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Buy Day today: Good (62) Broad market participation · no major macro event
KLAC

KLA Corporation

Technology · Semiconductor Equipment & Materials · listed since 1980

169.00$ +1.0% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed delivers reliably

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

Quality confirmed: a quasi-monopoly with a 60.9 percent gross margin, an operating margin around 41 percent and sixteen consecutive dividend increases rests on proven substance — nothing in the filings calls that quality into question. The China share and the customer concentration are earnings risks, not existential ones (the China share already fell from 43 to 33 percent without earnings breaking), and the documented cyclicality belongs to the business model, not to a substance defect. The annual report after June 30, 2026 is the next check of whether the operating figures hold. The rating says nothing about the entry price — that is what the metrics scanners answer.

What the thesis turns on

Assessment: Opportunities & Risks

KLA is the rare combination of a quasi-monopoly, dream margins and reliable capital returns — operationally there is little to criticize. What you pay for it, however, is a price that presupposes friction-free perfection: 70 times the earnings of a demonstrably cyclical business with a third of its revenue from China under political reservation and two dominant major customers. Not investment advice.

Market position & margins

A quasi-monopoly in process control: a 60.9 percent gross margin and about 41 percent operating margin in fiscal year 2025 (ended June 30, 2025); scanner hits in the EBIT margin ranking and the Magic Formula (data as of July 9, 2026).

Growth & AI demand

Revenue +24 percent to $12.16 billion in fiscal year 2025, another +10 percent in the nine months through March 2026 with a record quarter ($3.42 billion); AI and memory investments drive it (Korea +80 percent in the latest quarter).

Capital returns

The sixteenth consecutive dividend increase, $2.15 billion of buybacks in fiscal year 2025, $10.31 billion of authorized buyback volume outstanding (March 31, 2026) on more than $4 billion of operating cash flow per year.

China & export controls

33 percent of fiscal 2025 revenue from China (2024: 43 percent) under continually tightened U.S. export rules; KLA itself warns in the annual report (10-K) of revenue losses and strengthened Chinese competition; since April 2025, China's rare-earth export controls add a supply-chain risk.

Concentration & cyclicality

Two customers accounted for about 19 and 11 percent of revenue in the January–March 2026 quarter (TSMC above 10 percent for years), orders carry no long-term purchase obligation; fiscal year 2024 documents the cyclicality: revenue −7 percent, net income −18 percent.

Valuation & insiders

About 70 times earnings and 26 times revenue after the stock nearly doubled in six months (data as of July 9, 2026); long-term debt at roughly equity level; CEO and CFO sales of a combined $17 million or so in June/July 2026 (insider filings, Form 4).

Worth Noting

The fiscal year ends on June 30: "fiscal year 2025" = July 2024 through June 2025. All quarterly figures in the text carry an explicit period.

The 10-for-1 stock split took effect on June 11, 2026 (current report, 8-K dated June 12, 2026) — per-share figures before and after the split are not directly comparable; valuation multiples (P/E, P/S) are unaffected by it.

The return on equity of about 95 percent and the price-to-book ratio around 58 are distorted by the buyback-driven small equity base and only meaningful to a limited extent (data as of July 9, 2026).

Insider sales (CEO June 11, 2026; CFO July 2, 2026) are frequently pre-planned routine at U.S. corporations (Form 4) — they prove no knowledge of coming price declines, but they fit the stretched valuation.

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at KLAC since then.

Later $1 a month per stock — signing up is free, and you'll be the first to know when it launches.

Price history

Chart

Interactive price chart (TradingView).

52-week range: 167.40 $ to 2,411.60 $ · Last price: 169.00 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 220.8$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 1,307m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.8%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 1.4

Performance

Perf. 1M ?Price performance over the last month. 44.40%
Perf. 3M ?Price performance over the last 3 months. 93.10%
Perf. 6M ?Price performance over the last 6 months. 118.60%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). 101.70%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -89.4%
Perf. 1Y ?Price performance over the last 12 months. 71.63%
Perf. 3Y ?Price performance over the last 3 years. 280.99%
Perf. 5Y ?Price performance over the last 5 years. 379.78%
Perf. 10Y ?Price performance over the last 10 years. 2,718.92%
Perf. Since Inception ?Price performance since the first available trading day (11/05/1984) — with a complete history, that is since the IPO. 71,562.43%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 185.50$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 193.80$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 1,112.00$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 33.8
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 46.5%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 60.8%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 46.0
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 33.4
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.7
P/B ?Price-to-book ratio: market value relative to book equity. 37.9
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 16.3
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 37.8
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 58.6

