One-glance verdict
Overvalued
$40.63 our estimate vs market $140.37
Wall Street consensus: $173.36 (326.7% higher than our fair-value estimate)
245% above our estimate, beyond the bull case
Fundamentals snapshot
Entegris, Inc.
ENTG · NMS · Technology · Semiconductor Equipment & Materials
Current price
$140.37
52-week range
$67.97 - $186.94
Market cap
$21.45B
Balance sheet
Watch
4.62x Stretched
Net debt $3.21B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 4.1% last year.
- Reward Returns 7.7% on equity, ahead of 16% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Stock trades 11.5% above its 5-year average P/E.
What this company does
Entegris, Inc.
Entegris sells the ultra-pure chemicals and advanced filtration systems that companies need to manufacture computer chips. Its money comes from selling these critical products to chipmakers, who must keep their factories spotlessly clean to produce the powerful electronics we use every day. This makes the company a vital part of the global supply chain (the network of businesses that create and deliver a product) for everything from smartphones to cars.
How the company got here
Entegris was formed in 1999 through the merger of two companies, Fluoroware and EMPAK, both involved in handling and protecting materials for the technology industry. Over the years, it has grown by acquiring other companies with specialized technologies, which has been a key part of its strategy. A major turning point was the 2022 acquisition of CMC Materials, which significantly expanded its offerings in materials used directly in the chip-making process. This big purchase shifted the company's focus even more towards consumable products that are used up and repurchased as more computer chips are made.
What it actually does
Think of Entegris as a critical supplier of ultra-pure materials and contamination-control products for making computer chips. Just as a surgeon needs sterile tools and a clean operating room, chipmakers need perfectly pure chemicals and pristine environments to produce the tiny, complex circuits in everything from your phone to your car. Entegris provides the specialized chemicals, advanced filters, and secure carriers that ensure the microscopic components of a semiconductor are not ruined by even the tiniest speck of dust or impurity. Their products are essential for improving the performance and reducing defects in the chip manufacturing process.
Materials Solutions (MS)
This is the part of the company that sells the special 'ingredients' needed to build a computer chip layer by layer. This includes highly engineered chemicals, specialty gases, and materials for a process called chemical mechanical planarization (CMP), which is like an ultra-precise polishing of the chip's surface. The customers are the semiconductor manufacturers themselves, who buy these materials as consumables—meaning they are used up in the production process and need to be constantly re-supplied. This segment has grown significantly, especially after the acquisition of CMC materials, and represents a large portion of the company's business.
Advanced Purity Solutions (APS)
This segment focuses on keeping the chip manufacturing process incredibly clean and pure. It provides highly advanced filtration and purification systems that remove microscopic contaminants from the liquids and gases used in making semiconductors. Think of it as selling the world's most sophisticated water and air purifiers, but for the chemicals and environments inside a chip factory. Customers, which are mainly chipmakers and other high-tech manufacturers, pay for these solutions to increase their yield (the number of good chips they can make from each batch) and ensure the final products are reliable.
What management is betting on now
The company's leadership is focused on supplying more and more critical products for the most advanced and complex new computer chips, especially those used in artificial intelligence. A key part of their strategy is to increase their 'content per wafer' (the amount of their products used to make each individual silicon disc that chips are cut from). They are also investing heavily in expanding their manufacturing capacity, particularly in the United States, to be closer to their customers and build a more resilient supply chain (the network of companies involved in producing and distributing a product). After making a large acquisition, the company is also focused on paying down debt and improving its margins (the profit made on each dollar of sales).
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$115.03M
FY2024 Q4
$68.57M
FY2025 Q1
$32.40M
FY2025 Q2
$47.00M
FY2025 Q3
$182.80M
FY2025 Q4
$134.00M
FY2026 Q1
$141.50M
FY2026 Q2
$116.90M
Revenue
$883.20M
Net income
$93.60M
Diluted EPS
0.61
Operating cash flow
$156.20M
Free cash flow
$116.90M
Fetching…
Sources
Revenue
$811.90M
Net income
$92.00M
Diluted EPS
0.60
Operating cash flow
$183.00M
Free cash flow
$141.50M
Fetching…
Sources
Revenue
$823.90M
Net income
$49.40M
Diluted EPS
0.33
Operating cash flow
$192.00M
Free cash flow
$134.00M
Fetching…
Sources
Revenue
$807.10M
Net income
$70.50M
Diluted EPS
0.46
Operating cash flow
$249.50M
Free cash flow
$182.80M
Fetching…
Sources
Revenue
$792.40M
Net income
$52.80M
Diluted EPS
0.35
Operating cash flow
$113.50M
Free cash flow
$47.00M
Fetching…
Sources
Revenue
$773.20M
Net income
$62.90M
Diluted EPS
0.41
Operating cash flow
$140.40M
Free cash flow
$32.40M
Fetching…
Sources
Revenue
$849.84M
Net income
$102.24M
Diluted EPS
0.67
Operating cash flow
$176.10M
Free cash flow
$68.57M
Fetching…
Sources
Revenue
$807.69M
Net income
$77.58M
Diluted EPS
0.51
Operating cash flow
$197.23M
Free cash flow
$115.03M
Fetching…
Sources
Is it cheap or expensive?
Fair value $40.63 vs current price $140.37
Wall Street consensus is the average analyst price target: $173.36 (326.7% higher than our fair-value estimate).
Our most-likely fair value is $40.63 a share — about 71.1% below today's price of $140.37, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Watch
Net debt $3.2B. Interest coverage 4.6x.
Net debt
$3.21B
Interest coverage
4.62x
Entegris, Inc.'s profit covers its interest bill about 4.6 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
ENTG
BASELINE
Entegris, Inc.
Total debt $3.56B Interest coverage 4.62x This is the baseline the peer rows are being compared against.
Total debt $4.19B Interest coverage 2.48x -46% vs ENTG Carries about 1.9x less debt cushion than ENTG.
Total debt $3.18B Interest coverage 2.75x -41% vs ENTG Carries about 1.7x less debt cushion than ENTG.
Total debt $7.35B Interest coverage 31.49x +581% vs ENTG Carries about 6.8x more debt cushion than ENTG.
Total debt $4.12B Interest coverage 52.27x +1,031% vs ENTG Carries about 11.3x more debt cushion than ENTG.
Total debt $100.13M Interest coverage 100.59x +2,076% vs ENTG Carries about 21.8x more debt cushion than ENTG.
What you should know
The case for and against ENTG
3 Rewards
1 Risk
Rewards
-
Revenue grew 4.1% last year.
-
Returns 7.7% on equity, ahead of 16% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Stock trades 11.5% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
69.84x
Forward P/E
27.99x
P/B
5.16x
P/S
6.45x
EV/EBITDA
26.46x
PEG ratio
1.25x
Profitability
How much profit each dollar creates
Gross margin
45.6%
Operating margin
19.3%
Net margin
9.2%
ROE
7.7%
ROA
4.1%
Health
Liquidity and balance-sheet strength
Debt / equity
0.86x
Current ratio
3.05x
Quick ratio
1.56x
Total debt
$3.56B
Total cash
$353.60M
Growth
How the business has been compounding
Revenue TTM
$3.33B
Revenue 5Y CAGR
8.6%
EPS TTM
2.01
EPS 5Y CAGR
2.0%
Cash flow
How much cash the business throws off
Operating CF TTM
$780.70M
Free CF TTM
$396.20M
FCF margin
11.9%
Dividend
Shareholder payout
Yield
0.3%
Payout ratio
20.0%
Last ex-div date
2026-07-29