# Semiconductor Stocks Ranked by Forward P/E (October 21, 2026)
**Query:** US semiconductor stocks over $10B market cap ranked by forward P/E with 6-month return
**Data as of:** 2026-10-21

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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