Valuation hub
Semiconductor Equipment Stocks Valuation
Semiconductor equipment stocks valuation depends on wafer fab equipment demand, lithography intensity, process transitions, memory spending, advanced packaging, inspection, EDA software, and outsourced assembly cycles. TickerVal organizes this hub around intrinsic value, DCF outputs, reverse DCF implied growth, EV/EBITDA, P/FCF, and financial trends so readers can compare assumptions across the semiconductor capital equipment and design automation chain. Equipment and EDA businesses often show different revenue visibility, margin structure, and cash conversion profiles, which means a clean comparison needs both absolute models and relative multiple context. This page uses existing static pipeline data only; when a target company has not yet been exported, it remains listed in the theme configuration for internal linking and future sitemap expansion after data is available.
Quick answer
What does semiconductor equipment valuation focus on?
TickerVal's semiconductor equipment stocks valuation hub compares 24 stocks through intrinsic value, DCF, reverse DCF implied growth, EV/EBITDA, P/FCF, valuation assumptions, and financial trends. It is designed to make assumptions visible for research reference, not to rank stocks or issue investment opinions.
Which stocks are covered?
semiconductor equipment valuation, AMAT LRCX KLAC DCF
24 stocks currently have exported local valuation data.
Supply chain
Supply chain atlas
Coverage in this theme grouped by chain position, so peers in the same layer can be compared on the same valuation assumptions. Click a ticker to open the detail page.
Upstream
01Inputs, tools, and IP that enable the chain.
Front-end deposition, etch, cleaning, vacuum, and process tools for advanced nodes and 3D NAND.
Process control, defect inspection, and dimensional metrology systems.
Specialty materials, filtration, and fluid-handling subsystems used in semiconductor manufacturing.
Midstream
02Core design, integration, and platform companies.
Sector primer
Semi equipment 2026: WFE budget durability and the EDA recurring-revenue tail
A read on how WFE bookings, advanced-packaging capacity, and EDA software economics are exposed differently across the ten tickers in this hub, with pointers back to per-stock TickerVal pages.
The semi equipment chain compresses a long-cycle business into a single year of revenue. A leading- edge fab takes three to five years from first foundation to first wafer-out, which means 2026 WFE deliveries are mostly already committed by mid-2025; the visible variable is order timing within the existing capacity plan, not new capacity decisions. That structure makes the 5-year P/E percentile and the reverse-DCF implied growth path on each ticker's TickerVal page more informative than for shorter-cycle hardware names — multi-year backlog smooths the per-quarter noise.
The hub covers ten companies across six layers: deposition and etch (Applied Materials, Lam Research), inspection and metrology (KLA, Onto Innovation), ion implant (Axcelis), test and burn- in (Teradyne, Aehr Test Systems), EDA software (Synopsys, Cadence), and OSAT (Amkor). Each layer has a distinct margin and visibility profile, and the assumption-level work on the per-stock pages reflects those differences.
Deposition, etch, and metrology: the WFE big three plus specialty
Applied Materials, Lam Research, and KLA together capture roughly 40–50% of global wafer fab equipment spending in any given year, with ASML's lithography monopoly accounting for most of the rest at the leading edge. AMAT's 2024 revenue ran near $27B with operating margin sustained above 28%; the install base management revenue line — service, parts, software for legacy fleet — is approaching one-third of total revenue and grows faster than systems revenue across the cycle. LRCX is the etch specialist, with a similar service-revenue tail and a tighter exposure to memory (3D NAND etch is structurally more LRCX-favored than DRAM or logic). Both stocks are leveraged to the same WFE budget but with different node and end-market mixes.
KLA owns the inspection and metrology layer with 50%+ market share in process control. The economic point is that as nodes shrink, the cost of a single yield miss rises geometrically — KLA tools become a higher share of fab spending at N3 and N2 than they were at N7 or N5. KLA's 2024 gross margin held above 60%, which is at the top of the WFE peer group and reflects the limited competitive pressure at the leading edge of process control. Onto Innovation is the smaller pure- play on metrology and inspection adjacent to KLA — same demand driver, smaller scale, narrower product portfolio. The reverse-DCF gap between KLAC and ONTO reflects the scale-advantage gap rather than a cycle-call difference.
