Peer Analysis
12 min read
Seven semis on one scorecard: KLAC and ASML screen cleanest on quality and valuation; ENTG is the only name where the variant setup is worth sizing.
Seven semiconductor supplier and equipment names on one scorecard. KLAC and ASML screen cleanest on quality metrics and relative valuation. ENTG is the only name where the variant thesis justifies a full position — specialty materials are supply-constrained and ENTG has pricing power that isn't in the stock yet.
7
Names
$2T
Peer Group
3
Scenarios
10:1
KLAC Split Jun 12
53%
ASML Q1 GM
Full thesis
The semiconductor equipment and supply chain is the infrastructure layer of the AI buildout — lithography, wafer fab equipment, process control, materials, and test are all required before a chip can ship. KLAC and ASML are the quality anchors: both have defensible positions, strong FCF, and valuations that don't require heroic assumptions. ENTG is the differentiated bet — specialty materials for advanced nodes are supply-constrained, ENTG has pricing power, and the stock hasn't gotten the same AI-infrastructure premium as the larger names in the group.
ASMLLRCXAMATTXNKLACTERENTG
Hammockistan · Peer Analysis · May 29, 2026
Semiconductor Suppliers & Equipment
A peer comparison of seven foundational names across lithography, wafer fab equipment, process control, materials, analog semiconductors, and test — the infrastructure layer of the AI buildout.
ASMLLRCXAMAT
TXNKLACTERENTG
§ 01 — Snapshot
KPI Overview
ASML
ASML Holding N.V.
$1,624.07
▲ +135.4% YTD
Mkt Cap$619.1B
Fwd P/E50.0×
Analyst Target$1,664
ConsensusStrong Buy
52-wk Range$683 – $1,654
EUV Monopoly
LRCX
Lam Research Corp.
$320.92
▲ +311.4% YTD
Mkt Cap$401.3B
Fwd P/E~28×
Analyst Target~$362
ConsensusBuy
52-wk Range$73 – $323
Best Recovery
AMAT
Applied Materials Inc.
$450.19
▲ +184.9% YTD
Mkt Cap$357.4B
Fwd P/E~35×
Analyst Target$511
ConsensusBuy
52-wk Range$153 – $462
Broadest Coverage
TXN
Texas Instruments Inc.
$311.24
▲ +77.8% YTD
Mkt Cap$283.3B
Fwd P/E35.0×
Analyst Target~$345
ConsensusBuy
52-wk Range$153 – $332
Dividend Anchor
KLAC 10:1 Split Jun 12
KLA Corporation
$1,951.55
▲ +160.2% YTD
Mkt Cap$254.9B
Fwd P/E~22×
Analyst Target~$1,848
ConsensusBuy
52-wk Range$740 – $2,060
Best Quality
TER
Teradyne Inc.
$372.27
▲ +116.4% YTD
Mkt Cap$58.3B
Fwd P/E48.6×
Analyst Target~$391
ConsensusBuy
52-wk Range$77 – $422
AI Memory Play
ENTG
Entegris Inc.
