Semis by forward P/E
Query: US semiconductor stocks over $10B market cap ranked by forward P/E with 6-month return · data as of 2026-10-21
Screened 45 US-listed semiconductor and semiconductor-equipment stocks above $10B market cap, ranked ascending by forward P/E (Micron 5.9x cheapest, MaxLinear 29.3x the dearest in the cut), with trailing P/E, P/S, revenue growth, 1M/6M returns, % from 52W high and % vs 150D SMA. Includes 28 analyst comments plus a valuation-map narrative set and a full 77-name semiconductor heatmap.
Forward P/E ranking of US-listed semiconductor and semiconductor-equipment stocks above $10B market cap. Memory and analog names dominate the cheap end while AI compute leaders and equipment makers have de-rated toward the middle of the pack, turning the ranking into a barbell between cyclical-recovery value and AI growth at more reasonable multiples.
Semiconductor Valuations Ranked by Forward P/E — Market Cap > $10B (October 21, 2026)
| Symbol | Company | Industry | Market Cap ($B) | Forward P/E | P/E (TTM) | Price / Sales | Revenue Growth YoY | 1M Return | 6M Return | % From 52W High | % vs 150D SMA | Comments |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MU | Micron Technology, Inc. | Semiconductors | 1.034e+12 | 5.9 | 20.66 | 11.67 | 48.85% | -16.64% | 87.49% | -24.71% | 9.21% | The single biggest forward-multiple discount in the group. Consensus is capitalizing an HBM-driven earnings spike the market is betting is cyclical, not structural — the wide gap between forward and trailing multiples is the whole debate. Upside hinges on memory contract pricing holding through next year's capacity adds. |
| UCTT | Ultra Clean Holdings, Inc. | Semiconductor Equipment & Materials | 2.364e+09 | 8.9 | — | 1.43 | -2.08% | -31.78% | -33.25% | -63.38% | -36.28% | Small-cap supplier to wafer-fab equipment OEMs; earnings are leveraged to the same capex cycle but with none of the pricing power, so a cheap multiple here is a beta proxy on equipment orders rather than an independent thesis. Liquidity and customer concentration are the real risks. |
| HIMX | Himax Technologies, Inc. | Semiconductors | 2.079e+09 | 9.17 | 56.76 | 2.87 | -8.23% | -18.97% | 5.02% | -50.72% | -15.03% | — |
| CRUS | Cirrus Logic, Inc. | Semiconductors | 5.545e+09 | 12.43 | 13.53 | 2.65 | 5.34% | -8.09% | -34.88% | -38.16% | -21.50% | Deeply tied to a single large smartphone customer's product cycle, which caps multiple expansion regardless of how cheap it looks. The setup is a content-per-device story — more audio and haptics silicon in premium handsets — rather than unit growth. |
| ICHR | Ichor Holdings | Semiconductor Equipment & Materials | 1.623e+09 | 13.26 | — | 2.05 | 11.61% | -24.55% | -33.85% | -61.40% | -36.04% | — |
| NXPI | NXP Semiconductors N.V. | Semiconductors | 6.111e+10 | 13.39 | 48.18 | 4.28 | -2.74% | 2.02% | 8.21% | -27.15% | -3.64% | Automotive and industrial exposure has been the weakest end market in the cycle, and the wide forward-to-trailing gap reflects expectations of an earnings trough recovering. A real auto production recovery plus software-defined-vehicle content growth is the catalyst; tariff and China-demand exposure is the swing factor. |
| KLIC | Kulicke and Soffa Industries, I | Semiconductor Equipment & Materials | 4.261e+09 | 13.79 | 37.35 | 4.46 | -7.38% | -9.06% | -4.01% | -39.15% | -12.25% | — |
| SIMO | Silicon Motion Technology Corpo | Semiconductors | 7.538e+09 | 14.01 | 25.97 | 6.35 | 10.21% | -21.52% | 57.24% | -34.02% | -7.58% | Controller-chip supplier with direct leverage to NAND flash cycles and to memory makers' capex. Cheap for a reason — earnings quality tracks memory pricing, so the multiple only holds if NAND tightness persists. |
