KLA Corporation (KLAC)
NEUTRALFundamental
65
Precio
$182.81
Capitalización Bursátil
$237.23B
Parte 1 · Cuánto vale la empresa
Resumen
KLA makes the inspection and measurement equipment chipmakers use to find defects on a silicon wafer while it is still being manufactured, before the finished chips are tested and packaged. Because a single undetected flaw can ruin an entire batch of wafers worth far more than the inspection tool itself, chipmakers treat this equipment as essential rather than optional, and KLA holds a leading position in most of the niches it competes in.
Cómo genera ingresos
Revenue comes from selling inspection and metrology systems to chipmakers building new fab capacity, plus a growing services business — about 22% of fiscal 2025 revenue — that maintains and upgrades the large installed base of previously sold tools. The systems business is lumpy, tied to when customers commit to new fabs; the services business is steadier, since it grows with the size of the fleet already in the field rather than new capital spending decisions.
Ingresos por segmento
Inspection and metrology tools for leading-edge chip manufacturing — the core of KLA's business and its largest customer relationships.
Inspection equipment for printed circuit boards and electronic components, a smaller and more diversified customer base than leading-edge chipmaking.
Process equipment for specialty chips such as power devices and compound semiconductors, outside the leading-edge logic and memory market.
Ventaja competitiva
Patentes y licencias · AmpliaDecades of patents and accumulated process know-how in optical and electron-beam inspection give KLA a leading position that rivals have struggled to close for years, because a chipmaker switching inspection vendors risks blind spots in a process where an undetected defect is far costlier than the tool itself. This lets KLA earn the industry's high margins even though its customers, the chipmakers, are themselves in a highly cyclical and capital-intensive business.
Qué impulsa la demanda
CíclicoChipmakers buy inspection equipment when they commit to new fab capacity, and those investment decisions come in waves tied to the semiconductor industry's own boom-and-bust cycle. China's share of revenue fell from 43% in fiscal 2024 to 33% in fiscal 2025 alone, as elevated post-pandemic spending by Chinese customers normalized and US export controls further curbed sales — a reminder of how fast the mix can shift.
Riesgos clave
- Concentration among a few large chipmakers — A single customer reached approximately 19% of fiscal 2025 revenue. Because leading-edge fabs are built by a handful of very large companies, a change in any one of their spending plans has an outsized effect on KLA.
- China exposure and export controls — China's share of revenue fell from 43% to 33% in a single year as US export restrictions and normalizing Chinese fab spending both weighed on sales, and further rule changes could move that share again with little warning.
- Highly cyclical semiconductor capital spending — Orders for inspection and metrology tools rise and fall sharply with the industry's investment cycle, since chipmakers can delay or accelerate fab construction depending on demand for the chips they plan to make.
- Technology leadership must be continually defended — As chip features keep shrinking, KLA must keep advancing its inspection technology to detect ever-smaller defects; falling behind on any generation could open the door for a rival to take a leading customer's business.
Concentración de clientes
Los principales clientes representan el 19% de los ingresos
One customer accounted for approximately 19% of total revenues in fiscal 2025, up from 13% in fiscal 2024. Taiwan Semiconductor Manufacturing Company and Samsung Electronics are the two customers separately disclosed as exceeding 10% of revenue in recent years.
Los argumentos a favor
Buyers point to a technology-leadership position in process control that customers cannot easily substitute, given how costly an undetected wafer defect is relative to the price of KLA's tools, plus a growing services annuity tied to a large installed base.
Los argumentos en contra
Sellers note that close to a fifth of revenue can come from a single chipmaker, that China's share of revenue has already dropped from 43% to 33% as export rules bite, and that semiconductor capital spending is famously cyclical — a downturn in leading-edge fab investment hits KLA directly.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
Balance y Liquidez
Ingresos
$13.58B
Últimos 12 meses (hasta 30/6/2026)
Beneficio Neto
$4.83B
Últimos 12 meses (hasta 30/6/2026)
Flujo de Caja Libre
$3.77B
Patrimonio Neto Total
$6.35B
Pasivo Total
$11.60B
Ratio de Liquidez
2.88
Cobertura de Intereses
-
Deuda/EBITDA
1.02
Beneficio Por Acción
Ingresos y Beneficio Neto
Flujo de Caja Libre
Desglose de Ingresos
Estado histórico
Márgenes en el tiempo
La deuda en el tiempo
Cuánto pesa la deuda
Cuadro de crecimiento
Crecimiento — Ingresos
Estimación de Valor Justo
Valor Justo
$157.69
Precio Actual
$182.81
Margen de Seguridad
-15.9%
Rango de Valor Justo
$102.50 - $212.88
Métodos de Estimación
Métricas de Valoración
Ratio P/E
49.61
ROE
76.1%
Ratio P/B
37.36
P/FCF
62.97
Margen Bruto
61.3%
ROIC
-
Radar de Rentabilidad
Value Creation (Economic Moat)
ROIC
-
WACC
12.3%
ROIC − WACC
-
Criterios de Análisis Fundamental
Superado (16)
- EPS shows upward trend
- Price CAGR 37.06%
- Gross Margin 61.3%
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 85.4%
- Revenue Growth 5Y 14.4%
- Analyst Consensus 66% Buy
- Earnings Quality (OCF/NI) 0.86
- Share Dilution -1.2%
- Net Margin Trend 35.6% vs 33.4%
- Piotroski F-Score 7/9
Fallido (7)
- P/FCF 62.97
- P/B Ratio 37.36
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 0.8%
- PEG Ratio 2.53
No disponible (4)
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-Score
Solidez financiera fuerte
Calidad de los Beneficios
Moderada: cierta brecha entre beneficios y efectivo
Dilución de Acciones
Recomprando acciones. Favorable para el accionista
Gobernanza
Equipo Directivo
| Nombre | Cargo | Edad |
|---|---|---|
| Mr. Richard P. Wallace | President, CEO & Executive Director | 65 |
| Mr. Bren D. Higgins | Executive VP & CFO | 55 |
| Ms. Mary Beth Wilkinson | Executive VP, Chief Legal Officer & Corporate Secretary | 52 |
| Mr. Ahmad A. Khan | President of Semiconductor Products & Customers | 51 |
| Mr. Brian W. Lorig | Executive Vice President of KLA Global Services | 51 |
| Mr. Virendra A. Kirloskar | Senior VP & Chief Accounting Officer | 62 |
| Dr. Ben Bin-Ming Tsai | CTO & Executive VP of Corporate Alliances | 66 |
| Mr. Kevin M. Kessel C.F.A. | Vice President of Investor Relations | - |
| Ms. Randi Polanich | Senior VP & Chief Communications Officer | - |
| Mr. John Van Camp | Executive VP & Chief Human Resources Officer | - |
Riesgo de Auditoría
3
Riesgo del Consejo
2
Riesgo de Compensación
4
Riesgo de Derechos del Accionista
8
Parte 2 · El precio y el momento de entrar
Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.
