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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies39
  • 7D-1.2%
  • 3M46.6%
  • 1Y139.0%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 1.2%, driven by a pullback from Lam Research of 4.7%. This takes the industry's 12 month performance to a gain of 139%. 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
Wed, 04 Mar 2026US$987.0bUS$97.9bUS$20.8b45.4x47.5x10.1x
Fri, 30 Jan 2026US$957.2bUS$96.8bUS$19.4b51.1x49.2x9.9x
Sun, 28 Dec 2025US$735.7bUS$95.9bUS$19.0b39x38.6x7.7x
Tue, 25 Nov 2025US$616.1bUS$95.9bUS$19.0b34.8x32.4x6.4x
Thu, 23 Oct 2025US$619.1bUS$89.4bUS$16.3b33.2x37.9x6.9x
Sat, 20 Sep 2025US$546.5bUS$89.4bUS$16.3b31.2x33.4x6.1x
Mon, 18 Aug 2025US$453.1bUS$89.6bUS$16.3b26.1x27.8x5.1x
Wed, 16 Jul 2025US$491.7bUS$87.0bUS$15.5b30.7x31.8x5.7x
Fri, 13 Jun 2025US$446.1bUS$87.0bUS$15.5b25.7x28.8x5.1x
Sun, 11 May 2025US$384.4bUS$86.5bUS$15.1b23.7x25.4x4.4x
Tue, 08 Apr 2025US$322.4bUS$84.8bUS$14.2b23.4x22.7x3.8x
Thu, 06 Mar 2025US$399.4bUS$84.8bUS$14.2b31.7x28.1x4.7x
Sat, 01 Feb 2025US$447.9bUS$84.5bUS$15.1b32.8x29.7x5.3x
Mon, 30 Dec 2024US$415.0bUS$83.2bUS$14.6b27.6x28.4x5x
Wed, 27 Nov 2024US$421.3bUS$83.2bUS$14.6b28.1x28.9x5.1x
Fri, 25 Oct 2024US$434.0bUS$83.1bUS$15.8b26.1x27.5x5.2x
Sun, 22 Sep 2024US$469.5bUS$82.5bUS$15.6b24.9x30.1x5.7x
Tue, 20 Aug 2024US$511.8bUS$83.0bUS$15.8b25.8x32.4x6.2x
Thu, 18 Jul 2024US$599.2bUS$82.8bUS$13.8b31.1x43.5x7.2x
Sat, 15 Jun 2024US$575.1bUS$82.8bUS$13.8b27.7x41.8x6.9x
Mon, 13 May 2024US$509.1bUS$82.8bUS$13.6b32.2x37.4x6.2x
Wed, 10 Apr 2024US$509.5bUS$84.5bUS$14.2b35.9x35.9x6x
Fri, 08 Mar 2024US$527.4bUS$84.5bUS$14.2b36.8x37.2x6.2x
Sun, 04 Feb 2024US$441.1bUS$88.0bUS$14.9b24.5x29.5x5x
Tue, 02 Jan 2024US$434.4bUS$90.1bUS$15.9b25.8x27.3x4.8x
Thu, 30 Nov 2023US$391.8bUS$90.0bUS$15.9b24x24.6x4.4x
Sat, 28 Oct 2023US$336.7bUS$91.6bUS$16.0b20.2x21x3.7x
Mon, 25 Sep 2023US$361.5bUS$93.9bUS$17.0b24.8x21.3x3.8x
Wed, 23 Aug 2023US$390.3bUS$93.9bUS$17.0b25.4x23x4.2x
Fri, 21 Jul 2023US$384.8bUS$96.1bUS$20.1b20.7x19.1x4x
Sun, 18 Jun 2023US$391.4bUS$96.1bUS$20.1b18.5x19.5x4.1x
Tue, 16 May 2023US$347.8bUS$95.7bUS$20.1b15.8x17.3x3.6x
Thu, 13 Apr 2023US$330.4bUS$96.1bUS$21.2b15.4x15.6x3.4x
Sat, 11 Mar 2023US$333.5bUS$96.1bUS$21.2b16.2x15.7x3.5x
Price to Earnings Ratio

15.7x


Total Market Cap: US$333.5bTotal 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 29.6x202420252026
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 47.5x which is higher than its 3-year average PE of 29.6x.
  • The 3-year average PS ratio of 5.4x is lower than the industry's current PS ratio of 10.1x.
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-0.57%
Tech-2.05%
Semiconductors-4.37%
Semiconductor Equipment-1.16%
Semiconductors-4.75%
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
AXTI AXTUS$41.7619.0%
+US$356.7m		2,594.2%PS25.2x
VECO Veeco InstrumentsUS$32.4710.6%
+US$190.6m		51.5%PE55.4x
ACLS Axcelis TechnologiesUS$85.885.0%
+US$127.9m		52.5%PE21.9x
AEHR Aehr Test SystemsUS$41.646.1%
+US$73.8m		363.7%PS24x
INTT inTESTUS$12.2823.7%
+US$29.1m		55.2%PS1.3x