Axcelis Technologies sits in the specialty-equipment slice. Ion implantation is the workhorse for silicon-carbide power device manufacturing, and ACLS's revenue mix has shifted materially toward power devices and image sensors as silicon-carbide wafer capacity has scaled for EV and industrial power applications. ACLS's reverse DCF on the TickerVal page reflects a more cyclical assumption profile than the WFE big three — the silicon-carbide cycle has its own dynamic separate from leading-edge logic and memory cycles.
Test and burn-in: the under-appreciated AI-cycle layer
Teradyne is the diversified test name, with semiconductor test (memory, SoC) plus the older industrial automation business. The semiconductor test segment is structurally exposed to AI accelerator complexity — testing an NVIDIA Blackwell die or an AMD MI400 die requires more test time, more pin coverage, and more advanced test equipment than testing a mature mobile SoC. TER revenue ran near $2.8B in 2024 with operating margin in the low-20s. The assumption point on the TickerVal page is whether AI accelerator test demand grows faster than memory test cycles — historically the two have moved together, but advanced packaging and chiplet architectures may shift the mix.
Aehr Test Systems is the smaller specialty piece, with a focus on burn-in and reliability testing for silicon-carbide power devices and selected high-power semiconductor segments. AEHR's revenue is materially smaller than TER's, the customer concentration is higher, and the stock's 5-year history shows the volatility that comes with single-cycle exposure. The per-stock page makes that scenario range explicit.
EDA: the recurring revenue compounders
Synopsys and Cadence operate the closest thing to a duopoly in semiconductor capital goods. Design tools — synthesis, place and route, simulation, verification — plus IP libraries are sold on multi-year subscription terms with annual contract value rising mid-to-upper teens for both companies through the 2024 cycle. Operating margin sits in the mid-30s and gross margin above 80%; recurring revenue is north of 80% of total. The reverse DCF on each TickerVal page implies mid-teens FCF CAGR — the assumption being tested is whether the design-tool revenue continues to compound through the AI-design cycle and through China-driven domestic design demand. Synopsys' pending Ansys acquisition adds simulation and engineering software adjacent to the EDA core; the deal closes in 2025 and reshapes the SNPS margin and revenue profile materially.
OSAT: where advanced packaging captures the AI cycle
Amkor is the merchant outsourced assembly and test player with an advanced packaging business that serves NVIDIA, AMD, and other accelerator designers when TSMC CoWoS capacity is constrained or customers want second-source. AMKR's revenue ran near $6.5B in 2024 with operating margin in the high single digits — structurally lower than the WFE companies because OSAT is a more competitive layer with capital-intensive capacity. The reverse DCF on AMKR reflects the lower margin profile but the same AI-cycle demand driver as the WFE peer group.
What the page is implying right now
5-year P/E percentile reads vary widely across this hub. AMAT, LRCX, KLAC, SNPS, and CDNS sit in the upper deciles. ONTO, ACLS, and TER read closer to their 5-year medians, reflecting more cyclical exposure. AEHR's shorter history limits the percentile read. AMKR sits below its 5-year median, consistent with the structurally lower OSAT margin profile. Reverse DCF implied FCF CAGR for the WFE big three (AMAT, LRCX, KLAC) and the EDA duopoly (SNPS, CDNS) reaches the upper edge of the 5-year range. The same algebraic statement applies as elsewhere in TickerVal — AI-cycle revenue durability is being priced through the explicit window, with the EDA names additionally benefiting from sticky subscription economics.
Tensions worth tracking
First, China WFE exposure. AMAT, LRCX, and KLA each generate 30%+ of revenue from Chinese fab customers in recent quarters. The October 2022 export controls and the subsequent tightening rounds have already shifted the addressable market downward; further restrictions would compress the assumption base materially for all three names. The per-stock pages disclose China exposure in the segment commentary on the underlying filings.
Second, advanced packaging capacity timing. TSMC CoWoS capacity expansion timing is the mechanical determinant of merchant accelerator unit volume in 2025–2026. Faster CoWoS ramp lifts AMKR's second-source opportunity (advanced packaging tools from AMAT and TER also benefit); slower ramp pushes accelerator revenue right and compresses the WFE booking signal. The hub equipment pages cross-reference well with the foundry assumptions on the semiconductor hub.
