KLA Corporation (KLAC) fair value: what the stock is really worth
We calculate from audited financials what KLA Corporation is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
Watch KLA Corporation for free, get notified when fair value or trend changes. Plus fair value for all 35,000+ stocks, 14 days of Pro free, no card.Watch for freePro now: $1 first month
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 17, 2026.
How to read this chart
60‑month range $25.40 – $301.71 · fair‑value band $81.34 – $205.30 · the $176.99 price screens above the $149.08 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 17, 2026.
KLA Corporation, together with its subsidiaries, designs, manufactures, and markets process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide.
Show more
KLA Corporation, together with its subsidiaries, designs, manufactures, and markets process control, process-enabling, and yield management solutions for the semiconductor and related electronics industries worldwide. The company operates through three segments: Semiconductor Process Control; Specialty Semiconductor Process; and PCB and Component Inspection. It offers inspection and review tools to identify, locate, characterize, review, and analyze defects on various surfaces of patterned and unpatterned wafers; metrology systems to measure pattern dimensions, film thickness, film stress, layer-to-layer alignment, pattern placement, surface topography, and electro-optical properties for wafers; chemical process control equipment; wired and wireless sensor wafers and reticles; wafer defect inspection, review, and metrology systems; reticle inspection and metrology systems; wafer inspection and metrology systems; and semiconductor software solutions that provide run-time process control, defect excursion identification, process corrections, and defect classification to accelerate yield learning rates and reduce production risk. The company also provides etch, plasma dicing, deposition, and other wafer processing technologies and solutions for the semiconductor and microelectronics industry. In addition, it offers direct imaging, inspection, optical shaping, inkjet and additive printing, and computer-aided manufacturing and engineering solutions for the PCB market and inspection and metrology systems for quality control and yield improvement in advanced and traditional semiconductor packaging markets. The company was formerly known as KLA-Tencor Corporation and changed its name to KLA Corporation in July 2019. KLA Corporation was incorporated in 1975 and is headquartered in Milpitas, California.
Stock analysis
KLA Corporation (KLAC) currently trades at $176.99, while our model-based Fair Value estimate is $149.08, implying the stock looks roughly 18.7% overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of $84.23 per share, and 0 of the 26 models we run sit above the $176.99 price.
Bear case: the Earnings-Based group reads lowest at $42.07, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Scenario range: $81.34 (bear) to $205.30 (bull), the price of $176.99 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 82/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
KLA Corporation reported revenue of $12.2B in FY2025 versus $6.9B in FY2021, a compound +15.1%/yr. Reported net income was $4.1B in FY2025, compounding +18.2%/yr from FY2021.
Key figures
Market cap $278B · P/E ratio 50.1 · P/S ratio 16.8 · EPS (TTM) $3.53 · Dividend yield 0.4% · Net margin 33.4% · Return on equity 95.0% · Return on assets (EBIT) 27.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).
What moves the price
For context, the median of 10 Technology peers we cover trades at −48% fair-value upside, at −16%, KLAC screens cheaper than that median.
Fair Value models
Bear $81.34Fair Value $149.08Bull $205.30
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($27.78 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+23.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.9%
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.7%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+28.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+28.1%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.32% vs 24%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 43%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+16.4%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Negative
Recent news coverage is more negative than average.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Semiconductor Equipment & Materials · 211 stocks
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "KLA Corporation Fair Value". https://www.fairvalue-calculator.com/stock/KLAC
Frequently asked questions
Is KLA Corporation (KLAC) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of $149.08 versus a price of $176.99, about −16% upside (overvalued).
What is the fair value of KLAC?
Our model-based fair value for KLA Corporation is $149.08 (as of Sep 17, 2026), built from audited fundamentals. The current price: $176.99.
What is the quality score of KLAC?
KLA Corporation has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for KLA Corporation (KLAC)?
Our model-based price target is the fair value of $149.08 (as of Sep 17, 2026) from 26 valuation models. Cautious scenario $81.34, optimistic scenario $205.30. It is a calculation from audited fundamentals, not an analyst target.
What is the KLA Corporation stock forecast for 2026?
Our models put fair value at $149.08, about −16% upside versus a price of $176.99 (overvalued). Cautious scenario $81.34, optimistic scenario $205.30. The calculation is refreshed regularly with new filings.
What is the revenue of KLA Corporation (KLAC)?
KLA Corporation reported trailing-twelve-month revenue of about $13.1B (latest available figure, as of Sep 17, 2026).
Does KLA Corporation pay a dividend?
KLA Corporation currently shows a dividend yield of about 0.36% relative to its recent price (as of Sep 17, 2026).
