Entegris, Inc. Overview
Entegris is a leading global supplier of critical advanced materials and contamination-control solutions to the semiconductor industry, combining two capabilities that rarely sit under one roof: materials science (deposition precursors, CMP slurries and pads, selective etch and post-CMP cleaning chemistries, implant gases) and materials purity (liquid and gas filtration and purification, wafer and reticle carriers, ultra-pure fluid handling). Roughly three-quarters of revenue tracks wafer starts rather than equipment spending, making the business a consumables-led, "content-per-wafer" story that benefits from every node transition, every new material (molybdenum, metal-oxide resists, gate-all-around architectures) and every additional process step. After absorbing the $6.5 billion CMC Materials acquisition in 2022 and pruning non-core assets in 2023–24, the company entered 2026 under new CEO Dave Reeder with a new manufacturing footprint in Taiwan and Colorado, a deleveraging mandate, and an upcycle driven by AI-related logic and memory demand that produced record quarterly revenue of $1.006 billion in Q3 2026.
What the company does
| Fab process module | Entegris products used |
|---|---|
| Photolithography | Liquid filters, high-purity packaging (NOWPak), precision dispense systems (IntelliGen), airborne molecular contamination control, EUV reticle pods |
| Etch and resist strip | Selective etch chemistries for 3D NAND and gate-all-around, formulated post-etch residue removers, filters and purifiers, protective coatings |
| Deposition (CVD/ALD/PVD) | Advanced liquid and solid precursors (molybdenum, tungsten, titanium, hafnium, zirconium, aluminum, organosilanes), delivery vessels, purification |
| Ion implantation | SDS and VAC sub-atmospheric gas delivery cylinders, electrostatic chucks, plasma coatings |
| Chemical mechanical planarization | CMP slurries (tungsten, dielectric, copper, barrier, molybdenum, aluminum, SiC, GaN), CMP pads, post-CMP cleans, PVA brushes, slurry filters, slurry monitoring |
| Wafer and reticle transport | 300 mm FOUPs, FOSBs, 200 mm SMIF pods, Ultrapak shippers, EUV reticle pods |
| Chemical handling | Ultra-high-purity drums and bags, valves, fittings, tubing, connectors, sensing and control |
| Wafer and package test | Probe-card and test-socket cleaning consumables |
Entegris describes itself in its FY2025 Form 10-K as a leading supplier of critical advanced materials and process solutions for the semiconductor and other high-technology industries, using the breadth of its capabilities to deliver science-based solutions that improve productivity and product performance in the most advanced manufacturing environments. Its core capabilities are materials science and materials purity, complemented by solutions that accelerate customers' time to yield.
In practical terms, Entegris supplies products used at almost every major step of front-end wafer fabrication:
Photolithography: Entegris products used: Liquid filters, high-purity packaging (NOWPak), precision dispense systems (IntelliGen), airborne molecular contamination control, EUV reticle pods
Etch and resist strip: Entegris products used: Selective etch chemistries for 3D NAND and gate-all-around, formulated post-etch residue removers, filters and purifiers, protective coatings
Deposition (CVD/ALD/PVD): Entegris products used: Advanced liquid and solid precursors (molybdenum, tungsten, titanium, hafnium, zirconium, aluminum, organosilanes), delivery vessels, purification
Ion implantation: Entegris products used: SDS and VAC sub-atmospheric gas delivery cylinders, electrostatic chucks, plasma coatings
Chemical mechanical planarization: Entegris products used: CMP slurries (tungsten, dielectric, copper, barrier, molybdenum, aluminum, SiC, GaN), CMP pads, post-CMP cleans, PVA brushes, slurry filters, slurry monitoring
Wafer and reticle transport: Entegris products used: 300 mm FOUPs, FOSBs, 200 mm SMIF pods, Ultrapak shippers, EUV reticle pods
Chemical handling: Entegris products used: Ultra-high-purity drums and bags, valves, fittings, tubing, connectors, sensing and control
Wafer and package test: Entegris products used: Probe-card and test-socket cleaning consumables
Business and revenue model
| Revenue driver (2026, per Q2 2026 call) | Share of revenue | Character |
|---|---|---|
| Unit-driven (wafer starts) | ~75% | Recurring consumables: filters, slurries, pads, precursors, cleans, gases, carriers that wear out |
| Capex-driven | ~25% | ~10% tied to wafer-fab equipment (components sold to OEMs), ~15% tied to fab construction (fluid handling, gas purification systems, initial FOUP fleets) |
Entegris is overwhelmingly a product company; services, subscriptions and licensing are not separately disclosed and are immaterial. Management segments revenue by demand driver rather than by product type:
Unit-driven (wafer starts): Share of revenue: ~75%; Character: Recurring consumables: filters, slurries, pads, precursors, cleans, gases, carriers that wear out
Capex-driven: Share of revenue: ~25%; Character: ~10% tied to wafer-fab equipment (components sold to OEMs), ~15% tied to fab construction (fluid handling, gas purification systems, initial FOUP fleets)
The FY2025 10-K states that no single product platform exceeded 3% of net sales in 2025, underscoring breadth. Products are typically specified into a customer's process of record (POR); switching is costly because requalification risks yield, which gives the installed base durability once a win is secured.
Value-chain position
Entegris sits in the tier-one materials and consumables layer between commodity chemical/polymer suppliers upstream and integrated device manufacturers, foundries, equipment OEMs and chemical companies downstream. It sells both directly to fabs and indirectly through OEMs (components inside wet benches, deposition and CMP tools) and through chemical makers (filtration and packaging used in the production of high-purity chemicals, including Entegris's own MS products).
Customers and end-markets
| Customer metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| TSMC share of net sales (%) | 11 | 16 | 16 |
| Remaining top-ten customers (%) | 32 | 32 | 34 |
| Top-ten customers total (%) | 43 | 48 | 50 |
| US / domestic share of sales (%) | 25 | 21 | 18 |
| International share of sales (%) | 75 | 79 | 82 |
TSMC share of net sales (%): FY2023: 11; FY2024: 16; FY2025: 16
Remaining top-ten customers (%): FY2023: 32; FY2024: 32; FY2025: 34
Top-ten customers total (%): FY2023: 43; FY2024: 48; FY2025: 50
US / domestic share of sales (%): FY2023: 25; FY2024: 21; FY2025: 18
International share of sales (%): FY2023: 75; FY2024: 79; FY2025: 82
Customer types: logic and memory device makers, foundries, semiconductor equipment manufacturers, gas and chemical suppliers, wafer growers, OSATs, flat-panel display makers, hard-disk-drive component makers, and (in Advanced Materials Markets) aerospace, glass, EDM machining, medical and other industrial customers. Sales are made through a direct sales force (about 700 sales and marketing employees at end-2025) and selected independent distributors.