$137.75
▲ +72.2% YTD
Mkt Cap$21.0B
Fwd P/E38.1×
Analyst Target$153.78
ConsensusMod. Buy
52-wk Range$66 – $159
High Leverage
§ 02 — Composition
Peer Group Market Cap ($1,994B total)
ASMLLithography (EUV monopoly)31.0%$619B
LRCXEtch & deposition20.1%$401B
AMATDiversified WFE17.9%$357B
TXNAnalog & embedded14.2%$283B
KLACProcess control & inspection12.8%$255B
TERSemiconductor test2.9%$58B
ENTGProcess materials & filtration1.1%$21B
§ 03 — Peer Comparison
Full Metrics Table
| Ticker | Price | Mkt Cap | YTD | 52-wk Range | Fwd P/E | P/S | EV/EBITDA | TTM Rev | Rev Gth | Gross Mgn | EBITDA Mgn | Net Mgn | Div Yld | Target | ↑/↓ | Rating |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ASMLASML | $1,624 | $619B | +135% | $683–$1,654 | 50.0× | ~20× | ~40× | ~$30.0B | +33% | ~52% | ~35% | ~27% | 0.7% | $1,664 | +2.5% | Strong Buy |
| LRCXLRCX | $321 | $401B | +311% | $73–$323 | ~28× | ~6× | ~25× | ~$17.0B | +22% | ~50% | ~36% | ~26% | 0.9% | ~$362 | +12.8% | Buy |
| AMATAMAT | $450 | $357B | +185% | $153–$462 | ~35× | ~8× | ~22× | ~$28.8B | +15% | ~50% | ~31% | ~22% | 0.7% | $511 | +13.5% | Buy |
| TXNTXN | $311 | $283B | +78% | $153–$332 | 35.0× | ~14× | ~28× | ~$15.9B | +12% | ~58% | ~38% | ~24% | 2.3% | ~$345 | +10.8% | Buy |
| KLACKLAC ⚡ | $1,952 | $255B | +160% | $740–$2,060 | ~22× | ~16× | ~18× | ~$11.5B | +20% | ~62% | ~44% | ~28% | 0.7% | ~$1,848 | −5.3% | Buy |
| TERTER | $372 | $58B | +116% | $77–$422 | 48.6× | ~5× | ~32× | ~$2.9B | +8% | ~61% | ~26% | ~18% | 0.3% | ~$391 | +5.0% | Buy |
| ENTGENTG | $138 | $21B | +72% | $66–$159 | 38.1× | ~6× | ~28× | ~$3.5B | +10% | ~47% | ~22% | ~10% | 0.2% | $154 | +11.9% | Mod. Buy |
⚡ KLAC 10:1 stock split effective June 12, 2026. Pre-split price shown; post-split ~$195. All figures approximate.
ASML · Amsterdam / Nasdaq
ASML Holding N.V.
The world's only manufacturer of EUV lithography systems. ASML's monopoly on extreme ultraviolet machines gives it unparalleled pricing power — every leading-edge chip node below 5nm requires its equipment.
$1,624.07
▲ +135.4% YTD (2026)
Avg target $1,664 · +2.5% upside · Strong Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $1,654 | 52-wk high |
| R2 | $1,750 | Round / analyst bull |
| R3 | $1,900 | Pre-correction 2025 high |
| R4 | $2,100 | Bull scenario target |
| Support | Level | Note |
|---|---|---|
| S1 | $1,500 | April breakout level |
| S2 | $1,350 | March consolidation |
| S3 | $1,200 | Bear case |
| S4 | $1,000 | 2024 base / demand zone |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 30%
$2,100
+29.3%
Probability: 30%
HVM EUV capacity ramp at TSMC N2 and Intel 18A accelerates; bookings exceed €8B/quarter; China 193i policy eases; High-NA EUV order pull-forward for 2027.
— Base — 50%
$1,700
+4.7%
Probability: 50%
Steady WFE recovery; bookings at €6–7B/quarter; DRAM upgrade cycle provides floor; monopoly premium sustained.
▼ Bear — 20%
$1,200
−26.1%
Probability: 20%
Export controls eliminate China revenue (~15%); macro slowdown delays HVM EUV orders; memory capex cuts ripple into logic WFE.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $2,100 | +29.3% | 30% | +8.8% |
| Base | $1,700 | +4.7% | 50% | +2.4% |
| Bear | $1,200 | −26.1% | 20% | −5.2% |
| Expected Value | — | — | 100% | +6.0% |
| Up/Down Ratio | 1.12:1 | |||
Key Catalysts
- Q2 2026 Earnings + Booking Update (July): Bookings above €6B/quarter and any guidance revision to the €36–44B FY range would trigger a meaningful re-rating.
- TSMC N2 HVM Ramp (H2 2026): The single largest near-term demand driver for ASML's EUV 0.33NA systems. Yield milestones are the key watch item.
