KLA CORP
KLAC · Optical Instruments & Lenses · 130.6M shares · -3%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $1.1B (gross $1.3B, SBC $171M)
Reference price $2,213.37 · est. market cap ~$289.1B — last insider sale, 2026-06-11 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
A90Dominant process-control franchise with elite margins, returns, and free cash flow, growing strongly on AI-driven WFE demand.
Strengths
- Elite profitability and returns — net margin 33.4% (96th), ROE 86.6% (93rd), ROA 25.3% (98th)
- Strong growth and FCF — revenue +23.9%, FCF $3.75B (95th), FCF margin 30.8%
- Process-control technology leadership across the semiconductor ecosystem — qualitative (per 10-K)
Risks
- Elevated leverage — D/E 1.25 (85th)
- WFE cyclicality and China export exposure — qualitative (per 10-K)
- Customer concentration among leading-edge fabs — qualitative (per 10-K)
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Customer concentration~22% of revenue from one customer/distributor — Our services business, which accounted for approximately 22% of our revenue in fiscal 2025, increases the value of our contract offerings and promotes the extension of system lifetimes
- Buying back stockNet buyback — share count -3%/yr over 4y
- Insider sellingInsider selling — 4 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$20M, last 6mo) Form 4 ↗
- AccumulatingInstitutional holders rose 21→23 QoQ (2025-12-31→2026-03-31)
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- China exposureWFE cyclicality and China export exposure qualitative (per 10-K)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
60.9%
Net margin
33.4%
Return on equity
86.6%
Return on assets
25.3%
Revenue growth (QoQ)
3.6%
Net-income growth
47.1%
Debt / equity
1.3×
Current ratio
2.6×
Free cash flow
$3.7B
Tangible book value
$2.5B
Cash & investments
$2.1B
Stock comp / revenue
2.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-11 | WALLACE RICHARD P | Sell | 4.5K | $2,213.37 |
| 2026-05-12 | WALLACE RICHARD P | Sell | 4.5K | $1,794.00 |
| 2026-05-11 | Hanley Jeneanne Michelle | Sell | 550 | $1,874.71 |
| 2026-05-11 | Kirloskar Virendra A | Sell | 297 | $1,879.02 |
| 2026-02-05 | CALDERONI ROBERT | Grant | 11 | — |
| 2025-12-16 | Higgins Bren D. | Sell | 2.3K | $1,237.01 |
| 2025-11-12 | Khan Ahmad A. | Gift | 85 | — |
| 2025-11-11 | WALLACE RICHARD P | Sell | 11K | $1,203.10 |
| 2025-11-11 | WALLACE RICHARD P | Gift | 804 | — |
| 2025-11-05 | Taylor Susan J.S. | Grant | 204 | — |
| 2025-11-05 | Embree Tracy A | Grant | 204 | — |
| 2025-11-05 | Conley Jason | Grant | 204 | — |
| 2025-11-05 | CALDERONI ROBERT | Grant | 257 | — |
| 2025-11-05 | McMullen Michael R. | Grant | 204 | — |
| 2025-11-05 | PENG VICTOR | Grant | 204 | — |
| 2025-11-05 | KENNEDY KEVIN | Grant | 204 | — |
| 2025-11-05 | Hanley Jeneanne Michelle | Grant | 204 | — |
| 2025-11-05 | Samath Jamie | Grant | 204 | — |
