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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 18, 2026
DataAggregated Company Financials
Companies39
  • 7D2.7%
  • 3M40.5%
  • 1Y134.2%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has risen 2.7%, driven by gains from Lam Research of 5.2%. In the last 12 months, the industry was up 134%. 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
Thu, 19 Mar 2026US$922.6bUS$97.8bUS$20.8b44.1x44.4x9.4x
Sat, 14 Feb 2026US$933.8bUS$97.5bUS$20.7b42.1x45.2x9.6x
Mon, 12 Jan 2026US$852.9bUS$95.9bUS$19.0b44.1x44.8x8.9x
Wed, 10 Dec 2025US$721.3bUS$95.9bUS$19.0b38.7x37.9x7.5x
Fri, 07 Nov 2025US$693.9bUS$96.0bUS$18.9b35.3x36.6x7.2x
Sun, 05 Oct 2025US$607.6bUS$89.4bUS$16.3b34.7x37.2x6.8x
Tue, 02 Sep 2025US$456.2bUS$89.4bUS$16.3b27.1x27.9x5.1x
Thu, 31 Jul 2025US$482.0bUS$87.0bUS$15.2b28.4x31.7x5.5x
Sat, 28 Jun 2025US$469.9bUS$87.0bUS$15.5b28.1x30.4x5.4x
Mon, 26 May 2025US$397.3bUS$87.0bUS$15.5b22.7x25.6x4.6x
Wed, 23 Apr 2025US$335.5bUS$84.9bUS$14.2b24.1x23.6x4x
Fri, 21 Mar 2025US$403.1bUS$84.8bUS$14.2b30.6x28.4x4.8x
Sun, 16 Feb 2025US$439.0bUS$85.1bUS$14.5b35x30.2x5.2x
Tue, 14 Jan 2025US$426.9bUS$83.2bUS$14.6b33.8x29.3x5.1x
Thu, 12 Dec 2024US$418.0bUS$83.2bUS$14.6b27.9x28.6x5x
Sat, 09 Nov 2024US$452.4bUS$82.9bUS$14.9b30x30.4x5.5x
Mon, 07 Oct 2024US$487.7bUS$82.5bUS$15.6b26x31.3x5.9x
Wed, 04 Sep 2024US$496.0bUS$82.5bUS$15.6b25.1x31.8x6x
Fri, 02 Aug 2024US$523.1bUS$83.2bUS$13.9b26.3x37.5x6.3x
Sun, 30 Jun 2024US$572.1bUS$82.8bUS$13.8b26.9x41.6x6.9x
Tue, 28 May 2024US$541.0bUS$82.8bUS$13.8b28.8x39.3x6.5x
Thu, 25 Apr 2024US$471.7bUS$84.0bUS$14.0b33.2x33.6x5.6x
Sat, 23 Mar 2024US$515.3bUS$84.5bUS$14.2b35.5x36.3x6.1x
Mon, 19 Feb 2024US$493.1bUS$85.5bUS$14.7b33x33.6x5.8x
Wed, 17 Jan 2024US$410.1bUS$90.1bUS$15.9b24.8x25.8x4.6x
Fri, 15 Dec 2023US$413.3bUS$90.1bUS$15.9b25.5x26x4.6x
Sun, 12 Nov 2023US$376.9bUS$90.2bUS$15.5b23.7x24.3x4.2x
Tue, 10 Oct 2023US$368.5bUS$93.9bUS$17.0b24.8x21.7x3.9x
Thu, 07 Sep 2023US$405.5bUS$93.9bUS$17.0b26.8x23.9x4.3x
Sat, 05 Aug 2023US$400.5bUS$94.3bUS$17.3b20.4x23.2x4.2x
Mon, 03 Jul 2023US$404.2bUS$96.1bUS$20.1b20.1x20.1x4.2x
Wed, 31 May 2023US$387.4bUS$96.1bUS$20.1b17.9x19.3x4x
Fri, 28 Apr 2023US$325.9bUS$96.0bUS$20.9b14.9x15.6x3.4x
Sun, 26 Mar 2023US$340.9bUS$96.1bUS$21.2b16.3x16.1x3.5x
Price to Earnings Ratio

