Semis valuation screen
Query: US semiconductor stocks compared by forward P/E, revenue growth and distance from 52-week high · data as of 2026-10-16
Built a 45-name US semiconductor/supply-chain comparison table ranked by forward P/E (lowest first), with industry, market cap, revenue growth YoY, % from 52-week high plus a pullback flag (>15% below high), trailing P/E, P/S, 1M/6M returns and % vs 150-day SMA; includes row insights and a summary highlighting names combining low forward multiples with positive growth (MU, NVDA, AVGO, QCOM, TSM, LRCX).
Cheapest-on-forward-earnings semiconductor names as of October 16, 2026, ranked by forward P/E low to high. Names flagged as pullback candidates (>15% below 52-week high) are marked in the Pullback Flag column.
Cheapest Semis on Forward Earnings
What this screen shows
Every US-listed chipmaker, tool/materials supplier and closely-adjacent hardware name in the universe, sorted by forward P/E from cheapest to most expensive. Pullback candidates — more than ~15% below their 52-week high — are flagged explicitly.
Low forward multiple and positive revenue growth
- Micron (MU) — the standout: top-of-group forward multiple with ~49% revenue growth, powered by HBM sold out into AI accelerators. The caveat is that both the estimate and the multiple are memory-cycle dependent.
- NVIDIA (NVDA) — a mega-cap compounding revenue at ~65% while carrying a forward multiple in line with the broader market. The anomaly of the table, and the one most exposed to hyperscaler capex financing conditions.
- Broadcom (AVGO), Qualcomm (QCOM), TSMC (TSM), Lam Research (LRCX) — large, cash-generative franchises combining double-digit growth with multiples well below the group's software-adjacent names.
- Credo (CRDO) and SiTime (SITM) — hypergrowth small caps whose forward multiples look undemanding only because earnings are expected to inflect sharply; estimate risk is unusually high.
Valuations that look cheap for the wrong reason
Skyworks, ON Semiconductor, STMicro and NXP all screen low on forward earnings because revenue is flat-to-declining — the multiple is a trough-earnings artifact, not a bargain. Microchip and GlobalFoundries sit in the same bucket, with estimates that already assume a demand recovery.
Where the premium sits
AMD (34x forward) and the EDA/design-software gatekeepers (SNPS, CDNS) command the top of the table, alongside niche small caps like SiTime and Lattice. With the market currently penalising long-duration growth and rewarding cash generation, the cheap end of this list — TSMC, Broadcom, Qualcomm, Lam, Micron, KLA — is where the valuation cushion, and the risk-adjusted opportunity, currently sits.
Semiconductor Comparison — Ranked by Forward P/E
| Symbol | Name | Industry | Market Cap ($B) | Forward P/E | Revenue Growth YoY | % from 52W High | Pullback Flag | P/E (TTM) | Price / Sales | 1M Return | 6M Return | % vs 150D SMA | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SNDK | Sandisk Corporation - Common Stock When-Issued | Computer Hardware | 187.7847 | 4.91 | 10.39% | -44.36% | Yes | 17.6 | 10.74 | -19.52% | 41.08% | -9.61% | Pure-play NAND maker spun out of Western Digital: the cheapest headline multiple in the group, but the earnings base is set against a memory upcycle that has already delivered enormous gains. Pricing power in NAND is far more cyclical and less disciplined than DRAM, so the multiple discounts a peak-ish earnings estimate. |
| MU | Micron Technology, Inc. | Semiconductors | 994.34 | 5.68 | 48.85% | -27.58% | Yes | 19.87 | 11.67 | -10.08% | 93.18% | 6.19% | The clearest low-multiple-meets-high-growth combination in the screen: HBM capacity sold out into AI accelerators gives unusually visible forward earnings for a memory name. Risk is that both the estimate and the multiple are cycle-peak artifacts — a DRAM pricing rollover would compress both legs at once. |
