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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.