Research · Sep 3, 2026
[ENTG] Entegris Thesis 2026: Two-Nanometer Process Materials Position for Leading-Edge Cycle
Entegris Inc. FY25 revenue $3.20B (-1%); op income $460M (-14%); NI $236M (-20%); EPS $1.55. Materials Solutions Q4 sales $362M flat YoY (+4% QoQ); adj op margin 20.9%; sequential growth driven by advanced deposition materials for NAND. Advanced Purity Solutions Q4 sales $465M (-5% YoY / +1% QoQ); adj op margin 24.8%. FY25 unit-driven revenue +2%; CapEx-driven revenue -7%. Industry backdrop more constructive for FY26: 2nm logic devices + NAND layer transitions + DRAM/HPM rollouts; AI driving advanced nodes. Manufacturing footprint rationalization + Taiwan + Colorado facilities ramping + local China manufacturing. FY26 Q1 guide: sales $785-$825M (4% YoY midpoint); GM 44.5-45.5%; non-GAAP EPS $0.70-$0.78. FY26 framework: net leverage <3.5x; capex $250M; non-GAAP tax 15%; net interest $190M.