| SMCI | Super Micro Computer, Inc. | Computer Hardware | 20.7798 | 5.94 | 46.59% | -42.53% | Yes | 9.7 | 0.61 | -21.61% | 10.75% | -3.86% | AI server rack integrator trading near single-digit forward earnings; historically the sector's most volatile margin story. Thin gross margins, heavy working capital and customer concentration mean the earnings estimate hinges on hyperscaler order timing rather than any durable franchise. |
| NXPI | NXP Semiconductors N.V. | Semiconductors | 57.8288 | 12.67 | -2.74% | -31.06% | Yes | 45.59 | 4.28 | 0.61% | 7.00% | -8.48% | Auto and industrial exposure keeps revenue in a cyclical trough, so the multiple looks optically high on trailing earnings but modest forward as a recovery is assumed. The discount reflects a mature end market rather than an AI lever. |
| ICHR | Ichor Holdings | Semiconductor Equipment & Materials | 1.5772 | 12.88 | 11.61% | -62.50% | Yes | — | 2.05 | -20.48% | -35.95% | -37.90% | Small-cap fluid delivery subsystem supplier — high beta to wafer-fab-equipment spending with minimal diversification. Deep drawdown reflects the market pricing an equipment digestion phase. |
| AMKR | Amkor Technology, Inc. | Semiconductor Equipment & Materials | 10.3903 | 14.82 | 6.18% | -55.30% | Yes | 18.75 | 1.6 | -12.78% | -37.74% | -31.17% | Outsourced assembly and test: leverage to advanced packaging (including AI accelerator packaging) is real, but margins are structurally thin and capex heavy, so earnings swing sharply with utilization. |
| MBLY | Mobileye Global Inc. | Auto Parts | 6.1384 | 14.84 | 14.51% | -51.93% | Yes | — | 3.62 | -10.20% | -8.26% | -15.12% | EyeQ ADAS chip supplier: cheap on forward earnings only if the autonomous-vehicle ramp holds; heavy concentration among a handful of global automakers and the parent's influence on strategy are the overhangs. |
| ON | ON Semiconductor Corporation | Semiconductors | 28.0387 | 15.9 | -15.35% | -46.23% | Yes | 47.07 | 4.56 | 5.45% | -13.24% | -17.95% | Silicon carbide and auto/industrial chips: the cheap multiple is a trough-earnings artifact after an EV inventory correction. A recovery in autos and industrial demand is the catalyst; the risk is a structurally slower EV adoption curve. |
| SWKS | Skyworks Solutions, Inc. | Semiconductors | 18.7427 | 16.03 | -2.18% | -12.85% | No | 41.3 | 2.47 | -12.72% | 38.78% | 16.06% | Mobile RF front-end supplier with heavy customer concentration at a single handset OEM. Revenue is stagnant, so the low multiple reflects terminal-value anxiety rather than a bargain — the story is cash return, not growth. |
| MCHP | Microchip Technology Incorporat | Semiconductors | 40.1012 | 16.16 | 7.08% | -28.25% | Yes | 108.6 | 7.73 | 4.28% | -5.20% | -8.65% | Microcontroller maker coming off a deep inventory correction; forward estimates assume a meaningful recovery. Cyclical franchise quality is high, but the earnings trough makes any multiple fragile until bookings inflect. |
| NVDA | NVIDIA Corporation | Semiconductors | 5,171 | 16.68 | 65.47% | -10.50% | No | 32.79 | 17.34 | -2.38% | 6.42% | 2.68% | Rare case of a mega-cap trading at a market-like forward multiple while still compounding revenue at a rate most software companies would envy — the PEG profile is the anomaly here. The risk is concentration in hyperscaler capex, which is increasingly a credit-funded story. |
| COHR | Coherent Corp. | Scientific & Technical Instruments | 45.8653 | 16.7 | 22.51% | -45.44% | Yes | 56.67 | 7.68 | -21.31% | -32.50% | -26.87% | Optical transceivers and photonics — a picks-and-shovels beneficiary of datacenter interconnect buildouts. Exposure to AI networking demand is offset by a leveraged balance sheet and end-market cyclicality in industrial/telecom. |
