# Entegris (ENTG.US)

Canonical: https://gigainvestors.com/s/ENTG

Analysis as of: 2026-10-16T07:28:17.701Z. Financial observations: FY1998–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $146.87 per share; close as of 2026-10-15.

Estimated value: low $28.56 per share, central $35.42 per share, high $41.04 per share. Buy at or below the central value $35.42 per share. Valuation as of 2026-10-16T07:28:17.701Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.19×

- FY2019: 0.15×

- FY2020: 0.21×

- FY2021: 0.24×

- FY2022: 0.15×

- FY2023: 0.14×

- FY2024: 0.16×

- FY2025: 0.29×

- LTM to Jun 2026: 0.30×

### moat: pass

- ROIC, median of available years: 20.2%

- ROIC, second-lowest year: 13.7%

- Typical minus recent gross margin: 0.6 pp

- Typical gross margin (annual median): 45.0%

- Recent gross margin (lower of latest and 3-year median): 44.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.1%

- ROIC including acquisitions, ten-year median: 10.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 17.2%

- FY2017: 23.0%

- FY2018: 30.1%

- FY2019: 17.3%

- FY2020: 27.8%

- FY2021: 30.9%

- FY2022: 9.9%

- FY2023: 13.7%

- FY2024: 14.0%

- FY2025: 24.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 819.9%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: 21.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.21×

- FY2025: 1.38×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 23.0% vs 14.0%

- Per-share earnings: 0.59 to 1.55 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 2.2%

- Market cap gain: $10B

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 2.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: $0.96

- Per-share value, starting three-year median: $0.59

- Per-share value, ending three-year median: $1.55

- Buybacks concentrated in cheaper years (correlation): 0.67

- Average buyback yield: 1.0%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $5.7B

- Cumulative net income, 10 years: $2.3B

- ROIC, first three-year median: 23.0%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.68

- FY2017: $0.59

- FY2018: $1.69

- FY2019: $1.87

- FY2020: $2.16

- FY2021: $3.00

- FY2022: $1.46

- FY2023: $1.20

- FY2024: $1.93

- FY2025: $1.55

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.87×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 10.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.95×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: -10.5%

- FY2018: -3.1%

- FY2019: -5.1%

- FY2020: -5.2%

- FY2021: 0.3%

- FY2022: -1.4%

- FY2023: -5.3%

- FY2024: -4.0%

- FY2025: -5.5%

## Holders

- [Henry Ellenbogen](https://gigainvestors.com/DCP): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Robert Torray](https://gigainvestors.com/T): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [William Von Mueffling](https://gigainvestors.com/cc): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 22.1% a year for ten years · "Entegris Q2 Earnings Beat on AI Demand and Advanced Purity Solutions" (finance.yahoo.com, Aug 2026) · sales +4.1%

Story as of 2026-10-16T09:58:41.969Z; price observation 2026-10-15.

Price needs cash profits to grow 22.1% a year for ten years

- 2025-08-12: ENTG Q2 Deep Dive: Tariff and Inventory Pressures Offset Strength in Materials Solutions ([finance.yahoo.com](https://finance.yahoo.com/news/entg-q2-deep-dive-tariff-044412790.html))

- 2025-12-14: Can Entegris’ Margin Squeeze and Slower Demand Expectations Reshape Its Long-Term Story (ENTG)? ([finance.yahoo.com](https://finance.yahoo.com/news/entegris-margin-squeeze-slower-demand-091202028.html))

- 2026-02-10: Entegris Stock Rises After Chip-Gear Maker's Q4 Beat, Guidance ([finance.yahoo.com](https://finance.yahoo.com/m/9ff523b9-9a73-3243-a1ce-3ef20affe332/entegris-stock-rises-after.html))

- 2026-04-30: Chip Gear Firm Entegris Tops Targets On AI-Fueled Demand ([finance.yahoo.com](https://finance.yahoo.com/m/dc655c3c-b7f4-3051-8b70-2d8b70a7ff12/chip-gear-firm-entegris-tops.html))

- 2026-08-05: Entegris Q2 Earnings Beat on AI Demand and Advanced Purity Solutions ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/entegris-q2-earnings-beat-ai-150700253.html))

- 2026-09-07: Entegris (ENTG) Positions to Benefit From Rebounding Wafer Starts and Memory Capex ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/entegris-entg-positions-benefit-rebounding-153817721.html))

### Sales · FY2025–2026

sales +4.1%; source https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm; observed 2026-02-11.

