17 / 26 · Semicap + memory

KLAC

KLA

2%target weight

Latest available close$184.00-3.2% · vs previous close

DAILY CLOSE · USD2026-10-13Yahoo Finance ↗

Loading dated research data…

——

Explore a date

Daily candles, not a live feed. Price series is split-adjusted; total-return mode uses provider-adjusted prices including distributions. The chart does not predict returns.

A great business. At what price?

Test earnings growth against a change in valuation. All multiples below are your assumptions — not current company fundamentals.

Illustrative price CAGR—

CAGR = (1 + EPS growth) × (exit P/E ÷ entry P/E)^(1/years) − 1. Excludes dividends, dilution beyond EPS, taxes and fees. Not a price target. Not suitable for gold, bonds or companies with negative earnings.

RESEARCH ENGINE / 1.2

What must this price deliver?

Inspect reported numbers, test your assumptions and follow the next filing. A calculation is not an approved investment case.

Loading dated research…

NORMALIZATION / v1.0.0

Normalization workpaper

A company-specific protocol, not an approved normalized cash flow.

Reported proxy available · normalization pending

Model familyThrough-cycle DCF / normalized earnings

OCF − cash capex / diluted share2.85 USD

Price / reported cash proxy62×

Required adjustment tests

cycle
Use through-cycle demand, margins and utilization rather than a peak or trough year.
sbc
Measure dilution and treat share compensation consistently with per-share cash.
capex split
Separate maintenance/replacement capex from expansion capex; do not assume either number.

Reported financial base

Annual period: 2025-07-01 → 2026-06-30Filed: 2026-08-06Reporting currency: USDLast source retrieval: 2026-09-18T22:00:49.022Z

Unreviewed extraction

Reported financial base
Metric	Value	Unit	Source
Revenue	13,579,476,000	USD	us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax ↗
Operating income	—	—	Missing / manual review
Net income	4,830,771,000	USD	us-gaap:NetIncomeLoss ↗
Operating cash flow	4,143,079,000	USD	us-gaap:NetCashProvidedByUsedInOperatingActivities ↗
Cash capital expenditure	375,945,000	USD	us-gaap:PaymentsToAcquirePropertyPlantAndEquipment ↗
Share-based compensation	310,171,000	USD	us-gaap:ShareBasedCompensation ↗
Weighted diluted shares	1,319,633,000	shares	us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding ↗
Cash and equivalents	1,649,842,000	USD	us-gaap:CashAndCashEquivalentsAtCarryingValue ↗
Current long-term debt	—	—	Missing / manual review
Noncurrent long-term debt	5,887,415,000	USD	us-gaap:LongTermDebt ↗

OCF − cash capex (not normalized)3,767,134,000 USDNormalized owner cash: not approved

Annual figures, not trailing twelve months. No automatic currency/ADR conversion. Cash proxy excludes review of leases, debt service, SBC, acquisitions and cycle. Missing values are not zero.

Company-specific method

Mid-cycle DCF/earnings; align both EPS and price to the same split basis.

Your scenario · not our forecast

Equity-per-share DCF: do not subtract net debt again. Future dilution must already be included in cash-per-share growth. This does not measure analyst consensus. Replacement capex and sustainable terminal cash still require review.

What changed?

Loading dated research…

Follow this thesis

RSS · KLAC

RSS, not email: your reader stores subscriptions. Copying a link does not subscribe you automatically. No account or email is collected.

FUNDAMENTAL RESEARCH · 2026-09-06

The investment case, under examination.

A dated research map, not completed valuations. The 25-company portfolio baseline is unchanged; IBM is monitored at 0% outside it. Public facts do not establish an edge: every hypothesis still needs normalized financials, price-implied expectations and independent forward tests.

Hypothesis · not a trading signal

Q4 / FY2026 · Published 2026-07-28 · Source checked 2026-09-06

01 / What the issuer reported: Full-year free cash flow was $3.77bn. Per-share figures reflect the June 2026 ten-for-one stock split.
02 / Our hypothesis — not established alpha: Process control can capture more spend per wafer as defects become more costly; this needs proof beyond AI-related demand.
03 / What to measure next: Process-control intensity versus fab spending, service mix, margin, cash conversion and split-adjusted shares.
04 / What would challenge the thesis: Reassess if inspection intensity or competitive share declines, or cash growth persistently lags reported earnings.
05 / Appropriate valuation method: Mid-cycle DCF/earnings; align both EPS and price to the same split basis.
06 / Still missing: Missing: through-cycle intensity evidence and harmonized share history.

No measured consensus gap or approved price target. A familiar good business can still be an expensive stock.

Read the primary source ↗

Issuer-reported figures, not an independent accounting audit. Review after the next report or material filing. These review triggers are proposed, not automatic sell rules. Weights and paper mandates are unchanged.

Why this position exists

Process control and yield management

More expensive and complex chips shift more value into inspection, metrology and yield learning.

Principal risk

Fab capex cycles, China controls and customer concentration.

What the daily radar monitors

01Control intensityPRIMARY KPI

02Services growthTREND + GUIDANCE

03Advanced-node mixTHESIS TRIGGER

Decision rule

A headline never changes a weight by itself. The system verifies the primary source, tests the KPI trend and creates a proposal for the investment committee.