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 61.3%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 41.2%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 35.6%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 95.0%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 20.8%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 34.6%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. 1.5
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. fortress balance sheet 9.57
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 6 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 11.50%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 11.80%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 23.89%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 26.02%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 36.30%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.51%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 0.80$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 22.3%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 10Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 10Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 2
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. Top 10% 94
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 60
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (69 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Semiconductor Equipment & Materials

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
KLA Corporation KLAC 220.8 46.0 37.8 61.3 41.2 23.9 71.6
Lam Research Corp LRCX 371.4 47.0 41.9 50.5 35.0 23.7 122.2
Applied Materials Inc AMAT 331.4 36.5 31.3 49.4 31.9 4.4 135.6
Teradyne Inc TER 57.6 59.4 34.3 59.2 37.6 13.1 209.5
Qnity Electronics, Inc Q 24.5 47.5 20.3 46.2 22.8 9.7 20.8
Entegris Inc ENTG 22.4 69.9 25.9 45.6 18.0 -1.4 41.1
Onto Innovation Inc ONTO 13.7 109.7 49.6 55.5 16.8 1.8 115.5
Amkor Technology Inc AMKR 11.9 23.7 8.5 15.5 6.0 6.2 81.4
Nova Ltd NVMI 11.1 43.3 39.3 57.1 29.9 31.0 12.3
Median of companies shown 24.5 47.0 34.3 50.5 29.9 9.7 81.4

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2017 · Revenue: 3,480 $M 2017 · Operating income: 1,276 $M 2017 · Net income: 926 $M 2018 · Revenue: 4,037 $M 2018 · Operating income: 1,537 $M 2018 · Net income: 802 $M 2019 · Revenue: 4,569 $M 2019 · Operating income: 1,389 $M 2019 · Net income: 1,176 $M 2020 · Revenue: 5,806 $M 2020 · Operating income: 1,759 $M 2020 · Net income: 1,217 $M 2021 · Revenue: 6,919 $M 2021 · Operating income: 2,488 $M 2021 · Net income: 2,078 $M 2022 · Revenue: 9,212 $M 2022 · Operating income: 3,654 $M 2022 · Net income: 3,322 $M 2023 · Revenue: 10,496 $M 2023 · Operating income: 3,995 $M 2023 · Net income: 3,387 $M 2024 · Revenue: 9,812 $M 2024 · Operating income: 3,636 $M 2024 · Net income: 2,762 $M 2025 · Revenue: 12,156 $M 2025 · Operating income: 5,014 $M 2025 · Net income: 4,062 $M 2026 · Revenue: 13,579 $M 2026 · Operating income: 5,661 $M 2026 · Net income: 4,831 $M
2017201820192020202120222023202420252026
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2017 3,480 1,276 926 0.59 1,080 1,326 5,532
2018 4,037 1,537 802 0.51 1,229 1,621 5,619
2019 4,569 1,389 1,176 0.75 1,153 2,659 9,009
2020 5,806 1,759 1,217 0.77 1,779 2,665 9,280
2021 6,919 2,488 2,078 1.34 2,185 3,378 10,271
2022 9,212 3,654 3,322 2.19 3,313 1,401 12,597
2023 10,496 3,995 3,387 2.42 3,670 2,920 14,072
2024 9,812 3,636 2,762 2.03 3,309 3,368 15,434
2025 12,156 5,014 4,062 3.04 4,082 4,692 16,068
2026 13,579 5,661 4,831 3.66 4,143 6,350 17,952

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 3,076.9 $M Q4 2025: Q1 · 3,063.0 $M Q1 2025: Q2 · 3,174.7 $M Q2 2025: Q3 · 3,209.7 $M Q3 2025: Q4 · 3,297.1 $M Q4 2026: Q1 · 3,415.1 $M Q1 2026: Q2 · 3,657.6 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 0.61 43.50 3,077 23.70 26.80 850 757
2025: Q1 0.82 84.40 3,063 30.00 35.50 1,072 987
2025: Q2 9.06 1,366.30 3,175 23.70 37.90 1,165 1,065
2025: Q3 8.47 1,107.40 3,210 13.00 34.90 1,162 1,066
2025: Q4 8.67 1,312.70 3,297 7.20 34.70 1,368 1,262
2026: Q1 9.12 1,016.40 3,415 11.50 35.20 708 622
2026: Q2 -22.60 -349.40 3,658 15.20 37.30 906 817

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 8 of our scanner strategies — each hit links to the scanner.

