Wafer InspectionWide moat

KLA (KLAC) — moat facet

Wafer inspection is half of KLA's revenue and has quadrupled since fiscal 2019, the part of the franchise the others depend on.

Wafer inspection is the largest thing KLA sells and the heart of its franchise. It brought in $6,630.8 million in fiscal 2026, 49% of revenue1, and the 10-K places it, with patterning, in the Semiconductor Process Control segment2.

KLA wafer inspection revenue ($M)1,631FY20192,081FY20202,661FY20214,015FY20224,337FY20234,333FY20246,199FY20256,631FY2026KLA Forms 10-K FY2021, FY2023 and FY2026, revenue by product category
Flat for two years, then up 43%.

What is inside it are the tools that scan wafers for defects. On the March 2026 call Wallace said KLA's share improved in optical pattern wafer inspection and electron beam inspection3. A chipmaker uses such tools to find faults as a wafer moves through its steps, and the earlier a defect is found the less work is wasted on a bad wafer.

The history on the current basis starts in fiscal 2019, at $1,630.9 million4. The line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million56, then jumped 43.1% to $6,198.8 million in fiscal 202578 and grew 7.0% in fiscal 20269. It is 4.1 times its fiscal 2019 level, about 22.2% a year10. On the earlier basis KLA-Tencor reported $1,224.9 million for fiscal 201511, but the categories were redrawn and the two series are not spliced here.

Customers pay for the tools as capital equipment, 70% to 90% within 30 to 60 days of shipment12, and pay again to service them.

KLA does not report profit by product line. The segment that contains wafer inspection earned a gross margin of 63.6% and a segment profit margin of 44.8% in fiscal 202613, the richest in the company.

The share of revenue rose from 35.7% in fiscal 2019 to 51.0% in fiscal 2025 and 48.8% in fiscal 202614, which means the fiscal 2026 growth came more from the other lines. The outlook rests on leading-edge logic, where foundry and logic were guided to about 82% of process control systems revenue15.

The line's two flat years are worth a closer look. Wafer inspection was $4,336.7 million in fiscal 2023 and $4,333.3 million in fiscal 202416, while patterning fell 26.4%17. In KLA's one downturn, the largest line held its level and the smaller one took the fall, which suggests that customers protect defect-finding spending even when they delay other purchases.

In fiscal 2026 the rest of the segment grew faster than the largest line. Process control segment revenue rose 11.9%18, to $12,244.7 million19, while wafer inspection rose 7.0%20. Patterning and service did more of the growing that year, after wafer inspection's 43% jump the year before.

The line's verdict would change if wafer inspection shrank in a year when process control revenue grew; that would say rivals, perhaps with electron beam tools, were taking the defect-finding work.

Moat trajectory: Widening

+7.0% in FY2026 after +43.1% in FY2025.

The number that tests this moat
Reported
Wafer inspection revenue, full year
$6,630.8M (FY2026), +7.0%

The core line; a fall in a year of process control growth would say rivals were taking defect-finding work.

