Nineteen Percent Fewer SharesNarrow moat

KLA (KLAC) — moat facet

KLA's share count is down 19% since 2015, so earnings a share rose sixteen times while net income rose thirteen.

KLA has returned its growth to owners partly by shrinking itself. The diluted share count fell from 1,637.0 million in fiscal 2015 to 1,319.6 million in fiscal 2026, adjusted for the June 2026 split12, a fall of 19.4%3. The count rose once, in fiscal 2019, when KLA issued stock to pay for Orbotech.

KLA diluted shares, split-adjusted (millions)1,637FY20151,570FY20191,516FY20221,362FY20241,338FY20251,320FY2026KLA XBRL filings (SEC EDGAR), divided by 10 before FY2024; Form 10-K FY2026
A fifth fewer shares than in FY2015.

The buybacks were large. KLA repurchased $2,289.8 million of stock in fiscal 2026, $2,149.9 million in fiscal 2025 and $1,735.7 million in fiscal 20244, and $3,967.8 million in fiscal 2022 alone5.

Fewer shares made each share's earnings grow faster than the company's. Net income rose 13.2 times from fiscal 2015 to fiscal 2026, and diluted earnings a share 16.3 times, from $0.224 to $3.66 on a post-split basis678.

There is room for more. After a $7.00 billion increase approved on 11 March 2026, $9.74 billion of the authorisation remained at 30 June 20269.

The fiscal 2022 buyback was the largest. KLA repurchased $3,967.8 million of stock that year10, and shareholders' equity fell to $1,401.4 million11. It has since rebuilt to $6,349.8 million12 as earnings outran returns.

The count kept falling after the year end. KLA had 1,306,546,783 shares outstanding on 3 August 202613 and 1,305,006,492 on 9 September 202614, about 1.5 million fewer in five weeks15. At that pace the buyback retires a little over 1% of the company a year16; across the eleven years from fiscal 2015 KLA spent $15.33 billion doing it17.

The fall is steady year to year. In fiscal 2025 alone the diluted count dropped to 1,337.5 million from 1,361.9 million18, about 1.8%19.

The September 2026 quarter's guidance assumes 1,312 million diluted shares20, so the fall is expected to continue.

The machine is only as good as the price paid. In June 2026 KLA bought at an average of $227.35 a share21, against $187.92 in late September22. If buybacks keep running at year-end prices near the top of the range, the share count will fall while value leaks away; the diluted count below 1,300 million with the price above the average paid would show it working.

Moat trajectory: Holding steady

Diluted shares 1,319.6M in FY2026, down 1.3% in the year.

The number that tests this moat
Reported
Diluted shares, full year
1,319.6M (FY2026), from 1,337.5M

What buybacks achieve; a count that stops falling while buybacks continue would mean they only offset stock pay.