Independent characterization
Entegris is best understood as a leveraged play on semiconductor materials intensity. Its growth algorithm is "wafer starts plus content gains": as devices move to 2 nm logic, gate-all-around transistors, 300-plus-layer 3D NAND, HBM and new metals such as molybdenum, the number of deposition, etch, clean and CMP steps rises and purity requirements tighten, so revenue per wafer grows faster than wafer volume. The CMC Materials deal made it the broadest Western supplier in this niche but also loaded the balance sheet with debt and made it more exposed to CMP and to Taiwan. The 2025–26 period is a pivot from integration and capacity-building (2022–2025 capex cycle) to harvesting: new plants are built, capex is falling sharply, and incremental revenue drops through at high margins, as Q3 2026's 30% adjusted EBITDA margin illustrates.
Strategy
Stated strategy
| Strategic theme | Substance |
|---|---|
| Content-per-wafer growth | Increase revenue per wafer by winning positions of record at each new logic, 3D NAND and DRAM node, targeting sustained outperformance of the wafer-start market (management cited 3–6 points of outperformance as the 2026 aim) |
| Co-optimized solutions | Combine MS materials (precursors, slurries, cleans) with APS purity (filters, packaging, delivery) across deposition, CMP and post-CMP modules; molybdenum integration is the flagship example |
| Supporting new-material integration | Help customers de-risk new materials across upstream and downstream steps, shortening development cycles |
| Local-for-local manufacturing | Serve customers from regional plants (Kaohsiung, Colorado Springs, Korea Technology Center) for resiliency, CHIPS-Act alignment and export-control mitigation |
| Operational excellence | Manufacturing network rationalization, productivity, quality and supply-chain resiliency |
| Portfolio focus | Exit non-core businesses (QED, EC, PIM, small industrial chemicals, Life Sciences Fluid Management) |
| Deleveraging | Use free cash flow to repay debt; M&A only after leverage targets are met |
| Corporate social responsibility | 2030 goals across Innovation, Safety, Personal Development and Inclusion, and Sustainability |
Entegris's FY2025 10-K and 2026 proxy frame strategy around several themes:
Content-per-wafer growth: Substance: Increase revenue per wafer by winning positions of record at each new logic, 3D NAND and DRAM node, targeting sustained outperformance of the wafer-start market (management cited 3–6 points of outperformance as the 2026 aim)
Co-optimized solutions: Substance: Combine MS materials (precursors, slurries, cleans) with APS purity (filters, packaging, delivery) across deposition, CMP and post-CMP modules; molybdenum integration is the flagship example
Supporting new-material integration: Substance: Help customers de-risk new materials across upstream and downstream steps, shortening development cycles
Local-for-local manufacturing: Substance: Serve customers from regional plants (Kaohsiung, Colorado Springs, Korea Technology Center) for resiliency, CHIPS-Act alignment and export-control mitigation
Operational excellence: Substance: Manufacturing network rationalization, productivity, quality and supply-chain resiliency
Portfolio focus: Substance: Exit non-core businesses (QED, EC, PIM, small industrial chemicals, Life Sciences Fluid Management)
Deleveraging: Substance: Use free cash flow to repay debt; M&A only after leverage targets are met
Corporate social responsibility: Substance: 2030 goals across Innovation, Safety, Personal Development and Inclusion, and Sustainability
Initiatives in the last 24 months
| Initiative | Timing | Detail and targets |
|---|---|---|
| CEO succession and leadership refresh | 2025–2026 | New CEO, CFO, MS President, Chair and director |
| Capex harvest | 2025–2027 | Capex down from $456.8 million (2023) to ~$200–250 million (2026); >$1 billion of revenue capacity available without major new investment |
| Kaohsiung Science Park ramp | 2024–2026 | Local supply for Taiwan and Asia; expected near breakeven by end-2026 |
| Colorado Springs facility | 2024–2027 | Up to $77.0 million of CHIPS Act funding; qualification in 2026, ramp in 2027 |
| Plant rationalization | Late 2025–2026 | Exits of Chester, Chandler (Arizona) and Logan (Utah) |
| Exit of Life Sciences Fluid Management | Q2 2026 | Wind-down of the US business to concentrate on semiconductor |
| Organizational consolidation | Q4 2024 onward | Two complementary divisions combined; customer-facing organization realigned |
| Restructuring and workforce reductions | 2025–2026 | Restructuring charges of $29.7 million (2025) and $11.2 million (9M 2026) |
| EUV metal-oxide resist collaboration | May 2026 | Cross-license with JSR/Inpria spanning MOR precursors, filtration and delivery |
| Deleveraging | 2025–2026 | $300 million repaid in 2025; $450 million in 9M 2026; 2029 term loan fully repaid in Q3 2026 |
| Compensation redesign | 2,026 | Heavier PSU weighting, no options, FCF-margin metric |
| Capital Markets Day | Nov 9, 2026 | Long-term strategy and financial framework to be presented |
CEO succession and leadership refresh: Timing: 2025–2026; Detail and targets: New CEO, CFO, MS President, Chair and director
Capex harvest: Timing: 2025–2027; Detail and targets: Capex down from $456.8 million (2023) to ~$200–250 million (2026); >$1 billion of revenue capacity available without major new investment
Kaohsiung Science Park ramp: Timing: 2024–2026; Detail and targets: Local supply for Taiwan and Asia; expected near breakeven by end-2026
Colorado Springs facility: Timing: 2024–2027; Detail and targets: Up to $77.0 million of CHIPS Act funding; qualification in 2026, ramp in 2027
Plant rationalization: Timing: Late 2025–2026; Detail and targets: Exits of Chester, Chandler (Arizona) and Logan (Utah)
Exit of Life Sciences Fluid Management: Timing: Q2 2026; Detail and targets: Wind-down of the US business to concentrate on semiconductor
Organizational consolidation: Timing: Q4 2024 onward; Detail and targets: Two complementary divisions combined; customer-facing organization realigned
Restructuring and workforce reductions: Timing: 2025–2026; Detail and targets: Restructuring charges of $29.7 million (2025) and $11.2 million (9M 2026)
EUV metal-oxide resist collaboration: Timing: May 2026; Detail and targets: Cross-license with JSR/Inpria spanning MOR precursors, filtration and delivery
Deleveraging: Timing: 2025–2026; Detail and targets: $300 million repaid in 2025; $450 million in 9M 2026; 2029 term loan fully repaid in Q3 2026
Compensation redesign: Timing: 2026; Detail and targets: Heavier PSU weighting, no options, FCF-margin metric
Capital Markets Day: Timing: Nov 9, 2026; Detail and targets: Long-term strategy and financial framework to be presented
Guidance and medium-term framework
| Item | Guidance |
|---|---|
| Q4 2026 net sales | $1,025–1,055 million |
| Q4 2026 GAAP diluted EPS | $1.09–1.17 |
| Q4 2026 non-GAAP diluted EPS | $1.32–1.40 |
| Q4 2026 adjusted EBITDA margin | 30.7–31.2% |
| Q4 2026 GAAP operating margin | 23.0–23.7% |
