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U.S. Semiconductor Equipment Industry Analysis

UpdatedJul 13, 2026
DataAggregated Company Financials
Companies39
  • 7D0.3%
  • 3M31.4%
  • 1Y196.9%
  • YTDn/a

Last week, the Semiconductor Equipment industry hasn't moved much but Onto Innovation is up 4.5% in that time. The past year has been better, since the industry has gained 194% in that time. 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
Mon, 13 Jul 2026US$1.5tUS$101.7bUS$22.6b76.1x65.1x14.5x
Wed, 10 Jun 2026US$1.3tUS$101.7bUS$22.6b66.3x58.6x13x
Fri, 08 May 2026US$1.2tUS$100.4bUS$21.8b55.4x52.9x11.5x
Sun, 05 Apr 2026US$941.3bUS$97.8bUS$20.8b43.8x45.3x9.6x
Tue, 03 Mar 2026US$987.0bUS$97.9bUS$20.8b45.4x47.5x10.1x
Thu, 29 Jan 2026US$948.3bUS$95.9bUS$19.0b51.1x49.8x9.9x
Sat, 27 Dec 2025US$733.3bUS$95.9bUS$19.0b39x38.5x7.6x
Mon, 24 Nov 2025US$616.1bUS$95.9bUS$19.0b33.7x32.4x6.4x
Wed, 22 Oct 2025US$620.4bUS$89.4bUS$16.3b34.1x38x6.9x
Fri, 19 Sep 2025US$519.0bUS$89.4bUS$16.3b31.5x31.8x5.8x
Sun, 17 Aug 2025US$453.1bUS$89.6bUS$16.3b26.1x27.8x5.1x
Tue, 15 Jul 2025US$494.8bUS$87.0bUS$15.5b30.9x32x5.7x
Thu, 12 Jun 2025US$445.5bUS$87.0bUS$15.5b26x28.8x5.1x
Sat, 10 May 2025US$386.2bUS$86.5bUS$15.1b23.8x25.5x4.5x
Mon, 07 Apr 2025US$317.7bUS$84.8bUS$14.2b22.6x22.4x3.7x
Wed, 05 Mar 2025US$396.5bUS$84.8bUS$14.2b31.2x27.9x4.7x
Fri, 31 Jan 2025US$430.1bUS$83.9bUS$14.9b34x29x5.1x
Sun, 29 Dec 2024US$415.0bUS$83.2bUS$14.6b27.6x28.4x5x
Tue, 26 Nov 2024US$418.6bUS$83.2bUS$14.6b28.4x28.7x5x
Thu, 24 Oct 2024US$436.2bUS$82.4bUS$15.5b25.7x28.1x5.3x
Sat, 21 Sep 2024US$480.3bUS$82.5bUS$15.6b24.9x30.8x5.8x
Mon, 19 Aug 2024US$511.8bUS$83.0bUS$15.8b26.2x32.4x6.2x
Wed, 17 Jul 2024US$594.2bUS$82.8bUS$13.8b35.3x43.2x7.2x
Fri, 14 Jun 2024US$575.1bUS$82.8bUS$13.8b27.5x41.8x6.9x
Sun, 12 May 2024US$509.0bUS$82.8bUS$13.6b32.2x37.4x6.2x
Tue, 09 Apr 2024US$507.0bUS$84.5bUS$14.2b35.1x35.7x6x
Thu, 07 Mar 2024US$509.8bUS$84.5bUS$14.2b36.1x35.9x6x
Sat, 03 Feb 2024US$441.1bUS$88.0bUS$14.9b24.5x29.5x5x
Mon, 01 Jan 2024US$434.4bUS$90.1bUS$15.9b25.8x27.3x4.8x
Wed, 29 Nov 2023US$397.7bUS$90.0bUS$15.9b24x25x4.4x
Fri, 27 Oct 2023US$338.7bUS$91.7bUS$16.0b22x21.1x3.7x
Sun, 24 Sep 2023US$361.5bUS$93.9bUS$17.0b24.8x21.3x3.8x
Tue, 22 Aug 2023US$381.3bUS$93.9bUS$17.0b25.6x22.5x4.1x
Thu, 20 Jul 2023US$402.7bUS$96.1bUS$20.1b21.3x20x4.2x
Price to Earnings Ratio

20x


Total Market Cap: US$402.7bTotal 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 34.1x202420252026
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 65.1x which is higher than its 3-year average PE of 34.0x.
  • The 3-year average PS ratio of 6.4x is lower than the industry's current PS ratio of 14.5x.
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 Market0.11%
Tech1.84%
Semiconductors3.65%
Semiconductor Equipment0.26%
Semiconductors4.10%
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$602.501.6%
+US$7.7b		205.7%PE56.2x
ONTO Onto InnovationUS$321.445.8%
+US$874.5m		224.7%PE150.3x
ACMR ACM ResearchUS$103.004.5%
+US$309.6m		256.0%PE78.2x
NVMI NovaUS$475.902.0%
+US$294.6m		68.8%PE57.4x
VECO Veeco InstrumentsUS$57.405.5%
+US$181.9m		179.2%PE151.5x

