KLA Corporation (KLAC)
割高ファンダメンタル
67
株価
$198.01
時価総額
$244.18B
パート1 · 企業の価値
概要
KLA makes the inspection and measurement equipment chipmakers use to find defects on a silicon wafer while it is still being manufactured, before the finished chips are tested and packaged. Because a single undetected flaw can ruin an entire batch of wafers worth far more than the inspection tool itself, chipmakers treat this equipment as essential rather than optional, and KLA holds a leading position in most of the niches it competes in.
収益の仕組み
Revenue comes from selling inspection and metrology systems to chipmakers building new fab capacity, plus a growing services business — about 22% of fiscal 2025 revenue — that maintains and upgrades the large installed base of previously sold tools. The systems business is lumpy, tied to when customers commit to new fabs; the services business is steadier, since it grows with the size of the fleet already in the field rather than new capital spending decisions.
セグメント別売上高
Inspection and metrology tools for leading-edge chip manufacturing — the core of KLA's business and its largest customer relationships.
Inspection equipment for printed circuit boards and electronic components, a smaller and more diversified customer base than leading-edge chipmaking.
Process equipment for specialty chips such as power devices and compound semiconductors, outside the leading-edge logic and memory market.
競争優位性（moat）
特許・ライセンス · 広いDecades of patents and accumulated process know-how in optical and electron-beam inspection give KLA a leading position that rivals have struggled to close for years, because a chipmaker switching inspection vendors risks blind spots in a process where an undetected defect is far costlier than the tool itself. This lets KLA earn the industry's high margins even though its customers, the chipmakers, are themselves in a highly cyclical and capital-intensive business.
需要を左右する要因
景気循環型Chipmakers buy inspection equipment when they commit to new fab capacity, and those investment decisions come in waves tied to the semiconductor industry's own boom-and-bust cycle. China's share of revenue fell from 43% in fiscal 2024 to 33% in fiscal 2025 alone, as elevated post-pandemic spending by Chinese customers normalized and US export controls further curbed sales — a reminder of how fast the mix can shift.
主なリスク
- Concentration among a few large chipmakers — A single customer reached approximately 19% of fiscal 2025 revenue. Because leading-edge fabs are built by a handful of very large companies, a change in any one of their spending plans has an outsized effect on KLA.
- China exposure and export controls — China's share of revenue fell from 43% to 33% in a single year as US export restrictions and normalizing Chinese fab spending both weighed on sales, and further rule changes could move that share again with little warning.
- Highly cyclical semiconductor capital spending — Orders for inspection and metrology tools rise and fall sharply with the industry's investment cycle, since chipmakers can delay or accelerate fab construction depending on demand for the chips they plan to make.
- Technology leadership must be continually defended — As chip features keep shrinking, KLA must keep advancing its inspection technology to detect ever-smaller defects; falling behind on any generation could open the door for a rival to take a leading customer's business.
顧客集中度
主要顧客が売上高の19%を占める
One customer accounted for approximately 19% of total revenues in fiscal 2025, up from 13% in fiscal 2024. Taiwan Semiconductor Manufacturing Company and Samsung Electronics are the two customers separately disclosed as exceeding 10% of revenue in recent years.
強気材料
Buyers point to a technology-leadership position in process control that customers cannot easily substitute, given how costly an undetected wafer defect is relative to the price of KLA's tools, plus a growing services annuity tied to a large installed base.
弱気材料
Sellers note that close to a fifth of revenue can come from a single chipmaker, that China's share of revenue has already dropped from 43% to 33% as export rules bite, and that semiconductor capital spending is famously cyclical — a downturn in leading-edge fab investment hits KLA directly.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
Its Process Diagnostics and Control business sells wafer inspection, e-beam review and metrology systems to the same chipmakers' yield-management budgets that KLA serves, and KLA names it first among its competitors.
Sells stand-alone and integrated dimensional and materials metrology for wafer fabs, competing with KLA for the same in-line measurement steps at leading-edge logic and memory customers.
Competes with KLA's back-end inspection and metrology tools for advanced packaging and bumping lines at OSATs and foundries.
Beyond lithography, its YieldStar and overlay metrology systems compete with KLA for the measurement and pattern-control steps inside the same advanced fabs.
Competes head-on with KLA in optical critical-dimension and thin-film metrology in the front end and in advanced-packaging inspection, selling to the same foundry, memory and OSAT customers.
The main rival in reticle and photomask inspection, including EUV mask blank and actinic inspection, a market KLA serves with its own mask-inspection product line.
