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U.S. Semiconductor Equipment Industry Analysis

UpdatedJul 26, 2026
DataAggregated Company Financials
Companies38
  • 7D-0.4%
  • 3M14.5%
  • 1Y173.9%
  • YTDn/a

The Semiconductor Equipment industry has stayed flat over the last week. The past year has been better, since the industry has gained 174% in that time. As for the next few years, earnings are expected to grow by 23% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 26 Jul 2026US$1.3tUS$101.7bUS$22.6b64.1x58.2x12.9x
Tue, 23 Jun 2026US$1.6tUS$101.7bUS$22.6b83.8x71.6x15.9x
Thu, 21 May 2026US$1.1tUS$101.7bUS$22.5b63.1x49.8x11x
Sat, 18 Apr 2026US$1.1tUS$97.8bUS$20.8b52.6x52.9x11.2x
Mon, 16 Mar 2026US$901.7bUS$97.8bUS$20.8b41.7x43.4x9.2x
Wed, 11 Feb 2026US$929.6bUS$97.6bUS$19.8b41.1x47x9.5x
Fri, 09 Jan 2026US$819.7bUS$95.9bUS$19.0b42.1x43.1x8.6x
Sun, 07 Dec 2025US$708.6bUS$95.9bUS$19.0b38.4x37.3x7.4x
Tue, 04 Nov 2025US$673.8bUS$91.2bUS$17.0b34.9x39.6x7.4x
Thu, 02 Oct 2025US$574.1bUS$89.4bUS$16.3b33.6x35.1x6.4x
Sat, 30 Aug 2025US$465.1bUS$89.4bUS$16.3b27.1x28.5x5.2x
Mon, 28 Jul 2025US$473.7bUS$87.1bUS$15.5b26.6x30.6x5.4x
Wed, 25 Jun 2025US$461.4bUS$87.0bUS$15.5b27.6x29.8x5.3x
Fri, 23 May 2025US$409.9bUS$87.0bUS$15.5b22.9x26.4x4.7x
Sun, 20 Apr 2025US$341.9bUS$84.9bUS$14.2b24.2x24.1x4x
Tue, 18 Mar 2025US$403.4bUS$84.8bUS$14.2b30.6x28.4x4.8x
Thu, 13 Feb 2025US$451.0bUS$84.5bUS$15.2b36.1x29.7x5.3x
Sat, 11 Jan 2025US$436.8bUS$83.2bUS$14.6b33.9x29.9x5.2x
Mon, 09 Dec 2024US$425.5bUS$83.2bUS$14.6b28.4x29.2x5.1x
Wed, 06 Nov 2024US$429.3bUS$83.3bUS$16.0b27.8x26.9x5.2x
Fri, 04 Oct 2024US$485.5bUS$82.5bUS$15.6b26.4x31.1x5.9x
Sun, 01 Sep 2024US$496.0bUS$82.5bUS$15.6b26.8x31.8x6x
Tue, 30 Jul 2024US$511.9bUS$82.7bUS$13.9b28.6x36.9x6.2x
Thu, 27 Jun 2024US$567.2bUS$82.8bUS$13.8b27.8x41.2x6.9x
Sat, 25 May 2024US$531.7bUS$82.8bUS$13.8b28.8x38.6x6.4x
Mon, 22 Apr 2024US$459.7bUS$84.5bUS$14.2b32.1x32.4x5.4x
Wed, 20 Mar 2024US$492.3bUS$84.5bUS$14.2b33.9x34.7x5.8x
Fri, 16 Feb 2024US$478.2bUS$85.6bUS$14.5b29.3x32.9x5.6x
Sun, 14 Jan 2024US$410.4bUS$90.1bUS$15.9b24.7x25.8x4.6x
Tue, 12 Dec 2023US$407.4bUS$90.0bUS$15.9b24.7x25.6x4.5x
Thu, 09 Nov 2023US$361.5bUS$90.2bUS$15.6b22x23.2x4x
Sat, 07 Oct 2023US$369.9bUS$93.9bUS$17.0b24.8x21.8x3.9x
Mon, 04 Sep 2023US$409.3bUS$93.9bUS$17.0b27x24.1x4.4x
Wed, 02 Aug 2023US$421.5bUS$94.3bUS$19.5b22.6x21.6x4.5x
Price to Earnings Ratio