| PLAB | Photronics, Inc. | Semiconductor Equipment & Materials | 1.707e+09 | 14.32 | 10.68 | 1.89 | -2.04% | -4.90% | -42.22% | -47.36% | -18.71% | Photomask maker with a genuinely recurring, consumable-like revenue base — mask sets must be rewritten for every new chip design. Structurally steadier earnings than most of the discount bin, though growth is capped by mature-node capacity plans. |
| DIOD | Diodes Incorporated | Semiconductors | 4.091e+09 | 15.19 | 47.76 | 2.48 | 13.04% | -7.40% | -9.07% | -27.63% | -6.48% | — |
| AMKR | Amkor Technology, Inc. | Semiconductor Equipment & Materials | 1.086e+10 | 15.5 | 19.61 | 1.6 | 6.18% | -19.89% | -39.29% | -53.25% | -27.95% | Outsourced assembly and test beneficiary of advanced packaging demand — the chokepoint for AI accelerators. Capex-heavy with thin margins, so returns are hostage to utilization; capacity expansions in Arizona and Vietnam are the volume lever. |
| VECO | Veeco Instruments Inc. | Semiconductor Equipment & Materials | 2.848e+09 | 16.06 | 122.79 | 3.96 | -7.39% | 5.18% | -7.37% | -43.81% | -9.74% | — |
| SWKS | Skyworks Solutions, Inc. | Semiconductors | 1.934e+10 | 16.53 | 42.6 | 2.47 | -2.18% | -8.60% | 39.48% | -10.09% | 18.80% | Cheapest large-cap RF name, but the discount reflects a structural problem: content share loss at its largest customer as rivals win sockets. The bull case is a handset refresh plus content stabilization; the bear case is a value trap on declining franchise value. |
| MCHP | Microchip Technology Incorporat | Semiconductors | 4.189e+10 | 16.88 | 113.46 | 7.73 | 7.08% | 1.75% | -5.43% | -25.04% | -4.86% | Trailing earnings are depressed by an inventory correction that has crushed margins, making the forward multiple the more informative number. Recovery is underway but slow; the risk is that industrial and auto restocking keeps slipping right. High dividend commitment constrains reinvestment flexibility. |
| ON | ON Semiconductor Corporation | Semiconductors | 2.995e+10 | 16.99 | 50.29 | 4.56 | -15.35% | 4.54% | -13.54% | -42.55% | -12.64% | EV and industrial power semis with heavy SiC investment at a cyclical low. The forward multiple prices a recovery in auto demand that has repeatedly disappointed, and margin dilution from ramping new fabs is the near-term headwind. |
| AVGO | Broadcom Inc. | Semiconductors | 1.613e+12 | 17.29 | 56.3 | 23.25 | 23.87% | -7.34% | -19.80% | -29.85% | -10.95% | Custom AI silicon plus infrastructure software — a genuinely differentiated mix that supports a premium versus the merchant chip complex. The cheap-looking forward multiple relative to its growth is the AI-ASIC backlog, but customer concentration in a handful of hyperscalers is the key risk. |
| NVDA | NVIDIA Corporation | Semiconductors | 5.36e+12 | 17.29 | 33.99 | 17.34 | 65.47% | -3.01% | 9.87% | -7.22% | 6.07% | The unusual case where the largest market cap in the world screens as a value name on forward earnings: consensus numbers embed rapid earnings growth, so the multiple compresses as estimates rise. Risk is estimate-driven — any digestion in AI capex hits both the numerator and the denominator. |
| VSH | Vishay Intertechnology, Inc. | Semiconductors | 4.583e+09 | 17.35 | 149.4 | 1.41 | 4.48% | -9.84% | 11.45% | -53.96% | -17.08% | — |
| QCOM | QUALCOMM Incorporated | Semiconductors | 1.9e+11 | 17.44 | 20.34 | 3.98 | 13.66% | -10.24% | 31.98% | -29.11% | 1.32% | Structurally cheap because the handset royalty/licensing model is mature and the Apple modem relationship is winding down. Automotive and PC diversification plus an aggressive capital-return program are the support; the licensing overhang keeps a lid on the multiple. |
| SYNA | Synaptics Incorporated | Semiconductors | 4.665e+09 | 17.86 | — | 3.11 | 11.98% | 20.34% | 38.79% | -20.38% | 8.93% | — |
