Aslan Research · Chip equipment
KLA CORP (KLAC)
Data as of 2026-08-21 · 28 quarters · filed in USD
KLA’s $13.4 billion in trailing-year revenue sits well above its $8.7 billion in expenses. Revenue growth also outpaced expense growth, at 15% per year versus 11%.
Earned, collected early, and merely signed
Reports $5.9B of debt; has promised $12B
Committed money reaches 2.1x reported debt. The difference is mainly purchase commitments of $6.0 billion and leases of $264 million, alongside $5.9 billion of debt.
What the promised total is made of, latest quarter
Spending, by reported line
When the promises come due
The next five years bring $6.3 billion of commitments due against just $1 million of future revenue promised for that period. Another $73 million is scheduled after year five without a stated date.
The rates that matter
Expenses as filed vs after cited reconciliation
8 patterns worth a second look
The sharpest filing flag is the conditional-revenue trend: conditional revenue balances grew 4.8x while quarterly revenue grew 1.4x over the last 8 periods. Filings also report receivables factoring and customer-letter-of-credit sales without recourse as financing arrangements outside ordinary debt balances. They describe recurring sales and receivable balances involving entities associated with executives, directors, or immediate family members.
conditional ratio · 1
Over the last 8 periods, conditional revenue balances grew 4.8x while quarterly revenue grew 1.4x.
off balance sheet · 1
The filings report material receivables factoring and customer-letter-of-credit sales without recourse as financing arrangements outside ordinary debt balances.
redefinition · 3
The filing changes the stated recognition horizon for remaining performance obligations from approximately 5%–15% beyond the next 12 months to approximately 25%–40% and later 30%–45%.
The filing changes the stated recognition horizon for remaining performance obligations from approximately 30%–45% beyond 12 months to approximately 40%–50% and then 67%–72% in the next 12 months.
The filing changes the revolving credit facility terms from $1.00 billion maturing November 30, 2023 to $1.50 billion maturing June 8, 2027, with a further $250 million increase option.
related party exposure · 1
The filings report recurring sales and receivable balances involving entities associated with executive officers, directors, or immediate family members.
subsequent event · 2
The FY2022 filing reports a July 2022 tender offer that redeemed $500.0 million of Senior Notes due November 1, 2024.
The FY2025 filing reports a new $1.50 billion revolving credit facility entered after year-end, replacing the prior facility terms and extending maturity to July 3, 2030.