Backtested Scanners

Best Hits

Quality & Balance Sheet

Aktien.Guide

Dividends

Risk & Weakness

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 30
Price Target (average) 233.77$
Distance to price 38.3% The price target sits 38.3% above the current price.

Distribution of Recommendations

Strong Buy 14
Buy 5
Hold 10
Sell 1
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
06/30/2027 5.45 5.05 – 5.86 18,114 45.1% 24
06/30/2028 6.71 5.81 – 7.95 21,416 22.9% 22

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 22.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $3.77B
Market cap $220.76B
Free cash flow in year ten $28.42B
Terminal value as a share of market value 67.8%

For comparison: over the past five years free cash flow grew by 14.0% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Uses AI

KLA baut KI-Fähigkeiten in die eigenen Inspektions-/Metrologie-Produkte und Betriebsabläufe ein und profitiert vom KI-Nachfrageboom der Chipindustrie — KI selbst ist laut Filings aber keine eigene Umsatzquelle (verkauft werden Prozesskontroll-Systeme und Service).

View the full file — quotes, sources, reviewed filings
„We are increasingly incorporating AI capabilities into the development of technologies and our business operations, and into our products and services."

Wir integrieren zunehmend KI-Fähigkeiten in die Entwicklung von Technologien und unsere Geschäftsabläufe sowie in unsere Produkte und Dienstleistungen.

10-K · 2025-08-08 · View SEC filing

„AI is a technology inflection point driving innovation and demand at the leading edge, and we believe our portfolio of products is uniquely positioned to support leading-edge demand and the ongoing AI buildout."

KI ist ein technologischer Wendepunkt, der Innovation und Nachfrage an der Spitze der Technologie antreibt, und wir glauben, dass unser Produktportfolio einzigartig positioniert ist, um die Nachfrage am Leading Edge und den laufenden KI-Ausbau zu unterstützen.

10-Q · 2026-04-30 · View SEC filing

„The implementation of AI can be costly and there is no guarantee that our use of AI will enhance our technologies, benefit our business operations or produce products and services that are preferred by our customers."

Die Einführung von KI kann kostspielig sein, und es gibt keine Garantie, dass unser KI-Einsatz unsere Technologien verbessert, unseren Geschäftsabläufen nützt oder Produkte und Dienstleistungen hervorbringt, die von unseren Kunden bevorzugt werden.

10-K · 2025-08-08 · View SEC filing

Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2026-01-30 · 10-Q 2025-10-31 · 10-Q 2025-05-01 · 10-K 2025-08-08 · 10-K 2024-08-05

Rated on July 10, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

We reviewed ten KLA earnings call transcripts covering fiscal quarters 2024-Q3 through 2026-Q4. The picture is unusually consistent: revenue came in above the guidance midpoint in all ten quarters, the bottom called in April 2024 materialized, and the advanced packaging targets were raised repeatedly and met each time. Remaining criticisms are the discontinuation of the quarterly RPO order metric precisely during its weak phase and strongly fluctuating detail forecasts - both, however, communicated openly.

Positive delivers reliably 10 calls reviewed, 2024-Q3 through 2026-Q4 · As of August 2, 2026

Guidance beaten in all ten quarters, forecasts rather too cautious

In all ten reviewed calls from 2024-Q3 through 2026-Q4, quarterly revenue came in above the midpoint of prior guidance, and usually earnings per share did as well. The thesis stated in 2024-Q3 (April 2024) that the March 2024 quarter marked the revenue bottom was confirmed: from 2024-Q4 onward, revenue grew quarter after quarter from 2.36 to most recently 3.66 billion dollars in 2026-Q4. Annual forecasts tended to be too conservative: for calendar 2026, management still projected mid-single-digit revenue growth in 2026-Q2 (January 2026), raised this to high teens in 2026-Q3, and since 2026-Q4 expects roughly 20 percent second-half over first-half growth. In 2026-Q4 the CEO conceded with self-irony that the company is good at process control but bad at forecasting.

