Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
We'll say it plainly, the way we would at the annual meeting: KLA is one of the finest businesses in the entire semiconductor capital equipment industry — arguably one of the finest industrial businesses in the world. It has a genuine, durable moat of the kind we spend our lives looking for: a near-monopoly in process control and yield management, gross margins above 62%, returns on invested capital that would make a toll bridge blush, and a management team that has allocated capital sensibly for two decades. And yet we are not buyers at $199.
Recent filings analysed: 8-K (2026-08-06), 10-K (2026-08-06), 8-K (2026-07-28), 8-K (2026-06-12).
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