✦ Nine Point Seven Billion Dollars of Buybacks LeftNarrow moat

KLA (KLAC) — the future bets

KLA has $9.74 billion of buyback authorisation, about 4% of its market value, and the share price is 17% below what it paid in June.

KLA's largest discretionary decision in the coming year is what to do with its buyback authorisation. The board added $7.00 billion on 11 March 2026 to the $3.94 billion remaining at December 2025, and $9.74 billion was available at 30 June 20261. At the September market value that is about 4% of the company2.

KLA buyback authorisation ($bn)3.94Remaining Dec 20257.00Added Mar 20269.74Remaining Jun 2026KLA Form 10-K FY2026, share repurchase program
More than two years of the 90% policy.

The stock's fall changes the arithmetic. KLA bought at an average of $227.35 a share in June 20263; at $187.92 in September4, the same money buys 21% more shares5.

KLA has said it targets returning "over 90% of free cash flow"6. Free cash flow was $3,767.1 million in fiscal 20267, so the authorisation covers more than two years of that policy8.

The bet is that buying at lower prices adds more per share than buying at the top did. The shares were split ten for one after the close on 11 June 20269, which makes the purchases easier to follow in per-share terms.

The split also changed the authorised share count. The charter amendment raised authorised common stock from 500,000,000 to 5,000,000,000 shares10, a mechanical consequence of dividing each share into ten. It did not change the value of anything, but it makes every buyback figure after June 2026 ten times larger in share count than before.

The authorisation is large against KLA's own record. The company bought back $15.33 billion of stock over the eleven years from fiscal 201511; the $9.74 billion remaining12 is almost two-thirds of that total.

In May 2026 KLA paid an average of $178.64 a share13, close to the September price. The pace it chooses at these prices will show whether the programme distinguishes a cheap share from a dear one.

In the June 2026 quarter KLA spent $571.0 million on buybacks and $305.3 million on dividends14.

The $7.00 billion added in March 202615 was nearly twice the $3.94 billion then remaining.

The measure is the size of the September 2026 quarter's buybacks against June's $571.0 million16. A larger figure at lower prices would show the policy working as a value investor would want.

Moat trajectory: Holding steady

$9.74bn available at June 2026.

The number that tests this moat
Reported
Buyback authorisation remaining, year end
$9.74bn (June 2026)

Room to buy after the fall; buybacks in the September quarter above June's $571.0M would show KLA buying the dip.

Source: KLA Form 10-K, FY2026 ↗
References
  1. ReportedThe board added $7.00 billion on 11 March 2026 to the $3.94 billion remaining at December 2025, and $9.74 billion was available at 30 June 2026.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  2. Moat Explorer calcAt the September market value that is about 4% of the company.
    Moat Explorer calculation from KLA's reported figures ($ 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 - cash flow, capital returns, balance sheet, per-share figures and valuation. — 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.
  3. ReportedKLA bought at an average of $227.35 a share in June 2026; at $187.92 in September, the same money buys 21% more shares.
    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 ↗
  4. ReportedKLA bought at an average of $227.35 a share in June 2026; at $187.92 in September, the same money buys 21% more shares.
    KLA (KLAC) market data - $187.92 a share at the close on 25 September 2026, market cap $245.24B, trailing P/E 51.34, forward P/E 34.45, 52-week range 98.10-307.37, dividend $0.92 (0.49%), 29 analysts with a price target of $233.77, estimated earnings date 28 October 2026. — September 2026 · publ. 25 September 2026 · source ↗
  5. Moat Explorer calcKLA bought at an average of $227.35 a share in June 2026; at $187.92 in September, the same money buys 21% more shares.
    Moat Explorer calculation from KLA's reported figures ($ 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 - cash flow, capital returns, balance sheet, per-share figures and valuation. — 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.
  6. ReportedKLA has said it targets returning "over 90% of free cash flow".
    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 - the 2030 financial model and capital allocation target. — Q3 FY2026 · publ. 29 April 2026 · source ↗
  7. ReportedFree cash flow was $3,767.1 million in fiscal 2026, so the authorisation covers more than two years of that policy.
    KLA fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, product and service revenue, segment revenue, net income, cash flow, capital returns and September 2026 quarter guidance. — Q4 FY2026 · publ. 28 July 2026 · source ↗
  8. Moat Explorer calcFree cash flow was $3,767.1 million in fiscal 2026, so the authorisation covers more than two years of that policy.
    Moat Explorer calculation from KLA's reported figures ($ 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 - cash flow, capital returns, balance sheet, per-share figures and valuation. — 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. ReportedThe shares were split ten for one after the close on 11 June 2026, which makes the purchases easier to follow in per-share terms.
    KLA Form 8-K, Item 5.03 - the charter amendment effecting the ten-for-one stock split became effective at 11:59 p.m. Eastern Time on 11 June 2026. — June 2026 · publ. 12 June 2026 · source ↗
  10. ReportedThe charter amendment raised authorised common stock from 500,000,000 to 5,000,000,000 shares, a mechanical consequence of dividing each share into ten.
    KLA Form 8-K, Item 5.03 - the charter amendment effecting the ten-for-one stock split became effective at 11:59 p.m. Eastern Time on 11 June 2026. — June 2026 · publ. 12 June 2026 · source ↗
  11. Moat Explorer calcThe company bought back $15.33 billion of stock over the eleven years from fiscal 2015; the $9.74 billion remaining is almost two-thirds of that total.
    Moat Explorer calculation from KLA's reported figures ($ 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, margins, research and revenue by product category. — 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.
  12. ReportedThe company bought back $15.33 billion of stock over the eleven years from fiscal 2015; the $9.74 billion remaining is almost two-thirds of that total.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - financial statements and notes: backlog, contract liabilities, receivables, cash flow, capital returns and debt. — FY2026 · publ. 6 August 2026 · source ↗
  13. ReportedIn May 2026 KLA paid an average of $178.64 a share, close to the September price.
    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 ↗
  14. ReportedIn the June 2026 quarter KLA spent $571.0 million on buybacks and $305.3 million on dividends.
    KLA fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, product and service revenue, segment revenue, net income, cash flow, capital returns and September 2026 quarter guidance. — Q4 FY2026 · publ. 28 July 2026 · source ↗
  15. ReportedThe $7.00 billion added in March 2026 was nearly twice the $3.94 billion then remaining.
    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 ↗
  16. ReportedThe measure is the size of the September 2026 quarter's buybacks against June's $571.0 million.
    KLA fourth-quarter fiscal 2026 results release, Form 8-K exhibit 99.1 - revenue, product and service revenue, segment revenue, net income, cash flow, capital returns and September 2026 quarter guidance. — Q4 FY2026 · publ. 28 July 2026 · source ↗
Sources
Generated September 28, 2026