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U.S. Semiconductor Equipment Industry Analysis

UpdatedJun 23, 2026
DataAggregated Company Financials
Companies39
  • 7D6.4%
  • 3M67.4%
  • 1Y276.1%
  • YTDn/a

The Semiconductor Equipment industry is up 6.3% in the last week, with Applied Materials up 9.3%. Meanwhile, AXT actually underperformed within the industry, shrinking 17% in the last week. In the last 12 months, the industry was up 266%. Looking forward, earnings are forecast to grow by 21% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 23 Jun 2026US$1.6tUS$101.7bUS$22.6b83.8x71.6x15.9x
Thu, 21 May 2026US$1.1tUS$101.7bUS$22.5b63.1x49.8x11x
Sat, 18 Apr 2026US$1.1tUS$97.8bUS$20.8b52.6x52.9x11.2x
Mon, 16 Mar 2026US$901.7bUS$97.8bUS$20.8b41.7x43.4x9.2x
Wed, 11 Feb 2026US$929.6bUS$97.6bUS$19.8b41.1x47x9.5x
Fri, 09 Jan 2026US$819.7bUS$95.9bUS$19.0b42.1x43.1x8.6x
Sun, 07 Dec 2025US$708.6bUS$95.9bUS$19.0b38.4x37.3x7.4x
Tue, 04 Nov 2025US$673.8bUS$91.2bUS$17.0b34.9x39.6x7.4x
Thu, 02 Oct 2025US$574.1bUS$89.4bUS$16.3b33.6x35.1x6.4x
Sat, 30 Aug 2025US$465.1bUS$89.4bUS$16.3b27.1x28.5x5.2x
Mon, 28 Jul 2025US$473.7bUS$87.1bUS$15.5b26.6x30.6x5.4x
Wed, 25 Jun 2025US$461.4bUS$87.0bUS$15.5b27.6x29.8x5.3x
Fri, 23 May 2025US$409.9bUS$87.0bUS$15.5b22.9x26.4x4.7x
Sun, 20 Apr 2025US$341.9bUS$84.9bUS$14.2b24.2x24.1x4x
Tue, 18 Mar 2025US$403.4bUS$84.8bUS$14.2b30.6x28.4x4.8x
Thu, 13 Feb 2025US$451.0bUS$84.5bUS$15.2b36.1x29.7x5.3x
Sat, 11 Jan 2025US$436.8bUS$83.2bUS$14.6b33.9x29.9x5.2x
Mon, 09 Dec 2024US$425.5bUS$83.2bUS$14.6b28.4x29.2x5.1x
Wed, 06 Nov 2024US$429.3bUS$83.3bUS$16.0b27.8x26.9x5.2x
Fri, 04 Oct 2024US$485.5bUS$82.5bUS$15.6b26.4x31.1x5.9x
Sun, 01 Sep 2024US$496.0bUS$82.5bUS$15.6b26.8x31.8x6x
Tue, 30 Jul 2024US$511.9bUS$82.7bUS$13.9b28.6x36.9x6.2x
Thu, 27 Jun 2024US$567.2bUS$82.8bUS$13.8b27.8x41.2x6.9x
Sat, 25 May 2024US$531.7bUS$82.8bUS$13.8b28.8x38.6x6.4x
Mon, 22 Apr 2024US$459.7bUS$84.5bUS$14.2b32.1x32.4x5.4x
Wed, 20 Mar 2024US$492.3bUS$84.5bUS$14.2b33.9x34.7x5.8x
Fri, 16 Feb 2024US$478.2bUS$85.6bUS$14.5b29.3x32.9x5.6x
Sun, 14 Jan 2024US$410.4bUS$90.1bUS$15.9b24.7x25.8x4.6x
Tue, 12 Dec 2023US$407.4bUS$90.0bUS$15.9b24.7x25.6x4.5x
Thu, 09 Nov 2023US$361.5bUS$90.2bUS$15.6b22x23.2x4x
Sat, 07 Oct 2023US$369.9bUS$93.9bUS$17.0b24.8x21.8x3.9x
Mon, 04 Sep 2023US$409.3bUS$93.9bUS$17.0b27x24.1x4.4x
Wed, 02 Aug 2023US$421.5bUS$94.3bUS$19.5b22.6x21.6x4.5x
Fri, 30 Jun 2023US$399.3bUS$96.1bUS$20.1b20.1x19.8x4.2x
Price to Earnings Ratio

