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U.S. Semiconductor Equipment Industry Analysis

UpdatedMay 23, 2026
DataAggregated Company Financials
Companies39
  • 7D3.3%
  • 3M22.5%
  • 1Y203.3%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 1.7%, driven by Applied Materials declining 1.0%. In contrast, Lam Research has gained 7.2%. This takes the industry's 12 month performance to a gain of 193%. As for the next few years, earnings are expected to grow by 22% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 May 2026US$1.2tUS$101.7bUS$22.5b65.7x53.5x11.9x
Mon, 20 Apr 2026US$1.1tUS$97.8bUS$20.8b52.6x54x11.5x
Wed, 18 Mar 2026US$922.6bUS$97.8bUS$20.8b44.1x44.4x9.4x
Fri, 13 Feb 2026US$950.8bUS$97.6bUS$19.8b41.7x48x9.7x
Sun, 11 Jan 2026US$852.9bUS$95.9bUS$19.0b44.1x44.8x8.9x
Tue, 09 Dec 2025US$715.6bUS$95.9bUS$19.0b38.6x37.6x7.5x
Thu, 06 Nov 2025US$664.6bUS$91.2bUS$17.0b35.2x39.2x7.3x
Sat, 04 Oct 2025US$619.1bUS$89.4bUS$16.3b34.7x37.9x6.9x
Mon, 01 Sep 2025US$456.2bUS$89.4bUS$16.3b27.1x27.9x5.1x
Wed, 30 Jul 2025US$484.7bUS$87.1bUS$15.3b26.2x31.7x5.6x
Fri, 27 Jun 2025US$465.7bUS$87.0bUS$15.5b28.1x30.1x5.4x
Sun, 25 May 2025US$397.3bUS$87.0bUS$15.5b22.7x25.6x4.6x
Tue, 22 Apr 2025US$341.9bUS$84.9bUS$14.2b23.8x24.1x4x
Thu, 20 Mar 2025US$399.8bUS$84.8bUS$14.2b30.4x28.2x4.7x
Sat, 15 Feb 2025US$453.8bUS$85.1bUS$14.5b35x31.2x5.3x
Mon, 13 Jan 2025US$426.9bUS$83.2bUS$14.6b33.9x29.3x5.1x
Wed, 11 Dec 2024US$428.4bUS$83.2bUS$14.6b27.8x29.3x5.1x
Fri, 08 Nov 2024US$440.2bUS$82.8bUS$14.8b27.2x29.7x5.3x
Sun, 06 Oct 2024US$487.7bUS$82.5bUS$15.6b26x31.3x5.9x
Tue, 03 Sep 2024US$496.0bUS$82.5bUS$15.6b26.8x31.8x6x
Thu, 01 Aug 2024US$523.4bUS$82.6bUS$13.7b28.8x38.1x6.3x
Sat, 29 Jun 2024US$566.5bUS$82.8bUS$13.8b26.9x41.2x6.8x
Mon, 27 May 2024US$541.0bUS$82.8bUS$13.8b28.8x39.3x6.5x
Wed, 24 Apr 2024US$471.7bUS$84.5bUS$14.2b33x33.3x5.6x
Fri, 22 Mar 2024US$503.1bUS$84.5bUS$14.2b35.7x35.4x6x
Sun, 18 Feb 2024US$493.1bUS$85.5bUS$14.7b33x33.6x5.8x
Tue, 16 Jan 2024US$410.1bUS$90.1bUS$15.9b24.7x25.8x4.6x
Thu, 14 Dec 2023US$408.4bUS$90.0bUS$15.9b24.8x25.7x4.5x
Sat, 11 Nov 2023US$363.2bUS$90.2bUS$15.5b23.7x23.4x4x
Mon, 09 Oct 2023US$369.9bUS$93.9bUS$17.0b24.8x21.8x3.9x
Wed, 06 Sep 2023US$408.2bUS$93.9bUS$17.0b26.9x24.1x4.3x
Fri, 04 Aug 2023US$404.8bUS$94.1bUS$17.2b20.5x23.5x4.3x
Sun, 02 Jul 2023US$404.2bUS$96.1bUS$20.1b20.1x20.1x4.2x
Tue, 30 May 2023US$386.9bUS$96.1bUS$20.1b18x19.2x4x
Price to Earnings Ratio

19.2x


Total Market Cap: US$386.9bTotal Earnings: US$20.1bTotal Revenue: US$96.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 32x202420252026
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 52.6x which is higher than its 3-year average PE of 32.0x.
  • The 3-year average PS ratio of 5.9x is lower than the industry's current PS ratio of 11.7x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 3.9% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Comparison