Third, EDA design-spending durability. Synopsys and Cadence ACV growth has held mid-to-upper teens through cycles where WFE bookings have been volatile, because design starts (the leading indicator for EDA revenue) decouple from fab capacity decisions. The assumption being priced is that AI design proliferation, automotive silicon, and Chinese domestic design demand sustain the high-teens ACV growth rate beyond 2026. A reversion toward low-teens compresses the multi-year FCF CAGR meaningfully on both names.
Research reference only. Not investment advice. Source: SEC EDGAR. The actual valuation work happens on each stock's detail page, where reverse-DCF inputs, model suitability, and source-trace coverage can be inspected directly.
How do the valuation metrics compare?
Rows use the existing static data export; symbols without complete snapshots are added after pipeline export.
| Stock | Price | Model median | Implied growth | EV/EBITDA | P/FCF | Price vs model median |
|---|---|---|---|---|---|---|
| AMATAPPLIED MATERIALS INC /DE | 389.08 USD | 105.83 USD | 16.0% | 36x | 55.2x | +268% |
| LRCXLam Research Corporation | 256.72 USD | 34.50 USD | 23.0% | - | 61.2x | +644% |
| KLACKLA Corporation | 1,726.26 USD | 1,048.41 USD | 22.7% | - | 61.6x | +64.7% |
| TERTeradyne, Inc. | 380.44 USD | 33.03 USD | 32.0% | 78x | 134.9x | +1,052% |
| ONTOOnto Innovation Inc. | 296.22 USD | 27.03 USD | 17.9% | 92.6x | 48.7x | +996% |
| ACLSAxcelis Technologies, Inc. | 163.01 USD | 55.42 USD | 15.4% | 36.9x | 48.2x | +194% |
| AEHRAehr Test Systems, Inc. | 92.84 USD | 3.39 USD | 40.0% | - | - | +2,639% |
| SNPSSynopsys, Inc. | 489.02 USD | 150.88 USD | 20.8% | - | 60.1x | +224% |
| CDNSCADENCE DESIGN SYSTEMS INC | 340.94 USD | 91.33 USD | 23.8% | 52.4x | 58.7x | +273% |
| AMKRAmkor Technology, Inc. | 76.87 USD | 15.08 USD | 19.5% | 17.3x | 95.8x | +410% |
| ASXASE Technology Holding Co., Ltd. | 34.23 USD | 5.50 USD | 22.5% | 20.1x | - | +522% |
| ICHRIchor Holdings, Ltd. | 74.42 USD | 16.14 USD | 27.3% | - | - | +361% |
| UCTTUltra Clean Holdings, Inc. | 87.10 USD | 14.23 USD | 40.0% | - | 257.9x | +512% |
| CAMTCamtek Ltd. | 205.54 USD | 55,391.58 USD | -10.0% | 2.6x | 0.1x | -99.6% |
| FORMFormFactor, Inc. | 150.69 USD | 8.41 USD | 40.0% | 123.7x | 1005.2x | +1,692% |
| KLICKulicke and Soffa Industries, Inc. | 103.98 USD | 51.44 USD | 20.2% | 138.8x | 57.4x | +102% |
| COHUCohu, Inc. | 50.80 USD | 19.96 USD | 18.1% | - | 221.1x | +155% |
| ACMRACM Research, Inc. | 62.22 USD | 21.64 USD | 20.7% | 30x | - | +188% |
| NVMINova Ltd. | 519.22 USD | 156,437.98 USD | -10.0% | 2.3x | 0.1x | -99.7% |
| ENTGEntegris, Inc. | 148.34 USD | 33.77 USD | 23.1% | 39.2x | 57x | +339% |
| MKSIMKS Inc. | 316.34 USD | 208.68 USD | 18.6% | 24.1x | 42.8x | +51.6% |
| VECOVeeco Instruments Inc. | 61.50 USD | 14.57 USD | 24.4% | 68x | 67.4x | +322% |
| PLABPhotronics, Inc. | 55.18 USD | 31.70 USD | 9.2% | 9.9x | 55.4x | +74.1% |
| TOELYTokyo Electron Limited | 172.39 USD | 37.15 USD | 20.8% | - | - | +364% |
What does each stock page add?
