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U.S. Semiconductor Equipment Industry Analysis

UpdatedDec 15, 2025
DataAggregated Company Financials
Companies38
  • 7D-1.2%
  • 3M35.0%
  • 1Y65.1%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 1.2%, driven by Applied Materials declining 3.3%. In the past year, the industry has gained 65%. 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
Mon, 15 Dec 2025US$699.1bUS$95.9bUS$19.0b37.2x36.7x7.3x
Wed, 12 Nov 2025US$688.8bUS$96.0bUS$18.8b36.7x36.6x7.2x
Fri, 10 Oct 2025US$596.9bUS$89.4bUS$16.3b33.5x36.5x6.7x
Sun, 07 Sep 2025US$453.1bUS$89.4bUS$16.3b26.6x27.7x5.1x
Tue, 05 Aug 2025US$465.2bUS$88.9bUS$16.2b25.7x28.7x5.2x
Thu, 03 Jul 2025US$469.7bUS$87.0bUS$15.5b29x30.3x5.4x
Sat, 31 May 2025US$407.1bUS$87.0bUS$15.5b22.9x26.3x4.7x
Mon, 28 Apr 2025US$377.0bUS$85.9bUS$14.6b26.5x25.8x4.4x
Wed, 26 Mar 2025US$405.2bUS$84.8bUS$14.2b30.9x28.5x4.8x
Fri, 21 Feb 2025US$454.2bUS$84.9bUS$14.4b36.2x31.6x5.3x
Sun, 19 Jan 2025US$465.8bUS$83.2bUS$14.6b36.4x31.9x5.6x
Tue, 17 Dec 2024US$421.6bUS$83.2bUS$14.6b27.6x28.9x5.1x
Thu, 14 Nov 2024US$435.8bUS$82.9bUS$14.9b28.2x29.3x5.3x
Sat, 12 Oct 2024US$489.1bUS$82.5bUS$15.6b27.4x31.4x5.9x
Mon, 09 Sep 2024US$436.9bUS$82.5bUS$15.6b24.9x28x5.3x
Wed, 07 Aug 2024US$446.9bUS$83.3bUS$14.0b25.7x32x5.4x
Fri, 05 Jul 2024US$587.3bUS$82.8bUS$13.8b33.4x42.7x7.1x
Sun, 02 Jun 2024US$525.9bUS$82.8bUS$13.8b28x38.2x6.4x
Tue, 30 Apr 2024US$498.1bUS$83.9bUS$14.1b35.2x35.4x5.9x
Thu, 28 Mar 2024US$511.7bUS$84.5bUS$14.2b35.7x36x6.1x
Sat, 24 Feb 2024US$486.8bUS$84.9bUS$14.5b33.8x33.6x5.7x
Mon, 22 Jan 2024US$444.7bUS$90.1bUS$15.9b24.7x28x4.9x
Wed, 20 Dec 2023US$433.4bUS$90.1bUS$15.9b26.3x27.2x4.8x
Fri, 17 Nov 2023US$394.3bUS$90.1bUS$15.5b24.8x25.4x4.4x
Sun, 15 Oct 2023US$374.3bUS$93.9bUS$17.0b24.8x22.1x4x
Tue, 12 Sep 2023US$386.7bUS$93.9bUS$17.0b24.9x22.8x4.1x
Thu, 10 Aug 2023US$397.9bUS$94.1bUS$17.0b25.6x23.3x4.2x
Sat, 08 Jul 2023US$387.7bUS$96.1bUS$20.1b18.8x19.3x4x
Mon, 05 Jun 2023US$384.8bUS$96.1bUS$20.1b17.9x19.1x4x
Wed, 03 May 2023US$323.3bUS$95.3bUS$20.5b14.7x15.8x3.4x
Fri, 31 Mar 2023US$353.0bUS$96.1bUS$21.2b16.7x16.7x3.7x
Sun, 26 Feb 2023US$331.3bUS$95.3bUS$21.1b14.9x15.7x3.5x
Tue, 24 Jan 2023US$350.7bUS$92.3bUS$20.7b17.7x16.9x3.8x
Thu, 22 Dec 2022US$335.5bUS$92.3bUS$20.7b15.3x16.2x3.6x
Price to Earnings Ratio

16.2x


Total Market Cap: US$335.5bTotal 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 27.6x202320242025
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 36.7x which is higher than its 3-year average PE of 27.6x.
  • The 3-year average PS ratio of 5.0x is lower than the industry's current PS ratio of 7.3x.
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 Market-0.59%
Tech-2.39%
Semiconductors-4.39%
Semiconductor Equipment-1.21%
Semiconductors-4.66%
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
PLAB PhotronicsUS$36.3143.8%
+US$652.6m		37.0%PE15.7x
ENTG EntegrisUS$92.553.9%
+US$523.0m		-13.3%PE48.6x
ACMR ACM ResearchUS$38.836.3%
+US$148.6m		154.8%PE21.5x
ENPH Enphase EnergyUS$32.183.0%
+US$123.0m		-55.1%PE21.5x
AXTI AXTUS$14.8116.5%
+US$94.0m		564.1%PS7.3x