21.6x


Total Market Cap: US$421.5bTotal Earnings: US$19.5bTotal Revenue: US$94.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 34.5x202420252026
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 60.9x which is higher than its 3-year average PE of 34.5x.
  • The 3-year average PS ratio of 6.5x is lower than the industry's current PS ratio of 13.5x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 4.8% per year over the last three years.
  • Revenues for these companies have grown 2.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Comparison

How does U.S. Semiconductor Equipment compare with similar industries?

US Market-1.05%
Tech0.063%
Semiconductors2.03%
Semiconductor Equipment-0.45%
Semiconductors2.34%
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$536.251.2%
+US$5.2b		188.8%PE50x
TER TeradyneUS$349.928.6%
+US$4.3b		288.2%PE64.1x
AMKR Amkor TechnologyUS$64.963.2%
+US$500.7m		207.0%PE36.9x
MKSI MKSUS$329.181.4%
+US$303.3m		230.8%PE68x
KLIC Kulicke and Soffa IndustriesUS$101.334.2%
+US$215.1m		198.0%PE96.4x

Latest News

ICHR
US$86.55
Ichor Holdings
7D
4.4%
1Y
318.9%
Seeking Alpha • 6h

Ichor Holdings: Waiting For Proof, Not A Better Price

Summary Ichor Holdings is rated Hold, with valuation and upside now hinging on gross margin improvement rather than revenue growth. Q1 marked ICHR’s first GAAP operating profit in ten quarters, but gross margins remain at 11-12%, below the ~20% target needed for a bullish thesis. Gross margin trajectory faces headwinds from product mix, relocation execution risks, and supply chain tightness, making near-term margin gains uncertain. Q2 and Q3 are critical checkpoints; sustained gross margin improvement, not just cost efficiencies, is required to justify rerating after the 2026 rally. Read the full article on Seeking Alpha
LRCX
US$305.21
Lam Research
7D
-2.6%
1Y
214.8%
Narrative Update • Jul 24

LRCX: Extended AI Wafer Equipment Cycle Will Drive Multi Year Upswing

The analyst price target for Lam Research has been raised from $452.12 to $500.00, with analysts pointing to stronger expected profitability, higher assumed future P/E multiples, and an extended AI driven wafer fab equipment cycle as key supports for the higher valuation. Analyst Commentary Recent research commentary on Lam Research points to a generally constructive tone, with a series of upward price target revisions and at least one rating upgrade clustered over the last several months.
KLIC
US$101.33
Kulicke and Soffa Industries
7D
4.2%
1Y
198.0%
Narrative Update • Jul 24

KLIC: Elevated Multiple And Guidance Surge Will Likely Pressure Future Returns

Analysts have raised their fair value price target for Kulicke and Soffa Industries from $39 to $95, citing updated assumptions that include a higher projected revenue growth rate, a slightly lower profit margin, a higher future P/E multiple, and an adjusted discount rate. What's in the News for Kulicke and Soffa Industries Kulicke and Soffa reported Q1 revenue of US$242.6 million, a 49.8% year over year change that was 5.5% above analyst expectations, supported by demand across semiconductor, memory, automotive, and industrial markets.
Q
US$135.06
Qnity Electronics
7D
-0.9%
1Y
n/a
AMKR
US$64.96
Amkor Technology
7D
3.2%
1Y
207.0%
Narrative Update • Jul 23

AMKR: Arizona AI Packaging Expansion Will Shape Future Earnings Power

Amkor Technology's analyst fair value estimate has been adjusted from $90 to $92. Analysts attribute this change to updated assumptions for revenue growth, profit margins, and future P/E.
TER
US$349.92
Teradyne
7D
8.6%
1Y
288.2%
SEDG
US$42.60
SolarEdge Technologies
7D
-20.3%
1Y
56.4%
Narrative Update • Jul 23