- China Export Policy (Q3): Any rollback or expansion of Dutch/U.S. export controls on 193i DUV to China would be a direct revenue event.
- High-NA EUV Orders (Intel 18A / TSMC A14): First commercial High-NA orders visible in 2027 planning; any pull-forward drives multiple expansion.
Fundamental Snapshot
TTM Revenue
~$30.0B
Rev Growth
+33%
Gross Margin
~52%
EBITDA Margin
~35%
Net Cash
+$4B
Div Yield
0.7%
Moat
EUV Monopoly
No viable alt
LRCX · Nasdaq
Lam Research Corporation
Global leader in etch and deposition equipment. Dominant in NAND memory etch and increasingly critical for leading-edge logic and HBM memory layers. Best YTD performer in this peer group.
$320.92
▲ +311.4% YTD (2026)
Avg target ~$362 · +12.8% upside · Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $323 | 52-wk high / ATH |
| R2 | $350 | Round level |
| R3 | $380 | Analyst bull cluster |
| R4 | $440 | Bull case |
| Support | Level | Note |
|---|---|---|
| S1 | $295 | April breakout |
| S2 | $250 | March consolidation |
| S3 | $200 | Structural support |
| S4 | $150 | Q1 2026 base |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 30%
$440
+37.1%
Probability: 30%
NAND recovery accelerates; WD and Micron add capacity; HBM4 etch share gains; GAA etch wins at TSMC N2 confirm leading-edge relevance.
— Base — 50%
$360
+12.1%
Probability: 50%
Etch/dep leadership sustained; memory recovery gradual; HBM volumes grow steadily; China etch exposure normalized.
▼ Bear — 20%
$240
−25.2%
Probability: 20%
Memory capex cuts resume; NAND recovery stalls; China export controls tighten and cap the largest customer segment.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $440 | +37.1% | 30% | +11.1% |
| Base | $360 | +12.1% | 50% | +6.1% |
| Bear | $240 | −25.2% | 20% | −5.0% |
| Expected Value | — | — | 100% | +12.2% |
| Up/Down Ratio | 1.47:1 | |||
Key Catalysts
- NAND Recovery — WD & Micron Expansion (H2 2026): Any meaningful NAND etch order uptick directly accrues to LRCX first given its ~50% etch share in NAND.
- HBM4 Etch Process Share (SK Hynix & Samsung): HBM4 stacking requires more etch steps per die; LRCX's ALD/etch tools are positioned to capture disproportionate volume.
- GAA Etch Wins at TSMC N2: Qualifying LRCX tools in N2 HVM confirms sustained logic presence through the gate-all-around transition.
- Q2 2026 China Revenue Disclosure (July): Any normalization or restriction clarity removes a key multiple overhang.
Fundamental Snapshot
TTM Revenue
~$17.0B
Rev Growth
+22%
Gross Margin
~50%
EBITDA Margin
~36%
Net Cash
+$2B
Div Yield
0.9%
Moat
NAND Etch
~50% share
AMAT · Nasdaq
Applied Materials Inc.
The largest WFE company by revenue. Applied's breadth — spanning CVD, PVD, CMP, ion implant, etch, and inspection — makes it the most diversified play on any semiconductor capex cycle.
$450.19
▲ +184.9% YTD (2026)
Avg target $511 · +13.5% upside · Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $462 | 52-wk high |
| R2 | $490 | Analyst target cluster |
| R3 | $511 | Avg analyst target |
| R4 | $640 | Bull scenario |
| Support | Level | Note |
|---|---|---|
| S1 | $420 | April breakout |
| S2 | $380 | March base |
| S3 | $330 | Feb consolidation |
| S4 | $270 | January base |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 25%
$640
+42.2%
Probability: 25%
GAA deposition wins at TSMC N2; advanced packaging CoWoS order acceleration; India fab opportunity emerges as new revenue line.
— Base — 50%
$510
+13.3%
Probability: 50%
Steady WFE recovery; advanced packaging growing faster than mature node; services business provides recurring revenue floor.
