.9x47.2x10x
Sun, 18 Jan 2026US$912.2bUS$95.9bUS$19.0b48.4x47.9x9.5x
Tue, 16 Dec 2025US$699.1bUS$95.9bUS$19.0b37.8x36.7x7.3x
Thu, 13 Nov 2025US$667.3bUS$96.0bUS$18.8b36.9x35.4x7x
Sat, 11 Oct 2025US$595.0bUS$89.4bUS$16.3b30.5x36.4x6.7x
Mon, 08 Sep 2025US$465.7bUS$89.4bUS$16.3b26.6x28.5x5.2x
Wed, 06 Aug 2025US$472.5bUS$88.9bUS$16.2b25.5x29.2x5.3x
Fri, 04 Jul 2025US$485.1bUS$87.0bUS$15.5b29x31.3x5.6x
Sun, 01 Jun 2025US$396.9bUS$87.0bUS$15.5b22.9x25.6x4.6x
Tue, 29 Apr 2025US$376.7bUS$85.9bUS$14.6b26.4x25.8x4.4x
Thu, 27 Mar 2025US$401.7bUS$84.8bUS$14.2b30.2x28.3x4.7x
Sat, 22 Feb 2025US$444.8bUS$84.9bUS$14.4b35.7x30.9x5.2x
Mon, 20 Jan 2025US$465.8bUS$83.2bUS$14.6b36.4x31.9x5.6x
Wed, 18 Dec 2024US$425.3bUS$83.2bUS$14.6b27.4x29.1x5.1x
Fri, 15 Nov 2024US$425.2bUS$82.9bUS$14.9b30.5x28.6x5.1x
Sun, 13 Oct 2024US$494.6bUS$82.5bUS$15.6b27.4x31.7x6x
Tue, 10 Sep 2024US$439.6bUS$82.5bUS$15.6b25x28.2x5.3x
Thu, 08 Aug 2024US$450.1bUS$83.3bUS$14.1b24.8x32x5.4x
Sat, 06 Jul 2024US$587.4bUS$82.8bUS$13.8b33.4x42.7x7.1x
Mon, 03 Jun 2024US$525.9bUS$82.8bUS$13.8b28x38.2x6.4x
Wed, 01 May 2024US$487.2bUS$83.5bUS$13.8b34x35.3x5.8x
Fri, 29 Mar 2024US$511.7bUS$84.5bUS$14.2b35.9x36x6.1x
Sun, 25 Feb 2024US$486.8bUS$84.9bUS$14.5b33.8x33.6x5.7x
Tue, 23 Jan 2024US$449.5bUS$90.1bUS$15.9b25.1x28.3x5x
Thu, 21 Dec 2023US$433.4bUS$90.1bUS$15.9b24.9x27.2x4.8x
Sat, 18 Nov 2023US$394.4bUS$90.1bUS$15.5b24.5x25.4x4.4x
Mon, 16 Oct 2023US$374.3bUS$93.9bUS$17.0b24.8x22.1x4x
Wed, 13 Sep 2023US$386.7bUS$93.9bUS$17.0b24.8x22.8x4.1x
Fri, 11 Aug 2023US$396.5bUS$94.1bUS$17.0b25.4x23.3x4.2x
Sun, 09 Jul 2023US$387.7bUS$96.1bUS$20.1b18.8x19.3x4x
Tue, 06 Jun 2023US$384.7bUS$96.1bUS$20.1b17.9x19.1x4x
Thu, 04 May 2023US$323.5bUS$95.3bUS$20.5b14.8x15.8x3.4x
Sat, 01 Apr 2023US$355.4bUS$96.1bUS$21.2b16.9x16.8x3.7x
Price to Earnings Ratio

16.8x


Total Market Cap: US$355.4bTotal 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 30.1x202420252026
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 45.8x which is higher than its 3-year average PE of 30.1x.
  • The 3-year average PS ratio of 5.5x is lower than the industry's current PS ratio of 9.7x.
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-1.74%
Tech-1.56%
Semiconductors-1.94%
Semiconductor Equipment5.09%
Semiconductors-2.73%
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
AMAT Applied MaterialsUS$373.976.1%
+US$17.1b		143.4%PE37.9x
LRCX Lam ResearchUS$238.845.5%
+US$15.4b		207.5%PE48x
KLAC KLAUS$1.57k5.7%
+US$11.1b		117.0%PE45x
TER TeradyneUS$320.146.9%
+US$3.2b		255.9%PE90.5x
AXTI AXTUS$68.4454.3%
+US$1.3b		3,879.1%PS41.7x