| Q1 2027 revenue | Down mid-single digits sequentially on seasonality, but more than 20% above Q1 2026 |
| FY2026 capex | ~$200 million (latest commentary; earlier ~$250 million) |
| FY2026 net interest expense | ~$180 million |
| FY2026 non-GAAP tax rate | ~14% |
| FY2026 diluted shares | ~154 million |
| Year-end 2026 net leverage | Below 3x |
| Implied FY2026 net sales | ~$3.73–3.76 billion (about +17%) |
| Implied FY2026 non-GAAP EPS | ~$4.35–4.43 |
Q4 2026 net sales: Guidance: $1,025–1,055 million
Q4 2026 GAAP diluted EPS: Guidance: $1.09–1.17
Q4 2026 non-GAAP diluted EPS: Guidance: $1.32–1.40
Q4 2026 adjusted EBITDA margin: Guidance: 30.7–31.2%
Q4 2026 GAAP operating margin: Guidance: 23.0–23.7%
Q1 2027 revenue: Guidance: Down mid-single digits sequentially on seasonality, but more than 20% above Q1 2026
FY2026 capex: Guidance: ~$200 million (latest commentary; earlier ~$250 million)
FY2026 net interest expense: Guidance: ~$180 million
FY2026 non-GAAP tax rate: Guidance: ~14%
FY2026 diluted shares: Guidance: ~154 million
Year-end 2026 net leverage: Guidance: Below 3x
Implied FY2026 net sales: Guidance: ~$3.73–3.76 billion (about +17%)
Implied FY2026 non-GAAP EPS: Guidance: ~$4.35–4.43
Products & Services
Materials Solutions
| Product line / brand | Description and capabilities | Target customer | Flagship / notes |
|---|---|---|---|
| Advanced deposition materials | Ultra-pure liquid and solid organometallic and inorganic precursors for molybdenum, tungsten, titanium, hafnium, zirconium and aluminum films; organosilanes for silicon oxide, nitride and advanced dielectrics; molecules for area-selective deposition; delivery vessels for low-volatility precursors | Logic and memory fabs; deposition OEMs | Molybdenum precursors for next-generation interconnect and word-line; solid precursor capacity expanded in Burnet, Texas; deposition materials capacity in Toronto |
| Specialty gases — SDS | Sub-atmospheric storage and delivery of arsine, phosphine, germanium tetrafluoride, boron trifluoride using proprietary carbon adsorbents | Ion implant users in fabs | Safe Delivery Source (SDS) cylinders; reduce leak risk versus high-pressure cylinders |
| Specialty gases — VAC | High-pressure storage with sub-atmospheric delivery for select implant gases and mixtures | Ion implant users | Vacuum Actuated Cylinder (VAC) |
| Specialty coatings | Erosion-resistant, low-particle coatings on critical chamber and tool components | Equipment OEMs, fabs | Pegasus and Cearus coatings |
| Electrostatic chucks | Core components for implant and delivery equipment | Equipment OEMs | Low-temperature plasma-coated e-chucks |
| Advanced cleaning materials | Consumables for cleaning probe cards and test sockets in wafer and package test | IDMs, foundries, OSATs | Improves test yield and throughput |
| CMP slurries (IC) | Slurries for tungsten, dielectric, copper, barrier, aluminum and emerging molybdenum | Logic, DRAM, NAND fabs | Heritage CMC Materials franchise; multiple memory PORs won in Q3 2026 |
| CMP slurries (substrates) | Slurries for bare silicon, SiC and GaN wafers, hard-disk substrates and heads | Wafer makers, power and RF device makers | SiC slurry capacity expanded in Aurora, Illinois |
| CMP pads | Pads engineered for hardness, porosity, compressibility and groove patterns | Fabs across nodes | NexPlanar, Medea and Ultra pads; Epic Power pads for SiC |
| Post-CMP cleans and brushes | Chemistries that remove slurry particles and organic residue; PVA roller brushes | Fabs | PlanarClean, ESC 784 |
| Surface preparation and integration | Post-etch residue removers, wafer etch, organics and resist removal, edge-bead removal, corrosion inhibitors | Fabs | Selective etch formulations for 3D NAND and gate-all-around devices, a major growth driver in 2025–26 |
| Advanced Materials Markets (AMM) | POCO premium graphite for EDM electrodes, hot-glass contact materials, industrial consumables; specialty chemicals for aerospace, wound care and medical devices | Industrial, aerospace, glass, medical | POCO graphite; a small industrial specialty chemicals business was sold in Q4 2025 |
Advanced Purity Solutions
| Product line / brand | Description and capabilities | Target customer | Flagship / notes |
|---|---|---|---|
| Liquid filtration — aggressive chemistries | Filtration for acids and bases in fabs and at chemical makers | Fabs, chemical suppliers | Torrento |
| Liquid filtration — chemicals and UPW | Filters for high-purity chemicals and ultra-pure water | Chemical makers, fabs | Trinzik, Microgard |
| Point-of-use photochemical filtration | High flow, low microbubble filtration at the dispense point | Lithography tracks, fabs | Impact; filtration in use at 2 nm production |
| Metal-ion removal | Purifiers reducing metallic contamination in chemical manufacturing and wafer rinse/dry | Chemical makers, fabs | Protego |
| Membranes (other markets) | Membrane and liquid filtration for pharmaceutical and medical uses | Life sciences | Smaller adjacency |
| Gas filtration | Particle filters with low outgassing | Fabs, OEMs | Wafergard |
| Gas purification | Point-of-use and facility-scale purifiers removing contaminants to parts-per-trillion | Fabs, gas suppliers, OEMs | GateKeeper purifiers and bulk systems (including heritage SAES Pure Gas) |
| Gas diffusers | Rapid tool venting without particle generation | Equipment OEMs | Chambergard |
| Airborne molecular contamination | AMC filtration for tool areas and cleanrooms | Fabs | Vaporsorb |
| 300 mm wafer carriers | Front-opening unified pods and front-opening shipping boxes | Fabs, wafer makers | Entegris states it leads the 300 mm FOUP market |
| 200 mm and smaller carriers | SMIF pods, process carriers, Ultrapak shippers for 100–200 mm wafers | Fabs, wafer makers | Ultrapak |
| EUV reticle pods | Defect-free protection for EUV masks during shipping, storage and vacuum transfer | Leading-edge fabs, mask shops | Advanced EUV pods are a growth product |
| High-purity packaging | Containers from small photoresist bottles to intermediate bulk containers, with coded connection systems | Chemical makers, fabs | NOWPak, FluoroPure |
| Fluid handling | Ultra-pure valves, fittings, tubing, piping, connectors | Fabs, OEMs, fab construction | PrimeLock connections |
| Dispense and flow control | High-precision liquid dispense and digital flow control | Lithography and wet-process OEMs | IntelliGen dispense systems |
| Instrumentation | On-tool particle size and count analysis; concentration monitoring for slurries and cleans | Fabs, life sciences | Accusizer, SemiChem, Invue |
| Life Sciences Fluid Management | Fluid handling for bioprocessing | Life sciences | US business being wound down from Q2 2026; Logan, Utah facility closing |
Pricing is set per product and customer contract and is not disclosed; supply agreements generally contain no long-term purchase commitments. Management stated that pricing contributed nothing material to Q3 2026 results or Q4 2026 guidance and that any future increases would apply to new orders, not existing backlog.