▼ Bear — 25%
$340
−24.5%
Probability: 25%
Export control escalation hits China (~30%); macro downturn delays capex; memory and logic WFE weaker than expected in H2.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $640 | +42.2% | 25% | +10.6% |
| Base | $510 | +13.3% | 50% | +6.7% |
| Bear | $340 | −24.5% | 25% | −6.1% |
| Expected Value | — | — | 100% | +11.2% |
| Up/Down Ratio | 1.72:1 | |||
Key Catalysts
- GAA Deposition at TSMC N2: Gate-all-around requires new CVD/ALD steps — AMAT's Sym3 and Centura tools are in qualification. Wins represent the largest TAM expansion in AMAT's history.
- Advanced Packaging CoWoS/SoIC Tool Orders: TSMC doubling CoWoS capacity for Nvidia H200/B100 demand; AMAT's PVD and bonding tools benefit disproportionately.
- India Fab Opportunity: Micron's India assembly fab and early-stage logic proposals; AMAT has early-mover equipment relationships. Government funding confirmation is a catalyst.
- Q3 FY2026 + FY2027 Outlook (November): First formal FY2027 WFE expectations; management guidance ranges historically move the stock ±8–12% on earnings day.
Fundamental Snapshot
TTM Revenue
~$28.8B
Rev Growth
+15%
Gross Margin
~50%
EBITDA Margin
~31%
Net Cash
+$3B
Div Yield
0.7%
Moat
Scale + Breadth
Largest WFE by rev
TXN · Nasdaq
Texas Instruments Incorporated
Dominant analog and embedded processor company. TI's proprietary 300mm manufacturing infrastructure gives it structural cost advantages no fabless analog company can replicate. Highest dividend yield in the group at 2.3%.
$311.24
▲ +77.8% YTD (2026)
Avg target ~$345 · +10.8% upside · Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $332 | 52-wk high |
| R2 | $355 | Analyst bull target |
| R3 | $380 | Pre-2024 correction high |
| R4 | $400 | Bull scenario / hist. ATH |
| Support | Level | Note |
|---|---|---|
| S1 | $290 | April consolidation |
| S2 | $265 | March base |
| S3 | $240 | Bear case / Feb base |
| S4 | $220 | January 2026 low |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 25%
$385
+23.7%
Probability: 25%
Industrial/auto inventory cycle clears Q2; TI reaccelerates to mid-cycle growth; FCF inflects above $6B; dividend raised 10%+.
— Base — 55%
$315
+1.2%
Probability: 55%
Gradual destocking through mid-2026; recovery visible Q3; 300mm cost advantage widens; dividend yield provides valuation floor.
▼ Bear — 20%
$240
−22.9%
Probability: 20%
Inventory normalization extends; automotive EV demand disappoints; capex commitment to new fabs pressures FCF below dividend coverage.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $385 | +23.7% | 25% | +5.9% |
| Base | $315 | +1.2% | 55% | +0.7% |
| Bear | $240 | −22.9% | 20% | −4.6% |
| Expected Value | — | — | 100% | +2.0% |
| Up/Down Ratio | 1.03:1 | |||
Key Catalysts
- Inventory Normalization Signal (Q3 2026): TI's channel inventory data is the clearest leading indicator of the industrial analog recovery. Any sub-5-weeks reading triggers a re-rating event.
- Free Cash Flow Inflection (H2 2026): Sherman and RFAB2 fabs move toward full utilization; peak capex was 2023–2024. H2 FCF recovery validates the 300mm investment thesis.
- Automotive Revenue Reacceleration: EV and ADAS content per vehicle rising; TI's auto revenue (~25% of total) is the fastest structural growth vector.
- Q3 2026 Earnings + 2027 Guidance (October): Management tone on the industrial cycle will set the narrative for the next 12 months.