Advanced packaging: serially raised and delivered, but reference metric switched

The advanced packaging revenue target was raised serially over two years and met each time: from roughly 400 million dollars (2024-Q3) via more than 500 million for calendar 2024 (2024-Q4, confirmed in 2025-Q2) up to 850, 925 and finally 950 million dollars for calendar 2025 (2025-Q3 through 2026-Q2). The switch of reference is irritating: in 2026-Q2 management cited 950 million in total systems revenue for 2025, while in 2026-Q3 a figure of 635 million in pure process control revenue served as the base for the new billion-dollar 2026 target - both scopes were labeled, but they hamper comparability. The market forecast also swung widely: more than 20 percent growth (2026-Q1), then only mid-to-high teens (2026-Q2, challenged by analysts and answered only vaguely), then about 30 percent (2026-Q3) and most recently mid-to-high 30s (2026-Q4).

Quarterly RPO disclosure dropped during weakness, cited again on recovery

The RPO order metric fell from roughly 13 billion dollars at its peak via 9.9 billion (2024-Q3) and 8.9 billion (2025-Q3) to 7.9 billion dollars (2025-Q4). Precisely during this downtrend, KLA announced a disclosure change in 2025-Q3 and in 2026-Q1 declined to give the figure in response to a direct analyst question, citing the changed practice. In 2026-Q4, once backlog had risen back to roughly 12.5 billion dollars, the CFO volunteered the number unprompted. The rationale - better comparability with peers - is factually defensible and was announced a quarter in advance, but the timing raises questions about selective transparency.

Export controls: no speculation, but precise and stable quantification

Questions about potential new US export controls on China were repeatedly deflected in 2024-Q3, 2024-Q4 and 2025-Q1 with the note that management does not speculate on hypotheticals - while, according to an analyst question, at least one peer was baking a base case into guidance. Once the rules took effect in December 2024, however, management immediately quantified the calendar 2025 revenue impact at roughly 500 million dollars plus or minus 100 million (2025-Q2) and kept this estimate stable through the year (2025-Q3). The follow-on round of controls was sized in 2026-Q1 at 300 to 350 million dollars for the December quarter and calendar 2026. In our view this is discipline rather than evasion: the estimates were delivered and never quietly dropped.

Market definition broadened at a convenient time, more superlative tone in 2026

From 2026-Q1 and 2026-Q2 onward, KLA includes the advanced packaging market (11 to 13 billion dollars) in its market sizing and speaks of a total market of 135 to most recently above 150 billion dollars (2026-Q4) - precisely in the phase in which the company emphasizes its outperformance versus that market. The CFO justified this openly with the numerator-denominator argument: if you count your own packaging revenue, you must count the market too. That is legitimate, but it reduced comparability and in 2026-Q2 promptly triggered analyst questions about why KLA's market forecast sat well below a peer's. In parallel, the language in 2026 became noticeably more superlative, for example the repeated phrase of unprecedented demand visibility in 2026-Q3 and 2026-Q4.

Management promises

  • 2024-Q3 — The March 2024 quarter marks the revenue bottom; growth resumes in the June quarter and continues through the calendar year. Confirmed: from 2024-Q4 onward revenue grew sequentially every quarter, from 2.36 via 2.57 and 2.84 to 3.08 billion dollars by 2025-Q2. kept
  • 2024-Q4 — Advanced packaging revenue reaches more than 500 million dollars in calendar 2024 (raised from about 400 million previously). Reported as achieved in 2025-Q2 (roughly 500 million dollars) and confirmed as above 500 million in 2025-Q3; the target was subsequently raised again for 2025 and 2026 and beaten once more. kept
  • 2025-Q1 — Investor Day on June 18, 2025 in New York. Formally late, substantively delivered: transparently postponed in 2025-Q3 due to tariff and trade uncertainty, rescheduled in 2026-Q1 and held on March 12, 2026 with a new 2030 model (2026-Q3). kept
  • 2025-Q3 — Calendar 2025 gross margin at roughly 62.5 percent plus or minus 50 basis points, despite a tariff headwind of up to 100 basis points per quarter. Delivered: for calendar 2025, KLA reported a 62 percent gross margin in 2026-Q2 - at the low end, but within the promised range. kept
  • 2026-Q2 — The DRAM cost drag on gross margin (75 to 100 basis points) is transitory and improves toward the end of calendar 2026. So far rather worse: raised to about 100 basis points in 2026-Q3, to slightly above that in 2026-Q4, and the drag is now expected to persist into calendar 2027 - the promised relief is still outstanding. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2024-Q3 through 2026-Q4.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

