KLAC KLA Corporation - Common Stock
NASDAQ · Semiconductors · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Aug 6, 2026KLAC Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| June 12, 2026 | 10-for-1 | Forward |
| Jan. 19, 2000 | 2-for-1 | Forward |
| Oct. 2, 1995 | 2-for-1 | Forward |
| Dec. 17, 1984 | 3-for-2 | Forward |
| Dec. 9, 1983 | 2-for-1 | Forward |
| Jan. 10, 1983 | 2-for-1 | Forward |
About KLA Corporation - Common Stock Company overview from Wikipedia
KLA Corporation is an American company based in Milpitas, California that makes wafer fab equipment. It supplies process control and yield management systems for the semiconductor industry and other related nanoelectronics industries. The company's products and services are intended for all phases of wafer, reticle, integrated circuit (IC) and packaging production, from research and development to final volume manufacturing.
History
KLA Instruments was founded in 1975 by Ken Levy and Bob Anderson, and focused on photomask detection to identify chip defects. KLA later broadened its product line to include wafer inspection, wafer metrology and integrated inspection and analysis software.
Tencor was founded in 1976 by Czechoslovak scientist and US immigrant Karel Urbanek, along with colleague John Schwabacher. The company initially focused on making precise measurements of semiconductor film layer thickness, and in 1984, developed laser-scanning technology to detect particle and other contamination. The company also developed defect review and data analysis equipment. At the time of the merger, the companies' combined annual revenue was greater than $1 billion.
KLA Corporation was formed in 1997 as KLA-Tencor through the merger of KLA Instruments and Tencor Instruments, two companies in the semiconductor equipment and yield management systems industry. The merger was intended to create a single source for chip process and diagnostics equipment.
In February 1998, KLA-Tencor acquired Freiburg, Germany-based Nanopro GmbH, a company that used advanced interferometric technology for wafer shape and thickness measurements. In April, the company acquired Amray, Inc., a Bedford, Massachusetts-based provider of scanning electron microscope (SEM) systems for applications including semiconductor manufacturing. In June, the company acquired San Jose, CA-based VARS, a developer of image archiving and retrieval systems. In November, KLA-Tencor acquired the Quantox line of oxide monitoring products from Solon, Ohio-based measurement and instrument company Keithley Instruments. In December, the company acquired the Ultrapointe subsidiary of Uniphase Corporation.
In December 1999, the company acquired Taiwan-based yield analysis software maker ACME Systems.
In February 2000, KLA-Tencor acquired Austin, Texas-based Finle Technologies, Inc., a developer of lithography modeling and analysis software. In March, the company acquired Austin, Texas-based advanced process control (APC) software developer Fab Solutions, from parent ObjectSpace.
In 2001, the company acquired yield management and process control company Phase Metrics, Inc.
In 2004, KLA-Tencor acquired surface inspection system manufacturer Candela Instruments, Inc. and the Wafer Inspection Systems business of Inspex, Inc.
In 2006, the company acquired ADE Corporation, a supplier of silicon wafer metrology and related gear.
In 2007, KLA-Tencor acquired lithography and plasma etch products manufacturer OnWafer Technologies, temperature monitoring firm SensArray Corporation and process control and metrology company Therma-Wave Corporation.
In 2008, the company acquired test and measurement company ICOS Vision Systems Corporation NV, and the Microelectronic Inspection Equipment (MIE) business unit of Vistec Semiconductor Systems, Inc.
In 2010, KLA-Tencor acquired technology hardware company Ambios Technology, Inc.
In 2014, the company acquired computational lithography and inspection company Luminescent Technologies, Inc.
In 2017, the company acquired optical profiling and inspection company Zeta Technologies Co. Ltd.
In 2018, KLA-Tencor acquired the Nano Indenter product line from Keysight Technologies. The company also acquired Nanomechanics Inc. and MicroVision.
In March 2018, KLA-Tencor announced an agreement to acquire Yavne, Israel-based automated optical inspection equipment vendor Orbotech for approximately $3.4 billion. Orbotech also owned Newport, Wales, UK-based SPTS Technologies Ltd, a manufacturer of etch, PVD and CVD wafer processing equipment for the MEMS, advanced packaging, LED, high-speed RF, and power management devices.
On January 10, 2019, KLA-Tencor announced that they were changing their name to KLA Corporation. In February, the company announced that its acquisition of Orbotech was complete. The company's name change took effect in July 2019. In June, KLA announced plans to open a second US headquarters near Ann Arbor, Michigan. The facility was scheduled to open in summer 2021, with plans to host 500-600 new hires, around 50% of whom were to be engineers. The facility would reportedly have a relationship with the University of Michigan and support automotive industry partnerships.
In August 2019, KLA-Tencor acquired the company Qoniac GmbH, a German software company specializing on process control software for the semiconductor industry.
In July 2021, the company introduced new inspection products for automotive chips. In November, KLA's new North American headquarters opened near Ann Arbor, Michigan. The facility is 230,000 square feet, and is designed to support 1,000 employees.
Illegal stock options backdating
In January 2008, KLA paid $65 million to settle allegations that the company and certain executives had illegally backdated stock option grants. The U.S. Securities and Exchange Commission stated that "KLA dramatically overstated its reported financial results, depriving investors of accurate information about the company's compensation costs and financial performance. It is especially troubling for a public company to engage in such misconduct even after being cautioned that these practices were impermissible."
KLA Foundation
KLA Foundation (originally KLA-Tencor Foundation) is the company's philanthropic arm, and was founded in 2000. KLA Foundation supports and benefits the global communities in which KLA employees live, such as donations to the Milpitas school district, the American Red Cross, and Silicon Valley Leadership Group's COVID-19 Aid Coalition.
Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | KLAC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 54.45Y avg ≈37.4 | ≈37.4 | 68.4 | Overvalued | |
| P/S (TTM) | 19.25Y avg ≈12.3 | ≈12.3 | 13.8 | Overvalued | |
| P/B (MRQ) | 41.05Y avg ≈35.0 | ≈35.0 | 10.1 | Overvalued | |
| Price / FCF (TTM) | 69.15Y avg ≈41.6 | ≈41.6 | · | · | |
| Price / Cash Flow (TTM) | 62.85Y avg ≈37.9 | ≈37.9 | 25.1 | Overvalued | |
| Price / Tangible Book (MRQ) | 42.75Y avg ≈100.6 | ≈100.6 | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | KLAC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| EBITDA Margin | 2.9%5Y avg ≈3.6% | ≈3.6% | 21.2% | Weak | |
| Pretax Margin (TTM) | 41.3%5Y avg ≈37.2% | ≈37.2% | 21.7% | Top tier | |
| Net Profit Margin (TTM) | 35.6%5Y avg ≈33.1% | ≈33.1% | 19.7% | Top tier | |
| ROA (TTM) | 28.4%5Y avg ≈25.5% | ≈25.5% | 5.8% | Top tier | |
| ROE (TTM) | 87.5%5Y avg ≈108.3% | ≈108.3% | 9.9% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | KLAC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 2.95Y avg ≈2.5 | ≈2.5 | 2.5 | In line | |
| Quick Ratio | 1.15Y avg ≈1.0 | ≈1.0 | 1.6 | Low liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | KLAC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 11.7%5Y avg ≈15.2% | ≈15.2% | · | · | |
| Revenue CAGR 3Y | 9.0%5Y avg ≈13.2% | ≈13.2% | · | · | |
| Revenue CAGR 5Y | 14.4% | · | · | · | |
| EPS YoY | 20.4%5Y avg ≈10.5% | ≈10.5% | · | · | |
| Net Income YoY | 18.9%5Y avg ≈21.9% | ≈21.9% | · | · | |
| EPS CAGR 3Y | -46.7%5Y avg ≈-23.8% | ≈-23.8% | · | · | |
| EPS CAGR 5Y | -22.8% | · | · | · | |
| Net Income CAGR 3Y | 12.6%5Y avg ≈17.5% | ≈17.5% | · | · | |
| Net Income CAGR 5Y | 18.4% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | KLAC | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.85Y avg ≈0.8 | ≈0.8 | 0.7 | In line | |
| Inventory Turnover | 1.55Y avg ≈1.6 | ≈1.6 | 2.8 | Weak | |
| Receivables Turnover | 5.35Y avg ≈5.7 | ≈5.7 | 5.3 | Weak | |
| Revenue / Employee | ≈$798.8K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Aug 17, 2026 | $0.23 | USD | ≈0.41% |
| May 18, 2026 | $0.23 | USD | ≈0.05% |
| Feb 17, 2026 | $0.19 | USD | ≈0.05% |
| Nov 17, 2025 | $0.19 | USD | ≈0.07% |
| Aug 18, 2025 | $0.19 | USD | ≈0.08% |