- FY2017: $1.3B 

- FY2018: $1.6B 

- FY2019: $1.6B 

- FY2020: $1.9B 

- FY2021: $2.3B 

- FY2022: $3.3B 

- FY2023: $3.5B 

- FY2024: $3.2B 

- FY2025: $3.2B 

- FY2026: $3.3B 

### Gross margin · FY2025

gross margin 44.4%; source https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm; observed 2026-02-11.

- FY2016: 43.3% 

- FY2017: 45.4% 

- FY2018: 46.4% 

- FY2019: 44.7% 

- FY2020: 45.7% 

- FY2021: 46.1% 

- FY2022: 42.5% 

- FY2023: 42.5% 

- FY2024: 45.9% 

- FY2025: 44.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductor equipment & materials; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm (filed 2026-02-11); FY2025: revenue 3196600000; grossProfit 1419900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENTG.US: Entegris, Inc. provides advanced materials and process solutions for the semiconductor and other high-technology industries in North America, Taiwan, South Korea, Japan, China, Europe, and Southeast Asia. It operates in two segments, Materials Solutions (MS) and Advanced Purity Solutions (APS). The MS segment provides materials-based solutions, such as chemical vapor and atomic layer deposition materials, chemical mechanical planarization slurries and pads, ion implantation specialty gases, formulated etch and clean materials, and other specialty materials. The APS segment offers filtration, purification, and contamination-control solutions for the semiconductor manufacturing processes, semiconductor ecosystem, and other high-technology industries. The company's customers include logic and memory semiconductor device manufacturers, semiconductor equipment makers, gas and chemical manufacturing companies, and wafer grower companies; and outsourced semiconductor assembly and test facilities, flat panel display equipment makers, and manufacturers of hard disk drive components and devices. It serves manufacturers and suppliers in the solar and life science industries, electrical discharge machining customers, glass manufacturers, aerospace manufacturers, and manufacturers of biomedical implantation devices. Entegris, Inc. was founded in 1966 and is headquartered in Billerica, Massachusetts.

### Why customers stay

Margins ranged from 42.5% to 45.9% during 2023–25; it earns 20.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 42.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 45.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 44.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2016,0.1719614199195324],[2017,0.23036873701088376],[2018,0.30148950363386867],[2019,0.17285149758228036],[2020,0.2775933193536443],[2021,0.3089296548159483],[2022,0.09870300372321847],[2023,0.13668476504781632],[2024,0.13958257506090696],[2025,0.24236613823680883]]; median 0.20161011729658207. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 0; upkeep 65260000; owner earnings 131773000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 0; upkeep 93597000; owner earnings 93700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 0; upkeep 110153000; owner earnings 257870000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 0; upkeep 112355000; owner earnings 283908000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 0; upkeep 131752000; owner earnings 299739000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 72459000; upkeep 138167000; owner earnings 409126000. Growth capex / owner earnings = 0.17710680817156574.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 186868000; upkeep 279324000; owner earnings 208920000. Growth capex / owner earnings = 0.8944476354585488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 69687000; upkeep 387160000; owner earnings 180669000. Growth capex / owner earnings = 0.38571642063663386.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 0; upkeep 315606000; owner earnings 355420000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm (filed 2026-02-11); FY2025: growth capex 0; upkeep 299200000; owner earnings 326100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,7573000],[2017,9896000],[2018,39591000],[2019,40566000],[2020,43245000],[2021,43545000],[2022,57309000],[2023,60200000],[2024,60583000],[2025,60800000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENTG.US SharesStats.PercentInsiders = 0.512 percentage points; cache date 2026-10-16.

