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U.S. Semiconductor Equipment Industry Analysis

UpdatedDec 27, 2025
DataAggregated Company Financials
Companies39
  • 7D2.7%
  • 3M27.7%
  • 1Y76.4%
  • YTDn/a

The Semiconductor Equipment industry is up 2.7% in the last week, with Lam Research up 3.4%. In the last 12 months, the industry was up 76%. Looking forward, earnings are forecast to grow by 13% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Dec 2025US$733.3bUS$95.9bUS$19.0b39x38.5x7.6x
Mon, 24 Nov 2025US$616.1bUS$95.9bUS$19.0b33.7x32.4x6.4x
Wed, 22 Oct 2025US$620.4bUS$89.4bUS$16.3b34.1x38x6.9x
Fri, 19 Sep 2025US$519.0bUS$89.4bUS$16.3b31.5x31.8x5.8x
Sun, 17 Aug 2025US$453.1bUS$89.6bUS$16.3b26.1x27.8x5.1x
Tue, 15 Jul 2025US$494.8bUS$87.0bUS$15.5b30.9x32x5.7x
Thu, 12 Jun 2025US$445.5bUS$87.0bUS$15.5b26x28.8x5.1x
Sat, 10 May 2025US$386.2bUS$86.5bUS$15.1b23.8x25.5x4.5x
Mon, 07 Apr 2025US$317.7bUS$84.8bUS$14.2b22.6x22.4x3.7x
Wed, 05 Mar 2025US$396.5bUS$84.8bUS$14.2b31.2x27.9x4.7x
Fri, 31 Jan 2025US$430.1bUS$83.9bUS$14.9b34x29x5.1x
Sun, 29 Dec 2024US$415.0bUS$83.2bUS$14.6b27.6x28.4x5x
Tue, 26 Nov 2024US$418.6bUS$83.2bUS$14.6b28.4x28.7x5x
Thu, 24 Oct 2024US$436.2bUS$82.4bUS$15.5b25.7x28.1x5.3x
Sat, 21 Sep 2024US$480.3bUS$82.5bUS$15.6b24.9x30.8x5.8x
Mon, 19 Aug 2024US$511.8bUS$83.0bUS$15.8b26.2x32.4x6.2x
Wed, 17 Jul 2024US$594.2bUS$82.8bUS$13.8b35.3x43.2x7.2x
Fri, 14 Jun 2024US$575.1bUS$82.8bUS$13.8b27.5x41.8x6.9x
Sun, 12 May 2024US$509.0bUS$82.8bUS$13.6b32.2x37.4x6.2x
Tue, 09 Apr 2024US$507.0bUS$84.5bUS$14.2b35.1x35.7x6x
Thu, 07 Mar 2024US$509.8bUS$84.5bUS$14.2b36.1x35.9x6x
Sat, 03 Feb 2024US$441.1bUS$88.0bUS$14.9b24.5x29.5x5x
Mon, 01 Jan 2024US$434.4bUS$90.1bUS$15.9b25.8x27.3x4.8x
Wed, 29 Nov 2023US$397.7bUS$90.0bUS$15.9b24x25x4.4x
Fri, 27 Oct 2023US$338.7bUS$91.7bUS$16.0b22x21.1x3.7x
Sun, 24 Sep 2023US$361.5bUS$93.9bUS$17.0b24.8x21.3x3.8x
Tue, 22 Aug 2023US$381.3bUS$93.9bUS$17.0b25.6x22.5x4.1x
Thu, 20 Jul 2023US$402.7bUS$96.1bUS$20.1b21.3x20x4.2x
Sat, 17 Jun 2023US$391.4bUS$96.1bUS$20.1b18.5x19.5x4.1x
Mon, 15 May 2023US$335.3bUS$95.7bUS$20.1b15.2x16.7x3.5x
Wed, 12 Apr 2023US$337.6bUS$96.1bUS$21.2b15.8x15.9x3.5x
Fri, 10 Mar 2023US$341.9bUS$96.1bUS$21.2b16.6x16.1x3.6x
Sun, 05 Feb 2023US$358.2bUS$93.6bUS$21.1b17.2x17x3.8x
Tue, 03 Jan 2023US$310.1bUS$92.3bUS$20.7b14.8x15x3.4x
Price to Earnings Ratio

15x


Total Market Cap: US$310.1bTotal Earnings: US$20.7bTotal Revenue: US$92.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 27.8x20242025
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 38.5x which is higher than its 3-year average PE of 27.8x.
  • The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 7.6x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have declined 2.7% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

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

US Market1.24%
Tech1.57%
Semiconductors3.77%
Semiconductor Equipment2.71%
Semiconductors3.86%
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$178.073.4%
+US$7.3b		142.6%PE38.5x
KLAC KLAUS$1.28k2.7%
+US$4.5b		98.4%PE39.7x
AMAT Applied MaterialsUS$261.902.1%
+US$4.4b		57.0%PE29.7x
Q Qnity ElectronicsUS$84.215.7%
+US$944.7m		n/aPE21.9x
TER TeradyneUS$198.901.9%
+US$582.6m		54.7%PE70.3x

