# Entegris (ENTG) Sector: Semiconductor materials | Field | Value | |---|---| | Price | $153.21 | | Market cap | $23B | | Intrinsic value source | Analysts | | Data as of | 2026-11-13 | | Next earnings | 2027-02-09 (estimate) | Analysts: Bullish Picks: Research only Discount category: Close to intrinsic value ## In short The market weighs the rising materials content per chip of Entegris against a cyclical industry and China risk, and sales and margins on the path of its new long-term model through 2027 can lift its value. ## Themes and gap - Themes: AI supplier (ai-supplier), China and geopolitics (china-geopolitics), Tariffs and trade (trade-tariffs) - Gap type: Can close (closable) - Why: The Q4 2026 report, expected in February 2027, and the 2027 quarters show whether sales growth and margins follow the new long-term model. ## About Entegris, Inc. (Entegris) is based in Billerica, Massachusetts. It supplies advanced materials and purity products to makers of semiconductors and other high-technology products. The Materials Solutions segment sells deposition materials, CMP slurries and pads, specialty gases and etch and clean chemicals. The Advanced Purity Solutions segment sells filters, purifiers and products that keep wafers and chemicals clean. Sales were $1,005.7 million in Q3 2026, the quarter ended September 26, 2026. Taiwan made 26% and China 18% of Q3 sales. The common stock trades on Nasdaq in US dollars. Entegris files 10-K and 10-Q reports. ## Thesis The price of Entegris depends on whether more complex chips raise the amount of its materials and filters per wafer fast enough to meet its new long-term model. Q3 2026 sales grew 25% to $1,005.7 million, the adjusted operating margin rose to 26.8% from 21.1% and non-GAAP EPS rose to $1.23 from $0.72. In November 2026 the company set targets of revenue growth of about 15% a year and an adjusted operating margin of about 35%. Its sales follow the production and capital spending of chip makers, which can fall fast. For the price to hold or rise, four things must be true. Sales to advanced logic, memory and packaging customers must keep growing. The margin must keep rising toward the 35% target. Sales in China, which were 18% of Q3 sales, must not fall because of export controls or tariffs. Cash flow must keep paying down debt and fund the new $500 million share repurchase program. The Q4 2026 report, expected in February 2027, is the next test. ## Checkpoints - Feb 9, 2027 (estimate): Q4 2026 results. Status: Pending. Watch: Q4 sales are in the guided range of $1,025 million to $1,055 million and non-GAAP EPS is $1.32 or more, and this passes; a result below the range fails. ## Balance sheet - Cash: $357M - Debt: $3.3B - Net debt: $2.9B - Undrawn credit line: $750M, to April 2031 - Last debt due: 2030 At September 26, 2026, Entegris had debt principal of $3,295.0 million: $1,600.0 million of 4.75% senior secured notes due 2029, $400.0 million of 3.63% senior notes due 2029, $400.0 million of 4.38% senior notes due 2028 and $895.0 million of 5.95% senior notes due 2030. It repaid all $450.0 million of its Term Loans B in nine months. Cash and cash equivalents were $356.5 million. The $750.0 million revolving credit facility, which matures on April 29, 2031, had no borrowings. Operating cash flow was $606.0 million and capital spending was $124.0 million for nine months. Adjusted EBITDA was $303.3 million in Q3. Total equity was $4,332.9 million. As of 2026-09-26. Sources: - https://www.sec.gov/Archives/edgar/data/1101302/000110130226000162/entg-20260926.htm - https://www.sec.gov/Archives/edgar/data/1101302/000110130226000159/entgq32026ex991.htm ## Dividends - Dividend yield: 0.3% (last 12 months, at the current price) - Paid per share, last 12 months: $0.40 (4 payments) - Current annual rate: $0.40 ($0.10 x 4 a year) - Payout ratio: 26% of the earnings of the last fiscal year (the year ended 2025-12-31) - Latest ex-dividend date: 2026-10-28, $0.10 per share - Growth from 2020 to 2025: 4.6% a year Dividends per share by year: 2016: $0.00, 2017: $0.07, 2018: $0.28, 2019: $0.30, 2020: $0.32, 2021: $0.32, 2022: $0.40, 2023: $0.40, 2024: $0.40, 2025: $0.40. Source: