KLA Corp
KLAC—
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KLA Corp AI Insights
Informational only. Not investment advice.Snapshot
- Operating margin 41.8% TTM vs industry median 2.4% - 17x advantage from semiconductor process control monopoly position[Operating Margin TTM]
- ROIC 39.5% TTM on 10.9B invested capital - exceptional returns despite 6.1B debt load (1.2x D/E)[ROIC TTM]
- FCF 3.9B TTM (31% margin) funds 7.2 dividend + buybacks while maintaining R&D at 1.4B (11% of revenue)[Free Cash Flow TTM]
Watch Triggers
- Inventory: Exceeds 30% of TTM revenue or grows >15% QoQ — Early indicator of demand slowdown in cyclical semi equipment
- Gross Margin TTM: Falls below 58% — Signals pricing pressure or product mix deterioration
- R&D as % of Revenue: Falls below 10% — Tech lead erosion risk in rapidly evolving inspection market
Bull Case
Near-monopoly in process control (61% gross margin, 42% operating margin TTM) creates durable moat as chip complexity rises exponentially with each node shrink
Gross Margin TTMOperating Margin TTMROIC TTM
Capital-light model: 3% capex/revenue TTM generates 31% FCF margin, enabling 22% 5Y dividend payout ratio while growing R&D
Free Cash Flow TTMCapital Expenditure TTMDividend Payout Ratio Avg 5yr
Bear Case
P/B 58x and P/S 12.9x TTM price perfection - any cyclical downturn or China revenue loss creates significant multiple compression risk
P/B RatioP/S RatioPE Ratio
Inventory 3.3B (26% of revenue) up while A/P down 24M - potential demand softening signal in cyclical semi equipment market
InventoryChange in Account PayableWorking Capital
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
60%
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Forward Thesis
AI/advanced packaging demand drives revenue acceleration above 5Y CAGR of 15.8%
1-3ymed
- Leading-edge node complexity increases inspection intensity
- HBM and advanced packaging require new metrology tools
- China restrictions shift share to allies using KLA equipment
R&D 1.4B TTM (11% of revenue) sustains tech lead5Y revenue CAGR 15.8% vs industry 5.1%Gross margin 61% TTM shows pricing power
Valuation Context
Caveats
Public Strategies Rankings
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KLAC Fundamentals
Manufacturing → Computer and Electronic Product Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$200.24B | — | ||
$203.89B | — | ||
44 | — | ||
$12.74B | +17.5% | — | |
$34.35 | +33.7% | — | |
42.0% | +3.8% | — | |
35.8% | +6.2% | — | |
$4.38B | +30.2% | — | |
101% | +3.9% | — | |
Beta 5Y (Monthly) | unknown | — |
KLAC Dividend History
85 dividends
2026
$1.900002/17/26$1.9000
2025
$7.400011/17/25$1.9000
08/18/25$1.9000
05/19/25$1.9000
02/24/25$1.7000
2024
$6.050011/18/24$1.7000
08/15/24$1.4500
05/14/24$1.4500
02/15/24$1.4500
2023
$5.350011/14/23$1.4500
08/14/23$1.3000
05/12/23$1.3000
02/10/23$1.3000
2022
$4.700011/14/22$1.3000
08/12/22$1.3000
05/13/22$1.0500
02/11/22$1.0500
2021
$3.900011/12/21$1.0500
08/13/21$1.0500
05/14/21$0.9000
02/18/21$0.9000
2020
$3.500011/13/20$0.9000
08/14/20$0.9000
05/15/20$0.8500
02/20/20$0.8500
2019
$3.100011/15/19$0.8500
08/14/19$0.7500
05/14/19$0.7500
02/14/19$0.7500
2018
$2.840011/15/18$0.7500
08/14/18$0.7500
05/14/18$0.7500
02/14/18$0.5900
2017
$2.260011/14/17$0.5900
08/11/17$0.5900
05/11/17$0.5400
02/13/17$0.5400
2016
$2.100011/10/16$0.5400
08/11/16$0.5200
05/12/16$0.5200
02/11/16$0.5200
2015
$2.040011/12/15$0.5200
08/13/15$0.5200
05/14/15$0.5000
02/12/15$0.5000
2014
$18.400011/26/14$16.5000
11/13/14$0.5000
08/14/14$0.5000
05/15/14$0.4500
02/13/14$0.4500
2013
$1.700011/14/13$0.4500
08/14/13$0.4500
05/09/13$0.4000
02/14/13$0.4000
2012
$1.500011/15/12$0.4000
08/09/12$0.4000
05/10/12$0.3500
02/16/12$0.3500
2011
$1.200011/09/11$0.3500
08/11/11$0.3500
05/12/11$0.2500
02/17/11$0.2500
2010
$0.800011/10/10$0.2500
08/12/10$0.2500
