{"slug":"kla","name":"KLA","name_en":"KLA","ticker":"KLAC","updated_at":"2026-07-12T04:03:13.291409+00:00","canonical":"https://valuechain.wiki/kla","same_as":["https://finance.yahoo.com/quote/KLAC","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=319201"],"citable":"밸류체인 그래프 기준 KLA의 직접 연결 기업은 7곳(관계 기준 공급 0·매출 7)이고, 사슬을 2차까지 넓히면 34곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 3건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, KLA is directly linked to 7 companies (0 supply, 7 revenue relationships) and reaches 34 companies within two hops; the links are backed by 8 dated sources, 3 of them primary filings (as of 2026-07-12).","kicker":"반도체 공정제어 · 검사·계측 과점(50%+)","kicker_en":"Semiconductor process control · inspection/metrology (50%+)","lead":"칩 하나하나에 걸리는 준독점 통행료 같은 회사다 — 공정제어(결함 검사·계측)에서 50%+(2위 어플라이드는 8% 미만) 점유로, TSMC·삼성·인텔·SK의 모든 첨단 팹에 '결함을 찾는' 필수 공정으로 박혀 있다. FY2025(2025년 6월 종료) 매출 $12.2B. 본질은 공정 복잡도 상승에 거는 베팅이다: 노드가 미세해질수록 검사 단계가 늘어 웨이퍼당 KLA 매출이 커지고, 최대 고객도 12~14%로 분산돼 단일 의존이 낮다. 재평가 축은 노드당 공정제어 집약도의 상승이다.","lead_en":"A company like a quasi-monopoly toll on every chip — with over 50% share of process control (defect inspection and metrology; No.2 Applied is under 8%), it is embedded in every leading-edge fab at TSMC, Samsung, Intel and SK as the indispensable step that 'finds defects.' FY2025 (ended June 2025) revenue was $12.2B. The essence is a bet on rising process complexity: finer nodes add inspection steps, so KLA revenue per wafer grows, and with the largest customer at 12-14% single-customer dependence is low. The re-rating axis is rising process-control intensity per node.","segments":{"fy":2025,"parts":[{"desc":"결함 검사·계측 장비가 매출의 대부분 — 미세화로 검사 단계가 늘수록 웨이퍼당 매출이 커지는 과점 본체.","name":"반도체 공정제어"},{"desc":"특수반도체·PCB 등 인접 검사 — 본체 대비 작은 보조 부문.","name":"특수반도체·PCB"}],"total":"FY2025 매출 $12.2B","source":"https://www.sec.gov/Archives/edgar/data/0000319201/000031920125000024/klac-20250630.htm","concentration":"공정제어 점유율 50%+. 최대고객 12~14%. 고객 TSMC·삼성·인텔·SK."},"segments_en":{"parts":[{"desc":"Defect inspection and metrology tools are most of revenue — the oligopoly core, where finer nodes add inspection steps and lift revenue per wafer.","name":"Semiconductor Process Control"},{"desc":"Adjacent inspection for specialty semiconductors and PCB — a small ancillary segment versus the core.","name":"Specialty Semiconductor & PCB"}],"total":"FY2025 revenue $12.2B","concentration":"Over 50% process-control share. Largest customer 12-14%. 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Electronics","tier":2,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":2,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"will-semiconductor","name":"웨이얼반도체(윌세미)","name_en":"Will Semiconductor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-49.7,"2023":-8.3,"2024":22.8,"2025":15.5,"2026":-14.8}},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":2,"returns_yearly":null},{"slug":"umc","name":"UMC","name_en":"United Microelectronics (UMC)","tier":1,"returns_yearly":{"2021":43.2,"2022":-40.3,"2023":39.2,"2024":-19,"2025":28.8,"2026":215.1}},{"slug":"intel","name":"Intel","name_en":"Intel","tier":1,"returns_yearly":{"2021":6.1,"2022":-46.6,"2023":94.6,"2024":-59.6,"2025":84,"2026":197.7}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":1,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"globalfoundries","name":"글로벌파운드리","name_en":"GlobalFoundries","tier":1,"returns_yearly":{"2022":-17.1,"2023":12.5,"2024":-29.2,"2025":-18.6,"2026":97.8}},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}},{"slug":"nanya-tech","name":"Nanya Technology","name_en":"Nanya Technology","tier":1,"returns_yearly":{"2021":-8.3,"2022":-14.2,"2023":22.5,"2024":-56.2,"2025":984.7,"2026":33.8}}],"benefiting":[],"analysis":"KLA의 투자 논점은 '공정 복잡도에 걸린 검사·계측 과점 통행료'다. 