ENTG

ENTEGRIS INC

NASDAQ · MATERIALS · PLASTICS PRODUCTS, NEC

147.69

+4.79 +3.35%

USD · close Oct 21

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order

WATCH · shorts 51

Insiders, 90 days

no open-market filings in 90 days

Congress, 90 days

1 / 1

buys / sells · latest disclosed Sep 9

Big money

1 / 15

tracked funds hold it

Calls on record

nobody we score has called it yet

MKT CAP $22.6BP/E 73.8DIV YIELD 0.27%FCF YIELD 2.55%REV TTM $3.3B +3.2%NET INCOME $305.5M +3.4%NET DEBT $3.1B52W 68.80 – 184.00SEC XBRL · TTM TO Invalid Date

How ENTG rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

Text kept

30%

of sentences unchanged

Added

288

new sentences

Dropped

274

sentences removed

Length

+15

words, now 18,374

New in FY2025

Our customers require key materials suppliers to demonstrate greater capabilities and resiliency, including sustainability, scalability, flexible manufacturing, quality control, supply chain management and effective collaboration on solutions.
In response to these expectations, we leverage our manufacturing, operational and technical capabilities, along with our broad technology portfolio, to become an increasingly important and strategic trusted partner.
We have established tech centers and manufacturing capabilities in strategic locations to better collaborate with and serve our customers.
As we achieve greater scale, for example through the acquisition of CMC Materials, we will be able to better serve our customers, invest more in engineering, research and development (“ER&D”) and bring complementary, co-optimized solutions to market faster.
Our semiconductor customer base has increasingly consolidated through mergers and acquisitions, making the maintenance and development of strong and close customer relationships even more essential.
We also seek to broaden our customer base by leveraging our core capabilities, technologies and expertise to address adjacent market opportunities.
OUR COMPETITIVE STRENGTHS AND BUSINESS STRATEGY We believe our platform is well-positioned for several reasons. • In 2025, our revenue was predominantly unit-driven or recurring from products consumed during semiconductor manufacturing.
Our revenue is therefore more impacted by global semiconductor demand and GDP growth than by semiconductor capital equipment sales, which have historically been more cyclical. • Our solutions are increasingly specified into our customers’ manufacturing processes and tailored to their unique process conditions and technical roadmaps.
We collaborate closely with our customers to create complementary solutions across platforms and modules, optimizing value and accelerating time to yield.
Switching away from our products may be costly and time-consuming for our customers and may introduce risk to their manufacturing yields. • Our broad product portfolio is not overly concentrated on any single product or product platform.
In 2025, no single product platform represented more than 3% of our net sales. • Our customer base is broad and diverse, with customers spanning the semiconductor ecosystem, including chemical companies, equipment manufacturers and semiconductor fabs. • We have streamlined our platform to focus on core businesses that we believe have the greatest strategic value in supporting our customers and their technology roadmaps.
During 2023 and 2024, we completed the divestitures of QED, our EC business and our PIM business and terminated the Alliance Agreement with MacDermid Enthone. • We intend to continue paying down debt while investing in research and development and advanced manufacturing capabilities to maintain and expand our technology leadership and drive organic growth.
We believe the strong relationships we have with our customers, including leading logic and memory semiconductor manufacturers, original equipment manufacturers (“OEMs”) and semiconductor materials suppliers, are critical to our long-term success.
We have built strong relationships with our customers through our global presence, which allows us to engage with our customers where they operate.
For example, we invested in our KSP manufacturing facility in Taiwan and a new research center in South Korea to collaborate locally on solutions for our customers’ yield, reliability and performance challenges.
We actively engage with our key customers to design technology roadmaps tailored to their strategic plans.
Our customer relationships provide us with collaboration opportunities at early product design stages—in certain cases years ahead of commercialization—which enable us to introduce new products and applications that serve their needs.
We intend to continue to strengthen these relationships, including through collaborations and joint development activities.
We understand the significant challenges our customers face as they introduce new materials into advanced semiconductor manufacturing processes.
New materials must outperform incumbents and deliver equivalent or higher yields without causing integration issues with other process steps.