### What could break it

Restrictions on exports to China could cut sales.

- Source: https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm (filed 2026-02-11);  use and replacement of our consumable products; (5) customers’ decisions to delay expansion projects; (6) customers’ device architectures and specific manufacturing processes; (7) consolidation of our customers; and (8) the relative success of our customers vis-à-vis each other;

•the short order-to-delivery time for our products; market share and competitive losses; and pricing changes by us and our competitors;

•legal, tax, accounting or regulatory changes (including changes in import/export regulations and tariffs, such as regulations imposed by the U.S. government restricting exports to China or regulations imposed by other countries restricting the export of certain materials or the re-export of products containing such materials, or potential additional tariffs on imports, and tariffs imposed by other countries) or changes in the interpretation or enforcement of existing requirements;

•procurement shortages and related increased prices, and the failure of suppliers to perform their obligations;

•changes in our capital expenditure requirements to meet demand for our solutions, and the schedule and timing, including potential delays, thereof;

•unanticipated manufacturing difficulties;

•changes in average selling prices, customer mix and product mix;

•our ability to develop, introduce and market new, enhanced and competitive products in a timely and cost-effective manner;

•our competitors’ introduction of new products;

•disruptions in transportation, communication, demand, IT or supply resulting from factors outside of our control, including strikes, acts of God, wars, terrorist activities, international conflict and natural or man-made disasters; and

•foreign currency exchange rate fluctuations.

During downturns in the semiconductor industry, which can occur suddenly, we typically experience greater pricing pressure and shifts in product and customer mix, which can adversely affect our gross margin and net income. The semiconductor industry is also affected by seasonal shifts in demand, and as a result, we have in the past experienced and may experience in the future short-term fluctuation in our results of operations from one period to the next. We are unable to predict the timing, duration or severity of any current or future downturns in the semiconductor industry and cost control or other measures we implement to maintain profitability during such downturns or periods of limited growth may constrain or limit our ability to capitalize on subsequent industry recoveries.

14

Table of Contents

Furthermore, the semiconductor industry is subject to rapid advancements and demand for new and emerging technologies, such as AI. If we do not have, or are unable to develop, products and solutions that are utilized to manufacture semiconductors that enable new end-user demand trends, we may not be able to grow our revenue as fast as anticip

### What the price says

The price assumes cash profits grow 22.1% yearly over ten years; actual growth was 10.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.30967020521179844. Price 146.87; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7792816093990264 → FY2025 2.14257555847569. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $15.90 per share