16.1x


Total Market Cap: US$340.9bTotal 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 30x202420252026
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 44.4x which is higher than its 3-year average PE of 29.9x.
  • The 3-year average PS ratio of 5.5x 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-0.97%
Tech-1.09%
Semiconductors-1.59%
Semiconductor Equipment2.69%
Semiconductors-2.05%
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$224.712.7%
+US$7.3b		188.3%PE45.2x
KLAC KLAUS$1.48k1.2%
+US$2.3b		106.0%PE42.6x
AMKR Amkor TechnologyUS$46.876.7%
+US$729.6m		139.5%PE31x
NVMI NovaUS$457.805.1%
+US$700.2m		134.2%PE56.1x
MKSI MKSUS$233.394.1%
+US$613.3m		155.0%PE53.2x

Latest News

AMAT
US$349.47
Applied Materials
7D
-0.5%
1Y
126.3%
TER
US$300.07
Teradyne
7D
-0.6%
1Y
239.0%
DQ
US$22.17
Daqo New Energy
7D
-4.0%
1Y
8.1%

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.
ONTO
US$201.88
Onto Innovation
7D
4.7%
1Y
46.7%
FORM
US$96.18
FormFactor
7D
4.7%
1Y
194.8%

FORM: Future Returns Will Depend On Executing Quantum Roadmap And Margin Assumptions

Analysts have lifted their average price targets on FormFactor by double digit dollar amounts, citing refreshed models that incorporate the recent series of target increases from firms including B. Riley, Northland, Craig-Hallum, Evercore ISI, Stifel, TD Cowen and Citi.
KLAC
US$1,482.36
KLA
7D
1.2%
1Y
106.0%

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.
MKSI
US$233.39
MKS
7D
4.1%
1Y
155.0%

MKSI: Wafer Fab Upswing And Lower Interest Expense Will Support 2025 To 2027 Cycle

Analysts have raised their average price target for MKS to $320, up from prior levels around $260, citing stronger than expected Q4 results, healthier margins, improving semiconductor-related demand and lower interest expense following recent debt refinancing. Analyst Commentary Bullish analysts have been raising their price targets on MKS in response to the recent Q4 beat, stronger guidance and margin profile, and the effects of debt refinancing on interest expense.
SEDG
US$44.88
SolarEdge Technologies
7D
24.4%
1Y
164.3%
AMKR
US$46.87
Amkor Technology
7D
6.7%
1Y
139.5%

AMKR: Arizona Build And Advanced Packaging Will Shape Longer Term Upside

Amkor Technology's analyst price target has moved higher, with several firms raising their targets by amounts ranging from $5 to $19. Analysts pointed to improving utilization, margin benefits from cost actions, growing 2.5D and Chip-on-Wafer-on-Substrate exposure, and longer term Arizona investment plans.
ASYS
US$11.06
Amtech Systems
7D
-19.6%
1Y
121.6%

ASYS: Revenue Guidance And Buyback Authorization Will Support Future Upside Potential

Analysts have held their fair value estimate for Amtech Systems steady at $16.00 per share, with only minor tweaks to inputs such as the discount rate and assumed future P/E. This reflects updated modeling rather than a shift in overall conviction.
ENTG
US$115.58
Entegris
7D
-0.5%
1Y
15.2%
ACMR
US$46.60
ACM Research
7D
-2.7%
1Y
59.5%

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$457.80
Nova
7D
5.1%
1Y
134.2%

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.
AEHR
US$36.31
Aehr Test Systems
7D
-14.5%
1Y
298.1%
LRCX
US$224.71
Lam Research
7D
2.7%
1Y
188.3%

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.
Q
US$113.98
Qnity Electronics
7D
-2.0%
1Y
n/a