Source: KLA Form 10-K, FY2026 ↗
⚠ Threats to the moat
⚠ THREAT 01
Buying Back at Eighty Times Earnings
KLA bought its own shares at an average of $227 in June 2026, and three months later they traded at $188.
References
  1. ReportedThe diluted share count fell from 1,637.0 million in fiscal 2015 to 1,319.6 million in fiscal 2026, adjusted for the June 2026 split, a fall of 19.4%.
    SEC EDGAR XBRL company facts for KLA (CIK 319201) - revenue, cost of revenue, research and development, net income, diluted EPS and shares, operating cash flow, capital spending, buybacks, dividends, goodwill and equity for fiscal 2015-2026; per-share figures before fiscal 2024 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  2. ReportedThe diluted share count fell from 1,637.0 million in fiscal 2015 to 1,319.6 million in fiscal 2026, adjusted for the June 2026 split, a fall of 19.4%.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - financial statements and notes: backlog, contract liabilities, receivables, cash flow, capital returns and debt. — FY2026 · publ. 6 August 2026 · source ↗
  3. Moat Explorer calcThe diluted share count fell from 1,637.0 million in fiscal 2015 to 1,319.6 million in fiscal 2026, adjusted for the June 2026 split, a fall of 19.4%.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - 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.
  4. ReportedKLA repurchased $2,289.8 million of stock in fiscal 2026, $2,149.9 million in fiscal 2025 and $1,735.7 million in fiscal 2024, and $3,967.8 million in fiscal 2022 alone.
    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 ↗
  5. ReportedKLA repurchased $2,289.8 million of stock in fiscal 2026, $2,149.9 million in fiscal 2025 and $1,735.7 million in fiscal 2024, and $3,967.8 million in fiscal 2022 alone.
    SEC EDGAR XBRL company facts for KLA (CIK 319201) - revenue, cost of revenue, research and development, net income, diluted EPS and shares, operating cash flow, capital spending, buybacks, dividends, goodwill and equity for fiscal 2015-2026; per-share figures before fiscal 2024 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  6. ReportedNet income rose 13.2 times from fiscal 2015 to fiscal 2026, and diluted earnings a share 16.3 times, from $0.224 to $3.66 on a post-split basis.
    SEC EDGAR XBRL company facts for KLA (CIK 319201) - revenue, cost of revenue, research and development, net income, diluted EPS and shares, operating cash flow, capital spending, buybacks, dividends, goodwill and equity for fiscal 2015-2026; per-share figures before fiscal 2024 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  7. ReportedNet income rose 13.2 times from fiscal 2015 to fiscal 2026, and diluted earnings a share 16.3 times, from $0.224 to $3.66 on a post-split basis.
    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 ↗
  8. Moat Explorer calcNet income rose 13.2 times from fiscal 2015 to fiscal 2026, and diluted earnings a share 16.3 times, from $0.224 to $3.66 on a post-split basis.