Fundamental Snapshot
TTM Revenue
~$15.9B
Rev Growth
+12%
Gross Margin
~58%
EBITDA Margin
~38%
Net Debt
−$8B
Div Yield
2.3%
Moat
300mm Cost
Proprietary fabs
KLAC · Nasdaq 10:1 Split Jun 12, 2026
KLA Corporation
The dominant process control and wafer inspection company. As chips shrink below 2nm, defect inspection becomes exponentially more critical — and KLAC's monopoly in this niche grows with every node. Post-split price ~$195.
$1,951.55
▲ +160.2% YTD (2026)
Avg target ~$1,848 · −5.3% to target · Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $2,060 | 52-wk high |
| R2 | $2,200 | Extension / bull area |
| R3 | $2,400 | Bull midpoint |
| R4 | $2,600 | Bull case |
| Support | Level | Note |
|---|---|---|
| S1 | $1,850 | April base / consensus |
| S2 | $1,700 | March breakout |
| S3 | $1,400 | Bear case |
| S4 | $1,100 | Q1 2026 base |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 30%
$2,600
+33.2%
Probability: 30% · (~$260 post-split)
Process control TAM expands in advanced packaging and HBM; spend intensity rises to 16%+ of WFE; split drives retail re-rating.
— Base — 45%
$2,050
+5.0%
Probability: 45% · (~$205 post-split)
Process control leadership sustained; NAND/DRAM inspection volumes recover gradually; services recurring revenue provides resilience.
▼ Bear — 25%
$1,400
−28.3%
Probability: 25% · (~$140 post-split)
China service revenue compressed; WFE spending downturn hits inspection first; high valuation contracts on earnings miss.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $2,600 | +33.2% | 30% | +10.0% |
| Base | $2,050 | +5.0% | 45% | +2.3% |
| Bear | $1,400 | −28.3% | 25% | −7.1% |
| Expected Value | — | — | 100% | +5.2% |
| Up/Down Ratio | 1.17:1 | |||
Key Catalysts
- 10:1 Stock Split — June 12, 2026: Pre-split ~$1,952 becomes ~$195. Improves retail access and options liquidity. Watch for institutional rebalancing in the weeks following.
- Process Control TAM in Advanced Packaging: CoWoS, SoIC, and HBM stacking all require inspection steps previously not needed; KLAC is the incumbent for all three.
- Spend Intensity Rising at Sub-2nm: The cost of a single defect rises dramatically below 2nm; KLAC's inspection intensity as a % of WFE is structurally increasing.
- Q4 FY2026 Earnings (August): China service revenue trajectory post-restrictions is the key watch item; any upside vs. ~$3B/quarter street consensus re-rates the stock.
Fundamental Snapshot
TTM Revenue
~$11.5B
Rev Growth
+20%
Gross Margin
~62%
EBITDA Margin
~44%
Net Cash
+$3B
Div Yield
0.7%
Moat
Inspection Monopoly
No credible alt
TER · Nasdaq
Teradyne Inc.
Leader in automatic test equipment for semiconductors and electronics. Teradyne's UltraFLEX platform dominates SOC and memory test; its IA robotics division provides a second growth vector beyond chips.
$372.27
▲ +116.4% YTD (2026)
Avg target ~$391 · +5.0% upside · Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $395 | Near analyst target |
| R2 | $422 | 52-wk high |
| R3 | $450 | Extension |
| R4 | $480 | Bull scenario |
| Support | Level | Note |
|---|---|---|
| S1 | $345 | May 2026 consolidation |
| S2 | $310 | April base |
| S3 | $275 | March support |
| S4 | $240 | Bear case / Q1 base |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 30%
$480
+29.0%
Probability: 30%
HBM4 requires 2–3× more test time per die; memory test revenue doubles; SLT wins at Nvidia for Blackwell confirm advanced packaging test opportunity.
— Base — 45%
$395
+6.1%
Probability: 45%
Memory test grows with HBM; SOC test holds share; robotics IA grows 20%+; mix shifts toward higher-margin test revenue.