19.8x


Total Market Cap: US$399.3bTotal Earnings: US$20.1bTotal Revenue: US$96.1bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductor Equipment Industry Price to Earnings3Y Average 33.2x202420252026
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 71.6x which is higher than its 3-year average PE of 33.1x.
  • The 3-year average PS ratio of 6.2x is lower than the industry's current PS ratio of 15.9x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor Equipment industry have grown 3.9% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Comparison

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

US Market-1.82%
Tech-0.54%
Semiconductors1.79%
Semiconductor Equipment6.39%
Semiconductors1.21%
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
AMAT Applied MaterialsUS$640.189.3%
+US$43.2b		272.3%PE59.7x
LRCX Lam ResearchUS$409.545.3%
+US$25.8b		347.0%PE76.3x
KLAC KLAUS$269.165.0%
+US$16.6b		214.3%PE75.3x
TER TeradyneUS$457.005.7%
+US$3.8b		423.1%PE83.8x
ENTG EntegrisUS$184.0013.0%
+US$3.2b		142.2%PE106x

Latest News

KLAC
US$269.16
KLA
7D
5.0%
1Y
214.3%
TER
US$457.00
Teradyne
7D
5.7%
1Y
423.1%
LRCX
US$409.54
Lam Research
7D
5.3%
1Y
347.0%
Seeking Alpha • 14h

Lam Research: A Strong Buy Built On Memory, Packaging And AI Complexity

Summary I'm rating Lam Research a Strong Buy with a $497 price target, implying 28% upside from $389. My growth drivers are AI-driven WFE and SAM expansion, NAND conversion spending, DRAM and HBM-related deposition intensity, advanced packaging growth, and CSBG services. Together, I estimate these growth drivers can add about $1.11 of incremental EPS and drive the forward non-GAAP EPS to $7.26. I arrive at my price target by applying a FWD non-GAAP P/E multiple of 68.49x to my FWD non-GAAP EPS of $7.26. The main risks are WFE cyclicality, memory spending delays, China/export control exposure, and valuation compression. Even with the risks, I believe LRCX has enough growth engines to keep earnings moving higher, and that is why I believe the premium valuation is justified. Read the full article on Seeking Alpha
AXTI
US$92.44
AXT
7D
-16.5%
1Y
4,869.9%
Seeking Alpha • 20h

Why I'm Not Chasing AXT Despite Being The Best AI Substrate Story In The Market

Summary AXT's indium phosphide substrate is genuine critical AI infrastructure, with a confirmed $100M backlog and funded capacity doubling — the demand thesis is real. Revenue is gated not by customer demand but by Chinese export permits; Q4 2025 proved one permit drought can erase an entire quarter with no operational failure. At 27x EV/NTM revenue versus a peer median of ~10x, the bull case only returns +16% while the base case implies -34% and the bear case of -77% — is asymmetrical. Rating is hold: the story works, the price doesn't; the setup gets interesting below $60. Read the full article on Seeking Alpha
SEDG
US$57.55
SolarEdge Technologies
7D
-4.4%
1Y
258.3%
Seeking Alpha • 22h