| May 19, 2025 | $0.19 | USD | ≈0.09% |
| Feb 24, 2025 | $0.17 | USD | ≈0.09% |
| Nov 18, 2024 | $0.17 | USD | ≈0.10% |
| Aug 15, 2024 | $0.15 | USD | ≈0.07% |
| May 14, 2024 | $0.15 | USD | ≈0.08% |
| Feb 15, 2024 | $0.15 | USD | ≈0.08% |
| Nov 14, 2023 | $0.15 | USD | ≈0.10% |
| Aug 14, 2023 | $0.13 | USD | ≈0.11% |
| May 12, 2023 | $0.13 | USD | ≈0.13% |
| Feb 10, 2023 | $0.13 | USD | ≈0.13% |
| Nov 14, 2022 | $0.13 | USD | ≈0.12% |
| Aug 12, 2022 | $0.13 | USD | ≈0.12% |
| May 13, 2022 | $0.11 | USD | ≈0.12% |
| Feb 11, 2022 | $0.11 | USD | ≈0.11% |
| Nov 12, 2021 | $0.11 | USD | ≈0.09% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | $1.05 | $1.02 | 3.3% | |
| March 31, 2026 | $0.94 | $0.93 | 0.82% | |
| Dec. 31, 2025 | $0.89 | $0.90 | -1.4% | |
| Sept. 30, 2025 | $0.88 | $0.88 | 0.34% | |
| June 30, 2025 | $0.94 | $0.87 | 7.4% | |
| March 31, 2025 | $8.41 | $8.26 | 1.8% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.58B | $12.16B | $9.81B | $10.50B | $9.21B | $6.92B | $5.81B | $4.57B | $4.04B | $3.48B | $2.98B | $2.81B | |
| Cost of Revenue | $5.26B | $4.75B | $3.93B | $4.22B | $3.59B | $2.77B | $2.45B | $1.87B | $1.45B | $1.29B | $1.16B | $1.22B | |
| R&D Expense | $1.53B | $1.36B | $1.28B | $1.30B | $1.11B | $928M | $864M | $711M | $609M | $527M | $481M | $531M | |
| SG&A Expense | $1.13B | $1.03B | $970M | $986M | $860M | $730M | $734M | $599M | $442M | $388M | $379M | $407M | |
| Interest Expense | · | · | · | $297M | $160M | $157M | $160M | $125M | $114M | $122M | $123M | $106M | |
| Interest Income | $177M | $180M | $161M | $74M | $9M | $9M | $22M | $40M | $37M | $23M | $15M | $13M | |
| Other Non-op | $230M | $171M | $155M | $105M | $-5M | $29M | $-3M | $31M | $30M | $-6M | $7M | $-2M | |
| Pretax Income | $5.61B | $4.64B | $3.19B | $3.79B | $3.49B | $2.36B | $1.32B | $1.30B | $1.46B | $1.17B | $858M | $434M | |
| Income Tax | $775M | $583M | $428M | $402M | $167M | $283M | $102M | $121M | $654M | $247M | $154M | $68M | |
| Net Income | $4.83B | $4.06B | $2.76B | $3.39B | $3.32B | $2.08B | $1.22B | $1.18B | $802M | $926M | $704M | $366M | |
| EPS (Basic) | $3.68 | $3.05 | $2.04 | $24.28 | $22.07 | $13.49 | $7.76 | $7.53 | $5.13 | $5.92 | $4.52 | $2.26 | |
| EPS (Diluted) | $3.66 | $3.04 | $2.03 | $24.15 | $21.92 | $13.37 | $7.70 | $7.49 | $5.10 | $5.88 | $4.49 | $2.24 | |
| Shares (Basic) | 1,311,516,000 | 1,330,299,000 | 1,353,452,000 | 139,483,000 | 150,494,000 | 154,086,000 | 156,797,000 | 156,053,000 | 156,346,000 | 156,468,000 | 155,869,000 | 162,282,000 | |
| Shares (Diluted) | 1,319,633,000 | 1,337,502,000 | 1,361,869,000 | 140,235,000 | 151,555,000 | 155,437,000 | 158,005,000 | 156,949,000 | 157,378,000 | 157,481,000 | 156,779,000 | 163,701,000 | |
| EBITDA | $394M | $394M | $402M | $415M | $363M | $333M | $348M | $233M | $63M | $58M | $67M | $81M |
Balance Sheet
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.65B | $2.08B | $1.98B | $1.93B | $1.58B | $1.43B | $1.23B | $480M | $1.40B | $1.15B | $1.11B | $838M | |
| Short-term Investments | · | · | · | · | · | · | · | · | $1.48B | $1.86B | $1.38B | $1.55B | |
| Receivables | $2.89B | $2.26B | $1.83B | $1.75B | $1.81B | $1.31B | $1.11B | $990M | $652M | $571M | $613M | $585M | |
| Inventory | $3.65B | $3.21B | $3.03B | $2.88B | $2.15B | $1.58B | $1.31B | $1.26B | $932M | $733M | $699M | $618M | |
| Prepaid Expense | $225M | $201M | $125M | $121M | $109M | $77M | $75M | $88M | $47M | $36M | $37M | $37M | |
| Other Current Assets | $942M | $728M | $659M | $499M | $502M | $321M | $325M | $323M | $85M | $71M | $65M | $78M | |
| Current Assets | $12.38B | $10.70B | $10.03B | $8.37B | $7.17B | $5.70B | $4.72B | $4.32B | $4.55B | $4.39B | $3.87B | $3.90B | |
| PP&E (Net) | $1.38B | $1.25B | $1.11B | $1.03B | $850M | $663M | $520M | $449M | $286M | $284M | $278M | $315M | |
| PP&E (Gross) | $3.07B | $2.74B | $2.39B | $2.14B | $1.75B | $1.49B | $1.27B | $1.19B | $985M | $937M | $888M | $892M | |
| Accum. Depreciation | $1.69B | $1.49B | $1.28B | $1.11B | $905M | $822M | $755M | $745M | $698M | $653M | $610M | $578M | |
| Goodwill | $1.79B | $1.79B | $2.02B | $2.28B | $2.32B | $2.01B | $2.05B | $2.21B | $355M | $350M | $335M | $335M | |
| Intangibles | $256M | $445M | $669M | $935M | $1.19B | $1.19B | $1.39B | $1.56B | $19M | $19M | $4M | $12M | |
| Other Non-current Assets | $1.11B | $774M | $693M | $637M | $485M | $445M | $363M | $266M | $236M | $196M | $175M | $181M | |
| Total Assets | $17.95B | $16.07B | $15.43B | $14.07B | $12.60B | $10.27B | $9.28B | $9.01B | $5.64B | $5.53B | $4.96B | $4.83B | |
| Accounts Payable | $624M | $459M | $359M | $371M | $443M | $342M | $264M | $202M | $169M | $147M | $107M | $103M | |
| Short-term Debt | · | · | · | $0 | $0 | $20M | $0 | · | · | · | · | · | |
| Current Liabilities | $4.30B | $4.09B | $4.66B | $3.74B | $2.87B | $2.10B | $1.70B | $1.77B | $1.21B | $1.29B | $1.00B | $1.00B | |
| Capital Leases | $211M | $159M | $153M | $138M | $81M | $71M | $71M | · | · | · | · | · | |
| Deferred Tax | $474M | $447M | $487M | $529M | $659M | $651M | $661M | $702M | $1M | · | · | · | |
| Other Non-current Liabilities | $698M | $610M | $743M | $813M | $883M | $631M | $672M | $588M | $493M | $172M | $157M | $182M | |
| Total Liabilities | $11.60B | $11.38B | $12.07B | $11.15B | $11.20B | $6.90B | $6.60B | $6.33B | $4.02B | $4.21B | $4.27B | $4.40B | |
| Long-term Debt | $5.89B | $5.88B | $5.88B | $5.89B | $6.66B | $3.42B | $3.47B | $3.42B | $2.24B | $2.93B | $3.06B | $3.19B | |
| Total Debt | · | $0 | $750M | · | $0 | $20M | $3.47B | $3.42B | $2.24B | $2.93B | $3.06B | $3.19B | |
| Common Stock | $1M | $1M | $134.0K | $137.0K | $142.0K | $153.0K | $155.0K | $159.0K | $156.0K | $157.0K | $156.0K | $158.0K | |
| Retained Earnings | $3.68B | $2.18B | $1.14B | $848M | $367M | $1.28B | $655M | $715M | $1.06B | $848M | $285M | $-12M | |
| AOCI | $-34M | $1M | $-49M | $-36M | $-27M | $-76M | $-80M | $-73M | $-54M | $-51M | $-49M | $-41M | |
| Stockholders' Equity | $6.35B | $4.69B | $3.37B | $2.92B | $1.40B | $3.38B | $2.67B | $2.66B | $1.62B | $1.33B | $689M | $421M | |
| Liabilities + Equity | $17.95B | $16.07B | $15.43B | $14.07B | $12.60B | $10.27B | $9.28B | $9.01B | $5.64B | $5.53B | $4.96B | $4.83B | |
| Shares Outstanding | 1,306,983,000 | 1,320,227,000 | 1,344,250,000 | 1,367,496,000 | 141,804,000 | 152,776,000 | 155,461,000 | 159,475,000 | 156,048,000 | 156,840,000 | 155,955,000 | 157,851,000 |
Cash Flow
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $394M | $394M | $402M | $415M | $363M | $333M | $348M | $233M | $63M | $58M | $67M | $81M | |
| Stock-based Comp | $310M | $265M | $213M | $171M | $127M | $112M | $111M | $94M | $63M | $51M | $45M | $55M | |
| Deferred Tax | $87M | $-245M | $-139M | $-355M | $-354M | $-46M | $-93M | $-26M | $101M | $3M | $16M | $-24M | |
| Amort. of Intangibles | $191M | $220M | $239M | $261M | $229M | $206M | $221M | $87M | $5M | $3M | $8M | $16M | |
| Restructuring | $1M | $8M | $22M | $44M | $1M | $12M | $8M | · | $0 | $0 | $9M | $32M | |
| Other Non-cash | $-1.48B | $-394M | $71M | $51M | $-146M | $-293M | $196M | $-324M | $200M | $41M | $-73M | $128M | |
| Operating Cash Flow | $4.14B | $4.08B | $3.31B | $3.67B | $3.31B | $2.19B | $1.78B | $1.15B | $1.23B | $1.08B | $760M | $606M | |
| CapEx | $376M | $335M | $277M | $342M | $307M | $232M | $153M | $130M | $67M | $39M | $32M | $46M | |
| Investing Cash Flow | $-1.19B | $-202M | $-1.48B | $-483M | $-876M | $-500M | $-259M | $-1.18B | $292M | $-561M | $145M | $918M | |
| Net Debt Issued | $0 | $-750M | $0 | $-1.09B | $-620M | $-70M | $-1.17B | $-902M | $-946M | $-130M | $-135M | $-916M | |
| Stock Issued | $169M | $152M | $145M | $125M | $113M | $86M | $76M | $65M | $61M | $45M | $38M | $47M | |
| Stock Repurchased | $2.29B | $2.15B | $1.74B | $1.31B | $3.97B | $939M | $829M | $1.10B | $203M | $25M | $182M | $603M | |
| Net Stock Activity | $-2.12B | $-2.00B | $-1.59B | $-1.19B | $-3.85B | $-853M | $-753M | $-1.03B | $-142M | $20M | $-143M | $-556M | |
| Dividends Paid | $1.06B | $905M | $773M | $733M | $638M | $559M | $522M | $472M | $402M | $344M | $346M | $3.04B | |
| Financing Cash Flow | $-3.39B | $-3.79B | $-1.78B | $-2.83B | $-2.26B | $-1.50B | $-1.30B | $-360M | $-1.27B | $-473M | $-637M | $-1.30B | |
| Net Change in Cash | $-429M | $102M | $49M | $343M | $150M | $200M | $218M | $-388M | $251M | $45M | $270M | $207M | |
| Taxes Paid | $781M | $887M | $831M | $495M | $465M | $326M | $205M | $180M | $253M | $234M | $105M | $70M | |
| Free Cash Flow | $3.77B | $3.75B | $3.03B | $3.33B | $3.01B | $1.95B | $1.63B | $1.02B | $1.16B | $1.04B | $728M | $560M | |
| Levered FCF | · | · | · | $3.06B | $2.85B | $1.81B | $1.48B | $909M | $1.10B | $944M | $627M | $471M |
Profitability
