Entegris (ENTG)
Supplies purity systems, specialty materials, and CMP consumables across semiconductor fabrication.
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Entegris makes the clean layer of chipmaking: the filters, polishing liquids, chemicals and sealed boxes that keep stray particles away from silicon. Most of what it sells gets used up and reordered every time a factory runs another batch, so the money arrives as refills rather than projects. The rest sells when new chip plants get built. It is still working down the debt from its last big purchase.
Item facts: FY2025 · year ended Dec 31, 2025, from filings, earnings calls and company pages.
Judgment weights, not filed revenue
The band summarizes business focus and direction. ~ marks estimates.
8 in detail · 11 more below
Liquid Microcontamination Control
Membrane cartridges that strip stray specks and metal traces from the liquid chemicals poured over silicon. Roughly a fifth of sales, sold by the filter and replaced on a cycle, with four record quarters in a row through mid-2026. Watch whether it stays the approved choice at each new plant.
Competes with Pall semiconductor liquid filters (Danaher) · Filtration products (Cobetter Filtration)
In plain English
Picture the water filter in a fridge door, scaled up for a factory that cannot tolerate a speck of dust. Chipmaking pours liquid chemicals over polished silicon discs, and one stray particle in that stream can ruin the pattern being printed. Entegris sells the cartridges that catch them.
Each filter clogs and gets swapped, so the money is a refill stream rather than a one-off sale, and the more wet steps a factory runs, the more cartridges it buys. Getting a filter approved for a specific step is slow work; once it is in, the reorders keep arriving — until a rival gets approved instead.
Gas Microcontamination Control
Canisters that pull the last traces of moisture and metal out of the gases piped into chipmaking tools. About a tenth of sales; management called gas filtration broadly strong in mid-2026, though the line rarely gets airtime on earnings calls.
Competes with Pall gas filters (Danaher) · On-site gas purification (Linde) · Electronics advanced materials (Air Liquide)
In plain English
A chip factory runs on gases — some fed straight into the machines, some piped around the whole building. They arrive clean, but not clean enough for work measured in atoms, so Entegris puts canisters in the line that catch whatever is left before the gas reaches the tool.
Two kinds of money come out of that. A canister sells when a machine is installed or a plant is built; then the material inside it gets consumed and reordered for as long as the plant runs. The catch: the rivals here also sell the gas itself, and can offer the cleaning bundled in.
CMP Slurries and Pads
Grooved pads and milky polishing liquid that flatten every layer of a chip — close to a fifth of sales, and the heart of the 2022 CMC Materials purchase. Courts in Taiwan and China dismissed a rival's challenge to its patents in mid-2026.
Competes with Ikonic and IC1000 CMP pads (Qnity Electronics) · CMP slurries (Anji Microelectronics) · CMP slurries (Fujimi)
In plain English
Chips are built in layers, and each layer has to be sanded perfectly flat before the next one goes on top. The sanding is done with a spinning pad and a milky liquid full of grit finer than flour. Entegris makes both.
Pads wear out and liquid gets used up, so factories reorder constantly, and the bill grows with the number of layers — stacked memory and newer logic designs keep adding polishing steps. It is also the most contested corner of the company: Qnity, a business spun out of DuPont, sells rival pads and liquids, signed a long-term pad deal with SK hynix, and has been attacking Entegris' patents.
Formulated Etch, Clean and Surface-Preparation Materials
Liquids that dissolve one film off a chip and leave the one beneath it alone. The smallest chemistry line at roughly a twentieth of sales, but it comes up more often on calls each quarter, and it is sold packaged with the polishing line.
Competes with EMD etch and clean chemistries (Merck KGaA) · Post-polish cleans (Qnity Electronics)
In plain English
Making a chip means taking material away as often as putting it on. These liquids do the taking away — dissolve this film, leave the one underneath untouched, then wash off whatever the polishing step left behind. Fussy work, and it gets fussier as the structures inside a chip grow taller and narrower.