For example, introducing a new material at the deposition stage impacts CMP, post-CMP cleans, etch and post-etch residue cleans, and filter selection across multiple process stages.
We believe our ability to both manufacture new materials and support customers in evaluating how those materials interact with other manufacturing stages is a key value proposition.
We leverage our understanding of upstream and downstream interactions between unit process steps to tailor product offerings that lower integration risks.
We believe this approach accelerates new material introduction by reducing development cycles and improving time to market and yield for our customers.
Our customers require advanced, customized, reliable and cost-effective products and materials, along with technological and application expertise to enhance their productivity, quality and yield as they advance to next generation technology nodes.
We believe our comprehensive offering provides us with a competitive advantage, enabling us to meet a broad range of customer needs and to serve customers across the semiconductor manufacturing ecosystem.
We invested approximately $329.0 million, $316.1 million and $277.3 million on such activities in 2025, 2024 and 2023, respectively, representing 10.3%, 9.8% and 7.9% of our net sales, in 2025, 2024 and 2023, respectively.
Recent product introductions include liquid filtration and purification products currently being utilized in 2 nanometer node production, advanced deposition materials for next generation transistor and interconnect technologies, polishing slurry and pad solutions with post-cleaning formulations for advanced memory applications, selective etching formulations for advanced device applications, advanced reticle pods for EUV photolithography applications, advanced 300 millimeter wafer carriers and advanced coatings meeting rigorous defectivity specifications for advanced technology node manufacturing.
We maintain a global infrastructure of design, manufacturing, logistics, distribution, service and technical support facilities to meet the needs of our global customers.
We further enhanced this footprint with our KSP facility in Taiwan, our new Colorado Springs manufacturing facility, and a new tech center in South Korea.
We have also expanded capacity at existing facilities, including liquid filtration in Billerica, Massachusetts and Yonezawa, Japan, deposition materials in Toronto, Ontario, materials handling in Chaska, Minnesota and JangAn, Korea, CMP filter and CMP slurries in Taiwan, SiC slurries in Aurora, Illinois and solid precursors in Burnet, Texas.
Our strategy is to continue to develop our supply chain and manufacturing capabilities into a competitive advantage through operational excellence, ensuring employee safety and product quality.
We intend to continue investing in the following priorities: • Manufacturing equipment and facilities with leading-edge process technology, including advanced cleanroom and cleaning procedures; • Automated manufacturing, statistical process controls and quality and supply chain management systems; and • A skilled, agile organization capable of rapid design, prototyping and high volume manufacturing ramp while promptly responding to customer requirements.
We leverage expertise across our segments and broad portfolio of advanced materials, materials handling and purification capabilities to create innovative, new and co-optimized solutions addressing unmet customer needs.
For example, certain of our formulated cleaning chemistry products are developed by our MS segment with collaboration from our filtration expertise in our APS segment, packaged with our ultra-clean container and connector system, and delivered to the process tools through fluid handling systems each from our APS segment.
In the process tools, these cleaning chemistry products, may be purified through systems produced by our APS segment.
Our advanced deposition materials business similarly requires cross-segment capabilities, including synthesis of unique molecules, purification of these materials and safe transport and delivery onto the wafer, free from contaminants, at a high throughput.
As the semiconductor industry adopts new interconnect metals like molybdenum, our portfolio of deposition precursors, CMP slurries and pads, post-CMP cleans and selective etch formulations, combined with our filtration, sensing and delivery products, enables us to create complementary solutions that enhance device performance and optimize time to yield.
We have completed the integration of CMC Materials, which broadened our product and technology capabilities and increased our scale, and we streamlined our portfolio through the divestitures of QED, our EC business and our PIM business and the termination of the Alliance Agreement with MacDermid Enthone.
We expect to continue pursuing strategic acquisitions and partnerships to address product offering gaps, secure new customers, diversify into complementary markets, broaden our technological capabilities, access regional markets and achieve scale benefits.

and 248 more.

