Share count
53Mpeak FY2017
← All companies ← KLC Manual KMB → ← JKS Semiconductors KOPN →
KLIC, Kulicke and Soffa Industries Inc.
Our equipment is generally shipped with a one-year warranty against manufacturing defects.
In accordance with ASC No. 606, Revenue from Contracts with Customers , the Company recognizes revenue when we satisfy performance obligations as evidenced by the transfer of control of our products or services to customers.
In general, the Company generates revenue from product sales, either directly to customers or to distributors.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
$654M
−7.4% YoY · 1% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue $768M 5-yr avg $1.0B
Revenue $243M +49.8% vs yr-ago qtr
Operating margin 15.9% yr-ago −52.3%
Net income $35M yr-ago ($85M)
Net margin 14.5% yr-ago −52.2%
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- What it is
- Revenue is led by Ball Bonding Equipment (38%) and APS (20%), with 3 more segments behind.
- Situation
- Cyclical. Margins collapse and recover repeatedly across the record; a single year, good or bad, misstates the through-cycle earning power. Net current asset value. Current assets alone exceed every liability combined, and the surplus is most of the balance sheet: the shape Graham called a net-net.
- What moves the needle
- Gross margin has run about 47% and operating margin about 9.4% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −13% to 31% — on a steadier 47% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 17% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on process leadership and the capex cycle. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on capital has sat near the cost of capital (median 8%). The steadier read is owner earnings: roughly 14% of revenue reaches owners as cash, consistently. The cycle and the balance sheet decide this one; the worst year tells more than the median, and the rest is in the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
Where the money comes from
read the 10-K →Revenue spreads across 6 segments, the largest Ball Bonding Equipment at 38%.
Revenue by reportable segment, FY2025
- Ball Bonding Equipment38%$293M
- APS20%$156M
- Wedge Bonding Equipment14%$111M
- Advanced Solutions9%$73M
- All Others3%$22M
- Unallocated corporate expenses0%$0
By geographyChina47%United States8%All other8%Taiwan7%Malaysia6%South Korea4%Other5%
From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMApr 2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| $809M | $889M | $540M | $623M | $1.5B | $1.5B | $742M | $706M | $654M | $768M | RevenueRevenue |
| 47% | 46% | 47% | 48% | 46% | 50% | 48% | 38% | 42% | 48% | Gross marginGross mgn |
| 17% | 14% | 22% | 19% | 10% | 9% | 21% | 23% | 26% | 21% | SG&A / revenueSG&A/rev |
| 12% | 13% | 22% | 20% | 9% | 9% | 19% | 21% | 23% | 20% | R&D / revenueR&D/rev |
| $113M | $167M | $22M | $59M | $412M | $470M | $39M | ($92M) | ($3M) | $51M | Operating incomeOp. inc. |
| 14.0% | 18.7% | 4.0% | 9.4% | 27.2% | 31.3% | 5.3% | −13.1% | −0.5% | 6.7% | Operating marginOp. mgn |
| $126M | $57M | $12M | $52M | $367M | $434M | $57M | ($69M) | $213K | $55M | Net incomeNet inc. |
| -6% | — | — | 19% | 11% | 9% | 21% | — | — | 23% | Effective tax rateTax rate |
| Cash flow & returns | ||||||||||
| $136M | $123M | $66M | $94M | $300M | $390M | $173M | $31M | $114M | $16M | Operating cash flowOp. cash |
| $16M | $19M | $20M | $20M | $20M | $21M | $29M | $25M | $18M | $16M | DepreciationDeprec. |
| ($6M) | $48M | $34M | $22M | ($87M) | ($65M) | $65M | $48M | $67M | ($82M) | Working capital & otherWC & other |
| $26M | $20M | $12M | $12M | $23M | $23M | $44M | $16M | $17M | $12M | CapexCapex |