05/13/10$0.1500
02/11/10$0.1500
2009
$0.600011/12/09$0.1500
08/13/09$0.1500
05/13/09$0.1500
02/26/09$0.1500
2008
$0.600011/20/08$0.1500
08/14/08$0.1500
05/15/08$0.1500
02/21/08$0.1500
2007
$0.540011/15/07$0.1500
08/16/07$0.1500
05/11/07$0.1200
02/13/07$0.1200
2006
$0.480011/13/06$0.1200
08/11/06$0.1200
05/11/06$0.1200
02/13/06$0.1200
2005
$0.360011/10/05$0.1200
08/11/05$0.1200
04/28/05$0.1200
KLAC Stock Splits
1 stock split
01/19/001:2 split
KLAC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
01/30/26 | 12/31/25 | 10-Q | |
10/31/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-K | |
05/01/25 | 03/31/25 | 10-Q | |
01/31/25 | 12/31/24 | 10-Q | |
10/31/24 | 09/30/24 | 10-Q | |
08/05/24 | 06/30/24 | 10-K | |
04/26/24 | 03/31/24 | 10-Q | |
01/26/24 | 12/31/23 | 10-Q | |
10/27/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-K | |
04/28/23 | 03/31/23 | 10-Q | |
01/27/23 | 12/31/22 | 10-Q | |
10/28/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-K | |
04/29/22 | 03/31/22 | 10-Q | |
01/28/22 | 12/31/21 | 10-Q | |
10/28/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-K | |
04/30/21 | 03/31/21 | 10-Q | |
02/04/21 | 12/31/20 | 10-Q | |
10/30/20 | 09/30/20 | 10-Q | |
08/10/20 | 06/30/20 | 10-K | |
05/06/20 | 03/31/20 | 10-Q | |
02/05/20 | 12/31/19 | 10-Q | |
10/31/19 | 09/30/19 | 10-Q | |
08/16/19 | 06/30/19 | 10-K | |
05/08/19 | 03/31/19 | 10-Q | |
01/29/19 | 12/31/18 | 10-Q | |
10/31/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-K | |
04/27/18 | 03/31/18 | 10-Q | |
01/26/18 | 12/31/17 | 10-Q | |
10/27/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-K | |
04/28/17 | 03/31/17 | 10-Q | |
01/27/17 | 12/31/16 | 10-Q | |
10/20/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-K | |
04/26/16 | 03/31/16 | 10-Q | |
01/28/16 | 12/31/15 | 10-Q | |
10/22/15 | 09/30/15 | 10-Q | |
08/07/15 | 06/30/15 | 10-K | |
04/24/15 | 03/31/15 | 10-Q | |
01/23/15 | 12/31/14 | 10-Q | |
10/24/14 | 09/30/14 | 10-Q | |
08/08/14 | 06/30/14 | 10-K | |
04/25/14 | 03/31/14 | 10-Q | |
01/24/14 | 12/31/13 | 10-Q | |
10/25/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-K | |
04/26/13 | 03/31/13 | 10-Q | |
01/25/13 | 12/31/12 | 10-Q | |
10/26/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-K | |
04/27/12 | 03/31/12 | 10-Q | |
01/27/12 | 12/31/11 | 10-Q | |
10/28/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-K | |
04/29/11 | 03/31/11 | 10-Q | |
01/28/11 | 12/31/10 | 10-Q | |
10/29/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-K | |
04/30/10 | 03/31/10 | 10-Q | |
01/29/10 | 12/31/09 | 10-Q | |
10/30/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-K | |
04/24/09 | 03/30/09 | 10-Q | |
01/30/09 | 12/31/08 | 10-Q | |
10/31/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-K | |
04/28/08 | 03/30/08 | Unknown | -- |
01/28/08 | 12/31/07 | 10-Q | |
10/31/07 | 09/30/07 | 10-Q | |
08/20/07 | 06/30/07 | 10-K | |
05/07/07 | 03/30/07 | Unknown | -- |
02/09/07 | 12/31/06 | 10-Q | |
01/29/07 | 09/30/06 | NT 10-Q | |
01/29/07 | 06/30/06 | 8-K | |
05/04/06 | 03/30/06 | Unknown | -- |
02/02/06 | 12/31/05 | 10-Q | |
11/08/05 | 09/30/05 | 10-Q | |
09/02/05 | 06/30/05 | 5 | |
05/09/05 | 03/30/05 | Unknown | -- |
02/03/05 | 12/31/04 | 10-Q | |
11/03/04 | 09/30/04 | 10-Q | |
08/30/04 | 06/30/04 | 5 | |
05/05/04 | 03/30/04 | Unknown | -- |
02/06/04 | 12/31/03 | 10-Q | |
11/07/03 | 09/30/03 | 10-Q | |
09/16/03 | 06/30/03 | 5 | |
05/14/03 | 03/30/03 | Unknown | -- |
02/13/03 | 12/31/02 | 10-Q | |
11/13/02 | 09/30/02 | 10-Q | |
09/20/02 | 06/30/02 | 10-K | |
05/13/02 | 03/30/02 | Unknown | -- |
02/13/02 | 12/31/01 | 10-Q | |
11/14/01 | 09/30/01 | 10-Q | |
09/21/01 | 06/30/01 | 10-K | |
05/14/01 | 03/30/01 | Unknown | -- |
02/14/01 | 12/31/00 | 10-Q | |
11/14/00 | 09/30/00 | 10-Q | |
09/28/00 | 06/30/00 | 10-K | |
05/15/00 | 03/30/00 | Unknown | -- |