Customers buy it by the drum and use it up. Increasingly Entegris sells it as a set — polishing liquid, pad, cleaner and filter all approved to work together — and said in mid-2026 that buyers were taking the full package more often. The unglamorous sibling of the polishing line, riding the same layer-count arithmetic.
Advanced Deposition Materials
Chemicals fed into sealed chambers to grow a chip's thin films. Around a tenth of sales; demand for the molybdenum version roughly doubled year over year in mid-2026, off a base the company has never sized. Named first among its segment's growth drivers.
Competes with EMD precursors (Merck KGaA) · Electronics precursors (Air Liquide) · Film-growth precursors (Adeka)
In plain English
Some layers of a chip are not carved, they are grown — a few atoms at a time, from chemicals let into a sealed chamber that settle onto the disc as a film. Entegris makes those chemicals and sells them to the factories doing the growing.
The money follows layer counts and material switches. Memory makers keep stacking more layers, and chipmakers are moving some of the metal wiring to molybdenum, a change Entegris flagged early and now names first when listing where growth comes from. Every new material has to pass years of purity testing before a factory will run it, which makes the position slow to win and slow to lose.
Specialty Gases and Ion-Implant Materials
The gases that add trace elements to silicon, plus the cabinets that deliver them. Roughly a twentieth of sales — the least-discussed line on the map, and the one management listed last when naming where late-2026 growth would come from.
Competes with Electronic specialty gases (Linde) · Electronics specialty gases (Air Liquide)
In plain English
Chipmaking adds tiny amounts of other elements to silicon to make it carry current the way a circuit needs. Those elements arrive as gases, in cylinders that come with their own delivery systems, and Entegris sells both halves — the gas and the hardware that meters it into the tool.
It is the quiet corner of the business: a small line that management mentions least of anything they sell, and put last on their own list of where growth would come from. The rivals are the big industrial gas houses, Linde and Air Liquide, who already supply plenty of the other gases in the building.
Microenvironments
Sealed plastic boxes that carry silicon discs and printing masks between machines. About an eighth of sales and the line most tied to plant building: mid-2026 was its best quarter in more than three years, led by Taiwan.
Competes with FOUPs and wafer carriers (Shin-Etsu Polymer) · Photomask carrier pods (Gudeng Precision) · Wafer carriers (Miraial)
In plain English
Between machines, a batch of silicon discs travels inside a sealed plastic box whose door only opens once it has docked onto the next tool — an airtight lunchbox for something a speck of dust can ruin. Entegris makes those boxes, the shipping cases for finished discs, and the pods that carry the patterned masks used to print circuits.
Unlike filters, boxes are not consumed. A factory buys them in bulk when it installs machines, so orders come in waves that track building rather than daily production. The wave is in right now: the company is tracking more than twenty leading-edge expansion projects, with the strength coming from Taiwan and North America growing again.
Fluid Management Products
Bottles, connectors and metering pumps that move a chip plant's costliest liquid and dose it onto the disc. Roughly a twelfth of sales, steady and never a headline; a U.S. life-sciences piece worth about $20 million a year is being dropped.
Competes with Ultra-clean coating containers (Aicello) · Coating dispense pumps (Koganei) · Dispense pumps (Nordson)
In plain English
Light-sensitive coating — the liquid that lets circuit patterns be printed — is the most expensive thing poured in a chip factory, and it is bought by the litre. Getting it from its container onto a spinning silicon disc without bubbles, dirt or waste takes a chain of parts Entegris makes: the container itself, clean connectors, valves and tubing, and a pump that measures out each dose and filters it on the way.
Customers pay because precision is savings — fewer drops per disc. Some of it installs once as hardware, some gets replaced. A small U.S. life-sciences corner, earning thinner margins than the rest, is being shed.
