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U.S. Semiconductor Equipment Industry Analysis

UpdatedApr 06, 2026
DataAggregated Company Financials
Companies39
  • 7D3.7%
  • 3M18.3%
  • 1Y193.4%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has risen 3.7%, and KLA contributed the most with a gain of 5.1%. In the same time, AXT was down 13%. 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 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 06 Apr 2026US$941.3bUS$97.8bUS$20.8b43.8x45.3x9.6x
Wed, 04 Mar 2026US$971.5bUS$97.8bUS$20.8b42.6x46.7x9.9x
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
Price to Earnings Ratio

15.6x


Total Market Cap: US$330.4bTotal 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 30.4x202420252026
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 45.3x which is higher than its 3-year average PE of 30.4x.
  • The 3-year average PS ratio of 5.6x is lower than the industry's current PS ratio of 9.6x.
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 Market3.46%
Tech4.66%
Semiconductors5.40%
Semiconductor Equipment3.68%
Semiconductors5.61%
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
KLAC KLAUS$1.52k5.1%
+US$9.7b		163.1%PE43.6x
AMAT Applied MaterialsUS$348.473.4%
+US$9.0b		174.5%PE35.3x
LRCX Lam ResearchUS$218.443.3%
+US$8.8b		269.7%PE43.9x
TER TeradyneUS$309.614.7%
+US$2.2b		350.5%PE87.5x
Q Qnity ElectronicsUS$116.534.3%
+US$1.0b		n/aPE35.3x

Latest News

AMKR
US$46.70
Amkor Technology
7D
5.1%
1Y
213.8%
ONTO
US$215.53
Onto Innovation
7D
5.5%
1Y
106.4%

ONTO: HBM Demand And New Contracts Will Drive Stronger Earnings Power

Analysts have raised the fair value estimate for Onto Innovation from $200 to $300, citing a series of recent price target increases tied to expectations for stronger revenue growth, high bandwidth memory related demand, and product momentum such as Dragonfly G5. Analyst Commentary Bullish analysts are clustering around higher fair value assumptions for Onto Innovation, with a series of price target increases and rating upgrades pointing to rising confidence in the company’s execution and exposure to high bandwidth memory demand.
ENPH
US$34.92
Enphase Energy
7D
-7.7%
1Y
-39.0%
VECO
US$34.36
Veeco Instruments
7D
-2.6%
1Y
91.6%

VECO: Higher Earnings Hopes Will Likely Leave Shares Exposed To Future Misses

Analysts have lifted the fair value estimate for Veeco Instruments to $30 from $21, citing refreshed earnings models and higher Street price targets, such as Citi's move to $40 following the latest results. Analyst Commentary While some research houses have lifted price targets on Veeco Instruments following recent results, not every piece of feedback points in the same direction.
ACLS
US$95.09
Axcelis Technologies
7D
-2.3%
1Y
124.2%
LRCX
US$218.44
Lam Research
7D
3.3%
1Y
269.7%

LRCX: Future DRAM Spending And WFE Cycle Will Support Multi Year Upswing

Analysts have lifted their price target on Lam Research by $5 to $255, citing a more supportive outlook for wafer fab equipment spending, stronger expectations for DRAM-driven demand, and Lam's inclusion in preferred idea lists as key reasons for the change. Analyst Commentary Recent research points to a broadly constructive stance on Lam Research, with a series of higher price targets and fresh buy calls highlighting confidence in the company’s positioning within wafer fab equipment and memory exposure.
CVV
US$4.28
CVD Equipment
7D
-14.1%
1Y
60.3%
DQ
US$21.11
Daqo New Energy
7D
-0.5%
1Y
36.1%

DQ: Cost Execution And Reform Clarity Will Support Future Re Rating Potential

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, citing a mixed Q4 with a revenue miss, an EBITDA beat, and ongoing uncertainty around industry reform as key reasons for resetting expectations. Analyst Commentary Bullish analysts acknowledge the mixed Q4, but see elements of Daqo New Energy's performance that still support a constructive long term view, even with a lower price target.
AXTI
US$52.84
AXT
7D
-12.8%
1Y
4,161.3%

AXTI: Export Permit Constraints Will Limit Upside Despite InP Demand Story

AXT's analyst fair value estimate has been raised from $26.00 to $45.00 as analysts factor in expectations for higher revenue, stronger profit margins, and a richer forward P/E multiple supported by rising Street price targets related to InP demand and export permit clarity. Analyst Commentary Recent research on AXT points to a split view, with some caution around near term export permit issues, but also a series of more optimistic calls that connect the story to longer term compound semiconductor demand and valuation support tied to InP exposure.
KLAC
US$1,516.84
KLA
7D
5.1%
1Y
163.1%

KLAC: Leading Edge Exposure And Investor Day Framework Will Drive Re Rating

The analyst price target for KLA has been raised from $1,800 to $1,950. Analysts attribute this change to more constructive revenue growth and profit margin assumptions following a stronger than expected Investor Day and broadly higher Street targets across the semicap group.
MKSI
US$234.66
MKS
7D
5.1%
1Y
289.2%

MKSI: Wafer Fab Upswing And Debt Refinancing Support But Limit Upside Potential

Analysts have lifted their consolidated price target for MKS, with the model fair value moving from $146.08 to $227.99 as they factor in stronger revenue growth assumptions, slightly higher profit margins, an updated future P/E of 31.23, and recent Street research highlighting better than expected guidance, healthy segment margins, and benefits from debt refinancing. Analyst Commentary Street research around MKS has been active, with several firms reassessing their price targets following the latest earnings and guidance.
AMAT
US$348.47
Applied Materials
7D
3.4%
1Y
174.5%

AMAT: WFE Upswing And AI Memory Deals Will Support Future Upside

Applied Materials' analyst price target has been revised upward by a broad group of firms into a higher $300s to low $400s range, with analysts pointing to stronger multi year wafer fab equipment growth forecasts, increasing AI and DRAM related spending expectations, and a more constructive view on secular WFE demand as key supports for the shift. Analyst Commentary Recent Street research on Applied Materials shows a cluster of higher price targets and rating upgrades, with bullish analysts pointing to wafer fab equipment spending expectations, AI and memory related demand, and a more supportive multi year industry view as key drivers.
TER
US$309.61
Teradyne
7D
4.7%
1Y
350.5%

Teradyne: The "Physical AI" Inflection and the $1.25 Billion Quarterly Record

Teradyne, Inc. (TER) has successfully evolved from a cyclical semiconductor tester into a dual-engine powerhouse, combining dominant chip-testing tech with a rapidly scaling robotics division.
KLIC
US$64.08
Kulicke and Soffa Industries
7D
-0.9%
1Y
120.1%
SEDG
US$48.75
SolarEdge Technologies
7D
-5.8%
1Y
231.4%

SolarEdge Technologies (SEDG): The "Solar Resurrection" and the AI Pivot

SolarEdge Technologies (SEDG): The "Solar Resurrection" and the AI Pivot SolarEdge Technologies (SEDG) is currently trading at $46.73 USD on the NASDAQ as of March 23, 2026, experiencing a sharp 9.6% decline in today's session. This pullback comes after a massive 75% year-to-date rally that recently pushed the stock toward a 22-month high of $53.28.
Q
US$116.53
Qnity Electronics
7D
4.3%
1Y
n/a