Price to Book Value (P/BV)
since 2005
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 8, 2025 | 25.73 | = | 91.48 | ÷ | 3.56 | 3.56 | = | 4,692,453 | ÷ | 1,319,613,700 | |
| Aug 5, 2024 | 28.08 | = | 70.35 | ÷ | 2.51 | 2.51 | = | 3,368,328 | ÷ | 1,344,250,220 | |
| Aug 4, 2023 | 23.25 | = | 49.65 | ÷ | 2.14 | 2.14 | = | 2,919,753 | ÷ | 1,367,200,740 | |
| Aug 5, 2022 | 40.04 | = | 39.57 | ÷ | 0.99 | 0.99 | = | 1,401,351 | ÷ | 1,418,037,760 | |
| Aug 6, 2021 | 15.98 | = | 35.34 | ÷ | 2.21 | 2.21 | = | 3,377,554 | ÷ | 1,527,371,570 | |
| Aug 7, 2020 | 11.83 | = | 20.29 | ÷ | 1.71 | 1.71 | = | 2,665,424 | ÷ | 1,554,614,440 | |
| Aug 16, 2019 | 8.15 | = | 13.61 | ÷ | 1.67 | 1.67 | = | 2,659,108 | ÷ | 1,592,559,500 | |
| Aug 6, 2018 | 11.40 | = | 11.83 | ÷ | 1.04 | 1.04 | = | 1,620,511 | ÷ | 1,561,265,080 | |
| Aug 4, 2017 | 10.50 | = | 8.88 | ÷ | 0.85 | 0.85 | = | 1,326,417 | ÷ | 1,568,404,200 | |
| Aug 5, 2016 | 17.57 | = | 7.76 | ÷ | 0.44 | 0.44 | = | 689,114 | ÷ | 1,559,950,030 | |
| Aug 7, 2015 | 19.59 | = | 5.24 | ÷ | 0.27 | 0.27 | = | 421,439 | ÷ | 1,575,308,780 | |
| Aug 8, 2014 | 3.26 | = | 7.23 | ÷ | 2.22 | 2.22 | = | 3,669,346 | ÷ | 1,653,681,520 | |
| Aug 8, 2013 | 2.78 | = | 5.84 | ÷ | 2.10 | 2.10 | = | 3,482,152 | ÷ | 1,657,319,110 | |
| Aug 6, 2012 | 2.61 | = | 5.20 | ÷ | 1.99 | 1.99 | = | 3,315,595 | ÷ | 1,665,163,160 | |
| Aug 5, 2011 | 2.11 | = | 3.62 | ÷ | 1.71 | 1.71 | = | 2,860,893 | ÷ | 1,670,002,170 | |
| Aug 6, 2010 | 2.41 | = | 3.23 | ÷ | 1.34 | 1.34 | = | 2,246,611 | ÷ | 1,678,314,650 | |
| Aug 7, 2009 | 2.44 | = | 3.12 | ÷ | 1.28 | 1.28 | = | 2,184,392 | ÷ | 1,706,680,730 | |
| Aug 7, 2008 | 2.20 | = | 3.78 | ÷ | 1.72 | 1.72 | = | 2,981,730 | ÷ | 1,732,228,000 | |
| Aug 20, 2007 | 3.26 | = | 6.00 | ÷ | 1.84 | 1.84 | = | 3,550,042 | ÷ | 1,931,537,110 | |
| Jan 29, 2007 | 2.75 | = | 4.92 | ÷ | 1.79 | 1.79 | = | 3,567,991 | ÷ | 1,997,259,570 | |
| Sep 2, 2005 | 3.19 | = | 4.92 | ÷ | 1.54 | 1.54 | = | 3,045,257 | ÷ | 1,975,858,230 |
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.
The analysis of the Price to Book Value (P/BV) ratio reveals a distinct bifurcation in valuation metrics over the period from 2005 to 2025. The data indicates a transition from a period of relative stability and conservative multiples to a regime of significantly higher valuations relative to the company's book value, driven by both share price appreciation and volatility in the Book Value per Share (BVPS).
