How Low Can KLA Stock Go? Trefis Team Thu, November 12, 2026 at 2:23 PM EST 3 min read KLAC -1.70% LRCX -1.41% AMAT -3.53% ^GSPC -0.26% ONTO -2.19% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
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KLA (KLAC) stock closed at $161.01 on November 11, 2026, 46.6% below its highest close of the past year, and over the past month it fell 12.5% while peers Lam Research and Applied Materials also fell. Holders may be betting that a business that, by management's account, could have shipped more this year would come back fast from any further fall, even as new supply comes online. So how far has KLA stock fallen in past market shocks, and how long did it take to come back?
How Far Has KLA Stock Fallen In Market Shocks?
KLA stock lost 69% during the 2008-2009 Global Financial Crisis, marking its deepest fall in a market shock since 2007. The S&P 500 lost 53% over that same period. The stock has usually fallen further than the broader market. Across the shocks it has traded through since then, KLA stock fell 20.4% on average, against 15.8% for the S&P 500 over the same windows.
The wait to get back has varied widely. Measured from the low, the median time for the stock to return to its earlier peak was 2.3 months. After the 2008-2009 crisis, though, the wait was 26.6 months, and after the smaller fall in the Summer 2007 Credit Crunch it was 65.8 months. That wait ran through the 2008-2009 crisis: KLA did not close back at its July 2007 peak until January 2013.
KLA's Sales And Margins Are Above Last Year's
KLA is a larger and more profitable business than it was a year ago. Revenue reached $14.5 billion over the twelve months ended September 30, 2026, up 15.8% from the prior twelve months. KLA's operating margin in that period was 42.6%, its highest at any of the 40 quarter ends in our data, which go back to fiscal Q2 2017.
Most of KLA's revenue comes from Semiconductor Process Control, which brought in $12.2 billion in fiscal 2026. On the October 28, 2026 call, management said that leading edge foundry logic related to AI infrastructure investments, and advanced packaging, supported the September quarter. KLA also carries little debt for its size. Its debt equals 2.9% of its market value, against 19.5% for the S&P 500.
What Is Getting Harder For KLA Right Now?
KLA has customers that are not ready for its equipment. Management said on that October 28 call that some customers asked for deliveries and then put them on hold because they are waiting for their own facilities.
Memory chips also cost KLA more. KLA needs memory chips for image processing in its systems, and management said persistently high memory costs are offsetting the gains KLA would otherwise get as sales grow. Management expects a gross margin of 62.5%, plus or minus one point, for the December quarter, after 62.7% in the September quarter, both on its own adjusted basis. The September figure and the middle of the December range are below the 63% to 64% target management set at its Investor Day. Management said its cost work should offset the memory costs over time, but that it does not know exactly when the improvement will start. It added that it expects gross margin to be consistent with its Investor Day model from the middle to the back half of 2027 into 2028.
KLA's gross margin for the December quarter is the figure to watch when the company reports in January 2027.
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