KLA Corp., FCFF calculation

US$ in thousands

12 months ended:	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Net income attributable to KLA	2,761,896)	3,387,277)	3,321,807)	2,078,292)	1,216,785)	1,175,617)
Net (income) loss attributable to non-controlling interest	—)	74)	253)	(939)	(1,760)	(600)
Net noncash charges	747,860)	272,341)	296,053)	350,986)	651,190)	303,958)
Changes in assets and liabilities, net of assets acquired and liabilities assumed in business acquisitions	(201,181)	10,113)	(305,411)	(243,313)	(87,365)	(326,343)
Net cash provided by operating activities	3,308,575)	3,669,805)	3,312,702)	2,185,026)	1,778,850)	1,152,632)
Interest paid, net of tax¹	239,533)	200,216)	147,249)	135,692)	140,897)	95,402)
Capital expenditures	(277,384)	(341,591)	(307,320)	(231,628)	(152,675)	(130,498)
Free cash flow to the firm (FCFF)	3,270,724)	3,528,430)	3,152,631)	2,089,090)	1,767,072)	1,117,536)

Based on: 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).

¹ See details »

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Item	Description	The company
FCFF	Free cash flow to the firm is the cash flow available to the KLA Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	KLA Corp. FCFF increased from 2022 to 2023 but then slightly decreased from 2023 to 2024 not reaching 2022 level.

KLA Corp., interest paid, net of tax calculation

US$ in thousands

12 months ended:	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Effective Income Tax Rate (EITR)
EITR¹	13.40%	10.60%	4.80%	12.00%	7.70%	10.90%
Interest Paid, Net of Tax
Interest paid, before tax	276,597)	223,955)	154,673)	154,196)	152,651)	107,073)
Less: Interest paid, tax²	37,064)	23,739)	7,424)	18,504)	11,754)	11,671)
Interest paid, net of tax	239,533)	200,216)	147,249)	135,692)	140,897)	95,402)

Based on: 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).

¹ See details »

² 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 276,597 × 13.40% = 37,064

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KLA Corp., current EV/FCFF calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	93,545,579)
Free cash flow to the firm (FCFF)	3,270,724)
Valuation Ratio
EV/FCFF	28.60
Benchmarks
EV/FCFF, Competitors¹
Advanced Micro Devices Inc.	61.80
Analog Devices Inc.	29.91
Applied Materials Inc.	15.43
Broadcom Inc.	44.65
Intel Corp.	—
Lam Research Corp.	21.48
Micron Technology Inc.	156.18
Monolithic Power Systems Inc.	42.38
NVIDIA Corp.	42.99
Qualcomm Inc.	13.76
Texas Instruments Inc.	78.72
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	66.47
EV/FCFF, Industry
Information Technology	40.81

Based on: 10-K (reporting date: 2024-06-30).

¹ Click competitor name to see calculations.

If the company EV/FCFF is lower then the EV/FCFF of benchmark then company is relatively undervalued.
Otherwise, if the company EV/FCFF is higher then the EV/FCFF of benchmark then company is relatively overvalued.

KLA Corp., historical EV/FCFF calculation, comparison to benchmarks

	Jun 30, 2024	Jun 30, 2023	Jun 30, 2022	Jun 30, 2021	Jun 30, 2020	Jun 30, 2019
Selected Financial Data (US$ in thousands)
Enterprise value (EV)¹	96,691,454)	70,524,992)	60,067,875)	54,916,007)	33,040,138)	23,380,502)
Free cash flow to the firm (FCFF)²	3,270,724)	3,528,430)	3,152,631)	2,089,090)	1,767,072)	1,117,536)
Valuation Ratio
EV/FCFF³	29.56	19.99	19.05	26.29	18.70	20.92
Benchmarks
EV/FCFF, Competitors⁴
Advanced Micro Devices Inc.	72.30	225.41	38.82	43.41	126.98	—
Analog Devices Inc.	33.82	25.61	23.12	39.16	27.12	21.67
Applied Materials Inc.	17.55	17.40	19.06	26.22	22.52	18.91
Broadcom Inc.	51.00	28.53	14.74	19.47	16.54	15.04
Intel Corp.	—	—	—	16.94	11.08	—
Lam Research Corp.	24.56	17.99	24.08	24.40	26.78	10.44
Micron Technology Inc.	203.18	—	16.58	28.79	188.88	13.85
Monolithic Power Systems Inc.	41.80	58.38	117.73	91.92	80.84	—
NVIDIA Corp.	61.32	142.92	78.06	69.50	41.66	—
Qualcomm Inc.	16.26	11.61	18.18	17.47	30.89	14.91
Texas Instruments Inc.	89.36	89.85	27.02	24.20	27.67	—
EV/FCFF, Sector
Semiconductors & Semiconductor Equipment	56.69	60.26	35.28	26.38	22.16	—
EV/FCFF, Industry
Information Technology	40.33	34.40	26.74	27.56	23.97	—

Based on: 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).

¹ See details »

² See details »

³ 2024 Calculation
EV/FCFF = EV ÷ FCFF
= 96,691,454 ÷ 3,270,724 = 29.56

⁴ Click competitor name to see calculations.

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	KLA Corp. EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

KLA Corp. (NASDAQ:KLAC)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical