olivLaw · US equity research
Entegris, Inc. ENTG
Plastics Products, NEC · SIC 3089 · Vertical: Plastics Products, NEC (SIC 3089)
Entegris (ENTG) is a supplier of advanced materials and process solutions for the semiconductor industry, organised in two segments: Materials Solutions and Advanced Purity Solutions. In the second quarter of 2026 net sales were 883.2 million USD with a gross margin of 47.6%. For the third quarter of 2026 the company expects sales between 905 and 935 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Entegris, Inc. (ENTG) stock was 142.87 USD (−6.47% on the day), with market capitalisation 21.8 bn USD, P/E 55.7 on diluted EPS of 2.56 USD over the last 12 months, dividend yield 0.28%, beta 2.59, 52-week range 68.80–184.00 USD. Latest reported quarter (Q3 2026): revenue of 1.0 bn USD (+24.6% YoY), net income of 157.8 m USD (+123.8% YoY), diluted EPS 1.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 45.3
- neutral
- Bollinger (20, 2)
- 130.22 – 169.48
- in the lower half of the band · %B 0.32 · band width 26.2%
- SMA 50 / 200
- 146.85 / 138.73
- mixed trend
- MACD (12, 26, 9)
- 0.01 / 0.04
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −14.4% | −1.1% | −13.3 pp | — |
| 3 months | −1.8% | −0.5% | −1.4 pp | — |
| 6 months | −8.3% | +4.4% | −12.7 pp | — |
| Year to date | +69.6% | +12.3% | +57.3 pp | — |
| 1 year | +65.2% | +13.5% | +51.7 pp | +13.4% |
| 3 years | +54.9% | +76.4% | −21.6 pp | +34.6% |
| 5 years | −1.7% | +63.7% | −65.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 26 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 849.8 m | 773.2 m | 792.4 m | 807.1 m | 823.9 m | 811.9 m | 883.2 m | 1.0 bn |
| Cost of revenue | 462.5 m | 416.7 m | 440.9 m | 455.8 m | 463.3 m | 431.1 m | 463.2 m | 505.5 m |
| Gross profit | 387.3 m | 356.5 m | 351.5 m | 351.3 m | 360.6 m | 380.8 m | 420.0 m | 500.2 m |
| Research & development | 81.5 m | 84.8 m | 84.3 m | 80.9 m | 79.0 m | 75.3 m | 82.8 m | 87.5 m |
| SG&A | 109.6 m | 103.3 m | 115.1 m | 101.8 m | 130.4 m | 117.6 m | 126.5 m | 136.5 m |
| Operating income | 150.0 m | 122.3 m | 106.1 m | 122.6 m | 104.9 m | 141.6 m | 164.6 m | 230.6 m |
| Depreciation & amortisation | 48.3 m | 49.9 m | 51.3 m | 50.4 m | 53.7 m | 34.1 m | 34.4 m | 33.9 m |
| Interest expense | 52.5 m | 51.0 m | 52.4 m | 47.9 m | 48.5 m | 48.9 m | 48.6 m | 45.4 m |
| Pre-tax income | 112.5 m | 71.4 m | 55.8 m | 72.3 m | 55.1 m | 93.2 m | 110.1 m | 186.5 m |
| Income tax | 10.0 m | 8.2 m | 2.8 m | 1.5 m | 5.5 m | 1.0 m | 16.5 m | 28.7 m |
| Net income | 102.3 m | 62.9 m | 52.8 m | 70.5 m | 49.4 m | 92.0 m | 93.6 m | 157.8 m |
| Diluted EPS | 0.67 ≈ | 0.41 | 0.35 | 0.46 | 0.32 ≈ | 0.60 | 0.61 | 1.03 |
| Operating cash flow | 176.1 m | 140.4 m | 113.5 m ≈ | 249.5 m ≈ | 192.0 m | 183.0 m | 156.2 m ≈ | 266.8 m ≈ |
| Capex | 107.5 m | 108.0 m | 66.5 m ≈ | 66.7 m ≈ | 58.0 m | 41.5 m | 39.3 m ≈ | 43.2 m ≈ |
| Dividends paid | 15.1 m | 15.4 m | 15.2 m ≈ | 15.1 m ≈ | 15.1 m | 15.4 m | 15.4 m ≈ | 15.4 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 77 percentile of its own 44-quarter history (min 16.5, median 42.6, max 4,100.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.6 bn | 1.9 bn | 2.3 bn | 3.3 bn | 3.5 bn | 3.2 bn | 3.2 bn |
| Revenue YoY | +15.5% | +2.6% | +16.9% | +23.6% | — | +7.4% | −8.0% | −1.4% |