| 2025-09-05 | Khan Ahmad A. | Sell | 4.6K | $900.00 |
| 2025-08-29 | Khan Ahmad A. | Sell | 14K | $881.50 |
| 2025-08-20 | Higgins Bren D. | Sell | 2.3K | $878.53 |
| 2025-08-12 | WALLACE RICHARD P | Sell | 11K | $913.68 |
| 2025-08-12 | WALLACE RICHARD P | Gift | 804 | — |
| 2025-08-12 | Lorig Brian | Sell | 8.0K | $913.68 |
| 2025-08-08 | Wilkinson Mary Beth | Sell | 1.0K | $913.00 |
| 2025-08-08 | Kirloskar Virendra A | Sell | 338 | $913.00 |
| 2025-08-07 | Wilkinson Mary Beth | Grant | 3.6K | — |
| 2025-08-07 | Wilkinson Mary Beth | Tax withheld | 767 | $888.28 |
| 2025-08-07 | Wilkinson Mary Beth | Grant | 2.5K | — |
| 2025-08-07 | Wilkinson Mary Beth | Grant | 1.1K | — |
| 2025-08-07 | WALLACE RICHARD P | Grant | 36K | — |
| 2025-08-07 | WALLACE RICHARD P | Tax withheld | 9.0K | $888.28 |
| 2025-08-07 | WALLACE RICHARD P | Grant | 9.2K | — |
| 2025-08-07 | WALLACE RICHARD P | Grant | 10K | — |
| 2025-08-07 | Lorig Brian | Grant | 4.5K | — |
| 2025-08-07 | Lorig Brian | Tax withheld | 1.1K | $888.28 |
| 2025-08-07 | Lorig Brian | Grant | 2.5K | — |
| 2025-08-07 | Lorig Brian | Grant | 2.3K | — |
| 2025-08-07 | Kirloskar Virendra A | Grant | 1.3K | — |
| 2025-08-07 | Kirloskar Virendra A | Tax withheld | 332 | $888.28 |
| 2025-08-07 | Kirloskar Virendra A | Grant | 417 | — |
| 2025-08-07 | Khan Ahmad A. | Grant | 9.4K | — |
| 2025-08-07 | Khan Ahmad A. | Tax withheld | 2.3K | $888.28 |
| 2025-08-07 | Khan Ahmad A. | Grant | 6.2K | — |
| 2025-08-07 | Khan Ahmad A. | Grant | 3.7K | — |
| 2025-08-07 | Higgins Bren D. | Grant | 8.9K | — |
| 2025-08-07 | Higgins Bren D. | Tax withheld | 2.2K | $888.28 |
| 2025-08-07 | Higgins Bren D. | Grant | 6.2K | — |
| 2025-08-07 | Higgins Bren D. | Grant | 3.7K | — |
| 2025-08-05 | Kirloskar Virendra A | Sell | 511 | $917.00 |
| 2025-08-05 | WALLACE RICHARD P | Tax withheld | 9.6K | $915.62 |
| 2025-08-05 | WALLACE RICHARD P | Tax withheld | 2.1K | $915.62 |
| 2025-08-05 | Lorig Brian | Tax withheld | 953 | $915.62 |
| 2025-08-05 | Lorig Brian | Tax withheld | 317 | $915.62 |
| 2025-08-05 | Higgins Bren D. | Tax withheld | 2.3K | $915.62 |
| 2025-08-05 | Higgins Bren D. | Tax withheld | 754 | $915.62 |
| 2025-08-05 | Khan Ahmad A. | Tax withheld | 2.5K | $915.62 |
| 2025-08-05 | Khan Ahmad A. | Tax withheld | 833 | $915.62 |
| 2025-08-05 | Wilkinson Mary Beth | Tax withheld | 823 | $915.62 |
| 2025-08-05 | Wilkinson Mary Beth | Tax withheld | 274 | $915.62 |
| 2025-08-05 | Wilkinson Mary Beth | Tax withheld | 343 | $915.62 |
| 2025-08-05 | Wilkinson Mary Beth | Sell | 1.9K | $917.00 |
| 2025-08-05 | Kirloskar Virendra A | Tax withheld | 329 | $915.62 |
| 2025-08-05 | Kirloskar Virendra A | Tax withheld | 119 | $915.62 |
| 2025-08-04 | WALLACE RICHARD P | Tax withheld | 2.0K | $886.64 |
| 2025-08-04 | Wilkinson Mary Beth | Sell | 763 | $896.75 |
| 2025-08-04 | Lorig Brian | Tax withheld | 369 | $886.64 |
| 2025-08-04 | Kirloskar Virendra A | Tax withheld | 77 | $886.64 |
