Price to Sales (P/S)
since 2005
Calculation
KLA Corp., P/S, long-term trends, calculation
| P/S | = | Share price1, 2, 3 | ÷ | Sales per share1 | Sales per share1 | = | Revenues1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 6, 2026 | 18.59 | = | 193.22 | ÷ | 10.39 | 10.39 | = | 13,579,476 | ÷ | 1,306,546,783 | |
| Aug 8, 2025 | 9.93 | = | 91.48 | ÷ | 9.21 | 9.21 | = | 12,156,162 | ÷ | 1,319,613,700 | |
| Aug 5, 2024 | 9.64 | = | 70.35 | ÷ | 7.30 | 7.30 | = | 9,812,247 | ÷ | 1,344,250,220 | |
| Aug 4, 2023 | 6.47 | = | 49.65 | ÷ | 7.68 | 7.68 | = | 10,496,056 | ÷ | 1,367,200,740 | |
| Aug 5, 2022 | 6.09 | = | 39.57 | ÷ | 6.50 | 6.50 | = | 9,211,883 | ÷ | 1,418,037,760 | |
| Aug 6, 2021 | 7.80 | = | 35.34 | ÷ | 4.53 | 4.53 | = | 6,918,734 | ÷ | 1,527,371,570 | |
| Aug 7, 2020 | 5.43 | = | 20.29 | ÷ | 3.73 | 3.73 | = | 5,806,424 | ÷ | 1,554,614,440 | |
| Aug 16, 2019 | 4.74 | = | 13.61 | ÷ | 2.87 | 2.87 | = | 4,568,904 | ÷ | 1,592,559,500 | |
| Aug 6, 2018 | 4.58 | = | 11.83 | ÷ | 2.59 | 2.59 | = | 4,036,701 | ÷ | 1,561,265,080 | |
| Aug 4, 2017 | 4.00 | = | 8.88 | ÷ | 2.22 | 2.22 | = | 3,480,014 | ÷ | 1,568,404,200 | |
| Aug 5, 2016 | 4.06 | = | 7.76 | ÷ | 1.91 | 1.91 | = | 2,984,493 | ÷ | 1,559,950,030 | |
| Aug 7, 2015 | 2.93 | = | 5.24 | ÷ | 1.79 | 1.79 | = | 2,814,049 | ÷ | 1,575,308,780 | |
| Aug 8, 2014 | 4.08 | = | 7.23 | ÷ | 1.77 | 1.77 | = | 2,929,408 | ÷ | 1,653,681,520 | |
| Aug 8, 2013 | 3.40 | = | 5.84 | ÷ | 1.72 | 1.72 | = | 2,842,781 | ÷ | 1,657,319,110 | |
| Aug 6, 2012 | 2.73 | = | 5.20 | ÷ | 1.90 | 1.90 | = | 3,171,944 | ÷ | 1,665,163,160 | |
| Aug 5, 2011 | 1.90 | = | 3.62 | ÷ | 1.90 | 1.90 | = | 3,175,167 | ÷ | 1,670,002,170 | |
| Aug 6, 2010 | 2.98 | = | 3.23 | ÷ | 1.08 | 1.08 | = | 1,820,760 | ÷ | 1,678,314,650 | |
| Aug 7, 2009 | 3.50 | = | 3.12 | ÷ | 0.89 | 0.89 | = | 1,520,216 | ÷ | 1,706,680,730 | |
| Aug 7, 2008 | 2.60 | = | 3.78 | ÷ | 1.46 | 1.46 | = | 2,521,716 | ÷ | 1,732,228,000 | |
| Aug 20, 2007 | 4.24 | = | 6.00 | ÷ | 1.41 | 1.41 | = | 2,731,229 | ÷ | 1,931,537,110 | |
| Jan 29, 2007 | 4.75 | = | 4.92 | ÷ | 1.04 | 1.04 | = | 2,070,627 | ÷ | 1,997,259,570 | |
| Sep 2, 2005 | 4.66 | = | 4.92 | ÷ | 1.06 | 1.06 | = | 2,085,153 | ÷ | 1,975,858,230 |
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 Price-to-Sales (P/S) ratio exhibits a long-term trajectory of valuation expansion, characterized by an initial period of contraction and stabilization followed by a period of rapid acceleration. While sales per share have grown consistently over the observed timeframe, the share price has increased at a significantly faster rate, particularly in the latter years, leading to a substantial rise in the valuation multiple.