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | 35.6% | 33.4% | 28.1% | 32.3% | 36.1% | 30.0% | 21.0% | 25.7% | 19.9% | 26.6% | 23.6% | 13.0% | |
| Pretax Margin | 41.3% | 38.2% | 32.5% | 36.1% | 37.9% | 34.1% | 22.7% | 28.4% | 36.1% | 33.7% | 28.8% | 15.4% | |
| EBITDA Margin | 2.9% | 3.2% | 4.1% | 4.0% | 3.9% | 4.8% | 6.0% | 5.1% | 1.6% | 1.7% | 2.2% | 2.9% | |
| ROA | 28.4% | 25.8% | 18.7% | 25.4% | 29.0% | 21.3% | 13.3% | 16.1% | 14.4% | 17.6% | 14.4% | 7.1% | |
| ROE | 81.8% | 98.1% | 87.8% | 134.9% | 139.0% | 68.8% | 45.7% | 54.9% | 54.4% | 91.9% | 126.9% | 17.9% |
Liquidity & Solvency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.9 | 2.6 | 2.2 | 2.2 | 2.5 | 2.7 | 2.8 | 2.4 | 3.7 | 3.4 | 3.9 | 3.9 | |
| Quick Ratio | 1.1 | 1.1 | 0.8 | 1.0 | 1.2 | 1.3 | 0.9 | 1.1 | 2.9 | 2.8 | 3.1 | 3.0 | |
| Debt / Equity | · | 0.0 | 0.2 | · | 0.0 | 0.0 | 1.3 | 1.3 | 1.4 | 2.2 | 4.4 | 7.6 | |
| LT Debt / Equity | · | · | · | · | · | · | 1.3 | 1.2 | 1.4 | 2.0 | 4.4 | 7.5 |
Efficiency
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.8 | 0.8 | 0.7 | 0.8 | 0.8 | 0.7 | 0.6 | 0.6 | 0.7 | 0.7 | 0.6 | 0.5 | |
| Inventory Turnover | 1.5 | 1.5 | 1.3 | 1.7 | 1.9 | 1.9 | 1.9 | 1.7 | 1.7 | 1.8 | 1.8 | 1.9 | |
| Receivables Turnover | 5.3 | 5.9 | 5.5 | 5.9 | 5.9 | 5.7 | 5.5 | 5.6 | 6.6 | 5.9 | 5.0 | 5.2 |
Per Share
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $4.86 | $35.54 | $25.06 | $21.35 | $9.88 | $22.11 | $17.15 | $16.67 | $10.38 | $8.46 | $4.42 | $2.67 | |
| Revenue / Share | $10.29 | $90.89 | $72.05 | $74.85 | $60.78 | $44.51 | $36.75 | $29.11 | $25.65 | $22.10 | $19.04 | $17.19 | |
| Cash Flow / Share | $3.14 | $30.52 | $24.29 | $26.17 | $21.86 | $14.06 | $11.26 | $7.34 | $7.81 | $6.86 | $4.85 | $3.70 | |
| Cash / Share | $1.26 | $15.75 | $14.71 | $14.10 | $11.18 | $9.39 | $2.96 | $6.37 | $9.00 | $7.35 | $7.11 | $5.31 | |
| Dividend / Share | $0.80 | $0.68 | $0.56 | $5.20 | $4.20 | $3.60 | $3.30 | $3.00 | $2.52 | $2.14 | $2.08 | $18.50 | |
| EPS (TTM) | $3.66 | $30.37 | $20.28 | $24.15 | $21.92 | $13.37 | $7.70 | $7.49 | $5.10 | $5.88 | $4.49 | $2.24 |
Growth Rates
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 11.7% | 23.9% | -6.5% | 13.9% | 33.1% | 19.2% | · | · | · | · | · | · | |
| Revenue CAGR 3Y | 9.0% | 9.7% | 12.3% | 21.8% | · | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 14.4% | 15.9% | · | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 20.4% | 49.8% | -91.6% | 10.2% | 63.9% | 73.6% | · | · | · | · | · | · | |
| EPS CAGR 3Y | -46.7% | -48.2% | -46.7% | 46.4% | · | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | -22.8% | 31.6% | · | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 18.9% | 47.1% | -18.5% | 2.0% | 59.8% | 70.8% | · | · | · | · | · | · | |
| Net Income CAGR 3Y | 12.6% | 6.9% | 9.9% | 40.7% | · | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 18.4% | 27.3% | · | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 13.6% | 11.6% | · | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $13.58B | $12.16B | $9.81B | $10.50B | $9.21B | $6.92B | $5.81B | $4.57B | $4.04B | $3.48B | $2.98B | $2.81B | |
| Net Income TTM | $4.83B | $4.06B | $2.76B | $3.39B | $3.32B | $2.08B | $1.22B | $1.18B | $802M | $926M | $704M | $366M | |
| Market Cap | $394.33B | $118.26B | $110.83B | $66.33B | $45.25B | $49.53B | $30.23B | $18.85B | $16.00B | $14.35B | $11.42B | $8.87B | |
| Enterprise Value | · | $116.18B | $109.61B | · | $43.66B | $48.12B | $33.24B | $21.26B | $15.36B | $14.27B | $11.99B | $9.68B | |
| P/E | 82.4 | 29.5 | 40.7 | 20.1 | 14.6 | 24.2 | 25.3 | 15.8 | 20.1 | 15.6 | 16.3 | 25.1 | |
| P/S | 29.0 | 9.7 | 11.3 | 6.3 | 4.9 | 7.2 | 5.2 | 4.1 | 4.0 | 4.1 | 3.8 | 3.2 | |
| P/B | 62.1 | 25.2 | 32.9 | 22.7 | 32.3 | 14.7 | 11.3 | 7.1 | 9.9 | 10.8 | 16.6 | 21.1 | |
| P / Tangible Book | 91.6 | 48.2 | 162.1 | · | · | 273.5 | · | · | · | · | · | · | |
| P / Cash Flow | 95.2 | 29.0 | 33.5 | 18.1 | 13.7 | 22.7 | 17.0 | 16.4 | 13.0 | 13.3 | 15.0 | 14.6 | |
| P / FCF | 104.7 | 31.6 | 36.6 | 19.9 | 15.1 | 25.4 | 18.6 | 18.4 | 13.8 | 13.8 | 15.7 | 15.8 | |
| EV / EBITDA | · | 294.8 | 272.8 | · | 120.2 | 144.3 | 95.5 | 91.1 | 245.0 | 246.7 | 179.1 | 120.1 | |
| EV / FCF | · | 31.0 | 36.2 | · | 14.5 | 24.6 | 20.4 | 20.8 | 13.2 | 13.7 | 16.5 | 17.3 | |
| EV / Revenue | · | 9.6 | 11.2 | · | 4.7 | 7.0 | 5.7 | 4.7 | 3.8 | 4.1 | 4.0 | 3.4 | |
| Dividend Yield | 0.27% | 0.76% | 0.70% | 1.1% | 1.4% | 1.1% | 1.7% | 2.5% | 2.5% | 2.4% | 3.0% | 34.3% | |
| Earnings Yield | 1.2% | 3.4% | 2.5% | 5.0% | 6.9% | 4.1% | 4.0% | 6.3% | 5.0% | 6.4% | 6.1% | 4.0% | |
| Payout Ratio | 21.9% | 22.3% | 28.0% | 21.6% | 19.2% | 26.9% | 42.9% | 40.2% | 50.1% | 37.1% | 49.2% | 830.5% | |
| Annual Payout | $1.06B | $905M | $773M | $733M | $638M | $559M | $522M | $472M | $402M | $344M | $346M | $3.04B |
Income Statement
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.66B | $3.42B | $3.30B | $3.21B | $3.17B | $3.06B | $3.08B | $2.84B | $2.57B | $2.36B | $2.49B | $2.40B | $2.36B | $2.43B | $2.98B | $2.72B | |
| Cost of Revenue | $1.41B | $1.33B | $1.27B | $1.24B | $1.21B | $1.18B | $1.22B | $1.15B | $1.01B | $994M | $977M | $947M | $963M | $1.01B | $1.21B | $1.04B | |
| R&D Expense | $399M | $389M | $384M | $360M | $353M | $338M | $346M | $323M | $326M | $322M | $320M | $311M | $317M | $328M | $333M | $319M | |
| SG&A Expense | $291M | $291M | $280M | $269M | $263M | $249M | $267M | $251M | $255M | $238M | $237M | $240M | $251M | $238M | $243M | $254M | |
| Interest Expense | · | · | · | · | · | · | · | · | · | $80M | $74M | $74M | · | $75M | $74M | $74M | |
| Other Non-op | $69M | $80M | $38M | $43M | $50M | $36M | $44M | $41M | $51M | $46M | $32M | $27M | $25M | $15M | $18M | $47M | |
| Pretax Income | $1.55B | $1.42B | $1.33B | $1.31B | $1.33B | $1.26B | $973M | $1.08B | $945M | $702M | $691M | $852M | $776M | $801M | $1.14B | $1.07B | |
| Income Tax | $186M | $216M | $185M | $188M | $126M | $176M | $148M | $133M | $109M | $100M | $109M | $110M | $91M | $103M | $164M | $44M | |
| Net Income | $1.36B | $1.20B | $1.15B | $1.12B | $1.20B | $1.09B | $825M | $946M | $836M | $602M | $583M | $741M | $685M | $698M | $979M | $1.03B | |
| EPS (Basic) | $-22.73 | $9.17 | $8.73 | $8.51 | $-18.39 | $8.21 | $6.18 | $7.05 | $-12.15 | $4.46 | $4.30 | $5.43 | $5.06 | $5.06 | $6.93 | $7.23 | |
| EPS (Diluted) | $-22.61 | $9.12 | $8.68 | $8.47 | $-18.29 | $8.16 | $6.16 | $7.01 | $-12.09 | $4.43 | $4.28 | $5.41 | $5.03 | $5.03 | $6.89 | $7.20 | |
| Shares (Basic) | · | 130,909,000 | 131,278,000 | 131,757,000 | · | 132,607,000 | 133,327,000 | 134,134,000 | · | 134,954,000 | 135,539,000 | 136,412,000 | · | 137,865,000 | 141,299,000 | 141,829,000 | |
| Shares (Diluted) | · | 131,750,000 | 132,009,000 | 132,381,000 | · | 133,303,000 | 133,926,000 | 134,858,000 | · | 135,856,000 | 136,254,000 | 137,104,000 | · | 138,645,000 | 141,966,000 | 142,563,000 | |
| EBITDA | · | · | · | $97M | · | · | · | $96M | · | · | · | $102M | · | · | · | $102M |
Balance Sheet
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.65B | $1.79B | $2.45B | $1.95B | $2.08B | $1.86B | $1.84B | $1.98B | $1.98B | $1.85B | $1.67B | $1.71B | · | $1.57B | $1.57B | $1.82B | |
| Receivables | $2.89B | $2.30B | $2.07B | $2.28B | $2.26B | $2.16B | $2.33B | $1.95B | $1.83B | $1.63B | $1.84B | $1.63B | $1.75B | $1.94B | $2.28B | $1.86B | |
| Inventory | $3.65B | $3.44B | $3.28B | $3.30B | $3.21B | $3.16B | $3.05B | $3.11B | $3.03B | $3.01B | $3.04B | $3.01B | · | $2.75B | $2.54B | $2.41B | |
| Prepaid Expense | $225M | $174M | $154M | $129M | $201M | $179M | $144M | $118M | $125M | $115M | $126M | $121M | · | $113M | $131M | $100M | |
| Other Current Assets | $942M | $652M | $700M | $642M | $728M | $601M | $611M | $536M | $659M | $601M | $523M | $443M | · | $439M | $448M | $425M | |
| Current Assets | $12.38B | $11.35B | $11.26B | $10.90B | $10.70B | $9.95B | $9.77B | $10.23B | $10.03B | $9.53B | $8.75B | $8.43B | · | $8.02B | $8.13B | $7.64B | |
| PP&E (Net) | $1.38B | $1.36B | $1.34B | $1.30B | $1.25B | $1.20B | $1.17B | $1.12B | $1.11B | $1.11B | $1.09B | $1.06B | · | $984M | $965M | $913M | |
| PP&E (Gross) | $3.07B | $3.00B | $2.93B | $2.84B | $2.74B | $2.63B | $2.56B | $2.45B | $2.39B | $2.35B | $2.29B | $2.21B | · | $2.06B | $2.00B | $1.80B | |
| Accum. Depreciation | $1.69B | $1.63B | $1.59B | $1.54B | $1.49B | $1.44B | $1.39B | $1.33B | $1.28B | $1.24B | $1.20B | $1.15B | · | $1.07B | $1.04B | $891M | |
| Goodwill | $1.79B | $1.79B | $1.79B | $1.79B | $1.79B | $1.79B | $1.79B | $2.02B | $2.02B | $2.02B | $2.09B | $2.28B | $2.28B | $2.28B | $2.28B | $2.28B | |
| Intangibles | $256M | $301M | $348M | $397M | $445M | $496M | $549M | $612M | $669M | $728M | $786M | $872M | · | $1000M | $1.07B | $1.13B | |