Latest News

AMAT
US$259.21
Applied Materials
7D
-3.3%
1Y
53.0%

AMAT: Future WFE Cycle And China Policy Risks Will Shape Returns

We raise our fair value estimate for Applied Materials to $248.44 from $241.69, reflecting analysts' increased price targets in the mid $200s on stronger than expected execution, slightly higher long term revenue growth and margins, and confidence that China related risks are moderating while wafer fab equipment and services demand in foundry and memory remains robust. Analyst Commentary Street research has turned decisively more constructive on Applied Materials, with multiple firms lifting price targets into the mid to high $200s following better than expected results and guidance.
PLAB
US$36.31
Photronics
7D
43.8%
1Y
37.0%
CAMT
US$111.95
Camtek
7D
-5.7%
1Y
44.9%

CAMT: Advanced Packaging And HBM Demand Will Drive Strong Future Upside

Analysts modestly lift our fair value estimate for Camtek from $120 to approximately $143 per share, as they balance slightly softer near term growth expectations with stronger long term profitability from advanced packaging and HBM4 driven demand. Analyst Commentary Recent Street research reflects a broadly constructive view on Camtek, with most bullish analysts highlighting resilient execution, solid near term performance, and a strengthening multi year growth runway tied to advanced packaging and HBM adoption.
ASYS
US$10.98
Amtech Systems
7D
25.6%
1Y
96.1%
ACMR
US$38.83
ACM Research
7D
6.3%
1Y
154.8%

ACMR: China Tools And New Platforms Will Drive Resilient Yet Measured Outlook

Analysts have trimmed their price target on ACM Research to $40 from $50 as they balance confidence in a Q3 demand recovery and mid to high teens revenue growth with caution around near term margin headwinds and modestly lower estimates. Analyst Commentary Street research on ACM Research reflects a generally constructive view on the companys growth and execution, tempered by a more conservative stance on near term profitability and risk.
ENPH
US$32.18
Enphase Energy
7D
3.0%
1Y
-55.1%

ENPH: Residential Solar Recovery And Cash Flow Visibility Will Drive Future Upside

Analysts slightly trimmed their blended price target on Enphase Energy by about $1 to the mid $30s, as cautious views on continued revenue contraction and modestly lower profit expectations offset incremental optimism from select firms citing improving conditions in residential solar. Analyst Commentary Recent research updates highlight a divided but slowly improving sentiment around Enphase, with modest target changes reflecting balancing views on execution risk and recovery potential in residential solar.
TER
US$193.37
Teradyne
7D
-4.7%
1Y
49.3%

TER: AI Test Demand And Robotics Expansion Will Drive Measured Upside Through 2027

Analysts have lifted their fair value estimate for Teradyne from $184.69 to $192.38, citing stronger multiyear AI testing demand, improving revenue growth and margins, and higher expected future earnings power reflected in a richer forward P E multiple. Analyst Commentary Recent Street research updates point to a sharp improvement in sentiment around Teradyne, with multiple firms raising price targets and, in some cases, upgrading ratings as AI driven test demand and Industrial Automation momentum become more visible through 2026 and beyond.
Q
US$78.94
Qnity Electronics
7D
-6.4%
1Y
n/a
ENTG
US$92.55
Entegris
7D
3.9%
1Y
-13.3%

ENTG: AI Materials Demand And New U.S. Facility Will Drive Upside

Analysts have modestly trimmed their price target on Entegris by about $1 to roughly $100 per share, citing slightly lower assumed discount rates and a marginally less demanding future P E multiple, while leaving long term growth and margin expectations intact. Analyst Commentary Recent commentary on the sector highlights Entegris as one of only a few pure play electronic chemicals and materials providers, a positioning that investors increasingly view as strategically valuable as semiconductor capital spending and AI related demand scale up.
AXTI
US$14.81
AXT
7D
16.5%
1Y
564.1%
LRCX
US$160.52
Lam Research
7D
-1.4%
1Y
106.2%

LRCX: AI Memory And WFE Upswing Will Drive Balanced Future Returns

Analysts have nudged our Lam Research fair value estimate higher, from $158.52 to $160.30. This reflects increased confidence in the companys record profitability, sustained beat and raise cadence, and strengthening AI driven WFE demand despite some valuation pushback.
ALMU
US$18.15
Aeluma
7D
12.9%
1Y
133.6%
NVMI
US$315.84
Nova
7D
-5.1%
1Y
65.9%

NVMI: Increased DRAM Fab Spending Will Strengthen Upcoming AI Market Position

Nova's analyst price target has been raised from $300 to $390. This change reflects an improved outlook and increased optimism among analysts following recent industry discussions and signs of stronger demand in the AI and DRAM sectors.
KLAC
US$1,193.92
KLA
7D
-2.5%
1Y
82.0%

KLAC: AI And DRAM Investment Cycles Will Balance Market Uncertainties Ahead

Analysts have raised their price targets for KLA, citing strong quarterly results, an improved outlook for artificial intelligence demand, and the company's dominant market position. Recent targets have moved from $1,093 to as high as $1,300.
MKSI
US$155.77
MKS
7D
-5.2%
1Y
40.5%

MKSI: Momentum In Wafer Equipment Investment Will Drive Upside Through 2026

The analyst price target for MKS has increased significantly, rising to a range of $168 to $175, as analysts cite strong recent performance, growing momentum in wafer fab equipment spending, and optimistic outlooks for the company's core businesses. Analyst Commentary Recent research updates reveal that sentiment surrounding MKS remains broadly positive, with several new price target increases highlighting the company's execution and growth prospects.
AEHR
US$24.48
Aehr Test Systems
7D
2.6%
1Y
68.9%