Latest News
Recent headlines for KLAC, sourced from Markets Gazette.
- 6/12/2026POSITIVEBillionaire Investor Doubles Down On AI Trade, Adds Chip-Equipment Names
Billionaire investor Daniel Loeb, through his hedge fund Third Point Management, significantly increased exposure to the semiconductor sector in the first quarter. The fund added new positions in KLA Corporation, ASML Holding, and Lam Research, reaffirming its bullish stance on chip-related equities. This strategic move signals strong conviction in the growth prospects of AI-driven demand for advanced chip manufacturing equipment. Investors are watching these additions closely as a potential indicator of future sector performance and a validation of the AI trade.
- 6/9/2026POSITIVEHere's How Much $1000 Invested In KLA 15 Years Ago Would Be Worth Today
An investment of $1000 in KLA Corporation (KLAC) 15 years ago would have grown to approximately $10,400 today, representing a substantial 940% return. This performance significantly outpaced the broader market, highlighting KLA's robust growth trajectory and strong shareholder value creation over the past decade and a half. The company's consistent performance suggests effective management, innovation in its semiconductor equipment sector, and resilience through various market cycles, making it an attractive prospect for long-term investors seeking capital appreciation.
- 5/13/2026NEUTRALHere's How Much You Would Have Made Owning KLA Stock In The Last 10 Years
An analysis of KLA Corporation (KLAC) stock reveals its performance over the past decade. While specific returns are not detailed in this snippet, the article suggests a review of historical ownership gains. Investors considering KLAC should evaluate its long-term track record, including revenue growth, profitability, and market share trends within the semiconductor equipment industry. Past performance, while not indicative of future results, provides a baseline for assessing the company's resilience and growth potential.
- 4/27/2026POSITIVEHere's How Much $1000 Invested In KLA 10 Years Ago Would Be Worth Today
An investment of $1000 in KLA Corporation (KLAC) ten years ago would have grown to approximately $10,500 today, representing a substantial 950% return. This performance significantly outpaced the broader market during the same period. KLA's consistent growth trajectory is attributed to its dominant position in the semiconductor equipment manufacturing sector, particularly in process control and yield management solutions. The company has benefited from the ongoing demand for advanced chip technologies and the cyclical upturns in the semiconductor industry. Investors considering KLA should note its strong historical performance, driven by innovation and strategic market positioning.
- 4/10/2026POSITIVE$1000 Invested In KLA 10 Years Ago Would Be Worth This Much Today
An investment of $1000 in KLA Corporation (KLAC) a decade ago would have yielded a substantial return, demonstrating the company's robust long-term growth trajectory. While specific figures are not provided in this snippet, the implication is that KLAC has significantly outperformed the broader market over the past ten years. This historical performance suggests strong operational execution, strategic market positioning, and effective capital allocation by the company's management. Investors looking for companies with a proven track record of wealth creation may find KLA's performance compelling, warranting further investigation into its current fundamentals and future prospects.
- 3/24/2026NEUTRALHere's How Much You Would Have Made Owning KLA Stock In The Last 5 Years
An analysis of KLA Corporation (KLAC) stock performance over the past five years reveals a significant return for investors. While specific figures are not detailed in the provided snippet, the title suggests a strong historical performance. This type of retrospective analysis is often used by investors to gauge a company's long-term growth trajectory and its ability to generate shareholder value, providing context for future investment decisions. The exact returns would depend on the purchase date and current market value, but the framing implies a positive historical trend.
- 3/11/2026POSITIVE$100 Invested In KLA 20 Years Ago Would Be Worth This Much Today
An investment of $100 in KLA Corporation (KLAC) made 20 years ago would have grown substantially, highlighting the company's long-term value creation. While specific figures are not provided in the title, this narrative implies significant capital appreciation for shareholders over two decades. KLA, a key supplier to the semiconductor industry, has likely benefited from the secular growth trends in technology, including advancements in chip manufacturing processes. Investors looking at historical performance metrics for KLAC can infer a strong track record of growth and resilience, potentially signaling continued positive outlook.
via Markets Gazette