| Net income | 240.8 m | 254.9 m | 295.0 m | 409.1 m | 208.9 m | 180.7 m | 292.8 m | 235.6 m |
| Net income YoY | +183.0% | +5.9% | +15.7% | +38.7% | — | −13.5% | +62.0% | −19.5% |
| Diluted EPS | 1.69 | 1.87 | 2.16 | 3.00 | 1.46 | 1.20 | 1.93 | 1.55 |
| Diluted EPS YoY | +186.4% | +10.7% | +15.5% | +38.9% | — | −17.8% | +60.8% | −19.7% |
| net % | 15.5% | 16.0% | 15.9% | 17.8% | 6.4% | 5.1% | 9.0% | 7.4% |
| Free cash flow | 202.4 m | 269.9 m | 314.9 m | 189.8 m | -103.1 m | 187.7 m | 316.1 m | 396.2 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 360.4 m USD
- Financial debt
- 3.7 bn USD
- Net debt
- 3.3 bn USD
- Equity
- 4.0 bn USD
- Total assets
- 8.4 bn USD
- Debt / equity
- 0.94x
- Current ratio
- 3.35x
- ROE
- 6.2%
- ROA
- 2.8%
- FCF margin
- 12.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.3 bn | 3.3 bn | 3.5 bn | 3.2 bn | 3.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Cost of revenue | 1.0 bn | 1.2 bn | 1.9 bn | 2.0 bn | 1.8 bn | 1.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Gross profit | 849.7 m | 1.1 bn | 1.4 bn | 1.5 bn | 1.5 bn | 1.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Research & development | 136.1 m | 167.6 m | 229.0 m | 277.3 m | 316.1 m | 329.0 m | SEC (XBRL)· 11 Feb 2026verified |
| SG&A | 265.1 m | 292.4 m | 543.5 m | 576.2 m | 446.6 m | 450.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 395.4 m | 551.8 m | 480.0 m | 499.2 m | 533.9 m | 455.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 136.5 m | 138.2 m | 135.4 m | 172.7 m | 188.1 m | 205.3 m | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 532.0 m ≈ | 689.9 m ≈ | 615.4 m ≈ | 671.9 m ≈ | 722.0 m ≈ | 661.2 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 48.6 m | 41.2 m | 212.7 m | 312.4 m | 215.2 m | 199.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 354.3 m | 479.1 m | 247.1 m | 172.7 m | 322.0 m | 254.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 59.3 m | 70.0 m | 38.2 m | -8.4 m | 28.3 m | 18.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 295.0 m | 409.1 m | 208.9 m | 180.7 m | 292.8 m | 235.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 2.16 | 3.00 | 1.46 | 1.20 | 1.93 | 1.55 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 136.3 m | 136.6 m | 143.1 m | 150.9 m | 151.8 m | 152.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | 0.32 | 0.32 | 0.40 | 0.40 | 0.40 | 0.40 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 580.9 m | 402.6 m | 563.4 m | 456.9 m | 329.2 m | 360.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | — | — | — | — | — | 458.7 m | SEC (XBRL)· 30 Apr 2026verified |
| Inventories | 323.9 m | 475.2 m | 812.8 m | 607.1 m | 638.1 m | 643.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 1.2 bn | 1.3 bn | 2.3 bn | 2.0 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 525.4 m | 654.1 m | 1.4 bn | 1.5 bn | 1.6 bn | 1.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 748.0 m | 793.7 m | 4.4 bn | 3.9 bn | 3.9 bn | 3.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 337.6 m | 335.1 m | 1.8 bn | 1.3 bn | 1.1 bn | 906.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 2.9 bn | 3.2 bn | 10.1 bn | 8.8 bn | 8.4 bn | 8.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 81.6 m | 130.7 m | 172.5 m | 134.2 m | 193.3 m | 171.5 m | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 0 | 0 | 152.0 m | 0 | 0 | 0 | SEC (XBRL)· 30 Apr 2026verified |
