AI & Infrastructure CapexAI 与基础设施资本开支
KLA Corporation
KLAC 7.5Price and target zones价格与目标区间
What the company does公司做什么
KLA makes the machines that find faults in computer chips while the chips are made. It does not make chips. It inspects them. A modern chip needs several hundred process steps, and one fault can spoil a whole wafer. KLA equipment finds the fault early, which is why every advanced factory buys it.KLA制造在芯片生产过程中查找缺陷的机器。它自己不造芯片，只负责检查。一块先进芯片要经过几百道工序，其中一个缺陷就可能毁掉整片晶圆。KLA的设备能及早发现缺陷，这就是每一家先进工厂都要买它的原因。
Earns from营收来源 it sells inspection machines to chip factories, then earns service fees on those machines for many years. Service was about 22% of revenue in FY2025.它把检测机器卖给芯片工厂，之后很多年里还能从这些机器上收取服务费。2025财年服务收入约占总收入的22%。
Read the full description查看完整介绍
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.
What the company sells公司卖什么
Machines that inspect and measure chips during manufacture. Revenue grew 25% in FY2025.在制造过程中检查和测量芯片的机器。2025财年营收增长了25%。
- Wafer inspection晶圆检测
- Finds particles and pattern faults on a silicon wafer. KLA holds more than 85% of the optical wafer inspection market.找出硅晶圆上的颗粒和图案缺陷。KLA占据了光学晶圆检测市场85%以上的份额。
- Reticle inspection掩膜版检测
- Checks the photomask, which is the master pattern. A fault on the mask repeats on every chip printed from it.检查光掩膜，也就是母版图案。掩膜上的一个缺陷会重复出现在用它印出的每一颗芯片上。
- Metrology量测
- Measures the width and depth of features that are a few nanometres across, to confirm each step worked.测量只有几纳米宽的结构的宽度和深度，来确认每一道工序都做对了。
Plus:此外： Specialty Semiconductor Process特种半导体工艺 (5%) — Deposition and etch tools for smaller markets, such as power devices and sensors面向较小市场的沉积和刻蚀设备，比如功率器件和传感器; PCB and Component Inspection电路板和元件检测 (5%) — Inspects printed circuit boards and finished component packages检查印刷电路板和完成的元件封装.
Company facts公司资料
- Founded成立时间
- 1975
- Headquarters总部
- Milpitas, California
- Former name曾用名
- KLA-Tencor Corporation
- Industry行业
- Semiconductor Equipment & Materials
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
Zone $165-190 is now exited at 29.7x fwd — re-enters below $190; do not add here. ⭐
What's working
- Gate SATISFIED — print cleared 7/28: EPS $1.05 vs $1.00, rev $3.66B vs $3.60B, next-qtr guide $4.0B (+1.2% above consensus) — then fell −10.8% on cautious FY27 commentary. Now IN $165-190 at 25.9x fwd, below the 29.6x sector median. Best business in the group: 61% GM, 41% op margin, 31% FCF margin, ROE 95%, majority share of process control (the toll booth every fab pays). Shares −4.1%/yr
Watch
- The risk is the ESTIMATE, not the multiple — memory 15-25% of revenue, Korea 15-20% of geography. FV $155-185. Accumulate $165-190, strong <$160. Trim $260+. Fund from INTC/AMD as a quality upgrade within the semi sleeve — not a new AI bet.
✅ 已在窗口期内建仓 —— Beta 40 股 @ $185.52 · Self 3 股 @ $183.11（约 43 股，成本约 $7,970，现值约 $8,371）。❌ 买入区间现已离开： 前瞻市盈率 25.9x → 29.8x，回到了它曾跌破的 29.6x 板块中位数。低于 $190 才重新进入区间 —— 不要在这个价位加仓。7/29 识别出的优势只维持了四个交易日，而这次抓住了。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 87%
- Revenue growth营收增长
- +15%
- Dividend yield股息率
- 0.50%
Competitors竞争对手
Why customers stay客户为什么留下
KLA holds about 56% of all process-control equipment worldwide. A new factory must buy it to reach an acceptable yield. The machines also hold years of the customer's own yield data, so a change of supplier means a loss of that record.KLA在全球所有工艺控制设备市场中占有约56%的份额。一家新工厂必须买它的设备，才能达到可接受的良率。这些机器还保存着客户自己多年积累的良率数据，所以换供应商就意味着丢掉这份记录。
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Size the bucket, not the name. (ORCL's own analysis says this.)
Recent news近期新闻 last 7 days近7天
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