Entegris Inc
- Industry
- Electronic Materials
- Exchange
- US
- Country
- USA
- IPO date
- Jul 11, 2000
- Employees
- 7,700
- Website
- www.entegris.com
Composite valuation range · conservative $85–$110 / fair $115–$145 / optimistic $165–$205. At $126.37, Within the fair intrinsic-value range.
At publication $139.88 (Jun 5, 2026)
Data from EODHD, shown in the reporting currency; for reference only, not investment advice.
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.
History
Entegris was founded in 1966 and is headquartered in Billerica, Massachusetts; it went public on 2000-07-11 and today employs about 7,700 people. Its current form was created by a 2005 merger of two lines: Mykrolis (spun out of Millipore's microelectronics business, focused on liquid and gas filtration and purification) and the older Entegris (focused on wafer and substrate handling and storage carriers such as FOUPs). The company's history divides into three phases by business substance. In the organic-expansion phase (2005-2018), it grew its filtration and materials-handling lines, with revenue rising from about $1.175 billion in 2016 to $1.55 billion in 2018 at 43-46% gross margin. In the acquisition-driven phase (2019-2022), it lost a 2019 bid for Versum (acquired by Merck KGaA for about $6 billion) and instead announced on 2021-12-15 and completed on 2022-07-06 the acquisition of CMC Materials for about $6.5 billion in enterprise value (per share: $133 cash plus 0.4506 Entegris shares, about a 35% premium; after closing, former Entegris holders owned about 91% and CMC holders about 9%), adding CMP slurries, pads and electronic chemicals; this lifted revenue from about $2.3 billion in 2021 to $3.28 billion in 2022 and $3.52 billion in 2023 and raised unit-driven revenue share from roughly 70% toward 80%, funded with substantial debt including $1.6 billion of 4.75% secured notes plus term loans. In the deleveraging phase (2023 onward), the company divested non-core assets: in 2023 it sold QED, its electronic chemicals business (to Quaker Houghton) and a business to Element Solutions for about $1.1 billion combined and repaid $1.3 billion of debt that year, and in March 2024 it sold the Pipeline and Industrial Materials (PIM) business to SCF Partners for up to $285 million. In the fourth quarter of 2024 it combined the former Microcontamination Control and Advanced Materials Handling segments into Advanced Purity Solutions (APS), leaving two reporting segments, Materials Solutions (MS) and APS. Leadership turned over in 2025-2026: CEO Bertrand Loy retired on 2025-08-18 after 13 years and was succeeded by David Reeder (a former GlobalFoundries CFO, Lexmark CEO and Chewy CFO); CFO Linda LaGorga departed on 2026-02-28, Controller Mike Sauer served as interim, and Sukhi Nagesh became CFO on 2026-05-18.
Industry position
Entegris is a full-stack leader in semiconductor purity and materials, spanning filtration, CMP, specialty materials, gases and wafer carriers, and serves logic and memory device makers such as TSMC, Samsung, Intel and Micron. It operates in the semiconductor materials market, which is distinct from the wafer-fab equipment market; per SEMI, 2025 global semiconductor materials revenue was about $73.2 billion, up 6.8% (wafer-fabrication materials $45.8 billion and packaging materials $27.4 billion). Its position rests on several structural sources of stickiness documented in its FY2025 10-K. Its products are specified into customers' manufacturing processes and customized to each customer's unique process conditions, so switching is costly, time-consuming and can jeopardize yield. No single product platform exceeds 3% of net sales, removing single-point dependence, and it can supply an end-to-end CMP set of slurry, pad, post-clean and conditioner. Its field application engineers participate directly in customer qualification, and it leads in advanced-node plan-of-record wins: its CMP slurry won twice as many PORs at the N2 node as at N5, and its molybdenum deposition material for 3D NAND has secured the PORs of all major manufacturers. The relevant sub-segments are highly concentrated: the top eight CMP slurry suppliers hold about 77% share, DuPont-system pads over 50%, and the top five pad conditioners about 90%. The offsetting factor is rising customer concentration: the only customer above 10% of FY2025 revenue is TSMC at 16%, and the top ten customers rose from 43% of revenue in FY2023 to 48% in FY2024 and 50% in FY2025. Its closest semiconductor-materials peers include MKS Inc. (MKSI), Qnity Electronics (spun off from DuPont on 2025-11-01, carrying the former DuPont semiconductor technologies and interconnect businesses including CMP slurries and pads), the industrial-gas majors Air Liquide and Linde, the CMP-slurry specialist Fujimi (5384.TSE) and the industrial-filtration company Donaldson (DCI). China rose to about 21% of revenue in FY2024-2025, level with Taiwan among its largest markets; the company is the first semiconductor-materials supplier to finalize CHIPS Act incentive terms, receiving up to $77 million in direct funding for a new Colorado Springs plant making liquid filtration products and FOUPs.