| 3.2% | 2.3% | 2.2% | 1.9% | 1.5% | 1.5% | 6.0% | 2.3% | 2.6% | 1.5% | Capex / revenueCapex/rev |
| $111M | $103M | $54M | $83M | $277M | $367M | $129M | $15M | $96M | $4M | Owner earningsOwner earn. |
| 13.7% | 11.6% | 10.0% | 13.3% | 18.3% | 24.4% | 17.4% | 2.1% | 14.7% | 0.6% | Owner earnings marginOE mgn |
| $111M | $103M | $54M | $83M | $277M | $367M | $129M | $15M | $96M | $4M | Free cash flowFCF |
| 13.7% | 11.6% | 10.0% | 13.3% | 18.3% | 24.4% | 17.4% | 2.1% | 14.7% | 0.6% | Free cash flow marginFCF mgn |
| $27M | $0 | $0 | $0 | $26M | $0 | $37M | $0 | $0 | $0 | AcquisitionsAcquis. |
| $0 | $8M | $32M | $30M | $33M | $39M | $42M | $44M | — | $44M | Dividends paidDiv. paid |
| $18M | $90M | $100M | $55M | $10M | $281M | $69M | $151M | $97M | — | BuybacksBuybacks |
| 21% | 15% | 3% | 8% | 50% | 67% | 5% | -10% | -0% | 6% | ROICROIC |
| 14% | 6% | 2% | 7% | 34% | 36% | 5% | -7% | 0% | 6% | Return on equityROE |
| 14% | 6% | −3% | 3% | 30% | 33% | 1% | −12% | — | 1% | Retained to equityRetained/eq |
| Balance sheet | ||||||||||
| $608M | $614M | $593M | $530M | $740M | $776M | $759M | $577M | $511M | $488M | Cash & investmentsCash+inv |
| $122M | $115M | $89M | $112M | $167M | $185M | $217M | $178M | $160M | $206M | InventoryInvent. |
| $51M | $49M | $37M | $58M | $155M | $67M | $49M | $59M | $57M | $85M | Accounts payablePayables |
| $71M | $67M | $53M | $54M | $13M | $118M | $168M | $119M | $103M | $121M | Operating working capitalOper. WC |
| $953M | $987M | $894M | $860M | $1.4B | $1.3B | $1.2B | $995M | $902M | $982M | Current assetsCur. assets |
| $193M | $174M | $175M | $158M | $352M | $249M | $182M | $184M | $188M | $234M | Current liabilitiesCur. liab. |
| 4.9× | 5.7× | 5.1× | 5.4× | 3.8× | 5.4× | 6.5× | 5.4× | 4.8× | 4.2× | Current ratioCurr. ratio |
| $56M | $57M | $56M | $57M | $73M | $68M | $89M | $90M | $70M | $70M | GoodwillGoodwill |
| $1.2B | $1.2B | $1.1B | $1.1B | $1.6B | $1.6B | $1.5B | $1.2B | $1.1B | $1.2B | Total assetsAssets |
| 106.8× | 158.1× | 10.5× | 34.1× | 1892.0× | 2260.0× | 277.7× | -1039.3× | -24.1× | 345.8× | Interest coverageInt. cov. |
| $920M | $880M | $769M | $758M | $1.1B | $1.2B | $1.2B | $944M | $821M | $858M | Shareholders’ equityEquity |
| — | — | — | — | — | — | 3.1% | 3.8% | 4.4% | 3.5% | Stock comp / revenueSBC/rev |
| $35M | — | — | — | — | — | $10M | — | $19M | $19M | Goodwill written downGW imp. |
| Per share | ||||||||||
| 72.1M | 70.4M | 65.9M | 63.4M | 63.5M | 61.2M | 57.5M | 55.6M | 53.2M | 53.0M | Shares out (diluted)Shares |
| $11.23 | $12.63 | $8.19 | $9.84 | $23.89 | $24.58 | $12.90 | $12.70 | $12.30 | $14.50 | Revenue / shareRev/sh |
| $1.75 | $0.80 | $0.18 | $0.83 | $5.78 | $7.09 | $0.99 | $-1.24 | $0.00 | $1.04 | EPS (diluted)EPS |
| $1.54 | $1.46 | $0.82 | $1.31 | $4.37 | $6.00 | $2.24 | $0.27 | $1.81 | $0.08 | Owner earnings / shareOE/sh |
| $1.54 | $1.46 | $0.82 | $1.31 | $4.37 | $6.00 | $2.24 | $0.27 | $1.81 | $0.08 | Free cash flow / shareFCF/sh |
| $0.00 | $0.12 | $0.48 | $0.48 | $0.53 | $0.64 | $0.73 | $0.79 | — | $0.83 | Dividends / shareDiv/sh |
| $0.36 | $0.29 | $0.18 | $0.18 | $0.36 | $0.38 | $0.77 | $0.29 | $0.32 | $0.22 | Cap. spending / shareCapex/sh |
| $12.77 | $12.50 | $11.66 | $11.96 | $17.24 | $19.53 | $20.41 | $16.97 | $15.44 | $16.19 | Book value / shareBVPS |
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +1.1%/yr | +4.6%/yr |
| Owner earnings / share | +2.1%/yr | +6.8%/yr |
| EPS | −53.2%/yr | −65.6%/yr |
| Dividends / share | — | +10.7%/yr |
| Capital spending / share | −1.2%/yr | +11.8%/yr |
| Book value / share | +2.4%/yr | +5.2%/yr |
The record, charted
FY2017–2025Each measure over its full record; the current point and the worst year marked.
