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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies39
  • 7D-3.0%
  • 3M27.7%
  • 1Y128.2%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 3.0%, driven by pullbacks in Applied Materials and Lam Research of 2.7% and 2.4%, respectively. In contrast, AXT has gained 20%. This takes the industry's 12 month performance to a gain of 128%. Looking forward, earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026US$931.6bUS$97.8bUS$20.8b41.3x44.8x9.5x
Sun, 08 Feb 2026US$919.6bUS$97.4bUS$19.8b41.5x46.5x9.4x
Tue, 06 Jan 2026US$796.2bUS$95.9bUS$19.0b42x41.8x8.3x
Thu, 04 Dec 2025US$698.4bUS$95.9bUS$19.0b38x36.7x7.3x
Sat, 01 Nov 2025US$677.4bUS$91.2bUS$17.0b34x39.8x7.4x
Mon, 29 Sep 2025US$564.0bUS$89.4bUS$16.3b30.6x34.5x6.3x
Wed, 27 Aug 2025US$463.0bUS$89.4bUS$16.3b27.6x28.3x5.2x
Fri, 25 Jul 2025US$475.2bUS$87.1bUS$15.5b26.8x30.7x5.5x
Sun, 22 Jun 2025US$444.9bUS$87.0bUS$15.5b25.6x28.7x5.1x
Tue, 20 May 2025US$420.0bUS$87.0bUS$15.5b23.1x27.1x4.8x
Thu, 17 Apr 2025US$362.8bUS$84.9bUS$14.2b23.6x25.5x4.3x
Sat, 15 Mar 2025US$387.7bUS$84.8bUS$14.2b30.1x27.3x4.6x
Mon, 10 Feb 2025US$447.8bUS$84.7bUS$15.2b36.7x29.4x5.3x
Wed, 08 Jan 2025US$440.9bUS$83.2bUS$14.6b33.9x30.2x5.3x
Fri, 06 Dec 2024US$437.8bUS$83.2bUS$14.6b27.7x30x5.3x
Sun, 03 Nov 2024US$433.3bUS$83.4bUS$15.9b24.1x27.2x5.2x
Tue, 01 Oct 2024US$494.5bUS$82.5bUS$15.6b25.1x31.7x6x
Thu, 29 Aug 2024US$494.2bUS$82.5bUS$15.6b26.3x31.7x6x
Sat, 27 Jul 2024US$502.2bUS$82.7bUS$13.9b28.9x36.2x6.1x
Mon, 24 Jun 2024US$568.2bUS$82.8bUS$13.8b27.2x41.3x6.9x
Wed, 22 May 2024US$533.2bUS$82.8bUS$13.8b29.2x38.7x6.4x
Fri, 19 Apr 2024US$472.0bUS$84.5bUS$14.2b32.9x33.3x5.6x
Sun, 17 Mar 2024US$487.6bUS$84.5bUS$14.2b33.7x34.3x5.8x
Tue, 13 Feb 2024US$474.4bUS$85.8bUS$14.5b31.5x32.6x5.5x
Thu, 11 Jan 2024US$410.4bUS$90.1bUS$15.9b24.8x25.8x4.6x
Sat, 09 Dec 2023US$393.3bUS$90.0bUS$15.9b24.5x24.7x4.4x
Mon, 06 Nov 2023US$359.1bUS$90.3bUS$15.6b22x23x4x
Wed, 04 Oct 2023US$368.2bUS$93.9bUS$16.9b24.8x21.7x3.9x
Fri, 01 Sep 2023US$406.9bUS$93.9bUS$17.0b27.2x24x4.3x
Sun, 30 Jul 2023US$408.1bUS$94.4bUS$19.6b22.2x20.8x4.3x
Tue, 27 Jun 2023US$385.6bUS$96.1bUS$20.1b18.1x19.2x4x
Thu, 25 May 2023US$350.9bUS$96.1bUS$20.1b16x17.5x3.7x
Sat, 22 Apr 2023US$338.3bUS$95.9bUS$21.0b15.4x16.1x3.5x
Mon, 20 Mar 2023US$343.0bUS$96.1bUS$21.2b16.7x16.2x3.6x
Price to Earnings Ratio