| Other Non-current Assets | $1.11B | $946M | $829M | $795M | $774M | $739M | $719M | $726M | $693M | $700M | $668M | $625M | · | $618M | $523M | $494M | |
| Total Assets | $17.95B | $16.87B | $16.72B | $16.32B | $16.07B | $15.19B | $15.00B | $15.68B | $15.43B | $14.96B | $14.28B | $14.14B | · | $13.68B | $13.73B | $13.12B | |
| Accounts Payable | $624M | $515M | $425M | $430M | $459M | $429M | $433M | $377M | $359M | $355M | $377M | $364M | · | $411M | $530M | $480M | |
| Short-term Debt | · | · | · | · | · | · | · | · | · | $750M | $750M | · | · | · | · | · | |
| Current Liabilities | $4.30B | $3.75B | $3.98B | $4.05B | $4.09B | $3.91B | $4.14B | $4.80B | $4.66B | $4.46B | $4.57B | $3.82B | · | $3.42B | $3.48B | $3.14B | |
| Capital Leases | $211M | $207M | $172M | $156M | $159M | $162M | $150M | $154M | $153M | $158M | $156M | $139M | · | $138M | $81M | $80M | |
| Deferred Tax | $474M | $444M | $453M | $465M | $447M | $406M | $424M | $472M | $487M | $480M | $494M | $506M | · | $514M | $559M | $558M | |
| Other Non-current Liabilities | $698M | $709M | $663M | $646M | $610M | $632M | $639M | $651M | $743M | $773M | $807M | $739M | · | $1.00B | $807M | $882M | |
| Total Liabilities | $11.60B | $11.04B | $11.25B | $11.33B | $11.38B | $11.18B | $11.42B | $12.12B | $12.07B | $11.86B | $11.24B | $11.15B | · | $11.00B | $11.13B | $11.02B | |
| Long-term Debt | $5.89B | $5.89B | $5.89B | $5.89B | $5.88B | $5.88B | $5.88B | $5.88B | $5.88B | $5.88B | $5.14B | $5.89B | · | $5.89B | $6.11B | $6.31B | |
| Total Debt | · | · | · | · | · | $0 | $0 | $750M | · | $750M | $750M | · | · | · | · | · | |
| Common Stock | $1M | · | · | · | $1M | · | · | · | $134.0K | · | · | · | · | · | · | · | |
| Retained Earnings | $3.68B | $3.19B | $2.86B | $2.50B | $2.18B | $1.65B | $1.28B | $1.33B | $1.14B | $959M | $921M | $966M | · | $721M | $670M | $1.12B | |
| AOCI | $-34M | $-32M | $960.0K | $671.0K | $1M | $-43M | $-46M | $-26M | $-49M | $-42M | $-32M | $-49M | · | $-35M | $-49M | $-59M | |
| Stockholders' Equity | $6.35B | $5.83B | $5.47B | $4.99B | $4.69B | $4.00B | $3.58B | $3.56B | $3.37B | $3.09B | $3.04B | $2.99B | · | $2.68B | $2.60B | $2.10B | |
| Liabilities + Equity | $17.95B | $16.87B | $16.72B | $16.32B | $16.07B | $15.19B | $15.00B | $15.68B | $15.43B | $14.96B | $14.28B | $14.14B | · | $13.68B | $13.73B | $13.12B | |
| Shares Outstanding | 1,306,983,000 | 130,710,000 | 131,143,000 | 131,516,000 | 1,320,227,000 | 132,241,000 | 132,944,000 | 133,819,000 | 1,344,250,000 | 134,713,000 | 135,260,000 | 135,967,000 | 136,750,000 | · | · | · |
Cash Flow
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $99M | $99M | $99M | $97M | $96M | $98M | $104M | $96M | $101M | $99M | $99M | $102M | $105M | $105M | $104M | $102M | |
| Stock-based Comp | $82M | $84M | $74M | $70M | $71M | $70M | $62M | $62M | $59M | $57M | $49M | $49M | $50M | $48M | $38M | $35M | |
| Deferred Tax | $114M | $15M | $-32M | $-11M | $-59M | $-35M | $-69M | $-82M | $-14M | $12M | $-65M | $-71M | $-33M | $-67M | $-99M | $-156M | |
| Amort. of Intangibles | $45M | $47M | $49M | $49M | $51M | $54M | $59M | $57M | $59M | $58M | $59M | $63M | $65M | $65M | $66M | $65M | |
| Restructuring | $300.0K | $200.0K | $300.0K | $400.0K | $2M | $600.0K | $2M | $3M | $18M | $2M | $1M | $600.0K | $8M | $19M | $600.0K | $16M | |
| Other Non-cash | · | · | · | $-116M | · | · | · | $-26M | · | · | · | $63M | · | · | · | $5M | |
| Operating Cash Flow | $906M | $707M | $1.37B | $1.16B | $1.16B | $1.07B | $850M | $995M | $893M | $910M | $622M | $884M | $959M | $1.01B | $688M | $1.01B | |
| CapEx | $89M | $85M | $106M | $96M | $100M | $82M | $92M | $60M | $61M | $72M | $77M | $68M | $79M | $85M | $94M | $84M | |
| Investing Cash Flow | $-173M | $-494M | $-113M | $-410M | $-325M | $-320M | $614M | $-171M | $-139M | $-858M | $-88M | $-392M | $-74M | $-113M | $-241M | $-53M | |
| Net Debt Issued | · | · | · | · | · | · | · | · | · | · | · | $0 | · | · | · | $-662M | |
| Stock Issued | $113M | $1.0K | · | · | $104M | $0 | · | · | $97M | $0 | $48M | $0 | $91M | $0 | $34M | $115.0K | |
| Stock Repurchased | $571M | $626M | $548M | $545M | $426M | $507M | $650M | $567M | $470M | $372M | $438M | $455M | $389M | $478M | $355M | $90M | |
| Net Stock Activity | · | · | · | $-545M | · | · | · | $-567M | · | · | · | $-455M | · | · | · | $-90M | |
| Dividends Paid | $305M | $249M | $250M | $254M | $254M | $226M | $227M | $198M | $197M | $197M | $197M | $182M | $179M | $181M | $184M | $188M | |
| Financing Cash Flow | $-877M | $-879M | $-748M | $-882M | $-630M | $-735M | $-1.58B | $-838M | $-619M | $139M | $-591M | $-705M | $-511M | $-903M | $-711M | $-706M | |
| Net Change in Cash | $-137M | $-665M | $506M | $-133M | $221M | $20M | $-139M | $73.0K | $129M | $183M | $-47M | $-216M | $359M | $-3M | $-248M | $234M | |
| Taxes Paid | $199M | $179M | $284M | $119M | $231M | $198M | $362M | $96M | $66M | $160M | $506M | $99M | $44M | $57M | $293M | $101M | |
| Free Cash Flow | · | · | · | $1.07B | · | · | · | $935M | · | · | · | $816M | · | · | · | $927M | |
| Levered FCF | · | · | · | · | · | · | · | · | · | · | · | $751M | · | · | · | $856M |
Profitability
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Margin | · | 35.2% | 34.8% | 34.9% | · | 35.5% | 26.8% | 33.3% | · | 25.5% | 23.4% | 30.9% | · | 28.7% | 32.8% | 37.7% | |
| Pretax Margin | · | 41.5% | 40.4% | 40.8% | · | 41.3% | 31.6% | 38.0% | · | 29.8% | 27.8% | 35.5% | · | 32.9% | 38.3% | 39.3% | |
| EBITDA Margin | · | · | · | 3.0% | · | · | · | 3.4% | · | · | · | 4.3% | · | · | · | 3.7% | |
| ROA | · | 7.5% | 7.2% | 7.0% | · | 7.2% | 5.6% | 6.3% | · | 4.2% | 4.2% | 5.4% | · | 5.4% | 7.7% | 8.5% | |
| ROE | · | 24.4% | 25.3% | 26.2% | · | 30.7% | 24.9% | 28.9% | · | 20.8% | 20.6% | 29.1% | · | 20.6% | 29.4% | 34.4% |
Liquidity & Solvency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | · | 3.0 | 2.8 | 2.7 | · | 2.5 | 2.4 | 2.1 | · | 2.1 | 1.9 | 2.2 | · | 2.3 | 2.3 | 2.4 | |
| Quick Ratio | · | 1.1 | 1.1 | 1.0 | · | 1.0 | 1.0 | 0.8 | · | 0.8 | 0.8 | 0.9 | · | 1.0 | 1.1 | 1.2 | |
| Debt / Equity | · | · | · | · | · | 0.0 | 0.0 | 0.2 | · | 0.2 | 0.2 | · | · | · | · | · |
Efficiency
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | · | 0.2 | 0.2 | 0.2 | |
| Inventory Turnover | · | 0.4 | 0.4 | 0.4 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.4 | 0.3 | · | 0.4 | 0.6 | 0.5 | |
| Receivables Turnover | · | 1.5 | 1.5 | 1.5 | · | 1.6 | 1.5 | 1.6 | · | 1.3 | 1.2 | 1.4 | · | 1.4 | 1.5 | 1.6 |
Per Share
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | · | $44.61 | $41.68 | $37.90 | · | $30.28 | $26.96 | $26.60 | · | $22.97 | $22.50 | $21.99 | · | · | · | · | |
| Revenue / Share | · | $25.92 | $24.98 | $24.25 | · | $22.98 | $22.97 | $21.07 | · | $17.37 | $18.25 | $17.48 | · | $17.55 | $21.02 | $19.11 | |
| Cash Flow / Share | · | · | · | $8.77 | · | · | · | $7.38 | · | · | · | $6.45 | · | · | · | $7.10 | |
| Cash / Share | · | $13.67 | $18.70 | $14.80 | · | $14.05 | $13.83 | $14.78 | · | $13.72 | $12.31 | $12.59 | · | · | · | · | |
| Dividend / Share | $-4.90 | $1.90 | $1.90 | $1.90 | $-4.17 | $1.70 | $1.70 | $1.45 | $-3.63 | $1.45 | $1.45 | $1.30 | $1.30 | $1.30 | $1.30 | $1.30 | |
| EPS (TTM) | · | $7.98 | $7.02 | $4.50 | · | $9.24 | $5.51 | $3.63 | · | $19.15 | $19.75 | $22.36 | · | $24.54 | $24.34 | $22.16 |
Valuation (TTM)
| Metric | Trend | Q4 2026 | Q3 2026 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | · | $13.10B | $12.74B | $12.52B | · | $11.55B | $10.85B | $10.26B | · | $9.60B | $9.67B | $10.17B | · | $10.63B | $10.48B | $9.85B | |
| Net Income TTM | · | $4.67B | $4.56B | $4.24B | · | $3.70B | $3.21B | $2.97B | · | $2.61B | $2.71B | $3.10B | · | $3.51B | $3.54B | $3.28B | |
| Market Cap | · | $192.46B | $159.35B | $141.85B | · | $89.90B | $83.77B | $103.63B | · | $94.11B | $78.63B | $62.36B | · | · | · | · | |
| Enterprise Value | · | · | · | · | · | $88.04B | $81.93B | $102.40B | · | $93.01B | $77.71B | · | · | · | · | · | |
| P/E | · | 184.5 | 173.1 | 239.7 | · | 73.6 | 114.4 | 213.3 | · | 36.5 | 29.4 | 20.5 | · | 16.3 | 15.5 | 13.7 | |
| P/S | · | 14.7 | 12.5 | 11.3 | · | 7.8 | 7.7 | 10.1 | · | 9.8 | 8.1 | 6.1 | · | · | · | · | |
| P/B | · | 33.0 | 29.2 | 28.5 | · | 22.4 | 23.4 | 29.1 | · | 30.4 | 25.8 | 20.9 | · | · | · | · | |
| P / Tangible Book | · | 51.4 | 47.9 | 50.7 | · | 52.2 | 67.0 | 111.2 | · | 267.7 | 459.1 | · | · | · | · | · | |
| P / Cash Flow | · | · | · | 122.1 | · | · | · | 104.1 | · | · | · | 70.6 | · | · | · | · | |
| EV / Revenue | · | · | · | · | · | 7.6 | 7.6 | 10.0 | · | 9.7 | 8.0 | · | · | · | · | · | |
| Dividend Yield | · | 0.52% | 0.62% | 0.68% | · | 0.94% | 0.98% | 0.76% | · | 0.80% | 0.94% | 1.2% | · | · | · | · | |
