Entegris Inc (ENTG)

Price$138.74Cached quoteAs of 2026-09-05 09:20 UTC

AI: Overvalued

Price checkThe shares look expensive because the valuation assumes years of unusually strong cash growth.

Trailing four-quarter net income is about $306 million and free cash flow—cash left after running and investing in the business—is about $575 million. The observed market value implies roughly 69 times earnings and 37 times free cash flow. Adding debt after subtracting cash puts total business value near 34 times trailing earnings before interest, taxes, depreciation and amortization, a cash-profit proxy. A valuation using a 10% required return and 3% long-run growth needs about 30% annual cash-flow growth for five years from the trailing base, or about 25% from a normalized $700 million base. That supports an Overvalued verdict. MarketWatch

Big pictureSemiconductor demand is recovering, but recent growth still reflects a cyclical rebound from a weak base.

Revenue peaked near $3.52 billion in 2023, then fell to $3.24 billion in 2024 and $3.20 billion in 2025, showing exposure to chip-spending cycles. The rebound is now visible: second-quarter 2026 revenue rose 11.5% year over year, gross margin—the share of sales left after production costs—improved to 47.6% from 44.4%, and operating income rose 55%. Trailing free cash flow is about $575 million, more than double the comparable prior-year four-quarter period, helped by lower capital spending. Cash durability is improving, but the cycle has not disappeared. investor.entegris.com

Business strengthEntegris has valuable semiconductor process positions, but acquisition debt still leaves less room for bad surprises.

Debt has fallen from about $5.78 billion at the end of 2022 to $3.46 billion by June 2026, while cash was $354 million, leaving debt minus cash near $3.10 billion. Current assets were about three times current liabilities, so near-term liquidity looks solid. However, goodwill—accounting value mainly created by acquisitions—was about $3.95 billion, nearly half of total assets. Shares outstanding rose about 13% from 2020 to mid-2026, although recent dilution has slowed. Dividends remain modest, and recent capital allocation has sensibly favored debt reduction over buybacks. SEC+1

What could change the storyFaster advanced-chip growth could justify the high valuation, while a demand pause would expose it quickly.

The strongest bull evidence is operating momentum: Advanced Purity Solutions revenue rose 17% year over year in the second quarter, and management guided third-quarter sales to $905-$935 million with higher earnings. The valuation becomes easier to defend if annual free cash flow rises toward $800 million or more while debt minus cash approaches $2.5 billion. The bear case strengthens if sales growth falls back to low single digits or free cash flow stays near $600 million, because the current valuation already assumes sustained growth well above recent trailing results. investor.entegris.com+1

AI: News

Second-quarter beatSecond-quarter results beat forecasts, and stronger next-quarter guidance lifted expectations for the semiconductor recovery.

On August 4, Entegris reported second-quarter revenue of $883.2 million and adjusted earnings of $0.93 per share, both above analyst expectations. Revenue grew about 11% year over year. Management guided third-quarter revenue to $905-$935 million and adjusted earnings to $0.96-$1.04 per share, also above consensus at the time. Investing.com reported shares rose about 4.2% after the announcement. The important mechanism is higher expected sales and profit from advanced semiconductor manufacturing, not merely the short-term price move. investor.entegris.com+1

First-quarter mixed reactionFirst-quarter earnings beat forecasts, but the stock fell as guidance implied slower near-term profit growth.

On April 30, first-quarter revenue reached $811.9 million, up 5% year over year, while adjusted earnings of $0.86 per share beat the $0.75 analyst estimate cited by Investor’s Business Daily. Management guided second-quarter revenue to $815-$845 million and adjusted earnings to $0.76-$0.84 per share. The stock fell about 5.4% that day. Contemporary coverage linked the decline to investors focusing on sequentially softer near-term expectations, illustrating how a high valuation can punish good results when future growth appears less certain. investor.entegris.com+1

Fourth-quarter outlook resetFourth-quarter results beat forecasts, and stronger first-quarter guidance triggered a sharp positive re-rating.

