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U.S. Semiconductor Equipment Industry Analysis

UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies38
  • 7D-5.8%
  • 3M28.9%
  • 1Y100.0%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 5.8%, driven by pullbacks in KLA and Lam Research of 20% and 12%, respectively. In contrast, Teradyne has gained 7.4%. This takes the industry's 12 month performance to a gain of 100%. 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
Thu, 05 Feb 2026US$914.2bUS$97.4bUS$19.9b42.6x46x9.4x
Sat, 03 Jan 2026US$711.8bUS$95.9bUS$19.0b39.8x37.4x7.4x
Mon, 01 Dec 2025US$677.6bUS$95.9bUS$19.0b36.1x35.6x7.1x
Wed, 29 Oct 2025US$669.0bUS$90.8bUS$16.8b33.6x39.7x7.4x
Fri, 26 Sep 2025US$562.9bUS$89.4bUS$16.3b30.7x34.5x6.3x
Sun, 24 Aug 2025US$457.3bUS$89.6bUS$16.3b27.4x28x5.1x
Tue, 22 Jul 2025US$487.6bUS$87.0bUS$15.5b30.5x31.5x5.6x
Thu, 19 Jun 2025US$449.1bUS$87.0bUS$15.5b26x29x5.2x
Sat, 17 May 2025US$428.4bUS$87.0bUS$15.5b23.3x27.6x4.9x
Mon, 14 Apr 2025US$359.1bUS$84.9bUS$14.2b24.3x25.3x4.2x
Wed, 12 Mar 2025US$389.3bUS$84.8bUS$14.2b27.7x27.4x4.6x
Fri, 07 Feb 2025US$451.3bUS$84.7bUS$15.2b38.8x29.6x5.3x
Sun, 05 Jan 2025US$422.8bUS$83.2bUS$14.6b32.2x29x5.1x
Tue, 03 Dec 2024US$421.0bUS$83.2bUS$14.6b29x28.9x5.1x
Thu, 31 Oct 2024US$453.1bUS$83.2bUS$15.8b24.3x28.7x5.4x
Sat, 28 Sep 2024US$505.2bUS$82.5bUS$15.6b25.5x32.4x6.1x
Mon, 26 Aug 2024US$505.7bUS$83.0bUS$15.8b26x32x6.1x
Wed, 24 Jul 2024US$548.4bUS$82.8bUS$13.8b30.9x39.8x6.6x
Fri, 21 Jun 2024US$595.6bUS$82.8bUS$13.8b27.2x43.3x7.2x
Sun, 19 May 2024US$516.7bUS$82.8bUS$13.8b28.3x37.5x6.2x
Tue, 16 Apr 2024US$503.5bUS$84.5bUS$14.2b34.4x35.5x6x
Thu, 14 Mar 2024US$507.0bUS$84.5bUS$14.2b34.8x35.7x6x
Sat, 10 Feb 2024US$474.5bUS$85.8bUS$14.6b31.5x32.5x5.5x
Mon, 08 Jan 2024US$402.1bUS$90.1bUS$15.9b24.5x25.3x4.5x
Wed, 06 Dec 2023US$394.4bUS$90.0bUS$15.9b24.8x24.8x4.4x
Fri, 03 Nov 2023US$344.7bUS$90.4bUS$15.6b20.9x22.1x3.8x
Sun, 01 Oct 2023US$367.7bUS$93.9bUS$16.9b24.8x21.7x3.9x
Tue, 29 Aug 2023US$385.1bUS$93.9bUS$17.0b25.6x22.7x4.1x
Thu, 27 Jul 2023US$398.8bUS$96.1bUS$20.1b20.8x19.8x4.2x
Sat, 24 Jun 2023US$379.8bUS$96.1bUS$20.1b18x18.9x4x
Mon, 22 May 2023US$361.8bUS$96.1bUS$20.1b16.6x18x3.8x
Wed, 19 Apr 2023US$334.2bUS$96.1bUS$21.2b15.2x15.8x3.5x
Fri, 17 Mar 2023US$349.3bUS$96.1bUS$21.2b17.1x16.5x3.6x
Sun, 12 Feb 2023US$343.9bUS$93.9bUS$21.1b16.8x16.3x3.7x
Price to Earnings Ratio