Each note links back to a stock detail page with model assumptions, source-data coverage, and financial trend context.
APPLIED MATERIALS INC /DE (AMAT) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 28B USD, free cash flow is 6B USD, and reverse DCF currently points to implied growth of 16.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Lam Research Corporation (LRCX) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 18B USD, free cash flow is 5B USD, and reverse DCF currently points to implied growth of 23.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
KLA Corporation (KLAC) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 12B USD, free cash flow is 4B USD, and reverse DCF currently points to implied growth of 22.7%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Teradyne, Inc. (TER) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 3B USD, free cash flow is 450M USD, and reverse DCF currently points to implied growth of 32.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Onto Innovation Inc. (ONTO) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 1B USD, free cash flow is 300M USD, and reverse DCF currently points to implied growth of 17.9%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Axcelis Technologies, Inc. (ACLS) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 839M USD, free cash flow is 107M USD, and reverse DCF currently points to implied growth of 15.4%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Aehr Test Systems, Inc. (AEHR) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 59M USD, free cash flow is -12M USD, and reverse DCF currently points to implied growth of 40.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Synopsys, Inc. (SNPS) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 7B USD, free cash flow is 1B USD, and reverse DCF currently points to implied growth of 20.8%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
CADENCE DESIGN SYSTEMS INC (CDNS) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 5B USD, free cash flow is 2B USD, and reverse DCF currently points to implied growth of 23.8%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Amkor Technology, Inc. (AMKR) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 7B USD, free cash flow is 199M USD, and reverse DCF currently points to implied growth of 19.5%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
ASE Technology Holding Co., Ltd. (ASX) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 21B USD, free cash flow is -755M USD, and reverse DCF currently points to implied growth of 22.5%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Ichor Holdings, Ltd. (ICHR) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 948M USD, free cash flow is -6M USD, and reverse DCF currently points to implied growth of 27.3%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Ultra Clean Holdings, Inc. (UCTT) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 2B USD, free cash flow is 15M USD, and reverse DCF currently points to implied growth of 40.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Camtek Ltd. (CAMT) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 496M USD, free cash flow is 127M USD, and reverse DCF currently points to implied growth of -10.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
FormFactor, Inc. (FORM) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 785M USD, free cash flow is 12M USD, and reverse DCF currently points to implied growth of 40.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Kulicke and Soffa Industries, Inc. (KLIC) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 654M USD, free cash flow is 96M USD, and reverse DCF currently points to implied growth of 20.2%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Cohu, Inc. (COHU) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 453M USD, free cash flow is 11M USD, and reverse DCF currently points to implied growth of 18.1%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
ACM Research, Inc. (ACMR) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 901M USD, free cash flow is -67M USD, and reverse DCF currently points to implied growth of 20.7%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Nova Ltd. (NVMI) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 881M USD, free cash flow is 218M USD, and reverse DCF currently points to implied growth of -10.0%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Entegris, Inc. (ENTG) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 3B USD, free cash flow is 396M USD, and reverse DCF currently points to implied growth of 23.1%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
MKS Inc. (MKSI) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 4B USD, free cash flow is 500M USD, and reverse DCF currently points to implied growth of 18.6%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Veeco Instruments Inc. (VECO) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 664M USD, free cash flow is 55M USD, and reverse DCF currently points to implied growth of 24.4%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Photronics, Inc. (PLAB) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is 849M USD, free cash flow is 60M USD, and reverse DCF currently points to implied growth of 9.2%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Tokyo Electron Limited (TOELY) is tracked through TickerVal's intrinsic value, DCF, reverse DCF, EV/EBITDA, and P/FCF views. The latest annual revenue reference is -, free cash flow is -, and reverse DCF currently points to implied growth of 20.8%. The stock detail page shows model assumptions, source-data coverage, and financial trend context.
Frequently asked questions
What makes semiconductor equipment valuation different?
Equipment valuation often depends on wafer fab spending, memory cycles, advanced packaging, inspection demand, margin durability, and free cash flow through capex cycles.
How are EDA names handled in this hub?
EDA companies are included because design software is part of the semiconductor value chain, but each stock page keeps model assumptions tied to its own financial data.
Does this hub provide trading signals?
No. The hub explains valuation assumptions and source-data context without providing ratings, price targets, or buy/sell recommendations.