ROIC
−0%low FY2024
Gross margin
42%low FY2024
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
$96Mowner earningsvs.$213Knet incomelow FY2024
Where the cash went
ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cashEach year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.
FY2017FY2025
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned $213K of profit into $96M of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Reported net income | $213K | ($69M) | $57M | $434M | $367M |
| Depreciation & amortizationnon-cash charge added back | +$18M | +$25M | +$29M | +$21M | +$20M |
| Stock-based compensationreal costnon-cash, but a real cost | +$29M | +$27M | +$23M | — | — |
| Working capital & othertiming of cash in and out, other non-cash items | +$67M | +$48M | +$65M | −$65M | −$87M |
| Cash from operations | $114M | $31M | $173M | $390M | $300M |
| Capital expenditurecash put back in to keep running and to grow | −$17M | −$16M | −$44M | −$23M | −$23M |
| Owner earnings | $96M | $15M | $129M | $367M | $277M |
| Owner-earnings marginowner earnings ÷ revenue | 15% | 2% | 17% | 24% | 18% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $29M), owner earnings is nearer $68M.
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 10-K · source on SEC EDGAR →
Will it survive?
- Can it pay its interest? -24.1×Does not cover its interestOperating income ($3M) ÷ interest expense $134K
What this means
A full year of operating profit didn't cover the interest bill. This is the zombie zone: the business depends on refinancing, asset sales, or forbearance to service its debt.
- Net cashCash $216M + ST investments $295M − debt $98M
What this means
Cash and short-term investments exceed every dollar of debt by $412M, on net the company owes nothing, and can act from strength when others can't. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Solid through the cycle9-yr median, range -10%–67%; -0% latest = NOPAT ($2M) ÷ invested capital $704MIndustry peers: median 3%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 9 years (it ran -0% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Solid through the cycle9-yr median margin, range 2%–24%; latest $96M = operating cash $114M − maintenance capex $17MIndustry peers: median 14%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 15% of revenue this year, a 14% median across 9 years. Treating stock comp as the real expense it is (less $29M of SBC) leaves $68M.
- Are earnings backed by cash? 533.17×Cash-backedCash from ops $114M ÷ net income $213K
What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.
How is the cash used?
- Returned more than it generatedDividends + buybacks $141M ÷ Owner Earnings $96M
What this means
The company returned more than it generated: against $96M of Owner Earnings, $141M (147%) went back to shareholders, $44M dividends, $97M buybacks — the excess came from the balance sheet or borrowing, not the year's operations. Net of $29M stock comp, the real buyback was about $69M. Sustained, that pattern draws down cash or adds debt; the net-debt line above shows where it stands.
- Investing or harvesting? 0.96×MaintainingCapex $17M ÷ depreciation $18M
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 2 of 6 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size MissRevenue ≥ $2B · $654M
What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
- Strong liquidity PassCurrent ratio ≥ 2× · 4.79×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt PassDebt ≤ working capital · $98M vs $713M WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Earnings stability NearA profit every year (9-yr record) · 1 loss year
What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
- Dividend record MissUninterrupted dividends · 7 of 9 yrs
What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
- Earnings growth MissEarnings +33% over the record · −106%
What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.07/share (latest year $0.00), the averaged base the calculator's gate runs on, and book value is $15.70/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Durability & moat, 2017–2025
Whether the record’s returns held, and what the capital reinvested earned.
- Profitable years 8 of 9
What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
- Operating margin 12% → −3% (3-yr avg ends)
What this means
Through the cycle the operating margin slipped — about 12% early to −3% lately, median 9% — competition or costs are biting in.
- Owner earnings growth −8%/yr
What this means
Owner earnings shrank about 8% a year over the record.
- Worst year 2024 · −13.1% op. margin
What this means
Operations went underwater in 2024, understand why before trusting the good years.
- Share count −3.7%/yr
What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
- Dividend record rising
What this means
Paid and raised the dividend across the record, the continuity Graham prized.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing A competitive risk, new this year
Its FY2025 10-K names artificial intelligence as a competitive threat, in language that was not in the prior year's filing.
“While the BIS rescinded its "Framework for AI Diffusion" in May 2025, there is a possibility of a replacement rule or other similar rules being introduced in the future.”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of the latest quarter, Apr 4, 2026Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets$982M
- Cash & short-term investments$488M
- Inventory$206M
- Other current assets$288M
Current liabilities$234M
- Accounts payable$85M
- Other current liabilities$148M
Current ratio4.21×all current assets ÷ what's due · Graham looked for 2×
Quick ratio3.32×stricter: inventory excluded
Cash ratio2.09×strictest: cash alone against what's due
Working capital$749Mthe cushion left after near-term bills
Revenue, latest quarter vs. a year ago+49.8%the freshest read on whether the business is still growing
Current ratio, recent quarters6.1× → 4.2×
Deeper floors
Tangible book value$783Mequity stripped of goodwill & intangibles
Net current asset value$654MGraham's net-net: current assets less all liabilities
Debt incl. operating leases$149M$40M of it operating leases
From the company's latest filing.
