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what it is
Entegris sells the filters, chemicals, and wafer-handling gear chip factories use to keep contamination out.
how it gets paid
Last year Entegris made $3.2B in revenue. Microcontamination control products was the main engine at $1.2B, or 38% of sales.
why growth slowed
Revenue fell 1.4% last year. Sales were $824M, down 3% from last year, so the quarter leaned on earnings more than volume.
what just happened
Entegris posted $824M in sales and still beat on EPS.
At a glance
B+ balance sheet — decent shape, but not bulletproof
75/100 earnings predictability — reasonably predictable
42.7x trailing p/e — you're paying up for this one
0.3% dividend yield — cash in your pocket every quarter
9.0% return on capital — nothing to write home about
xvary composite: 58/100 — below average
What they do
Entegris sells the filters, chemicals, and wafer-handling gear chip factories use to keep contamination out.
Chip makers do not swap suppliers like phone cases. Entegris sits in the production path, so your fab line gets tied to its filters, chemicals, and wafer carriers. The top 10 customers were 50% of 2025 sales, which is sticky and risky at the same time.
How they make money
$3.2B
annual revenue · their business grew -1.4% last year
Microcontamination control products
$1.2B
+4%
Specialty chemicals
$0.8B
+3%
Advanced materials handling solutions
$0.7B
1%
Fluid handling and FOUPs
$0.5B
5%
The products that matter
controls contamination in chip fabs
Microcontamination Control
supports the $3.2B revenue base
these filtration and purification products sit inside a $3.2B business with a 17.9% net margin, which tells you cleanliness is not optional in semiconductor manufacturing.
yield protection
chemicals for chip production
Specialty Chemicals
part of annual revenue of $3.2B
these materials feed etching and deposition steps, and in a year when company revenue slipped 1.4%, customers still kept buying enough to support $3.2B in sales.
process chemistry
handles sensitive wafers
Advanced Materials Handling
exposed in the latest weak quarter
this category includes front-opening unified pods — the boxes that move wafers through fabs — and weakness here showed up in a quarter that generated roughly $0.8B of revenue.
cycle exposed
Key numbers
$3.2B
annual revenue
You are buying a $3.2B business, not a tiny niche shop. That makes the 42.7x earnings multiple harder to excuse.
42.7x
trailing p/e
You pay 42.7 years of current earnings for a semiconductor supplier. That leaves little room for a stumble.
$138
target price
That target is 18% above $117.34. The market already has a decent amount of good news priced in.
$3.7B
long-term debt
Debt equals 17% of capital. If rates stay sticky, the bill lands on equity holders.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 25 / 100
- long-term debt $3.7B (17% of capital)
- net profit margin 18.6% — keeps 19 cents of every dollar in revenue
- return on equity 14% — $0.14 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in ENTG 3 years ago → it's now worth $14,390.
The index would have given you $14,540.
source: institutional data · total return
What just happened
beat estimates
Entegris posted $824M in sales and still beat on EPS.
Fourth-quarter sales were down 3% from a year earlier, but they came in above estimate. Advanced purity solutions fell 5% because fluid handling and FOUP volumes were weaker.
$824M
revenue
$0.70
eps
44.6%
gross margin
sales
Sales were $824M, down 3% from last year, so the quarter leaned on earnings more than volume.
-
entegris closed out 2025 with soft results.
-
while fourth-quarter sales of $824 million were modestly higher than our estimate, they still decreased 3% compared to the previous-year tally.
-
the decline was due to a 5% drop in revenues at the advanced purity solutions group.
-
that division was hurt by lower volumes of fluid handling and front-opening unified pods (foups), partially offset by strong growth in liquid filtration products.
-
sales at the materials solutions segment were essentially flat, with good demand for advanced deposition materials largely offset by lower volumes of other products.
source: company earnings report, 2026
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What could go wrong
the #1 risk is fab spending staying soft for longer. Entegris sells into semiconductor production, so a slower capex and utilization recovery can keep even good products waiting for the cycle.
med
fab spending stays soft
Revenue already fell 1.4% last year, and recent quarterly sales were roughly $0.8B and down from a year ago. If foundry and memory customers delay spending, Entegris does not get to opt out.
impact: this pressure runs through the entire $3.2B revenue base because every segment ultimately depends on wafer starts and fab activity.
med
advanced purity solutions remains a drag
That business was called out directly in the latest quarter, with revenue down 5%. Weakness in fluid handling and front-opening unified pod demand is a reminder that some categories recover later than others.
impact: if the weak segment stays weak, margin quality alone will not be enough to justify 42.7x trailing earnings.
med
the valuation leaves less room for disappointment
A 17.9% net margin is good. A 42.7x trailing p/e is demanding. You are paying a premium multiple for a company with an 8.5% return on capital and a recent sales decline.
impact: if growth stays muted, the stock can de-rate even if the business itself remains profitable.
At $117.34, you are not just underwriting business quality. You are underwriting business quality plus a cleaner semiconductor recovery than the latest numbers show.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next print
revenue direction, not just EPS
The last quarter still read as soft on sales. If revenue is still down from a year ago, the recovery trade gets harder to defend.
segment trend
advanced purity solutions
That segment fell 5% in the latest quarter. You want to see fluid handling and wafer-carrier demand stop being the recurring excuse.
metric
return on capital
8.5% is fine, not special. If the cycle turns and this number does not improve, the quality argument stays incomplete.
risk
multiple compression
42.7x trailing earnings leaves little margin for another flat quarter. Watch whether the stock keeps its premium even without cleaner growth.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts are not seeing a strong short-term edge here.
risk profile
average
stability score 3 — this is neither a bunker stock nor a disaster candidate.
chart momentum
average
technical score 3 — the stock is behaving like a normal semiconductor name, not sending a loud signal.
earnings predictability
75 / 100
management is reasonably consistent. the bigger wildcard is the cycle, not whether accounting is about to surprise you.
source: institutional data
Institutional activity
institutions have been net selling for 2 consecutive quarters — 199 buyers vs. 216 sellers in 4q2025. total institutional holdings: 0.2B shares. net selling for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$71
$205
$117
current price
$138
target midpoint · +18% from current · 3-5yr high: $200 (+70% · 15% ann'l return)
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