| GFS | GlobalFoundries Inc. | Semiconductors | 2.659e+10 | 18.16 | 37.27 | 3.54 | 0.61% | -0.27% | -20.70% | -46.98% | -18.30% | Mature-node foundry with government-backed US capacity. Growth is slow because trailing-edge pricing is competitive, but the fab buildout gives it strategic value. Balance sheet is clean; the issue is that mature nodes carry no AI premium. |
| STM | STMicroelectronics N.V. | Semiconductors | 6.967e+10 | 18.6 | 93 | 3.36 | -11.07% | -11.20% | 6.03% | -40.65% | -14.45% | European analog/MCU bellwether with depressed trailing earnings on auto and industrial destocking. Recovery is the entire thesis and it keeps being deferred; the multiple looks low only if margins normalize, which is not guaranteed given China competition in commodity analog. |
| ONTO | Onto Innovation Inc. | Semiconductor Equipment & Materials | 1.09e+10 | 19.06 | 82.89 | 14.78 | 1.82% | -21.73% | -25.29% | -41.30% | -20.28% | — |
| TSM | Taiwan Semiconductor Manufactur | Semiconductors | 2.24e+12 | 19.83 | 32.35 | 0.49 | 25.03% | -4.45% | 12.03% | -11.10% | 4.81% | The cleanest combination of scale and reasonable valuation in the group — leading-edge foundry with pricing power, a genuinely wide moat, and growing AI-accelerator packaging revenue. Taiwan geopolitical risk is the permanent discount mechanism; otherwise this is the quality anchor of the screen. |
| CRDO | Credo Technology Group Holding | Semiconductors | 3.426e+10 | 19.99 | 72.62 | 32.76 | 205.68% | -5.34% | -3.80% | -39.75% | -8.52% | Active electrical cable and connectivity supplier growing revenue at an extraordinary rate, which is precisely why the forward multiple looks reasonable. The risk is that growth is tied to a narrow set of hyperscaler interconnect builds and the multiple assumes the ramp continues without a pause. |
| ACMR | ACM Research, Inc. | Semiconductor Equipment & Materials | 3.809e+09 | 20.18 | 25.8 | 4.99 | 15.24% | -27.85% | 0.29% | -56.90% | -25.13% | — |
| ACLS | Axcelis Technologies, Inc. | Semiconductor Equipment & Materials | 3.6e+09 | 22.13 | 39.12 | 4.12 | -17.57% | 0.73% | -16.69% | -39.15% | -13.12% | — |
| AMAT | Applied Materials, Inc. | Semiconductor Equipment & Materials | 3.245e+11 | 22.3 | 35.34 | 11.88 | 4.39% | -13.44% | 1.59% | -43.44% | -14.02% | Broadest equipment franchise, levered to both leading-edge logic and memory capex. The discount to its own history reflects China revenue exposure and export-control uncertainty — that overhang is the single biggest swing factor on the multiple. |
| Q | Qnity Electronics, Inc. | Semiconductor Equipment & Materials | 2.514e+10 | 22.42 | 42.77 | 4.83 | 9.67% | -3.76% | -13.66% | -31.58% | -11.61% | Recent spinoff of a diversified electronics materials and interconnect business. Screens mid-pack on valuation, but spin-offs typically re-rate as standalone disclosure improves and stranded costs come out — worth watching for post-separation guidance. |
| LRCX | Lam Research Corporation | Semiconductor Equipment & Materials | 3.264e+11 | 22.57 | 45.2 | 16.26 | 23.68% | -16.04% | -1.61% | -39.81% | -13.69% | Etch and deposition leader with the highest memory and advanced-packaging leverage among the big equipment names — a direct derivative of the memory capex upcycle. Multiple sits near the equipment group's low end after a de-rating despite strong growth, which is where the debate lives. |
| UMC | United Microelectronics Corpora | Semiconductors | 4.971e+10 | 22.57 | 19.24 | 0.2 | -2.52% | -23.09% | 58.68% | -29.24% | 5.35% | Mature-node foundry with the lowest price-to-sales in the entire group — deep value on an absolute basis. No AI exposure and commodity capacity economics mean the market will keep it cheap; the case is a dividend plus cyclical recovery, not growth. |