| Long-term debt | 1.1 bn | 937.0 m | 5.6 bn | 4.6 bn | 4.0 bn | 3.7 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 302.6 m | 379.0 m | 761.9 m | 514.0 m | 525.2 m | 488.6 m | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 1.4 bn | 1.7 bn | 3.2 bn | 3.4 bn | 3.7 bn | 4.0 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 446.7 m | 400.5 m | 363.1 m | 644.5 m | 631.7 m | 695.4 m | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 131.8 m | 210.6 m | 466.2 m | 456.8 m | 315.6 m | 299.2 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 314.9 m ≈ | 189.8 m ≈ | -103.1 m ≈ | 187.7 m ≈ | 316.1 m ≈ | 396.2 m ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -243.3 m | -298.1 m | -4.9 bn | 553.1 m | -67.1 m | -300.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | 22.1 m | -276.5 m | 4.8 bn | -1.3 bn | -688.9 m | -366.9 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 43.2 m | 43.5 m | 57.3 m | 60.2 m | 60.6 m | 60.8 m | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 44.6 m | 67.1 m | 0 | 0 | — | — | SEC (XBRL)· 15 Feb 2024verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 33 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 21.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet36
- Returns42
- Quality67
- Growth7
- Valuation15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 42.05 – 83.88 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)44.66 – 80.98 (Mid 58.51)WACC 8.8% · starting FCFF 785.2 m USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 34.0%
- Peers: EV/EBITDA42.05 – 50.46 (Mid 49.54)5 companies used · median multiple 13.1x · quartiles 11.7x – 13.3xATR, AWI, KRT, MYE, SWIM
- Peers: P/E54.18 – 83.88 (Mid 62.50)6 companies used · median multiple 24.4x · quartiles 21.1x – 32.7xATR, AWI, CMT, DSWL, KRT, MYE
- Dividend discount (DDM)outside the aggregate5.26 – 7.07 (Mid 6.03)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 33/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.8% | 43 (vs peers) | 10% |
| Net margin · Quality | 11.1% | 75 (vs peers) | 6% |
| FCF conversion · Quality | 156.8% | 100 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | -0.9% | 0 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 2.0% | 13 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 3.6x | 14 (vs peers) | 10% |
| Interest coverage · Balance sheet | 3.4x | 29 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 2.7x | 100 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 55.7x | 14 (vs peers) | 10% |
| EV/EBITDA · Valuation | 31.0x | 0 (vs peers) | 10% |
| FCF yield · Valuation | 2.8% | 35 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 0.3% | 4 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 10.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet36/100 · 3/3 factors with a value
- Growth7/100 · 2/2 factors with a value
- Quality67/100 · 3/3 factors with a value
- Returns42/100 · 2/2 factors with a value
- Valuation15/100 · 3/3 factors with a value
Memo
Entegris, Inc. (ENTG). Latest full fiscal year: 2025; data up to 2026-09-26.
Figures computed from the financial statements: revenue 3.2 bn USD in 2025; YoY growth -1.4%; net margin 11.1%; ROE 9.6%; net debt/EBITDA 3.6x.