▼ Bear — 25%
$280
−24.8%
Probability: 25%
Smartphone SOC test softens; HBM ramp slower than expected; competitive pressure from Advantest in memory test.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $480 | +29.0% | 30% | +8.7% |
| Base | $395 | +6.1% | 45% | +2.7% |
| Bear | $280 | −24.8% | 25% | −6.2% |
| Expected Value | — | — | 100% | +5.2% |
| Up/Down Ratio | 1.17:1 | |||
Key Catalysts
- HBM4 Test Market Expansion: HBM4 requires 2–3× more test time than HBM3E. If SK Hynix and Samsung ramp on schedule, LRCX memory test revenue could double by Q4 2026.
- System-Level Test (SLT) for Advanced Packaging: CoWoS and SoIC packages require post-assembly SLT that standard ATE can't handle. TER's SLT business is the fastest-growing segment.
- Industrial Automation (IA) Division — EV Manufacturing: TER's cobot division benefits from EV factory automation buildouts.
- Q2 2026 Earnings — Memory Test Order Trajectory (July): Memory test bookings are the single most important metric; sequential uptick validates the HBM super-cycle thesis.
Fundamental Snapshot
TTM Revenue
~$2.9B
Rev Growth
+8%
Gross Margin
~61%
EBITDA Margin
~26%
Net Cash
+$2B
Div Yield
0.3%
Moat
HBM Test
UltraFLEX dominance
ENTG · Nasdaq
Entegris Inc.
Specialty materials and contamination control for advanced semiconductor manufacturing. CMP slurries, photomask materials, gas filtration, and liquid handling systems. High leverage (~4× net debt/EBITDA) amplifies both upside and downside.
$137.75
▲ +72.2% YTD (2026)
Avg target $153.78 · +11.6% upside · Mod. Buy
Key Levels
| Resistance | Level | Note |
|---|---|---|
| R1 | $145 | May 2026 consolidation |
| R2 | $159 | 52-wk high |
| R3 | $172 | 2024 peak area |
| R4 | $195 | Bull scenario |
| Support | Level | Note |
|---|---|---|
| S1 | $125 | April base |
| S2 | $110 | March support |
| S3 | $95 | Bear case / Feb base |
| S4 | $80 | January 2026 low |
Scenarios (Illustrative — Dec 2026)
▲ Bull — 25%
$195
+41.6%
Probability: 25%
CMP slurry wins for GAA nodes; photomask material share gains with EUV; debt paydown accelerates; EBITDA leverage kicks in at higher volumes.
— Base — 50%
$155
+12.5%
Probability: 50%
Materials consumption rises with leading-edge volume; CMC Materials synergies realized; leverage ratio declines toward 2.5×.
▼ Bear — 25%
$95
−31.0%
Probability: 25%
WFE slowdown compresses materials volumes; high leverage (~4× net debt/EBITDA) becomes a balance sheet risk; integration challenges weigh on margins.
Risk / Reward
| Scenario | Target | Return | Prob | Weighted |
|---|---|---|---|---|
| Bull | $195 | +41.6% | 25% | +10.4% |
| Base | $155 | +12.5% | 50% | +6.3% |
| Bear | $95 | −31.0% | 25% | −7.8% |
| Expected Value | — | — | 100% | +8.9% |
| Up/Down Ratio | 1.34:1 | |||
Key Catalysts
- CMP Slurry Wins at GAA Nodes (TSMC N2 / Samsung SF2): GAA requires new CMP slurry formulations for RibbonFET/FinFlex architectures. ENTG is in active qualification; a win locks in long-term volume.
- Photomask Material Share Gains with EUV: ASML EUV adoption drives demand for ENTG's photomask blanks and pellicle materials — revenue directly correlated to EUV scanner utilization.
- CMC Materials Synergy Realization: ENTG acquired CMC for ~$6.5B in 2022; synergies tracking toward $75M+/year by 2026. Any beat on synergy timeline improves EBITDA and debt paydown.
- Leverage Declining Toward 2.5× (H2 2026): Net debt/EBITDA ~4× is the key risk overhang. FCF generation toward $700M+ in 2026 accelerates deleveraging; any milestone triggers multiple expansion.
