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U.S. Semiconductor Equipment Industry Analysis

UpdatedAug 19, 2026
DataAggregated Company Financials
Companies38
  • 7D-0.1%
  • 3M10.7%
  • 1Y185.1%
  • YTDn/a

The Semiconductor Equipment industry is up 8.4% in the last week, with Lam Research up 5.3%. In the same time, KLA was down 6.5%. This takes the industry's 12 month performance to a gain of 198%. Looking forward, earnings are forecast to grow by 23% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 19 Aug 2026US$1.4tUS$108.0bUS$25.0b53.8x54.8x12.7x
Fri, 17 Jul 2026US$1.4tUS$101.7bUS$22.6b63.9x62.6x13.9x
Sun, 14 Jun 2026US$1.5tUS$101.7bUS$22.6b73.5x67.3x14.9x
Tue, 12 May 2026US$1.2tUS$100.7bUS$21.9b65.3x55.3x12x
Thu, 09 Apr 2026US$961.5bUS$97.8bUS$20.8b48.8x46.3x9.8x
Sat, 07 Mar 2026US$919.3bUS$97.8bUS$20.8b39.4x44.2x9.4x
Mon, 02 Feb 2026US$904.0bUS$97.0bUS$19.8b44x45.7x9.3x
Wed, 31 Dec 2025US$723.0bUS$95.9bUS$19.0b38.1x38x7.5x
Fri, 28 Nov 2025US$670.0bUS$95.9bUS$19.0b35.8x35.2x7x
Sun, 26 Oct 2025US$634.2bUS$90.6bUS$16.8b33x37.8x7x
Tue, 23 Sep 2025US$547.0bUS$89.4bUS$16.3b31.9x33.5x6.1x
Thu, 21 Aug 2025US$455.5bUS$89.6bUS$16.3b26.3x27.9x5.1x
Sat, 19 Jul 2025US$490.2bUS$87.0bUS$15.5b30.9x31.7x5.6x
Mon, 16 Jun 2025US$439.1bUS$87.0bUS$15.5b24.8x28.4x5x
Wed, 14 May 2025US$419.5bUS$86.5bUS$15.1b26.4x27.8x4.8x
Fri, 11 Apr 2025US$377.6bUS$84.9bUS$14.2b23.6x26.6x4.5x
Sun, 09 Mar 2025US$408.6bUS$84.8bUS$14.2b31.2x28.8x4.8x
Tue, 04 Feb 2025US$445.1bUS$84.5bUS$15.1b32x29.5x5.3x
Thu, 02 Jan 2025US$405.8bUS$83.2bUS$14.6b30.9x27.8x4.9x
Sat, 30 Nov 2024US$421.0bUS$83.2bUS$14.6b28.5x28.9x5.1x
Mon, 28 Oct 2024US$444.6bUS$83.1bUS$15.8b26.1x28.2x5.4x
Wed, 25 Sep 2024US$473.4bUS$82.5bUS$15.6b24.4x30.4x5.7x
Fri, 23 Aug 2024US$516.0bUS$83.0bUS$15.8b25.6x32.6x6.2x
Sun, 21 Jul 2024US$517.9bUS$82.8bUS$13.8b29.7x37.6x6.3x
Tue, 18 Jun 2024US$570.8bUS$82.8bUS$13.8b27.6x41.5x6.9x
Thu, 16 May 2024US$512.5bUS$82.8bUS$13.6b27.2x37.6x6.2x
Sat, 13 Apr 2024US$518.3bUS$84.5bUS$14.2b35.1x36.5x6.1x
Mon, 11 Mar 2024US$509.8bUS$84.5bUS$14.2b35.6x35.9x6x
Wed, 07 Feb 2024US$434.1bUS$86.5bUS$14.8b23.6x29.4x5x
Fri, 05 Jan 2024US$402.9bUS$90.1bUS$15.9b24.5x25.3x4.5x
Sun, 03 Dec 2023US$400.0bUS$90.0bUS$15.9b24.8x25.1x4.4x
Tue, 31 Oct 2023US$335.0bUS$91.6bUS$16.0b20.1x20.9x3.7x
Thu, 28 Sep 2023US$359.2bUS$93.9bUS$17.0b23.9x21.2x3.8x
Sat, 26 Aug 2023US$385.1bUS$93.9bUS$17.0b25.6x22.7x4.1x
Price to Earnings Ratio

22.7x


Total Market Cap: US$385.1bTotal Earnings: US$17.0bTotal Revenue: US$93.9bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 35.2x202420252026
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 53.5x which is higher than its 3-year average PE of 35.2x.
  • The 3-year average PS ratio of 6.7x is lower than the industry's current PS ratio of 12.4x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 14% per year over the last three years.
  • Revenues for these companies have grown 4.8% 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 Market-0.35%
Tech-0.93%
Semiconductors-1.06%
Semiconductor Equipment-0.14%
Semiconductors-1.17%
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
LRCX Lam ResearchUS$327.925.3%
+US$20.7b		226.8%PE56.5x
TER TeradyneUS$404.296.5%
+US$3.9b		265.5%PE55x
AXTI AXTUS$82.3111.6%
+US$575.7m		3,746.3%PE1362.9x
MKSI MKSUS$300.242.0%
+US$396.2m		198.2%PE46.2x
ACMR ACM ResearchUS$84.375.6%
+US$309.9m		236.5%PE39.1x