6 of 10 Solid growth
  • Revenue grows by more than 15% a year over three years 9.0%
  • More than 10% revenue growth is expected for the coming year 26.0%
  • Share count grows by less than 3% a year -2.0%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 39.5%
  • Gross margin at 40% or higher and without meaningful erosion 61.3%
  • Goodwill from acquisitions does not grow faster than revenue 10.0%
  • Net debt below twice EBITDA 0.2 x EBITDA
  • Operating cash flow covers the profits of the last three years -121 m
  • Return on capital at 15% or higher, or up versus two years ago 41.5%
  • Insiders hold at least 10% or are net buyers 0.1%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

10/10 Quality stock

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 16.3%
  • Exp. sales growth 3Y > 5% 25.6%
  • EBIT growth 10Y > 5% 18.0%
  • Exp. EBIT growth 3Y > 5% 35.3%
  • Net debt < 4x EBIT 0.2x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 9.6%
  • Return on equity > 15% 112.2%
  • ROCE > 15% 41.5%
  • Expected return > 10% 37.7%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 15, 2026 Wallace Richard P President and CEO Sell 72,019 171.88 12,378,626
Aug 13, 2026 Lorig Brian EVP, KLA Global Services Sell 59,586 208.13 12,401,634
Aug 12, 2026 Higgins Bren D. EVP & Chief Financial Officer Sell 31,500 209.87 6,610,905
Aug 11, 2026 Khan Ahmad A. President, Semi. Prod. & Cust. Sell 33,180 198.95 6,601,161
Aug 11, 2026 Wallace Richard P President and CEO Sell 87,568 198.95 17,421,654
Aug 10, 2026 Kirloskar Virendra A SVP & Chief Accounting Officer Sell 529 204.56 108,212
Aug 10, 2026 Wilkinson Mary Beth EVP, CLO and Secretary Sell 1,661 204.56 339,774
Aug 7, 2026 Wallace Richard P President and CEO Other 12,762 193.22 2,465,874
Aug 7, 2026 Lorig Brian EVP, KLA Global Services Other 2,876 193.22 555,701
Aug 7, 2026 Wilkinson Mary Beth EVP, CLO and Secretary Sell 21,831 197.57 4,313,151

View all insider transactions →

The company

About the Company

KLA Corporation entwickelt, fertigt und vermarktet weltweit Lösungen für Prozesskontrolle, Prozessunterstützung und Ausbeutemanagement für die Halbleiter- und verwandte Elektronikindustrie. Es ist in drei Segmenten tätig: Semiconductor Process Control, Specialty und weitere.

CEO Insider Trades (12 Mo.)
selling own stock
Employees
17,000
Headquarters
Milpitas, CA
Address
One Technology Drive, 95035 Milpitas, United States
Phone
408 875 3000
Website
kla.com
IPO Date
10/08/1980
ISIN
US4824801009
Stock Split
10:1 on 06/12/2026
Stock Split
2:1 on 01/19/2000
Stock Split
2:1 on 10/02/1995

Management

Management
Name Title Birth Year
Richard P. Wallace President, CEO & Executive Director 1960
Bren D. Higgins Executive VP & CFO 1970
Mary Beth Wilkinson Executive VP, Chief Legal Officer & Corporate Secretary 1973
Ahmad A. Khan President of Semiconductor Products & Customers 1974
Brian W. Lorig Executive Vice President of KLA Global Services 1974
Virendra A. Kirloskar Senior VP & Chief Accounting Officer 1963
Ben Bin-Ming Tsai CTO & Executive VP of Corporate Alliances 1959
Kevin M. Kessel C.F.A. Vice President of Investor Relations
Randi Polanich Senior VP & Chief Communications Officer
John Van Camp Executive VP & Chief Human Resources Officer

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 08/06/2026 KLA CORP (KLAC): Other Events; Financial Statements and Exhibits SEC ↗
  • 07/28/2026 KLA CORP (KLAC): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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