Enterprise Value to EBITDA (EV/EBITDA)
Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
KLA Corp., EBITDA calculation
US$ in thousands
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).
The financial data over the six-year period shows consistent growth in all key profitability metrics, indicating an overall positive performance trend.
- Net Income Attributable to KLA
-
Net income increased significantly from 1,216,785 thousand US dollars in 2020 to a peak of 3,387,277 thousand in 2023. Although there was a decline in 2024 to 2,761,896 thousand, the figure rebounded strongly in 2025, reaching the highest point of 4,061,643 thousand. This pattern suggests robust earnings growth with a minor interruption in 2024.
- Earnings Before Tax (EBT)
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The EBT values mirrored the net income trend, rising from 1,316,711 thousand in 2020 to a peak of 3,789,190 thousand in 2023. A decrease occurred in 2024 to 3,190,032 thousand, followed by a sharp increase to 4,644,448 thousand in 2025. This pattern indicates that the company's profitability before tax follows a similar cyclical pattern with overall growth.
- Earnings Before Interest and Tax (EBIT)
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EBIT showed a continuous upward trajectory from 1,476,985 thousand in 2020 to 4,086,130 thousand in 2023. The data reveals a slight decline in 2024 to 3,501,285 thousand but then jumps to 4,946,614 thousand in 2025, marking the highest level recorded within the timeframe. This suggests effective operational management despite the mid-cycle dip.
- Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA)
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EBITDA consistently increased from 1,825,034 thousand in 2020 to 4,501,243 thousand in 2023, which represents the highest growth surge in the earlier years. A decline was also noted in 2024, where EBITDA decreased to 3,903,015 thousand, followed by a recovery to 5,340,702 thousand in 2025. The elevation in EBITDA over time emphasizes improved cash earnings capacity despite fluctuations.
Overall, the figures reflect strong upward momentum in all profitability indicators, with a notable dip across all metrics in 2024 followed by substantial recovery in 2025. This fluctuation may warrant further investigation into external or internal factors affecting performance during 2024. The company's ability to surpass previous highs by 2025 highlights resilient financial health and effective cost and operational controls.
Enterprise Value to EBITDA Ratio, Current
KLA Corp., current EV/EBITDA calculation, comparison to benchmarks
| Selected Financial Data (US$ in thousands) | |
| Enterprise value (EV) | 117,962,991) |
| Earnings before interest, tax, depreciation and amortization (EBITDA) | 5,340,702) |
| Valuation Ratio | |
| EV/EBITDA | 22.09 |
| Benchmarks | |
| EV/EBITDA, Competitors1 | |
| Advanced Micro Devices Inc. | 54.55 |
| Analog Devices Inc. | 28.57 |
| Applied Materials Inc. | 14.56 |
| Broadcom Inc. | 62.66 |
| Intel Corp. | 114.11 |
| Lam Research Corp. | 25.61 |
| Micron Technology Inc. | 15.00 |
| NVIDIA Corp. | 51.15 |
| Qualcomm Inc. | 13.56 |
| Texas Instruments Inc. | 24.23 |
| EV/EBITDA, Sector | |
| Semiconductors & Semiconductor Equipment | 62.40 |
| EV/EBITDA, Industry | |
| Information Technology | 36.95 |
Based on: 10-K (reporting date: 2025-06-30).
1 Click competitor name to see calculations.
If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.
Enterprise Value to EBITDA Ratio, Historical
KLA Corp., historical EV/EBITDA calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||
| Enterprise value (EV)1 | 122,107,895) | 96,691,454) | 70,524,992) | 60,067,875) | 54,916,007) | 33,040,138) | |
| Earnings before interest, tax, depreciation and amortization (EBITDA)2 | 5,340,702) | 3,903,015) | 4,501,243) | 4,012,920) | 2,851,117) | 1,825,034) | |
| Valuation Ratio | |||||||
| EV/EBITDA3 | 22.86 | 24.77 | 15.67 | 14.97 | 19.26 | 18.10 | |
| Benchmarks | |||||||
| EV/EBITDA, Competitors4 | |||||||
| Advanced Micro Devices Inc. | — | 34.40 | 65.81 | 22.63 | 34.19 | 62.10 | |
| Analog Devices Inc. | — | 27.10 | 15.56 | 16.23 | 38.55 | 23.61 | |
| Applied Materials Inc. | — | 15.31 | 15.75 | 11.04 | 17.54 | 16.82 | |
| Broadcom Inc. | — | 45.78 | 26.42 | 13.54 | 19.72 | 18.89 | |
| Intel Corp. | — | 97.96 | 18.96 | 6.20 | 6.02 | 6.40 | |
| Lam Research Corp. | — | 20.93 | 15.36 | 11.36 | 16.94 | 18.35 | |
| Micron Technology Inc. | — | 12.40 | 32.38 | 3.26 | 6.05 | 6.46 | |
| NVIDIA Corp. | 36.78 | 46.95 | 95.69 | 57.58 | 58.98 | 52.92 | |
| Qualcomm Inc. | — | 15.19 | 12.82 | 7.84 | 12.76 | 19.49 | |
| Texas Instruments Inc. | — | 22.89 | 16.36 | 14.69 | 15.54 | 21.75 | |
| EV/EBITDA, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 33.98 | 26.56 | 14.51 | 15.52 | 14.73 | |
| EV/EBITDA, Industry | |||||||
| Information Technology | — | 27.71 | 23.65 | 18.34 | 20.58 | 19.78 | |
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).
3 2025 Calculation
EV/EBITDA = EV ÷ EBITDA
= 122,107,895 ÷ 5,340,702 = 22.86
4 Click competitor name to see calculations.
- Enterprise Value (EV) Trends
- The enterprise value shows a consistent upward trajectory over the analyzed periods, increasing from approximately 33 billion US dollars in mid-2020 to over 122 billion US dollars by mid-2025. This more than threefold increase suggests a significant growth in market valuation or firm size, reflecting either enhanced market perceptions, business expansion, or asset appreciation.
- EBITDA Trends
- Earnings before interest, tax, depreciation, and amortization (EBITDA) exhibited robust growth from about 1.8 billion US dollars in mid-2020 to over 5.3 billion US dollars by mid-2025. Though the overall trend was upward, a notable deviation occurred between mid-2023 and mid-2024 where EBITDA declined from approximately 4.5 billion to 3.9 billion before recovering in the subsequent year. This fluctuation indicates a temporary contraction in operational profitability or possibly the impact of non-recurring factors affecting earnings.
- EV/EBITDA Ratio Analysis
- The EV/EBITDA ratio, which indicates valuation relative to earnings, showed variability across the periods. Starting at 18.1 in mid-2020, it peaked at 19.26 in mid-2021 and then decreased to a low of 14.97 mid-2022, suggesting a relatively attractive valuation at that time. Following this, it gradually increased again to 15.67 by mid-2023 before sharply rising to 24.77 in mid-2024 and slightly declining to 22.86 in mid-2025. The spike in this ratio despite the faltering EBITDA during 2023-2024 suggests that enterprise value grew disproportionately compared to earnings, possibly reflecting market optimism or expectations for future growth that may not have been immediately realized in EBITDA figures.
- Summary of Financial Patterns
- Overall, the data indicates strong growth in both enterprise value and EBITDA over the five-year horizon, albeit with a short-term decline in earnings in one period. The fluctuations in the valuation multiple imply changing market perceptions and varying balance between growth expectations and actual earnings performance. The increasing EV coupled with temporary EBITDA dips points to periods of market optimism or investment activity potentially decoupled from immediate operational results.