一句话总结
KLA (October 28, 2026) and Lam Research (October 21, 2026) reported their quarters ended September 2026: Lam posted revenue of $8.219 billion, up 54% year on year, while KLA posted $4.136 billion, up 28.9%; both point to AI-driven expansion in advanced nodes, HBM and advanced packaging.
Company Profiles
- KLA: Global leader in process control (metrology and defect inspection) equipment; reported fiscal Q1 2027 (ended September 30, 2026) after the US close on October 28, 2026.
- Lam Research: Global leader in deposition and etch equipment; reported fiscal Q1 2027 (ended September 27, 2026) after the US close on October 21, 2026.
- The two fiscal quarters are nearly aligned, allowing a like-for-like comparison.
Core Parameter Comparison
| Metric | KLA | Lam Research |
|---|---|---|
| Reported quarter | FY2027 Q1 (ended 2026-09-30) | FY2027 Q1 (ended 2026-09-27) |
| Report date | October 28, 2026 | October 21, 2026 |
| Business focus | Process control (metrology/inspection) | Deposition and etch |
| Revenue | $4.136 billion | $8.219 billion |
| Revenue YoY | +28.9% | +54% |
| Revenue QoQ | Not disclosed | +22% |
| Net income | $1.549 billion | $2.753 billion |
| GAAP diluted EPS | $1.18 | $2.19 |
| Non-GAAP EPS | $1.22 | $2.20 |
| Gross margin | Not disclosed | 52.3% (GAAP) |
| Operating cash flow | $1.53 billion | $3.5 billion |
| Next-quarter revenue guidance | $4.7B ± $200M | $8.6B ± $400M |
| Next-quarter non-GAAP EPS guidance | $1.44 ± $0.11 | $2.33 ± $0.15 |
Key Differences
- Scale and growth: Lam's revenue is roughly double KLA's, and its growth rate (54%) far exceeds KLA's (28.9%); KLA noted its tenth consecutive quarter of year-on-year revenue growth.
- Profit quality: Both show GAAP diluted EPS consistent with revenue direction; KLA's free cash flow margin was 32.3%, while Lam repurchased $1.02 billion in the quarter and raised its quarterly dividend from $0.26 to $0.33 per share.
- After-hours reaction: KLA rose about 3.2% after hours; Lam fell roughly 6% to 10% at times, which Zhitong Finance attributed to supply-chain constraints in printed circuit boards (PCB) and module components (MFC) raising delivery concerns.
- Value-chain position: KLA plays the yield-control role; Lam plays thin-film deposition and etch. Both benefit from HBM expansion and advanced packaging, but with different elasticity and order visibility.
Guidance (Research Perspective)
- Investors tracking the AI capex cycle can treat KLA as a process-control beta play and Lam as a capacity-expansion play; both guide continued strong growth next quarter (KLA implying roughly +42.5% YoY).
- Cross-check supply-chain signals: Lam's PCB/MFC constraints and KLA's lead times are recurring call topics in the following quarters.