공정제어 점유율 50%+(리서치 기준 최대 63%)로 TSMC·삼성·인텔·SK의 첨단 팹이 결함 검출을 KLA에 의존한다 — TSMC조차 '칩을 만들려'가 아니라 '보이지 않는 결함을 즉시 찾으려' KLA를 산다는 비유가 이 해자를 요약한다. 미세화가 진행될수록 검사 단계가 늘어 웨이퍼당 매출이 커지고, 최대 고객 12~14%로 분산돼 단일 의존이 낮다. 그래프상 하류로 파운드리·로직·메모리(TSMC·삼성·인텔·SK·GF·UMC·난야) 전반에 걸치고, 상류로 정밀 광학·부품에 의존한다. 관건은 첨단 노드 캐펙스와 공정제어 집약도이며, 리스크는 WFE 사이클과 대중 수출규제다.","analysis_en":"KLA's thesis is 'an inspection/metrology-oligopoly toll levered to process complexity.' With over 50% process-control share (up to ~63% per research), the leading-edge fabs of TSMC, Samsung, Intel and SK depend on KLA to catch defects — the analogy that even TSMC buys KLA not 'to make chips' but 'to instantly find invisible defects' captures the moat. As shrink advances, inspection steps multiply and revenue per wafer grows, and with the largest customer at 12-14% single-customer dependence is low. In the graph it spans foundry, logic and memory downstream (TSMC, Samsung, Intel, SK, GlobalFoundries, UMC, Nanya) and depends on precision optics/components upstream. The keys are leading-edge capex and process-control intensity; the risks are the WFE cycle and China export controls.","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":{"type":"revenue_concentration","unit":"pct","basis":"최대고객 12~14%(익명, TSMC 추정)","value":13,"period":"FY2025","basis_en":"largest customer 12-14% (unnamed, likely TSMC)","qualifier":"estimate"},"note":"TSMC의 첨단 팹 라인에 검사·계측 장비를 공급하는 대표 고객 관계 — TSMC는 칩을 만들려 KLA를 사는 게 아니라 '눈에 안 보이는 결함을 즉시 찾으려' KLA를 쓴다는 표현처럼, 수율을 지키는 필수 공정 의존이다(최대 고객 12~14% 추정).","note_en":"The flagship customer relationship, supplying inspection/metrology tools to TSMC's leading-edge fab lines — as the framing goes, TSMC buys KLA not to make chips but to 'instantly find invisible defects,' a dependence on the essential yield-protecting step (largest customer, ~12-14% estimated).","sources":[{"stance":"confirms","publisher":"니크스 리서치","publisher_en":"Nikhs (analyst newsletter)","kind":"research","lang":"en","published_at":"2026-04-14","url":"https://nikhs.substack.com/p/kla-a-perfect-business-at-an-imperfect","title":"KLA: A Perfect Business at an Imperfect Price","title_en":"KLA: A Perfect Business at an Imperfect Price","excerpt":"KLA 공정제어 장비가 지구상 모든 첨단 팹에 박혀 있다며 TSMC를 대표 고객으로 지목한다. TSMC는 칩을 만들려고 KLA 장비를 사는 것이 아니라 눈에 안 보이는 결함을 즉시 찾으려고 KLA를 고용한다고 설명하며 검사 시장 점유율 55%(2위의 4배)를 제시한다.","excerpt_en":"States KLA's process-control tools are embedded in every advanced fab on earth, naming TSMC as a customer that hires KLA to find invisible defects, and cites KLA's 55% inspection share (over four times its nearest rival)."},{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.sec.gov/Archives/edgar/data/0000319201/000031920125000024/klac-20250630.htm","title":"KLA FY2025 Form 10-K","title_en":"KLA FY2025 Form 10-K","excerpt":"10-K: 최대고객 12~14%.","excerpt_en":"10-K: largest customer 12-14%."