| Earnings Yield | · | 0.54% | 0.58% | 0.42% | · | 1.4% | 0.87% | 0.47% | · | 2.7% | 3.4% | 4.9% | · | 6.2% | 6.5% | 7.3% | |
| Payout Ratio | · | · | · | 22.7% | · | · | · | 20.9% | · | 32.8% | 33.8% | 24.5% | · | · | · | 18.3% | |
| Annual Payout | · | $1.01B | $983M | $961M | · | $848M | $819M | $790M | · | $755M | $739M | $726M | · | · | · | · |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Revenue | $13.58B | $12.16B | $9.81B | $10.50B | $9.21B |
| Net Income | $4.83B | $4.06B | $2.76B | $3.39B | $3.32B |
| Diluted EPS | $3.66 | $3.04 | $2.03 | $24.15 | $21.92 |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Debt / Equity | · | 0.0 | 0.2 | · | 0.0 |
| Current Ratio | 2.9 | 2.6 | 2.2 | 2.2 | 2.5 |
| Quick Ratio | 1.1 | 1.1 | 0.8 | 1.0 | 1.2 |
| Metric | 2026-06-30 | 2025-06-30 | 2024-06-30 | 2023-06-30 | 2022-06-30 |
|---|---|---|---|---|---|
| Free Cash Flow | $3.77B | $3.75B | $3.03B | $3.33B | $3.01B |
Institutional owners (13F) 2,674 filers · $382.7B total · As of Sept. 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 516 (+190 vs prior Q) | 78 (-14 vs prior Q) | 1,971 (+1,298 vs prior Q) | 9 (-839 vs prior Q) | +1.1B |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| BlackRock, Inc. | $38,075,395,547 | 126,198,653 | 9.95% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $25,743,034,647 | 85,323,770 | 6.73% | Shares |
| STATE STREET CORP | $18,975,445,220 | 62,892,994 | 4.96% | Shares |
| VANGUARD GROUP INC | $16,856,395,357 | 13,872,663 | 4.41% | Shares |
| Capital World Investors | $13,667,515,542 | 45,318,111 | 3.57% | Shares |
| Invesco Ltd. | $13,531,347,194 | 44,848,852 | 3.54% | Shares |
| FMR LLC | $12,975,916,925 | 43,007,912 | 3.39% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $11,883,956,832 | 39,388,674 | 3.11% | Shares |
| ALLIANCEBERNSTEIN L.P. | $10,999,818,539 | 7,470,622 | 2.87% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $10,989,856,859 | 36,488,344 | 2.87% | Shares |
| Capital International Investors | $10,708,695,151 | 35,558,216 | 2.80% | Shares |
| PRIMECAP MANAGEMENT CO/CA/ | $6,196,136,809 | 20,536,730 | 1.62% | Shares |
| GOLDMAN SACHS GROUP INC | $6,053,974,572 | 20,065,542 | 1.58% | Shares |
| NORGES BANK | $5,903,063,257 | 19,565,355 | 1.54% | Shares |
| MORGAN STANLEY | $5,163,704,812 | 17,114,793 | 1.35% | Shares |
| VAN ECK ASSOCIATES CORP | $4,754,153,992 | 15,757,363 | 1.24% | Shares |
| NORTHERN TRUST CORP | $4,629,866,367 | 15,345,419 | 1.21% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $4,473,694,536 | 14,668,801 | 1.17% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $4,471,831,575 | 14,821,622 | 1.17% | Shares |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO | $4,214,556,819 | 13,968,900 | 1.10% | Shares |
| BANK OF AMERICA CORP /DE/ | $4,034,586,833 | 13,372,400 | 1.05% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $3,142,662,651 | 10,416,170 | 0.82% | Shares |
| Legal & General Group Plc | $3,025,115,529 | 10,026,567 | 0.79% | Shares |
| Capital Research Global Investors | $2,936,782,949 | 9,747,977 | 0.77% | Shares |
| Amundi | $2,825,758,270 | 9,365,854 | 0.74% | Shares |
| Bank of New York Mellon Corp | $2,522,430,430 | 8,360,447 | 0.66% | Shares |
| PeakShares LLC | $2,442,946,000 | 8,097 | 0.64% | Shares |
| UHLMANN PRICE SECURITIES, LLC | $2,373,115,834 | 7,865,552 | 0.62% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $2,304,581,664 | 7,638,400 | 0.60% | Put option |
| VANGUARD FIDUCIARY TRUST CO | $2,264,968,348 | 7,507,104 | 0.59% | Shares |
| AMERIPRISE FINANCIAL INC | $2,173,204,232 | 7,205,987 | 0.57% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $2,113,768,674 | 7,008,040 | 0.55% | Shares |
| JANUS HENDERSON GROUP PLC | $1,826,754,552 | 1,240,678 | 0.48% | Shares |
| BARCLAYS PLC | $1,815,670,265 | 6,017,932 | 0.47% | Shares |
| California Public Employees Retirement System | $1,777,552,524 | 5,891,593 | 0.46% | Shares |
| JPMORGAN CHASE & CO | $1,721,916,667 | 6,185,265 | 0.45% | Shares |
| Swedbank AB | $1,662,418,785 | 5,509,989 | 0.43% | Shares |
| ROYAL BANK OF CANADA | $1,649,928,000 | 5,468,585 | 0.43% | Shares |
| FRANKLIN RESOURCES INC | $1,631,958,825 | 5,409,031 | 0.43% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $1,627,023,358 | 1,105,007 | 0.43% | Shares |
| UBS Group AG | $1,618,146,760 | 5,363,252 | 0.42% | Shares |
| FIRST TRUST ADVISORS LP | $1,611,423,563 | 5,340,970 | 0.42% | Shares |
| JENNISON ASSOCIATES LLC | $1,474,456,313 | 4,886,998 | 0.39% | Shares |
| Pictet Asset Management Holding SA | $1,462,683,522 | 4,857,154 | 0.38% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $1,421,776,997 | 4,712,396 | 0.37% | Shares |
| CITIGROUP INC | $1,398,140,636 | 4,634,055 | 0.37% | Shares |
| PARNASSUS INVESTMENTS, LLC | $1,328,450,551 | 4,403,071 | 0.35% | Shares |
| CITADEL ADVISORS LLC | $1,313,977,221 | 4,355,100 | 0.34% | Put option |
| Rafferty Asset Management, LLC | $1,309,294,380 | 4,339,579 | 0.34% | Shares |
| SCHRODER INVESTMENT MANAGEMENT GROUP | $1,270,334,870 | 4,210,450 | 0.33% | Shares |
Activists & 5%+ owners 2 positions
Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.
| Filer | Filed | Stake | Status | Purpose | Filing |
|---|---|---|---|---|---|
| KLA-TENCOR CORPORATION ×2 filings | Jan. 18, 2007 | · | Initial filing | · | SEC |
| Undisclosed reporting person | Sept. 10, 2001 | · | Initial filing | · | SEC |
Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.
Company insiders 56 insiders · 23 officers · 28 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Richard P Wallace | President and CEO | Sept. 15, 2026 S | 706,925 | 0 | 5 | $-60,878,622 |
| Amichai Steimberg | CEO - Orbotech Ltd. | Dec. 31, 2019 M | 19,304 | 0 | 0 | $0 |
| Asher Levy | CEO - Orbotech Ltd. | Feb. 20, 2019 A | 44,121 | 0 | 0 | $0 |
| Kenneth L Schroeder | Chief Executive Officer | Feb. 8, 2006 M | 132,658 | 0 | 0 | $0 |
| Mark P Dentinger | EVP & CFO (through 8/8/13) | Aug. 8, 2013 S | 1,000 | 0 | 0 | $0 |
| Jeffrey Hall | Chief Financial Officer | Nov. 6, 2007 A | 43,750 | 0 | 0 | $0 |
| John H Kispert | President and COO | Oct. 18, 2008 F | 34,750 | 0 | 0 | $0 |
| Gary E Dickerson | President and COO | April 26, 2004 A | 5,949 | 0 | 0 | $0 |
| Oreste Donzella | Executive Vice President | June 28, 2024 A | 16,967 | 0 | 0 | $0 |
| Teri A. Little | EVP, CLO and Secretary | June 5, 2020 D | 0 | 0 | 0 | $0 |
| Brian M. Trafas | Executive Vice President | Feb. 1, 2020 F | 1,131 | 0 | 0 | $0 |
| Bobby R Bell | Chief Strategy Officer | Feb. 1, 2018 S | 4,233 | 0 | 0 | $0 |
| Michael Kirk | Executive Vice President | Feb. 6, 2017 F | 4,295 | 0 | 0 | $0 |
| Brian Martin | Executive VP & General Counsel | Sept. 8, 2015 S | 1,839 | 0 | 0 | $0 |
| Jorge Titinger | SVP,Chief Admin Officer | Aug. 8, 2007 A | 62,600 | 0 | 0 | $0 |
| Lawrence A Gross | EVP-Legal and Interim GC | March 31, 2007 | · | 0 | 0 | $0 |
| Kenneth Levy | Chairman of the Board | Feb. 26, 2007 S | 1,464,375 | 0 | 0 | $0 |
| Bin-Ming Ben Tsai | Executive Vice President | Feb. 13, 2007 A | 50,000 | 0 | 0 | $0 |
| Lance A Glasser | Executive Vice President | Feb. 8, 2007 M | 4,125 | 0 | 0 | $0 |
| Avi Cohen | VP, Pattern Solutions Group | Dec. 16, 2005 M | 2,622 | 0 | 0 | $0 |
| Stuart J Nichols | VP and General Counsel | Oct. 18, 2005 A | 8,300 | 0 | 0 | $0 |
| YARBRO STAN | Group VP, Field Operations | Oct. 26, 2004 M | 632 | 0 | 0 | $0 |
| John Peter Campagna | Vice President and Treasurer | Nov. 24, 2003 M | 357 | 0 | 0 | $0 |
| Jeneanne Michelle Hanley | Director | May 11, 2026 S | 3,551 | 0 | 1 | $-1,031,090 |
| Robert Calderoni | Director | Feb. 5, 2026 A | 3,701 | 0 | 0 | $0 |
| Jason Conley | Director | Nov. 5, 2025 A | 204 | 0 | 0 | $0 |
| Tracy A Embree | Director | Nov. 5, 2025 A | 204 | 0 | 0 | $0 |
| Susan J.S. Taylor | Director | Nov. 5, 2025 A | 370 | 0 | 0 | $0 |
| Michael R. Mcmullen | Director | Nov. 5, 2025 A | 1,179 | 0 | 0 | $0 |
| Jamie Samath | Director | Nov. 5, 2025 A | 378 | 0 | 0 | $0 |
| Victor Peng | Director | Nov. 5, 2025 A | 1,751 | 0 | 0 | $0 |
| Kevin Kennedy | Director | Nov. 5, 2025 A | 3,215 | 0 | 0 | $0 |
| Gary B Moore | Director | Nov. 6, 2024 A | 15,028 | 0 | 0 | $0 |
| Robert A. Rango | Director | Nov. 6, 2024 A | 11,693 | 0 | 0 | $0 |
| Emiko Higashi | Director | Nov. 6, 2024 A | 14,766 | 0 | 0 | $0 |
| Marie Myers | Director | Nov. 1, 2023 A | 3,530 | 0 | 0 | $0 |
| Kiran M Patel | Director | Nov. 2, 2022 A | 1,262 | 0 | 0 | $0 |
| Edward W Barnholt | Director | Aug. 10, 2022 G | 25,431 | 0 | 0 | $0 |
| Ana G. Pinczuk | Director | Nov. 5, 2019 M | 2,503 | 0 | 0 | $0 |
| John T Dickson | Director | Nov. 5, 2019 M | 2,072 | 0 | 0 | $0 |
| David C Wang | Director | Nov. 1, 2018 M | 4,043 | 0 | 0 | $0 |
| Robert T Bond | Director | Nov. 5, 2014 M | 3,825 | 0 | 0 | $0 |