Latest News

AXTI
US$68.44
AXT
7D
54.3%
1Y
3,879.1%
LRCX
US$238.84
Lam Research
7D
5.5%
1Y
207.5%

Lam Research (LRCX): The "AI Foundry" Backbone and the Memory Supercycle

Lam Research (LRCX) is currently trading at $233.31 USD on the NASDAQ as of March 23, 2026, marking a 2.17% gain in today's session. The stock has demonstrated remarkable resilience, recovering from a brief dip earlier in the month to trade near its 52-week high of $256.68.
TER
US$320.14
Teradyne
7D
6.9%
1Y
255.9%

TER: AI Test Demand And Wafer Fab Upswing Will Drive Future Cycle

The updated analyst price target for Teradyne reflects a reset in fair value from $397.65 to $374.36, as analysts balance richer valuations with still constructive views supported by multiple target hikes across recent research. Analyst Commentary Recent research on Teradyne reflects a broad mix of views, but the price target revisions skew toward more constructive expectations even as some firms flag valuation risks.
ENPH
US$40.97
Enphase Energy
7D
-8.3%
1Y
-34.7%

ENPH: PPL Demand Visibility And Channel Partnerships Will Support Recovery

Analysts trimmed their fair value estimate for Enphase Energy by about $0.33 to $71.53. This reflects slightly lower discount rate and P/E assumptions alongside marginally higher modeled revenue growth and profit margins, supported by a recent wave of upward price target revisions and rating upgrades as confidence grows around demand visibility and the PPL offering.
ALMU
US$12.98
Aeluma
7D
-9.4%
1Y
107.7%
ONTO
US$219.46
Onto Innovation
7D
11.6%
1Y
58.2%

ONTO: HBM Orders And 2026 Shift To Back End Tools Will Test Expectations

Analysts have raised the fair value estimate for Onto Innovation to $220 from $160, citing higher price targets across Wall Street that reference expectations for stronger revenue, a large high bandwidth memory equipment agreement, and continued optimism about the product roadmap and margin outlook. Analyst Commentary Recent Street research on Onto Innovation has centered on stronger high bandwidth memory exposure, a sizeable US$240m volume purchase agreement, and management's updated revenue commentary for the first half of 2026.
AMAT
US$373.97
Applied Materials
7D
6.1%
1Y
143.4%
DQ
US$21.26
Daqo New Energy
7D
-9.3%
1Y
14.2%

DQ: Cost Control And Output Guidance Will Support Future Re Rating

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, citing a mixed Q4 with a revenue miss, stronger EBITDA, and limited visibility on industry reform. This feeds into slightly lower fair value and growth assumptions alongside a reduced future P/E outlook.
KLAC
US$1,566.19
KLA
7D
5.7%
1Y
117.0%

KLAC: AI And DRAM Spending Cycles Will Support Stronger Long Term Outlook

The analyst price target for KLA has been revised higher, with the updated fair value estimate moving from about $1,297 to roughly $1,676 as analysts factor in stronger long term revenue growth, higher profit margin assumptions and KLA's more constructive Investor Day outlook, while views on the appropriate discount rate and future P/E multiple remain fairly similar. Analyst Commentary Recent research has centered on KLA's updated long term framework, higher 2030 financial targets and a reassessment of wafer fab equipment spending, with most firms adjusting price targets and rating views around those themes.
ACMR
US$45.92
ACM Research
7D
-3.0%
1Y
60.8%

ACMR: Backlog Visibility And New Customer Wins Will Support Future Returns

Analysts lifted their fair value estimate for ACM Research to $70.50 from $51.87, citing higher long-term revenue growth and profit margin assumptions, as well as recent Street price target increases that reflect confidence in the company’s backlog and new customer contributions. Analyst Commentary Recent Street research on ACM Research has centered on how the order book, customer mix, and margin outlook feed into valuation.
NVMI
US$485.43
Nova
7D
9.0%
1Y
141.1%

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.
Q
US$118.34
Qnity Electronics
7D
4.2%
1Y
n/a
TRT
US$6.04
Trio-Tech International
7D
-4.6%
1Y
94.5%