KLA Corporation

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Jun 2026, Wafer Inspection was 49% and Service was 23% of revenue; Wafer Inspection rose from 44% in the fiscal year to Jun 2024.

In the fiscal year to Jun 2026, China was 30% and Taiwan was 27% of revenue; China fell from 43% in the fiscal year to Jun 2024.

Quarters: KLA Corporation's SEC filings, named by the month they end. Fiscal years: KLA Corporation's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $35.6 ends up as net income. Net margin rose from 32.3% to 35.6% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: KLA Corporation's annual reports to the SEC.

Where it is in the chip cycle

Gross margin 61.9%, up 0.6 points from a year earlier; inventory at 253 days, up from 247 a year earlier; capital spending 3.3% of revenue over the last 4 quarters.

Gross margin by fiscal quarter, from SEC filings. Inventory days: year-end inventory over that year's cost of revenue, times 365.

Customers and suppliers

In its latest annual report KLA sells to TSMC; one customer it does not name accounts for 19% of its revenue; it names no suppliers.

 

KLACKLA

Customers

Unnamed customer 19%

TSMC TSM 10%

Their customers

Broadcom AVGOfrom TSMC

AMD AMDfrom TSMC

Analog Devices ADIfrom TSMC

Show 3

KLA's 10-Q for the quarter to Sep 2026 gives two customers' shares of its revenue: Largest Customer (21%) and Second Largest Customer (13%).

From KLA Corporation's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's. Rings are fiscal years: a 10-K gives the year, not its fourth quarter.

Changes since the previous annual report (10-K filed Aug 8, 2025)

SamsungNo longer named (was a customer)

Only the companies KLA names in its 10-K filed Aug 6, 2026 (SEC). The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 39.4x, in line with the peer median of 34.8x, with earnings still growing.

In line with the peer median of 34.8x.

At 39.4× trailing earnings KLAC is above most of its five-year range; the five-year median is 29.0×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $220, 40% above the current price; 72% of 29 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 21 analysts (72%). Sell or Strong Sell: 0.

Over the past year the average of the analysts' latest price targets went from $124.41 to $226.41 (+82%), while KLAC went from $116.17 to $157.30 (+35%). In the past three months targets were raised once and cut 9 times. 4 upgrades and no downgrades over the year; the latest: Wells Fargo moved it to Overweight from Equal-Weight on Jan 15, 2026.

The day after each of these reports the stock moved −12.2% (Dec 2025, beat); −3.2% (Mar 2026, beat); −16.3% (Jun 2026, beat); +9.0% (Sep 2026, beat).

For the quarter ending Dec 2026 (KLA reports on Jan 28, 2027), analysts expect adjusted earnings of $1.45 a share, 64% more than the $0.89 of a year earlier, and revenue of $4.7B, up 43% on a year earlier. For the fiscal year ending Jun 2027, they expect adjusted earnings of $5.77 a share, and revenue of $18.9B, up 39% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $4.0B in free cash flow over the year, of which $3.8B went back to shareholders (dividends plus buybacks), leaving $250M in the company.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 2.9, no pressure to repay short-term debt; debt-to-equity 0.9, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 1 member of Congress and 11 funds whose copy leaves KLAC out (on the exchange, not in the app yet): Jia Investment Alliance, Altimeter Capital Management, Mirae Asset Global Investments, Norges Bank, Canada Pension Plan Investment Board, Baillie Gifford & and 6 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 15 held KLAC at the end of their latest quarter (for most, Q2 2026). Over that quarter 6 added shares, 5 cut, 3 bought new, 1 sold all and 1 held the same. The largest of them is Norges Bank, 19.57M shares worth $5.9B at Jun 30, 2026, 20.4% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of KLAC at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors sold $99.3M of KLAC on the open market in the 12 months to Nov 12, 2026; none bought. 98% of the sales were made under 10b5-1 plans, set up in advance. The largest was Richard P Wallace (President and CEO), who sold $47.9M in 4 sales.

From the Form 4s filed with the SEC about KLA Corporation (56 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 77 other transactions (grants, shares withheld for tax and other transfers). On the chart a price filed before a split is divided by the split's ratio, on today's share basis as the price line is; the table gives prices as filed.