On February 10, Entegris reported fourth-quarter revenue of $823.9 million and adjusted earnings of $0.70 per share, beating analyst forecasts even though revenue remained 3% below the prior year. First-quarter guidance called for $785-$825 million of revenue and adjusted earnings of $0.70-$0.78 per share, above expectations at the time. Investor’s Business Daily reported the shares surged about 9%. The reaction reflected renewed confidence that advanced-chip demand could restart earnings growth after a weak 2025. investor.entegris.com+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009
Revenue	$3.20B	$3.24B	$3.52B	$3.28B	$2.30B	$1.86B	$1.59B	$1.55B	$1.34B	$1.18B	$1.08B	$962.1M	$693.5M	$715.9M	$749.3M	$688.4M	$398.6M
Gross profit	$1.42B	$1.49B	$1.50B	$1.40B	$1.06B	$849.7M	$711.7M	$719.8M	$609.0M	$508.7M	$470.2M	$376.7M	$294.2M	$307.4M	$325.9M	$310.6M	$137.8M
Gross margin	44.42%	45.87%	42.50%	42.55%	46.09%	45.70%	44.73%	46.43%	45.36%	43.28%	43.49%	39.15%	42.43%	42.94%	43.50%	45.12%	34.57%
Research & development	$329.0M	$316.1M	$277.3M	$229.0M	$167.6M	$136.1M	$121.1M	$118.5M	$107.0M	$107.0M	$105.9M	$87.7M	$55.3M	$50.9M	$48.0M	$43.9M	$35.0M
Operating expenses	$716.9M	$704.4M	$669.8M	$582.0M	$507.9M	$454.3M	$472.4M	$427.1M	$367.2M	$353.2M	$352.2M	$355.3M	$200.0M	$207.9M	$199.1M	$204.2M	$186.7M
Operating income	$455.9M	$533.9M	$499.2M	$480.0M	$551.8M	$395.4M	$239.3M	$292.7M	$241.8M	$155.5M	$118.1M	$21.4M	$94.2M	$99.4M	$126.9M	$106.4M	−$48.9M
Operating margin	14.26%	16.47%	14.17%	14.62%	24.00%	21.27%	15.04%	18.88%	18.01%	13.23%	10.92%	2.22%	13.59%	13.89%	16.93%	15.46%	−12.27%
EBITDA	$661.2M	$722.0M	$671.9M	$615.4M	$689.9M	$532.0M	$380.7M	$420.0M	$344.0M	$255.4M	$219.7M	$105.1M	$133.1M	$137.1M	$163.9M	$147.6M	$1.2M
EBITDA margin	20.68%	22.28%	19.07%	18.75%	30.01%	28.61%	23.93%	27.09%	25.63%	21.73%	20.32%	10.92%	19.19%	19.14%	21.88%	21.44%	0.30%
Net income	$235.6M	$292.8M	$180.7M	$208.9M	$409.1M	$295.0M	$254.9M	$240.8M	$85.1M	$97.1M	$80.3M	$7.9M	$74.5M	$68.8M	$123.8M	$84.4M	−$57.7M
Net profit margin	7.37%	9.03%	5.13%	6.37%	17.80%	15.86%	16.02%	15.53%	6.34%	8.27%	7.43%	0.82%	10.75%	9.61%	16.53%	12.25%	−14.48%
Basic EPSper basic share	$1.55	$1.94	$1.21	$1.47	$3.02	$2.19	$1.89	$1.71	$0.60	$0.69	$0.57	$0.06	$0.54	$0.50	$0.92	$0.64	-$0.49
Diluted EPSper diluted share	$1.55	$1.93	$1.20	$1.46	$3.00	$2.16	$1.87	$1.69	$0.59	$0.68	$0.57	$0.06	$0.53	$0.50	$0.91	$0.63	-$0.49

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈13.41%of listed shares

BlackRock, Inc.20.48M shares · Jun 30, 2026

View holders

Top 20 reported holders of ENTG
Holder	% owned
BlackRock, Inc.	≈13.41%20.48M shares
PRICE T ROWE ASSOCIATES INC /MD/	≈8.38%12.8M shares
Capital Research Global Investors	≈7.34%11.21M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈5.10%7.78M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.51%6.89M shares
PRINCIPAL FINANCIAL GROUP INC	≈3.90%5.96M shares
Invesco Ltd.	≈3.68%5.63M shares
STATE STREET CORP	≈3.62%5.52M shares
JPMORGAN CHASE & CO	≈3.62%5.52M shares
PRIMECAP MANAGEMENT CO/CA/	≈2.05%3.13M shares
GEODE CAPITAL MANAGEMENT, LLC	≈1.96%3M shares
BANK OF AMERICA CORP /DE/	≈1.78%2.72M shares
BARROW HANLEY MEWHINNEY & STRAUSS LLC	≈1.77%2.7M shares
Select Equity Group, L.P.	≈1.63%2.49M shares
LONDON CO OF VIRGINIA	≈1.63%2.49M shares
FMR LLC	≈1.50%2.28M shares
NORGES BANK	≈1.42%2.17M shares
UBS Group AG	≈1.26%1.92M shares
GOLDMAN SACHS GROUP INC	≈1.24%1.9M shares
EARNEST PARTNERS LLC	≈1.22%1.86M shares

Percentages use 152.7M shares of this listed class outstanding on Jun 27, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)53$60.46M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 3, 2026Form 4	LEDERER JAMES PDirector	SellCommon Stock	3.6K	$143.59	$512.5K	18.3K
May 27, 2026Form 4 · 10b5-1	Haris Clinton M.SVP & President, APS Division	SellCommon Stock	6.8K	$149.23	$1.02M	55.0K
May 15, 2026Form 4	Rice Susan G.SVP, Global Human Resources	SellCommon Stock	13.0K	$132.75	$1.72M	69.0K
May 15, 2026Form 4	Rice Susan G.SVP, Global Human Resources	SellCommon Stock	6.9K	$133.01	$922.2K	69.0K
May 14, 2026Form 4	Blachier OlivierSVP, Chief Strategy Officer	SellCommon Stock	2.0K	$140.04	$280.1K	34.9K

Review ownership filings at SEC.gov ↗

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