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

US Market1.01%
Tech1.55%
Semiconductors0.82%
Semiconductor Equipment3.31%
Semiconductors0.56%
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$305.357.2%
+US$25.8b		276.7%PE56.9x
KLAC KLAUS$1.89k4.7%
+US$11.0b		149.4%PE52.8x
TER TeradyneUS$358.446.1%
+US$3.2b		365.6%PE65.7x
ENPH Enphase EnergyUS$64.0321.1%
+US$1.5b		61.5%PE62.5x
MKSI MKSUS$320.625.8%
+US$1.2b		282.5%PE66.2x

Latest News

Q
US$156.93
Qnity Electronics
7D
-0.2%
1Y
n/a
ICHR
US$68.96
Ichor Holdings
7D
-5.9%
1Y
320.2%
LRCX
US$305.35
Lam Research
7D
7.2%
1Y
276.7%
NVMI
US$503.49
Nova
7D
-1.1%
1Y
175.1%
ACMR
US$73.35
ACM Research
7D
15.2%
1Y
227.3%
Seeking Alpha • May 21

ACM Research: Path To $4 Billion Is Now Visible

Summary ACM Research (ACMR) is rated Buy with an $90 price target, reflecting a 25% upside and a strong new-product cycle inflection. Q1 2026 revenue grew 34% YoY, EPS beat by $0.14, and shipments outpaced revenue, signaling robust FY27 growth potential. Planetary Family launch and SPM ramp (15–20 units by year-end) reposition ACMR as a multi-process player with credible $4B long-term revenue ambitions. Risks include high China revenue concentration and customer dependency, but a strong balance sheet and global expansion initiatives support the current risk/reward. Read the full article on Seeking Alpha
AXTI
US$140.83
AXT
7D
13.8%
1Y
9,545.9%
Seeking Alpha • May 21

AXT: A Company Meeting An Inflection Point

Summary AXT stands out as an undercovered AI infrastructure play following a strong Q1 2026 earnings report. AXTI's exposure to the AI boom, particularly through its role in GPU supply chains, positions it for significant upside. Despite widespread focus on high-profile AI names, AXTI's fundamentals and growth trajectory merit increased investor attention. I see AXTI as a potential portfolio gem, benefiting from AI-driven demand and currently overlooked by the broader market. Read the full article on Seeking Alpha
AMAT
US$432.16
Applied Materials
7D
-1.0%
1Y
174.4%
UCTT
US$84.01
Ultra Clean Holdings
7D
-2.2%
1Y
321.5%
ONTO
US$262.25
Onto Innovation
7D
-3.5%
1Y
185.0%
TER
US$358.44
Teradyne
7D
6.1%
1Y
365.6%
ENTG
US$135.28
Entegris
7D
1.7%
1Y
87.0%
Seeking Alpha • May 20

Entegris: Stronger Performance Does Not Justify The Multiple

Summary Entegris, Inc. is rated Hold due to a premium valuation unsupported by its growth and margin profile. Q1 results showed revenue stabilization, margin improvement to 46.4%, and strong free cash flow with progress on deleveraging. ENTG benefits from advanced logic, DRAM, NAND scaling, and fab construction exposure, supporting a positive 2026–2027 outlook. Valuation remains stretched versus peers like AMAT and KLAC, despite weaker growth and profitability metrics. Read the full article on Seeking Alpha
ENPH
US$62.34
Enphase Energy
7D
29.8%
1Y
64.0%
KLAC
US$1,888.38
KLA
7D
4.7%
1Y
149.4%
AEHR
US$95.02
Aehr Test Systems
7D
-4.5%
1Y
973.7%
New Narrative • May 18

AEHR: Scaling Critical Infrastructure for Power Semiconductors as the Lead Yield Enabler for Electric Vehicles

Aehr Test Systems (AEHR), a premier provider of semiconductor test and reliability qualification equipment, is navigating a historic structural upcycle in 2026. The organization has successfully transitioned from a specialized tool provider into the essential quality-assurance substrate for the global power-semiconductor industry.
AMKR
US$65.75
Amkor Technology
7D
-6.5%
1Y
259.9%
MKSI
US$320.62
MKS
7D
5.8%
1Y
282.5%
Seeking Alpha • May 16

MKS Inc.: Robust Q1 Beat; Maintaining Buy On Advanced Logic And Memory Momentum

Summary MKSI Inc. delivered a Q1 FY2026 earnings beat, with revenue up 15% YoY and EPS up 35%, maintaining a Buy rating. Management indicated WFE spend potentially rising to $170-180 billion for 2027, positioning MKSI for significant upside as a key subsystem supplier. A new $100 million, 500,000 sq. ft. facility in Malaysia will expand capacity by June 2026, supporting long-term growth and customer alignment. At 25.8x FY2026 P/E, MKSI trades at a discount to SPE peers despite robust catalysts, including LEO PCB and optical equipment opportunities. Read the full article on Seeking Alpha