},{"stance":"confirms","publisher":"로버트 카스텔라노 (더 인포메이션 네트워크)","publisher_en":"Robert Castellano (The Information Network)","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://drrobertcastellano.substack.com/p/klas-market-share-growth-in-process","title":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","title_en":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","excerpt":"KLA의 검사 시스템이 TSMC부터 삼성, 인텔까지 팹 라인 전반에 박혀 있다고 서술하며 TSMC를 대표 고객으로 지목한다. 검사·계측 점유율이 2024년 63%에 이르고 2위 어플라이드 머티어리얼즈는 8% 미만이라고 제시한다.","excerpt_en":"States KLA's inspection systems are embedded across fab lines from TSMC to Samsung to Intel, naming TSMC as a customer, and cites KLA's metrology and inspection share reaching 63% in 2024 against Applied Materials under 8%."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":null,"url":"https://www.kipost.net/news/articleView.html?idxno=201410","title":"KLA, EUV 공정용 결함 검사 장비 발표 (인텔·삼성·SK 공급)","title_en":"KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)","excerpt":"KLA가 인텔·삼성·SK에 검사장비 공급.","excerpt_en":"KLA supplies inspection tools to Intel, Samsung and SK."},{"stance":"confirms","publisher":"블록미디어","publisher_en":"Blockmedia","kind":"news","lang":"ko","published_at":null,"url":"https://www.blockmedia.co.kr/archives/888968","title":"KLA, 반도체 검사 장비 높은 점유율로 성장 전망","title_en":"KLA poised to grow on high share of chip inspection equipment","excerpt":"KLA가 공정제어 점유율 50%+로 성장.","excerpt_en":"KLA grows on 50%+ process-control share."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"검사·계측 장비를 Samsung Electronics fab에 공급.","note_en":"Supplies inspection/metrology tools to Samsung Electronics's fabs.","sources":[{"stance":"mentions","publisher":"니크스 리서치","publisher_en":"Nikhs (analyst newsletter)","kind":"research","lang":"en","published_at":"2026-04-14","url":"https://nikhs.substack.com/p/kla-a-perfect-business-at-an-imperfect","title":"KLA: A Perfect Business at an Imperfect Price","title_en":"KLA: A Perfect Business at an Imperfect Price","excerpt":"삼성을 TSMC·인텔·SK하이닉스·마이크론과 함께 KLA 공정제어 장비가 박혀 있는 첨단 팹 운영사로 열거한다.","excerpt_en":"Lists Samsung, with TSMC, Intel, SK Hynix and Micron, among the advanced fabs where KLA's process-control tools are embedded."},{"stance":"mentions","publisher":"로버트 카스텔라노 (더 인포메이션 네트워크)","publisher_en":"Robert Castellano (The Information Network)","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://drrobertcastellano.substack.com/p/klas-market-share-growth-in-process","title":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","title_en":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","excerpt":"삼성을 TSMC·인텔·SK하이닉스·마이크론과 함께 KLA 검사 시스템이 박혀 있는 팹 고객으로 명시한다.","excerpt_en":"Names Samsung, with TSMC, Intel, SK Hynix and Micron, as a fab customer where KLA's inspection systems are embedded."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":null,"url":"https://www.kipost.net/news/articleView.html?idxno=201410","title":"KLA, EUV 공정용 결함 검사 장비 발표 (인텔·삼성·SK 공급)","title_en":"KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)","excerpt":"KLA가 인텔·삼성·SK에 검사장비 공급.","excerpt_en":"KLA supplies inspection tools to Intel, Samsung and SK."},{"stance":"confirms","publisher":"블록미디어","publisher_en":"Blockmedia","kind":"news","lang":"ko","published_at":null,"url":"https://www.blockmedia.co.kr/archives/888968","title":"KLA, 반도체 검사 장비 높은 점유율로 성장 전망","title_en":"KLA poised to grow on high share of chip inspection equipment","excerpt":"KLA가 공정제어 점유율 50%+로 성장.","excerpt_en":"KLA grows on 50%+ process-control share."