KLA CORP: quarterly revenue up 15.2%, but shares fell 6.2% after the report

28 июля KLA CORP раскрыла результаты за четвёртый квартал 2026 финансового года. Выручка выросла на 15,2% год к году до 3,66 млрд долл., EBITDA – на 20,8% до 1,72 млрд долл., чистая прибыль – на 13,3% до 1,36 млрд долл. Несмотря на сильные цифры, акции на релизе потеряли 6,2%, а к 4 сентября – ещё 8,7%. При текущей цене бумага выглядит скорее привлекательно: мультипликаторы выше исторических, но рост ускоряется, а долговая нагрузка низкая.

Key takeaways

— Fourth-quarter revenue rose 15.2% to $3.66 billion, accelerating from the prior quarter

— EBITDA margin reached 47.1% versus 44.9% a year earlier, driving EBITDA growth of 20.8%

— Net profit rose 13.3% to $1.36 billion, but margin dipped slightly due to taxes

— Leverage is low: net debt is 0.65x EBITDA, and it declined by $0.1 billion in the quarter

— The company gave an upbeat outlook for the first quarter of fiscal 2027: revenue of $4.0 billion plus or minus $200 million

— Shares fell 6.2% on the release day and another 8.7% by September 4, despite strong results

— On the portal's model, the upside potential is +11% from the current price

Attractiveness

Key figures, USD bn

Fourth-quarter revenue rose 15.2% to $3.66 billion, accelerating from the prior quarter

In the fourth quarter of fiscal 2026 (ended June 30), KLA CORP reported revenue of $3.66 billion, up 15.2% from a year earlier. This is a notable acceleration: growth was 11.5% in the third quarter and only 7.2% in the second. The company attributes the momentum to strengthening trends driving growth – the expansion of AI infrastructure and increasing complexity of semiconductor processes.

The main contribution came from the Semiconductor Process Control segment, whose revenue rose to $3.26 billion from $2.88 billion a year earlier. The PCB and Component Inspection segment showed even stronger dynamics – growth of 56% to $241 million, though its share of total revenue is small. Specialty Semiconductor Process grew more modestly – 12.6% to $160 million.

EBITDA margin reached 47.1% versus 44.9% a year earlier, driving EBITDA growth of 20.8%

EBITDA for the quarter was $1.72 billion, up 20.8% year over year. The margin rose to 47.1% from 44.9% – the company gained operating leverage: revenue grew faster than operating expenses. The report shows cost of revenue increased 17%, while selling, general and administrative expenses rose only 11%, which widened the margin.

The margin expansion is the main positive of the report. It means the company is not just increasing sales, but doing so more efficiently. Combined with accelerating revenue, this has a double effect on profit.

Net profit rose 13.3% to $1.36 billion, but margin dipped slightly due to taxes

Net profit for the quarter was $1.36 billion, up 13.3% from a year earlier. However, the net margin dipped slightly – from 37.9% to 37.3%. The reason is a higher effective tax rate: income tax expense rose to $186 million from $126 million a year earlier, while pre-tax profit increased only 16.6%.

There are one-off items in GAAP profit, but they are small: acquisition-related charges were $33 million pre-tax, and the tax effect was minus $17 million. Without these adjustments, non-GAAP net profit would have been $1.39 billion, 11% above the GAAP figure.

Leverage is low: net debt is 0.65x EBITDA, and it declined by $0.1 billion in the quarter

At the end of the quarter, KLA CORP's net debt was $0.98 billion – 0.65x EBITDA for the trailing twelve months. The metric is low, especially for a company with such margins. Net debt declined by $0.1 billion in the quarter, though it rose by $0.2 billion over the last twelve months – the company is increasing investments and capital returns.

Operating cash flow for the quarter was $906 million, and capital expenditures were only $89 million. Free cash flow reached $817 million, fully covering dividends and a significant portion of buybacks. For the year, the company returned $3.35 billion to shareholders – more than the free cash flow of $3.77 billion, but the difference was covered by accumulated cash.

The company gave an upbeat outlook for the first quarter of fiscal 2027: revenue of $4.0 billion plus or minus $200 million

KLA CORP expects first-quarter fiscal 2027 (ending in September) revenue in the range of $4.0 billion plus or minus $200 million. This implies growth of roughly 20% year over year – an acceleration from 15.2% in the fourth quarter. The company also guides non-GAAP EPS of $1.16 plus or minus $0.10, above the actual $1.05 in the fourth quarter.

Such guidance signals that management sees sustained demand for process control in the semiconductor industry. CEO Rick Wallace said in the report that momentum is accelerating in the second half of calendar 2026 and continuing through 2027, linking this to the expansion of AI infrastructure.

Shares fell 6.2% on the release day and another 8.7% by September 4, despite strong results

The closing price before the release was $203.36, and shares fell 6.2% on the release day. By September 4, the decline from the release reached 8.7%. This despite the company beating the midpoint of its own revenue guidance and giving an upbeat outlook for the next quarter.

The market apparently had priced in an even stronger result or was reacting to a broader tech selloff. Current market capitalization is $242.6 billion, corresponding to a P/E of 50.2 for the trailing twelve months and EV/EBITDA of 40.1 – well above the three-year average of 23.7.

On the portal's model, the upside potential is +11% from the current price

Our value-creation model, based on EBITDA growth and a target multiple, values KLA CORP shares 11% above the current price. This means that even after the recent decline, the stock trades below the model's estimate, but the gap is not catastrophic.

The model takes into account that EBITDA for the trailing twelve months was $6.15 billion, and the target multiple is likely close to the historical average. If the company continues to grow at the pace implied by guidance, the shares have potential to recover.

Valuation on the latest reported figures

Bottom line

KLA CORP delivered a strong quarter: revenue accelerated to 15.2%, EBITDA margin expanded to 47.1%, and guidance for the next quarter implies further acceleration. Leverage is low, and free cash flow covers dividends and most buybacks. However, shares fell after the report, and multiples remain well above their own history. At the current price, the stock looks rather attractive: growth is accelerating, and the portal's model gives 11% upside. The main question for a holder is whether the market as a whole is overvalued, not the company itself.