Liquid Microcontamination ControlMembrane cartridges that strip stray specks and metal traces from the liquid chemicals poured over silicon. Roughly a fifth of sales, sold by the filter and replaced on a cycle, with four record quarters in a row through mid-2026. Watch whether it stays the approved choice at each new plant.Membrane cartridges that strip stray specks and metal traces from the liquid chemicals poured over silicon. Roughly a fifth of sales, sold by the filter and replaced on a cycle, with four record quarters in a row through mid-2026. Watch whether it stays the approved choice at each new plant.
In plain English
Picture the water filter in a fridge door, scaled up for a factory that cannot tolerate a speck of dust. Chipmaking pours liquid chemicals over polished silicon discs, and one stray particle in that stream can ruin the pattern being printed. Entegris sells the cartridges that catch them.
Each filter clogs and gets swapped, so the money is a refill stream rather than a one-off sale, and the more wet steps a factory runs, the more cartridges it buys. Getting a filter approved for a specific step is slow work; once it is in, the reorders keep arriving — until a rival gets approved instead.
Competes with Pall semiconductor liquid filters (Danaher) · Filtration products (Cobetter Filtration)
Gas Microcontamination ControlCanisters that pull the last traces of moisture and metal out of the gases piped into chipmaking tools. About a tenth of sales; management called gas filtration broadly strong in mid-2026, though the line rarely gets airtime on earnings calls.Canisters that pull the last traces of moisture and metal out of the gases piped into chipmaking tools. About a tenth of sales; management called gas filtration broadly strong in mid-2026, though the line rarely gets airtime on earnings calls.
In plain English
A chip factory runs on gases — some fed straight into the machines, some piped around the whole building. They arrive clean, but not clean enough for work measured in atoms, so Entegris puts canisters in the line that catch whatever is left before the gas reaches the tool.
Two kinds of money come out of that. A canister sells when a machine is installed or a plant is built; then the material inside it gets consumed and reordered for as long as the plant runs. The catch: the rivals here also sell the gas itself, and can offer the cleaning bundled in.
Competes with Pall gas filters (Danaher) · On-site gas purification (Linde) · Electronics advanced materials (Air Liquide)
CMP Slurries and PadsGrooved pads and milky polishing liquid that flatten every layer of a chip — close to a fifth of sales, and the heart of the 2022 CMC Materials purchase. Courts in Taiwan and China dismissed a rival's challenge to its patents in mid-2026.Grooved pads and milky polishing liquid that flatten every layer of a chip — close to a fifth of sales, and the heart of the 2022 CMC Materials purchase. Courts in Taiwan and China dismissed a rival's challenge to its patents in mid-2026.
In plain English
Chips are built in layers, and each layer has to be sanded perfectly flat before the next one goes on top. The sanding is done with a spinning pad and a milky liquid full of grit finer than flour. Entegris makes both.
Pads wear out and liquid gets used up, so factories reorder constantly, and the bill grows with the number of layers — stacked memory and newer logic designs keep adding polishing steps. It is also the most contested corner of the company: Qnity, a business spun out of DuPont, sells rival pads and liquids, signed a long-term pad deal with SK hynix, and has been attacking Entegris' patents.
Competes with Ikonic and IC1000 CMP pads (Qnity Electronics) · CMP slurries (Anji Microelectronics) · CMP slurries (Fujimi)
Formulated Etch, Clean and Surface-Preparation MaterialsLiquids that dissolve one film off a chip and leave the one beneath it alone. The smallest chemistry line at roughly a twentieth of sales, but it comes up more often on calls each quarter, and it is sold packaged with the polishing line.Liquids that dissolve one film off a chip and leave the one beneath it alone. The smallest chemistry line at roughly a twentieth of sales, but it comes up more often on calls each quarter, and it is sold packaged with the polishing line.
In plain English
Making a chip means taking material away as often as putting it on. These liquids do the taking away — dissolve this film, leave the one underneath untouched, then wash off whatever the polishing step left behind. Fussy work, and it gets fussier as the structures inside a chip grow taller and narrower.
Customers buy it by the drum and use it up. Increasingly Entegris sells it as a set — polishing liquid, pad, cleaner and filter all approved to work together — and said in mid-2026 that buyers were taking the full package more often. The unglamorous sibling of the polishing line, riding the same layer-count arithmetic.
