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

U.S. Semiconductor Equipment Industry Analysis

UpdatedAug 02, 2026
DataAggregated Company Financials
Companies38
  • 7D-6.4%
  • 3M12.4%
  • 1Y161.8%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 6.4%, driven by KLA declining 13%. Meanwhile, Teradyne actually outperformed within the industry, gaining 5.1% in the last week. Over the past 12 months, the industry was up 162%. Looking forward, earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 02 Aug 2026US$1.2tUS$104.9bUS$23.8b60.5x51.7x11.7x
Tue, 30 Jun 2026US$1.7tUS$101.7bUS$22.6b85.9x76.1x16.9x
Thu, 28 May 2026US$1.3tUS$101.7bUS$22.5b68.6x57.5x12.7x
Sat, 25 Apr 2026US$1.2tUS$99.0bUS$21.3b53.7x54.6x11.7x
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
Price to Earnings Ratio

23.4x


Total Market Cap: US$402.4bTotal Earnings: US$17.2bTotal Revenue: US$94.4bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 34.8x202420252026
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 51.5x which is higher than its 3-year average PE of 34.7x.
  • The 3-year average PS ratio of 6.5x is lower than the industry's current PS ratio of 11.7x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 11% per year over the last three years.
  • Revenues for these companies have grown 3.6% 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 Market0.97%
Tech0.14%
Semiconductors-3.79%
Semiconductor Equipment-6.37%
Semiconductors-3.48%
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
TER TeradyneUS$367.695.1%
+US$2.8b		253.0%PE50x
AXTI AXTUS$60.4327.9%
+US$842.4m		3,047.4%PE994.7x
FORM FormFactorUS$106.202.1%
+US$168.4m		267.1%PE71.7x
AEHR Aehr Test SystemsUS$79.984.8%
+US$130.1m		374.9%PS52.2x
ENPH Enphase EnergyUS$37.542.3%
+US$123.7m		19.4%PE37x

Latest News

Q
US$131.18
Qnity Electronics
7D
-2.9%
1Y
n/a
Seeking Alpha • Aug 01

Qnity Electronics: Good Business But Valuation Isn't Compelling Here

Summary Qnity Electronics, spun off from DuPont, is now a standalone specialized electronics materials firm with AI and data center exposure. Q delivered a substantial Q1 earnings beat, raised full-year guidance, and benefits from recurring consumables revenue tied to semiconductors and interconnect. Valuation is a bit stretched at 31x forward earnings, with topline growth expected to slow from to 6% by 2028, tempering near-term upside. I am holding my Q shares and would consider adding to that position if the stock corrects another 15-20% amid a steeper AI-driven sell-off. Read the full article on Seeking Alpha
AXTI
US$60.43
AXT
7D
27.9%
1Y
3,047.4%
DQ
US$12.17
Daqo New Energy
7D
4.3%
1Y
-41.1%
AMAT
US$507.67
Applied Materials
7D
-5.3%
1Y
182.1%
Seeking Alpha • Jul 31

Applied Materials: Why I'm Maintaining A 'Strong Buy' After A 45% Run

Summary Applied Materials remains a "Strong Buy" after a 45% rally, driven by robust Q2 results and sector momentum. Q2 revenue reaccelerated to $7.91 billion (+11% YoY), with a record 31.9% operating margin, and raised the 2026 semiconductor equipment growth outlook to 30%+. Management's improved revenue visibility, strategic NEXX acquisition, and deepening EPIC Center partnerships strengthen AMAT’s competitive moat and growth prospects. I raise my fair GAAP PE multiple to 45x–55x, with AMAT trading at the lower end (47x), supporting further upside despite geopolitical risks. Read the full article on Seeking Alpha
LRCX
US$293.02
Lam Research
7D
-4.0%
1Y
204.1%
FORM
US$106.20
FormFactor
7D
2.1%
1Y
267.1%
Narrative Update • Jul 31

FORM: AI Demand And Record Margins Will Drive Future Return Potential

Analysts have trimmed the consolidated fair value for FormFactor to about $139 from roughly $145, reflecting lower Street price targets, even as they point to factors like AI demand, record gross margin guidance around 51%, and execution against long term goals as key parts of their updated rationale. Analyst Commentary Recent Street research on FormFactor highlights a mix of optimism around AI exposure and execution, alongside a more cautious stance on near term visibility and valuation.
NVMI
US$390.87
Nova
7D
-10.8%
1Y
48.3%
MKSI
US$297.45
MKS
7D
-9.6%
1Y
220.7%
KLAC
US$182.82
KLA
7D
-13.2%
1Y
106.2%
Narrative Update • Jul 30

KLAC: AI Infrastructure Spending And Process Control Demand Will Support Re Rating

Analysts have adjusted the KLA price target to $303.48. This reflects a blend of higher assumed long term profit margins, a slightly higher discount rate, and a richer future P/E multiple supported by research commentary that highlights stronger process control demand, ongoing WFE and AI infrastructure spending, and mixed but generally constructive earnings revisions across the Street.
ALMU
US$16.20
Aeluma
7D
14.0%
1Y
-22.2%
TER
US$367.69
Teradyne
7D
5.1%
1Y
253.0%
Narrative Update • Jul 30

TER: AI Test And Robotics Will Benefit From Extended Backlog Visibility

Teradyne's updated analyst price target has shifted to $442.20, with analysts pointing to stronger Q2 results, robust guidance, and expectations for sustained testing demand tied to AI infrastructure and semiconductor equipment spending as key factors supporting the new level. Analyst Commentary Recent analyst commentary on Teradyne centers on how the company is positioned for AI driven semiconductor demand, the depth of its order backlog, and the implications of higher long term industry forecasts for its valuation and growth profile.
ENPH
US$37.54
Enphase Energy
7D
2.3%
1Y
19.4%
Narrative Update • Jul 30

ENPH: Data Center Power Shift Will Drive Future Stock Repricing

Enphase Energy's analyst price target has edged lower by about $4 to reflect slightly higher discount rate assumptions and cautious views on near term revenue quality, even as analysts factor in somewhat stronger long term growth and margin expectations supported by new product and data center opportunities. Analyst Commentary Recent Street research around Enphase Energy shows a split view, with some analysts questioning earnings quality and revenue trends while others focus on product optionality, data center exposure, and balance between risk and reward at current valuation levels.
AMKR
US$49.87
Amkor Technology
7D
-23.2%
1Y
129.3%
ENTG
US$119.05
Entegris
7D
-7.8%
1Y
57.3%
AEHR
US$79.98
Aehr Test Systems
7D
4.8%
1Y
374.9%
TRT
US$9.98
Trio-Tech International
7D
8.1%
1Y
264.9%