| AVGO | Broadcom Inc. | Semiconductors | 1,569 | 16.83 | 23.87% | -31.73% | Yes | 54.79 | 23.25 | -5.17% | -18.86% | -13.26% | Custom AI accelerators plus networking silicon and infrastructure software: the forward multiple looks undemanding only because consensus embeds aggressive custom-ASIC growth. Leverage from acquisitions and customer concentration at a few hyperscalers are the key swing factors. |
| QCOM | QUALCOMM Incorporated | Semiconductors | 183.7859 | 16.87 | 13.66% | -31.44% | Yes | 19.67 | 3.98 | -8.80% | 27.52% | -1.48% | Handset royalty and modem franchise, with diversification into auto and PC. Trades at a clear discount to the group on licensing durability, but the smartphone cycle and litigation/licensing renewals dominate the outlook. |
| GFS | GlobalFoundries Inc. | Semiconductors | 26.0203 | 17.77 | 0.61% | -48.11% | Yes | 36.47 | 3.54 | 2.09% | -14.40% | -19.94% | Foundry with mature-node exposure: revenue essentially flat, so the multiple is a bet on a utilization recovery rather than growth. Government-backed capacity and a domestic-supply-chain premium help, but pricing power is limited. |
| STM | STMicroelectronics N.V. | Semiconductors | 69.6726 | 17.8 | -11.07% | -43.20% | Yes | 89 | 3.36 | -6.46% | 2.94% | -17.74% | European analog/MCU bellwether in a revenue downturn; the cheap-looking multiple rests on trough margins recovering. European industrial and auto demand is the swing factor, and the ADR structure adds FX sensitivity. |
| CRDO | Credo Technology Group Holding | Semiconductors | 31.8954 | 18.61 | 205.68% | -43.90% | Yes | 67.61 | 32.76 | 0.86% | 5.61% | -14.25% | Active electrical cable and SerDes supplier with hypergrowth; the forward multiple is far lower than the trailing one because earnings are expected to inflect sharply. Customer concentration and a short public history make the estimate unusually uncertain. |
| TSM | Taiwan Semiconductor Manufactur | Semiconductors | 2,140 | 18.94 | 25.03% | -15.07% | Yes | 30.91 | 0.49 | -4.10% | 11.93% | 0.55% | Foundry leader combining low-teens forward multiple with mid-twenties revenue growth — a rarity at this scale. AI accelerator wafer demand and leading-edge pricing power underpin margins; geopolitical concentration of production is the structural discount. |
| ACMR | ACM Research, Inc. | Semiconductor Equipment & Materials | 3.6984 | 19.59 | 15.24% | -58.15% | Yes | 25.05 | 4.99 | -21.65% | 4.92% | -27.15% | China-exposed wafer cleaning equipment maker: growth has been decent, but the discount reflects policy risk on US-China export controls and a customer base concentrated among domestic Chinese fabs. |
| ALGM | Allegro MicroSystems, Inc. | Semiconductors | 5.894 | 21.08 | 22.77% | -54.58% | Yes | — | 7.05 | -4.50% | -20.95% | -25.68% | Magnetic sensor specialist with auto/industrial exposure; growth is recovering, but leverage and end-market concentration justify the small-cap discount. |
| ASX | ASE Technology Holding Co., Ltd | Semiconductors | 86.9192 | 21.48 | 13.30% | -16.95% | Yes | 48.21 | 0.14 | -1.15% | 39.66% | 10.44% | Packaging and test giant: a direct read on advanced-packaging capacity for AI chips, though the business is capital-intensive and margin-capped compared with design houses. |
| Q | Qnity Electronics, Inc. | Semiconductor Equipment & Materials | 24.1364 | 21.53 | 9.67% | -34.31% | Yes | 41.06 | 4.83 | -1.50% | -15.31% | -15.07% | Spin-off of a diversified materials/electronics conglomerate focused on semiconductor consumables — a fresh listing where estimate coverage is still thin, so the multiple deserves a grain of salt. |