16.3x


Total Market Cap: US$343.9bTotal Earnings: US$21.1bTotal Revenue: US$93.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 28.8x202420252026
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 46.0x which is higher than its 3-year average PE of 28.8x.
  • The 3-year average PS ratio of 5.2x is lower than the industry's current PS ratio of 9.4x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have declined 2.0% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Comparison

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

US Market-1.35%
Tech-5.09%
Semiconductors-3.52%
Semiconductor Equipment-5.81%
Semiconductors-3.26%
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$269.077.4%
+US$2.9b		138.9%PE76.1x
ACMR ACM ResearchUS$61.2413.5%
+US$472.9m		195.8%PE33.9x
AXTI AXTUS$18.7511.4%
+US$102.5m		810.2%PS11.1x

Latest News

LRCX
US$209.78
Lam Research
7D
-12.4%
1Y
156.0%
ENTG
US$112.41
Entegris
7D
-6.8%
1Y
8.2%
TER
US$269.07
Teradyne
7D
7.4%
1Y
138.9%
AMKR
US$43.87
Amkor Technology
7D
-13.9%
1Y
76.2%
ACMR
US$61.24
ACM Research
7D
13.5%
1Y
195.8%

AI Driven Wafer Equipment Demand Will Support A Positive Long Term Outlook

Catalysts About ACM Research ACM Research supplies semiconductor manufacturing equipment focused on wafer cleaning, electroplating, furnace, Track and related process tools for front end and advanced packaging applications. What are the underlying business or industry changes driving this perspective?
AXTI
US$18.75
AXT
7D
11.4%
1Y
810.2%

AXTI: Export Permit Constraints And Equity Offering Will Pressure Future Returns

Analysts have raised their price target on AXT to US$18 from US$9, citing valuation after the company adjusted its Q4 revenue outlook due to fewer export permits for InP substrates from the Chinese government. Analyst Commentary Bearish analysts are framing the new US$18 price target as less about improving fundamentals and more about the stock having already run ahead of what they see as reasonable expectations.
KLAC
US$1,307.22
KLA
7D
-19.7%
1Y
72.2%

KLAC: AI And DRAM Upswing Will Eventually Expose Rich P E Risk

Analysts have lifted their fair value estimate for KLA to US$1,280 from about US$1,083, citing stronger modeled revenue growth, expectations for a higher future P/E and ongoing support from a broad series of recent price target increases across Wall Street research. Analyst Commentary Recent Street research on KLA has been active, with a wide range of price target changes and a mix of upbeat and more guarded opinions.
AMAT
US$297.60
Applied Materials
7D
-11.6%
1Y
64.7%

AMAT: Future Multiple Compression Will Likely Follow Aggressive Wafer Equipment Spending Cycle

Our analyst fair value estimate for Applied Materials has moved up by $10 to $190 per share, reflecting updated assumptions on revenue growth, profitability, and long-term P/E, in line with the series of recent price target hikes and upgrades from Street analysts. Analyst Commentary Recent Street research on Applied Materials has been dominated by higher price targets, fresh initiations with constructive views, and several upgrades.
ONTO
US$188.60
Onto Innovation
7D
-11.7%
1Y
-10.1%
NVMI
US$415.54
Nova
7D
-14.7%
1Y
67.2%

NVMI: Rising Multi Year Demand Expectations Will Likely Outrun Fundamentals

Narrative Update on Nova Analysts have raised their price target on Nova to $450 from $380, citing expectations of stronger multi-year demand, improving visibility, broader customer exposure and the potential for higher free cash flow in an upturn. Analyst Commentary Bullish analysts see the higher price target as a reflection of what they view as improving fundamentals around demand visibility, customer mix and potential cash generation, all of which they factor into their updated valuation work.
Q
US$95.51
Qnity Electronics
7D
-6.8%
1Y
n/a