| 2025-08-04 | Kirloskar Virendra A | Sell | 320 | $896.75 |
| 2025-08-04 | Khan Ahmad A. | Tax withheld | 776 | $886.64 |
| 2025-08-04 | Higgins Bren D. | Tax withheld | 739 | $886.64 |
| 2025-08-04 | Wilkinson Mary Beth | Tax withheld | 255 | $886.64 |
| 2025-08-03 | Wilkinson Mary Beth | Tax withheld | 182 | $886.64 |
| 2025-08-03 | Kirloskar Virendra A | Tax withheld | 55 | $886.64 |
| 2025-08-03 | Khan Ahmad A. | Tax withheld | 722 | $886.64 |
| 2025-08-03 | Lorig Brian | Tax withheld | 328 | $886.64 |
| 2025-08-03 | WALLACE RICHARD P | Tax withheld | 1.9K | $886.64 |
| 2025-08-03 | Higgins Bren D. | Tax withheld | 722 | $886.64 |
| 2025-08-01 | Higgins Bren D. | Tax withheld | 451 | $879.03 |
| 2025-08-01 | Lorig Brian | Tax withheld | 300 | $879.03 |
| 2025-08-01 | Khan Ahmad A. | Tax withheld | 451 | $879.03 |
| 2025-08-01 | Wilkinson Mary Beth | Tax withheld | 136 | $879.03 |
| 2025-08-01 | WALLACE RICHARD P | Tax withheld | 1.3K | $879.03 |
| 2025-08-01 | Kirloskar Virendra A | Tax withheld | 38 | $879.03 |
| 2025-07-02 | Kirloskar Virendra A | Sell | 39 | $891.50 |
| 2025-06-30 | Wilkinson Mary Beth | Tax withheld | 878 | $889.87 |
| 2025-06-30 | Wilkinson Mary Beth | Sell | 1.3K | $891.16 |
| 2025-06-30 | WALLACE RICHARD P | Other | 39 | $541.13 |
| 2025-06-30 | WALLACE RICHARD P | Tax withheld | 4.1K | $889.87 |
| 2025-06-30 | Khan Ahmad A. | Other | 39 | $541.13 |
| 2025-06-30 | Khan Ahmad A. | Tax withheld | 2.7K | $889.87 |
| 2025-06-30 | Higgins Bren D. | Other | 39 | $541.13 |
| 2025-06-30 | Higgins Bren D. | Tax withheld | 2.7K | $889.87 |
| 2025-06-30 | Lorig Brian | Other | 39 | $541.13 |
| 2025-06-30 | Lorig Brian | Tax withheld | 1.1K | $889.87 |
| 2025-06-30 | Kirloskar Virendra A | Other | 39 | $541.13 |
| 2025-05-22 | Higgins Bren D. | Sell | 1.0K | $766.46 |
| 2025-05-08 | Taylor Susan J.S. | Grant | 166 | — |
| 2025-05-06 | WALLACE RICHARD P | Sell | 11K | $683.30 |
| 2025-05-06 | WALLACE RICHARD P | Gift | 805 | — |
| 2025-04-30 | Samath Jamie | Grant | 174 | — |
| 2025-03-25 | Higgins Bren D. | Sell | 7.0K | $724.62 |
| 2025-02-11 | WALLACE RICHARD P | Gift | 805 | — |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-12 | 2026-06-11 | 0001193125-26-269375 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-212093 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000319201-26-000016 ↗ |
| 8-K | 2026-04-29 | 2026-04-29 | 0000319201-26-000014 ↗ |
| 8-K | 2026-03-12 | 2026-03-11 | 0001193125-26-102999 ↗ |
| 8-K | 2026-02-05 | 2026-02-05 | 0001193125-26-039637 ↗ |
| 10-Q | 2026-01-30 | 2025-12-31 | 0000319201-26-000008 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0000319201-26-000006 ↗ |
| 8-K | 2025-11-07 | 2025-11-05 | 0001193125-25-272448 ↗ |
| 10-Q | 2025-10-31 | 2025-09-30 | 0000319201-25-000034 ↗ |
| 8-K | 2025-10-29 | 2025-10-29 | 0000319201-25-000031 ↗ |
| 10-K | 2025-08-08 | 2025-06-30 | 0000319201-25-000024 ↗ |