Stock Analysis on Net

KLA Corp. (NASDAQ:KLAC)

$24.99

Price to Sales (P/S)
since 2005

Microsoft Excel

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Calculation

KLA Corp., P/S, 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.


The valuation trajectory from 2005 through 2025 reveals a long-term expansion in the Price to Sales (P/S) ratio, coinciding with substantial growth in both share price and revenue per share.

Early Valuation and Contraction (2005–2011)
The P/S ratio began at 4.66 in 2005 and remained relatively stable through 2007. A subsequent downward trend is observed, with the ratio reaching a historical trough of 1.90 by August 2011. This contraction period was marked by a decline in share price that significantly outpaced the fluctuations in sales per share.
Recovery and Stabilization (2012–2019)
A steady recovery occurred between 2012 and 2019, during which the P/S ratio climbed from 2.73 to 4.74. This phase represents a return to the valuation norms established in the mid-2000s, supported by a consistent increase in sales per share from 1.90 to 2.87.
Rapid Multiple Expansion (2020–2025)
A significant acceleration in valuation is evident starting in 2020, with the P/S ratio rising from 5.43 to a peak of 9.93 by August 2025. While sales per share grew from 3.73 to 9.21 during this window, the share price experienced disproportionate growth, rising from 20.29 to 91.48. This indicates a substantial expansion in the market's willingness to pay a premium for each dollar of revenue generated.


Comparison to Competitors

KLA Corp., P/S, 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)