| Stephen P Kaufman | Director | Nov. 27, 2013 M | 3,539 | 0 | 0 | $0 |
| Robert P Akins | Director | Nov. 7, 2012 A | 2,558 | 0 | 0 | $0 |
| Lida Urbanek | Director | July 22, 2008 M | 11,946 | 0 | 0 | $0 |
| Raymond H Bingham | Director | Nov. 15, 2007 A | 3,971 | 0 | 0 | $0 |
| Jon D Tompkins | Director | Dec. 21, 2006 | · | 0 | 0 | $0 |
| Michael E Marks | Director | May 11, 2006 D | 0 | 0 | 0 | $0 |
| Richard J Elkus JR | Director | Nov. 29, 2005 S | 60,000 | 0 | 0 | $0 |
| Brian Lorig | · | Aug. 13, 2026 S | 77,681 | 0 | 1 | $-12,401,634 |
| Bren D. Higgins | · | Aug. 12, 2026 S | 307,815 | 0 | 3 | $-16,759,005 |
| Ahmad A. Khan | · | Aug. 11, 2026 S | 238,045 | 0 | 1 | $-6,601,161 |
| Mary Beth Wilkinson | · | Aug. 10, 2026 S | 37,032 | 0 | 5 | $-12,280,133 |
| Virendra A Kirloskar | · | Aug. 10, 2026 S | 13,242 | 0 | 6 | $-2,373,882 |
| Maureen L Lamb | · | June 28, 2005 M | 4,176 | 0 | 0 | $0 |
| Dennis J Fortino | · | April 26, 2004 A | 5,382 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 203 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| PSI · Invesco Exchange-Traded Fund Trust | 4.76% | 709,885 SH | Oct. 5, 2026 | Daily |
| LCLG · Advisors Series Trust | 4.35% | 25,639 NS | July 31, 2026 | N-PORT |
| PWRD · TCW ETF Trust | 4.29% | 341,003 NS | July 31, 2026 | N-PORT |
| SOXQ · Invesco Exchange-Traded Fund Trust … | 4.15% | 663,348 SH | Oct. 5, 2026 | Daily |
| SOXX · iShares Trust | 4.11% | 10,050,033 SH | Sept. 11, 2026 | Daily |
| BULD · Pacer Funds Trust | 3.93% | 3,192 NS | July 31, 2026 | N-PORT |
| CHPY · Tidal Trust II | 3.68% | 205,527 NS | July 31, 2026 | N-PORT |
| SOXY · Tidal Trust II | 3.65% | 12,786 NS | July 31, 2026 | N-PORT |
| GARP · iShares Trust | 3.50% | 603,525 SH | Sept. 11, 2026 | Daily |
| SOXL · Direxion Shares ETF Trust | 3.00% | 3,189,256 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 2.89% | 6,660 NS | July 31, 2026 | N-PORT |
| JHAI · Janus Detroit Street Trust | 2.88% | 3,675 NS | July 31, 2026 | N-PORT |
| QQQG · Pacer Funds Trust | 2.81% | 3,131 NS | July 31, 2026 | N-PORT |
| QUSA · Tidal Trust III | 2.78% | 3,257 NS | July 31, 2026 | N-PORT |
| SPHQ · Invesco Exchange-Traded Fund Trust | 2.70% | 2,454,381 SH | Oct. 5, 2026 | Daily |
| BOBP · EXCHANGE TRADED CONCEPTS TRUST | 2.56% | 82 NS | July 31, 2026 | N-PORT |
| RDVI · First Trust Exchange-Traded Fund IV | 2.51% | 493,431 NS | July 31, 2026 | N-PORT |
| AIFD · TCW ETF Trust | 2.49% | 17,062 NS | July 31, 2026 | N-PORT |
| ABFL · Abacus FCF ETF Trust | 2.44% | 70,168 NS | July 31, 2026 | N-PORT |
| QUAL · iShares Trust | 2.42% | 6,361,854 SH | Sept. 11, 2026 | Daily |
| POWA · Invesco Exchange-Traded Self-Indexe… | 2.34% | 18,745 SH | Oct. 5, 2026 | Daily |
| ZIG · ETF Series Solutions | 2.32% | 4,021 NS | July 31, 2026 | N-PORT |
| RPG · Invesco Exchange-Traded Fund Trust | 2.19% | 207,249 SH | Oct. 5, 2026 | Daily |
| FMAG · FIDELITY COVINGTON TRUST | 2.17% | 29,212 NS | July 31, 2026 | N-PORT |
| SAWG · ETF Series Solutions | 2.16% | 340 NS | July 31, 2026 | N-PORT |
| VEGN · ETF Series Solutions | 2.03% | 19,750 NS | July 31, 2026 | N-PORT |
| PEXL · Pacer Funds Trust | 1.96% | 5,426 NS | July 31, 2026 | N-PORT |
| VFQY · VANGUARD WELLINGTON FUND | 1.93% | 30,362 SH | Aug. 19, 2026 | Daily |
| COWG · Pacer Funds Trust | 1.87% | 226,427 NS | July 31, 2026 | N-PORT |
| LCOW · Pacer Funds Trust | 1.75% | 2,470 NS | July 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 1.72% | 7,379,806 SH | Aug. 19, 2026 | Daily |
| QDEF · FlexShares Trust | 1.69% | 50,485 NS | July 31, 2026 | N-PORT |
| QDF · FlexShares Trust | 1.65% | 199,812 NS | July 31, 2026 | N-PORT |
| HAPI · Harbor ETF Trust | 1.64% | 44,076 NS | July 31, 2026 | N-PORT |
| VGT · VANGUARD WORLD FUND | 1.59% | 8,933,703 SH | Aug. 19, 2026 | Daily |
| PALC · Pacer Funds Trust | 1.59% | 18,272 NS | July 31, 2026 | N-PORT |
| ELCV · Strategy Shares | 1.59% | 21,793 NS | July 31, 2026 | N-PORT |
| AMOM · Exchange Listed Funds Trust | 1.56% | 2,037 NS | July 31, 2026 | N-PORT |
| PWB · Invesco Exchange-Traded Fund Trust | 1.51% | 203,138 SH | Oct. 5, 2026 | Daily |
| TDVI · First Trust Exchange-Traded Fund IV | 1.49% | 42,586 NS | July 31, 2026 | N-PORT |
| MGK · VANGUARD WORLD FUND | 1.47% | 1,628,876 SH | Aug. 19, 2026 | Daily |
| QIDX · Spinnaker ETF Series | 1.47% | 3,133 NS | July 31, 2026 | N-PORT |
| RSPT · Invesco Exchange-Traded Fund Trust | 1.44% | 435,068 SH | Oct. 5, 2026 | Daily |
| DUHP · Dimensional ETF Trust | 1.42% | 951,016 NS | July 31, 2026 | N-PORT |
| SPHB · Invesco Exchange-Traded Fund Trust … | 1.39% | 66,705 SH | Oct. 5, 2026 | Daily |
| QTOP · iShares Trust | 1.37% | 21,914 SH | Sept. 11, 2026 | Daily |
| FDMO · FIDELITY COVINGTON TRUST | 1.32% | 65,057 NS | July 31, 2026 | N-PORT |
| XOEF · iShares Trust | 1.30% | 1,639 SH | Sept. 11, 2026 | Daily |
| ESLV · Strategy Shares | 1.29% | 1,010 NS | July 31, 2026 | N-PORT |
| SPMO · Invesco Exchange-Traded Fund Trust … | 1.25% | 1,418,808 SH | Oct. 5, 2026 | Daily |
| VFMO · VANGUARD WELLINGTON FUND | 1.24% | 82,010 SH | Aug. 19, 2026 | Daily |
| ALTL · Pacer Funds Trust | 1.23% | 6,205 NS | July 31, 2026 | N-PORT |
| MTUM · iShares Trust | 1.18% | 1,627,229 SH | Sept. 11, 2026 | Daily |
| VONG · VANGUARD SCOTTSDALE FUNDS | 1.17% | 2,070,946 SH | Aug. 19, 2026 | Daily |
| IYW · iShares Trust | 1.15% | 1,621,124 SH | Sept. 11, 2026 | Daily |
| TECL · Direxion Shares ETF Trust | 1.14% | 319,119 NS | July 31, 2026 | N-PORT |
| FQAL · FIDELITY COVINGTON TRUST | 1.13% | 87,323 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 1.12% | 6,029,305 SH | Oct. 5, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 1.12% | 27,272,388 SH | Oct. 5, 2026 | Daily |
| QYLD · Global X Funds | 1.11% | 492,627 NS | July 31, 2026 | N-PORT |
| VOOG · VANGUARD ADMIRAL FUNDS | 1.11% | 970,622 SH | Aug. 19, 2026 | Daily |
| QRMI · Global X Funds | 1.11% | 867 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 1.10% | 9,545 NS | July 31, 2026 | N-PORT |
| VUG · VANGUARD INDEX FUNDS | 1.10% | 13,849,568 SH | Aug. 19, 2026 | Daily |
| ESLG · Strategy Shares | 1.10% | 1,395 NS | July 31, 2026 | N-PORT |
| PTNQ · Pacer Funds Trust | 1.09% | 71,425 NS | July 31, 2026 | N-PORT |
| QQWZ · Pacer Funds Trust | 1.09% | 3,037 NS | July 31, 2026 | N-PORT |
| QLC · FlexShares Trust | 1.08% | 59,881 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 1.06% | 440 NS | July 31, 2026 | N-PORT |
| SPGP · Invesco Exchange-Traded Fund Trust | 1.05% | 103,512 SH | Oct. 5, 2026 | Daily |
| HQGO · Lattice Strategies Trust | 1.04% | 2,787 NS | July 31, 2026 | N-PORT |
| QCLR · Global X Funds | 1.03% | 187 NS | July 31, 2026 | N-PORT |
| IGM · iShares Trust | 1.03% | 616,457 SH | Sept. 11, 2026 | Daily |
| FTEC · FIDELITY COVINGTON TRUST | 1.03% | 1,113,326 NS | July 31, 2026 | N-PORT |
| QSIX · Pacer Funds Trust | 1.01% | 1,009 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 1.00% | 229,675 SH | Oct. 5, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.99% | 37,232 SH | Oct. 5, 2026 | Daily |
| ROUS · Lattice Strategies Trust | 0.97% | 37,638 NS | July 31, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 0.97% | 70,732 NS | July 31, 2026 | N-PORT |
| USXF · iShares Trust | 0.93% | 77,604 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 0.87% | 8,707 NS | July 31, 2026 | N-PORT |
| IXN · iShares Trust | 0.84% | 445,272 SH | Sept. 11, 2026 | Daily |
| HIBL · Direxion Shares ETF Trust | 0.83% | 3,420 NS | July 31, 2026 | N-PORT |
| IWY · iShares Trust | 0.82% | 718,685 SH | Sept. 11, 2026 | Daily |
| IETC · iShares U.S. ETF Trust | 0.80% | 31,127 SH | Sept. 11, 2026 | Daily |
| FXL · First Trust Exchange-Traded AlphaDE… | 0.80% | 112,752 NS | July 31, 2026 | N-PORT |
| IQSU · New York Life Investments ETF Trust | 0.80% | 14,303 NS | July 31, 2026 | N-PORT |
| TYLG · Global X Funds | 0.78% | 609 NS | July 31, 2026 | N-PORT |
| DFVX · Dimensional ETF Trust | 0.77% | 22,328 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.77% | 14,134 SH | Sept. 11, 2026 | Daily |
| JOET · Virtus ETF Trust II | 0.76% | 10,064 NS | July 31, 2026 | N-PORT |
| MGC · VANGUARD WORLD FUND | 0.74% | 261,181 SH | Aug. 19, 2026 | Daily |
| ILCG · iShares Trust | 0.73% | 127,742 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.73% | 6,050 NS | July 31, 2026 | N-PORT |
| FFLC · FIDELITY COVINGTON TRUST | 0.72% | 47,332 NS | July 31, 2026 | N-PORT |
| IWF · iShares Trust | 0.70% | 4,916,212 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.68% | 295,730 SH | Aug. 19, 2026 | Daily |
| JVAL · J.P. Morgan Exchange-Traded Fund Tr… | 0.65% | 29,812 NS | July 31, 2026 | N-PORT |
| IVW · iShares Trust | 0.65% | 2,786,026 SH | Sept. 11, 2026 | Daily |
| FOWF · Pacer Funds Trust | 0.65% | 560 NS | July 31, 2026 | N-PORT |
