KLAC
KLA Corporation
KLAC's fundamentals are strong, but it looks expensive: trading at 39x earnings, above its usual 27x. Analysts expect strong earnings growth.
KLAC Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Strong | |
| Healthy |
KLAC's revenue, profitability, cash flow and balance sheet are all currently healthy.
KLAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 18x | $72.57 | -54% |
| Forward | 25x | $157 | — |
| Fair | 27x | $109 | -31% |
| Expensive | 39x | $156 | -0.9% |
| Current | 39x | $157 | — |
Historical ranges are pointers, not guarantees.
KLAC's PE is in its expensive range at 39x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair range.
KLAC Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
Analysts expect strong earnings and revenue growth for KLAC, with profitability improving.
KLAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.22 | +56% |
| Q3 2026 | $3.99 | +25% |
| Q2 2026 | $3.66 | +20% |
| Q1 2026 | $3.53 | +28% |
| Q4 2025 | $3.44 | +45% |
| Q3 2025 | $3.18 | +45% |
| Q2 2025 | $3.04 | +50% |
| Q1 2025 | $2.75 | +44% |
| Q4 2024 | $2.38 | +21% |
KLAC's earnings per share have climbed steadily: $3.99 over the past year, up 25% from the year before, and higher year over year for eight quarters in a row.
KLAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.1B | +29% |
| Q2 2026 | $3.7B | +15% |
| Q1 2026 | $3.4B | +11% |
| Q4 2025 | $3.3B | +7.2% |
| Q3 2025 | $3.2B | +13% |
| Q2 2025 | $3.2B | +24% |
| Q1 2025 | $3.1B | +30% |
| Q4 2024 | $3.1B | +24% |
KLAC's revenue has grown year over year for 10 quarters in a row: $4.1B last quarter, up 29% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 44% | +3.3 points |
| Q2 2026 | 42% | +0.5 points |
| Q1 2026 | 41% | +0.2 points |
| Q4 2025 | 40% | +8.7 points |
| Q3 2025 | 41% | +2.8 points |
| Q2 2025 | 42% | +5.1 points |
| Q1 2025 | 41% | +12 points |
| Q4 2024 | 32% | +3.8 points |
KLAC's operating margin was 44% last quarter, up 3.3 points from the same quarter a year ago, near the top of its range since 2019.
KLAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $1.3B | +25% |
| Q2 2026 | $817.1M | -23% |
| Q1 2026 | $622.3M | -37% |
| Q4 2025 | $1.3B | +67% |
| Q3 2025 | $1.1B | +14% |
| Q2 2025 | $1.1B | +28% |
| Q1 2025 | $990M | +18% |
| Q4 2024 | $757.2M | +39% |
KLAC's free cash flow has been positive every quarter for seven years: $4B over the past year, up 4.1% from the year before.
KLAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -8.6M shares |
| 1 year | -1% | -12.7M shares |
| 3 years | -4.4% | -60M shares |
| 5 years | -15% | -223M shares |
| Available history | -17% | -275M shares |
KLAC has 1.3B diluted shares, down 1% from a year ago, with $2.7B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $935.8M |
| Q2 2026 | $571M |
| Q1 2026 | $626M |
| Q4 2025 | $547.8M |
| Q3 2025 | $545.1M |
| Q2 2025 | $425.7M |
| Q1 2025 | $506.7M |
| Q4 2024 | $650.1M |
KLAC spent $2.7B buying back its own shares over the past year, up 26% from the year before.
KLAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 0.6x | Very low |
| Q2 2026 | 0.7x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.8x | Very low |
| Q1 2025 | 0.9x | Very low |
| Q4 2024 | 1.0x | Very low |
KLAC's net debt is less than a year of its operating earnings (EBITDA).
KLAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 44.4 | Neutral |
| Stochastic | 21.4 | Neutral |
KLAC's weekly RSI is 44 (neutral) and its Stochastic is 21 (neutral).
KLAC PE vs Technology Sector
| Metric | KLAC | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 28x | 41% above |
| PE % | 84 | 35 | 49 pts above |
KLAC is trading at 39x earnings, a 41% premium to the Technology sector's median of 28x.
KLAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $169.4 | 7.2% below |
| 20 week MA | $186.7 | 16% below |
| 50 week MA | $173.7 | 9.4% below |
| 100 week MA | $129.4 | 22% above |
| 200 week MA | $94.0 | 67% above |
KLAC has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 67% above its 200-week average.
KLAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $17.9 | $25.9 | +45% |
| 2021 | $25.9 | $42.1 | +62% |
| 2022 | $42.1 | $37.7 | -10% |
| 2023 | $37.7 | $58.1 | +54% |
| 2024 | $58.1 | $64.5 | +11% |
| 2025 | $64.5 | $128.0 | +98% |
| 2026 YTD | $128.0 | $157.3 | +23% |
KLAC has finished higher in five of the last six years, three of them by more than 50%. It's up 23% so far in 2026.