How the cash was used, 2017–2025
Over the record, the business generated $1.4B of operating cash; how management split it reads as a cash returner, paying most of what it earns straight back to owners.
- Reinvested$193M · 14%
- Dividends$229M · 16%
- Buybacks$872M · 61%
- Retained (debt / cash)$135M · 9%
- Returned to owners$1.1B
89% of the owner earnings the business produced over the span, $229M as dividends and $872M as buybacks.
- Average price paid for buybacks$38.00
Across the years where the filing reports a share count, 16M shares were bought for $624M, about $38.00 each. Year to year the price paid ranged from $19.26 (2017) to $101.12 (2022), and 2022, near the top of that range, was also its heaviest buyback year ($281M).
- Net change in share count−26.5%
The diluted count fell from 72M to 53M, so the buybacks outran the stock issued to staff.
- Dividend record$0.79/sh
Paid in 7 of the years on record. It was never cut over the span.
Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.
Acquisitions & goodwill
from the balance sheet & the 9-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangibles$75M7% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity8%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiring$90Mover 9 years buying other businesses, against $193M of capital spent building
$64M written down across 3 years (2017, 2023, 2025): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 71% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.
Management, ownership & pay
read the proxy →From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.
| Fiscal year | Chief executive | Pay, as filed | “Actually paid” | Owner earnings |
|---|---|---|---|---|
| 2021 | Fusen Chen | $6.4M | $35.2M | $277M |
| 2022 | Fusen Chen | $6.2M | −$5.0M | $367M |
| 2023 | Fusen Chen | $6.9M | $10.2M | $129M |
| 2024 | Fusen Chen | $7.4M | $4.8M | $15M |
| 2025 | Fusen Chen | $7.1M | $3.2M | $96M |
Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.
- Stock-based compensation$29M
The slice of the business handed to employees in shares this year, 4% of revenue. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.
Inverting the record
Invert: instead of why Kulicke and Soffa Industries Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.
2 of the 5 tests turned up something to look into; the other 3 came back clean.
- Look hereDid receivables and inventory outpace sales?15% → 27% of sales
Receivables and inventory grew from $122M to $206M while revenue grew −5%: working capital is climbing faster than sales (15% of revenue then, 27% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.
- Look hereAre "one-time" charges a yearly habit?5 of 9 years
Management took an impairment or write-down in 5 of the last 9 years, $207M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.
And these came back clean
- Is it less profitable than it was?
- Did the share count rise anyway?
- Did reported profit become cash?
Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.
Peers, Semiconductors
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| ALGMAllegro MicroSystems | $890M | 55% | 8.1% | 13% | 14% |
| ALABAstera Labs Inc. | $853M | 75% | -27.4% | 14% | 11% |
| SLABSilicon Laboratories | $785M | 59% | 3.2% | 2% | 17% |
| TET1 Energy Inc. | $755M | 7% | -31.1% | -14% | 2% |
| RMBSRambus | $708M | 80% | 11.9% | 3% | 44% |
| AOSLAlpha and Omega Semiconductor Limited | $696M | 26% | 2.6% | 3% | 2% |
| KLICKulicke and Soffa Industries Inc. | $654M | 47% | 9.4% | 8% | 14% |
| LSCCLattice Semiconductor | $523M | 60% | 9.1% | 9% | 22% |
| Group median | — | 57% | 5.7% | 6% | 14% |
The price
What a price has to assume.
What the price implies
reverse-DCFType today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Kulicke and Soffa Industries Inc. has delivered.
$
Base
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The assumptions
9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.
Enter a price above to run it.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Implied by the price—
Owner-earnings growth · ’21→’25−36%/yr
Owner-earnings growth · ’17→’25−8%/yr
Owner-earnings growth · ’17→’25−8%/yr
Owner-earnings yield—
What a growth belief costs, in multiples
The growth each return requires, at your price
P/E (3-yr earnings ’23–’25)—
P/B—
Graham’s price gate—
Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.
Against a high-grade bond: Graham’s yardstick bond yield%
Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.
Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.
Owner-earnings yield—
High-grade bond yield—
Margin over the bond—
Owner earnings $4M on 52M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $379M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.
Cite: Owner Scorecard, "Kulicke and Soffa Industries Inc. (KLIC), the owner's record," https://ownerscorecard.com/c/KLIC, data as of 2026-07-09.
Manual order: ← KLC its page in the Manual KMB →
Industry order: ← JKS the Semiconductors chapter KOPN →