Financial Narrative
All figures are GAAP and as reported in Entegris filings unless labelled otherwise. FY2022 includes CMC Materials from July 6, 2022; FY2023 includes divested businesses for part of the year.
Income statement
Revenue CAGR FY2021–FY2025 was 8.6%, almost entirely inorganic (CMC Materials) and partly reversed by divestitures of roughly $430 million of annual sales. On a like-for-like basis, Entegris told investors its 2025 unit-driven revenue rose about 2%, in line with wafer starts. Diluted EPS fell from $3.00 (2021) to $1.55 (2025) because the CMC deal added roughly $185–215 million a year of intangible amortization and about $190–300 million a year of interest expense; non-GAAP EPS, which strips amortization and one-offs, was broadly flat at $2.64–$3.73 across the period.
Key inflections: 2022 gross margin fell 3.6 points on the CMC inventory step-up and dilutive mix; 2023 GAAP operating income was flattered by the $184.8 million alliance-termination gain but burdened by a $115.2 million goodwill impairment and $30.5 million of long-lived asset impairments; 2024 margins recovered after divesting low-margin businesses (gross margin +3.4 points); 2025 margins slipped as new plants in Taiwan and Colorado ran below scale, tariffs added cost and capex-related volumes were weak.
Quarterly trajectory 2025–2026
The 2026 step-up is driven by volume (Q3 revenue +24.6% year on year), structural gross-margin gains from plant rationalization (Chester, Chandler, Logan) and productivity, and a Q1 2026 change in asset useful lives that cut quarterly depreciation from about $50 million to about $34 million. The Q3 2026 GAAP gross margin of 49.7% includes an $8.3 million one-time refund of IEEPA tariffs paid between April 2025 and February 2026; the adjusted 48.9% excludes it. Nine-month 2026 net sales were $2,700.8 million (+13.8%) and GAAP diluted EPS $2.24 (+84%).
Balance sheet (December 31)
At September 26, 2026, total assets were $8,540.6 million, cash $356.5 million, long-term debt $3,260.6 million (down $437 million from year-end 2025), equity $4,332.9 million, goodwill $3,950.0 million and intangibles $769.1 million. Tangible book value remains negative because goodwill and intangibles (~$4.7 billion) exceed equity.
Cash flow
The company's own FY2025 free cash flow, which nets government incentives against capex, was about $404 million, or 12.7% of sales. In the first nine months of 2026, operating cash flow was $606.0 million (versus $503.4 million), capex $124.0 million (versus $241.2 million), company-defined free cash flow $487.4 million and net debt repayment $450.0 million. Q3 2026 free cash flow of $223.6 million (22.2% of sales) was a record. Management guided 2026 capex to roughly $200–250 million, about one-third below 2025, and says the capacity built since 2022 can support more than $1 billion of additional revenue with limited further investment.
Ratios
Commentary. Returns collapsed after the CMC acquisition because the purchase added about $5 billion of goodwill and intangibles while the semiconductor downturn of 2023–24 depressed earnings; ROIC around 6% is below the company's cost of capital. Leverage is the defining financial theme: debt has fallen from $5.8 billion (2022) to about $3.3 billion face value (September 2026), and with TTM adjusted EBITDA above $1.0 billion, net leverage dropped to roughly 2.9x in Q3 2026; management targets a figure "beginning with a two" by year-end 2026. Inventory days remain structurally high (138 days in Q3 2026) because of broad product lines and regional dual-sourcing, but the cash conversion cycle improved by about 20 days year on year by Q2 2026.
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View Subscription PlansFinancial Detail
Revenue by Segment
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Materials Solutions net sales (USD Mn) | 1,380.2 | 1,689.5 | 1,400.1 | 1,406.7 |
Advanced Purity Solutions net sales (USD Mn) | 1,914.0 | 1,846.6 | 1,850.2 | 1,799.1 |
Inter-segment elimination (USD Mn) | -12.2 | -12.1 | -9.1 | -9.2 |
Total net sales (USD Mn) | 3,282.0 | 3,523.9 | 3,241.2 | 3,196.6 |
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View Subscription PlansResults by Segment and Segment Margins & Growth (%)
| Segment | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
MS segment profit (USD Mn) | 219.2 | 296.4 | 286.2 | 276.6 |
APS segment profit (USD Mn) | 595.2 | 531.4 | 496.1 | 426.4 |
MS segment margin (%) | 15.9 | 17.5 | 20.4 | 19.7 |
APS segment margin (%) | 31.1 | 28.8 | 26.8 | 23.7 |
Unallocated G&A (USD Mn) | 190.5 | 114.2 | 58.3 | 62.7 |
Segment Margins & Growth (%) and Revenue by Segment (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
MS revenue growth YoY (%) | 22.4 | -17.1 | 0.5 |
APS revenue growth YoY (%) | -3.5 | 0.2 | -2.8 |
MS share of total net sales (%) | 47.9 | 43.2 | 44.0 |
APS share of total net sales (%) | 52.4 | 57.1 | 56.3 |
Segment Revenue
| Metric | 9M2025 | 9M2026 |
|---|---|---|
MS net sales | 1,044.9 | 1,126.5 |
APS net sales | 1,334.6 | 1,583.1 |
MS segment profit | 212.7 | 237.9 |
APS segment profit | 322.2 | 497.2 |
Adjusted segment profit margin (%)
| Adjusted segment profit margin (%) | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 |
|---|---|---|---|---|---|---|---|
