KLA Corporation: F4Q26 (Jun) Preview: Trusting the process (control)

研报英文原文证据摘录

KLA Corporation: F4Q26 (Jun) Preview: Trusting the process (control)

Deutsche Bank

Research

Rating Company Date

Hold KLA Corporation 23 July 2026

Results

North America

United States

Reuters Bloomberg Exchange Ticker Price at 23 Jul 2026 (USD) 218.73

KLAC.OQ KLAC US NMS KLAC

Price target 220.00

TMT

52-week range 278.39 - 34.23

Semicap Equipment

F4Q26 (Jun) Preview: Trusting the

Valuation & Risks process (control)

Melissa Weathers

KLA Corporation (KLAC) is scheduled to report F4Q26 (Jun) results after market

Research Analyst

close on Tuesday, July 28th, 2026. A call to discuss results will be held at 2:00pm +1-212-250-2134

PT (5:00pm ET).

As we wrote in our 2Q26 Semicap Earnings Preview (note here), we expect solid

results from KLAC and peers this earnings season (DBe KLAC revs +2% above

consensus in Jun/Sep). Fab spending outlooks continue to improve across memory

& foundry/logic, with visibility into new fab spending much greater than past cycles.

When mapping out known fab projects, we see potential WFE growth in the 30%+

range in the next two years, with room for upside from additional fab pull-ins. For

KLAC specifically, we monitor whether newcomers in the foundry space (e.g. INTC,

Terafab, etc) can drive outperformance for KLAC due to growing PC-intensity at

those customers. Offsetting this, we question the true degree to which KLAC can

outperform peers given the broader skew towards DRAM spending (a market

where process control is structurally underexposed). Given the breadth of demand,

we expect investor questioning to increasingly focus on supply-side dynamics and

whether or not the equipment industry can support these high levels of spending.

We expect pricing to be a key point to monitor, with many investors hoping for