| ALGM | Allegro MicroSystems, Inc. | Semiconductors | 6.433e+09 | 23 | — | 7.05 | 22.77% | -2.82% | -18.36% | -50.43% | -18.97% | — |
| ASX | ASE Technology Holding Co., Ltd | Semiconductors | 9.325e+10 | 23.04 | 51.72 | 0.14 | 13.30% | -6.17% | 43.03% | -10.90% | 17.18% | Assembly and test scale leader with outsized packaging exposure to AI accelerators, yet it trades in the value bucket. Historically volatile earnings and a Taiwan-centric asset base keep the discount wide. |
| NVMI | Nova Ltd. | Semiconductor Equipment & Materials | 1.053e+10 | 24.25 | 41.35 | 11.84 | 30.96% | -10.47% | -36.44% | -45.31% | -25.60% | — |
| KLAC | KLA Corporation | Semiconductor Equipment & Materials | 2.133e+11 | 24.75 | 44.65 | 16.89 | 11.71% | -13.22% | -9.59% | -45.83% | -15.33% | Process-control monopoly with the best margin structure in equipment, but the multiple has compressed sharply from prior peaks — a rare moment where the highest-quality name in the complex is not the most expensive. Inspection intensity rises with process complexity, so it is an AI-agnostic way to own node advancement. |
| RMBS | Rambus, Inc. | Semiconductors | 1.007e+10 | 25.1 | 42.57 | 12.3 | 27.13% | -11.82% | -29.46% | -45.62% | -16.02% | Memory-interface IP with royalty-like economics tied to server and AI memory attach rates. Small float and lumpy licensing revenue make quarters noisy; the cheapness on forward earnings is a bet on memory content growth. |
| POWI | Power Integrations, Inc. | Semiconductors | 2.696e+09 | 25.76 | 109.66 | 6.4 | 5.86% | -6.24% | -32.57% | -44.76% | -23.30% | — |
| ADI | Analog Devices, Inc. | Semiconductors | 1.967e+11 | 25.87 | 60.59 | 12.63 | 16.89% | 3.99% | 7.05% | -8.87% | 6.11% | High-quality analog franchise with strong returns on capital, now at a mid-20s forward multiple as auto and industrial demand bottoms. Historically a premium compounder; the current discount to its own record is the argument for it. |
| AXTI | AXT Inc | Semiconductor Equipment & Materials | 3.887e+09 | 26.63 | — | 30.63 | -11.11% | -23.79% | -31.82% | -57.91% | -21.21% | — |
| CAMT | Camtek Ltd. | Semiconductor Equipment & Materials | 8.986e+09 | 27.24 | 177.45 | 12.68 | 15.57% | -12.07% | -28.40% | -35.85% | -16.95% | — |
| TXN | Texas Instruments Incorporated | Semiconductors | 2.6e+11 | 27.36 | 43.19 | 12.14 | 13.05% | 4.88% | 21.69% | -14.33% | 4.84% | Screens expensive versus where Texas Instruments has traded historically because heavy depreciation from the US fab buildout is suppressing earnings — the multiple is a distorted signal. The real question is whether the 300mm capacity bet pays off in margins once utilization recovers. |
| ASML | ASML Holding N.V. - New York Re | Semiconductor Equipment & Materials | 7.437e+11 | 28.17 | 57.05 | 18.44 | 15.58% | -4.07% | 16.55% | -15.72% | 1.61% | Near-monopoly in EUV with a multi-year booking backlog giving unusually visible revenue. Premium multiple reflects that scarcity, but also hyperscaler capex dependency and persistent China export-control overhang; a slip in leading-edge spending would hit it hardest. |
| MRAM | Everspin Technologies, Inc. | Semiconductors | 3.324e+08 | 28.24 | — | 6.45 | 9.52% | -22.79% | 5.57% | -68.98% | -26.13% | — |
| TSEM | Tower Semiconductor Ltd. | Semiconductors | 3.412e+10 | 29.14 | 75.22 | 13.75 | 9.05% | -19.89% | -8.03% | -40.18% | -16.92% | Specialty foundry with serious margin expansion potential as new capacity ramps and pricing improves. Premium multiple on depressed trailing earnings means the market is paying ahead for the ramp; execution on customer wins is everything. |
| MXL | MaxLinear, Inc | Semiconductors | 6.874e+09 | 29.34 | — | 9.84 | 29.71% | -13.31% | 123.64% | -40.80% | 5.93% | — |