The estimated value range is 44.66–80.98 USD per share (median of 3 methods, agreement: high); assumptions are illustrative. Against the central value of 58.51 USD, the price of 142.87 USD leaves a potential of -59.0% (value / price − 1) and a margin of safety of -144.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 33/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.1%
- FCF conversion: 156.8%
- Current ratio: 2.7x
- Payout ratio (FCF): 10.0%
What contradicts it
- Revenue CAGR 3Y: -0.9%
- EPS CAGR 3Y: 2.0%
- Net debt / EBITDA: 3.6x
- Interest coverage: 3.4x
- P/E (TTM): 55.7x
- EV/EBITDA: 31.0x
- Shareholder yield (distributions): 0.3%
- The price is above the estimated value range
Versus the vertical median
Plastics Products, NEC (SIC 3089) · same industry (4-digit SIC) · compared with 8 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENTGEntegris, Inc. | 21.8 bn | 55.7 | 9.6% | 11.1% | −1.4% | +65% / +55% |
| ATRAptarGroup, Inc | 9.1 bn | 35.0 | 9.9% | 6.7% | +5.4% | +15% / +14% |
| AWIArmstrong World Industries, Inc. | 7.1 bn | 22.8 | 36.0% | 18.4% | +12.1% | −10% / +101% |
| NWLNewell Brands Inc | 2.3 bn | — | -12.8% | -4.4% | −5.0% | +50% / −28% |
| KRTKarat Packaging Inc. | 1.0 bn | 20.6 | 31.2% | 10.2% | +10.7% | +133% / +138% |
| MYEMyers Industries, Inc. | 1.0 bn | 35.3 | 9.7% | 3.3% | −1.3% | +48% / +52% |
| SWIMLatham Group, Inc. | 932.6 m | 97.0 | 2.2% | 1.6% | +7.4% | +11% / +250% |
| CMTCore Molding Technologies, Inc. | 186.1 m | 26.0 | 4.4% | 2.4% | −9.5% | +11% / +17% |
| DSWLDeswell Industries, Inc. | 47.0 m | 4.4 | 10.0% | 17.3% | −9.3% | −18% / +13% |
1- and 3-year price returns: for ENTG from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 80.10 Total return -44% · Per year -44% | 141.99 Total return -0% · Per year -0% | 214.41 Total return 50% · Per year 50% |
| 3 years | 69.56 Total return -51% · Per year -21% | 139.52 Total return -2% · Per year -1% | 232.46 Total return 64% · Per year 18% |
| 5 years | 60.41 Total return -57% · Per year -15% | 137.08 Total return -3% · Per year -1% | 252.03 Total return 78% · Per year 12% |
- Exit P/E± 34.88
- Net margin± 24.42
- Annual revenue growth± 21.13
- Annual dilution± 2.05
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Entegris (ENTG) is a supplier of advanced materials and process solutions for the semiconductor industry, organised in two segments: Materials Solutions and Advanced Purity Solutions 1. In the second quarter of 2026 net sales were 883.2 million USD with a gross margin of 47.6% 3. For the third quarter of 2026 the company expects sales between 905 and 935 million USD 3.
SWOT
Strengths
Weaknesses
- Reliance on sole, single or limited source suppliers for critical raw materials can affect production and deliveries 1.
- Revenue is tied to the cyclicality of the semiconductor industry, which can cause results to fluctuate 1.
- Existing debt limits financial flexibility, and the company is focused on reducing it 1.
Opportunities
Risks
- Cyclical demandhigh
Demand depends on the cyclical semiconductor industry, and downturns can reduce volumes and margins, especially given fixed costs 1.
- Sole-source supplier dependencehigh
For critical raw materials such as plastic polymers and filtration membranes, the company relies on sole, single or limited source suppliers that may be hard to replace 1.
- Tariffs and export controlshigh
US tariffs, retaliatory measures and export restrictions could raise costs and reduce sales in some regions 12.
- Geopolitical tensionsmedium
Conflicts in the Middle East and the war in Ukraine could disrupt shipping, energy and access to raw materials 12.
- Debt and financingmedium
The level of debt and the terms of credit agreements could limit operations and access to additional financing 1.
Investment thesis
What would need to be true (bull case)
- If demand for AI and HBM memory keeps growing, Entegris content per wafer could rise further 1.
- Close customer relationships and the high cost of switching suppliers could support recurring revenue over the long term 1.
- Rising adjusted margins and cash generation in the second quarter of 2026 could allow faster debt reduction and further investment 3.
What would break the thesis
- If customer investment slows, revenue linked to equipment and consumables could fall quickly and weigh on margins 1.
- Tariffs and trade restrictions could raise costs and reduce the competitiveness of products made in certain regions 2.
- Lower depreciation rates in 2026 could mask operating pressure, so underlying results could be weaker than the reported figures suggest 12.
What to watch
- Delivery against third quarter sales and margin guidanceQ3 2026
- Evolution of US tariffs and retaliatory measures on products made outside the country2026
- Progress on debt reduction and cash conversion2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Entegris supplies materials and filtration, purification and contamination-control solutions used in integrated circuit manufacturing, from lithography and etch to deposition, CMP and wafer transport 1. The company estimates that global semiconductor sales could reach approximately 1.6 trillion USD by 2030, a outlook it considers favourable for its products 1. Revenue is largely unit-driven or recurring from consumption in manufacturing rather than capital equipment sales, which have historically been more cyclical 1.