SolarEdge's Outlook: Revenue Is Up, Execution Is Everything

Summary SolarEdge is executing a recovery, with revenue up 41.5% year-over-year and gross margin rebounding to 22%. Management guides for Q2 2026 revenue of $325–$355 million and EBIT near breakeven, but margins remain highly dependent on U.S. tax credits. Cash discipline and a focus on higher-margin products, domestic manufacturing, and new commercial storage/data center initiatives underpin the investment thesis. I maintain a Buy rating, seeing risk-reward as attractive if margin gains and product expansion persist, but execution and policy risks remain material. Read the full article on Seeking Alpha
Q
US$175.64
Qnity Electronics
7D
9.1%
1Y
n/a
CAMT
US$195.16
Camtek
7D
-1.3%
1Y
160.7%
Analysis Article • Jun 21

Camtek (CAMT) Stock Could Be 11.7% Overvalued After Fresh AI Driven Investor Attention

Camtek event and renewed investor attention Camtek (NasdaqGM:CAMT) has drawn fresh interest after Wasatch Global Investors credited the stock as a key contributor in its Small Cap Growth Strategy, linking performance to AI related semiconductor demand and recently disclosed shelf registration plans. See our latest analysis for Camtek. At a share price of $195.16, Camtek has seen a 16.60% 1 month share price return and a 68.97% year to date share price return, while its 1 year total...
MKSI
US$420.56
MKS
7D
12.1%
1Y
356.8%
Analysis Article • Jun 21

MKS (MKSI) Stock Could Be 125% Overvalued After Analyst Estimate Upgrades

Why MKS Stock Is Back on Investors’ Radar Fresh earnings estimate upgrades and a higher analyst rating have pushed MKS (MKSI) into focus, as investors respond to shifting expectations for the company’s near term performance. See our latest analysis for MKS. MKS shares have been on a strong run, with a 90 day share price return of 72.91% and a year to date share price return of 141.37%. The 1 year total shareholder return of 350.39% reflects how sharply sentiment has shifted on the stock. If...
AMKR
US$93.55
Amkor Technology
7D
9.5%
1Y
361.7%
AMAT
US$640.18
Applied Materials
7D
9.3%
1Y
272.3%
ACLS
US$183.92
Axcelis Technologies
7D
-4.0%
1Y
176.4%
AEHR
US$113.33
Aehr Test Systems
7D
-2.2%
1Y
907.4%
Analysis Article • Jun 19

Aehr Test Systems (AEHR) Stock Could Be 531.1% Overvalued After AI Data Center Order

Aehr Test Systems (AEHR) is back in focus after securing a follow-on production order for its fully automated FOX-XP wafer-level burn-in system from a leading networking customer that is expanding hyperscale and AI-driven data centers. See our latest analysis for Aehr Test Systems. The latest FOX-XP order lands as Aehr Test Systems rides very strong momentum, with a 30-day share price return of 42.11% and a 90-day share price return of 234.01%. The one-year total shareholder return is...
VECO
US$77.46
Veeco Instruments
7D
-6.7%
1Y
292.8%
Narrative Update • Jun 18

VECO: AI Datacom Orders And Insider Selling Will Pressure Future Stock Returns

Analysts have raised their price target on Veeco Instruments stock to $55, up from $30. They cite updated post-earnings models and refreshed assumptions related to revenue growth, margins, discount rate, and future P/E expectations.
NVMI
US$583.10
Nova
7D
-3.7%
1Y
149.1%
ENTG
US$184.00
Entegris
7D
13.0%
1Y
142.2%
Narrative Update • Jun 17

ENTG: AI Materials Will Balance WFE Upcycle Promise With Cycle Sensitivity Risks

Analysts have lifted their Entegris price targets by up to $20, with recent updates pointing to higher wafer fab equipment expectations and viewing the company as well positioned for a longer WFE upcycle. Analyst Commentary Recent Street research on Entegris centers on higher price targets tied to wafer fab equipment expectations and how the company might perform if the WFE cycle extends.
DQ
US$13.90
Daqo New Energy
7D
-10.1%
1Y
-1.0%