- Early Stability Phase (2005–2014)
- Between 2005 and 2014, the P/BV ratio remained consistently low, fluctuating within a narrow corridor between 2.11 and 3.26. During this decade, BVPS demonstrated a gradual upward trend, growing from 1.54 to 2.22. The stability of the P/BV ratio during this time suggests that market valuation was closely tied to the growth of the company's net asset base.
- Structural Valuation Inflection (2015)
- A sharp divergence occurred in 2015, marked by a dramatic increase in the P/BV ratio from 3.26 to 19.59. This spike was not driven by a sudden increase in share price, which actually declined from 7.23 to 5.24, but rather by a precipitous drop in BVPS from 2.22 to 0.27. This suggests a significant reduction in shareholders' equity, which fundamentally reset the valuation multiple.
- Expansionary Valuation Period (2016–2021)
- From 2016 to 2021, the P/BV ratio maintained an elevated profile, ranging from 8.15 to 15.98. This period was characterized by aggressive growth in share price, which rose from 7.76 to 35.34. While BVPS began a slow recovery, reaching 2.21 by 2021, the market maintained a significantly higher premium over the book value compared to the pre-2015 era.
- Peak Valuation and Subsequent Moderation (2022–2025)
- The P/BV ratio reached a historical peak of 40.04 in 2022, resulting from a combination of a continuing rise in share price to 39.57 and a simultaneous decline in BVPS to 0.99. Following this peak, the ratio moderated to 25.73 by 2025. This moderation occurred despite the share price reaching a high of 91.48, as BVPS experienced a strong recovery to 3.56, thereby expanding the equity base and lowering the relative multiple.
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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. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 8, 2025 | 25.73 | 5.18 | 3.65 | 10.07 | 19.24 | 1.97 | 13.09 | 3.89 | 40.38 | 9.08 | 12.35 |
| Aug 5, 2024 | 28.08 | 3.15 | 3.09 | 7.25 | 15.29 | 0.85 | 12.13 | 2.51 | 39.25 | 7.31 | 9.86 |
| Aug 4, 2023 | 23.25 | 4.85 | 2.53 | 8.23 | 21.59 | 1.75 | 10.58 | 1.74 | 26.03 | 5.72 | 8.57 |
| Aug 5, 2022 | 40.04 | 2.32 | 2.35 | 7.25 | 10.23 | 1.15 | 10.10 | 1.15 | 24.95 | 7.00 | 11.33 |
| Aug 6, 2021 | 15.98 | 19.21 | 2.50 | 10.60 | 10.50 | 2.21 | 13.64 | 1.79 | 20.14 | 15.59 | 11.87 |
| Aug 7, 2020 | 11.83 | 17.77 | 4.22 | 7.63 | 7.40 | 2.84 | 10.55 | 1.50 | 15.49 | 24.00 | 17.02 |
| Aug 16, 2019 | 8.15 | 20.46 | 3.61 | 6.67 | 5.09 | 3.78 | 6.40 | 1.40 | 10.09 | 19.69 | 13.79 |
| Aug 6, 2018 | 11.40 | 18.30 | 3.02 | 4.73 | 3.74 | 2.94 | 4.28 | 1.49 | 19.60 | 82.57 | 11.20 |
| Aug 4, 2017 | 10.50 | 19.87 | 3.22 | 5.94 | 5.28 | 3.08 | 3.82 | 2.51 | 10.51 | 2.56 | 9.89 |
| Aug 5, 2016 | 17.57 | 31.66 | 4.35 | 4.93 | 3.84 | 2.60 | 2.45 | 1.48 | 3.98 | 3.12 | 7.36 |