| JQUA · J.P. Morgan Exchange-Traded Fund Tr… | 0.65% | 290,487 NS | July 31, 2026 | N-PORT |
| SPTE · SP Funds Trust | 0.64% | 7,432 NS | July 31, 2026 | N-PORT |
| JMOM · J.P. Morgan Exchange-Traded Fund Tr… | 0.64% | 86,983 NS | July 31, 2026 | N-PORT |
| SEMI · Columbia ETF Trust I | 0.64% | 1,308 NS | July 31, 2026 | N-PORT |
| XLG · Invesco Exchange-Traded Fund Trust | 0.63% | 361,095 SH | Oct. 5, 2026 | Daily |
| VMAX · Lattice Strategies Trust | 0.63% | 1,696 NS | July 31, 2026 | N-PORT |
| FLRG · FIDELITY COVINGTON TRUST | 0.63% | 10,007 NS | July 31, 2026 | N-PORT |
| MPLY · Strategy Shares | 0.63% | 547 NS | July 31, 2026 | N-PORT |
| PEVC · Pacer Funds Trust | 0.62% | 82 NS | July 31, 2026 | N-PORT |
| HDUS · Lattice Strategies Trust | 0.62% | 6,918 NS | July 31, 2026 | N-PORT |
| VV · VANGUARD INDEX FUNDS | 0.62% | 1,525,598 SH | Aug. 19, 2026 | Daily |
| IUSG · iShares Trust | 0.62% | 1,150,106 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.61% | 33,930,306 SH | Aug. 19, 2026 | Daily |
| LRGF · iShares Trust | 0.59% | 122,723 SH | Sept. 11, 2026 | Daily |
| QLV · FlexShares Trust | 0.59% | 5,238 NS | July 31, 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.57% | 216,276 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.54% | 41,477,167 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.54% | 110,146 SH | Aug. 19, 2026 | Daily |
| GLBL · Pacer Funds Trust | 0.53% | 32 NS | July 31, 2026 | N-PORT |
| TRFM · ETF Series Solutions | 0.52% | 7,027 NS | July 31, 2026 | N-PORT |
| EGUS · iShares Trust | 0.50% | 784 SH | Sept. 11, 2026 | Daily |
| FCPI · FIDELITY COVINGTON TRUST | 0.50% | 7,412 NS | July 31, 2026 | N-PORT |
| GLOF · iShares Trust | 0.49% | 5,553 SH | Sept. 11, 2026 | Daily |
| VFMV · VANGUARD WELLINGTON FUND | 0.49% | 6,770 SH | Aug. 19, 2026 | Daily |
| FTC · First Trust Exchange-Traded AlphaDE… | 0.47% | 34,076 NS | July 31, 2026 | N-PORT |
| PABU · iShares Trust | 0.45% | 63,508 SH | Sept. 11, 2026 | Daily |
| RECS · Columbia ETF Trust I | 0.44% | 141,112 NS | July 31, 2026 | N-PORT |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.44% | 35,907 SH | Oct. 5, 2026 | Daily |
| USCL · iShares Trust | 0.43% | 69,068 SH | Sept. 11, 2026 | Daily |
| TOPC · iShares Trust | 0.43% | 793 SH | Sept. 11, 2026 | Daily |
| PBP · Invesco Exchange-Traded Fund Trust | 0.41% | 7,771 SH | Oct. 5, 2026 | Daily |
| IWL · iShares Trust | 0.41% | 50,770 SH | Sept. 11, 2026 | Daily |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.41% | 210,237 SH | Oct. 5, 2026 | Daily |
| XVV · iShares Trust | 0.40% | 15,016 SH | Sept. 11, 2026 | Daily |
| CATH · Global X Funds | 0.39% | 27,810 NS | July 31, 2026 | N-PORT |
| ACIO · ETF Series Solutions | 0.39% | 49,610 NS | July 31, 2026 | N-PORT |
| VOXP · Advisors Series Trust | 0.38% | 120 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.38% | 66,466 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.37% | 1,019 NS | July 31, 2026 | N-PORT |
| XTR · Global X Funds | 0.37% | 98 NS | July 31, 2026 | N-PORT |
| BBUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.37% | 180,829 NS | July 31, 2026 | N-PORT |
| BKLC · BNY Mellon ETF Trust | 0.37% | 111,089 NS | July 31, 2026 | N-PORT |
| PTLC · Pacer Funds Trust | 0.37% | 66,107 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.37% | 22,178 NS | July 31, 2026 | N-PORT |
| XYLG · Global X Funds | 0.37% | 1,294 NS | July 31, 2026 | N-PORT |
| XCLR · Global X Funds | 0.37% | 72 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.37% | 161 NS | July 31, 2026 | N-PORT |
| ADME · ETF Series Solutions | 0.37% | 5,895 NS | July 31, 2026 | N-PORT |
| VFMF · VANGUARD WELLINGTON FUND | 0.36% | 8,390 SH | Aug. 19, 2026 | Daily |
| TOV · EA Series Trust | 0.36% | 5,218 NS | July 31, 2026 | N-PORT |
| IVV · iShares Trust | 0.35% | 16,465,096 SH | Sept. 11, 2026 | Daily |
| DFSU · Dimensional ETF Trust | 0.35% | 43,712 NS | July 31, 2026 | N-PORT |
| ILCB · iShares Trust | 0.35% | 25,444 SH | Sept. 11, 2026 | Daily |
| PHDG · Invesco Actively Managed Exchange-T… | 0.34% | 1,029 SH | Oct. 5, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.34% | 390,185 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.34% | 4,928 NS | July 31, 2026 | N-PORT |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.34% | 1,095,687 SH | Aug. 19, 2026 | Daily |
| QDPL · Pacer Funds Trust | 0.34% | 31,478 NS | July 31, 2026 | N-PORT |
| IWB · iShares Trust | 0.33% | 905,474 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.33% | 56,066 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.32% | 360,436 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.32% | 214,935 NS | July 31, 2026 | N-PORT |
| ITOT · iShares Trust | 0.31% | 1,698,668 SH | Sept. 11, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.30% | 9,091 NS | July 31, 2026 | N-PORT |
| ESGU · iShares Trust | 0.29% | 296,584 SH | Sept. 11, 2026 | Daily |
| JPUS · J.P. Morgan Exchange-Traded Fund Tr… | 0.28% | 7,091 NS | July 31, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.28% | 102,123 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.27% | 3,627 SH | Sept. 11, 2026 | Daily |
| DCOR · Dimensional ETF Trust | 0.27% | 49,386 NS | July 31, 2026 | N-PORT |
| DFAC · Dimensional ETF Trust | 0.27% | 698,023 NS | July 31, 2026 | N-PORT |
| CRBN · iShares Trust | 0.26% | 17,233 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.26% | 117,985 SH | Sept. 11, 2026 | Daily |
| LGDX · Tidal Trust III | 0.25% | 1,927 NS | July 31, 2026 | N-PORT |
| TILT · FlexShares Trust | 0.25% | 29,388 NS | July 31, 2026 | N-PORT |
| FAD · First Trust Exchange-Traded AlphaDE… | 0.23% | 7,408 NS | July 31, 2026 | N-PORT |
| WINN · Harbor ETF Trust | 0.23% | 14,300 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.23% | 1,064,300 SH | Oct. 5, 2026 | Daily |
| ACWI · iShares Trust | 0.22% | 417,401 SH | Sept. 11, 2026 | Daily |
| DGRO · iShares Trust | 0.22% | 532,617 SH | Sept. 11, 2026 | Daily |
| FEX · First Trust Exchange-Traded AlphaDE… | 0.22% | 18,682 NS | July 31, 2026 | N-PORT |
| DXUV · Dimensional ETF Trust | 0.21% | 6,445 NS | July 31, 2026 | N-PORT |
| PWS · Pacer Funds Trust | 0.21% | 271 NS | July 31, 2026 | N-PORT |
| EUSA · iShares, Inc. | 0.19% | 20,836 SH | Sept. 11, 2026 | Daily |
| BSCT · Invesco Exchange-Traded Self-Indexe… | 0.18% | 5,507,000 | Oct. 5, 2026 | Daily |
| SIZE · iShares Trust | 0.18% | 4,312 SH | Sept. 11, 2026 | Daily |
| SUSA · iShares Trust | 0.15% | 34,728 SH | Sept. 11, 2026 | Daily |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.15% | 195,000 | Oct. 1, 2026 | Daily |
| PRF · Invesco Exchange-Traded Fund Trust | 0.14% | 68,669 SH | Oct. 5, 2026 | Daily |
| FBCG · FIDELITY COVINGTON TRUST | 0.14% | 54,316 NS | July 31, 2026 | N-PORT |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.14% | 6,649 SH | Oct. 5, 2026 | Daily |
| FEUS · FlexShares Trust | 0.09% | 550 NS | July 31, 2026 | N-PORT |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.08% | 37,025 SH | Oct. 5, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.07% | 2,854 SH | Oct. 5, 2026 | Daily |
| BIV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BSV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCIT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| VCEB · VANGUARD WORLD FUND | · | · | July 30, 2026 | Daily |
KLAC Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
26 analysts · 2026-10-05Mean target $233.77 +17.4%
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| KLAC | $394.33B | 82.4 | 11.7% | 35.6% | 81.8% | · |
| AMAT | $181.40B | 26.4 | 4.4% | 24.7% | 35.5% | 48.7% |
| LRCX | $474.35B | 65.8 | 26.0% | 31.3% | 64.2% | 50.5% |
| TER | $30.21B | 55.8 | 13.1% | 17.4% | 19.7% | 58.2% |
| Q | · | 24.7 | 9.7% | 15.3% | 8.2% | · |
| ENTG | $12.80B | 54.4 | -1.4% | 7.4% | 6.1% | 44.4% |
| MKSI | $10.74B | 36.6 | 9.6% | 7.5% | 11.2% | 46.7% |
| ONTO | $8.24B | 59.7 | 1.8% | 13.6% | 6.7% | 49.7% |
| AMKR | $9.76B | 26.3 | 6.2% | 5.6% | 8.7% | 14.0% |
| FORM | $4.51B | 84.1 | 2.8% | 6.9% | 5.4% | 39.3% |
| AXTI | $905M | -33.4 | -11.1% | -24.1% | -9.1% | 12.7% |
Latest News Recent headlines mentioning this company
KLAC AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
KLA Corporation is a high-margin leader in chip inspection, but analysts are divided on whether its premium valuation can survive a potential cyclical downturn. Grok remains bullish, citing the company's 98% return on equity as proof of a durable competitive moat. Conversely, Gemini and Claude warn that high leverage and heavy customer concentration make the stock vulnerable to any slowdown in foundry spending. The panel ultimately split, with most favoring a cautious hold as the market price...