Gone since FY2024

Our customers require that their key materials suppliers demonstrate greater capabilities and resiliency in their processes, including sustainability, scalability, flexible manufacturing, quality control, supply chain management and the ability to effectively collaborate on solutions to problems.
In response to these customer expectations, we seek to leverage our manufacturing, operational and technical capabilities, along with our broad technology portfolio, to become an increasingly important and strategic trusted partner to our customers.
We have established tech centers and manufacturing capabilities in strategic locations to enable us to better collaborate with and serve our customers.
Furthermore, as we continue to achieve greater scale, for example, through the acquisition of CMC Materials, we believe we will better serve our customers, be able to invest more in engineering, research and development (“ER&D”) and bring complementary, co-optimized solutions to market faster than ever before.
Our customer base within the semiconductor industry has consolidated in recent years through mergers and acquisitions.
As a result, the importance of maintaining and developing strong and close relationships with our customers becomes even more essential.
In addition, we seek to further broaden our customer base by leveraging our core capabilities, technologies, and expertise in serving semiconductor applications to address adjacent market opportunities, including in hydrogen purification, clean energy, batteries, light emitting diodes (“LEDs”), optical space systems and products for life sciences applications.
OUR COMPETITIVE STRENGTHS AND BUSINESS STRATEGY We believe that our platform is well-positioned and sets us apart from our competitors for several reasons. • In 2024, our revenue was predominantly unit driven or recurring in nature, from products repeatedly consumed as a result of the semiconductor manufacturing process.
As a result, our revenue is generally more impacted by overall global semiconductor demand and global GDP growth, rather than the sales of semiconductor capital equipment, which has historically been more cyclical. • Our solutions are increasingly specified into our customers’ manufacturing processes and tailored to meet our customers’ unique process conditions and technical roadmaps.
We collaborate closely with our customers to create complementary solutions across platforms and modules allowing them to optimize value and accelerate time to yield.
Therefore, switching away from our products may be costly and time-consuming for our customers and may introduce risk to their manufacturing yields. • We have a broad product portfolio that is not overly concentrated on any single product or product platform.
As of December 31, 2024, we offered over 21,000 standard and customized products, and in 2024 no single product platform represented more than 3% of our net sales. • We have a broad and diverse customer base.
As of December 31, 2024, our top ten customers make up 48% of our sales.
Our customers include a cross-section of the semiconductor ecosystem, from chemical companies and equipment manufacturers to semiconductor fabs. • We have streamlined our platform to focus on the core areas of our businesses that we believe have the greatest strategic value in supporting our customers and their technology roadmaps.
To that end, as further described above, during 2023 and 2024, we completed the divestitures of QED, our EC business and our PIM business and terminated the Alliance Agreement with MacDermid Enthone. • We intend to continue to further pay down our debt, while also investing in research and development and the advanced manufacturing capabilities necessary to maintain and expand our technology leadership and to drive organic growth.
We believe the strong relationships we have with our customers, which include leading logic and memory semiconductor manufacturers, original equipment manufacturers (“OEMs”) and semiconductor materials suppliers, are critical to our long-term success.
We have built strong relationships with our customers through our expansive global presence, which allows us to engage with our customers where they operate.
For example, we chose to invest in our KSP manufacturing facility in Taiwan and in our new research center in South Korea to effectively collaborate with our customers locally in order to jointly uncover novel solutions for our customers’ yield, reliability and performance challenges.
We are actively engaged with our key customers to design technology roadmaps specifically tailored to their short- and long-term strategic plans.
These customer relationships provide us with collaboration opportunities at the early product design stage (in certain cases years ahead of commercialization), which facilitate our ability to introduce new products and applications that serve our customers’ needs.
We intend to reinforce and further strengthen these relationships through, among other things, collaborations and joint development activity.