| Aug 7, 2015 | 19.59 | — | 3.72 | 2.87 | 8.24 | 2.21 | 2.23 | 1.47 | 2.84 | 2.88 | 5.30 |
| Aug 8, 2014 | 3.26 | 12.72 | 3.64 | 3.80 | 7.98 | 2.91 | 2.29 | 3.22 | 2.19 | 3.28 | 5.94 |
| Aug 8, 2013 | 2.78 | 4.94 | 3.28 | 2.82 | 4.46 | 2.11 | 1.69 | 1.92 | 1.63 | 3.26 | 4.46 |
| Aug 6, 2012 | 2.61 | 3.45 | 2.90 | 1.79 | 3.25 | 2.04 | 1.24 | 0.72 | 2.20 | 2.95 | 3.45 |
| Aug 5, 2011 | 2.11 | 3.28 | 2.62 | 1.65 | 3.51 | 2.90 | 1.80 | 0.64 | 3.27 | 3.25 | 3.48 |
| Aug 6, 2010 | 2.41 | 6.21 | 3.36 | 2.35 | 4.24 | 2.46 | 2.63 | 0.96 | 3.74 | 3.54 | 4.00 |
| Aug 7, 2009 | 2.44 | 8.23 | 3.43 | 2.53 | 3.78 | 2.76 | 2.67 | 1.25 | 2.27 | 3.61 | 3.10 |
| Aug 7, 2008 | 2.20 | — | 2.04 | 1.84 | — | 1.72 | 2.69 | 0.42 | 4.24 | 3.05 | 2.09 |
| Aug 20, 2007 | 3.26 | 1.44 | 3.99 | 3.14 | — | 2.76 | 4.05 | 0.96 | 5.06 | 4.11 | 4.14 |
| Jan 29, 2007 | 2.75 | 1.42 | 3.36 | 3.81 | — | 3.27 | 4.19 | 1.30 | 5.75 | 4.48 | 3.93 |
| Sep 2, 2005 | 3.19 | 5.83 | 3.75 | 3.42 | — | 3.34 | 3.75 | 1.47 | 3.63 | 5.97 | 4.00 |
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)
KLA Corp., P/BV, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| KLA Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 8, 2025 | 25.73 | 13.05 |
| Aug 5, 2024 | 28.08 | 9.25 |
| Aug 4, 2023 | 23.25 | 6.44 |
| Aug 5, 2022 | 40.04 | 5.18 |
| Aug 6, 2021 | 15.98 | 6.30 |
| Aug 7, 2020 | 11.83 | 6.15 |
| Aug 16, 2019 | 8.15 | 5.17 |
| Aug 6, 2018 | 11.40 | 4.64 |
| Aug 4, 2017 | 10.50 | 4.09 |
| Aug 5, 2016 | 17.57 | 3.40 |
| Aug 7, 2015 | 19.59 | 2.89 |
| Aug 8, 2014 | 3.26 | 3.41 |
| Aug 8, 2013 | 2.78 | 2.69 |
| Aug 6, 2012 | 2.61 | 2.34 |
| Aug 5, 2011 | 2.11 | 2.75 |
| Aug 6, 2010 | 2.41 | 2.82 |
| Aug 7, 2009 | 2.44 | 2.93 |
| Aug 7, 2008 | 2.20 | 2.08 |
| Aug 20, 2007 | 3.26 | 3.08 |
| Jan 29, 2007 | 2.75 | 3.31 |
| Sep 2, 2005 | 3.19 | 3.77 |
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 Industry (Information Technology)
KLA Corp., P/BV, long-term trends, comparison to industry (information technology)
| KLA Corp. | Information Technology | |
|---|---|---|
| Aug 8, 2025 | 25.73 | 14.12 |
| Aug 5, 2024 | 28.08 | 13.28 |
| Aug 4, 2023 | 23.25 | 11.48 |
| Aug 5, 2022 | 40.04 | 10.44 |
| Aug 6, 2021 | 15.98 | 12.53 |
| Aug 7, 2020 | 11.83 | 11.10 |
| Aug 16, 2019 | 8.15 | 8.50 |
| Aug 6, 2018 | 11.40 | 7.04 |
| Aug 4, 2017 | 10.50 | 5.49 |
| Aug 5, 2016 | 17.57 | 4.55 |
| Aug 7, 2015 | 19.59 | 4.32 |
| Aug 8, 2014 | 3.26 | 4.38 |
| Aug 8, 2013 | 2.78 | 3.52 |
| Aug 6, 2012 | 2.61 | 3.77 |
| Aug 5, 2011 | 2.11 | 4.01 |
| Aug 6, 2010 | 2.41 | 4.18 |
| Aug 7, 2009 | 2.44 | 4.35 |
| Aug 7, 2008 | 2.20 | 4.03 |
| Aug 20, 2007 | 3.26 | 8.71 |
| Jan 29, 2007 | 2.75 | 7.26 |
| Sep 2, 2005 | 3.19 | 7.44 |
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).