    Moat Explorer calculation from KLA's reported figures ($ millions unless stated; fiscal years end on 30 June; per-share figures adjusted for the ten-for-one split of June 2026). Revenue growth: FY2022 9,211.9 / 6,918.7 - 1 = +33.1%; FY2023 10,496.1 / 9,211.9 - 1 = +13.9%; FY2024 9,812.2 / 10,496.1 - 1 = -6.5%, the only decline FY2015-FY2026; FY2025 12,156.2 / 9,812.2 - 1 = +23.9%; FY2026 13,579.5 / 12,156.2 - 1 = +11.7%; FY2015-FY2026 13,579.5 / 2,814.0 = 4.8 times, 15.4% a year; FY2026 against FY2023 13,579.5 / 10,496.1 - 1 = +29%. Net income FY2024 2,761.9 / 3,387.3 - 1 = -18.5%, a fall of 625.4, of which the 289.5 impairment is 46%; net margin 4,830.8 / 13,579.5 = 35.6%; Other FY2023 381.1 / 259.4 - 1 = +46.9%; gross margin 1,598.8 / 2,814.0 = 56.8% (FY2015), 2,699.5 / 4,568.9 = 59.1% (FY2019); FY2026 4,830.8 / 4,061.6 - 1 = +18.9%; FY2015-FY2026 4,830.8 / 366.2 = 13.2 times; EPS 3.66 / 0.224 = 16.3 times. Operating income (no line reported): gross profit 8,324.4 - R&D 1,532.1 - SG&A 1,131.5 = 5,660.8 (FY2026), 5,660.8 / 13,579.5 = 41.7%; interest cover 5,660.8 / 284.4 = about 20 times. Segments FY2026: Semiconductor Process Control 12,244.7 / 13,579.5 = 90.2% of revenue; segment gross profit 12,244.7 - 4,453.6 = 7,791.1, 7,791.1 / 12,244.7 = 63.6%; segment profit 5,482.8 / 12,244.7 = 44.8%; 5,482.8 / 5,655.4 = 96.9% of segment profit; Specialty Semiconductor Process 64.6 / 584.1 = 11.1%, gross 278.8 / 584.1 = 47.7% (FY2021 206.7 / 369.2 = 56.0%); PCB and Component Inspection 108.0 / 750.4 = 14.4%, gross 385.3 / 750.4 = 51.3% (FY2024 159.0 / 552.5 = 28.8%); smaller segments 64.6 + 108.0 = 172.6; SSP segment gross margin FY2022 242.5 / 456.6 = 53.1%, FY2023 281.9 / 543.4 = 51.9%, FY2024 282.9 / 528.7 = 53.5%, FY2025 303.9 / 587.1 = 51.8%; Orbotech segments revenue less product categories 1,334.5 - (502.5 + 460.3) = 371.7; process control share of research 1,341.3 / 1,532.1 = 87.5%, almost nine-tenths; SG&A 1,131.5 / 13,579.5 = 8.3%; segment revenue 584.1 + 750.4 = 1,334.5. Process control segment research 1,341.3 / 12,244.7 = 11%; segment revenue growth 12,244.7 / 10,947.4 - 1 = +11.9%; SSP products 502.5 / 584.1 = 86% of segment revenue, research 59.4 / 584.1 = 10%; PCI Q4 241.1 / 750.4 = 32% of the year; process control lines FY2019 (1,630.9 + 1,161.3) / 4,568.9 = 61.1%; patterning within process control lines 2,791.1 / (4,336.7 + 2,791.1) = 39.2% (FY2023), 2,706.8 / (6,630.8 + 2,706.8) = 29.0% (FY2026); services share FY2019 1,176.7 / 4,568.9 = 25.8%; capital spending 375.9 / 45.8 = 8.2 times; peers 656.33 + 393.13 + 383.87 = 1,433.3, 1,433.3 / 245.24 = 5.8 times; FY2015 customers 15 + 12 + 11 = 38%. Process control segment gross margin FY2018 2,554.2 / 3,944.0 = 64.8%; FY2019 2,590.4 / 4,080.8 = 63.5%; FY2020 3,028.2 / 4,745.4 = 63.8%; FY2021 3,705.2 / 5,734.8 = 64.6%; FY2022 5,167.7 / 7,924.8 = 65.2%; FY2023 5,957.6 / 9,324.2 = 63.9%; FY2024 5,629.3 / 8,733.6 = 64.5%; FY2025 7,024.6 / 10,947.4 = 64.2%. Process control revenue FY2024 8,733.6 / 9,324.2 - 1 = -6.3%. Orbotech-related goodwill impairments 256.6 + 289.5 + 239.1 = 785.2. Research: 1,532.1 / 530.6 = 2.9 times; 530.6 / 2,814.0 = 18.9% (FY2015); 526.7 / 3,480.0 = 15.1% (FY2017); 711.0 / 4,568.9 = 15.6% (FY2019); 928.5 / 6,918.7 = 13.4% (FY2021); 1,296.7 / 10,496.1 = 12.4% (FY2023); 1,279.0 / 9,812.2 = 13.0% (FY2024); 1,532.1 / 13,579.5 = 11.3% (FY2026); FY2016 481.3 against 530.6 and FY2024 1,279.0 / 1,296.7 - 1 = -1.4%; research staff 27% x 17,000 = about 4,600. Product categories (FY2019-FY2026): wafer inspection 6,630.8 / 1,630.9 = 4.1 times, 22.2% a year; FY2025 6,198.8 / 4,333.3 - 1 = +43.1%; FY2026 6,630.8 / 6,198.8 - 1 = +7.0%; share 1,630.9 / 4,568.9 = 35.7% (FY2019), 6,198.8 / 12,156.2 = 51.0% (FY2025), 6,630.8 / 13,579.5 = 48.8% (FY2026). Patterning 2,706.8 / 1,161.3 = 2.3 times, 12.9% a year; FY2022 2,050.0 / 1,506.0 - 1 = +36.1%; FY2023 2,791.1 / 2,050.0 - 1 = +36.2%; FY2024 2,054.4 / 2,791.1 - 1 = -26.4%; FY2025 2,196.3 / 2,054.4 - 1 = +6.9%; FY2026 2,706.8 / 2,196.3 - 1 = +23.2%; share 2,791.1 / 10,496.1 = 26.6% (FY2023), 2,196.3 / 12,156.2 = 18.1% (FY2025), 2,706.8 / 13,579.5 = 19.9% (FY2026); process control lines 48.8 + 19.9 = 68.7%. SSP products 502.5 / 13,579.5 = 3.7%. PCI products 460.3 / 13,579.5 = 3.4%; FY2025 355.9 / 291.2 - 1 = +22.2%; FY2026 460.3 / 355.9 - 1 = +29.3%. Services 3,125.9 / 1,176.7 = 2.7 times, (3,125.9 / 1,176.7) ^ (1/7) - 1 = 15.0% a year; growth FY2020 +25.6%, FY2021 +13.6%, FY2022 +13.8%, FY2023 +10.8%, FY2024 2,329.6 / 2,117.0 - 1 = +10.0%, FY2025 +15.2%, FY2026 3,125.9 / 2,683.3 - 1 = +16.5%; FY2024 increase 2,329.6 - 2,117.0 = 212.6; share 2,117.0 / 10,496.1 = 20.2% (FY2023), 2,329.6 / 9,812.2 = 23.7% (FY2024), 3,125.9 / 13,579.5 = 23.0% (FY2026). Product revenue FY2023 10,496.1 - 2,117.0 = 8,379.1; FY2024 fall 8,379.1 - 7,482.7 = 896.4. A one-third fall in product revenue 10,453.5 / 3 = 3,484.5 against a year of 15% service growth 3,125.9 x 0.15 = 469, less than a seventh. Other 153.1 / 381.1 - 1 = -60%; 153.1 / 13,579.5 = 1.1%; FY2024 333.2 / 381.1 - 1 = -12.6%; FY2025 204.6 / 333.2 - 1 = -38.6%; FY2026 153.1 / 204.6 - 1 = -25.2%. Deferred system and service revenue 932.9 + 604.1 + 238.1 = 1,775.1, about $1.8 billion. Unrecognised contract price 1,775.1 / 3,125.9 x 12 = about 7 months of service revenue. Region: Taiwan FY2024 1,738.1 / 2,493.4 - 1 = -30.3%; FY2026 against FY2024 3,643.7 / 1,738.1 - 1 = +110%; FY2025 3,205.4 / 1,738.1 - 1 = +84.4%; FY2023 2,493.4 / 2,528.5 - 1 = -1.4%. Korea FY2019 584.1 / 1,178.6 - 1 = -50%; FY2024 906.9 / 1,895.7 - 1 = -52%; share 1,178.6 / 4,036.7 = 29.2% (FY2018), 584.1 / 4,568.9 = 12.8% (FY2019), 1,895.7 / 10,496.1 = 18.1% (FY2023), 906.9 / 9,812.2 = 9.2% (FY2024), 1,833.8 / 13,579.5 = 13.5% (FY2026). China FY2025 4,042.6 / 4,196.7 - 1 = -3.7%; FY2026 4,048.4 / 4,042.6 - 1 = +0.1%; China plus Taiwan 29.8% + 26.8% = 56.6%; Q4 FY2026 China 4,048.4 - 3,091.6 = 956.7, 956.7 / 3,657.6 = 26.2%. Backlog 12,570 / 7,860 - 1 = +59.9%; 12,570 / 13,579.5 = 93% of revenue; unrecognised contract price 1,775.1 / 12,570 = 14% of backlog. Advanced packaging about 1,000 / 13,579.5 = about 7% of revenue. Quarter: Q4 FY2026 revenue 3,657.6 / 3,174.7 - 1 = +15.2%; 3,657.6 / 3,415.1 - 1 = +7.1%; service 820.4 / 702.6 - 1 = +16.8%; process control 3,256.8 / 2,877.6 - 1 = +13.2%; PCB and Component Inspection 241.1 / 154.1 - 1 = +56.5%; GAAP gross margin (3,657.6 - 1,413.1) / 3,657.6 = 61.4%. Guidance midpoint 4,000 / 3,209.7 - 1 = +24.6%; 4,000 / 3,657.6 - 1 = +9.4%. Consensus fiscal 2027 18,110 / 13,579.5 - 1 = +33.4%; EPS 5.45 / 3.66 - 1 = +49%. The 2030 model at 13% a year: 13,579.5 x 1.13 ^ 2 = 17,340 (FY2028); 