What growth is priced into KLA Corporation (KLAC)?
For today's price to be fair in a discounted-cash-flow model, KLA Corporation would have to grow free cash flow by -9.5 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.9 % per year. As of Sep 17, 2026.
What discount rate (WACC) does the fair value of KLAC use?
Our models discount KLA Corporation at 9.8 %: a base by market capitalisation (mega), damped by beta 1.50, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For KLA Corporation that is -9.5 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has KLA Corporation (KLAC) delivered so far?
Over the past 5 years revenue at KLA Corporation grew +15.9 % a year. The price currently implies -9.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of KLA Corporation (KLAC) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into KLA Corporation (-9.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of KLA Corporation (KLAC)?
The free-cash-flow yield on the price is 15.81 %: that much free cash flow KLA Corporation produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of KLA Corporation (KLAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For KLA Corporation it is $149.08 per share (as of Sep 17, 2026), against a price of $176.99. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is KLA Corporation stock overvalued or undervalued in 2026?
As of Sep 17, 2026, KLAC trades above its calculated fair value: price $176.99, fair value $149.08, a gap of about −16% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of KLAC?
No. The price is what the market pays today ($176.99); the fair value is what the company's own numbers justify ($149.08). For KLA Corporation the two are $27.91 per share apart. That gap is exactly why we show both numbers side by side.
How much is KLA Corporation worth?
The market values KLA Corporation at about $278B (market capitalisation, as of Sep 17, 2026). Per share that is $176.99; our models calculate a fair value of $149.08 per share.
What do the bullish and bearish scenarios say about KLAC?
Our models span a range for KLA Corporation: cautious scenario $81.34, base $149.08, optimistic $205.30 per share (as of Sep 17, 2026, price $176.99). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KLAC?
KLA Corporation trades at a price-to-earnings ratio of 50.1 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $149.08 is built from several models across several years. Other multiples: PEG 2.3, P/S 21.2, EV/EBITDA 48.2.
What is the PEG ratio of KLAC?
The PEG ratio of KLA Corporation is 2.27 (P/E divided by earnings growth, as of Sep 17, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of KLA Corporation (KLAC)?
Balance-sheet figures for KLA Corporation (as of Sep 17, 2026): return on equity 95.0%, debt of 1.25 per unit of equity. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
Which stocks are comparable to KLA Corporation?
From the same area (Technology) we also value ASML Holding, Applied Materials, Inc, Lam Research Corporation, NAURA Technology Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is KLA Corporation stock attractive at the current price?
The data as of Sep 17, 2026: price $176.99, calculated fair value $149.08 (−16%), Quality Score 82/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of KLAC calculated?
We run KLA Corporation through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $149.08, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. KLA Corporation itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of KLA Corporation (KLAC)?
The closing price on Sep 18, 2026 was $176.99. Our model-based fair value is $149.08, about −16% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with KLA Corporation right now?
A high-quality business (quality 82/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. A fairly wide model range ($81.34 to $205.30) leaves room in how you read the outcome.
Where does the earnings growth of KLA Corporation (KLAC) come from?
Earnings per share at KLA Corporation grew +24.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +18.0 %, EBIT margin +4.2 %, tax rate +0.8 %, residual (interest, one-offs) +0.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of KLA Corporation
How large is the market capitalisation of KLA Corporation (KLAC)?
The market capitalisation of KLA Corporation is $278B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of KLA Corporation (KLAC)?
The price-to-sales ratio of KLA Corporation is 16.8 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of KLA Corporation (KLAC)?
Earnings per share at KLA Corporation are $3.53 (price ÷ EPS = P/E 50.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of KLA Corporation (KLAC)?
The dividend yield of KLA Corporation is 0.4% (payout 18.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of KLA Corporation (KLAC)?
The net margin of KLA Corporation is 33.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of KLA Corporation (KLAC)?
The return on equity (ROE) of KLA Corporation is 95.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of KLA Corporation (KLAC)?
On an EBIT basis the return on assets of KLA Corporation is 27.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of KLA Corporation (KLAC)?
The operating margin of KLA Corporation is 41.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at KLA Corporation (KLAC)?
Revenue at KLA Corporation is growing +11.5% versus a year earlier (3y avg +9.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at KLA Corporation (KLAC)?
Earnings per share at KLA Corporation are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does KLA Corporation (KLAC) carry?
The net debt of KLA Corporation is $4.0B (fiscal year 2025, ≈ 1.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch KLA Corporation in the live analysis
One click puts KLA Corporation on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Broad data
Sep 17, 2026