Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

$24.99

Price to Book Value (P/BV)
since 2005

Microsoft Excel

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Calculation

KLA Corp., P/BV, long-term trends, calculation

Microsoft Excel

Based on: 10-K (reporting date: 2025-06-30), 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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).

1 US$

2 Data adjusted for splits and stock dividends.

3 Closing price as at the filing date of KLA Corp. Annual Report.


Share Price Trend
The share price exhibits a general upward trajectory over the time span from 2005 to 2025. Initial fluctuations are noticeable, with a decline from a high of 60.03 in mid-2007 down to 31.21 by mid-2009, likely reflecting volatility in that period. Post-2009, the share price demonstrates strong recovery and growth, reaching 202.85 by 2020 and surging dramatically to 914.8 by 2025. This indicates a robust increase in market valuation over the long term.
Book Value Per Share (BVPS) Trend
BVPS shows a fluctuating pattern with some irregularities across years. The book value initially increases from 15.41 in 2005 to a peak around 22.19 in 2014, but notable declines occur in 2015 and 2016 to 2.68 and 4.42 respectively, suggesting potential write-downs or restructuring impacts. Subsequently, the BVPS recovers steadily, reaching 35.56 by 2025, reflecting an overall strengthening in the company's net asset value per share by the end of the period.
Price to Book Value (P/BV) Ratio Analysis
The P/BV ratio presents significant volatility, influenced by fluctuations in both share price and BVPS. Initially ranging around 2 to 3 from 2005 to 2013, there is a sharp spike in the ratio during 2015 and 2016 to 19.57 and 17.57 respectively, coinciding with the drop in BVPS, which inflated the ratio. After a gradual decline into the low double digits by 2017 and 2018, the ratio climbs again, peaking at 40.05 in 2022, driven predominantly by soaring share prices relative to book value. By 2025, the ratio stabilizes somewhat but remains elevated at 25.73, indicating higher market valuation per unit of book value, possibly reflecting strong investor optimism or expectations of future growth.
Summary of Financial Ratios and Market Valuation
The data suggests that while intrinsic book value per share experienced periods of decline and recovery, the market consistently valued the company at a premium, as evidenced by the sustained P/BV ratios above 2 in most periods. The dramatic rise in share price outpacing book value growth, particularly in recent years, points to heightened market expectations, which might warrant careful evaluation relative to fundamentals. The atypical declines in BVPS around the mid-2010s may reflect financial challenges during that period, yet subsequent recovery correlates with strong price appreciation.

Comparison to Competitors

KLA Corp., P/BV, long-term trends, comparison to competitors

Microsoft Excel

Based on: 10-K (reporting date: 2025-06-30), 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), 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30), 10-K (reporting date: 2012-06-30), 10-K (reporting date: 2011-06-30), 10-K (reporting date: 2010-06-30), 10-K (reporting date: 2009-06-30), 10-K (reporting date: 2008-06-30), 10-K (reporting date: 2007-06-30), 10-K (reporting date: 2006-06-30), 10-K (reporting date: 2005-06-30).


Comparison to Sector (Semiconductors & Semiconductor Equipment)


Comparison to Industry (Information Technology)