Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

U.S. Semiconductor Equipment Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies38
  • 7D3.5%
  • 3M62.3%
  • 1Y122.5%
  • YTDn/a

In the last week, the Semiconductor Equipment industry is up 3.5%, with Applied Materials up 5.8%. During this same period, the Camtek underperformed, falling 8.6%. In the last 12 months, the industry was up 122%. As for the next few years, earnings are expected to grow by 17% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 21 Feb 2026US$978.0bUS$97.8bUS$20.8b40.5x47.1x10x
Mon, 19 Jan 2026US$912.2bUS$95.9bUS$19.0b48.4x47.9x9.5x
Wed, 17 Dec 2025US$708.9bUS$95.9bUS$19.0b37.4x37.2x7.4x
Fri, 14 Nov 2025US$672.2bUS$96.0bUS$18.8b34.7x35.7x7x
Sun, 12 Oct 2025US$557.5bUS$89.4bUS$16.3b30.5x34.1x6.2x
Tue, 09 Sep 2025US$465.4bUS$89.4bUS$16.3b27.6x28.5x5.2x
Thu, 07 Aug 2025US$462.0bUS$88.9bUS$16.2b24.6x28.5x5.2x
Sat, 05 Jul 2025US$485.1bUS$87.0bUS$15.5b29x31.3x5.6x
Mon, 02 Jun 2025US$396.9bUS$87.0bUS$15.5b22.9x25.6x4.6x
Wed, 30 Apr 2025US$375.6bUS$85.7bUS$14.5b25.9x25.9x4.4x
Fri, 28 Mar 2025US$393.1bUS$84.8bUS$14.2b29.5x27.7x4.6x
Sun, 23 Feb 2025US$444.8bUS$84.9bUS$14.4b35.7x30.9x5.2x
Tue, 21 Jan 2025US$465.8bUS$83.2bUS$14.6b36.4x31.9x5.6x
Thu, 19 Dec 2024US$426.4bUS$83.2bUS$14.6b27x29.2x5.1x
Sat, 16 Nov 2024US$428.8bUS$83.2bUS$14.6b29x29.4x5.2x
Mon, 14 Oct 2024US$494.6bUS$82.5bUS$15.6b27.4x31.7x6x
Wed, 11 Sep 2024US$439.6bUS$82.5bUS$15.6b24.6x28.2x5.3x
Fri, 09 Aug 2024US$439.0bUS$82.5bUS$15.6b25.9x28.1x5.3x
Sun, 07 Jul 2024US$587.0bUS$82.8bUS$13.8b33.4x42.7x7.1x
Tue, 04 Jun 2024US$525.9bUS$82.8bUS$13.8b28.7x38.2x6.4x
Thu, 02 May 2024US$486.7bUS$83.3bUS$14.0b32.9x34.9x5.8x
Sat, 30 Mar 2024US$511.6bUS$84.5bUS$14.2b35.9x36x6.1x
Mon, 26 Feb 2024US$486.8bUS$84.9bUS$14.5b33.8x33.6x5.7x
Wed, 24 Jan 2024US$449.5bUS$90.1bUS$15.9b25.6x28.3x5x
Fri, 22 Dec 2023US$419.5bUS$90.1bUS$15.9b25.6x26.4x4.7x
Sun, 19 Nov 2023US$394.4bUS$90.1bUS$15.5b24.5x25.4x4.4x
Tue, 17 Oct 2023US$377.0bUS$93.9bUS$17.0b24.8x22.2x4x
Thu, 14 Sep 2023US$382.0bUS$93.9bUS$17.0b24.8x22.5x4.1x
Sat, 12 Aug 2023US$381.6bUS$94.0bUS$17.0b25.1x22.4x4.1x
Mon, 10 Jul 2023US$387.7bUS$96.1bUS$20.1b18.8x19.3x4x
Wed, 07 Jun 2023US$384.8bUS$96.1bUS$20.1b18x19.1x4x
Fri, 05 May 2023US$321.6bUS$95.5bUS$20.3b14.7x15.8x3.4x
Sun, 02 Apr 2023US$355.4bUS$96.1bUS$21.2b16.9x16.8x3.7x
Tue, 28 Feb 2023US$335.5bUS$95.3bUS$21.0b14.8x15.9x3.5x
Price to Earnings Ratio

15.9x


Total Market Cap: US$335.5bTotal Earnings: US$21.0bTotal Revenue: US$95.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 29.3x202420252026
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 47.1x which is higher than its 3-year average PE of 29.3x.
  • The 3-year average PS ratio of 5.3x is lower than the industry's current PS ratio of 10.0x.
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 Market0.99%
Tech1.19%
Semiconductors2.54%
Semiconductor Equipment3.54%
Semiconductors2.42%
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$375.385.8%
+US$16.2b		118.3%PE38x
LRCX Lam ResearchUS$244.924.0%
+US$11.7b		184.7%PE49.2x
KLAC KLAUS$1.50k2.2%
+US$4.2b		98.3%PE43x
TER TeradyneUS$324.853.2%
+US$1.6b		180.3%PE91.8x
NVMI NovaUS$441.24-0.6%
US$865.3m		64.1%PE54.1x

