Entegris, Inc. (ENTG)
NEUTRAL基本面
65
价格
$138.87
市值
$21.95B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
转换成本 · 狭窄Entegris'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.
需求驱动因素
周期性Demand 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.
主要风险
- 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.
客户集中度
主要客户占营收的50%
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.
看多理由
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.
看空理由
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 2026年8月18日
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.
资产负债表与流动性
营收
$3.33B
最近12个月(截至2026/6/27)
净利润
$306M
最近12个月(截至2026/6/27)
自由现金流
$396M
股东权益合计
$3.95B
负债合计
$4.40B
流动比率
3.05
利息覆盖率
2.75
债务/EBITDA
5.38
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$81.23
当前价格
$138.87
安全边际
-71.0%
公允价值区间
$52.80 - $109.66
估算方法
估值指标
市盈率(P/E)
69.13
ROE
6.0%
市净率(P/B)
5.08
P/FCF
36.73
毛利率
45.5%
ROIC
5.4%
盈利能力雷达图
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.
基本面分析标准
通过(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
未通过(6)
- P/FCF 36.73
- P/B Ratio 5.08
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
不可用(2)
- Dividend Payout NaN%
- PEG Ratio (need PE > 0 and growth > 0)
Piotroski F-评分
信号混杂:部分领域需关注
盈利质量
高质量:盈利有现金流支撑
股权稀释
股份数量稳定
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
审计风险
2
董事会风险
3
薪酬风险
5
股东权利风险
1
第二部分 · 价格与买入时机
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Latest News
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