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U.S. Semiconductor Equipment Industry Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies38
  • 7D4.7%
  • 3M59.0%
  • 1Y112.0%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has risen 2.2%, driven by gains from Applied Materials of 8.7%. In the same time, Amkor Technology was down 17%. In the last 12 months, the industry was up 114%. As for the next few years, earnings are expected to grow by 18% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Mon, 27 Feb 2023US$331.2bUS$95.3bUS$21.0b14.9x15.7x3.5x
Price to Earnings Ratio

15.7x


Total Market Cap: US$331.2bTotal Earnings: US$21.0bTotal Revenue: US$95.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 29.2x202420252026
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 46.8x which is higher than its 3-year average PE of 29.2x.
  • The 3-year average PS ratio of 5.3x is lower than the industry's current PS ratio of 9.9x.
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 Market0.64%
Tech0.58%
Semiconductors0.84%
Semiconductor Equipment4.72%
Semiconductors0.40%
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$369.8312.6%
+US$32.9b		110.1%PE37.4x
LRCX Lam ResearchUS$237.392.6%
+US$7.6b		166.7%PE47.7x
KLAC KLAUS$1.47k1.3%
+US$2.5b		89.0%PE42.3x
Q Qnity ElectronicsUS$112.864.0%
+US$904.9m		n/aPE29.4x
TER TeradyneUS$315.901.6%
+US$762.7m		166.5%PE89.3x

Latest News

ONTO
US$225.33
Onto Innovation
7D
4.9%
1Y
34.8%
Q
US$112.86
Qnity Electronics
7D
4.0%
1Y
n/a
FORM
US$92.28
FormFactor
7D
-1.5%
1Y
146.8%
KLIC
US$69.46
Kulicke and Soffa Industries
7D
-3.6%
1Y
61.3%

Kulicke and Soffa Industries: The Risk Of Pricing In A Lot That Has Yet To Happen

Feb 19
AMAT
US$369.83
Applied Materials
7D
12.6%
1Y
110.1%
ACLS
US$80.62
Axcelis Technologies
7D
-11.0%
1Y
25.0%
ENTG
US$132.67
Entegris
7D
1.4%
1Y
23.7%

ENTG: Higher Future P/E Assumptions Will Support Shares Toward Updated Fair Value

The analyst price target for Entegris has been adjusted from $150 to $156, with analysts citing updated assumptions around revenue growth, profit margins, discount rates and future P/E multiples as key drivers of the change. Analyst Commentary Recent Street research on Entegris reflects a mix of optimism and caution, with several bullish analysts lifting price targets while a few firms have shifted to more cautious or bearish stances.
CAMT
US$153.19
Camtek
7D
-1.4%
1Y
91.8%
LRCX
US$237.39
Lam Research
7D
2.6%
1Y
166.7%

LRCX: AI Memory And WFE Upcycle Is Expected To Drive Returns

Lam Research's fair value estimate has been raised from about $204 to roughly $274 as analysts update their price targets based on higher assumed revenue growth, stronger profit margins, and slightly adjusted discount and future P/E assumptions across recent research reports. Analyst Commentary Recent research on Lam Research has been active, with a long list of firms revisiting their models and lifting price targets.
VECO
US$28.99
Veeco Instruments
7D
-9.9%
1Y
14.8%

VECO: DRAM Opportunities And Merger Vote Will Shape Balanced Outlook

Analysts have adjusted their price target on Veeco Instruments to $36 from $38, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Veeco Instruments has scheduled a special or extraordinary shareholders meeting for February 6, 2026, to vote on issuing shares of Axcelis common stock to certain Veeco equityholders under a merger agreement with Axcelis and Victory Merger Sub, Inc.
AXTI
US$23.81
AXT
7D
-4.0%
1Y
939.7%

AXTI: Neutral Stance Will Reflect Export Permit Risks And Equity Raise

Narrative Update on AXT Price Target Analysts have raised their AXT price target from $9 to $18, citing updated assumptions for higher revenue growth and profit margins, as well as a lower discount rate. At the same time, they have shifted to a Neutral stance following export permit related headwinds in InP substrate shipments.
DQ
US$24.32
Daqo New Energy
7D
-3.4%
1Y
7.3%

DQ: Higher Margin Outlook And Stable Fair Value Will Support Stronger Upside

Analysts have maintained their $39.00 price target for Daqo New Energy, citing updated assumptions for revenue growth, profit margins and future P/E that keep their valuation broadly in line with prior estimates, despite a recent downgrade in Street research. Analyst Commentary Bullish Takeaways Bullish analysts highlight that the reaffirmed US$39.00 price target reflects confidence in the updated assumptions for revenue, margins and P/E, which still support the existing valuation framework.
KLAC
US$1,469.90
KLA
7D
1.3%
1Y
89.0%

KLAC: AI And DRAM Upswing Will Test Elevated P/E Expectations

The analyst fair value estimate for KLA has been raised by $52 to $1,332, as analysts generally factor in slightly higher revenue growth and profit margins, a modestly lower discount rate, and Street research that points to stronger wafer fab equipment spending and KLA's position in leading edge logic and memory. Analyst Commentary Recent Street research around KLA features a cluster of higher price targets and several rating upgrades, with many firms pointing to wafer fab equipment spending, leading edge logic and memory exposure, and KLA's competitive position as key drivers in their models.
COHU
US$30.31
Cohu
7D
-7.6%
1Y
41.2%
TER
US$315.90
Teradyne
7D
1.6%
1Y
166.5%
UCTT
US$57.48
Ultra Clean Holdings
7D
9.6%
1Y
48.0%

UCTT: Higher P/E Assumptions Will Magnify Earnings Risk Next WFE Downturn

Analysts have raised their price target on Ultra Clean Holdings by $15 to $38.75, citing updated assumptions for the discount rate and forward P/E that they view as better aligned with current fundamentals. Analyst Commentary Bullish Takeaways Bullish analysts view the higher price target of $38.75 as more consistent with their updated P/E assumptions, suggesting the previous target may have been too conservative relative to current earnings expectations.