Kulicke & Soffa
ConvictionModerate
Capital-equipment sales (bonders/assembly systems) plus a recurring aftermarket of consumables (capillaries, bonding wire), spares and services; asset-light, outsourced manufacturing, highly cyclical to OSAT/IDM capex.
Revenue
$654.1MFY2025, ended Oct 4 2025); Q2 FY2026 $242.6M (+49.8% YoY, +21.5% QoQ); Q3 FY2026 guided ~$310M (annualized run-rate ~$1.24BRev growth
FY2025 trough-7.4% YoY); sharp FY2026 recovery (+49.8% YoY in Q2 FY26Gross margin
49.3%Q2 FY26); ~48% guided for Q3; FY2025 full-year 42.5% — cyclically ranges low-40s to ~50%Op margin
15.9% GAAP / 19.1% non-GAAPQ2 FY26); FY2025 near-breakeven (GAAP operating margin -0.5%Capex intensity
Historically low single-digit % of salesasset-light); stepping up in FY2026 with ~$20M of TCB-expansion capex planned (~$12M deployed) to build Advanced Solutions capacity toward ~$400M of annual revenue capabilityMarket cap
~$6.35BNasdaq: KLIC, ~$122/sh, early Jul 2026; roughly +240% YoY on the AI/TCB re-ratingThe read
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
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