Dormant
ENTG · Entegris, Inc.
Last analysed ·
Resolved Graded and closed 2026-08-28 at medium conviction — the published kill line fired. Coverage continued after the close; the read below is dated 2026-09-13 and is not part of the scored record.
Current thesis
June's sentiment re-rate rolled over; the 2026-08-04 beat-and-raise re-based the story on numbers — Q2 sales $883.2M vs $835.5M consensus, Q3 guide $905–935M vs $879.8M — and drew three target raises on 08-05 (UBS $215). At $152.08 the stock is still 17.3% under the June high, so the earnings-confirmed leg has not been re-priced.
Kill line
A weekly close below $140 erases the 2026-08-04 post-print advance and returns price to the pre-earnings July range; secondarily, Q3 sales tracking under the $905M guide floor at the ~2026-10-28 (est.) print, or the WFE cohort rolling to saturated.
Pick status
Invalidated resolved published kill line fired How this is scored →Latest analysis and events for ENTG —
As of 13 September 2026, the latest FrontierPicks analysis for Entegris, Inc. (ENTG): June's sentiment re-rate rolled over; the 2026-08-04 beat-and-raise re-based the story on numbers — Q2 sales $883.2M vs $835.5M consensus, Q3 guide $905–935M vs $879.8M — and drew three target raises on 08-05 (UBS $215). At $152.08 the stock is still 17.3% under the June high, so the earnings-confirmed leg has not been re-priced.
Kill line: A weekly close below $140 erases the 2026-08-04 post-print advance and returns price to the pre-earnings July range; secondarily, Q3 sales tracking under the $905M guide floor at the ~2026-10-28 (est.) print, or the WFE cohort rolling to saturated.
Next dated event on file: — catalyst in 6d.
Current Thesis
Entegris’s earnings-led recovery depends on reclaiming the August price structure and delivering its third-quarter sales guidance before another weekly close below $140. The measurable recovery case is a weekly close above the market’s 2026-08-07 reference close of $152.08, accompanied by third-quarter sales meeting the $905 million guidance floor issued on 2026-08-04.
The previous advance already failed: the adjusted weekly close of $134.92 on 2026-08-28 breached the published $140 condition. The 2026-09-11 adjusted close of $140.37 puts price back above that threshold, but does not reverse the earlier invalidation. This is a conditional recovery thesis with low conviction.
As an inference, the narrative is maturing — the 2026-08-04 earnings release has been followed by investor conferences on 2026-09-09 and 2026-09-10, while the shares remain 23.6% below their 52-week high as of 2026-09-11. Conference visibility establishes continued attention; it does not establish expanding participation. Company event calendar
Bullish and bearish views on Entegris, Inc.
The model's bull view on Entegris, Inc. (ENTG), in brief: Earnings support the recovery case. Entegris reported second-quarter sales of $883.2 million and adjusted earnings per share of $0.93 on 2026-08-04. Third-quarter sales guidance was $905–935 million; reported sales below its lower bound would contradict the operating recovery… The bear view: The earlier failure remains recorded. The 2026-08-28 adjusted weekly close of $134.92 breached $140 despite the 2026-08-04 earnings improvement. Earnings strength did not prevent that price invalidation. The broader price structure remains weak. As of 2026-09-11, the adjusted… Both cases follow in full.
Bull Case
- Earnings support the recovery case. Entegris reported second-quarter sales of $883.2 million and adjusted earnings per share of $0.93 on 2026-08-04. Third-quarter sales guidance was $905–935 million; reported sales below its lower bound would contradict the operating recovery case. Second-quarter results
- Price has reclaimed the threshold. The adjusted close on 2026-09-11 was $140.37, above the previously published $140 structural level. This supports a repair interpretation only conditionally: another weekly close below $140 ends it.
Bear Case
- The earlier failure remains recorded. The 2026-08-28 adjusted weekly close of $134.92 breached $140 despite the 2026-08-04 earnings improvement. Earnings strength did not prevent that price invalidation.
- The broader price structure remains weak. As of 2026-09-11, the adjusted series shows a three-month price change of -6.7% and a 23.6% distance below the $183.84 52-week high. These measured readings do not establish a sustained recovery.
Setup & Price Structure
The market’s 2026-09-11 reference close is $140.37. The $140 level remains the boundary for the current recovery hypothesis; the dated $152.08 close on 2026-08-07 supplies its price-confirmation threshold. Neither level represents a transaction.
The 14-period relative strength index was 46.9 on 2026-09-11. That reading and the latest close do not establish a rising moving average or widening participation; the available observations are too few to support either claim.
Positioning evidence is limited. Entegris’s calendar lists the Citi conference on 2026-09-09 and Goldman Sachs conference on 2026-09-10. Those appearances document clustered institutional outreach, but provide no measurement of ownership concentration, fund inflows or retail crowding. Company event calendar
Catalyst Calendar (next 30 days)
- 2026-09-26 — Fiscal third-quarter end. The 2026-08-04 release identifies this as the end of the quarter covered by the $905–935 million sales guide. It is an accounting milestone, not a scheduled results announcement; quarter-end alone cannot confirm guidance delivery. Company guidance
The next earnings release remains the fundamental test. A confirmed third-quarter reporting date is not established by the company event-calendar evidence available on 2026-09-13. Company event calendar
What Would Change Our Mind
Loss of the reclaimed August threshold would end the recovery interpretation: a weekly close below $140 is the observable price condition. This applies prospectively after the 2026-09-11 close; the 2026-08-28 breach remains a completed failure of the preceding thesis.
Operating confirmation requires third-quarter sales of at least $905 million, the lower bound published on 2026-08-04. Sales below that amount independently break the earnings-led case. A weekly close above the dated $152.08 reference level, together with guidance delivery before invalidation, would establish that the stated recovery case had played out.
Correlation Notes
AlphaStreet attributed the 2026-08-28 decline of 7.2% to semiconductor-equipment selling without citing a company-specific catalyst, according to the dated coverage preserved in the 2026-08-30 public note. That session supports possible sector sensitivity, but the sample is too small to support a correlation or beta claim.
The dossier therefore treats Entegris as a single-name materials-and-purification supplier recovery. Its operating exposure is documented in the 2026-08-04 segment descriptions; confirmation rests on its own third-quarter revenue and price conditions, rather than an assumed equipment-sector advance. Company segment disclosures
Notes
- Fiscal quarters end off-calendar — Q3 2026 ends 2026-09-26 — and results land roughly five weeks after quarter-end (Q2 reported 2026-08-04).
- Picks-and-shovels consumables: revenue keys off wafer starts and materials content per wafer, so it lags tool bookings at the equipment makers it supplies.
- Net leverage was 3.4x at the 2026-08-04 release, with debt reduction ahead of repurchases — no company repurchase bid during drawdowns.
- Capital return is a $0.10/share quarterly dividend (declared 2026-07-15, record 2026-07-29, payable 2026-08-19), immaterial to the return case.
- Advanced-materials shipments into China carry standing export-control exposure; rule changes hit the whole materials cohort, not this name alone.
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