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U.S. Semiconductor Equipment Industry Analysis

UpdatedApr 08, 2026
DataAggregated Company Financials
Companies39
  • 7D4.1%
  • 3M17.4%
  • 1Y193.4%
  • YTDn/a

The Semiconductor Equipment industry is up 10% in the last week, with Lam Research up 5.0%. Meanwhile, AXT actually underperformed within the industry, shrinking 20% in the last week. In the last 12 months, the industry was up 184%. Looking forward, earnings are forecast to grow by 19% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 08 Apr 2026US$952.6bUS$97.8bUS$20.8b44.8x45.8x9.7x
Fri, 06 Mar 2026US$949.4bUS$97.8bUS$20.8b42.1x45.7x9.7x
Sun, 01 Feb 2026US$904.0bUS$97.0bUS$19.8b44x45.7x9.3x
Tue, 30 Dec 2025US$730.3bUS$95.9bUS$19.0b38.6x38.4x7.6x
Thu, 27 Nov 2025US$660.7bUS$95.9bUS$19.0b35.8x34.8x6.9x
Sat, 25 Oct 2025US$625.1bUS$90.6bUS$16.8b33x37.2x6.9x
Mon, 22 Sep 2025US$546.6bUS$89.4bUS$16.3b30.1x33.5x6.1x
Wed, 20 Aug 2025US$456.0bUS$89.6bUS$16.3b26.7x28x5.1x
Fri, 18 Jul 2025US$489.7bUS$87.0bUS$15.5b30.7x31.7x5.6x
Sun, 15 Jun 2025US$439.1bUS$87.0bUS$15.5b24.8x28.4x5x
Tue, 13 May 2025US$393.2bUS$86.5bUS$15.1b26.6x26x4.5x
Thu, 10 Apr 2025US$321.8bUS$84.9bUS$14.2b25.7x22.7x3.8x
Sat, 08 Mar 2025US$397.1bUS$84.8bUS$14.2b31.2x28x4.7x
Mon, 03 Feb 2025US$446.9bUS$84.5bUS$15.1b32.8x29.6x5.3x
Wed, 01 Jan 2025US$407.6bUS$83.2bUS$14.6b30.9x27.9x4.9x
Fri, 29 Nov 2024US$411.8bUS$83.2bUS$14.6b28.1x28.2x4.9x
Sun, 27 Oct 2024US$444.6bUS$83.1bUS$15.8b26.1x28.2x5.4x
Tue, 24 Sep 2024US$469.5bUS$82.5bUS$15.6b24.9x30.1x5.7x
Thu, 22 Aug 2024US$507.4bUS$83.0bUS$15.8b26x32.1x6.1x
Sat, 20 Jul 2024US$535.0bUS$82.8bUS$13.8b29.7x38.8x6.5x
Mon, 17 Jun 2024US$570.8bUS$82.8bUS$13.8b27.7x41.5x6.9x
Wed, 15 May 2024US$503.8bUS$82.8bUS$13.6b26x37x6.1x
Fri, 12 Apr 2024US$508.0bUS$84.5bUS$14.2b36.1x35.8x6x
Sun, 10 Mar 2024US$509.8bUS$84.5bUS$14.2b35.6x35.9x6x
Tue, 06 Feb 2024US$439.5bUS$86.6bUS$14.8b23.6x29.7x5.1x
Thu, 04 Jan 2024US$407.9bUS$90.1bUS$15.9b24.6x25.6x4.5x
Sat, 02 Dec 2023US$394.9bUS$90.0bUS$15.9b24.8x24.8x4.4x
Mon, 30 Oct 2023US$336.7bUS$91.6bUS$16.0b20.2x21x3.7x
Wed, 27 Sep 2023US$356.0bUS$93.9bUS$17.0b23.7x21x3.8x
Fri, 25 Aug 2023US$381.6bUS$93.9bUS$17.0b25.6x22.5x4.1x
Sun, 23 Jul 2023US$390.2bUS$96.1bUS$20.1b21x19.4x4.1x
Tue, 20 Jun 2023US$391.4bUS$96.1bUS$20.1b18.5x19.5x4.1x
Thu, 18 May 2023US$357.2bUS$95.7bUS$20.1b16.5x17.8x3.7x
Sat, 15 Apr 2023US$334.1bUS$96.1bUS$21.2b15.4x15.8x3.5x
Price to Earnings Ratio

15.8x


Total Market Cap: US$334.1bTotal 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 30.5x202420252026
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 45.3x which is higher than its 3-year average PE of 30.5x.
  • The 3-year average PS ratio of 5.6x is lower than the industry's current PS ratio of 9.6x.
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 Market1.21%
Tech2.44%
Semiconductors3.98%
Semiconductor Equipment4.12%
Semiconductors3.96%
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$224.355.0%
+US$13.3b		272.4%PE45.1x
KLAC KLAUS$1.55k5.2%
+US$10.0b		158.4%PE44.5x
AMAT Applied MaterialsUS$354.313.7%
+US$9.9b		174.7%PE35.9x
TER TeradyneUS$320.482.7%
+US$1.3b		303.4%PE90.6x
Q Qnity ElectronicsUS$118.993.1%
+US$756.9m		n/aPE36.1x

