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U.S. Semiconductors Industry Analysis

UpdatedDec 19, 2025
DataAggregated Company Financials
Companies124
  • 7D-6.8%
  • 3M1.0%
  • 1Y34.9%
  • YTD30.9%

Over the last 7 days, the Semiconductors industry has dropped 6.8%, driven by Broadcom declining 8.3%. This takes the industry's 12 month performance to a gain of 35%. Earnings are forecast to grow by 25% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025US$8.2tUS$640.7bUS$176.4b36.1x46.3x12.8x
Sun, 16 Nov 2025US$8.8tUS$610.3bUS$153.3b34.7x57.2x14.4x
Tue, 14 Oct 2025US$8.3tUS$597.4bUS$137.3b35.5x60.6x13.9x
Thu, 11 Sep 2025US$7.9tUS$593.8bUS$134.6b33.4x58.9x13.3x
Sat, 09 Aug 2025US$7.9tUS$572.2bUS$118.3b29.1x66.4x13.7x
Mon, 07 Jul 2025US$7.2tUS$566.4bUS$118.3b29.8x60.9x12.7x
Wed, 04 Jun 2025US$6.3tUS$561.3bUS$113.9b25.7x55.4x11.2x
Fri, 02 May 2025US$5.1tUS$539.3bUS$109.4b20.6x46.5x9.4x
Sun, 30 Mar 2025US$5.1tUS$537.3bUS$108.9b24.8x46.6x9.4x
Tue, 25 Feb 2025US$6.2tUS$515.3bUS$93.8b32.2x66.1x12x
Thu, 23 Jan 2025US$6.5tUS$513.6bUS$96.7b33.2x67.6x12.7x
Sat, 21 Dec 2024US$6.0tUS$513.5bUS$96.7b29.1x61.9x11.7x
Mon, 18 Nov 2024US$6.1tUS$488.4bUS$83.4b30.5x72.8x12.4x
Wed, 16 Oct 2024US$6.0tUS$489.1bUS$101.8b28.5x59.3x12.3x
Fri, 13 Sep 2024US$5.5tUS$485.4bUS$99.5b27x55.6x11.4x
Sun, 11 Aug 2024US$5.1tUS$467.2bUS$94.7b26.6x54x10.9x
Tue, 09 Jul 2024US$6.2tUS$467.9bUS$96.6b31.2x64.7x13.4x
Thu, 06 Jun 2024US$5.6tUS$461.2bUS$95.7b30x58.5x12.1x
Sat, 04 May 2024US$4.7tUS$446.9bUS$84.0b27.4x56.2x10.6x
Mon, 01 Apr 2024US$5.0tUS$447.4bUS$81.7b29.2x60.6x11.1x
Wed, 28 Feb 2024US$4.6tUS$443.5bUS$81.1b31.1x56.4x10.3x
Fri, 26 Jan 2024US$4.1tUS$431.1bUS$68.4b28.2x59.4x9.4x
Sun, 24 Dec 2023US$3.6tUS$433.3bUS$69.5b27.4x51.5x8.3x
Tue, 21 Nov 2023US$3.3tUS$420.6bUS$62.5b24.5x52.3x7.8x
Thu, 19 Oct 2023US$2.9tUS$427.9bUS$65.8b24.8x44.5x6.8x
Sat, 16 Sep 2023US$3.1tUS$430.8bUS$68.7b25.9x44.8x7.1x
Mon, 14 Aug 2023US$2.9tUS$419.7bUS$62.9b25.1x45.9x6.9x
Wed, 12 Jul 2023US$3.0tUS$429.1bUS$67.3b23.3x44.5x7x
Fri, 09 Jun 2023US$2.8tUS$434.3bUS$71.9b23.4x39.5x6.5x
Sun, 07 May 2023US$2.4tUS$434.2bUS$70.7b19.1x33.3x5.4x
Tue, 04 Apr 2023US$2.5tUS$443.8bUS$85.6b18.6x28.7x5.5x
Thu, 02 Mar 2023US$2.2tUS$443.9bUS$88.7b17.8x24.9x5x
Sat, 28 Jan 2023US$2.2tUS$442.5bUS$91.5b17.9x23.6x4.9x
Mon, 26 Dec 2022US$1.9tUS$447.3bUS$96.4b15.7x19.3x4.2x
Price to Earnings Ratio

19.3x


Total Market Cap: US$1.9tTotal Earnings: US$96.4bTotal Revenue: US$447.3bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Semiconductors Industry Price to Earnings3Y Average 51.5x202320242025
Current Industry PE
  • Investors are pessimistic on the American Semiconductor industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 46.3x which is lower than its 3-year average PE of 51.5x.
  • The 3-year average PS ratio of 9.9x is lower than the industry's current PS ratio of 12.8x.
Past Earnings Growth
  • The earnings for companies in the Semiconductor industry have grown 22% per year over the last three years.
  • Revenues for these companies have grown 13% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

Which industries have driven the changes within the U.S. Tech industry?