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"검사·계측 장비를 SK hynix fab에 공급.","note_en":"Supplies inspection/metrology tools to SK hynix's fabs.","sources":[{"stance":"mentions","publisher":"니크스 리서치","publisher_en":"Nikhs (analyst newsletter)","kind":"research","lang":"en","published_at":"2026-04-14","url":"https://nikhs.substack.com/p/kla-a-perfect-business-at-an-imperfect","title":"KLA: A Perfect Business at an Imperfect Price","title_en":"KLA: A Perfect Business at an Imperfect Price","excerpt":"SK하이닉스를 KLA 공정제어 장비를 쓰는 첨단 팹 운영사 목록에 포함한다.","excerpt_en":"Includes SK Hynix in the list of advanced fabs running KLA's process-control tools."},{"stance":"mentions","publisher":"로버트 카스텔라노 (더 인포메이션 네트워크)","publisher_en":"Robert Castellano (The Information Network)","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://drrobertcastellano.substack.com/p/klas-market-share-growth-in-process","title":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","title_en":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","excerpt":"SK하이닉스를 KLA 검사·계측 장비를 쓰는 첨단 메모리 팹 고객으로 열거한다.","excerpt_en":"Lists SK Hynix among the advanced memory fab customers running KLA's inspection and metrology tools."},{"stance":"confirms","publisher":"블록미디어","publisher_en":"Blockmedia","kind":"news","lang":"ko","published_at":null,"url":"https://www.blockmedia.co.kr/archives/888968","title":"KLA, 반도체 검사 장비 높은 점유율로 성장 전망","title_en":"KLA poised to grow on high share of chip inspection equipment","excerpt":"KLA가 공정제어 점유율 50%+로 성장.","excerpt_en":"KLA grows on 50%+ process-control share."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":null,"url":"https://www.kipost.net/news/articleView.html?idxno=201410","title":"KLA, EUV 공정용 결함 검사 장비 발표 (인텔·삼성·SK 공급)","title_en":"KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)","excerpt":"KLA가 인텔·삼성·SK에 검사장비 공급.","excerpt_en":"KLA supplies inspection tools to Intel, Samsung and SK."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"검사·계측 장비를 Intel fab에 공급.","note_en":"Supplies inspection/metrology tools to Intel's fabs.","sources":[{"stance":"mentions","publisher":"니크스 리서치","publisher_en":"Nikhs (analyst newsletter)","kind":"research","lang":"en","published_at":"2026-04-14","url":"https://nikhs.substack.com/p/kla-a-perfect-business-at-an-imperfect","title":"KLA: A Perfect Business at an Imperfect Price","title_en":"KLA: A Perfect Business at an Imperfect Price","excerpt":"인텔을 TSMC·삼성 등과 함께 KLA 검사·계측 장비에 의존하는 첨단 팹으로 언급한다.","excerpt_en":"Names Intel, alongside TSMC and Samsung, as an advanced fab reliant on KLA's inspection and metrology tools."},{"stance":"mentions","publisher":"로버트 카스텔라노 (더 인포메이션 네트워크)","publisher_en":"Robert Castellano (The Information Network)","kind":"research","lang":"en","published_at":"2025-05-05","url":"https://drrobertcastellano.substack.com/p/klas-market-share-growth-in-process","title":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","title_en":"KLA's Market Share Growth in Process Control Exposes Weaknesses in the Competition","excerpt":"인텔을 TSMC·삼성과 함께 KLA 검사 시스템이 박혀 있는 팹 고객으로 지목한다.","excerpt_en":"Names Intel, with TSMC and Samsung, as a fab customer where KLA's inspection systems are embedded."