| AMAT | Applied Materials, Inc. | Semiconductor Equipment & Materials | 324.8115 | 22.32 | 4.39% | -43.39% | Yes | 35.38 | 11.88 | -1.94% | 3.35% | -13.72% | Equipment heavyweight trading toward the low end of its own historical multiple band on modest growth; the setup depends on a second wave of leading-edge fab investment rather than near-term order momentum. |
| UMC | United Microelectronics Corpora | Semiconductors | 49.7067 | 22.57 | -2.52% | -29.24% | Yes | 19.24 | 0.2 | -19.00% | 72.97% | 6.55% | Mature-node foundry with declining revenue — the multiple is high for a commodity foundry, and the stock's recent surge has been driven by momentum rather than an earnings inflection. |
| LRCX | Lam Research Corporation | Semiconductor Equipment & Materials | 330.301 | 22.84 | 23.68% | -39.09% | Yes | 45.74 | 16.26 | -1.89% | -1.19% | -12.41% | Deposition/etch leader with strong revenue growth and record cash returns; the discount versus its own history reflects memory-cyclicality fears and China exposure, not a franchise problem. |
| POWL | Powell Industries, Inc. | Electrical Equipment & Parts | 6.0165 | 23.21 | 9.08% | -48.72% | Yes | 31.58 | 5.75 | -6.57% | -31.43% | -27.80% | Electrical infrastructure (switchgear, power distribution) rather than a chip maker — included as an AI-datacenter power supply-chain proxy. Order book strength from datacenter electrification is the catalyst; lumpy project revenue is the risk. |
| RMBS | Rambus, Inc. | Semiconductors | 9.4633 | 23.6 | 27.13% | -48.87% | Yes | 40.02 | 12.3 | 1.61% | -31.26% | -21.05% | Memory-interface IP and chip supplier with high-margin licensing; growth is strong but tied to DDR5/HBM generation transitions, so estimate durability depends on a single product cycle. |
| POWI | Power Integrations, Inc. | Semiconductors | 2.4864 | 23.76 | 5.86% | -49.06% | Yes | 101.14 | 6.4 | -9.46% | -23.94% | -29.26% | Power semiconductor specialist in an analog downcycle; the multiple looks rich relative to flat revenue, meaning expectations for a recovery are already partly built in. |
| KLAC | KLA Corporation | Semiconductor Equipment & Materials | 216.2918 | 25.1 | 11.71% | -45.07% | Yes | 45.28 | 16.89 | -1.92% | -7.26% | -13.98% | Process control monopoly-like position with very high gross margins; the multiple is at a discount to its five-year norm even with steady growth, which is atypical for a business with this pricing power. |
| ADI | Analog Devices, Inc. | Semiconductors | 191.6166 | 25.2 | 16.89% | -11.23% | No | 59.02 | 12.63 | 9.04% | 7.08% | 3.85% | Analog leader with strong balance sheet and recovering revenue; it has held up better than peers in the drawdown, so the cheapness here is relative rather than absolute. |
| SNPS | Synopsys, Inc. | Software - Infrastructure | 87.1238 | 26.33 | 15.12% | -14.95% | No | 104.03 | 9.01 | 19.27% | 1.12% | 3.19% | EDA/IP duopoly member: not a chip maker, but the design-tool gatekeeper for everyone in this table. Recurring revenue and pricing power justify a premium multiple; the risk is a semiconductor capex slowdown and integration of recent large acquisitions. |
| CAMT | Camtek Ltd. | Semiconductor Equipment & Materials | 8.986 | 26.5 | 15.57% | -37.59% | Yes | 172.63 | 12.68 | -10.22% | -27.98% | -19.51% | Inspection and metrology for advanced packaging/HBM — a niche beneficiary of AI packaging complexity, though a small-cap with concentrated customer exposure. |
| TXN | Texas Instruments Incorporated | Semiconductors | 252.4947 | 26.57 | 13.05% | -16.79% | Yes | 41.95 | 12.14 | 7.10% | 21.53% | 2.50% | Analog incumbent with the sector's heaviest internal manufacturing footprint; depreciation from a large capex cycle weighs on near-term margins, and the multiple now sits well above its long-run average after a strong run. |