16.2x


Total Market Cap: US$343.0bTotal 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 29.8x202420252026
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 44.8x which is higher than its 3-year average PE of 29.8x.
  • The 3-year average PS ratio of 5.5x is lower than the industry's current PS ratio of 9.5x.
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 Market-2.29%
Tech-0.72%
Semiconductors0.99%
Semiconductor Equipment-2.95%
Semiconductors1.46%
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
AXTI AXTUS$46.7320.5%
+US$423.7m		2,820.6%PS28.3x
ENPH Enphase EnergyUS$42.603.5%
+US$190.1m		-26.6%PE32.4x
FORM FormFactorUS$88.402.0%
+US$134.8m		189.1%PE126.7x
DQ Daqo New EnergyUS$23.473.9%
+US$59.0m		25.6%PS2.4x
INTT inTESTUS$14.489.5%
+US$15.5m		84.0%PS1.6x

Latest News

AMAT
US$337.27
Applied Materials
7D
-2.7%
1Y
124.9%
KLAC
US$1,409.57
KLA
7D
-1.4%
1Y
106.8%
FORM
US$88.40
FormFactor
7D
2.0%
1Y
189.1%
MKSI
US$213.49
MKS
7D
-7.4%
1Y
162.8%
AMKR
US$41.27
Amkor Technology
7D
-7.4%
1Y
117.3%

AMKR: Arizona Build And Advanced Packaging Will Shape Longer Term Upside

Amkor Technology's analyst price target has moved higher, with several firms raising their targets by amounts ranging from $5 to $19. Analysts pointed to improving utilization, margin benefits from cost actions, growing 2.5D and Chip-on-Wafer-on-Substrate exposure, and longer term Arizona investment plans.
ENTG
US$109.98
Entegris
7D
-11.7%
1Y
16.5%
TER
US$286.61
Teradyne
7D
-6.2%
1Y
235.9%
UCTT
US$56.06
Ultra Clean Holdings
7D
0.5%
1Y
128.8%

UCTT: AI And Memory Cycle Upswing Will Test New UCT 3.0 Plan

Analysts have raised their core valuation work on Ultra Clean Holdings, with the internal fair value estimate increasing from about $38.75 to $81.25 as they factor in higher long term revenue growth assumptions, updated profit margin expectations, a much higher future P/E framework, and Street research pointing to stronger 2026 demand for wafer fab equipment and memory related exposure. Analyst Commentary Recent Street commentary on Ultra Clean Holdings has centered on updated targets, a stronger multi year revenue outlook and company specific execution under new leadership.
ENPH
US$42.60
Enphase Energy
7D
3.5%
1Y
-26.6%

ENPH: Recent Upgrade Wave Will Support Demand Recovery Despite Policy Risks

The analyst price target for Enphase Energy has been revised slightly higher to reflect a move in fair value from $71.04 to $71.86, with analysts pointing to improving demand visibility, a series of recent upgrades, and growing confidence in the company’s product pipeline and partnerships as key drivers behind the adjustment. Analyst Commentary Recent Street research on Enphase Energy has leaned more constructive, with several bullish analysts revisiting their assumptions on demand visibility, margins, and the value of the product pipeline.
AXTI
US$46.73
AXT
7D
20.5%
1Y
2,820.6%
INTT
US$14.48
inTEST
7D
9.5%
1Y
84.0%

INTT: Raised Outlook Into 2026 Will Support Repriced Earnings Multiple

Analysts have lifted their price target on inTEST to $19 from $12, citing recent Q4 outperformance, "solid" guidance into 2026, and updated assumptions for revenue growth, profit margins, discount rate, and future P/E. Analyst Commentary Bullish analysts are pointing to inTEST's recent Q4 performance and the company's guidance into 2026 as key reasons for lifting their valuation ranges.
DQ
US$23.47
Daqo New Energy
7D
3.9%
1Y
25.6%
LRCX
US$209.49
Lam Research
7D
-2.4%
1Y
178.4%

LRCX: Future DRAM WFE Cycle May Drive Multi Year Upswing

The analyst price target for Lam Research has been raised by $10 to $254, as analysts point to higher wafer fab equipment growth forecasts, strong demand for DRAM memory spending, and broad Street support including Lam's addition to BofA's "US 1 List". Analyst Commentary Recent research is broadly constructive on Lam Research, with a series of higher price targets and fresh initiations pointing to confidence in the company’s position in wafer fab equipment and memory exposure.
Q
US$107.04
Qnity Electronics
7D
-7.7%
1Y
n/a
ATOM
US$4.89
Atomera
7D
2.7%
1Y
-9.9%
TRT
US$6.20
Trio-Tech International
7D
18.8%
1Y
106.7%