Latest News

Q
US$133.58
Qnity Electronics
7D
-3.4%
1Y
n/a
Seeking Alpha • 3h

Qnity Electronics: A High-Moat Semiconductor Materials Play

Summary Qnity Electronics is rated a BUY, offering a compelling margin of safety and asymmetric risk-reward at ~$142 per share. Structural tailwinds, including the processing material multiplier effect from advanced chip architectures and a robust local-for-local operating network, drive Qnity’s growth potential. Despite legacy liabilities and a high intangible asset base (~60%), Qnity’s operational moat and full-stack coverage outweigh balance sheet concerns. DCF scenarios support a $137–$152 bear case and $168–$185 bull case, with a +24% upside to the bull case midpoint of ~$176. Read the full article on Seeking Alpha
ENPH
US$37.58
Enphase Energy
7D
-11.2%
1Y
3.7%
TER
US$404.29
Teradyne
7D
6.5%
1Y
265.5%
AXTI
US$82.31
AXT
7D
11.6%
1Y
3,746.3%
ONTO
US$315.42
Onto Innovation
7D
-1.4%
1Y
193.3%
Narrative Update • Aug 18

ONTO: AI Packaging Demand And X-Ray Partnership Will Shape Fairly Valued Outlook

Analysts have raised the fair value estimate for Onto Innovation to about $388 per share from roughly $370, citing higher Street price targets around $360 to $450, as well as expectations for AI driven inspection and metrology demand, stronger revenue growth, wider profit margins and a lower assumed future P/E multiple. Analyst Commentary Recent research coverage on Onto Innovation has been active, with a cluster of new initiations and higher price targets that focus on AI driven inspection and metrology demand, advanced packaging exposure and the current valuation setup.
MKSI
US$300.24
MKS
7D
2.0%
1Y
198.2%
ACMR
US$84.37
ACM Research
7D
5.6%
1Y
236.5%
Narrative Update • Aug 17

ACMR: China Memory Upside And Backend Expansion Will Drive 2026 Rerating

Analysts raised the fair value estimate for ACM Research to $115.14 from $102.14, citing updated models that assume a future P/E of 42.9x and slightly firmer profit margins, alongside a more moderate revenue growth outlook and a marginally higher discount rate. Analyst Commentary Recent Street research on ACM Research shows a clear tilt toward optimism, with several bullish analysts lifting their price targets and updating models after management guidance and recent conference commentary.
UCTT
US$81.82
Ultra Clean Holdings
7D
-4.9%
1Y
255.3%
AMAT
US$514.33
Applied Materials
7D
-2.1%
1Y
217.1%
CAMT
US$155.84
Camtek
7D
-5.2%
1Y
86.9%
FORM
US$124.34
FormFactor
7D
2.7%
1Y
335.5%
Narrative Update • Aug 15

FORM: Strong Q2 And AI Tailwinds Will Likely Face Visibility Headwinds

The analyst price target for FormFactor has been cut by $13.62 to $64.00, as analysts factor in recently lowered Street targets alongside mixed views that balance solid execution and AI related tailwinds with more cautious commentary on near term visibility. Analyst Commentary Recent Street research on FormFactor shows a split view.
AEHR
US$123.25
Aehr Test Systems
7D
5.2%
1Y
600.7%
New Narrative • Aug 14

AI Data Center Demand And Silicon Photonics Will Support Long-Term Prospects Here

Catalysts About Aehr Test Systems Aehr Test Systems supplies wafer-level and package-level burn-in and test equipment used to screen and qualify semiconductors for reliability. What are the underlying business or industry changes driving this perspective?
LRCX
US$327.92
Lam Research
7D
5.3%
1Y
226.8%
KLAC
US$194.79
KLA
7D
-6.5%
1Y
121.7%
Narrative Update • Aug 14

KLAC: AI WFE And Process Control Assumptions Will Challenge Rich Multiple

Analysts have adjusted the price target on KLA to $165, with the change framed around updated views on revenue growth, profit margins and valuation multiples, following recent research that highlights stronger wafer fab equipment expectations alongside mixed commentary on near term results and sector multiples. Analyst Commentary Recent Street research on KLA highlights a wide range of views, with some firms turning more constructive while a group of bearish analysts has trimmed price targets and flagged execution and valuation risks.
SEDG
US$29.82
SolarEdge Technologies
7D
-10.5%
1Y
-6.8%
Seeking Alpha • Aug 11

SolarEdge Moves To Hold As Execution Risks Rise (Rating Downgrade)

Summary SolarEdge is downgraded to Hold after Q2 2026, as margin recovery and positive cash flow appear partly temporary. SEDG’s gross profit remains highly dependent on U.S. policy incentives, with liquidity exposed to the timing of AMPTC monetization. Europe drove revenue growth, especially with Nexis, but U.S. residential demand remains weak and no near-term rebound is expected. Valuation is not compelling given policy risk, margin uncertainty, and the need for several quarters of sustained improvement. Read the full article on Seeking Alpha
COHU
US$59.22
Cohu
7D
12.1%
1Y
198.2%
Narrative Update • Aug 10

COHU: AI HPC Test Demand Will Drive Next Phase Of Cycle

Analysts have raised their Cohu fair value estimate from about $60.29 to $70.88, citing higher long term revenue growth and margin expectations, a lower projected future P/E multiple, and stronger AI driven demand signals from recent quarters and updated guidance. Analyst Commentary Recent research on Cohu focuses heavily on AI driven demand, higher utilization levels, and updated long term guidance, with most Street commentary leaning positive on execution and growth potential.