KLAC

KLA CORP

Other • CIK 0000319201

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Market Cap
$20.20B
P/E (TTM)
4.3x
Rev Growth (TTM)
+13.4%
Net Margin (TTM)
35.7%
FCF Yield (TTM)
19.9%
FCF Margin (TTM)
30.7%

What Changed

View Full Filings
10-Q Q2 FY2026 (filed 2026-01-30) vs 10-Q Q1 FY2026 (filed 2025-10-31)
PCB and Component Inspection — Revenue Growth+37.3%→-5.53%
PCB and Component Inspection — Segment Margin14.0%→-1.64%
Specialty Semiconductor Process — Revenue Growth-6.7%→-12.38%
Semiconductor Process Control — Revenue Growth+12.6%→+9.03%
Specialty Semiconductor Process — Segment Margin5.0%→7.64%

PCB and Component Inspection quarterly revenue growth — threshold: return to >0%...·PCI segment margin recovery above breakeven — threshold: >0% (currently -1.64%)·China revenue as share of total vs. FY2025 baseline of 33% given three...

Filings your agent reads

Factsheet

Primary-source SEC disclosures, read end-to-end — every figure traceable to its filing.

8-KJun 20262 weeks agosource
8-KMay 20262026-05-07source
10-QQ3 20262026-04-30source
8-KEarnings2026-04-29source
8-KMar 20262026-03-12source

Point your agent at KLAC and it navigates these the same way — citing each number back to the filing.

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LATEST EARNINGS

•
Q3 FY2026
•
2 months ago
•View source
Revenue
$3.42M
—
Net Income
$1.20B
+10.3%
EPS
$9.12
+11.8%
Net
35.2%↓ -0.4%
  • •Total revenues of $3.415 billion exceeded the midpoint of guidance.
  • •GAAP diluted EPS of $9.12 and non-GAAP diluted EPS of $9.40 both surpassed guidance midpoints.
  • •Cash flow from operating activities was $707.5 million for the quarter and $4.40 billion over the last twelve months.
  • •Free cash flow was $622.3 million for the quarter and $4.01 billion over the last twelve months.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$4.0B
Q3 '26
$622M-51%
Q2 '26
$1.3B+18%
FCF Margin
TTM30.7%
Q3 '2618.2%-52%
Sector: 0.0%Top 10%
OCF Margin33.6%
OCF/NI0.94x
CapEx Coverage11.4x
FCF Yield19.9%
FCF Growth (2Y)+8%
Cash Conversion Cycle
266 days
DSO: 62+DIO: 237−DPO: 32
View Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Shareholder Friendly
Total Shareholder YieldTTM
TTM15.6%
Div Yield5.0%
+
Buyback (TTM)10.6%

Strong capital returns to shareholders

Dividend & Payout Metrics
Dividend Yield (TTM)5.0%
FCF Payout Ratio25.1%
Free Cash Flow (TTM)$4.0B
Stock Repurchases (TTM)$2.1B
Capital Return / FCF78.5%
Est. Dividends Paid (TTM)$1.0B
Shows how management rewards shareholders

Operational Efficiency & Returns

Return on Invested CapitalTTM
43.4%
Stable
+0.0% YoY+5.1%
P25MedianP75
75th pctl (med: 0.0%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
36.1%
8Q: 35.3%
Asset Turnover
0.80x
8Q: 0.80x
Leverage (1+D/E)
2.01x
D/E: 1.01x
DuPont: 58.4% ≈ 43.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
10.11x
8Q:10.14x
+20.8%
Invested Cap Turn
1.23x
8Q:1.22x
+4.6%
CapEx Intensity
3.6%
8Q:3.5%
CapEx/Depreciation
0.99x
Depreciation Rate Trend
⚠ Declining -3.7%
Asset-based ROIC formula

Valuation Analysis

Fair Value
Price-to-EarningsTTM
4.3x
Volatile
8Q: 13.1x+337%
Valuation Lenses
Earnings
4.3x
vs – sector
Cash Flow
6.0x
EV/FCF vs –
Growth-Adj
0.2xPEG
Undervalued for growth
Quality-Adj
0.1P/E per %ROIC
ROIC: 43.4%
Shareholder Returns
Dividend
5.0%
Buyback
10.6%
Total Yield
15.6%
Market Cap$20.20B
EV$24.01B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
92/100
Exceptional

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Top 10%
93.1%
8Q:–
Return on Invested Capital (ROIC)Top 25%
43.4%
8Q:–
+5.1%
vs Sector:0.0%

DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)

NOPAT Margin: 36.1%
Asset Turnover: 0.80x

Earnings Quality

Cash Conversion

0.94x

OCF / Net Income

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin61.4%

Capital Efficiency

Invested Capital Turnover1.23x

Working Capital

Cash Conversion Cycle266 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
13.4%
OpInc Growth YoY
8.2%
EPS Growth YoY
28.5%
FCF 3Y CAGR
7.9%

Margin Quality & Sustainability

Moderate
Profitability Cascade
Gross
61.4%
Operating
41.7%
Top 25% in sector
Net
35.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-5.0 pts
FCF: 30.7% | Net: 35.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Leveraged
Net Debt / EBITDA
–Net Debt: $4.10B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
1.01x
Balance sheet risk & solvency analysis

Research

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