Stock Analysis on Net
Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

$24.99

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

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KLA Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Jun 30, 2024 Jun 30, 2023 Jun 30, 2022 Jun 30, 2021 Jun 30, 2020 Jun 30, 2019
Accounts payable
Deferred system revenue
Deferred service revenue
Short-term debt
Current portion of long-term debt
Customer deposits
Compensation and benefits
Executive Deferred Savings Plan (EDSP)
Income taxes payable
Interest payable
Current operating lease liabilities
Other liabilities and accrued expenses
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Deferred tax liabilities
Deferred service revenue
Income taxes payable
Non-current operating lease liabilities
Customer deposits
Pension liabilities
Other non-current liabilities
Other non-current liabilities
Non-current liabilities
Total liabilities
Preferred stock, $0.001 par value, none outstanding
Common stock, $0.001 par value
Capital in excess of par value
Retained earnings
Accumulated other comprehensive loss
Total KLA stockholders’ equity
Non-controlling interest in consolidated subsidiaries
Total stockholders’ equity
Total liabilities and stockholders’ equity

Based on: 10-K (reporting date: 2024-06-30), 10-K (reporting date: 2023-06-30), 10-K (reporting date: 2022-06-30), 10-K (reporting date: 2021-06-30), 10-K (reporting date: 2020-06-30), 10-K (reporting date: 2019-06-30).

Current Liabilities
The proportion of current liabilities increased steadily from 19.63% in 2019 to 30.2% in 2024, indicating a growing share of short-term obligations relative to total liabilities and stockholders’ equity. Notable contributors to this increase include "Other current liabilities," which rose significantly from 9.18% in 2019 to a peak of 16.37% in 2023 before slightly declining to 13.37% in 2024, and "Customer deposits," which appeared in 2022 and grew to 5.46% before declining to 4.18%. Accounts payable also grew initially from 2.25% in 2019 to 3.52% in 2022 but decreased to 2.33% by 2024.
Non-Current Liabilities
Non-current liabilities experienced a pronounced fluctuation, rising from 50.64% in 2019 to a peak of 66.1% in 2022 before declining to 47.98% in 2024. This variability was largely influenced by long-term debt, which saw a significant increase to 52.88% of total liabilities and stockholders’ equity in 2022 before decreasing to 38.1% by 2024. Deferred tax liabilities followed a steady downward trend from 7.8% in 2019 to 3.15% in 2024. Pension liabilities and other non-current liabilities showed gradual decreases over the period.
Deferred Revenues
Deferred system revenue as a percentage of total liabilities and equity demonstrated a rising trend, increasing from 3.13% in 2019 to 6.39% in 2024, indicating increasing amounts of revenue received but not yet earned. Conversely, one measure of deferred service revenue had mixed movements but generally increased from 1.1% in 2019 to 1.91% in 2024. Another related measure of deferred service revenue also increased modestly from 2.29% to 3.25% in the same period.
Income Taxes and Interest Payables
Income taxes payable exhibited variability with a peak at 2.72% in 2023 and a decline to 0.95% in 2024 for current liabilities, and a steady downward trend in the non-current component from 4.35% in 2019 to 1.89% in 2024. Interest payable remained relatively stable but showed a slight increase toward the end of the period, rising to 0.83% in 2024.
Compensation and Benefits and Executive Deferred Savings Plan
Compensation and benefits liabilities remained fairly stable, fluctuating modestly between 2.41% and 2.97%. The Executive Deferred Savings Plan decreased from 2.32% in 2019 to as low as 1.79% in 2022, followed by a slight increase to 1.96% in 2024.
Lease Liabilities
Both current and non-current operating lease liabilities appeared in the data starting 2020. Current operating lease liabilities remained relatively stable, around 0.24%-0.31% over the years. Non-current operating lease liabilities initially stood at 0.76% in 2020, decreased slightly, then slightly increased to 0.99% in 2024.
Stockholders’ Equity
Total stockholders’ equity as a percentage of total liabilities and stockholders’ equity decreased sharply from 29.72% in 2019 to a low of 11.11% in 2022, then recovered partially to 21.82% by 2024. This fluctuation was mirrored in its components: Capital in excess of par value dropped notably to 8.43% in 2022 but improved to nearly 15% later; retained earnings decreased significantly in 2022 before gradually rising again; accumulated other comprehensive loss remained a small negative fraction throughout, fluctuating slightly; and common stock remained non-contributory throughout the period.
Total Liabilities
The total liabilities percentage experienced a marked increase from around 70.28% in 2019 to a high of 88.89% in 2022, before receding to approximately 78.18% in 2024. This indicates increasing leverage or obligations relative to total resources during the period with a peak in 2022 followed by a partial deleveraging.
Overall Trends
The financial structure shows increasing reliance on both current liabilities and long-term debt until 2022, followed by a rebalancing that reduced long-term debt and moderately increased equity proportions. Deferred revenues, especially deferred system revenue, grew steadily, indicating possibly increased advance billings or contractual income not yet recognized as revenue. Stockholders’ equity was at its lowest proportion in 2022, coinciding with peak liabilities, suggesting a period of heightened leverage or investment funding, followed by a recovery in equity levels.