MS | 22.0 | 21.3 | 18.9 | 20.9 | 22.0 | 20.9 | 20.4 |
APS | 25.4 | 24.1 | 25.9 | 24.8 | 29.1 | 30.3 | 34.4 |
Income Statement and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 2,298.9 | 3,282.0 | 3,523.9 | 3,241.2 | 3,196.6 |
Revenue growth YoY (%) | 23.6 | 42.8 | 7.4 | -8.0 | -1.4 |
Gross profit (USD Mn) | 1,059.6 | 1,396.4 | 1,497.6 | 1,486.7 | 1,419.9 |
Operating income (USD Mn) | 551.8 | 480.0 | 499.2 | 533.9 | 455.9 |
EBITDA, operating income plus D&A (USD Mn) | 690.0 | 759.3 | 886.4 | 912.1 | 845.6 |
Pre-tax income (USD Mn) | 479.0 | 246.9 | 172.7 | 322.0 | 254.6 |
Net income (USD Mn) | 409.1 | 208.9 | 180.7 | 292.8 | 235.6 |
Diluted EPS (USD) | 3.00 | 1.46 | 1.20 | 1.93 | 1.55 |
Non-GAAP diluted EPS (USD) | 3.44 | 3.73 | 2.64 | 3.00 | 2.75 |
Dividends per share (USD) | 0.34 | 0.40 | 0.40 | 0.40 | 0.40 |
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View Subscription PlansMargin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin (%) | 46.1 | 42.5 | 42.5 | 45.9 | 44.4 |
Operating margin (%) | 24.0 | 14.6 | 14.2 | 16.5 | 14.3 |
EBITDA margin (%) | 30.0 | 23.1 | 25.2 | 28.1 | 26.5 |
Net margin (%) | 17.8 | 6.4 | 5.1 | 9.0 | 7.4 |
Income Statement and Margin Analysis (%) (FY2023–FY2025)
| Adjusted (non-GAAP) metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Adjusted operating income (USD Mn) | 769.7 | 743.0 | 680.9 |
Adjusted operating margin (%) | 21.8 | 22.9 | 21.3 |
Adjusted EBITDA (USD Mn) | 942.4 | 931.1 | 886.2 |
Adjusted EBITDA margin (%) | 26.7 | 28.7 | 27.7 |
Non-GAAP net income (USD Mn) | 398.9 | 456.0 | 418.5 |
Financial Analysis
| Metric | 1Q25 | 2Q25 | 3Q25 | 4Q25 | 1Q26 | 2Q26 | 3Q26 |
|---|---|---|---|---|---|---|---|
Net sales | 773.2 | 792.4 | 807.1 | 823.9 | 811.9 | 883.2 | 1,005.7 |
GAAP gross margin (%) | 46.1 | 44.4 | 43.5 | 43.8 | 46.9 | 47.6 | 49.7 |
Adjusted gross margin (%) | 46.1 | 44.6 | 43.6 | 44.0 | 46.9 | 47.6 | 48.9 |
GAAP operating income | 122.3 | 106.1 | 122.6 | 104.9 | 141.6 | 164.6 | 230.6 |
Adjusted EBITDA | 220.7 | 216.7 | 220.7 | 228.1 | 226.1 | 250.7 | 303.3 |
Adjusted EBITDA margin (%) | 28.5 | 27.3 | 27.3 | 27.7 | 27.8 | 28.4 | 30.2 |
GAAP net income | 62.9 | 52.8 | 70.5 | 49.4 | 92.0 | 93.6 | 157.8 |
GAAP diluted EPS (USD) | 0.41 | 0.35 | 0.46 | 0.32 | 0.60 | 0.61 | 1.03 |
Non-GAAP diluted EPS (USD) | 0.67 | 0.66 | 0.72 | 0.70 | 0.86 | 0.93 | 1.23 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 3,192 | 10,139 | 8,813 | 8,395 | 8,351 |
Cash and equivalents (USD Mn) | 402.6 | 561.6 | 456.9 | 329.2 | 360.4 |
Short-term debt incl. current portion (USD Mn) | 0 | 152.0 | 0 | 0 | 0 |
Long-term debt (USD Mn) | 937.0 | 5,633.0 | 4,577.0 | 3,981.0 | 3,697.6 |
Total debt (USD Mn) | 937.0 | 5,785.0 | 4,577.0 | 3,981.0 | 3,697.6 |
Net debt (USD Mn) | 534.4 | 5,223.4 | 4,120.1 | 3,651.8 | 3,337.2 |
Shareholders' equity (USD Mn) | 1,714 | 3,218 | 3,409 | 3,692 | 3,953 |
Goodwill (USD Mn) | 793.7 | 4,408 | 3,946 | 3,944 | 3,946.7 |
Other intangibles (USD Mn) | 335.1 | 1,842 | 1,282 | 1,092 | 906.9 |
Working capital (USD Mn) | 934.4 | 1,573 | 1,463 | 1,091 | 1,150 |
Cash Flow and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 400.5 | 363.1 | 644.5 | 631.7 | 695.4 |
Capital expenditure (USD Mn) | 210.6 | 466.2 | 456.8 | 315.6 | 299.2 |
Free cash flow, OCF minus capex (USD Mn) | 189.8 | -103.1 | 187.7 | 316.1 | 396.2 |
FCF margin (%) | 8.3 | -3.1 | 5.3 | 9.8 | 12.4 |
Dividends paid (USD Mn) | 43.6 | 57.3 | 60.2 | 60.6 | 60.8 |
Share repurchases incl. net-share-settlement taxes (USD Mn) | 83.2 | 22.8 | 12.1 | 16.9 | 10.8 |
Net debt repaid (issued) (USD Mn) | 150 | -4,931 | 1,256 | 624 | 300 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on year-end equity (%) | 23.9 | 6.5 | 5.3 | 7.9 | 6.0 |
ROA on year-end assets (%) | 12.8 | 2.1 | 2.1 | 3.5 | 2.8 |
Current ratio (x) | 3.46 | 3.06 | 3.85 | 3.08 | 3.35 |
Debt to equity (x) | 0.55 | 1.80 | 1.34 | 1.08 | 0.94 |
Net debt to EBITDA, GAAP basis (x) | 0.77 | 6.88 | 4.65 | 4.00 | 3.95 |
Asset turnover (x) | 0.72 | 0.32 | 0.40 | 0.39 | 0.38 |
Returns & Leverage Ratios (%) and Financial Ratios (x) (FY2023–FY2025)
| Ratio | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
ROIC, after-tax operating income over invested capital (%) | 6.6 | 6.6 | 5.8 |
Interest coverage, operating income over net interest (x) | 1.7 | 2.6 | 2.4 |
Adjusted EBITDA over net interest (x) | 3.1 | 4.5 | 4.6 |
Company-reported net leverage, net debt over adjusted EBITDA (x) | 4.4 | 3.9 | 3.8 |
Days sales outstanding | 47 | 56 | 52 |
Days inventory outstanding | 109 | 133 | 132 |
Days payables outstanding | 24 | 40 | 35 |
Cash conversion cycle (days) | 132 | 148 | 149 |
Geographic Revenue
| Region | FY2024 | FY2025 |
|---|---|---|
Taiwan | 20 | 23 |
China | 21 | 21 |
North America | 21 | 18 |
South Korea | 13 | 13 |
Japan | 10 | 10 |
Southeast Asia | 7 | 8 |
Europe | 8 | 7 |
Region Overview
| Region | FY2025 |
|---|---|
Taiwan | 11 |
Southeast Asia | 10 |
Japan | 3 |
South Korea | 2 |
China | -2 |
Europe | -13 |
North America (derived) | -15 |
Region Overview — Taiwan
| Region | MS | APS | Total |
|---|---|---|---|
Taiwan | 132.6 | 218.3 | 350.9 |
China | 142.9 | 175.5 | 318.4 |
North America | 135.8 | 161.6 | 292.9 |
South Korea | 102.0 | 108.1 | 210.1 |
Southeast Asia | — | — | 121.3 |
“—” = not publicly disclosed.