Round 1 — Opening Takes
I see KLA thriving as the go-to metrology leader for advanced chip fabs, capturing AI-driven demand with elite profitability. Its ROE of 98% crushes peers like LRCX's 60%, generating almost every equity dollar in profit—a hardware rarity signaling huge pricing power. Gross margins stick at 62%, proving a durable moat in a cutthroat industry. The stock rocketed 48% in three months on spiking volume, momentum that screams conviction ahead of 2026Q2 fab expansions.
My concern is KLAC's stretched valuations expose it to chip cycle reversals with no margin for error. P/E at 37.7 matches peers but pairs with flat EPS, so price gains outpace any fundamental progress. P/B of 25x demands endless perfection in a boom-bust sector. Debt-to-equity at 118%—still high despite a dip—magnifies downside if semis cool.
KLA has pricing power in a market where demand for chip inspection tools is structurally rising. The 61.99% gross margin and 33.83% net margin tell me this company extracts real profit from every dollar of sales — not just volume, but pricing discipline. Yes, the P/E of 37.7 is elevated, but the 98% ROE shows KLA turns shareholder capital into earnings at a rate most industrial companies cannot touch. The stock is up 32% from May lows, but that reflects genuine earnings momentum, not speculation. If semiconductor capex stays elevated through 2026, KLA's moat widens.
I'm concerned KLA is pricing in years of flawless execution at a 37.7x multiple. The debt-to-equity ratio of 118% is high — that leverage amplifies the ROE but also means a revenue miss hits harder. The P/S of 12.7 is stretched relative to LRCX at a similar P/E but lower leverage. Most worrying: the stock has rallied 32% in seven weeks on thin volume spikes (5.3M shares on one day). That pace of repricing suggests momentum, not fundamental rerating. If chip capex cycles soften in late 2025 or early 2026, multiple compression could be swift.
KLA Corporation is essentially the toll booth for the semiconductor industry, making it an essential play on the long-term complexity of chip manufacturing. The company maintains a 61.99% gross margin, which reflects its dominant position as the primary provider of process control and yield management equipment. Because chipmakers cannot afford to skip quality checks as they move to smaller nodes, this high margin is remarkably sticky. With a 98.15% return on equity, KLA is generating massive value from its capital base, proving that it is an elite operator that can scale efficiently alongside the broader AI-driven semiconductor cycle.
The valuation has stretched to a point where the stock is highly vulnerable to any slowdown in capital expenditure from major foundries. Trading at 37.68 times trailing earnings, the market has priced in near-perfect execution for the next several quarters. This P/E ratio indicates that investors are paying a premium for growth that may be difficult to accelerate from current levels. Furthermore, the debt-to-equity ratio of 118.06 reminds me that the company is carrying significant leverage, which could become a major liability if the semiconductor equipment cycle hits a cyclical downturn in 2026.
I think KLAC's core advantage is its market leadership and profitability, which should power upside into 2026Q2. ROE 98.15% — That level signals exceptional capital efficiency and pricing power, meaning the company can fund growth and sustain high earnings. Gross margin 61.99% — That margin anchors cash flow and resilience to input costs, supporting a robust earnings path. Debt/Equity 118.06 (down from 125.4) — That improvement reduces financial risk and increases flexibility to weather a capex cycle.
I think KLAC faces valuation and cyclicality risk that could cap upside into 2026Q2. P/E 37.68 — In line with peers, that offers little cushion for disappointment; the April 15 option activity suggests hedging rather than conviction. ROE 98.15% — That level could be unsustainable if cycles soften, raising the risk of a pullback in returns. Debt/Equity 118.06 — That leverage level leaves financial risk if cash flow dips or rates rise.
Round 2 — Responses & Rebuttals
Round 2 — Responses & Rebuttals
ChatGPT, your bearish read on that April 15 options activity as hedging misses the bigger picture of bullish conviction. The 5,278 contracts equaled 57% of average daily volume, fueling a stock surge from $694 to $925 in three months—that's not defensive positioning but smart money piling into metrology demand ahead of 2026Q2 capex. It reinforces my buy call amid the rally's momentum.
I need to push back on Grok's momentum read here. Yes, the stock is up 48% in three months, but Grok is treating volume spikes as conviction when the data says otherwise. That April 15 options print—5.3 million shares notional—is hedging activity, not accumulation. More important: Grok claims flat EPS yet price gains outpace fundamentals, but that misses what actually happened. EPS was $30.39 in Q3, now $31.85 in Q1—that's 4.8% earnings growth quarter-over-quarter. The stock repriced because the market finally priced in that KLA's margins aren't cyclical noise; they're structural. The momentum isn't a red flag; it's the market catching up to the business reality. That said, Grok is right that 118% leverage leaves no room for error if fab spending rolls over.
Grok, I disagree with your buy rating because you are overlooking the danger of the company's capital structure in a cyclical downturn. You cited the 98% ROE as proof of pricing power, but that figure is heavily inflated by the 118.06% debt-to-equity ratio. This means the company is funding a massive portion of its operations with borrowed money rather than just operational efficiency. If the semiconductor equipment cycle cools, that high leverage will act as a massive anchor on earnings, making the stock's current 37.68 P/E multiple look far too expensive for the level of risk involved.
Grok, your point that KLAC's ROE of 98% signals a pricing-power moat is compelling. That level can be boosted by leverage or buybacks and may not persist if the chip cycle slows. The stock trades around a 37.7x P/E. That means the market is pricing in sustained earnings growth and leaves little cushion if demand softens. Between those dynamics, I would watch the upcoming capex cycle signals and confirm that ROE isn't just a buyback illusion.
Round 3 — Final Rebuttals
Round 3 — Final Rebuttals
Gemini, I push back on calling the 98.15% ROE 'heavily inflated' by leverage alone, as if operations play no role. Gross margin at 61.99% proves KLA extracts durable premiums for process control tools that chipmakers must buy to hit yields at 2nm and below. That profitability base—before any debt multiplier—drives the ROE and underpins my buy for 2026Q2 fab builds.
I want to push back on something no one has touched yet: customer concentration. KLA's top three customers—TSMC, Samsung, Intel—likely represent 60–70% of revenue, and that matters enormously here. If Intel's capex stalls or TSMC's growth slows, KLA doesn't get to spread that risk across a diversified base. That concentration is baked into the 98% ROE because those customers are locked in by switching costs, but it also means KLA's earnings are far more cyclical than the margin profile suggests. Gemini is right that leverage amplifies downside, but the real vulnerability isn't just the debt-to-equity ratio—it's that KLA's top-three customer base could contract sharply if foundry demand softens in late 2025 or early 2026. That's the scenario where the 37.7x multiple breaks.
Grok, I have to challenge your interpretation of the April 15 options activity as a bullish signal. That volume represents 57.1% of the average daily trading volume, which in this market environment is classic institutional hedging against a potential earnings miss. While you see conviction, I see defensive positioning from funds protecting gains after a 32% rally. Furthermore, we are ignoring the geopolitical risk of export controls on advanced metrology tools to China, which accounts for a significant chunk of industry revenue. If those restrictions tighten, KLA’s 33.83% net margin—the share of revenue that actually becomes profit—is at immediate risk.
Claude, I challenge your contention that a capex tailwind alone widens the moat. KLAC trades around 37.7x trailing earnings. That implies the market is pricing in sustained earnings growth, so any capex slowdown would compress the multiple before margins can fully compensate. And the high leverage means cash flow weakness or rate moves could hit hard if the cycle turns.
Price Forecasts
| Model | 3M Target | 6M Target | Reasoning |
|---|---|---|---|
| Grok | $1020.00 | $1120.00 | I think KLA's unmatched pricing power in process control tools positions it for steady gains as AI-driven fab capex ramps into 2026Q2. The key catalyst is TSMC's Q2 earnings on July 17, 2025, where sustained capex guidance will confirm demand for KLA's inspection gear. The big risk is tightened US export controls on advanced tools to China by Q3 2025, hitting 10-15% of revenue. Trading at 37.7x P/E today, expansion to 40x on flat $31.85 EPS implies $1274 fair value, but I see 1120 by 6 months on moat confirmation versus peers like LRCX. |
| Claude | $875.00 | $920.00 | KLA's structural margin power and customer lock-in justify a premium multiple, but the 37.7x P/E leaves no room for a capex miss. My thesis: the stock holds 2026Q2 upside if foundry capex signals remain intact, but customer concentration—TSMC, Samsung, Intel likely 60–70% of revenue—makes KLA far more cyclical than the 61.99% gross margin suggests. Catalyst: Q2 2026 earnings beat on sustained fab spending would re-rate the stock toward $920. Risk: any guidance cut from TSMC or Intel capex weakness breaks the multiple and sends the stock toward $800. The current 37.7x multiple means the market is pricing perfection; one quarter of slowdown compresses valuation sharply. I'm holding my hold at 68% confidence—the upside is real if the cycle holds, but the downside is swift if it doesn't. |
| Gemini | $880.00 | $825.00 | I believe KLA is entering a period of multiple contraction as the market realizes that current valuation levels cannot be sustained without a significant acceleration in foundry capital expenditure. My 6-month target rests on the upcoming 2026Q2 earnings guidance, where any sign of softening in advanced node equipment orders will trigger a swift repricing. Conversely, if TSMC announces a major capacity expansion in the next quarter, it could push the stock toward my 3-month target. The current P/E of 37.68 means investors are paying a premium for growth that is already fully priced, leaving zero room for execution errors in a high-leverage environment. |
| Chatgpt | $750.00 | $820.00 | I think KLAC can drift higher over the next 3–6 months as margins stay sticky and the secular demand for metrology remains intact. The catalyst is the upcoming earnings print that should confirm margin resilience and signal continued capex by leading foundries. Risk is a cyclical downturn in chip capex that could compress the multiple and undermine the thesis. ROE is around 98%. That high return on equity means the business is highly efficient at converting capital into profits, but it can be pulled down quickly if demand softens or leverage drags cash flow. |
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