- Valuation Contraction and Stabilization (2005–2019)
- From 2005 to 2011, a downward trend in the P/S ratio is observed, falling from 4.66 to a cyclical low of 1.90. This period was marked by volatility in both share price and sales per share. Following 2011, the ratio entered a recovery phase, gradually climbing back to the 4.0 to 4.7 range by 2019. During this interval, the valuation remained relatively range-bound, reflecting a consistent relationship between revenue generation and market valuation.
- Accelerated Multiple Expansion (2020–2026)
- Beginning in 2020, the P/S ratio shifted from a stable range to an aggressive upward trend. The ratio increased from 5.43 in 2020 to 18.59 by 2026. This expansion is driven by a disproportionate increase in share price relative to sales growth. While sales per share grew from 3.73 in 2020 to 10.39 in 2026, the share price surged from 20.29 to 193.22, resulting in a significant premium being applied to each dollar of revenue.
- Revenue Growth vs. Market Valuation
- A consistent upward trend in sales per share is evident, rising from 1.06 in 2005 to 10.39 in 2026. However, the P/S ratio reveals that the market's perception of the company's value has evolved. In the early years, the company traded at lower multiples of its revenue; in the final period of the analysis, the valuation expanded to nearly four times its 2019 levels, indicating a shift in investor sentiment or expectations regarding future growth and profitability.
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Comparison to Competitors
KLA Corp., P/S, 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 6, 2026 | 18.59 | — | — | — | — | — | 16.77 | — | 22.01 | — | — |
| Aug 8, 2025 | 9.93 | 9.42 | 11.20 | 7.25 | 24.48 | 4.26 | 7.00 | 5.64 | 24.55 | 4.35 | 11.37 |
| Aug 5, 2024 | 9.64 | 7.04 | 11.53 | 5.07 | 20.07 | 1.58 | 6.95 | 4.51 | 27.69 | 4.93 | 10.65 |
| Aug 4, 2023 | 6.47 | 11.95 | 7.31 | 5.08 | 14.46 | 3.40 | 4.99 | 4.94 | 21.33 | 3.45 | 8.26 |
| Aug 5, 2022 | 6.09 | 5.38 | 7.14 | 3.43 | 7.00 | 1.85 | 3.68 | 1.87 | 24.67 | 2.85 | 8.25 |
| Aug 6, 2021 | 7.80 | 8.76 | 12.98 | 5.63 | 9.55 | 2.66 | 5.62 | 2.83 | 20.41 | 4.62 | 8.63 |
| Aug 7, 2020 | 5.43 | 10.63 | 9.03 | 4.69 | 7.40 | 2.96 | 5.43 | 2.73 | 17.31 | 6.20 | 10.81 |
| Aug 16, 2019 | 4.74 | 8.59 | 7.06 | 3.75 | 5.62 | 4.07 | 3.10 | 2.15 | 8.05 | 3.98 | 8.54 |
| Aug 6, 2018 | 4.58 | 3.58 | 5.35 | 1.87 | 4.78 | 3.09 | 2.51 | 1.58 | 15.07 | 3.37 | 6.38 |
| Aug 4, 2017 | 4.00 | 2.28 | 6.40 | 3.82 | 6.07 | 3.39 | 3.25 | 2.30 | 8.76 | 3.54 | 6.83 |
| Aug 5, 2016 | 4.06 | 3.08 | 6.57 | 3.29 | 5.48 | 2.90 | 2.46 | 1.44 | 3.55 | 4.21 | 5.77 |
| Aug 7, 2015 | 2.93 | 0.38 | 5.49 | 2.26 | 5.69 | 2.44 | 2.17 | 1.12 | 2.68 | 3.58 | 4.06 |