Valuation map: cheap cyclicals vs. scarce assets
The cheapest quartile of this list is not a bargain bin of quality — it is a map of out-of-favor cyclical end markets. Micron and Silicon Motion sit at the top purely because consensus is capitalizing peak-cycle memory and NAND economics that investors refuse to treat as durable. NXPI, ON Semiconductor, Microchip, STMicro and Vishay screen low for the same structural reason: automotive and industrial demand has been the weak leg of this cycle, and each prints a depressed trailing earnings base against a forward number that assumes normalization. That gap is the bet.
The other end of the list tells the opposite story. ASML, Texas Instruments, Camtek and Analog Devices are expensive on the numbers shown, but for two distinct reasons — either genuine scarcity (ASML's EUV monopoly) or accounting distortion (TXN's depreciation drag from the 300mm buildout depresses the earnings denominator).
The equipment de-rating is the real dislocation
Semiconductor capital equipment as a group has been sold hard over the last quarter even as leading-edge spending and memory capex have held up. KLA, Lam Research and Applied Materials all sit at or near the low end of their own historical valuation ranges, with KLA — the best margin structure and a near-monopoly in process control — actually screening cheaper than many lower-quality analog names. When the highest-quality franchise in a group trades at a discount to the group median on forward earnings, either estimates are too optimistic or the market is pricing a capex cliff. That is worth investigating name by name.
The discount is largely an export-control and cyclical-peak discount, not a fundamentals discount. Memory leverage is the second axis: Lam has the most direct exposure to the memory capex upcycle among the large-cap equipment names.
AI compute is no longer uniformly expensive
The headline anomaly: NVIDIA and Broadcom both appear mid-pack on forward earnings — cheaper than Texas Instruments, ASML and Analog Devices. This is a mechanical consequence of rapid earnings-estimate growth, not a value signal in the traditional sense. It is a reminder that forward multiples on hyper-growth names are extremely unstable: the number moves as fast as the estimates do, and a single capex digestion quarter reprices both the numerator and the denominator.
TSMC is the more defensible version of the same trade — leading-edge scale, pricing power, and reasonable valuation, with Taiwan geopolitical risk as the permanent discount.
Where the multiple is genuinely stretched, the market is paying for a specific ramp: Credo for hyperscaler interconnect, Camtek and Tower for advanced packaging and specialty capacity, MaxLinear for a recovery off a very low base. Those are momentum names wearing reasonable-looking multiples after large price moves — not value.
How to use this screen
Sort order matters here. Ranking by forward P/E alone mixes profitless recoveries with genuine dislocations, so cross-check the forward-to-trailing gap against the revenue growth column: a low multiple with declining revenue is a value-trap candidate (Skyworks, ON Semiconductor), while a low multiple with growing revenue is where mispricing is plausible (TSMC, Amkor, Lam).
The sector has de-rated while AI spending continues, so the setup into the next reporting season is wide dispersion rather than direction — most of these names report within the next two to four weeks, so guidance, not this table, will reprice them. Keep position sizes modest into the prints.
US Semiconductor Complex — Price & Valuation Heatmap
[heatmap: US Semiconductor Complex — Price & Valuation Heatmap]
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