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U.S. Semiconductor Equipment Industry Analysis

UpdatedMar 29, 2026
DataAggregated Company Financials
Companies39
  • 7D-4.6%
  • 3M24.4%
  • 1Y139.4%
  • YTDn/a

Over the last 7 days, the Semiconductor Equipment industry has dropped 4.6%, driven by Lam Research declining 7.4%. Over the past 12 months, the industry was up 139%. As for the next few years, earnings are expected to grow by 19% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 29 Mar 2026US$907.9bUS$97.8bUS$20.8b42x43.7x9.3x
Tue, 24 Feb 2026US$998.4bUS$97.8bUS$20.8b40.3x48.1x10.2x
Thu, 22 Jan 2026US$911.3bUS$95.9bUS$19.0b48.3x47.9x9.5x
Sat, 20 Dec 2025US$699.0bUS$95.9bUS$19.0b37.8x36.7x7.3x
Mon, 17 Nov 2025US$635.0bUS$95.8bUS$19.0b34.7x33.4x6.6x
Wed, 15 Oct 2025US$585.1bUS$89.4bUS$16.3b32.6x35.8x6.5x
Fri, 12 Sep 2025US$479.1bUS$89.4bUS$16.3b28.3x29.3x5.4x
Sun, 10 Aug 2025US$478.5bUS$89.1bUS$16.2b25.1x29.5x5.4x
Tue, 08 Jul 2025US$485.1bUS$87.0bUS$15.5b28.6x31.3x5.6x
Thu, 05 Jun 2025US$409.6bUS$87.0bUS$15.5b24.6x26.5x4.7x
Sat, 03 May 2025US$370.8bUS$86.4bUS$15.0b25.7x24.8x4.3x
Mon, 31 Mar 2025US$375.5bUS$84.8bUS$14.2b28.4x26.4x4.4x
Wed, 26 Feb 2025US$434.6bUS$85.1bUS$14.4b33.6x30.2x5.1x
Fri, 24 Jan 2025US$474.6bUS$83.2bUS$14.6b36.6x32.5x5.7x
Sun, 22 Dec 2024US$405.8bUS$83.2bUS$14.6b26.7x27.8x4.9x
Tue, 19 Nov 2024US$400.4bUS$83.2bUS$14.6b29x27.4x4.8x
Thu, 17 Oct 2024US$444.1bUS$82.5bUS$15.6b26.5x28.5x5.4x
Sat, 14 Sep 2024US$452.6bUS$82.5bUS$15.6b25.4x29x5.5x
Mon, 12 Aug 2024US$471.6bUS$82.6bUS$15.7b25x30.1x5.7x
Wed, 10 Jul 2024US$596.1bUS$82.8bUS$13.8b34.4x43.3x7.2x
Fri, 07 Jun 2024US$545.9bUS$82.8bUS$13.8b28.5x39.7x6.6x
Sun, 05 May 2024US$498.4bUS$83.3bUS$13.8b31.5x36x6x
Tue, 02 Apr 2024US$511.6bUS$84.5bUS$14.2b36.1x36x6.1x
Thu, 29 Feb 2024US$493.7bUS$84.9bUS$14.5b33.9x34.1x5.8x
Sat, 27 Jan 2024US$460.0bUS$88.0bUS$15.0b24.9x30.7x5.2x
Mon, 25 Dec 2023US$434.4bUS$90.1bUS$15.9b25.7x27.3x4.8x
Wed, 22 Nov 2023US$389.7bUS$90.0bUS$15.9b24.5x24.5x4.3x
Fri, 20 Oct 2023US$354.6bUS$92.3bUS$16.4b23.2x21.6x3.8x
Sun, 17 Sep 2023US$365.7bUS$93.9bUS$17.0b24.8x21.6x3.9x
Tue, 15 Aug 2023US$389.6bUS$94.0bUS$17.0b25.5x22.9x4.1x
Thu, 13 Jul 2023US$393.9bUS$96.1bUS$20.1b19.2x19.6x4.1x
Sat, 10 Jun 2023US$386.8bUS$96.1bUS$20.1b18.2x19.2x4x
Mon, 08 May 2023US$333.0bUS$95.5bUS$20.3b15.1x16.4x3.5x
Wed, 05 Apr 2023US$343.6bUS$96.1bUS$21.2b16.4x16.2x3.6x
Price to Earnings Ratio

16.2x


Total Market Cap: US$343.6bTotal 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 30.2x202420252026
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 43.9x which is higher than its 3-year average PE of 30.2x.
  • The 3-year average PS ratio of 5.5x is lower than the industry's current PS ratio of 9.3x.
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-1.89%
Tech-3.47%
Semiconductors-3.21%
Semiconductor Equipment-4.61%
Semiconductors-3.03%
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
Q Qnity ElectronicsUS$111.763.9%
+US$874.3m		n/aPE33.9x
TER TeradyneUS$295.611.6%
+US$748.3m		257.1%PE83.5x
FORM FormFactorUS$97.936.2%
+US$444.9m		241.9%PE140.4x
ACLS Axcelis TechnologiesUS$97.3515.3%
+US$396.9m		95.8%PE24.9x
AXTI AXTUS$60.6311.8%
+US$343.9m		3,996.6%PS36.9x