| Aug 8, 2014 | 4.08 | 0.43 | 6.04 | 3.29 | 6.06 | 2.91 | 2.50 | 2.12 | 2.36 | 4.85 | 4.73 |
| Aug 8, 2013 | 3.40 | 0.51 | 5.90 | 2.66 | 5.11 | 2.34 | 2.10 | 1.94 | 1.84 | 4.74 | 3.95 |
| Aug 6, 2012 | 2.73 | 0.34 | 4.48 | 1.48 | 3.33 | 1.96 | 2.39 | 0.67 | 2.28 | 5.18 | 2.94 |
| Aug 5, 2011 | 1.90 | 0.79 | 3.32 | 1.38 | 3.01 | 2.47 | 1.38 | 0.62 | 2.94 | 5.86 | 2.78 |
| Aug 6, 2010 | 2.98 | 0.97 | 3.89 | 1.86 | 3.05 | 2.79 | 2.18 | 0.91 | 3.00 | 6.72 | 2.99 |
| Aug 7, 2009 | 3.50 | 0.99 | 4.31 | 3.58 | 2.65 | 3.28 | 3.47 | 1.21 | 1.58 | 7.03 | 2.89 |
| Aug 7, 2008 | 2.60 | 0.22 | 1.91 | 1.71 | — | 1.79 | 1.94 | 0.44 | 2.71 | 4.91 | 1.56 |
| Aug 20, 2007 | 4.24 | 0.72 | 3.67 | 2.52 | — | 3.08 | 1.86 | 1.30 | 3.31 | 7.33 | 2.99 |
| Jan 29, 2007 | 4.75 | 1.45 | 4.48 | 2.77 | — | 3.40 | 3.56 | 2.00 | 3.53 | 7.98 | 3.13 |
| Sep 2, 2005 | 4.66 | 3.34 | 5.79 | 4.36 | — | 3.11 | 2.66 | 1.76 | 2.13 | 11.70 | 3.57 |
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/S, long-term trends, comparison to sector (semiconductors & semiconductor equipment)
| KLA Corp. | Semiconductors & Semiconductor Equipment | |
|---|---|---|
| Aug 6, 2026 | 18.59 | — |
| Aug 8, 2025 | 9.93 | 14.41 |
| Aug 5, 2024 | 9.64 | 11.74 |
| Aug 4, 2023 | 6.47 | 8.26 |
| Aug 5, 2022 | 6.09 | 5.82 |
| Aug 6, 2021 | 7.80 | 6.31 |
| Aug 7, 2020 | 5.43 | 5.80 |
| Aug 16, 2019 | 4.74 | 4.72 |
| Aug 6, 2018 | 4.58 | 3.83 |
| Aug 4, 2017 | 4.00 | 4.13 |
| Aug 5, 2016 | 4.06 | 3.59 |
| Aug 7, 2015 | 2.93 | 2.80 |
| Aug 8, 2014 | 4.08 | 3.42 |
| Aug 8, 2013 | 3.40 | 3.00 |
| Aug 6, 2012 | 2.73 | 2.49 |
| Aug 5, 2011 | 1.90 | 2.60 |
| Aug 6, 2010 | 2.98 | 2.91 |
| Aug 7, 2009 | 3.50 | 3.41 |
| Aug 7, 2008 | 2.60 | 2.01 |
| Aug 20, 2007 | 4.24 | 3.17 |
| Jan 29, 2007 | 4.75 | 3.55 |
| Sep 2, 2005 | 4.66 | 3.89 |
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/S, long-term trends, comparison to industry (information technology)
| KLA Corp. | Information Technology | |
|---|---|---|
| Aug 6, 2026 | 18.59 | — |
| Aug 8, 2025 | 9.93 | 10.47 |
| Aug 5, 2024 | 9.64 | 9.33 |
| Aug 4, 2023 | 6.47 | 7.33 |
| Aug 5, 2022 | 6.09 | 6.01 |
| Aug 6, 2021 | 7.80 | 7.00 |
| Aug 7, 2020 | 5.43 | 6.12 |
| Aug 16, 2019 | 4.74 | 4.62 |
| Aug 6, 2018 | 4.58 | 4.31 |
| Aug 4, 2017 | 4.00 | 4.19 |
| Aug 5, 2016 | 4.06 | 3.47 |
| Aug 7, 2015 | 2.93 | 3.04 |
| Aug 8, 2014 | 4.08 | 3.32 |
| Aug 8, 2013 | 3.40 | 2.86 |
| Aug 6, 2012 | 2.73 | 2.89 |
| Aug 5, 2011 | 1.90 | 2.84 |
| Aug 6, 2010 | 2.98 | 3.03 |
| Aug 7, 2009 | 3.50 | 3.12 |
| Aug 7, 2008 | 2.60 | 2.39 |
| Aug 20, 2007 | 4.24 | 5.74 |
| Jan 29, 2007 | 4.75 | 5.19 |
| Sep 2, 2005 | 4.66 | 5.61 |
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).