KLA Corp (KLAC) is overvalued and Onto Innovation Inc (ONTO) is overvalued.
Both trade above our estimate of their intrinsic value. ONTO is the closer of the two: -36%, against -77% for KLAC.
Values as of the 22 Sept 2026 close.
A 10.6x revenue multiple, adjusted for growth and margin, values the shares at $106.46; the price of $188.32 is 77% above that value.
Leak Score 57/100 on 8 of 12 signals
A 8.8x revenue multiple, adjusted for growth and margin, values the shares at $209.23; the price of $283.81 is 36% above that value.
Leak Score 27/100 on 3 of 12 signals
| Metric | KLAC | ONTO |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $188.32 | $283.81 |
| Intrinsic value | $106.46 | $209.23 |
| Margin of safety | -77% | -36% |
| Leak Score | 57/100 (8/12) | 27/100 (3/12) |
| Market cap | $246.0B | $13.9B |
| Revenue growth, 5 years | 14.4% | 12.6% |
| Operating margin | 41.7% | 19.8% |
| Net margin | 35.6% | 11.8% |
| Return on equity | 87.5% | 6.8% |
| Debt to equity | 0.97 | 0.77 |
| P/E | 51.4x | 106.2x |
| Forward P/E | 27.9x | 24.1x |
| P/B | 38.8x | 7.2x |
| Dividend yield | 0.5% | — |