13,579.5 x 1.13 ^ 5 = about 25,000 (FY2031). Cash and capital: free cash flow 4,143.1 - 375.9 = 3,767.1; capital returns 2,289.8 + 1,057.8 = 3,347.6, 3,347.6 / 3,767.1 = 88.9%; dividends 1,057.8 / 4,830.8 = 21.9% of net income; buybacks 2,289.8 / 1,057.8 = 2.2 times dividends; capital spending 375.9 / 13,579.5 = 2.8% of revenue; operating cash flow 3,308.6 / 2,761.9 = 120% (FY2024), 4,081.9 / 4,061.6 = 100% (FY2025), 4,143.1 / 4,830.8 = 86% (FY2026); operating cash flow growth 4,143.1 / 4,081.9 - 1 = +1.5%; net income less operating cash flow 4,830.8 - 4,143.1 = 687.7; receivables 2,889.2 / 2,263.9 - 1 = +27.6%, an increase of 625.3; inventories 3,648.5 - 3,212.1 = 436.4; together 1,061.7. FY2015 dividends paid 3,041.1 / 366.2 = 8.3 times net income. Buybacks FY2015-FY2026 602.9 + 181.7 + 25.0 + 203.2 + 1,095.2 + 829.1 + 938.6 + 3,967.8 + 1,311.9 + 1,735.7 + 2,149.9 + 2,289.8 = 15,330.8; dividends paid 3,041.1 + 346.3 + 344.0 + 402.1 + 472.3 + 522.4 + 559.4 + 638.5 + 732.6 + 773.0 + 904.6 + 1,057.8 = 9,794.1. Diluted shares 1,319.6 / 1,637.0 - 1 = -19.4%. Net debt 5,887.4 - 1,649.8 - 3,252.6 = 985.0 (FY2026); 5,884.3 - 2,078.9 - 2,415.7 = 1,389.7 (FY2025); 6,630.1 - 1,977.1 - 2,526.9 = 2,126.1 (FY2024); 985.0 / 3,767.1 = 26% of free cash flow. Return on equity 4,830.8 / ((4,692.5 + 6,349.8) / 2 = 5,521.2) = 87.5%; FY2025 4,061.6 / ((3,368.3 + 4,692.5) / 2) = 100.8%; FY2024 2,761.9 / ((2,919.8 + 3,368.3) / 2) = 87.9%. Buyback authorisation 9,740 / 245,240 = 4%; 9,740 / (0.9 x 3,767.1) = 2.9 years; 9,740 / 571.0 = 17 quarters. Valuation: market value 245,240 / 383,870 = 0.64 (Applied Materials); 656,330 / 245,240 = 2.7 (ASML); 245,240 / 14,050 = 17.5 (Onto Innovation); 393,130 / 245,240 = 1.6 (Lam Research); 245,240 / 394,116 - 1 = -38% (June to September 2026); 394,116 / 118,454 = 3.3 times (June 2025 to June 2026); price 187.92 / 307.37 - 1 = -38.9%; 187.92 / 227.35 - 1 = -17% (June buyback price); 227.35 / 187.92 = 1.21 (21% more shares); free cash flow yield 3,767.1 / 245,240 = 1.5%; research 1,532.1 / 245,240 = 0.6% of KLA market value and 1,532.1 / 14,050 = 10.9%, about a ninth, of Onto Innovation's; revenue 13,579.5 / Lam Research 23,232.7 = 58%; market value 245,240 / 393,130 = 62%; buybacks 2,289.8 / 187.92 = 12.2 million shares at the September price, 12.2 / 1,319.6 = 0.9%; authorisation 9,740 / 2,289.8 = 4.3 years at the fiscal 2026 pace; P/E 245,240 / 4,830.8 = 50.8; P/S 245,240 / 13,579.5 = 18.1. Gross margin gap 61.3% less Lam Research about 50% = about 11 points - growth rates and multiples over time. — FY2015-FY2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in KLA's Forms 10-K and 10-Q, quarterly results releases, XBRL filings and market data; operands shown in the source line.
  9. ReportedAfter a $7.00 billion increase approved on 11 March 2026, $9.74 billion of the authorisation remained 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 ↗
  10. ReportedKLA repurchased $3,967.8 million of stock that year, and shareholders' equity fell to $1,401.4 million.