Latest News

FORM
US$94.56
FormFactor
7D
-2.2%
1Y
167.3%
TER
US$324.85
Teradyne
7D
3.2%
1Y
180.3%

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.
ENPH
US$46.56
Enphase Energy
7D
7.1%
1Y
-28.2%
ONTO
US$216.41
Onto Innovation
7D
-0.4%
1Y
35.7%

ONTO: Higher Street Conviction Will Shape A Balanced Medium Term Outlook

The updated analyst price target for Onto Innovation moves from about $172 to roughly $238, as analysts generally point to higher Street targets in the $200 to $275 range, along with stronger confidence around the product roadmap, including progress on Dragonfly G5, while using a slightly lower discount rate and a higher assumed future P/E multiple. Analyst Commentary Recent Street research on Onto Innovation has centered on updated price targets in the roughly US$200 to US$275 range, shifts in ratings, and how the company is positioned around product execution, including Dragonfly G5, and broader semiconductor capital equipment trends.
Q
US$113.46
Qnity Electronics
7D
1.6%
1Y
n/a
NVMI
US$441.24
Nova
7D
-0.6%
1Y
64.1%

NVMI: Multi Year Metrology Demand And Execution Risks Will Shape Future Free Cash Flow

Analysts have raised their implied fair value estimate for Nova by about $108 to approximately $502 per share, citing updated expectations for revenue growth, profit margins, and a higher future P/E multiple that is supported by a wave of recent price target increases across the Street. Analyst Commentary Recent Street research has clustered around higher price targets for Nova, with several firms lifting their valuation ranges and reiterating generally neutral to positive stances on the stock.
AMAT
US$375.38
Applied Materials
7D
5.8%
1Y
118.3%
ACLS
US$80.16
Axcelis Technologies
7D
-15.2%
1Y
27.0%
ENTG
US$134.49
Entegris
7D
2.3%
1Y
29.2%

ENTG: Higher Future P/E Assumptions Will Support Shares Toward Updated Fair Value

The analyst price target for Entegris has been adjusted from $150 to $156, with analysts citing updated assumptions around revenue growth, profit margins, discount rates and future P/E multiples as key drivers of the change. Analyst Commentary Recent Street research on Entegris reflects a mix of optimism and caution, with several bullish analysts lifting price targets while a few firms have shifted to more cautious or bearish stances.
MKSI
US$259.27
MKS
7D
-0.6%
1Y
151.5%
CAMT
US$148.10
Camtek
7D
-8.6%
1Y
93.9%
PDFS
US$32.43
PDF Solutions
7D
-3.7%
1Y
40.9%

PDFS: Q4 Execution And Chip Expertise Will Support Measured Future Upside

Narrative Update on PDF Solutions The analyst price target for PDF Solutions has been raised from $34.75 to $36.00, as analysts point to Q4 revenue that met or exceeded their expectations and to the continued monetization of the company’s chip industry expertise and broader product portfolio. Analyst Commentary Bullish analysts are raising their targets on PDF Solutions after Q4 revenue aligned with or came in above their expectations and as the company continues to turn its chip industry know how and product portfolio into revenue.
LRCX
US$244.92
Lam Research
7D
4.0%
1Y
184.7%

LRCX: AI Memory And WFE Upcycle Is Expected To Drive Returns

Lam Research's fair value estimate has been raised from about $204 to roughly $274 as analysts update their price targets based on higher assumed revenue growth, stronger profit margins, and slightly adjusted discount and future P/E assumptions across recent research reports. Analyst Commentary Recent research on Lam Research has been active, with a long list of firms revisiting their models and lifting price targets.
VECO
US$29.32
Veeco Instruments
7D
-12.8%
1Y
18.6%

VECO: DRAM Opportunities And Merger Vote Will Shape Balanced Outlook

Analysts have adjusted their price target on Veeco Instruments to $36 from $38, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E expectations. What's in the News Veeco Instruments has scheduled a special or extraordinary shareholders meeting for February 6, 2026, to vote on issuing shares of Axcelis common stock to certain Veeco equityholders under a merger agreement with Axcelis and Victory Merger Sub, Inc.
KLAC
US$1,496.00
KLA
7D
2.2%
1Y
98.3%

KLAC: AI And DRAM Upswing Will Test Elevated P/E Expectations

The analyst fair value estimate for KLA has been raised by $52 to $1,332, as analysts generally factor in slightly higher revenue growth and profit margins, a modestly lower discount rate, and Street research that points to stronger wafer fab equipment spending and KLA's position in leading edge logic and memory. Analyst Commentary Recent Street research around KLA features a cluster of higher price targets and several rating upgrades, with many firms pointing to wafer fab equipment spending, leading edge logic and memory exposure, and KLA's competitive position as key drivers in their models.
PLAB
US$38.00
Photronics
7D
-2.1%
1Y
74.6%

PLAB: Completed Buybacks And Q1 Guidance Will Support Higher Earnings Multiple

Analysts have modestly raised their price target on Photronics to US$42.00, reflecting slightly lower estimated discount rates and a small adjustment to the future P/E assumption, while keeping fair value unchanged. What's in the News Photronics reported that from August 4, 2025 to October 31, 2025, it repurchased 0 shares for US$0 under its existing buyback program, according to a buyback tranche update.