Share Price
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Year-end share price, approx. (USD) | 138.6 | 65.6 | 119.8 | 99.1 | 84.0 |
Valuation Snapshot
| Multiple | Value |
|---|---|
Enterprise value | ~$27.3 billion (market cap $24.4 billion plus ~$2.9 billion net debt) |
P/E, trailing GAAP EPS of $2.56 | ~62x |
P/E, trailing non-GAAP EPS of $3.72 | ~43x |
P/E, implied FY2026 non-GAAP EPS of ~$4.39 | ~36x |
EV / trailing adjusted EBITDA ($1,008 million) | ~27x |
EV / trailing sales ($3,525 million) | ~7.7x |
Price / book value ($4,333 million) | ~5.6x |
Dividend yield | ~0.25% |
Firm Details
| Firm | Rating | Price target (USD) | Date |
|---|---|---|---|
UBS | Buy | 215 | Aug 2026 |
Stifel | Buy (initiated) | 200 | Oct 8, 2026 |
Deutsche Bank | Buy (upgraded from Hold) | 200 | Aug 12, 2026 |
Truist | Buy | 190 | Oct 2026 |
Mizuho | Buy | 185 | Aug 2026 |
Oppenheimer | Buy (upgraded) | 180 | Aug 2026 |
Needham | Buy | 170 | Aug 2026 |
Citi | Buy | 170 | May 2026 |
BMO Capital | Buy | 167 | Oct 2026 |
Goldman Sachs | Sell | 120 | Aug 2026 |
Per-Share Data and Dividends & Capital Returns
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (USD) | 0.34 | 0.40 | 0.40 | 0.40 | 0.40 |
Dividends paid (USD Mn) | 43.6 | 57.3 | 60.2 | 60.6 | 60.8 |
Capital Instruments
| Instrument | Coupon (%) | Maturity | Face value (USD Mn) | Ranking |
|---|---|---|---|---|
Senior unsecured notes | 4.375 | 2028 | 400 | Senior unsecured |
Senior secured notes | 4.75 | 2029 | 1,600 | Senior secured |
Senior unsecured notes | 3.625 | 2029 | 400 | Senior unsecured |
Senior unsecured notes | 5.95 | 2030 | 895 | Senior unsecured |
Term loan B | Floating | 2029 | 0 | Fully repaid Q3 2026 |
Maturity year | FY2028 | FY2029 | FY2030 | — |
Notes maturing (USD Mn) | 400 | 2000 | 895 | — |
Analyst Conclusions
Management guidance
For Q4 2026, Entegris expects net sales of $1,025–1,055 million, GAAP diluted EPS of $1.09–1.17, non-GAAP EPS of $1.32–1.40 and an adjusted EBITDA margin of 30.7–31.2%, implying FY2026 revenue of about $3.74 billion (+17%) and non-GAAP EPS of about $4.39 (+60%). Q1 2027 revenue is expected to dip mid-single digits sequentially but remain more than 20% above Q1 2026. Year-end 2026 net leverage is expected below 3x. Sell-side analysts, before the Q3 report, expected revenue growth of about 12.5% over the following twelve months; the Q4 guide came in about 8% above consensus, so estimates are likely to rise.
Bull case
| # | Argument | Grounding |
|---|---|---|
| 1 | Operating leverage is structural | Adjusted gross margin rose from 44.0% (Q4 2025) to 48.9% (Q3 2026) with no material pricing contribution; depreciation is lower and dilutive plants are being closed |
| 2 | Multi-year upcycle in both units and capex | Unit revenue growth accelerated from ~6% to ~20% during 2026; capex-related growth exceeded 35%; 20-plus leading-edge expansions tracked into 2027 |
| 3 | Deleveraging drives equity value | ~$740 million of debt repaid since end-2024; leverage below 3x; falling interest expense and possible ratings upgrades add EPS and lower risk |
1: Argument: Operating leverage is structural; Grounding: Adjusted gross margin rose from 44.0% (Q4 2025) to 48.9% (Q3 2026) with no material pricing contribution; depreciation is lower and dilutive plants are being closed
2: Argument: Multi-year upcycle in both units and capex; Grounding: Unit revenue growth accelerated from ~6% to ~20% during 2026; capex-related growth exceeded 35%; 20-plus leading-edge expansions tracked into 2027
3: Argument: Deleveraging drives equity value; Grounding: ~$740 million of debt repaid since end-2024; leverage below 3x; falling interest expense and possible ratings upgrades add EPS and lower risk
Bear case
| # | Argument | Grounding |
|---|---|---|
| 1 | Valuation discounts a perfect cycle | ~43x trailing non-GAAP EPS and ~27x EV/EBITDA; shares fell more than 10% in a single day in October 2026 on sector sentiment alone |
| 2 | Concentration and geopolitics | TSMC 16% of sales, top ten customers 50%, Taiwan 23% and China 21% of revenue amid export controls and cross-strait risk |
| 3 | Leadership and execution risk | New CEO, CFO, MS head and Chair within twelve months; MS margins flat and below MSI growth; Colorado ramp not until 2027 |
1: Argument: Valuation discounts a perfect cycle; Grounding: ~43x trailing non-GAAP EPS and ~27x EV/EBITDA; shares fell more than 10% in a single day in October 2026 on sector sentiment alone
2: Argument: Concentration and geopolitics; Grounding: TSMC 16% of sales, top ten customers 50%, Taiwan 23% and China 21% of revenue amid export controls and cross-strait risk
3: Argument: Leadership and execution risk; Grounding: New CEO, CFO, MS head and Chair within twelve months; MS margins flat and below MSI growth; Colorado ramp not until 2027
Key catalysts and monitorables (next 12 months)
| Catalyst / monitorable | Timing | What to watch |
|---|---|---|
| Capital Markets Day | Nov 9, 2026 | Long-term revenue growth, margin and leverage targets; capital-allocation policy including any buyback |
| Q4 2026 results | Early February 2027 | Delivery on the $1,025–1,055 million guide; year-end leverage below 3x |
| FY2027 outlook | February 2027 | Growth versus MSI and WFE; capex level |
| MS margin recovery | Through 2027 | Raw-material cost pass-through, CMP and deposition mix |
| Colorado Springs ramp | 2,027 | Qualification completion and CHIPS milestone receipts |
| KSP profitability | Year-end 2026 | Breakeven as guided |
| Refinancing of 2029 notes | 2027–2028 | Terms and rating actions |
| Export-control and tariff policy | Ongoing | China revenue trend and localization |
