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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 23, 2026
DataAggregated Company Financials
Companies39
  • 7D3.3%
  • 3M30.7%
  • 1Y133.5%
  • YTDn/a

In the last week, the Semiconductor Equipment industry is up 5.5%, with Lam Research up 4.1%. This means that the industry has gained 139% over the past year. 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
Mon, 23 Mar 2026US$951.7bUS$97.8bUS$20.8b44.5x45.8x9.7x
Wed, 18 Feb 2026US$962.1bUS$97.5bUS$20.7b42.2x46.6x9.9x
Fri, 16 Jan 2026US$864.0bUS$95.9bUS$19.0b47.5x45.4x9x
Sun, 14 Dec 2025US$699.1bUS$95.9bUS$19.0b37.2x36.7x7.3x
Tue, 11 Nov 2025US$670.9bUS$96.0bUS$18.9b37.8x35.5x7x
Thu, 09 Oct 2025US$589.6bUS$89.4bUS$16.3b33.5x36.1x6.6x
Sat, 06 Sep 2025US$453.1bUS$89.4bUS$16.3b26.6x27.7x5.1x
Mon, 04 Aug 2025US$462.6bUS$88.9bUS$16.2b25.5x28.5x5.2x
Wed, 02 Jul 2025US$467.5bUS$87.0bUS$15.5b28x30.2x5.4x
Fri, 30 May 2025US$408.3bUS$87.0bUS$15.5b23.8x26.4x4.7x
Sun, 27 Apr 2025US$377.0bUS$85.9bUS$14.6b26.5x25.8x4.4x
Tue, 25 Mar 2025US$395.1bUS$84.8bUS$14.2b31.1x27.8x4.7x
Thu, 20 Feb 2025US$439.0bUS$85.1bUS$14.5b34.7x30.2x5.2x
Sat, 18 Jan 2025US$457.2bUS$83.2bUS$14.6b36.4x31.3x5.5x
Mon, 16 Dec 2024US$421.6bUS$83.2bUS$14.6b28x28.9x5.1x
Wed, 13 Nov 2024US$438.6bUS$82.9bUS$14.9b28.3x29.5x5.3x
Fri, 11 Oct 2024US$494.1bUS$82.5bUS$15.6b27.3x31.7x6x
Sun, 08 Sep 2024US$436.9bUS$82.5bUS$15.6b24.9x28x5.3x
Tue, 06 Aug 2024US$445.1bUS$83.3bUS$14.0b25.2x31.9x5.3x
Thu, 04 Jul 2024US$587.3bUS$82.8bUS$13.8b33.4x42.7x7.1x
Sat, 01 Jun 2024US$532.9bUS$82.8bUS$13.8b28x38.7x6.4x
Mon, 29 Apr 2024US$498.1bUS$83.9bUS$14.1b35x35.4x5.9x
Wed, 27 Mar 2024US$510.6bUS$84.5bUS$14.2b34.1x36x6x
Fri, 23 Feb 2024US$475.7bUS$84.9bUS$14.5b34.5x32.8x5.6x
Sun, 21 Jan 2024US$434.3bUS$90.1bUS$15.9b25.1x27.3x4.8x
Tue, 19 Dec 2023US$431.2bUS$90.1bUS$15.9b25.4x27.1x4.8x
Thu, 16 Nov 2023US$392.8bUS$90.2bUS$15.5b25.1x25.3x4.4x
Sat, 14 Oct 2023US$374.3bUS$93.9bUS$17.0b24.8x22.1x4x
Mon, 11 Sep 2023US$389.3bUS$93.9bUS$17.0b25.2x22.9x4.1x
Wed, 09 Aug 2023US$402.4bUS$94.4bUS$17.2b23.1x23.4x4.3x
Fri, 07 Jul 2023US$388.7bUS$96.1bUS$20.1b18.8x19.3x4x
Sun, 04 Jun 2023US$384.8bUS$96.1bUS$20.1b17.9x19.1x4x
Tue, 02 May 2023US$327.6bUS$95.5bUS$20.6b14.9x15.9x3.4x
Thu, 30 Mar 2023US$346.5bUS$96.1bUS$21.2b16.5x16.3x3.6x
Price to Earnings Ratio