    SEC EDGAR XBRL company facts for KLA (CIK 319201) - revenue, cost of revenue, research and development, net income, diluted EPS and shares, operating cash flow, capital spending, buybacks, dividends, goodwill and equity for fiscal 2015-2026; per-share figures before fiscal 2024 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  11. ReportedKLA repurchased $3,967.8 million of stock that year, and shareholders' equity fell to $1,401.4 million.
    SEC EDGAR XBRL company facts for KLA (CIK 319201) - revenue, cost of revenue, research and development, net income, diluted EPS and shares, operating cash flow, capital spending, buybacks, dividends, goodwill and equity for fiscal 2015-2026; per-share figures before fiscal 2024 are pre-split. — FY2015-FY2026 · publ. September 2026 · source ↗
  12. ReportedIt has since rebuilt to $6,349.8 million as earnings outran returns.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  13. ReportedKLA had 1,306,546,783 shares outstanding on 3 August 2026 and 1,305,006,492 on 9 September 2026, about 1.5 million fewer in five weeks.
    KLA Corporation Form 10-K for fiscal 2026 (year ended 30 June 2026) - Item 1 business: products, history, competitors, customers and employees. — FY2026 · publ. 6 August 2026 · source ↗
  14. ReportedKLA had 1,306,546,783 shares outstanding on 3 August 2026 and 1,305,006,492 on 9 September 2026, about 1.5 million fewer in five weeks.
    KLA definitive proxy statement (DEF 14A) - 1,305,006,492 shares outstanding on 9 September 2026, holders above 5%, and the careers of Rick Wallace and Bren Higgins. — September 2026 · publ. 22 September 2026 · source ↗
  15. Moat Explorer calcKLA had 1,306,546,783 shares outstanding on 3 August 2026 and 1,305,006,492 on 9 September 2026, about 1.5 million fewer in five weeks.
    Moat Explorer calculation from KLA's reported figures ($ 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.
  16. Moat Explorer calcAt that pace the buyback retires a little over 1% of the company a year; across the eleven years from fiscal 2015 KLA spent $15.33 billion doing it.
    Moat Explorer calculation from KLA's reported figures ($ 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.
  17. Moat Explorer calcAt that pace the buyback retires a little over 1% of the company a year; across the eleven years from fiscal 2015 KLA spent $15.33 billion doing it.
    Moat Explorer calculation from KLA's reported figures ($ 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.
  18. ReportedIn fiscal 2025 alone the diluted count dropped to 1,337.5 million from 1,361.9 million, about 1.8%.
    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 ↗
  19. Moat Explorer calcIn fiscal 2025 alone the diluted count dropped to 1,337.5 million from 1,361.9 million, about 1.8%.
    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.
  20. ReportedThe September 2026 quarter's guidance assumes 1,312 million diluted shares, so the fall is expected to continue.
    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 ↗
  21. ReportedIn June 2026 KLA bought at an average of $227.35 a share, against $187.92 in late September.
    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 ↗
  22. ReportedIn June 2026 KLA bought at an average of $227.35 a share, against $187.92 in late September.
    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 ↗
Sources
Generated September 28, 2026