Fundamental Snapshot
TTM Revenue
~$3.5B
Rev Growth
+10%
Gross Margin
~47%
EBITDA Margin
~22%
Net Debt
−$5B
Div Yield
0.2%
Moat
Materials Spec
Qualified-in supply
§ 09 — Reference
Glossary of Abbreviations
Financial & Market Metrics
| YTD | Year to Date — return since January 1 of the current year |
| Fwd P/E | Forward Price-to-Earnings — share price divided by next twelve months' consensus EPS estimate |
| P/S | Price-to-Sales — market cap divided by trailing twelve months' revenue |
| EV/EBITDA | Enterprise Value divided by EBITDA — the most common cross-capital-structure valuation multiple |
| EBITDA | Earnings Before Interest, Taxes, Depreciation, and Amortization — a proxy for operating cash profitability |
| TTM | Trailing Twelve Months — the most recent four reported quarters of financial data |
| FCF | Free Cash Flow — operating cash flow minus capital expenditures; what the business actually generates for shareholders |
| Mkt Cap | Market Capitalization — shares outstanding multiplied by current share price |
| Div Yld | Dividend Yield — annual dividend per share divided by current share price |
| TAM | Total Addressable Market — the full revenue opportunity available to a company in its served market |
| ATH | All-Time High — the highest price a stock has ever traded |
| KPI | Key Performance Indicator — a quantifiable metric used to evaluate business performance |
| FY | Fiscal Year — a company's 12-month accounting period (may not align with the calendar year) |
| H1 / H2 | First Half / Second Half of a fiscal or calendar year |
| Q1–Q4 | Quarter 1 through Quarter 4 — successive three-month periods within a fiscal year |
| capex | Capital Expenditure — spending on physical assets such as equipment and facilities |
| GM | Gross Margin — revenue minus cost of goods sold, expressed as a percentage of revenue |
| R1–R4 | Resistance levels — technical analysis price levels above the current price where selling pressure is expected |
| S1–S4 | Support levels — technical analysis price levels below the current price where buying interest is expected |
| N.V. | Naamloze Vennootschap — Dutch for "public limited company" (equivalent to plc or Inc.) |
Semiconductor Equipment & Process
| WFE | Wafer Fab Equipment — all capital equipment used to manufacture semiconductor wafers; the primary revenue driver for ASML, LRCX, AMAT, and KLAC |
| EUV | Extreme Ultraviolet lithography — uses 13.5nm wavelength light to pattern chip features below 7nm; ASML is the sole manufacturer |
| High-NA EUV | High Numerical Aperture EUV — next-generation EUV with a 0.55 NA lens (vs. 0.33 NA on current systems), enabling sub-2nm patterning |
| DUV | Deep Ultraviolet lithography — uses 193nm light; mature technology used for older nodes and some layers at leading edge |
| 193i | 193nm immersion lithography — DUV through a water lens to improve resolution; still used for mature and mid-node chips |
| HVM | High Volume Manufacturing — full-scale production ramp (as opposed to qualification or engineering runs) |
| CVD | Chemical Vapor Deposition — process to deposit thin film layers on a wafer using gas-phase chemical reactions |
| PVD | Physical Vapor Deposition — process to deposit material by physical means (e.g., sputtering) rather than chemical reaction |
| ALD | Atomic Layer Deposition — ultra-precise CVD variant that deposits material exactly one atomic layer at a time |
| CMP | Chemical Mechanical Planarization — polishing process to flatten wafer surfaces between deposition layers; ENTG's CMP slurries are the consumable |
Transistor & Node Architecture
| GAA | Gate-All-Around — next-generation transistor architecture where the gate wraps entirely around the channel, replacing FinFET at 2nm and below |
| FinFET | Fin Field-Effect Transistor — 3D transistor architecture used at nodes from 22nm to 5nm; being superseded by GAA at leading edge |
| RibbonFET | Intel's implementation of gate-all-around transistors, used in its 18A process node |