Competes with EMD etch and clean chemistries (Merck KGaA) · Post-polish cleans (Qnity Electronics)
Advanced Deposition MaterialsChemicals fed into sealed chambers to grow a chip's thin films. Around a tenth of sales; demand for the molybdenum version roughly doubled year over year in mid-2026, off a base the company has never sized. Named first among its segment's growth drivers.Chemicals fed into sealed chambers to grow a chip's thin films. Around a tenth of sales; demand for the molybdenum version roughly doubled year over year in mid-2026, off a base the company has never sized. Named first among its segment's growth drivers.
In plain English
Some layers of a chip are not carved, they are grown — a few atoms at a time, from chemicals let into a sealed chamber that settle onto the disc as a film. Entegris makes those chemicals and sells them to the factories doing the growing.
The money follows layer counts and material switches. Memory makers keep stacking more layers, and chipmakers are moving some of the metal wiring to molybdenum, a change Entegris flagged early and now names first when listing where growth comes from. Every new material has to pass years of purity testing before a factory will run it, which makes the position slow to win and slow to lose.
Competes with EMD precursors (Merck KGaA) · Electronics precursors (Air Liquide) · Film-growth precursors (Adeka)
Specialty Gases and Ion-Implant MaterialsThe gases that add trace elements to silicon, plus the cabinets that deliver them. Roughly a twentieth of sales — the least-discussed line on the map, and the one management listed last when naming where late-2026 growth would come from.The gases that add trace elements to silicon, plus the cabinets that deliver them. Roughly a twentieth of sales — the least-discussed line on the map, and the one management listed last when naming where late-2026 growth would come from.
In plain English
Chipmaking adds tiny amounts of other elements to silicon to make it carry current the way a circuit needs. Those elements arrive as gases, in cylinders that come with their own delivery systems, and Entegris sells both halves — the gas and the hardware that meters it into the tool.
It is the quiet corner of the business: a small line that management mentions least of anything they sell, and put last on their own list of where growth would come from. The rivals are the big industrial gas houses, Linde and Air Liquide, who already supply plenty of the other gases in the building.
Competes with Electronic specialty gases (Linde) · Electronics specialty gases (Air Liquide)
MicroenvironmentsSealed plastic boxes that carry silicon discs and printing masks between machines. About an eighth of sales and the line most tied to plant building: mid-2026 was its best quarter in more than three years, led by Taiwan.Sealed plastic boxes that carry silicon discs and printing masks between machines. About an eighth of sales and the line most tied to plant building: mid-2026 was its best quarter in more than three years, led by Taiwan.
In plain English
Between machines, a batch of silicon discs travels inside a sealed plastic box whose door only opens once it has docked onto the next tool — an airtight lunchbox for something a speck of dust can ruin. Entegris makes those boxes, the shipping cases for finished discs, and the pods that carry the patterned masks used to print circuits.
Unlike filters, boxes are not consumed. A factory buys them in bulk when it installs machines, so orders come in waves that track building rather than daily production. The wave is in right now: the company is tracking more than twenty leading-edge expansion projects, with the strength coming from Taiwan and North America growing again.
Competes with FOUPs and wafer carriers (Shin-Etsu Polymer) · Photomask carrier pods (Gudeng Precision) · Wafer carriers (Miraial)
Fluid Management ProductsBottles, connectors and metering pumps that move a chip plant's costliest liquid and dose it onto the disc. Roughly a twelfth of sales, steady and never a headline; a U.S. life-sciences piece worth about $20 million a year is being dropped.Bottles, connectors and metering pumps that move a chip plant's costliest liquid and dose it onto the disc. Roughly a twelfth of sales, steady and never a headline; a U.S. life-sciences piece worth about $20 million a year is being dropped.