| ASML | ASML Holding N.V. - New York Re | Semiconductor Equipment & Materials | 743.7328 | 27.58 | 15.58% | -17.49% | Yes | 55.85 | 18.44 | 0.73% | 12.84% | -0.18% | EUV lithography monopoly — the single most irreplaceable link in leading-edge chipmaking. The premium multiple is the market's price for that moat; order timing from TSMC/Intel/Samsung and China export rules drive the swings. |
| MXL | MaxLinear, Inc | Semiconductors | 6.4682 | 27.61 | 29.71% | -44.29% | Yes | — | 9.84 | -4.89% | 171.49% | 1.34% | Small-cap broadband/connectivity chip designer with recovering revenue but a history of violent estimate revisions — the multiple is only cheap-looking if the recovery sticks. |
| ENTG | Entegris, Inc. | Semiconductor Equipment & Materials | 21.1995 | 27.66 | -1.38% | -24.60% | Yes | 69.37 | 6.2 | 3.02% | -4.87% | -2.01% | Semiconductor materials and filtration supplier with flat revenue; consumables exposure is defensive but the current multiple leaves little room for disappointment. |
| TER | Teradyne, Inc. | Semiconductor Equipment & Materials | 50.8107 | 28.13 | 13.13% | -32.83% | Yes | 44.64 | 12.43 | -7.97% | -14.49% | -11.88% | Test equipment plus robotics; the automation segment gives it non-semi diversification, and AI-related test demand is a genuine catalyst, though the cyclical test order book is erratic. |
| TSEM | Tower Semiconductor Ltd. | Semiconductors | 34.1189 | 30.06 | 9.05% | -38.27% | Yes | 77.61 | 13.75 | -10.79% | -13.63% | -13.89% | Specialty analog foundry: a capacity-constrained niche player whose earnings depend on pricing discipline in mature nodes rather than volume growth. |
| FORM | FormFactor, Inc. | Semiconductor Equipment & Materials | 8.2035 | 30.22 | 2.80% | -34.34% | Yes | 72.42 | 8.81 | -5.85% | -23.47% | -13.94% | Probe card and measurement supplier with only modest growth despite heavy AI-adjacent expectations — the multiple embeds more optimism than the revenue trend supports. |
| GLW | Corning Incorporated | Electronic Components | 113.7033 | 30.55 | 19.14% | -48.37% | Yes | 60.83 | 7.56 | -10.69% | -19.58% | -20.41% | Glass and optical materials supplier with a growing datacenter-fiber angle; the re-rating has pushed it to a premium versus its own history, and the dispay/industrial segments remain cyclical drags. |
| SITM | SiTime Corporation | Semiconductors | 14.1432 | 31.63 | 61.16% | -47.63% | Yes | — | 35.72 | -21.13% | 5.85% | -20.11% | Precision timing (MEMS oscillator) maker with explosive revenue growth; the premium multiple is defensible only while design wins keep compounding, and small-cap liquidity amplifies swings. |
| LSCC | Lattice Semiconductor Corporati | Semiconductors | 14.7214 | 32.3 | 2.72% | -33.25% | Yes | — | 24.95 | -4.50% | -11.46% | -16.08% | Low-power FPGA niche with almost no revenue growth yet a fairly rich multiple — the market is paying for defense/industrial design-win optionality rather than current earnings. |
| CDNS | Cadence Design Systems, Inc. | Software - Application | 87.9908 | 33.5 | 14.12% | -23.27% | Yes | 63.52 | 16.06 | 13.80% | 2.73% | -4.71% | EDA peer with a premium multiple on steady growth; like Synopsys, its valuation is a bet on semiconductor design activity and recurring-license pricing, not on cyclical unit volumes. |
| AMD | Advanced Micro Devices, Inc. | Semiconductors | 863.1712 | 34.18 | 34.34% | -18.58% | Yes | 134.89 | 18.4 | -3.00% | 89.93% | 16.56% | The priciest large-cap in the table despite strong growth — the market is paying for AI accelerator share gains against Nvidia. Execution and customer wins are the catalyst; a disappointment in the AI compute ramp would compress the multiple quickly. |
| CEVA | CEVA, Inc. | Semiconductors | 0.7742 | 34.56 | 2.49% | -45.07% | Yes | — | 6.6 | -7.81% | 17.42% | -16.96% | Micro-cap wireless IP licensor: high multiple on flat revenue, a pure optionality trade on licensing wins. |
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