},{"stance":"confirms","publisher":"블록미디어","publisher_en":"Blockmedia","kind":"news","lang":"ko","published_at":null,"url":"https://www.blockmedia.co.kr/archives/888968","title":"KLA, 반도체 검사 장비 높은 점유율로 성장 전망","title_en":"KLA poised to grow on high share of chip inspection equipment","excerpt":"KLA가 공정제어 점유율 50%+로 성장.","excerpt_en":"KLA grows on 50%+ process-control share."},{"stance":"confirms","publisher":"KIPOST","publisher_en":"KIPOST","kind":"news","lang":"ko","published_at":null,"url":"https://www.kipost.net/news/articleView.html?idxno=201410","title":"KLA, EUV 공정용 결함 검사 장비 발표 (인텔·삼성·SK 공급)","title_en":"KLA unveils EUV defect-inspection tools (supplies Intel, Samsung, SK)","excerpt":"KLA가 인텔·삼성·SK에 검사장비 공급.","excerpt_en":"KLA supplies inspection tools to Intel, Samsung and SK."}]},{"direction":"revenue","counterparty":"글로벌파운드리","counterparty_slug":"globalfoundries","confidence":"mid","metric":null,"note":"글로벌파운드리 fab에 전공정 장비 공급.","note_en":"Supplies wafer-fab tools to GlobalFoundries.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-27","url":"https://www.sec.gov/Archives/edgar/data/0001709048/000170904826000022/gfs-20251231.htm","title":"GlobalFoundries FY2025 Form 20-F","title_en":"GlobalFoundries FY2025 Form 20-F","excerpt":"글로벌파운드리가 장비를 매입하는 주요 공급사.","excerpt_en":"A key equipment supplier to GlobalFoundries."}]},{"direction":"revenue","counterparty":"UMC","counterparty_slug":"umc","confidence":"mid","metric":null,"note":"UMC 성숙·특화 fab에 전공정 장비 공급.","note_en":"Supplies wafer-fab tools to UMC.","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-28","url":"https://www.sec.gov/Archives/edgar/data/0001033767/000119312526025557/umc-ex99_1.htm","title":"UMC FY2025 실적 (6-K)","title_en":"UMC FY2025 results (6-K)","excerpt":"UMC가 장비를 매입하는 주요 고객.","excerpt_en":"UMC is a customer buying its equipment."}]},{"direction":"revenue","counterparty":"Nanya Technology","counterparty_slug":"nanya-tech","confidence":"mid","metric":null,"note":"Nanya DRAM 팹에 공정제어·계측 장비 공급.","note_en":"Supplies process-control/metrology equipment to Nanya's DRAM fab.","sources":[{"stance":"confirms","publisher":"01.co","publisher_en":null,"kind":"research","lang":"en","published_at":"2026-04-15","url":"https://www.01.co/research/nanya-tech-q1-2026-legacy-dram-squeeze","title":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","title_en":null,"excerpt":"Nanya Tech Q1 2026: Legacy DRAM Squeeze Confirmed","excerpt_en":""}]},{"direction":"cost","counterparty":"부품·광학 모듈 공급사 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"검사·계측 장비용 정밀 광학·부품 외주(비공개).","note_en":"Outsources precision optics and parts for inspection/metrology tools (undisclosed).","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.sec.gov/Archives/edgar/data/0000319201/000031920125000024/klac-20250630.htm","title":"KLA FY2025 Form 10-K","title_en":"KLA FY2025 Form 10-K","excerpt":"10-K: 다수 공급사 의존.","excerpt_en":"10-K: relies on many suppliers."}]},{"direction":"cost","counterparty":"정밀 소재·부품 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"특수 소재·부품 매입(비공개).","note_en":"Buys specialty materials and parts (undisclosed).","sources":[{"stance":"mentions","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-08-08","url":"https://www.sec.gov/Archives/edgar/data/0000319201/000031920125000024/klac-20250630.htm","title":"KLA FY2025 Form 10-K","title_en":"KLA FY2025 Form 10-K","excerpt":"10-K: 특수 부품 의존.","excerpt_en":"10-K: depends on specialty parts."}]}]}