| Molybdenum and EUV MOR adoption | 2026–2027 | New PORs and revenue disclosures |
Capital Markets Day: Timing: Nov 9, 2026; What to watch: Long-term revenue growth, margin and leverage targets; capital-allocation policy including any buyback
Q4 2026 results: Timing: Early February 2027; What to watch: Delivery on the $1,025–1,055 million guide; year-end leverage below 3x
FY2027 outlook: Timing: February 2027; What to watch: Growth versus MSI and WFE; capex level
MS margin recovery: Timing: Through 2027; What to watch: Raw-material cost pass-through, CMP and deposition mix
Colorado Springs ramp: Timing: 2027; What to watch: Qualification completion and CHIPS milestone receipts
KSP profitability: Timing: Year-end 2026; What to watch: Breakeven as guided
Refinancing of 2029 notes: Timing: 2027–2028; What to watch: Terms and rating actions
Export-control and tariff policy: Timing: Ongoing; What to watch: China revenue trend and localization
Molybdenum and EUV MOR adoption: Timing: 2026–2027; What to watch: New PORs and revenue disclosures
Analyst verdict
Entegris enters late 2026 transformed from the company that disappointed investors through 2025. The strategic logic that justified the CMC Materials acquisition — a single supplier able to co-optimize materials and purity across deposition, CMP and clean — is now showing up in the numbers: record revenue of just over $1 billion in Q3 2026, an adjusted EBITDA margin above 30%, record free cash flow and the full repayment of the term loan. Crucially, the improvement is not price-driven; it reflects volume at leading-edge nodes, the end of a four-year capex cycle, rationalization of subscale plants and an accounting change in depreciation that, combined, reset the margin structure upward.
The balance sheet, the single largest reason the shares de-rated after 2022, is no longer an existential constraint. Net leverage below 3x, rising EBITDA and $2.0 billion of 2029 maturities that now look refinanceable give management room to consider broader capital returns or selective M&A, which the Capital Markets Day may address.
The risks are real and largely priced as if they will not bite. The company remains heavily exposed to a few customers and to Taiwan and China, MS profitability lags APS, the leadership team is newly assembled, and the semiconductor industry's history suggests that an upcycle typically lasts eight to ten quarters — Entegris is perhaps three quarters into this one. At roughly 36 times implied 2026 non-GAAP earnings, the shares already embed a strong 2027.
On balance, Entegris is a high-quality, strategically well-positioned materials franchise whose earnings power is finally becoming visible, and the deleveraging trajectory reduces downside in a cycle turn. The investment case now rests less on survival of the CMC thesis than on duration of the AI-driven node and fab-construction cycle and on the new management team's ability to lift MS margins toward APS levels. For long-term holders, the fundamental direction is favorable; for new capital, entry discipline matters, and the November 9 targets, Q4 delivery and the 2027 outlook are the decisive checkpoints.
Sources
Entegris Form 10-K for FY2025 (filed February 11, 2026); Entegris 2026 Definitive Proxy Statement (March 23, 2026); Entegris Form 8-K exhibits for Q3 2026 (October 29, 2026), Q2 2026 (August 2026), Q1 2026 (April 30, 2026), Q4 2025 (February 10, 2026), Q3 2025, Q2 2025, Q4 2024, Q1–Q4 2022; Entegris Form 8-K on board changes (July 29, 2026) and CFO appointment (April 30, 2026); Entegris 2024 Annual Report to Shareholders; Entegris 10-Q filings for Q2 and Q3 2026; Entegris/JSR press release (May 26, 2026); Qnity Electronics FY2025 results and 10-K; Merck KGaA 2025 Annual Report (Electronics); earnings-call coverage from Nasdaq, GuruFocus, MarketBeat, The Motley Fool and TradingKey; StockAnalysis.com historical financial data; StockStory; Google Finance analyst data; Moody's research summaries.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Tenure in role | Background | Education | Age |
|---|---|---|---|---|---|
David (Dave) Reeder | President & CEO; director | CEO since Aug 18, 2025; director since Mar 2024 | CFO of Chewy; CFO of GlobalFoundries (2020–24, led 2021 IPO); CEO of Tower Hill Insurance Group (2017–20); President, CEO and CFO of Lexmark (2015–17); CFO of Electronics for Imaging; roles at Cisco, Broadcom, Texas Instruments | B.S., University of Arkansas; MBA, Southern Methodist University | 51 |
Sukhi Nagesh | SVP & Chief Financial Officer | Since May 18, 2026 | Head of Corporate Development and M&A at Nielsen; VP Corporate Development, Strategy and IR at GlobalFoundries; finance, IR and corp dev at Marvell; engineering roles at Applied Materials, Brooks Automation, Asyst | — | 55 |
Michael (Mike) Sauer | VP, Chief Accounting Officer | CAO; interim CFO Mar 1–May 18, 2026 | Corporate accounting leadership at Entegris | — | — |
Olivier Blachier | SVP & President, Materials Solutions | MS President since Jun 1, 2026; previously SVP, Chief Strategy & Innovation Officer | Strategy and innovation leadership | — | — |
Clinton Haris | SVP & President, Advanced Purity Solutions | APS division head | Operating leadership in APS | — | — |
Joseph (Joe) Colella | SVP, General Counsel, Chief Compliance Officer & Secretary | Long-serving GC | Legal leadership | — | — |
Susan Rice | SVP, Global Human Resources & Corporate Communications | Long-serving HR head | HR leadership | — | — |
Jeffrey Schnell | VP, Investor Relations | IR lead | Investor relations | — | — |
“—” = not publicly disclosed.
