Price to Book Value (P/BV)
since 2005
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Calculation
KLA Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Total KLA stockholders’ equity1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 6, 2026 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2025 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2024 | = | ÷ | = | ÷ | |||||||
| Aug 4, 2023 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2022 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2021 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2020 | = | ÷ | = | ÷ | |||||||
| Aug 16, 2019 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2018 | = | ÷ | = | ÷ | |||||||
| Aug 4, 2017 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2016 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2015 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2014 | = | ÷ | = | ÷ | |||||||
| Aug 8, 2013 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2012 | = | ÷ | = | ÷ | |||||||
| Aug 5, 2011 | = | ÷ | = | ÷ | |||||||
| Aug 6, 2010 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2009 | = | ÷ | = | ÷ | |||||||
| Aug 7, 2008 | = | ÷ | = | ÷ | |||||||
| Aug 20, 2007 | = | ÷ | = | ÷ | |||||||
| Jan 29, 2007 | = | ÷ | = | ÷ | |||||||
| Sep 2, 2005 | = | ÷ | = | ÷ |
Based on: 10-K (reporting date: 2026-06-30), 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.
The valuation of KLA Corp. relative to its book value underwent a fundamental regime shift between 2005 and 2026. For the first decade, the Price to Book Value (P/BV) ratio remained constrained and stable. Starting in 2015, a significant divergence occurred, leading to a period of substantially higher multiples and a decoupling of share price from tangible book value.
- Baseline Valuation Period (2005–2014)
- During this interval, the P/BV ratio exhibited minimal volatility, fluctuating within a narrow range between 2.11 and 3.26. Share prices and book value per share moved in relative alignment, suggesting a valuation model closely tied to the company's net asset value.
- Structural Pivot (2015)
- A critical inflection point occurred in 2015, where the P/BV ratio surged from 3.26 to 19.59. This spike was primarily driven by a precipitous decline in book value per share, which fell from 2.22 to 0.27. Such a sharp contraction in book value, while the share price remained relatively stable, typically indicates a significant change in capital structure, such as an aggressive share buyback program or a large-scale return of capital to shareholders.
- High-Multiple Expansion Phase (2016–2026)
- Following the 2015 pivot, the P/BV ratio transitioned to a new, elevated baseline, consistently remaining above 8.0. The ratio reached a peak of 40.04 in 2022. Although book value per share began a steady recovery, growing from 0.27 in 2015 to 4.86 by 2026, the share price experienced exponential growth, rising from 5.24 to 193.22 over the same period. This trajectory indicates that market valuation became increasingly driven by factors beyond tangible assets, likely reflecting higher premiums for earnings growth and intangible intellectual property.
Comparison to Competitors
KLA Corp., P/BV, long-term trends, comparison to competitors
| KLA Corp. | Advanced Micro Devices Inc. | Analog Devices Inc. | Applied Materials Inc. | Broadcom Inc. | Intel Corp. | Lam Research Corp. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 6, 2026 | ||||||||||||
| Aug 8, 2025 | ||||||||||||
| Aug 5, 2024 | ||||||||||||
| Aug 4, 2023 | ||||||||||||
| Aug 5, 2022 | ||||||||||||
| Aug 6, 2021 | ||||||||||||
| Aug 7, 2020 | ||||||||||||
| Aug 16, 2019 | ||||||||||||
| Aug 6, 2018 | ||||||||||||
| Aug 4, 2017 | ||||||||||||
| Aug 5, 2016 | ||||||||||||
| Aug 7, 2015 | ||||||||||||
| Aug 8, 2014 | ||||||||||||
| Aug 8, 2013 | ||||||||||||
| Aug 6, 2012 | ||||||||||||
| Aug 5, 2011 | ||||||||||||
| Aug 6, 2010 | ||||||||||||
| Aug 7, 2009 | ||||||||||||
| Aug 7, 2008 | ||||||||||||
| Aug 20, 2007 | ||||||||||||
| Jan 29, 2007 | ||||||||||||
| Sep 2, 2005 |
Based on: 10-K (reporting date: 2026-06-30), 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)
KLA Corp., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| KLA Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 6, 2026 | ||
| Aug 8, 2025 | ||
| Aug 5, 2024 | ||
| Aug 4, 2023 | ||
| Aug 5, 2022 | ||
| Aug 6, 2021 | ||
| Aug 7, 2020 | ||
| Aug 16, 2019 | ||
| Aug 6, 2018 | ||
| Aug 4, 2017 | ||
| Aug 5, 2016 | ||
| Aug 7, 2015 | ||
| Aug 8, 2014 | ||
| Aug 8, 2013 | ||
| Aug 6, 2012 | ||
| Aug 5, 2011 | ||
| Aug 6, 2010 | ||
| Aug 7, 2009 | ||
| Aug 7, 2008 | ||
| Aug 20, 2007 | ||
| Jan 29, 2007 | ||
| Sep 2, 2005 |
Based on: 10-K (reporting date: 2026-06-30), 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 Industry (Information Technology)
KLA Corp., P/BV, long-term trends, comparison to industry (information technology)
| KLA Corp. | Information Technology | |
|---|---|---|
| Aug 6, 2026 | ||
| Aug 8, 2025 | ||
| Aug 5, 2024 | ||
| Aug 4, 2023 | ||
| Aug 5, 2022 | ||
| Aug 6, 2021 | ||
| Aug 7, 2020 | ||
| Aug 16, 2019 | ||
| Aug 6, 2018 | ||
| Aug 4, 2017 | ||
| Aug 5, 2016 | ||
| Aug 7, 2015 | ||
| Aug 8, 2014 | ||
| Aug 8, 2013 | ||
| Aug 6, 2012 | ||
| Aug 5, 2011 | ||
| Aug 6, 2010 | ||
| Aug 7, 2009 | ||
| Aug 7, 2008 | ||
| Aug 20, 2007 | ||
| Jan 29, 2007 | ||
| Sep 2, 2005 |
Based on: 10-K (reporting date: 2026-06-30), 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).