In the second quarter of 2026 Entegris reported double-digit growth in both its unit-driven and capex-related businesses, which management attributed to improving semiconductor demand and accelerating customer investment 3. In 2023 and 2024 the company completed divestitures of QED, its Electronic Chemicals business and its PIM business 1. Debt remains a focus, and the company says it intends to continue paying down debt 1.
In January 2026 Entegris changed the estimated useful lives of certain assets, which could significantly reduce depreciation expense in 2026 and could raise gross margin 12. The company has facilities in the United States, Canada, China, Germany, Israel, Japan, Malaysia, Singapore, South Korea and Taiwan 3.
Segments
Materials Solutions (MS)
The MS segment provides materials-based solutions such as chemical vapor and atomic layer deposition materials, CMP slurries and pads, ion implantation specialty gases and formulated etch and clean materials 1. It also covers materials for newer metals in advanced nodes, such as molybdenum 1.
Advanced Purity Solutions (APS)
The APS segment offers filtration, purification and contamination-control solutions for liquid chemistries, gases and wafers, including CMP slurry filters, high-purity packaging and fluid monitoring systems 1. It also supports wafer and reticle transport through FOUPs and EUV reticle pods 1.
Market context
Demand for Entegris products depends on global semiconductor manufacturing volumes, and the company says applications such as artificial intelligence, high-performance computing and HBM memory could support long-term growth 1. The market is cyclical, however, and pricing and margin pressure can increase in downturns 1.
In 2026 accelerating customer investment supported sentiment, but trade tensions and tariffs on products imported into the US could slow growth and raise sourcing costs 2. The company says it could be affected in the near term by elevated tariffs, although its strategy of building factories near customers could mitigate the impact over the medium and long term 2.
Trends
- AI-driven demandtailwind
The company says AI workloads and HBM memory support demand for advanced chips and packaging solutions, which could increase Entegris content per wafer 1.
- Smaller nodes and new materialstailwind
Shrinking geometries and new architectures increase process steps and the need for new materials and purity control, which could generate additional demand for the company's solutions 1.
- Trade tensions and tariffsheadwind
US tariffs and retaliatory measures by other countries could raise sourcing costs and reduce product competitiveness, particularly for US-made products sold into China 12.
- Government incentives and regionalisationmixed
Programmes such as the CHIPS Act could support local fab expansion, but they could also bring competition from subsidised suppliers, making the effect mixed 1.
Competitive position
Entegris competes with suppliers of chemicals, filtration and equipment for semiconductor fabs, and the sources describe competition as substantial across the industry 1. The company's edge lies in integrating solutions across several process steps and in early-stage collaboration with customers 1.
Customers can evaluate competing products stage by stage, and switching suppliers can be costly and risky for yields, which supports Entegris's position 1. Government-backed local competition could nonetheless reduce market share 2.
- Suppliers of semiconductor chemicals and process materials
The sources refer to general industry competition without naming specific companies 1.
- Government-backed local producers
The sources indicate that local suppliers could benefit from subsidies and protected demand 12.
- Equipment and filtration suppliers for fabs
Competition also comes from providers of filtration and chemical distribution solutions 1.
- Wafer and reticle transport solution providers
The sources mention competition in the FOUP and reticle pod segment 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Entegris (ENTG) Positions to Benefit From Rebounding Wafer Starts and Memory CapexYahoo Finance — News · 07 Sept 2026 · EN
- Entegris (ENTG) Surged on Increased DemandYahoo Finance — News · 31 Aug 2026 · EN
- What Makes Entegris (ENTG) a Long-Term Bet?Yahoo Finance — News · 27 Aug 2026 · EN
The latest news item in our archive is from 07 Sept 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Current report14 Oct 2026Other events
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Departure or appointment of officers
- Current report15 Jul 2026Other events
- Current report11 May 2026Departure or appointment of officers
- Current report08 May 2026Amendments to articles or bylaws · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Entegris, Inc. · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-27 · SEC / Entegris, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Entegris, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.