Directors' Remuneration
| Executive | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|---|
David Reeder (CEO from Aug 18, 2025) | 432,404 | 205,000 | 7,232,007 | 3,329,868 | 308,515 | 94 | 11,507,888 |
Bertrand Loy (CEO to Aug 2025, then Executive Chair) | 950,349 | 0 | 8,901,384 | 3,494,913 | 840,208 | 137,827 | 14,324,681 |
Linda LaGorga (then CFO) | 584,615 | 0 | 1,757,224 | 689,943 | 284,970 | 57,240 | 3,373,992 |
Susan Rice (SVP HR) | 510,962 | 0 | 1,260,618 | 494,859 | 248,745 | 51,648 | 2,566,832 |
Joseph Colella (SVP GC) | 520,962 | 0 | 1,222,417 | 479,986 | 253,575 | 51,118 | 2,528,058 |
Board of Directors
| Director | Role | Independent | Director since | Age (Mar 2026) | Principal occupation | Committees | Education |
|---|---|---|---|---|---|---|---|
James F. Gentilcore | Chair (from Jul 31, 2026); formerly Lead Independent Director | Yes | 2013 | 73 | Retired Chairman & CEO, PQ Corporation; former CEO of Edwards Group, Helix Technology; COO of Brooks Automation and Advanced Energy | Audit & Finance; Compensation; EHS&S | B.Sc., Drexel; MBA, Lehigh |
David Reeder | President & CEO | No | 2024 | 51 | CEO, Entegris | — | B.S., Arkansas; MBA, SMU |
Rodney Clark | Director | Yes | 2021 | 56 | Retired SVP Partnerships and SMB, Cisco; former CCO Johnson Controls; 20+ years Microsoft | EHS&S (Chair); Governance & Nominating | B.S., California State University, Fresno |
Yvette Kanouff | Director | Yes | 2021 | 60 | Partner, JC2 Ventures; former SVP/GM at Cisco | Compensation (Chair); Audit & Finance | B.S., M.S., University of Central Florida |
James P. Lederer | Director | Yes | 2015 | 65 | Retired EVP, Qualcomm Technologies (CFO/COO of QCT) | Governance & Nominating; Compensation | B.S., MBA, SUNY Buffalo |
Mary Puma | Director | Yes | 2024 | 68 | Retired President & CEO, Axcelis Technologies (2002–23); former SEMI chair | Audit & Finance (Chair); Compensation | B.A., Tufts; M.S., MIT Sloan |
Dr. Azita Saleki-Gerhardt | Director | Yes | 2017 | 62 | EVP, Chief Operations Officer, AbbVie | Governance & Nominating (Chair); EHS&S | B.S., M.S., Ph.D., University of Wisconsin–Madison |
Robert A. Bruggeworth | Director | Yes | 2026 (Aug 3) | — | President & CEO, Qorvo; Chairman, MSA Safety; SIA board | Assignments not publicly disclosed | — |
“—” = not publicly disclosed.
Board & Management Changes
| Date | Change |
|---|---|
May 2025 | Board names David Reeder as next CEO and separates Chair/CEO roles |
Aug 18, 2025 | Reeder becomes CEO; Loy becomes Executive Chair through July 31, 2026 |
Feb 28, 2026 | CFO Linda LaGorga departs by mutual agreement; Michael Sauer interim CFO |
May 15, 2026 | Bertrand Loy joins Ashland's board while still Entegris Executive Chair |
May 18, 2026 | Sukhi Nagesh becomes CFO; Reeder and Nagesh previously worked together at GlobalFoundries |
Jun 1, 2026 | Daniel Woodland retires as MS President; Olivier Blachier succeeds |
Jul 31, 2026 | Loy retires from the company and board; Gentilcore becomes Chair |
Aug 3, 2026 | Robert Bruggeworth joins the board |
Major Shareholders
| Holder | Shares | % of class |
|---|---|---|
BlackRock, Inc. | 17,636,152 | 11.6 |
T. Rowe Price Associates, Inc. | 15,243,899 | 10.0 |
The Vanguard Group | 15,138,668 | 9.9 |
All directors and executive officers as a group (15 persons) | 807,514 | 0.5 |
Competitive Landscape
Key Competitors
| Competitor | Segment overlap | Positioning relative to Entegris |
|---|---|---|
Pall Corporation (Danaher) | APS — liquid and gas filtration | Principal global filtration rival; broad membrane science, strong in fabs and chemical makers |
Shin-Etsu Polymer | APS — wafer carriers | Major Japanese supplier of FOUPs and shipping boxes |
Gudeng Precision Industrial | APS — EUV reticle pods, FOUPs | Taiwanese challenger in EUV pods, close to TSMC |
Cobetter Filtration | APS — liquid filtration | Chinese filtration supplier benefiting from localization |
Aicello Corporation | APS — packaging and carriers | Japanese specialty packaging |
EMD Electronics (Merck KGaA) | MS — deposition materials, specialty gases, CMP slurries (ex-Versum) | Broad electronic-materials portfolio; won Versum in 2019 |
Qnity Electronics (DuPont spin-off, Nov 2025) | MS — CMP pads and slurries, cleans | Leader in CMP pads; strongest direct competitor to the CMC franchise |
Air Liquide (Electronics Advanced Materials) | MS — deposition precursors, specialty gases | Large precursor and gas portfolio |
Linde plc | MS — specialty and implant gases | Electronic gases scale |
Anji Microelectronics | MS — CMP slurries | Chinese CMP slurry leader gaining domestic share |
Mersen | MS — graphite and specialty materials | Competes with POCO graphite in AMM |
Peer Comparison FY2025
| Company | Revenue (FY2025) | Revenue growth (%) | EBITDA margin (%) |
|---|---|---|---|
Entegris (total) | USD 3,196.6 M | -1.4 | 27.7 (adjusted) |
Qnity Electronics (total) | USD 4,754 M | 9.7 | 29.5 (adjusted pro forma) |
Qnity Semiconductor Technologies segment | USD 2,642 M | 7.8 | ~35 (adjusted) |
Merck KGaA Electronics sector | EUR 3,515 M | -7.1 | 23.7 (EBITDA pre) |
Competitive Advantages & Vulnerabilities
| Advantage | Evidence |
|---|---|
Breadth across materials and purity | Only supplier offering precursors, slurries, pads, cleans, filters, packaging and carriers for the same module |
Process-of-record lock-in | Qualification-driven switching costs; PORs at 2 nm and new memory nodes |
Leading-edge exposure | TSMC is 16% of sales; filtration in 2 nm production |
Scale in filtration and FOUPs | Self-described market leader in 300 mm FOUPs |
Regional manufacturing | New plants in Taiwan and Colorado; 85% of China revenue qualified from Asian supply |
IP estate | ~4,400 patents and ~2,400 applications |
Competitive Advantages & Vulnerabilities by Vulnerability
| Vulnerability | Evidence |
|---|---|
Leverage | ~$3.3 billion of debt; interest ~ $180 million a year |
Customer concentration | Top ten customers 50% of 2025 sales |
China localization | China 21% of sales; domestic Chinese competitors (Cobetter, Anji) favored by local customers |
MS margin pressure | MS adjusted margin ~20–22% versus APS above 30%; raw-material cost increases in 2026 |
Execution on new plants | KSP and Colorado dilutive in 2026 |
