NAS10030,482+2.83%S&P7,765+1.49%GOLD$4,362−0.51%BTC$85,955−0.75%VIX14.66−1.41%live tape · as of 17:00 UTC
The Screen · Technology · Semiconductor Equipment & Materials
KLA Corporation
KLAC · a US exchange · USD · Market cap $24.0B · 15,000 employees
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.
FAIL · Does not pass the screen
183.97 USD
Screen close, 2026-09-21 · not a live quote
Screened 2026-09-21 · the tape above runs as of 17:00 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 183.97 against the desk's fair-value range, base estimate 145.26, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price183.97 USD
Fair value145.26
Ethical score10.0/100
RatingAVOID
Our investment reviews on this name
2026-08-30Read Markup185.86-1.0% to today
2026-07-03Read Distribution1,929.20-90.5% to today ✓
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
KLA Corporation holds its Distribution at $183.97. Consolidating, no directional conviction, held for 58 days.
As held on the ledger · 2026-09-21
Phase
Distribution · caution
Quantitative state
Consolidating, no directional conviction, held for 58 days
Price at the screen
$183.97
Valuation
50.27 trailing · 27.50 forward price to earnings
Values screen
FAIL· score 10.0
Beta
1.44
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
37.89%
Below 33%
Interest-bearing debt is 37.9% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
15.03%
Below 33%
Cash held in interest-bearing accounts and securities is 15.0% of assets, under the one-third limit.
Pass
Receivables
27.03%
Below 49%
Money owed to the company is 27.0% of assets, under the 49% limit.
Pass
Revenue purity
1.48%
Below 5%
Only 1.5% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
What the Numbers Say It Is Worth
The Fair Value Range
Our framework reads AVOID: it trades above our $145.26 fair value estimate, strong competitive moat, 15.20% revenue growth.
Fair value range in USD, drawn from the 2026-09-21 screen. The gold marker is the market price at the same screen. The price runs 21.0% above the base estimate.
Third-party analyst targets: 26 covering, consensus Buy. The average target sits +27% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-21 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
KLA Corporation - An Overvalued Semiconductor Cyclical
Imagine a global factory floor where every new chip is birthed, KLA Corporation is the company supplying the tools to smooth out that process. Operating in the cyclical semiconductor space, they design and market process control and yield management solutions, essential for the electronics industry's rapid innovation. Why it stands out, or rather why we're cautious, is due to its valuation. At a price of $185.86, the market cap far exceeds our fair value of $142.90, indicating a significant overvaluation.
Despite robust revenue growth of 15% and a strong profit margin of 36%, KLA Corporation fails our ethical screen due to its debt ratio. This, coupled with the industry's cyclical nature and the stock's high forward P/E of 28.1x, suggests we could be looking at a peak earnings, low multiple trap—a warning sign in cyclical industries rather than a bargain. The market's consensus buy rating and lofty median target of $230 seem detached from these underlying risks.
Risk sits around the cyclical nature of semiconductors and the company's debt levels. KLA Corporation, though a leader in its field, is not immune to the industry's boom-and-bust cycles, and its ethical failing on debt further compounds the caution needed. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
KLAC trades on a US exchange. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-08-30Markup · changed$185.86-11.7%Entry 11
The framework has shifted from distribution to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 11.7% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855.
2026-07-30Distribution$210.52+0.0%Entry 10
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-28Distribution$210.52+0.0%Entry 9
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-27Distribution$210.52+0.0%Entry 8
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-26Distribution$210.52+0.0%Entry 7
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-25Distribution$210.52-1.0%Entry 6
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 1.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-24Distribution$212.75+0.0%Entry 5
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-23Distribution$212.75-89.0%Entry 4
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 89.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855. It reported earnings in this window, a natural checkpoint for the thesis.
2026-07-18Distribution$1,929.20+0.0%Entry 3
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns. Our composite framework grades it A, carrying a low risk profile. Technically it is holding around 51% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 152%. Our forward projection puts the odds of a 10% gain over the next month near 38%. The street (29 analysts) rates it buy, with a mean price target of $1855.
2026-07-03Distribution$1,929.20+0.0%Entry 2
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows excellent risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.