We understand the significant challenges our customers face as they introduce new materials into processes to manufacture increasingly advanced and complex semiconductor chips.
New materials must outperform incumbent materials and deliver equivalent or higher yields without causing integration issues with other process steps.
For example, the decision to introduce a new material at the deposition stage of the semiconductor manufacturing process will impact CMP and the post-CMP cleans, etch and post-etch residue cleans, as well as the selection of filters in several other stages of the process.
We believe one of our value propositions is our ability to both manufacture new materials and to support our customers in evaluating how those new materials interact with other stages in the manufacturing process.
Specifically, we leverage our understanding of upstream and downstream interactions between unit process steps and tailor our product offerings to lower the risk of issues arising as a result of new material introduction into these processes.
We believe this approach is critical for accelerating the introduction of new material innovations because it reduces development cycles of learning while accelerating the time to market and yield for our customers.
Our customers need a broad range of advanced, customized, reliable and cost-effective products and materials, as well as the technological and application expertise to enhance their productivity, quality and yield, especially as they move towards more advanced technology nodes.
We believe our comprehensive offering provides us with a competitive advantage, allowing us to meet a broad range of their needs and to serve customers in many aspects of the semiconductor manufacturing ecosystem.
We spent approximately $316.1 million, $277.3 million and $229.0 million on such activities in 2024, 2023 and 2022, respectively, representing 9.8%, 7.9% and 7.0% of our net sales, in 2024, 2023 and 2022, respectively.
We are committed to providing customers with innovative technologies and solutions for their evolving manufacturing needs.
For example, we have introduced sub-5 nanometer filtration products, advanced deposition materials for next generation transistor and interconnect technologies, polishing slurry and pad solutions with post-cleaning formulations to meet the needs of advanced memory applications, selective etching formulations for advanced device applications, advanced reticle pods for EUV photolithography applications, advanced 300 millimeter wafer carriers and advanced coatings to meet the rigorous defectivity specifications for the manufacturing of advanced technology nodes.
We have a global infrastructure of design, manufacturing, logistics, distribution, service and technical support facilities to meet the needs of our global customers.
We further enhanced this footprint with the opening of a new manufacturing center of excellence in Taiwan, our KSP facility, in May 2023, which will become our largest manufacturing facility.
In addition, we continue to make progress on our new state-of-the-art Colorado Springs manufacturing facility, which we expect to ramp production in the second half of 2025 and a new tech center in South Korea, which we expect to commence operations during the first half of 2025.
Over the last several years we have also invested in expanding our capacity and capabilities at our existing facilities to meet existing and anticipated demand, including adding new capacity in liquid filtration in Billerica, Massachusetts and Yonezawa, Japan, in deposition materials in Toronto, Ontario, in materials handling in Chaska, Minnesota and JangAn, Korea, in CMP filter and CMP slurries in Taiwan, in SiC slurries in Aurora, Illinois and in solid precursors in Burnett, Texas.
Our strategy is to continue to develop and enhance our extensive supply chain and manufacturing capabilities into a competitive advantage by driving operational excellence, operating in a manner that ensures the safety of our employees and the quality of our products.
As described above, we believe our significant investments in our new KSP facility in Taiwan and our facility in Colorado Springs, Colorado will enhance our operational excellence.
To perform at the high level of our customers’ expectations, we intend to continue to invest in the following priorities: • Manufacturing equipment and facilities incorporating leading-edge process technology, including advanced cleanroom and cleaning procedures; • Automated manufacturing, statistical process controls, quality and supply chain management systems; and • A highly skilled and agile organization, capable of rapid design, prototyping and ramping to high volume manufacturing while promptly responding to new customer requirements and feedback.
We leverage our expertise across our segments and broad portfolio of advanced materials, materials handling and purification capabilities to create innovative, new and co-optimized solutions to address unmet customer needs.

and 234 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch ENTG. Know when insiders buy.

One email the day a filing lands. Free.