KLAC vs TER: KLA and Teradyne compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Teradyne is the larger company, worth $62.7B, about 2.6 times KLA.
- Teradyne grew revenue faster over the last year (+103.9% vs +15.2%).
- On earnings, KLA is the cheaper stock (5.3x vs 74.0x).
- Teradyne's price assumes faster free cash flow growth: about 31% a year, against -10% for KLA (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | KLAC | TER |
|---|---|---|
| Market cap | $24.3B | $62.7B |
| Share price | $195.57 | $411.78 |
| Revenue (last fiscal year) | $13.6B | $3.2B |
| Free cash flow (last fiscal year) | $3.8B | $450M |
| Revenue growth, last year | +15.2% | +103.9% |
| Revenue growth per year, last 5 fiscal years | +10.2% | -3.7% |
| Operating margin | — | 30.2% |
| Net margin | 35.6% | 25.8% |
| Return on equity | 76.1% | 33.5% |
| P/E (trailing) | 5.26x | 74.0x |
| Price / free cash flow | 6.48x | 139.2x |
| EV / EBITDA | 6.39x | 41.0x |
| FCF growth the price implies | -10.3% | 31.0% |
| Dividend yield | 4.0% | 0.12% |
| Debt / equity | 1.83x | 0.42x |
| Fundamental grade | A | B |
| Superinvestors holding it | 7 | 5 |
| Insider purchases, last 12 months | 6 | 9 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
KLA
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $9.2B | $3.0B | — |
| 2023 | $10.5B | $3.3B | — |
| 2024 | $9.8B | $3.0B | — |
| 2025 | $12.2B | $3.7B | — |
| 2026 | $13.6B | $3.8B | — |
Teradyne
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.7B | $966M | 32.4% |
| 2022 | $3.2B | $415M | 26.4% |
| 2023 | $2.7B | $426M | 18.7% |
| 2024 | $2.8B | $474M | 21.1% |
| 2025 | $3.2B | $450M | 20.4% |
Where the revenue comes from
KLA · by segments, 2026
Semiconductor Process Control$12.2B90%
PCB and Component Inspection$750M6%
Specialty Semiconductor Process$584M4%
Teradyne · by segments, 2025
Semiconductor Test$2.5B79%
Product Test$358M11%
Robotics$308M10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open KLAC in InvestinglyQuestions
Which is bigger, KLA or Teradyne?
Teradyne (TER), at $62.7B against $24.3B.
Is KLAC or TER cheaper?
By trailing P/E, KLA (5.26x) is cheaper than Teradyne (74.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, KLAC or TER?
Teradyne: revenue grew +103.9% over the last year, against +15.2%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.