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Entegris Inc

ENTGAbove value

Held by 6 superinvestors.

Price$138.87
Holders6
Total value$108.1M

SEC 10-K · fundamentals

Business quality

as of 2025-12-31

Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.

Revenue growth
-1.4%
Net margin
7.4%
ROE
6.0%
FCF margin
12.4%
Revenue $1.86B → $3.20B · 6y
What makes a business high quality

Valuation · value band

Above fair value

$16/ sh · growth-anchored intrinsic value
margin of safety
fair value
above fair value
$139
cheaperpricier

Zero-growth floor

$16

Central IV

$16

Optimistic top

$19

Entegris Inc (ENTG): A conservative value band $16–$19 / sh (zero-growth floor to growth-capped optimistic top); central read about $16. Today’s price sits above that band (price $139 as of 2026-08-25).

The middle figure is the main read. The right end is the optimistic case under the same conservative caps — not an absolute ceiling.

  • Recent earnings are below the multi-year average, so the band uses the lower run-rate.

Revenue growth 0% (history declining, capped at zero) · moat 0 yr · discount 13.6% · Zero-growth downside $16

Price as of 2026-08-25 · yahoo · DGS10 4.7% @ 2026-08-24.

Method & numbers

Buybacks over the years shown roughly only offset stock-based-compensation dilution — read them as maintaining the share count, not a net return of capital.

Model cautions

  • Owner-earnings yield diverges sharply from the 10-year Treasury (over 300 bps).

A conservative intrinsic-value band (zero-growth floor to growth-capped DCF) plus a tangible asset floor — not investment advice, not a buy/sell signal, and not a price target.

Owner-earnings DCF $14.87 – $18.27 · Greenwald zero-growth $18.58 · zero-growth base $18.58 · reproduction $15.88

Moat Commodity-like · terminal value 28% of present value · owner-earnings yield 2% vs 10Y 4.7%.

Graham earnings-power value (normalized NOPAT)$8.96 – $15.44 / sh

Normalized NOPAT = average operating margin over the years shown × latest-year revenue × (1 − normalized tax); then + D&A − maintenance capex (write A). Unlevered (pre-interest, attributable to all capital). Capitalized at the 9–11% rate band (read as a WACC proxy). Enterprise → equity bridge applied: + cash − total debt.

Years: TTM 2026-06-27, 2024, 2023, 2022, 2021

v1 simplifications: Maintenance capex (ok) deducted in full cash (write A): EPV = (NOPAT + D&A − maintenance capex) / WACC; no tax shield on the capex term. Share-based compensation is left as a real expense (not added back). Operating margin is below its multi-year average (cyclical/declining): normalized margin capped at the latest year — no peak-margin capitalization (audit #2).

Buffett owner-earnings value$15.93 – $18.58 / sh

Owner earnings = average net income + average D&A − maintenance capex (zero-growth floor; no ΔNWC). Levered (starts from net income, already after interest — an equity-holder stream). Capitalized at the 12.0–14.0% band (9–11% base + 3.0pp leverage premium). No enterprise→equity bridge: the capitalized result is already equity value (subtracting debt would double-count interest).

Years: TTM 2026-06-27, 2024, 2023, 2022, 2021

v1 simplifications: Owner earnings = net income + D&A − maintenance capex (ok); the working-capital change is excluded (maintenance ΔNWC ≈ 0; growth ΔNWC is carried in growth value, not double-counted). One-time items are not separately normalized (multi-year averaging smooths them partially). Share-based compensation is left as a real expense (not added back); see the SBC/OE disclosure. Capitalized at the 9–11% base band plus a 3.0pp leverage premium (cost of equity rises with leverage — MM Proposition II). Net debt is about 9.0 years of owner earnings, adding 3.0pp of cost-of-equity risk premium.

Reproduction value = tangible net assets $-607.40M + capitalized R&D $664.39M（FY 2026, 2024, 2023, 2022） = $15.88 / sh. Reproduction value = intangible-inclusive net reproduction (tangible net assets + acquired-intangible reset proxy + capitalized R&D), ÷ diluted shares; tangible net assets alone are negative for this asset-light franchise.

Moat reading: Franchise test compares earnings power (EPV) against reproduction value (tangible net assets + capitalized R&D). EPV well above reproduction value signals a moat; near it, a commodity; below it, value destruction. A directional reading, not a verdict.

Growth value gated to zero — no moat or ROIIC ≤ WACC, so no growth value is credited.

Window TTM 2026-06-27, FY 2024, 2023, 2022, 2021 · discount band 9%–11% · normalized tax 8% (Average effective tax rate over 5 year(s), capped at the statutory 21%.) · diluted shares.

Baseline 9%–11%, net debt ≈ 9.0 years of owner earnings → +3.0pp cost-of-equity premium → effective 12.0%–14.0%.

Owner-earnings DCF: growth g₁ 0% (history declining → capped at 0) · OE FY TTM 2026-06-27, 2024, 2023, 2022, 2021 · Discount band: 12.22%–15.02% (DGS10 +4.5% to a 12% strict end, each +3.02pp for leverage premium, as of 2026-08-24). No enterprise→equity bridge: owner earnings already flow to shareholders (post-interest), so no net cash is added and no debt subtracted — matching the engine owner-earnings lamp.

Valuation basis: trailing twelve months to 2026-06-27 — latest 10-K plus unaudited 10-Q filings.

What the price is betting

Today's price pencils in about over 30.0% (outside the usual range) a year in owner-earnings for the next few years. Revenue actually grew 11.5% a year.

The market wants it well ahead of its own track record.

Even when the value band is low-confidence: use this to see what the price assumes — not as a cheapness confirmation.

How to read intrinsic value

SEC 13F · holders

Superinvestors Holding This Security

6 holders · $108.1M combined · this quarter +1 opened / -1 exited

This quarter1 opened5 trimmed1 exited
Holders 2 → 6 · last 8q
Exited this quarter (1)
Stephen Mandel

SEC 13F · notes

Written summary

Entegris Inc (ENTG) is held by 6 of the superinvestors tracked on Compounder, with a combined $108.1M in reported 13F value. The largest position belongs to Henry Ellenbogen, where it makes up 0.5% of the portfolio.

Other notable holders by value include Stanley Druckenmiller (0.5% of its book), William von Mueffling (2.7% of its book) and Jeremy Grantham (0.0% of its book).

Over the latest quarter, 1 of the tracked filers opened a new position in ENTG, 0 added to existing ones, 5 trimmed, and 1 sold out entirely.

Holder counts and values reflect the most recent SEC Form 13F filings, through the quarter ended 2026-06-30. Source: SEC EDGAR. A 13F shows only long US-listed positions and can lag the real portfolio by up to 45 days, so this is disclosed long ownership, not a complete picture.

How to read a 13F

SEC 13F · co-ownership

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Also on

Sources· SEC EDGAR 13F as of 2026-06-30 · filed 2026-08-14

Educational data only — not investment advice. 13F positions are self-reported and can lag up to 45 days.

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