Entegris Inc
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+ FollowMarket Cap$22.52B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 results: strong growth + major margin expansion (record profitability)
- Revenue: $1.006B, +25% YoY and +14% sequentially (record).
- Adjusted gross margin: 48.9% (vs ~43.6% YoY = +530 bps YoY; vs Q2 +130 bps).
- Adjusted EBITDA margin: 30.2%, up ~290 bps YoY.
- EPS: GAAP diluted $1.03; non-GAAP $1.23 (+71% YoY).
- What’s good: clear operating leverage—margin gains came largely from volume/yield/productivity rather than one-time pricing.
Demand & backlog: strong book-to-bill and visibility; growth broadening across APS and MS
- Demand backdrop: “constructive” and supported by AI infrastructure and continued advanced logic + advanced memory investment.
- Growth is broad-based:
- APS up +31% YoY; MS up +16% YoY (both also double-digit growth sequentially per the prepared remarks).
- Unit-driven revenue acceleration: from ~6% in Q1 to ~20% in Q3, roughly ~2x underlying wafer start growth expectations for the year.
- Backlog: up >35% sequentially and >2x YoY; book-to-bill significantly >1.
- Opportunity: earlier engagement in customers’ roadmaps is translating into plan-of-record wins (examples cited: APS EUV filtration at 2nm; MS advanced materials plan record for major smartphone/tech provider; multiple CMP plan wins with leading memory customers).
Supply/output improvement drove the beat: execution + unlocked capacity
- Management said the Q3 revenue beat was mainly execution, not demand surprise:
- They increased production/throughput beyond expectations, enabling conversion of demand/backlog into revenue.
- They emphasized having proactively unlocked embedded manufacturing capacity (adding headcount, productivity, and inventory to manage lead times).
- What’s surprising: despite adding capacity and direct labor/headcount, gross margin still reached the highest in 25+ years, implying strong factory absorption/yield progress.
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$28.76
80.5% downside
Current Fair Value
80.5% downsideOvervalued by 80.5% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $22.52 Billion |
|---|---|
| Enterprise Value | $25.53 Billion |
| Annual dividend | $0.40 |
| Dividend yield | 0.27% |
| Earnings per Share | $1.55 |
| Beta | 1.4 |
| Outstanding Shares | 153,100,000 |
Return
| Return on Equity | 9.06% |
|---|---|
| Return on Assets | 4.60% |
| Return on Invested Capital | 8.41% |
Valuation & Multiples
| P/E Ratio | 57.36 |
|---|---|
| PEG | 46.32 |
| Price to Sales | 6.41 |
| Price to Book Ratio | 5.26 |
| Enterprise Value to Revenue | 7.24 |
| Enterprise Value to EBIT | 38.84 |
| Enterprise Value to Net Income | 65 |
| Total Debt to Enterprise | 0.13 |
| Debt to Equity | 0.78 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 29, 2026
EPS
$1.23
Est. $1.03Revenue
$1.01 B
Est. $925.35 MNext Earnings Call
Expected Date
February 9, 2027
EPS Estimate
$1.36
Consensus analyst estimateRevenue Estimate
$1.04 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.32, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.3224▼ 2.08% |
|---|---|
| Total Calls | 1,861▼ 99.90% |
| Total Puts | 600▼ 99.90% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 14.16%▼ 94.82% |
|---|---|
| Total Invested | $3.33B▼ 88.82% |
| Investors Holding | 353▼ 429.00% |
About Entegris Inc
CEO: Bertrand Loy
