--- title: "Metrology & Process Control Industry" description: "36 SEC filers are classified under the Standard Industrial Classification codes that describe the metrology & process control industry." canonical: https://www.getswoopr.com/stocks/industries/information-technology/metrology-and-process-control/ source: "Swoopr Investment: https://www.getswoopr.com" --- # Metrology & Process Control Industry ## Direct Answer 36 SEC filers are classified under the Standard Industrial Classification codes that describe the metrology & process control industry, and their latest annual reports show $69.4 billion of combined revenue and a median operating margin of -4.7%. Investors should still evaluate its revenue model, industry-specific KPIs, valuation framework and the risks that can change the group's economics. ## Industry Overview Metrology and process control companies sell inspection and measurement systems that find defects and control quality in chip fabrication. Demand rises with process complexity, and spending follows fab capacity. The first numbers to compare across companies here are orders and backlog, market share in inspection and gross margin. ## Key Industry Metrics - **Orders and backlog**: New orders and those awaiting delivery. Orders lead revenue and track chipmaker capital spending, so backlog shows visibility in a cyclical business. - **Market share in inspection**: The portion of inspection and measurement tool sales held versus rivals. A few suppliers dominate, so small gains reflect wins on advanced process steps. - **Gross margin**: Revenue left after building tools. Complex systems and software earn high margins, while volume swings across the chip cycle affect absorption of fixed costs. - **Service share**: The portion of revenue from servicing and upgrading installed tools. It is steadier than new tool sales and grows with the installed base. - **Customer concentration**: The share of sales from a few chipmakers. A handful of buyers dominate capital spending, so one customer's pause can move results substantially. ## Primary Macro Drivers - **Fab capacity spending**: Factory expansion adds inspection and measurement tools, so fab capacity plans drive orders and backlog. - **Node transitions**: Smaller features and complex structures need more inspection steps, raising tool demand per wafer and service revenue. - **Yield improvement needs**: Chipmakers pay for tools that cut defects, since small yield gains are worth large sums, supporting orders and technology share. - **Advanced packaging**: Complex multi-die packages need new inspection and measurement, widening the addressable market beyond wafers. ## Major Risks - **Cyclical capex**: Chipmakers cut equipment budgets fast in downturns, so orders swing; watch orders, backlog and customer capital guidance. - **Export restrictions**: New limits on selling to certain customers can remove orders and servicing revenue; watch regional revenue and license disclosures. - **Customer concentration**: A few chipmakers buy most tools, so one pause moves results; watch revenue by customer and backlog. - **Technology change**: A new method could change how defects are found and shift share; watch market share in inspection and research spending. ## Industry Characteristics | Characteristic | Profile | | --- | --- | | Cyclicality | Cyclical | | Capital Intensity | Medium | | Regulatory Intensity | Low | | Industry Maturity | Growth | | Geographic Importance | Global | ## Metrology & Process Control Filers in the SEC Record 36 companies with annual reports in the dataset are classified by the SEC in the Standard Industrial Classification codes 3559, 3825, 3826. Their latest fiscal years end between 2025 and 2026, and together they reported $69.4 billion of revenue. Median revenue growth over the prior year was 1.5%. Median operating margin was -4.7% and median net margin -0.9%. Median total liabilities were 37% of total assets, and 15 of 36 reported a profit in their latest year. | Company | Revenue | Growth | Operating margin | Net margin | Year | | --- | --- | --- | --- | --- | --- | | [Lam Research Corp](https://www.getswoopr.com/stocks/companies/lam-research/) | $23.2 billion | 26.0% | 35.3% | 31.3% | FY 2026 | | [Agilent Technologies, Inc.](https://www.getswoopr.com/stocks/companies/agilent-technologies/) | $6.9 billion | 6.7% | 21.3% | 18.8% | FY 2025 | | [Avantor, Inc.](https://www.getswoopr.com/stocks/companies/avantor-inc/) | $6.6 billion | -3.4% | -3.8% | -8.1% | FY 2025 | | [Veralto Corp](https://www.getswoopr.com/stocks/companies/veralto/) | $5.5 billion | 6.0% | 23.2% | 17.1% | FY 2025 | | [Illumina, Inc.](https://www.getswoopr.com/stocks/companies/illumina-inc/) | $4.3 billion | -0.7% | 18.6% | 19.6% | FY 2025 | | [Mettler Toledo International Inc/](https://www.getswoopr.com/stocks/companies/mettler-toledo/) | $4.0 billion | 4.0% | n/a | 21.6% | FY 2025 | | [Bruker Corp](https://www.getswoopr.com/stocks/companies/bruker-corporation/) | $3.4 billion | 2.1% | 2.0% | -0.2% | FY 2025 | | [Teradyne, Inc](https://www.getswoopr.com/stocks/companies/teradyne/) | $3.2 billion | 13.1% | 20.4% | 17.4% | FY 2025 | The 8 largest of 36 by revenue. Source: each company's own annual report as filed with the SEC (XBRL data), figures in U.S. dollars. A company's SIC code reflects its main business as the SEC records it, so it can differ from how an index provider or analyst classifies the company, and a diversified group appears under only one code. ## Where to Go Next The Metrology & Process Control guide describes how the industry earns money, what to measure and what can go wrong. 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Key performance indicators for the Metrology & Process Control industry include: Orders and backlog, Market share in inspection, Gross margin, Service share, Customer concentration. Which matter most depends on the company's model, so compare them across several companies rather than relying on one. How cyclical is the Metrology & Process Control industry? The Metrology & Process Control industry is cyclical, meaning its revenues and earnings tend to expand during economic expansions and contract during downturns. Investors should monitor leading economic indicators and interest rate trends when evaluating timing. What are the biggest risks in the Metrology & Process Control industry? The primary risks for Metrology & Process Control companies include: Cyclical capex, Export restrictions, Customer concentration, Technology change. Investors should assess each company's exposure to these factors and its track record of navigating them. **[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)** Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).