Latest News

VECO
US$32.47
Veeco Instruments
7D
10.6%
1Y
51.5%
LRCX
US$217.27
Lam Research
7D
-11.0%
1Y
184.2%
AXTI
US$41.76
AXT
7D
19.0%
1Y
2,594.2%

AXTI: InP Export Permit Constraints Will Undermine AI Demand Upside Potential

Narrative Update on AXT The analyst price targets for AXT have moved sharply higher, with recent updates ranging from $21 to $35. Analysts are factoring in higher fair value estimates and stronger InP growth expectations, despite ongoing export permit uncertainty.
AEHR
US$41.64
Aehr Test Systems
7D
6.1%
1Y
363.7%
KLAC
US$1,441.35
KLA
7D
-4.3%
1Y
106.2%

KLAC: AI And DRAM Spending Upswing Will Challenge Lofty P/E Premium

The analyst price target for KLA has inched higher to $1,336 from $1,332, as analysts factor in slightly stronger long term revenue growth, a marginally higher profit margin profile and a small adjustment lower in the discount rate, while keeping future P/E expectations broadly similar. Analyst Commentary Across recent research, most commentary on KLA has centered on higher price targets, upbeat views on wafer fab equipment spending and interest in the upcoming investor day, where some analysts expect long term financial targets to be outlined.
MKSI
US$232.56
MKS
7D
-7.5%
1Y
171.9%

MKSI: Wafer Fab Upswing And Semi Strength Will Support 2025 To 2027 Cycle

The updated analyst fair value estimate for MKS has moved to $320 from $200. Analysts point to recent Q4 earnings and guidance, strong Electronics & Packaging and Semi trends, healthier margins, and lower interest expense as key drivers behind higher revenue growth, profit margin, and future P/E assumptions.
INTT
US$12.28
inTEST
7D
23.7%
1Y
55.2%
AMAT
US$351.32
Applied Materials
7D
-11.0%
1Y
126.2%

AMAT: Wafer Equipment Upswing And Services Mix Will Support Future Upside

Our fair value estimate for Applied Materials has been raised from $420.71 to $470.00 as analysts lift long term wafer fab equipment growth expectations and highlight the stock as a top pick in semiconductor production equipment. Analyst Commentary Recent Street research around Applied Materials has been heavily skewed toward positive revisions, with a broad group of bullish analysts lifting price targets and, in several cases, upgrading their ratings.
AMKR
US$44.59
Amkor Technology
7D
-8.1%
1Y
118.6%
ENTG
US$126.79
Entegris
7D
-7.0%
1Y
28.9%
ACLS
US$85.88
Axcelis Technologies
7D
5.0%
1Y
52.5%
ASYS
US$13.41
Amtech Systems
7D
9.3%
1Y
173.7%

ASYS: Guidance And Buyback Program Will Support Future Upside Potential

Analysts have maintained their fair value estimate for Amtech Systems at $16.00. Slight adjustments to inputs such as the discount rate, revenue growth, profit margin, and future P/E reflect updated model assumptions rather than a change in overall conviction.
ACMR
US$51.54
ACM Research
7D
-24.7%
1Y
93.3%

ACMR: Execution Risks And Rich P/E Multiple Are Expected To Restrain Returns

Analysts have raised their price target on ACM Research by about $3 to roughly $52, citing updated assumptions around fair value, revenue growth, profit margins, and a slightly higher future P/E multiple. Analyst Commentary Recent Street research around ACM Research price targets shows a mix of optimism and caution, with changes clustered within a relatively tight band and grounded in revised assumptions on earnings power, growth trajectories, and perceived risk.
TER
US$304.22
Teradyne
7D
-7.6%
1Y
183.7%

TER: AI Test Demand And Wafer Fab Spending Upswing Will Drive Outlook

Our Teradyne fair value estimate edges up by about $1 to $397.65 as analysts lift price targets on expectations for stronger semiconductor capital equipment demand, partially offset by a few valuation driven downgrades. Analyst Commentary Recent Street research on Teradyne has been active, with several firms adjusting views and price targets in both directions.
ALMU
US$19.28
Aeluma
7D
8.6%
1Y
199.4%