Latest News

LRCX
US$350.33
Lam Research
7D
0.04%
1Y
251.7%
Seeking Alpha • Jul 12

Lam Research: Wouldn't Be Surprised If Consolidation Is Next (Rating Downgrade)

Summary Lam Research has outperformed, surging over 120% in seven months versus the benchmark's 11%. LRCX now trades at a 62x forward P/E, a significant premium to peers at 25x, raising valuation concerns. Despite strong demand growth in wafer-fabrication and etching markets, much of the upside may be priced in. I downgrade LRCX from Buy to Hold, as premium valuation could mute further upside until fundamentals catch up. Read the full article on Seeking Alpha
ICHR
US$100.30
Ichor Holdings
7D
4.8%
1Y
338.0%
KLIC
US$113.41
Kulicke and Soffa Industries
7D
-5.2%
1Y
217.1%
Narrative Update • Jul 10

KLIC: Fair Outlook Balances Capacity Expansion With Index Removal Ownership Risk

Kulicke and Soffa Industries’ analyst price target has been updated from $55 to $105, with analysts citing revised assumptions for revenue growth, profit margin, discount rate, and future P/E as key drivers behind the change. What’s in the News for Kulicke and Soffa Industries Kulicke and Soffa Industries is reported to be benefiting from demand for its Thermo Compression Bonding technology and is expanding production capacity to support growth in its Advanced Solutions revenue segment.
NVMI
US$475.90
Nova
7D
2.0%
1Y
68.8%
Narrative Update • Jul 10

NVMI: Advanced Logic And Memory Exposure Will Drive Future Upside Potential

Analysts have lifted the fair value estimate for Nova stock from $335.00 to about $544.73, citing higher price targets across the Street, supported by Q1 strength, improving margins, and what they see as company specific growth drivers in advanced logic, memory, and packaging. Analyst Commentary Recent Street research on Nova points to broad support for the stock at higher levels, with several firms lifting price targets into the US$594 to US$640 range following the Q1 earnings release.
AMAT
US$602.50
Applied Materials
7D
1.6%
1Y
205.7%
Seeking Alpha • Jul 09

Applied Materials: You're Late To The AI Party

Summary Applied Materials holds a leading market position but currently trades at a valuation difficult to justify, even after a recent 20% correction. I initiate coverage with a Sell rating, citing 27% downside risk and a price target of $400/share based on 28x EV/EBITDA. AMAT's fortunes are tightly linked to semiconductor customer capex, which remains robust but is inherently volatile and sensitive to macro/geopolitical shifts. Despite strong recent results and shareholder returns, the risk/reward is unfavorable given stretched valuation and potential for capex deceleration. Read the full article on Seeking Alpha
FORM
US$117.52
FormFactor
7D
-1.0%
1Y
238.3%
AXTI
US$57.21
AXT
7D
-9.9%
1Y
2,365.9%
ONTO
US$321.44
Onto Innovation
7D
5.8%
1Y
224.7%
COHU
US$56.17
Cohu
7D
-4.3%
1Y
186.0%
Q
US$143.80
Qnity Electronics
7D
-2.0%
1Y
n/a
AMKR
US$70.47
Amkor Technology
7D
0.8%
1Y
230.5%
TER
US$359.60
Teradyne
7D
-5.2%
1Y
277.7%
KLAC
US$231.52
KLA
7D
-0.8%
1Y
151.1%
VECO
US$57.40
Veeco Instruments
7D
5.5%
1Y
179.2%
Seeking Alpha • Jul 06

Veeco: The 18% Crash Highlights Fundamental Flaws In This Story

Summary Veeco Instruments experienced an 18% single-day stock drop, highlighting heightened risk in speculative semiconductor names with unproven fundamentals. VECO reported Q1 2026 revenue of $158.34M, down 5.35% YoY, and EPS of $0.14, missing consensus by $0.09. Gross margins declined from 40.9% YoY, indicating that any growth is coming at a higher cost and pressuring profitability. VECO's product offerings are perceived as less essential than core semiconductor infrastructure, raising concerns about demand resilience and valuation risk. Read the full article on Seeking Alpha
SEDG
US$55.18
SolarEdge Technologies
7D
-3.0%
1Y
106.5%
Narrative Update • Jul 06

SEDG: Potential Inverter Ban And Solid State Progress Will Drive Repricing

SolarEdge Technologies' updated analyst price target has moved from about $69 to $80. Analysts are factoring in potential benefits from a possible U.S. ban on certain foreign inverters, ongoing solid state transformer progress, and expectations for market share gains from recent product launches.
ACMR
US$103.00
ACM Research
7D
4.5%
1Y
256.0%
Narrative Update • Jul 06

ACMR: China Memory Exposure And Backend Expansion Will Shape Balanced 2026 Outcome

Analysts have lifted the ACM Research fair value estimate from $88.63 to $102.14. This reflects recent price target increases that highlight potential contributions from China memory exposure, ECP adoption in advanced packaging, and additional backend opportunities outside mainland China.