KLA

KLAC on Nasdaq. KLA sells chip-making equipment and services to semiconductor and electronics manufacturers. Market value $270.3bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Good business, but not cheap right now

See cheaper Technology stocks on the list

This is not advice. Check the numbers below.

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Cash yield
past 12 months to June 2026
1.4%low

For every $100 of what the whole company costs, it produced $1.39 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
46.6×full

You pay 46.6 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to June 2026
44.5%five-year median

Each dollar kept in the business earns 45 cents a year. Above 10 is good.

Quality score: 100 of 100. Price score: 17 of 100. Our list needs 70 on quality and 60 on price.

$206.85 a share, 111% above its 1-year low

Over the past year the price has ranged from $98.10 to $307.37.

Dividend: 0.4% a year

Paid every year for at least 5 years

Prices from Monday’s close (5 October).

Five years of cash, in billions

3.0
3.3
3.0
3.7
3.8
20222023202420252026
Revenue
$9.2bn$10.5bn$9.8bn$12.2bn$13.6bn
Operating margin
39.6%38.9%35.7%40.7%43.4%
Debt to equity
4.752.021.971.250.93
Shares outstanding
0.14bn0.13bn0.13bn0.13bn1.31bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Watch
  • Financial strength (Piotroski)6 of 9
  • Profit backed by cash (accruals)Yes
  • Debt0.93× equity
  • Revenue growth, five yearsStrong, 14.4% a year
  • Buying back its own sharesNo, 856% more shares since 2022

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $3.7 billion last quarter, up 15% on a year ago.
  • Profit: $1.4 billion, up 13% on a year ago.
  • Spare cash over the past 12 months: $3.8 billion, up from $3.7 billion.
  • Debt is $4.2 billion more than cash, up from $3.8 billion a year ago.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$2.8bn
December 2024$3.1bn
March 2025$3.1bn
June 2025$3.2bn
September 2025$3.2bn
December 2025$3.3bn
March 2026$3.4bn
June 2026$3.7bn
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$946m
December 2024$825m
March 2025$1.1bn
June 2025$1.2bn
September 2025$1.1bn
December 2025$1.1bn
March 2026$1.2bn
June 2026$1.4bn

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
28 October 2026
Last annual report (10-K)
6 August 2026
Next quarterly (estimated, 10-Q)
30 July 2026

Who owns it

14 long-term investors we follow own it, down from 15 last quarter. 2,482 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

1 investor owns more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $112m, $111m of it under preset trading plans.

  • WALLACE RICHARD P
    President and CEO
    Sold
    under a preset trading plan
    Date
    15 September 2026
    Shares
    72,019
    Price
    $171.88
    Value
    $12m
  • Lorig Brian
    EVP, KLA Global Services
    Sold
    under a preset trading plan
    Date
    13 August 2026
    Shares
    59,586
    Price
    $208.13
    Value
    $12m
  • Higgins Bren D.
    EVP & Chief Financial Officer
    Sold
    under a preset trading plan
    Date
    12 August 2026
    Shares
    31,500
    Price
    $209.87
    Value
    $7m
  • Khan Ahmad A.
    President, Semi. Prod. & Cust.
    Sold
    under a preset trading plan
    Date
    11 August 2026
    Shares
    33,180
    Price
    $198.95
    Value
    $7m
  • WALLACE RICHARD P
    President and CEO
    Sold
    under a preset trading plan
    Date
    11 August 2026
    Shares
    87,568
    Price
    $198.95
    Value
    $17m
  • Kirloskar Virendra A
    SVP & Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    529
    Price
    $204.56
    Value
    $108,212
  • Wilkinson Mary Beth
    EVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    10 August 2026
    Shares
    1,661
    Price
    $204.56
    Value
    $339,774
  • Wilkinson Mary Beth
    EVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    21,831
    Price
    $197.57
    Value
    $4m
  • Kirloskar Virendra A
    SVP & Chief Accounting Officer
    Sold
    under a preset trading plan
    Date
    7 August 2026
    Shares
    2,405
    Price
    $197.57
    Value
    $475,156
  • Wilkinson Mary Beth
    EVP, CLO and Secretary
    Sold
    under a preset trading plan
    Date
    5 August 2026
    Shares
    13,802
    Price
    $195.50
    Value
    $3m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Aug 2026, and no later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

  • It isn't cheap on profits: 46.6× operating profit.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.