Latest News

ENPH
US$33.00
Enphase Energy
7D
-0.8%
1Y
-54.2%

ENPH Future Revenue Weakness Will Pressure Shares Despite Recent Business Developments

We trim our fair value estimate for Enphase Energy to $26 from $27 per share. Analysts, while acknowledging recent target raises across parts of the Street, remain cautious on near term revenue headwinds, eroding U.S. market share, and a still demanding forward earnings multiple.
TER
US$198.90
Teradyne
7D
1.9%
1Y
54.7%

TER: AI Test Cycle Euphoria Will Likely Pressure Future Returns

Analysts have sharply raised their price targets on Teradyne, effectively doubling their fair value estimate to about $153 per share. They cite a multiyear, AI-driven acceleration in semiconductor test demand, stronger robotics growth, and higher long-term assumptions for revenue growth, margins, and valuation.
ENTG
US$86.27
Entegris
7D
2.6%
1Y
-15.2%

ENTG A.I. Demand And New U.S. Facility Will Shape Risk-Reward Balance

Analysts have modestly trimmed their Entegris price target by about $5 to roughly $80 per share. This reflects more conservative assumptions for revenue growth, profitability, and a higher future valuation multiple, even as they continue to view pure-play electronic materials suppliers as key beneficiaries of rising semiconductor and A.I. demand.
LRCX
US$178.07
Lam Research
7D
3.4%
1Y
142.6%

LRCX: Recent AI And Memory Upcycle Euphoria Will Likely Fade

Analysts have raised their price target on Lam Research to approximately $110 from about $81, citing the company's stronger than expected earnings momentum, improving wafer fab equipment upcycle exposure, and durable AI driven demand for advanced memory and 3D stacking technologies. Analyst Commentary Recent Street research reflects a broadly constructive view on Lam Research, with multiple firms lifting price targets and highlighting the company’s leverage to an improving wafer fab equipment cycle, AI driven memory demand, and stronger than expected profitability.
KLAC
US$1,279.60
KLA
7D
2.7%
1Y
98.4%
COHU
US$23.49
Cohu
7D
-0.1%
1Y
-12.4%

COHU: Future AI And HPC Demand Will Drive Margin Expansion Potential

Analysts have modestly raised their price target on Cohu to approximately $29.00 per share, reflecting slightly improved profit margin expectations and a marginally lower anticipated future price-to-earnings multiple. What's in the News Cohu issued new sales guidance for the fourth quarter of 2025, targeting revenue of approximately $122 million, plus or minus $7 million (company guidance).
AMAT
US$261.90
Applied Materials
7D
2.1%
1Y
57.0%
NVMI
US$330.92
Nova
7D
2.5%
1Y
65.4%

NVMI: Rising DRAM Fab Spending Will Strengthen Future AI Computing Position

Analysts have raised their price target on Nova to $390 from $300, citing improved visibility into DRAM fab investment, stronger positioning in AI computing, and slightly better long-term profitability despite modestly lower growth and a marginally higher discount rate. Analyst Commentary Recent research updates on Nova highlight a constructive outlook on the company’s positioning in memory and AI end markets, while also flagging areas of execution and cycle risk that could influence how the new valuation framework plays out.
ACLS
US$82.61
Axcelis Technologies
7D
-0.1%
1Y
16.0%
MKSI
US$164.19
MKS
7D
2.9%
1Y
54.6%

MKSI: DRAM And Wafer Fab Upswing Will Drive Strong 2025 To 2027 Cycle

Analysts have lifted our MKS fair value estimate to $200 from $152.52 as they factor in higher long term revenue growth, expanding profit margins, and a richer future P/E multiple, which is supported by a wave of recent price target increases and growing confidence in the company’s setup into 2025 to 2027. Analyst Commentary Bullish analysts have been steadily lifting their price targets on MKS, highlighting improved execution across core segments and a stronger multiyear earnings trajectory.
DQ
US$31.82
Daqo New Energy
7D
-3.5%
1Y
65.1%

DQ: Industry Stabilization And Anti Involution Policy Will Test Margin Recovery Prospects

Analysts have raised their price target on Daqo New Energy by $11 to $25 per share, citing expectations that industry stabilization and potential cash cost breakeven in Q3 could mark an earnings inflection point, despite recent below-cost sales and lowered 2025 production guidance. Analyst Commentary Street research points to a more constructive outlook on Daqo New Energy, even as near term fundamentals remain challenging.
Q
US$84.21
Qnity Electronics
7D
5.7%
1Y
n/a
AEHR
US$21.46
Aehr Test Systems
7D
-1.6%
1Y
30.0%
ATOM
US$2.16
Atomera
7D
-7.3%
1Y
-84.9%