| FinFlex | Samsung's implementation of gate-all-around transistors, used in its SF2 (2nm) process node |
| N2 | TSMC's 2-nanometer process node, entering high-volume manufacturing in H2 2026 |
| 18A | Intel's 18-Angstrom process node (equivalent to ~1.8nm); first node using RibbonFET and backside power delivery |
| A14 | TSMC's 1.4-nanometer process node, planned for 2028+ |
| SF2 | Samsung Foundry's 2-nanometer process node using FinFlex GAA transistors |
| 300mm | 300-millimeter wafer diameter — current industry standard for leading-edge manufacturing; larger wafers yield more chips per run |
Memory & Packaging
| NAND | NAND flash memory — non-volatile storage based on floating-gate or charge-trap transistors; used in SSDs and enterprise storage |
| DRAM | Dynamic Random Access Memory — volatile memory requiring constant refresh; primary memory type in servers and PCs |
| HBM | High Bandwidth Memory — 3D-stacked DRAM bonded directly to AI accelerators (GPUs, TPUs) for extremely high memory bandwidth |
| HBM3E | High Bandwidth Memory generation 3E (Extended) — current generation; used in Nvidia H100/H200 and AMD MI300 |
| HBM4 | High Bandwidth Memory generation 4 — next generation with higher bandwidth and more layers; ramping 2026–2027 |
| CoWoS | Chip on Wafer on Substrate — TSMC's advanced 2.5D packaging technology that places chips side-by-side on an interposer; used for Nvidia GPUs |
| SoIC | System on Integrated Chips — TSMC's 3D die-stacking technology for high-density chip-on-chip integration |
Test & Other
| ATE | Automatic Test Equipment — machines that run electrical tests on semiconductor dies or packaged chips at high speed |
| SLT | System-Level Test — testing a fully assembled chip or package under realistic operating conditions; required for advanced packaging where standard ATE is insufficient |
| SOC | System-on-Chip — a single chip integrating CPU, GPU, memory controller, and I/O; the primary market for Teradyne's UltraFLEX platform |
| UltraFLEX | Teradyne's flagship test platform for SOC and memory; dominant in smartphone application processor and HBM test markets |
| TSMC | Taiwan Semiconductor Manufacturing Company — the world's largest contract chip manufacturer; key customer for ASML, LRCX, AMAT, KLAC, and ENTG |
| ADAS | Advanced Driver Assistance Systems — automotive safety and automation features (lane keep, adaptive cruise, collision avoidance); a major analog semiconductor end market for TXN |
| IA | Industrial Automation — Teradyne's robotics division, which makes collaborative robots (cobots) for factory automation |
| RFAB2 | Richardson Fab 2 — Texas Instruments' 300mm manufacturing facility in Richardson, TX; part of TI's multi-billion dollar internal fab investment program |
| AI | Artificial Intelligence — the primary demand driver for advanced semiconductor manufacturing investment across this peer group |
| EV | Electric Vehicle — a major end market for TXN (analog content per vehicle) and TER (factory automation) |
Report Date: May 29, 2026. All prices as of market close or intraday on that date. Data sourced from web search, TradingView, Finnhub, and Morningstar.
Verified from live sources: Stock prices (all 7), 52-week ranges (all 7), analyst consensus ratings and average price targets. YTD returns derived from approximate January 2026 open prices.
Estimated (~est.): TTM revenue, gross/EBITDA/net margins, P/S, EV/EBITDA multiples, dividend yields, net cash positions are approximated from most recent available filings and consensus. All figures in USD; ASML converted at ~$1.08.
KLAC split: 10:1 split effective June 12, 2026. Pre-split prices shown throughout. Post-split equivalents noted parenthetically.
Scenarios are illustrative estimates only — not investment recommendations or forecasts. Probabilities are subjective assessments. This is independent research, not investment advice. Past performance does not guarantee future results.
Hammockistan · Independent Equity Research · Houston, TX · hammockistan.co