In plain English
Light-sensitive coating — the liquid that lets circuit patterns be printed — is the most expensive thing poured in a chip factory, and it is bought by the litre. Getting it from its container onto a spinning silicon disc without bubbles, dirt or waste takes a chain of parts Entegris makes: the container itself, clean connectors, valves and tubing, and a pump that measures out each dose and filters it on the way.
Customers pay because precision is savings — fewer drops per disc. Some of it installs once as hardware, some gets replaced. A small U.S. life-sciences corner, earning thinner margins than the rest, is being shed.
Competes with Ultra-clean coating containers (Aicello) · Coating dispense pumps (Koganei) · Dispense pumps (Nordson)
Named in filings, launches and programs
- TSMC accountCustomer programThe Taiwanese chipmaker TSMC alone was 16% of 2025 sales; the ten largest customers together were half of it.
- onsemi supply agreementCustomer programA long-term deal signed in 2024 to tune polishing materials specifically for onsemi's silicon-carbide chips.
- Advanced packagingProduct line · RampingChip-stacking plants are a customer set management says it has barely served; polishing materials made first inroads there in mid-2026.
- Specialty coatings (Pegasus, Cearus)Product lineProtective coatings for the parts inside chipmaking chambers — the company said in mid-2026 it could not make them fast enough.
- Electrostatic chucksProduct lineComponents that hold a silicon disc flat inside a tool. Listed in the annual report, never discussed on an earnings call.
- POCO graphiteProduct lineA specialty graphite line competing with Mersen; it drew zero mentions across the last eight earnings calls.
- Life-sciences filtrationProduct lineFilters sold outside chipmaking are being kept, even as the U.S. life-sciences fluid-handling piece is dropped.
- JSR/Inpria cross-licenseProduct · AnnouncedA 2026 patent swap with JSR and Inpria on next-generation light-sensitive coatings, plus joint work on the chemicals, filters and delivery they need.
- Aurora, Illinois Technology CenterProduct · AnnouncedA U.S. lab announced in 2025 where polishing liquids, pads, cleaners and film chemicals get developed together; part of a $700M U.S. commitment.
- Colorado Springs centreProduct · RampingA home base for film-growth chemicals, opening targeted for late 2025, with its U.S. chip-programme milestone complete.
- Kaohsiung KSP South, TaiwanProduct · RampingThe Taiwanese site where liquid filters get approved for local chipmakers; qualifications were targeted for the end of 2025.
TSMC accountCustomer program
The Taiwanese chipmaker TSMC alone was 16% of 2025 sales; the ten largest customers together were half of it.
onsemi supply agreementCustomer program
A long-term deal signed in 2024 to tune polishing materials specifically for onsemi's silicon-carbide chips.
Advanced packagingProduct line · Ramping
Chip-stacking plants are a customer set management says it has barely served; polishing materials made first inroads there in mid-2026.
Specialty coatings (Pegasus, Cearus)Product line
Protective coatings for the parts inside chipmaking chambers — the company said in mid-2026 it could not make them fast enough.
Electrostatic chucksProduct line
Components that hold a silicon disc flat inside a tool. Listed in the annual report, never discussed on an earnings call.
POCO graphiteProduct line
A specialty graphite line competing with Mersen; it drew zero mentions across the last eight earnings calls.
Life-sciences filtrationProduct line
Filters sold outside chipmaking are being kept, even as the U.S. life-sciences fluid-handling piece is dropped.
JSR/Inpria cross-licenseProduct · Announced
A 2026 patent swap with JSR and Inpria on next-generation light-sensitive coatings, plus joint work on the chemicals, filters and delivery they need.
Aurora, Illinois Technology CenterProduct · Announced
A U.S. lab announced in 2025 where polishing liquids, pads, cleaners and film chemicals get developed together; part of a $700M U.S. commitment.
Colorado Springs centreProduct · Ramping
A home base for film-growth chemicals, opening targeted for late 2025, with its U.S. chip-programme milestone complete.
Kaohsiung KSP South, TaiwanProduct · Ramping
The Taiwanese site where liquid filters get approved for local chipmakers; qualifications were targeted for the end of 2025.