Latest News

ENPH
US$37.84
Enphase Energy
7D
-14.2%
1Y
-38.6%
PLAB
US$39.60
Photronics
7D
9.0%
1Y
92.2%

PLAB: Completed Buybacks And 2026 Guidance Will Support Richer Earnings Multiple

Analysts have adjusted their price target on Photronics slightly lower, from $48 to $47, citing updated assumptions around revenue growth, profit margins, and a higher future P/E multiple following recent bullish initiation research. Analyst Commentary Bullish Takeaways Bullish analysts see room for valuation support at the updated US$47 target, citing assumptions that leave flexibility if execution on revenue and margin goals tracks in line with their models.
ACLS
US$97.35
Axcelis Technologies
7D
15.3%
1Y
95.8%
VECO
US$35.27
Veeco Instruments
7D
15.1%
1Y
73.1%
AMKR
US$44.45
Amkor Technology
7D
-3.0%
1Y
142.9%

AMKR: Arizona Project Cash Burn Will Eventually Strain Free Cash Flow

Amkor Technology's analyst fair value estimate has shifted from $28 to $43, with analysts pointing to higher price targets driven by expectations around utilization recovery, margin impact from cost reductions, and revenue opportunities tied to advanced packaging and the Arizona expansion project. Analyst Commentary Recent research highlights a mix of optimism around Amkor Technology's advanced packaging opportunity and the Arizona build out, alongside a more cautious tone on valuation, cash flow and end market sensitivity.
CAMT
US$153.33
Camtek
7D
-7.6%
1Y
159.9%

CAMT: AI Packaging Demand And 2026 Cycle Expectations Look Fairly Balanced

Analysts have lifted the fair value estimate for Camtek to $174.67 from $168.83, citing higher long term revenue growth assumptions, expectations for a richer future P/E multiple, and supportive Street price target hikes across banks that point to improving visibility, rising gross margins, and stronger high performance compute demand. Analyst Commentary Recent Street research around Camtek clusters around rising price targets, updated long term assumptions and differing views on how much of that outlook is already reflected in the share price.
NVMI
US$440.72
Nova
7D
-5.3%
1Y
136.4%

NVMI: Metrology Intensity And Wafer Fab Spending Will Shape Future Free Cash Flow

Nova's updated analyst price target has edged down by about $5 to $497.25, as analysts factor in slightly refined assumptions on fair value, discount rate, and future P/E, while still highlighting the company’s multiple avenues of growth in metrology across both front and back-end wafer fab equipment spending. Analyst Commentary Recent Street research on Nova points to a generally constructive setup, with analysts focusing on how the business lines up with wafer fab equipment spending, execution history, and the balance between upside potential and execution risk.
MKSI
US$223.18
MKS
7D
-1.7%
1Y
173.5%
FORM
US$97.93
FormFactor
7D
6.2%
1Y
241.9%
AXTI
US$60.63
AXT
7D
11.8%
1Y
3,996.6%
LRCX
US$211.41
Lam Research
7D
-7.4%
1Y
191.2%

Lam Research (LRCX): The "AI Foundry" Backbone and the Memory Supercycle

Lam Research (LRCX) is currently trading at $233.31 USD on the NASDAQ as of March 23, 2026, marking a 2.17% gain in today's session. The stock has demonstrated remarkable resilience, recovering from a brief dip earlier in the month to trade near its 52-week high of $256.68.
TER
US$295.61
Teradyne
7D
1.6%
1Y
257.1%

TER: AI Test Demand And Wafer Fab Upswing Will Drive Future Cycle

The updated analyst price target for Teradyne reflects a reset in fair value from $397.65 to $374.36, as analysts balance richer valuations with still constructive views supported by multiple target hikes across recent research. Analyst Commentary Recent research on Teradyne reflects a broad mix of views, but the price target revisions skew toward more constructive expectations even as some firms flag valuation risks.
ONTO
US$204.23
Onto Innovation
7D
2.0%
1Y
67.3%

ONTO: HBM Orders And 2026 Shift To Back End Tools Will Test Expectations

Analysts have raised the fair value estimate for Onto Innovation to $220 from $160, citing higher price targets across Wall Street that reference expectations for stronger revenue, a large high bandwidth memory equipment agreement, and continued optimism about the product roadmap and margin outlook. Analyst Commentary Recent Street research on Onto Innovation has centered on stronger high bandwidth memory exposure, a sizeable US$240m volume purchase agreement, and management's updated revenue commentary for the first half of 2026.
AMAT
US$337.17
Applied Materials
7D
-5.6%
1Y
132.4%
KLAC
US$1,443.21
KLA
7D
-3.7%
1Y
114.3%

KLAC: AI And DRAM Spending Cycles Will Support Stronger Long Term Outlook

The analyst price target for KLA has been revised higher, with the updated fair value estimate moving from about $1,297 to roughly $1,676 as analysts factor in stronger long term revenue growth, higher profit margin assumptions and KLA's more constructive Investor Day outlook, while views on the appropriate discount rate and future P/E multiple remain fairly similar. Analyst Commentary Recent research has centered on KLA's updated long term framework, higher 2030 financial targets and a reassessment of wafer fab equipment spending, with most firms adjusting price targets and rating views around those themes.
Q
US$111.76
Qnity Electronics
7D
3.9%
1Y
n/a