KLA Corporation KLAC Extends Process Control #1 Market Share Leadership in 2025; Confident on Maintaining Premium Margin Profile and Driving Towards $95+ of Earnings Power in CY30; Reit OW

研报英文原文证据摘录

KLA Corporation KLAC Extends Process Control #1 Market Share Leadership in 2025; Confident on Maintaining Premium Margin Profile and Driving Towards $95+ of Earnings Power in CY30; Reit OW

J P M O R G A N North America Equity Research

07 June 2026

KLA Corporation

KLAC Extends Process Control #1 Market Share Overweight

Leadership in 2025; Confident on Maintaining Premium KLAC, KLAC US

Margin Profile and Driving Towards $95+ of Earnings Price (05 Jun 26):$1,929.20

Power in CY30; Reit OW Price Target (Dec-26):$2,000.00

Semiconductors & Semiconductor

Capital Equipment / IT Hardware

Harlan Sur AC

(1-415) 315-6700

harlan.sur@jpmorgan.com

Semiconductor equipment market share data for 2025 (source: Gartner) once again Mayur Ramdhani

reinforces our core thesis on KLA: Process control continues to materially (1-212) 622-1664

mayur.ramdhani@jpmorgan.com

outgrow the broader equipment market, and KLA’s strong competitive positioning J.P. Morgan Securities LLC

is driving further gains in market share, extending its dominant lead. Total wafer

fab equipment (WFE, on Gartner’s full-equipment basis) grew ~11% to ~$124.5B

in CY25, while the process control market (inspection and measurement) grew

~17% to $16.5B, continuing the multi-year trend of process control outpacing

WFE (+12% growth in CY24 exceeded overall WFE growth of +9%). As we have

noted previously, next-gen manufacturing technologies in advanced logic/

foundry/memory are driving smaller geometries, more layers, new materials, more

EUV lithography layers, and the migration to gate-all-around/CFET, backside

power, HBM and 2.5D/3D advanced packaging, all of which raise yield and

manufacturability challenges and drive the need for more/better process control,