company filings and market data, read on 2026-11-12. ## Recent events - 2026-11-09: At its Capital Markets Day, Entegris set a long-term model of revenue growth of about 15% a year, an adjusted gross margin of about 55%, an adjusted operating margin of about 35% and adjusted EPS growth of about 30% a year. The board authorized a $500 million share repurchase program, and the company expects to raise its quarterly dividend by 10% from Q1 2027. - 2026-10-29: Entegris reported Q3 2026 results. Sales were $1,005.7 million, GAAP EPS was $1.03 and non-GAAP EPS was $1.23. It guided Q4 sales of $1,025 million to $1,055 million and non-GAAP EPS of $1.32 to $1.40. - 2026-09-26: By the end of Q3 2026, Entegris had repaid all of its Term Loans B, $450.0 million in nine months, of which $200.0 million was in Q3. - 2026-07-28: Bertrand Loy, the Executive Chair, said that he would retire and leave the board on July 31, 2026. The board made James F. Gentilcore its Chair and appointed Robert A. Bruggeworth, the chief executive of Qorvo, as a director. - 2026-04-29: Entegris increased its revolving credit facility to $750.0 million from $575.0 million and moved its maturity to April 29, 2031. ## Latest news and filings - Last earnings: 2026-10-29 (8-K: https://www.sec.gov/Archives/edgar/data/1101302/000110130226000159/) - Next earnings: 2027-02-09 (expected; the company has not confirmed it) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-11-10 | 8-K | Investor disclosure and Other company news | | | https://www.sec.gov/Archives/edgar/data/1101302/000114036126042892/ef20085135_8k.htm | | 2026-10-29 | 10-Q | Quarterly report for the period ended Sep 26, 2026 | 2026-09-26 | entg-20260926 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000162/entg-20260926.htm | | 2026-10-29 | 8-K | Earnings release | | entg-20261029 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000159/ | | 2026-10-14 | 8-K | Other company news | | entg-20261014 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000154/entg-20261014.htm | | 2026-08-04 | 10-Q | Quarterly report for the period ended Jun 27, 2026 | 2026-06-27 | entg-20260627 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000150/entg-20260627.htm | | 2026-08-04 | 8-K | Earnings release | | entg-20260804 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000146/ | | 2026-07-29 | 8-K | Change of directors or officers | | entg-20260728 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000141/entg-20260728.htm | | 2026-07-15 | 8-K | Other company news | | entg-20260715 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000139/entg-20260715.htm | | 2026-05-11 | 8-K | Change of directors or officers | | entg-20260509 | https://www.sec.gov/Archives/edgar/data/1101302/000110130226000116/entg-20260509.htm | | 2026-05-08 | 8-K | Change to shareholder rights or bylaws and Shareholder vote results | | | https://www.sec.gov/Archives/edgar/data/1101302/000114036126020041/ef20072733_8k.htm | Every filing on SEC EDGAR (CIK 1101302): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001101302&type=&dateb=&owner=include&count=40 ## Risks - High: Demand follows the chip cycle. When chip makers cut production or capital spending, sales and margins of Entegris can fall fast. - Medium: Trade rules can hurt sales. China made 18% of Q3 2026 sales, and export controls, sanctions and tariffs have raised costs and can limit sales. - Medium: Debt is still large. Debt principal was $3,295.0 million at September 26, 2026, and net interest expense was $43.9 million in Q3. - Medium: The new targets are demanding. The long-term model needs the adjusted operating margin to rise to about 35% from 26.8% in Q3 2026. - Low: Leaders changed. The Executive Chair retired in July 2026 and a new head of Materials Solutions started in June 2026. ## Links - Page: https://picks.utilarium.app/company/ENTG/ - History of changes: https://picks.utilarium.app/company/ENTG/history/ - JSON with full history: https://picks.utilarium.app/data/company/ENTG.json > Picks is a personal record of stock picks. It gives general opinions about stocks, including a "Top pick" label. 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