16.3x


Total Market Cap: US$346.5bTotal 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 30.1x202420252026
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 45.8x which is higher than its 3-year average PE of 30.1x.
  • The 3-year average PS ratio of 5.5x is lower than the industry's current PS ratio of 9.7x.
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-2.61%
Tech-2.41%
Semiconductors-2.53%
Semiconductor Equipment3.27%
Semiconductors-3.20%
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$228.364.1%
+US$11.2b		192.8%PE45.9x
AMAT Applied MaterialsUS$357.063.1%
+US$8.6b		130.4%PE36.1x
KLAC KLAUS$1.50k4.2%
+US$7.9b		105.9%PE43.1x
NVMI NovaUS$465.308.6%
+US$1.2b		136.5%PE57x
CAMT CamtekUS$165.9511.4%
+US$897.3m		151.2%PE152.3x

Latest News

SEDG
US$51.73
SolarEdge Technologies
7D
38.2%
1Y
203.8%
VECO
US$30.65
Veeco Instruments
7D
-2.2%
1Y
40.8%
ONTO
US$200.17
Onto Innovation
7D
5.6%
1Y
47.6%

ONTO: HBM Orders And 2026 Shift To Back End Tools Will Test Expectations

Analysts have raised the fair value estimate for Onto Innovation to $220 from $160, citing higher price targets across Wall Street that reference expectations for stronger revenue, a large high bandwidth memory equipment agreement, and continued optimism about the product roadmap and margin outlook. Analyst Commentary Recent Street research on Onto Innovation has centered on stronger high bandwidth memory exposure, a sizeable US$240m volume purchase agreement, and management's updated revenue commentary for the first half of 2026.
ENTG
US$114.66
Entegris
7D
2.7%
1Y
16.6%

ENTG: Rising Earnings Conviction And Active Debate Will Support Shares Toward Fair Value

Entegris' updated fair value estimate has been trimmed by $1 to $155 as analysts balance higher price targets and slightly stronger long term margin and growth assumptions, against a modestly higher discount rate and a lower future P/E multiple. Analyst Commentary Recent Street research on Entegris shows a mix of views, but there is a clear cluster of bullish analysts lifting price targets and turning more constructive on the stock.
LRCX
US$228.36
Lam Research
7D
4.1%
1Y
192.8%

LRCX: AI Memory Spending Upturn Will Support WFE Cycle Reacceleration

The analyst price target for Lam Research has been raised modestly to reflect a slightly higher fair value estimate of about $275, with analysts pointing to a robust wafer fab equipment spending outlook, stronger DRAM and NAND memory investment expectations, and inclusion on preferred idea lists as key supports for the updated view. Analyst Commentary Recent research coverage on Lam Research has been active, with a series of price target revisions and rating changes clustered around a stronger wafer fab equipment spending backdrop, improving expectations for DRAM and NAND investment, and inclusion on preferred idea lists.
AMAT
US$357.06
Applied Materials
7D
3.1%
1Y
130.4%
TER
US$290.83
Teradyne
7D
-2.5%
1Y
219.6%
DQ
US$20.74
Daqo New Energy
7D
-11.5%
1Y
14.8%

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.
KLAC
US$1,498.67
KLA
7D
4.2%
1Y
105.9%

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.
CAMT
US$165.95
Camtek
7D
11.4%
1Y
151.2%

CAMT: AI Packaging Demand And 2026 Cycle Risks Look Balanced

Our updated view lowers Camtek's fair value estimate from $173.83 to $168.83 per share, even as analysts raise price targets into the $175 to $190 range on expectations of stronger multi year sales and EPS assumptions, along with improved visibility into margins and demand. Analyst Commentary Street research on Camtek has turned more constructive on earnings power and end market visibility, even as some voices urge caution on how much of that outlook may already be reflected in the share price.
ASYS
US$10.94
Amtech Systems
7D
-15.7%
1Y
111.6%

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.
ACMR
US$43.55
ACM Research
7D
-7.2%
1Y
57.0%

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$465.30
Nova
7D
8.6%
1Y
136.5%

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.
KLIC
US$63.89
Kulicke and Soffa Industries
7D
-3.4%
1Y
75.0%
AEHR
US$34.52
Aehr Test Systems
7D
-3.2%
1Y
287.9%
Q
US$107.59
Qnity Electronics
7D
-4.2%
1Y
n/a