Entegris, Inc. (ENTG)
NEUTRALFundamental
65
Kurs
$138.87
Marktkapitalisierung
$21.95B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Entegris makes the specialty materials and filtration systems that semiconductor fabs use to keep chip-manufacturing chemicals, gases and liquids free of contamination. Chipmakers cannot shrink transistors further without ever-purer inputs, and Entegris supplies the filters, membranes, slurries and gases that make that possible. It sells almost exclusively to the semiconductor industry, concentrated among a small number of very large chipmakers such as TSMC and Samsung.
Wie das Geld verdient wird
Most revenue comes from Advanced Purity Solutions — filtration, purification and contamination-control products consumed continuously as fabs run — and the rest from Materials Solutions, the deposition materials, slurries, gases and etch chemicals used directly in chip processing. Because its products are qualified into a customer's manufacturing process, switching suppliers once a material is approved requires requalifying the whole line, which discourages change and supports steady purchases.
Umsatz nach Segment
Filtration, purification and contamination-control products and systems that keep the chemicals and gases used in chip fabrication free of particles.
Deposition materials, CMP slurries and pads, specialty gases and etch/clean chemicals consumed directly in the chip-manufacturing process.
Wettbewerbsvorteil
Wechselkosten · SchmalEntegris's materials and filters are qualified into a customer's manufacturing line through a lengthy validation process; once approved, a chipmaker is reluctant to requalify an alternative supplier for the risk and cost involved. Competitors exist for most product lines and price and performance still matter, so the advantage is narrow rather than wide.
Was die Nachfrage antreibt
ZyklischDemand tracks the semiconductor industry's capital spending and wafer-fabrication volumes, which move in multi-year up-and-down cycles driven by chip demand and a handful of customers' capacity decisions. A slowdown in fab utilization or a pause in leading-edge capacity additions reduces Entegris's volumes with a lag of a quarter or two.
Wichtigste Risiken
- Customer concentration — A significant portion of sales is concentrated on a limited number of key customers, and net sales and profitability may materially decline if the company lost one or more of them.
- Semiconductor capital-spending cycles — Revenue depends on chipmakers' capacity and technology investment cycles, which have historically swung between expansion and pullback, dragging Entegris's volumes and pricing with them.
- Geographic customer concentration — A large share of revenue comes from customers in Taiwan, China and South Korea, so trade restrictions, geopolitical tension or disruption in any of those regions can directly affect sales.
- Qualification and technology-transition risk — New materials and filters must be requalified by customers each time chip technology advances; failing to keep pace with a customer's next process node could lose the business at that qualification point.
Kundenkonzentration
Die größten Kunden machen 50 % des Umsatzes aus
Entegris discloses that its ten largest customers accounted for about 50% of net sales in 2025, with TSMC alone at roughly 16%, so a slowdown at any of a handful of very large chipmakers has an outsized effect on results.
Die Argumente dafür
Buyers argue that Entegris's materials are embedded in customers' qualified production lines, that advanced chipmaking requires ever-purer inputs only a few suppliers can deliver, and that this positions the company to benefit from the industry's long-term move to smaller, more demanding process nodes.
Die Argumente dagegen
Sellers fear that revenue concentrated on a handful of very large chipmakers leaves Entegris exposed to any one customer's capacity decisions, and that a downturn in the notoriously cyclical semiconductor capital-spending cycle would hit volumes hard regardless of how entrenched the products are.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Bilanz & Liquidität
Umsatz
$3.33B
Letzte 12 Monate (bis 27.6.2026)
Nettogewinn
$306M
Letzte 12 Monate (bis 27.6.2026)
Freier Cashflow
$396M
Gesamtes Eigenkapital
$3.95B
Gesamtverbindlichkeiten
$4.40B
Current Ratio
3.05
Zinsdeckungsgrad
2.75
Schulden/EBITDA
5.38
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$81.23
Aktueller Kurs
$138.87
Sicherheitsmarge
-71.0%
Innerer-Wert-Spanne
$52.80 - $109.66
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
69.13
ROE
6.0%
P/B-Verhältnis
5.08
P/FCF
36.73
Bruttomarge
45.5%
ROIC
5.4%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
5.4%
WACC
11.4%
ROIC − WACC
-6.0 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
Fundamentalanalyse-Kriterien
Bestanden (19)
- EPS shows upward trend
- Price CAGR 23.16%
- ROIC 5.4%
- Gross Margin 45.5%
- Debt/Equity ratio
- Operating Margin 16.0%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 7.6%
- Revenue Growth 5Y 11.4%
- Analyst Consensus 67% Buy
- Earnings Surprise avg 6.2%
- Earnings Quality (OCF/NI) 2.56
- Share Dilution 0.2%
- Net Margin Trend 9.2% vs 9.2%
- Piotroski F-Score 6/9
Nicht bestanden (6)
- P/FCF 36.73
- P/B Ratio 5.08
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
Nicht verfügbar (2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienanzahl ist stabil
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. David W. Reeder | CEO, President & Director | 50 |
| Mr. Joseph Colella J.D. | Senior VP, General Counsel, Chief Compliance Officer & Secretary | 43 |
| Ms. Susan Rice | Senior Vice President of Global Human Resources & Corporate Communications | 66 |
| Mr. Sukhi Nagesh | Senior VP & CFO | - |
| Mr. Michael D. Sauer | VP, Controller & Chief Accounting Officer | 59 |
| Mr. Jeffrey Michael Schnell | Vice President of Investor Relations | - |
| Mr. Clinton M. Haris | Senior VP & President of Advanced Purity Solutions | 53 |
| Mr. Olivier Blachier | Senior VP, Chief Innovation Officer & President of Materials Solutions | 51 |
| Mr. Michael Besnard | Senior VP & Chief Commercial Officer | 54 |
| Mr. Brad Clay | Senior Vice President of Global Supply Chain | - |
Prüfungsrisiko
2
Vorstandsrisiko
3
Vergütungsrisiko
5
Aktionärsrechterisiko
1
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for ENTG, sourced from Markets Gazette.