Source: KLA Form 10-K, FY2026 ↗
References
  1. ReportedIt brought in $6,630.8 million in fiscal 2026, 49% of revenue, and the 10-K places it, with patterning, in the Semiconductor Process Control segment.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - segment note: segment revenue, costs of revenues, segment profit and impairments. — FY2026 · publ. 6 August 2026 · source ↗
  2. ReportedIt brought in $6,630.8 million in fiscal 2026, 49% of revenue, and the 10-K places it, with patterning, in the Semiconductor Process Control segment.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - segment note: segment revenue, costs of revenues, segment profit and impairments. — FY2026 · publ. 6 August 2026 · source ↗
  3. ReportedOn the March 2026 call Wallace said KLA's share improved in optical pattern wafer inspection and electron beam inspection.
    The Motley Fool, KLA Q3 fiscal 2026 earnings call transcript - process control share, advanced packaging, the 2030 financial model, capital allocation, China and memory; per-share figures before the split - process control share, advanced packaging, China, memory and margins. — Q3 FY2026 · publ. 29 April 2026 · source ↗
  4. ReportedThe history on the current basis starts in fiscal 2019, at $1,630.9 million.
    KLA Corporation Form 10-K for fiscal 2021 - revenue by product category, segment and region for fiscal 2019-2021, and customer concentration. — FY2021 · publ. August 2021 · source ↗
  5. ReportedThe line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million, then jumped 43.1% to $6,198.8 million in fiscal 2025 and grew 7.0% in fiscal 2026.
    KLA Corporation Form 10-K for fiscal 2023 - revenue by product category and region for fiscal 2021-2023, segment gross profit, and TSMC and Samsung as customers above 10% of revenue. — FY2023 · publ. August 2023 · source ↗
  6. ReportedThe line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million, then jumped 43.1% to $6,198.8 million in fiscal 2025 and grew 7.0% in fiscal 2026.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  7. ReportedThe line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million, then jumped 43.1% to $6,198.8 million in fiscal 2025 and grew 7.0% in fiscal 2026.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  8. Moat Explorer calcThe line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million, then jumped 43.1% to $6,198.8 million in fiscal 2025 and grew 7.0% in fiscal 2026.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - growth rates and multiples over time. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  9. Moat Explorer calcThe line rose to $4,014.7 million in fiscal 2022, was flat through fiscal 2023 and 2024, at $4,336.7 million and $4,333.3 million, then jumped 43.1% to $6,198.8 million in fiscal 2025 and grew 7.0% in fiscal 2026.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - growth rates and multiples over time. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  10. Moat Explorer calcIt is 4.1 times its fiscal 2019 level, about 22.2% a year.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - growth rates and multiples over time. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  11. ReportedOn the earlier basis KLA-Tencor reported $1,224.9 million for fiscal 2015, but the categories were redrawn and the two series are not spliced here.
    KLA-Tencor Form 10-K for fiscal 2017 - the terminated merger agreement with Lam Research, the fiscal 2015 special dividend, revenue by region for fiscal 2015-2017 and customers above 10% of revenue for fiscal 2015-2017. — FY2017 · publ. August 2017 · source ↗
  12. ReportedCustomers pay for the tools as capital equipment, 70% to 90% within 30 to 60 days of shipment, and pay again to service them.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  13. Moat Explorer calcThe segment that contains wafer inspection earned a gross margin of 63.6% and a segment profit margin of 44.8% in fiscal 2026, the richest in the company.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - segments, regions, customers and backlog. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  14. Moat Explorer calcThe share of revenue rose from 35.7% in fiscal 2019 to 51.0% in fiscal 2025 and 48.8% in fiscal 2026, which means the fiscal 2026 growth came more from the other lines.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - segments, regions, customers and backlog. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  15. ReportedThe outlook rests on leading-edge logic, where foundry and logic were guided to about 82% of process control systems revenue.
    The Motley Fool, KLA Q3 fiscal 2026 earnings call transcript - process control share, advanced packaging, the 2030 financial model, capital allocation, China and memory; per-share figures before the split - process control share, advanced packaging, China, memory and margins. — Q3 FY2026 · publ. 29 April 2026 · source ↗
  16. ReportedWafer inspection was $4,336.7 million in fiscal 2023 and $4,333.3 million in fiscal 2024, while patterning fell 26.4%.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  17. Moat Explorer calcWafer inspection was $4,336.7 million in fiscal 2023 and $4,333.3 million in fiscal 2024, while patterning fell 26.4%.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - growth rates and multiples over time. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  18. Moat Explorer calcProcess control segment revenue rose 11.9%, to $12,244.7 million, while wafer inspection rose 7.0%.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - segments, regions, customers and backlog. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  19. ReportedProcess control segment revenue rose 11.9%, to $12,244.7 million, while wafer inspection rose 7.0%.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - segment note: segment revenue, costs of revenues, segment profit and impairments. — FY2026 · publ. 6 August 2026 · source ↗
  20. Moat Explorer calcProcess control segment revenue rose 11.9%, to $12,244.7 million, while wafer inspection rose 7.0%.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - segments, regions, customers and backlog. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
Sources
Generated September 28, 2026