US Market-2.05%
Tech-4.31%
Semiconductors-6.83%
Semiconductor Equipment-4.02%
Semiconductors-7.08%
Industry PE
  • Investors are most optimistic about the Semiconductors industry even though it's trading below its 3-year average PE ratio of 56.8x.
    • Analysts are expecting annual earnings growth of 26.2%, which is higher than its past year's earnings growth of 8.7% per year.
  • Investors are most pessimistic about the Semiconductor Equipment industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 27.6x.
Forecasted Growth
  • Analysts are most optimistic on the Semiconductors industry, expecting annual earnings growth of 26% over the next 5 years.
  • This is better than its past earnings growth rate of 8.7% per year.
  • In contrast, the Semiconductor Equipment industry is expected to see its earnings grow by 13% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
LRCX Lam ResearchUS$164.702.6%
+US$5.3b		129.4%PE35.6x
KLAC KLAUS$1.22k2.4%
+US$3.7b		94.2%PE37.9x
PI ImpinjUS$171.2617.8%
+US$780.7m		14.3%PS14.3x
FSLR First SolarUS$261.792.7%
+US$750.1m		43.5%PE20.1x
ENPH Enphase EnergyUS$32.962.4%
+US$102.1m		-53.9%PE22.1x

Latest News

MU
US$248.55
Micron Technology
7D
-3.8%
1Y
185.4%
NVDA
US$174.14
NVIDIA
7D
-0.5%
1Y
29.3%
LRCX
US$164.70
Lam Research
7D
2.6%
1Y
129.4%
QCOM
US$174.19
QUALCOMM
7D
-3.9%
1Y
15.8%
CSIQ
US$23.73
Canadian Solar
7D
4.8%
1Y
106.3%

CSIQ Battery Storage Outlook Will Drive Upside Despite Policy Headwinds

Analysts have lifted their price target on Canadian Solar to approximately $38 from around $20, citing stronger long term revenue growth expectations tied to robust battery energy storage guidance and recent tariff relief, even as policy and FEOC related risks keep margin and valuation assumptions more conservative. Analyst Commentary Bullish analysts acknowledge that Canadian Solar has delivered better than expected Q3 results, pointing to strong execution in both module shipments and battery energy storage.
KLAC
US$1,222.39
KLA
7D
2.4%
1Y
94.2%
AVGO
US$329.88
Broadcom
7D
-8.3%
1Y
49.4%
AMD
US$201.06
Advanced Micro Devices
7D
-4.6%
1Y
68.7%
INTC
US$36.28
Intel
7D
-8.2%
1Y
90.3%
MKSI
US$157.01
MKS
7D
0.8%
1Y
51.7%

MKSI: DRAM And Wafer Fab Upswing Will Drive Strong 2025 To 2027 Cycle

Analysts have lifted our MKS fair value estimate to $200 from $152.52 as they factor in higher long term revenue growth, expanding profit margins, and a richer future P/E multiple, which is supported by a wave of recent price target increases and growing confidence in the company’s setup into 2025 to 2027. Analyst Commentary Bullish analysts have been steadily lifting their price targets on MKS, highlighting improved execution across core segments and a stronger multiyear earnings trajectory.
TXN
US$176.19
Texas Instruments
7D
-3.0%
1Y
-4.5%

TXN: Inventory Discipline And Shifting Tariff Landscape Will Shape Cyclical Recovery Path

Analysts have trimmed their blended price target on Texas Instruments by less than $1 to approximately $189. This reflects slightly lower margin expectations and a slower than typical early-cycle recovery, even as revenue growth assumptions edge modestly higher.
FSLR
US$261.79
First Solar
7D
2.7%
1Y
43.5%

FSLR: Elevated Pricing Power Will Face Policy And Tariff Headwinds

We are lifting our First Solar fair value estimate to $199 from $142, reflecting analysts' broad price target increases into the mid $200s to $300 range, as they highlight the company's structurally advantaged U.S. manufacturing footprint, durable pricing power, and policy driven tailwinds, despite near term supply and tariff headwinds. Analyst Commentary Recent Street research reflects a broadly constructive stance on First Solar, with multiple firms lifting price targets into the mid $200s and even approaching $300.
JKS
US$27.19
JinkoSolar Holding
7D
6.0%
1Y
14.2%

JKS: Policy Headwinds Will Limit Benefits From Rising Energy Storage Margins

Analysts have lifted their fair value estimate for JinkoSolar Holding from $17.00 to $20.00 per share, citing improving gross margins driven by lower unit costs and a stronger long term outlook for higher margin energy storage systems, despite ongoing policy related risks. Analyst Commentary Recent Street research reflects a cautiously constructive but still guarded stance on JinkoSolar, with price targets moving higher but ratings generally remaining restrained.
ARM
US$113.51
Arm Holdings
7D
-13.3%
1Y
-14.1%

ARM Risks Mount As AI-Driven Royalties May Not Justify Premium Multiple

We raise our fair value estimate for Arm Holdings to approximately $99 per share from about $86, reflecting analysts' higher price targets driven by solid earnings beats, accelerating licensing and AI related royalty growth, and improved long term revenue and multiple assumptions, despite a modestly higher discount rate and slightly lower profit margin outlook. Analyst Commentary Recent Street research on Arm reflects a generally constructive outlook on earnings power and artificial intelligence related optionality, but it also highlights areas of caution that could pressure the stock's premium valuation if execution falters.
ENPH
US$32.96
Enphase Energy
7D
2.4%
1Y
-53.9%

ENPH: Residential Solar Recovery And Cash Flow Visibility Will Drive Future Upside

Analysts slightly trimmed their blended price target on Enphase Energy by about $1 to the mid $30s, as cautious views on continued revenue contraction and modestly lower profit expectations offset incremental optimism from select firms citing improving conditions in residential solar. Analyst Commentary Recent research updates highlight a divided but slowly improving sentiment around Enphase, with modest target changes reflecting balancing views on execution risk and recovery potential in residential solar.
PI
US$171.26
Impinj
7D
17.8%
1Y
14.3%

PI: Expanded Office Lease Will Support Long-Term RAIN RFID Ecosystem Demand

Analysts have modestly raised their price target on Impinj to approximately 241.11 dollars, citing slightly lower discount rate assumptions that marginally increase the stock's implied fair value. What's in the News Impinj unveiled new Gen2X innovations at its 2025 Gen2X Solutions Developers Conference, introducing capabilities that inhibit counterfeit tags and items, reduce stray tag reads, and help readers focus on tags of interest in retail and industrial environments (Key Developments).