Latest News

AXTI
US$45.46
AXT
7D
-20.2%
1Y
3,343.9%
PLAB
US$40.27
Photronics
7D
-0.3%
1Y
138.0%
ONTO
US$219.11
Onto Innovation
7D
6.8%
1Y
107.5%
AMKR
US$47.62
Amkor Technology
7D
5.8%
1Y
219.2%
Q
US$118.99
Qnity Electronics
7D
3.1%
1Y
n/a
SEDG
US$43.85
SolarEdge Technologies
7D
-15.5%
1Y
205.6%

SEDG: Margin Gains Tied To Tax Credits Will Likely Limit Upside

Analysts have raised their average price target for SolarEdge Technologies by roughly $4 to reflect updated views on revenue potential, margin trajectory, and P/E assumptions following recent upgrades and research commentary across several firms. Analyst Commentary Recent research on SolarEdge Technologies highlights a mixed backdrop, with some firms turning more constructive while others keep a cautious stance on valuation, execution and growth risks.
TER
US$320.48
Teradyne
7D
2.7%
1Y
303.4%

TER: AI Test Demand And WFE Upswing Will Support Future Cycle

Analysts have nudged the Teradyne fair value estimate slightly higher to about $376, supported by a series of recent price target increases that cite stronger multi-year demand expectations, healthier industry spending plans, and improved profitability assumptions, even as some valuation-driven downgrades and caution flags remain. Analyst Commentary Recent research on Teradyne tilts positive overall, with a cluster of higher price targets and constructive views on multi year demand, semiconductor capital spending, and free cash flow potential, offset by valuation driven caution and a few downgrades.
ENPH
US$32.04
Enphase Energy
7D
-15.3%
1Y
-35.3%

ENPH: PPL Demand Visibility And Distributor Partnerships Will Support Recovery

Analysts have slightly reduced the price target for Enphase Energy to account for a modestly higher discount rate, while recent upgrades and target increases from other firms suggest rising confidence in future demand and margins. Analyst Commentary Recent research on Enphase Energy reflects a mix of cautious valuation tweaks and growing optimism around execution and future demand.
INTT
US$13.50
InTest
7D
-1.1%
1Y
132.4%

INTT: Q4 Beat And 2026 Outlook Will Support Higher Market Repricing

Analyst price targets on inTEST have shifted from a prior fair value estimate of about $10 to roughly $17.67, with the move supported by recent Q4 outperformance and "solid" 2026 guidance that prompted Street targets in the $14 to $19 range. Analyst Commentary Bullish Takeaways Bullish analysts point to the better than expected Q4 results as support for the higher fair value range, suggesting recent execution is tracking ahead of what was previously baked into targets around $10.
LRCX
US$224.35
Lam Research
7D
5.0%
1Y
272.4%

LRCX: Future DRAM Spending And WFE Cycle Will Support Multi Year Upswing

Analysts have lifted their price target on Lam Research by $5 to $255, citing a more supportive outlook for wafer fab equipment spending, stronger expectations for DRAM-driven demand, and Lam's inclusion in preferred idea lists as key reasons for the change. Analyst Commentary Recent research points to a broadly constructive stance on Lam Research, with a series of higher price targets and fresh buy calls highlighting confidence in the company’s positioning within wafer fab equipment and memory exposure.
CVV
US$3.92
CVD Equipment
7D
-5.3%
1Y
43.1%
DQ
US$20.93
Daqo New Energy
7D
-1.6%
1Y
52.4%

DQ: Cost Execution And Reform Clarity Will Support Future Re Rating Potential

Analysts have trimmed their price target on Daqo New Energy to $25 from $30, citing a mixed Q4 with a revenue miss, an EBITDA beat, and ongoing uncertainty around industry reform as key reasons for resetting expectations. Analyst Commentary Bullish analysts acknowledge the mixed Q4, but see elements of Daqo New Energy's performance that still support a constructive long term view, even with a lower price target.
KLAC
US$1,548.85
KLA
7D
5.2%
1Y
158.4%

KLAC: Leading Edge Exposure And Investor Day Framework Will Drive Re Rating

The analyst price target for KLA has been raised from $1,800 to $1,950. Analysts attribute this change to more constructive revenue growth and profit margin assumptions following a stronger than expected Investor Day and broadly higher Street targets across the semicap group.
FORM
US$105.12
FormFactor
7D
8.4%
1Y
353.5%

FORM: High Bandwidth Memory And New Partnerships Will Support Margins Into 2026

FormFactor's fair value estimate has increased from $88.00 to $100.00 as analysts raise price targets following broader Street research updates on the stock. Analyst Commentary Recent Street research on FormFactor has been largely supportive, with a series of bullish analysts lifting price targets across multiple firms.
AMAT
US$354.31
Applied Materials
7D
3.7%
1Y
174.7%

AMAT: WFE Upswing And AI Memory Deals Will Support Future Upside

Applied Materials' analyst price target has been revised upward by a broad group of firms into a higher $300s to low $400s range, with analysts pointing to stronger multi year wafer fab equipment growth forecasts, increasing AI and DRAM related spending expectations, and a more constructive view on secular WFE demand as key supports for the shift. Analyst Commentary Recent Street research on Applied Materials shows a cluster of higher price targets and rating upgrades, with bullish analysts pointing to wafer fab equipment spending expectations, AI and memory related demand, and a more supportive multi year industry view as key drivers.
ALMU
US$11.70
Aeluma
7D
-10.6%
1Y
86.9%