Information Technology · Semiconductor Materials & Equipment · US stock · price as of 16 Oct 2026
Key indicators
Price
$165.74
52-week range
$106.80 – $307.03
Market cap
$218.7B
P/E (trailing)
14.7×
EV / EBITDA
35.5×
Free-cash-flow yield
1.7%
Dividend yield
3.8%
Revenue (last 12 months)
$13.6B
Revenue growth (3y a year)
9.0%
Operating margin
43.4%
Return on invested capital
46.8%
Net debt / EBITDA
0.7×
Fair value
Blended fair value$93.46 range $86 – $100
Versus priceOvervalued−44% to fair value
Peer multiples
$105.27
Fundamentals-adjusted multiple
$74.25
10-year DCF (market-scaled)
$100.86
Earnings power value (floor, not blended)
$26.68
Model uncertainty
Medium
X-Ray Score
50/ 100 · High confidence · ahead of 47% of sector peers
Valuation33
Growth33
Profitability65
Financial health64
Dividends61
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
KLA makes process control and yield management equipment for the semiconductor industry. Its machines inspect wafers and photomasks for defects and measure the tiny features on chips so manufacturers can find problems early. The company earns money by selling these systems to chipmakers and equipment partners, and by providing service, software and upgrades over the long life of each installed tool, which ties its results to chip factory investment.
Sales totalled $13.6 billion over the last twelve months, and the three-year record shows growth of 9.0% a year. The operating margin is 43.4%, and the return on invested capital is 47%. The balance sheet shows net debt to EBITDA of 0.7 times. Shareholders receive a dividend, currently yielding 3.8%. These figures describe past results and the present financial position only.
StocksXray gives Kla Corp an X-Ray Score of 50 out of 100 (high confidence), ahead of 47% of the S&P 500 stocks in its sector. Its strongest lens is profitability (65) and its weakest is growth (33).
Our fair value blend is $93.46 (range $86.41 to $100.49). At $165.74 the stock trades 77% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Kla Corp (KLAC)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2024
FY2025
FY2026
Now
Price
$30.65
$47.23
$81.08
$88.90
$301.37
$165.74
Market cap
$4.6B
$6.6B
$110.4B
$118.9B
$397.7B
$218.7B
P/E
1.4×
2.0×
39.9×
29.2×
82.3×
14.7×
EV / revenue
1.1×
1.0×
11.7×
10.1×
29.6×
16.4×
EV / EBITDA
2.4×
2.4×
29.5×
23.0×
64.0×
35.5×
Price / free cash flow
1.5×
2.0×
36.4×
31.7×
105.6×
58.1×
Free-cash-flow yield
64.7%
50.3%
2.7%
3.2%
0.9%
1.7%
Price / book
3.3×
2.3×
32.8×
25.3×
62.6×
34.4×
Dividend yield
13.70%
11.01%
0.70%
0.76%
0.27%
3.82%
Fundamentals checklist ● 6 Good · ● 6 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash3.8%Bad
Free-cash-flow yield1.7%Bad
Risk models
Altman Z score6.4×Good
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)−46.7%Bad
Free-cash-flow growth (3y)4.2%Bad
Revenue growth (3y)9.0%Average
Growth consistency90%Average
Balance sheet
Current ratio2.9×Good
Net debt / EBITDA0.7×Average
Interest cover20.7×Average
Valuation
Fair value vs price0.6×Average
EBIT / EV yield2.6%Average
Profitability
Return on invested capital46.8%Good
Operating margin43.4%Good
Gross profitability46.4%Good
Red flags
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Kla Corp (KLAC)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY24
FY25
FY26
LTM
Revenue
9,212
10,496
9,812
12,156
13,579
13,579
Gross profit
5,619
6,278
5,884
7,404
8,324
8,324
Operating income
3,650
4,086
3,501
4,947
5,890
5,890
Net income
3,322
3,387
2,762
4,062
4,831
4,831
Diluted EPS ($)
21.92
24.15
2.03
3.04
3.66
11.26
Free cash flow
3,005
3,328
3,031
3,747
3,767
3,767
Gross margin
61.0%
59.8%
60.0%
60.9%
61.3%
61.3%
Operating margin
39.6%
38.9%
35.7%
40.7%
43.4%
43.4%
Net margin
36.1%
32.3%
28.1%
33.4%
35.6%
35.6%
Balance sheet
FY22
FY23
FY24
FY25
FY26
LTM
Total assets
12,597
14,072
15,434
16,068
17,952
17,952
Cash
1,585
1,928
1,977
2,079
1,650
1,650
Total debt
6,661
5,891
6,630
5,884
5,887
5,887
Equity
1,401
2,920
3,368
4,692
6,350
6,350
Dividend per share ($)
4.20
5.20
0.57
0.68
0.80
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.