SEDG: Fair View Balances European Demand Hopes With Stretched Rally Risks

SolarEdge Technologies' analyst fair value estimate has been nudged higher from $43.38 to $45.25 as analysts factor in recent price target revisions clustered around the $43 to $56 range, citing improving demand signals in Europe, product launches such as Nexis, and potential benefits from inverter trade policy shifts, while still highlighting ongoing uncertainties in renewables and U.S. residential solar demand. Analyst Commentary Recent Street research on SolarEdge Technologies shows a split view, with some bullish analysts focusing on product launches, European demand and potential policy support, while more cautious voices point to valuation risk and ongoing weakness in U.S. residential solar.
AXTI
US$47.23
AXT
7D
3.0%
1Y
1,909.8%
AMAT
US$536.25
Applied Materials
7D
1.2%
1Y
188.8%
MKSI
US$329.18
MKS
7D
1.4%
1Y
230.8%
Narrative Update • Jul 22

MKSI: AI Wafer Fab Cycle And Capacity Expansions Will Support Upside Through 2026

The analyst price target for MKS has been updated from $180.92 to $406.92, reflecting analyst assumptions for stronger revenue growth, higher profit margins, and a slightly lower discount rate as AI driven wafer fab equipment demand and broader semiconductor exposure are incorporated into forecasts. Analyst Commentary Recent Street research on MKS highlights growing attention on how the company could be positioned within the AI driven wafer fab equipment cycle and the broader semiconductor supply chain.
ENPH
US$36.70
Enphase Energy
7D
-11.7%
1Y
3.6%
ONTO
US$272.62
Onto Innovation
7D
-2.6%
1Y
174.2%
Narrative Update • Jul 20

ONTO: AI Packaging And Advanced Nodes Will Drive The Next Leg Higher

Onto Innovation's analyst price target has been revised higher from $220 to $330, with analysts pointing to stronger modeled revenue growth, higher profit margins, and a richer future P/E multiple supported by AI related demand for advanced packaging, metrology, and the Dragonfly G5 platform. Analyst Commentary Recent research on Onto Innovation highlights a wide range of opinions on how much of the AI related opportunity is already reflected in the stock price.
ENTG
US$129.15
Entegris
7D
-6.9%
1Y
40.6%
AEHR
US$76.32
Aehr Test Systems
7D
-5.8%
1Y
251.1%
KLAC
US$210.52
KLA
7D
-1.0%
1Y
133.4%
Narrative Update • Jul 16

KLAC: AI WFE Backlogs And Volatile P/E Will Shape Returns Through 2028

KLA's updated analyst price target framework reflects a higher fair value estimate of $232.43, supported by slightly stronger revenue growth and profit margin assumptions, as well as a modestly higher future P/E multiple in line with Street research pointing to AI driven demand and extended semiconductor equipment backlogs. Analyst Commentary Street research around KLA highlights a wide range of updated price targets, with most analysts fine tuning their models around AI related demand for wafer fab equipment, extended backlogs and sector wide capacity plans.
PLAB
US$30.33
Photronics
7D
5.1%
1Y
53.8%
Seeking Alpha • Jul 08

Photronics: The Next Rally Depends On A Recovery In Chip Design Activity

Summary Photronics is rated a buy, with a conservative FY 2026 price target of $32, reflecting 16% upside after a sharp share price correction. PLAB's recent revenue decline and margin contraction stem from delayed IC design releases, memory supply constraints, and geopolitical uncertainty, but liquidity remains robust. Any recovery in tape-out activities or normalization of design releases could catalyze sentiment and drive share price recovery for PLAB. I see moderate risk, with industry macro trends and leading indicators from players like TSMC critical to monitoring near-term recovery potential. Read the full article on Seeking Alpha