貸借対照表と流動性
売上高
$13.58B
直近12か月（2026/6/30まで）
純利益
$4.83B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$3.77B
自己資本合計
$6.35B
負債合計
$11.60B
流動比率
2.88
利払い倍率
-
負債/EBITDA
1.02
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$158.82
現在株価
$198.01
安全マージン
-24.7%
適正価値レンジ
$103.23 - $214.41
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
53.26
ROE
76.1%
P/B レシオ
40.11
P/FCF
67.61
粗利益率
61.3%
ROIC
-
収益性レーダー
価値創造（経済的モート）
ROIC
-
WACC
12.3%
ROIC − WACC
-
ファンダメンタル分析基準
合格（16）
- EPS shows upward trend
- Price CAGR 37.35%
- Gross Margin 61.3%
- Debt/Equity ratio
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- ROE 85.4%
- Revenue Growth 5Y 14.4%
- Analyst Consensus 69% Buy
- Earnings Quality (OCF/NI) 0.86
- Share Dilution -1.2%
- Net Margin Trend 35.6% vs 33.4%
- Piotroski F-Score 7/9
不合格（7）
- P/FCF 67.61
- P/B Ratio 40.11
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 0.8%
- PEG Ratio 2.26
データなし（4）
- ROIC NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-スコア
財務健全性が高い
利益の質
中程度：利益とキャッシュの間にギャップがある
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Richard P. Wallace | President, CEO & Executive Director | 65 |
| Mr. Bren D. Higgins | Executive VP & CFO | 55 |
| Ms. Mary Beth Wilkinson | Executive VP, Chief Legal Officer & Corporate Secretary | 52 |
| Mr. Ahmad A. Khan | President of Semiconductor Products & Customers | 51 |
| Mr. Brian W. Lorig | Executive Vice President of KLA Global Services | 51 |
| Mr. Virendra A. Kirloskar | Senior VP & Chief Accounting Officer | 62 |
| Dr. Ben Bin-Ming Tsai | CTO & Executive VP of Corporate Alliances | 66 |
| Mr. Kevin M. Kessel C.F.A. | Vice President of Investor Relations | - |
| Ms. Randi Polanich | Senior VP & Chief Communications Officer | - |
| Mr. John Van Camp | Executive VP & Chief Human Resources Officer | - |
監査リスク
3
取締役会リスク
2
報酬リスク
4
株主権利リスク
8
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for KLAC, sourced from Markets Gazette.
- 6/12/2026POSITIVEBillionaire Investor Doubles Down On AI Trade, Adds Chip-Equipment Names
Billionaire investor Daniel Loeb, through his hedge fund Third Point Management, significantly increased exposure to the semiconductor sector in the first quarter. The fund added new positions in KLA Corporation, ASML Holding, and Lam Research, reaffirming its bullish stance on chip-related equities. This strategic move signals strong conviction in the growth prospects of AI-driven demand for advanced chip manufacturing equipment. Investors are watching these additions closely as a potential indicator of future sector performance and a validation of the AI trade.
- 6/9/2026POSITIVEHere's How Much $1000 Invested In KLA 15 Years Ago Would Be Worth Today
An investment of $1000 in KLA Corporation (KLAC) 15 years ago would have grown to approximately $10,400 today, representing a substantial 940% return. This performance significantly outpaced the broader market, highlighting KLA's robust growth trajectory and strong shareholder value creation over the past decade and a half. The company's consistent performance suggests effective management, innovation in its semiconductor equipment sector, and resilience through various market cycles, making it an attractive prospect for long-term investors seeking capital appreciation.
- 5/13/2026NEUTRALHere's How Much You Would Have Made Owning KLA Stock In The Last 10 Years
An analysis of KLA Corporation (KLAC) stock reveals its performance over the past decade. While specific returns are not detailed in this snippet, the article suggests a review of historical ownership gains. Investors considering KLAC should evaluate its long-term track record, including revenue growth, profitability, and market share trends within the semiconductor equipment industry. Past performance, while not indicative of future results, provides a baseline for assessing the company's resilience and growth potential.
- 4/27/2026POSITIVEHere's How Much $1000 Invested In KLA 10 Years Ago Would Be Worth Today
An investment of $1000 in KLA Corporation (KLAC) ten years ago would have grown to approximately $10,500 today, representing a substantial 950% return. This performance significantly outpaced the broader market during the same period. KLA's consistent growth trajectory is attributed to its dominant position in the semiconductor equipment manufacturing sector, particularly in process control and yield management solutions. The company has benefited from the ongoing demand for advanced chip technologies and the cyclical upturns in the semiconductor industry. Investors considering KLA should note its strong historical performance, driven by innovation and strategic market positioning.
- 4/10/2026POSITIVE$1000 Invested In KLA 10 Years Ago Would Be Worth This Much Today
An investment of $1000 in KLA Corporation (KLAC) a decade ago would have yielded a substantial return, demonstrating the company's robust long-term growth trajectory. While specific figures are not provided in this snippet, the implication is that KLAC has significantly outperformed the broader market over the past ten years. This historical performance suggests strong operational execution, strategic market positioning, and effective capital allocation by the company's management. Investors looking for companies with a proven track record of wealth creation may find KLA's performance compelling, warranting further investigation into its current fundamentals and future prospects.
- 3/24/2026NEUTRALHere's How Much You Would Have Made Owning KLA Stock In The Last 5 Years
An analysis of KLA Corporation (KLAC) stock performance over the past five years reveals a significant return for investors. While specific figures are not detailed in the provided snippet, the title suggests a strong historical performance. This type of retrospective analysis is often used by investors to gauge a company's long-term growth trajectory and its ability to generate shareholder value, providing context for future investment decisions. The exact returns would depend on the purchase date and current market value, but the framing implies a positive historical trend.
- 3/11/2026POSITIVE$100 Invested In KLA 20 Years Ago Would Be Worth This Much Today
An investment of $100 in KLA Corporation (KLAC) made 20 years ago would have grown substantially, highlighting the company's long-term value creation. While specific figures are not provided in the title, this narrative implies significant capital appreciation for shareholders over two decades. KLA, a key supplier to the semiconductor industry, has likely benefited from the secular growth trends in technology, including advancements in chip manufacturing processes. Investors looking at historical performance metrics for KLAC can infer a strong track record of growth and resilience, potentially signaling continued positive outlook.
via Markets Gazette