- 2016-11: $17.95 per share

- 2016-12: $17.90 per share

- 2017-01: $18.75 per share

- 2017-02: $21.20 per share

- 2017-03: $23.40 per share

- 2017-04: $24.80 per share

- 2017-05: $24.70 per share

- 2017-06: $21.95 per share

- 2017-07: $26.10 per share

- 2017-08: $25.45 per share

- 2017-09: $28.85 per share

- 2017-10: $32.75 per share

- 2017-11: $30.30 per share

- 2017-12: $30.45 per share

- 2018-01: $32.55 per share

- 2018-02: $33.20 per share

- 2018-03: $34.80 per share

- 2018-04: $32.20 per share

- 2018-05: $35.10 per share

- 2018-06: $33.90 per share

- 2018-07: $35.15 per share

- 2018-08: $33.90 per share

- 2018-09: $28.95 per share

- 2018-10: $26.54 per share

- 2018-11: $29.40 per share

- 2018-12: $27.90 per share

- 2019-01: $33.05 per share

- 2019-02: $35.33 per share

- 2019-03: $35.69 per share

- 2019-04: $40.86 per share

- 2019-05: $34.34 per share

- 2019-06: $37.32 per share

- 2019-07: $43.51 per share

- 2019-08: $42.83 per share

- 2019-09: $47.06 per share

- 2019-10: $48.00 per share

- 2019-11: $47.32 per share

- 2019-12: $50.09 per share

- 2020-01: $51.76 per share

- 2020-02: $53.32 per share

- 2020-03: $44.77 per share

- 2020-04: $54.23 per share

- 2020-05: $59.88 per share

- 2020-06: $59.05 per share

- 2020-07: $71.91 per share

- 2020-08: $66.89 per share

- 2020-09: $74.34 per share

- 2020-10: $74.77 per share

- 2020-11: $92.62 per share

- 2020-12: $96.10 per share

- 2021-01: $98.39 per share

- 2021-02: $105.21 per share

- 2021-03: $111.80 per share

- 2021-04: $112.58 per share

- 2021-05: $114.45 per share

- 2021-06: $122.97 per share

- 2021-07: $120.64 per share

- 2021-08: $120.14 per share

- 2021-09: $125.90 per share

- 2021-10: $140.78 per share

- 2021-11: $146.08 per share

- 2021-12: $138.58 per share

- 2022-01: $119.84 per share

- 2022-02: $130.48 per share

- 2022-03: $131.26 per share

- 2022-04: $111.39 per share

- 2022-05: $110.96 per share

- 2022-06: $92.13 per share

- 2022-07: $109.90 per share

- 2022-08: $94.88 per share

- 2022-09: $83.02 per share

- 2022-10: $79.34 per share

- 2022-11: $77.29 per share

- 2022-12: $65.59 per share

- 2023-01: $80.71 per share

- 2023-02: $85.23 per share

- 2023-03: $82.01 per share

- 2023-04: $74.92 per share

- 2023-05: $105.25 per share

- 2023-06: $110.82 per share

- 2023-07: $109.71 per share

- 2023-08: $101.27 per share

- 2023-09: $93.91 per share

- 2023-10: $88.04 per share

- 2023-11: $104.40 per share

- 2023-12: $119.82 per share

- 2024-01: $117.70 per share

- 2024-02: $134.36 per share

- 2024-03: $140.54 per share

- 2024-04: $132.92 per share

- 2024-05: $126.35 per share

- 2024-06: $135.40 per share

- 2024-07: $118.29 per share

- 2024-08: $115.87 per share

- 2024-09: $112.53 per share

- 2024-10: $104.71 per share

- 2024-11: $105.63 per share

- 2024-12: $99.06 per share

- 2025-01: $101.54 per share

- 2025-02: $101.22 per share

- 2025-03: $87.48 per share

- 2025-04: $79.12 per share

- 2025-05: $68.74 per share

- 2025-06: $80.65 per share

- 2025-07: $78.46 per share

- 2025-08: $83.74 per share

- 2025-09: $92.46 per share

- 2025-10: $91.57 per share

- 2025-11: $77.14 per share

- 2025-12: $84.25 per share

- 2026-01: $118.07 per share

- 2026-02: $132.45 per share

- 2026-03: $117.24 per share

- 2026-04: $141.38 per share

- 2026-05: $138.79 per share

- 2026-06: $179.86 per share

- 2026-07: $119.05 per share

- 2026-08: $135.29 per share

- 2026-09: $154.06 per share

- 2026-10: $146.87 per share

## Annual estimated value (USD per share)

- FY2016: low $9.83 per share, central $10.82 per share, high $12.13 per share

- FY2017: low $11.98 per share, central $13.06 per share, high $14.49 per share

- FY2018: low $16.77 per share, central $20.68 per share, high $23.64 per share

- FY2019: low $19.34 per share, central $25.55 per share, high $29.55 per share

- FY2020: low $31.84 per share, central $40.96 per share, high $47.27 per share

- FY2021: low $39.03 per share, central $52.34 per share, high $60.90 per share

- FY2022: low $51.67 per share, central $67.33 per share, high $78.22 per share

- FY2023: low $50.35 per share, central $66.16 per share, high $77.02 per share

- FY2024: low $30.23 per share, central $38.02 per share, high $44.12 per share

- FY2025: low $25.37 per share, central $28.60 per share, high $32.89 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1101302/000110130226000012/entg-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.