Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Current Valuation Ratios
KLA Corp., current price multiples
| 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. | Semiconductors & Semiconductor Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | ||||||||||||||||
| Current share price (P) | $210.52 | |||||||||||||||
| No. shares of common stock outstanding | 1,306,275,210 | |||||||||||||||
| Growth rate (g) | 61.89% | |||||||||||||||
| Earnings per share (EPS) | $3.11 | |||||||||||||||
| Next year expected EPS | $5.03 | |||||||||||||||
| Operating profit per share | $3.66 | |||||||||||||||
| Sales per share | $9.31 | |||||||||||||||
| Book value per share (BVPS) | $3.59 | |||||||||||||||
| Valuation Ratios (Price Multiples) | ||||||||||||||||
| Price to earnings (P/E) | 67.71 | 196.33 | 79.89 | 60.84 | 78.57 | — | 71.23 | 121.81 | 41.69 | 31.76 | 51.05 | 78.89 | 50.76 | |||
| Price to next year expected earnings | 41.82 | 187.57 | 78.64 | 44.94 | 79.22 | — | 49.35 | 112.35 | 27.80 | 24.17 | 45.92 | 70.17 | 40.29 | |||
| Price-earnings-growth (PEG) | 1.09 | 42.05 | 50.43 | 1.72 | — | — | 1.61 | 14.47 | 0.83 | 1.01 | 4.56 | 6.35 | 1.95 | |||
| Price to operating profit (P/OP) | 57.59 | 230.40 | 61.77 | 51.36 | 71.30 | — | 64.68 | 106.46 | 38.39 | 14.24 | 42.39 | 68.62 | 42.38 | |||
| Price to sales (P/S) | 22.62 | 24.57 | 16.44 | 15.01 | 28.44 | 8.81 | 20.70 | 27.83 | 23.18 | 3.97 | 14.44 | 24.10 | 13.07 | |||
| Price to book value (P/BV) | 58.60 | 13.51 | 5.36 | 20.86 | 22.35 | 4.07 | 38.70 | 19.20 | 31.82 | 8.30 | 15.69 | 21.82 | 17.63 | |||
Based on: 10-K (reporting date: 2025-06-30).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples
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 valuation multiples for KLA Corp. demonstrate a period of volatility followed by a general expansion in market premiums between 2020 and 2025. While several ratios experienced a notable contraction or anomaly in 2022, there is a clear trend toward higher valuation multiples in the most recent fiscal years, indicating an increase in investor willingness to pay a premium relative to fundamental metrics.
- Earnings and Operating Profit Multiples
- The Price to Earnings (P/E) and Price to Operating Profit (P/OP) ratios exhibit a strong positive correlation. Both metrics declined significantly in 2022, reaching lows of 16.89 and 15.36 respectively, before ascending to peak levels in 2024 at 34.24 and 28.26. A moderate correction is observed in 2025, though both ratios remain substantially higher than the levels recorded during the 2022 trough.
- Revenue Valuation
- The Price to Sales (P/S) ratio shows a consistent long-term upward trajectory. Starting at 5.43 in 2020, the ratio increased to 9.93 by 2025. Despite a temporary dip in 2022, the sustained increase suggests a growing market premium attributed to the company's top-line performance and revenue quality.
- Book Value Correlation
- The Price to Book Value (P/BV) ratio experienced a significant spike in 2022, reaching 40.04, representing the most extreme valuation outlier in the dataset. This peak was followed by a sharp correction to 23.25 in 2023, with the ratio subsequently stabilizing within the 25.73 to 28.08 range through 2025.
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Price to Earnings (P/E)
KLA Corp., historical P/E calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | 1,554,614,440 | |
| Selected Financial Data (US$) | |||||||
| Net income attributable to KLA (in thousands) | 4,061,643) | 2,761,896) | 3,387,277) | 3,321,807) | 2,078,292) | 1,216,785) | |
| Earnings per share (EPS)2 | 3.08 | 2.05 | 2.48 | 2.34 | 1.36 | 0.78 | |
| Share price1, 3 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | 20.29 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 29.72 | 34.24 | 20.04 | 16.89 | 25.97 | 25.92 | |
| Benchmarks | |||||||
| P/E Ratio, Competitors5 | |||||||
| Advanced Micro Devices Inc. | 75.29 | 110.61 | 317.27 | 96.16 | 45.54 | — | |
| Analog Devices Inc. | 54.43 | 66.48 | 27.14 | 31.21 | 68.31 | 41.43 | |
| Applied Materials Inc. | 29.37 | 19.20 | 19.63 | 13.55 | 22.05 | 22.31 | |
| Broadcom Inc. | 67.63 | 175.56 | 36.78 | 20.70 | 40.73 | 66.38 | |
| Intel Corp. | — | — | 109.27 | 14.54 | 9.85 | — | |
| Lam Research Corp. | 24.09 | 27.05 | 19.26 | 13.77 | 21.03 | 24.23 | |
| Micron Technology Inc. | 24.69 | 145.72 | — | 6.62 | 13.38 | 21.80 | |
| NVIDIA Corp. | 43.95 | 56.68 | 131.70 | 68.08 | 78.54 | — | |
| Qualcomm Inc. | 34.74 | 18.95 | 17.07 | 9.75 | 17.15 | 28.06 | |
| Texas Instruments Inc. | 40.19 | 34.72 | 22.24 | 18.88 | 20.38 | — | |
| P/E Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | 47.17 | 78.62 | 48.39 | 22.88 | 24.30 | — | |
| P/E Ratio, Industry | |||||||
| Information Technology | 40.65 | 45.35 | 36.11 | 26.94 | 29.71 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
EPS = Net income attributable to KLA ÷ No. shares of common stock outstanding
= 4,061,643,000 ÷ 1,319,613,700 = 3.08
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= 91.48 ÷ 3.08 = 29.72
5 Click competitor name to see calculations.
The financial data indicates a consistent and significant appreciation in share price from June 30, 2020, through June 30, 2025. This upward trajectory is accompanied by a general increase in earnings per share, although the relationship between price and earnings has fluctuated, resulting in a volatile price-to-earnings (P/E) ratio over the six-year period.
- Share Price Appreciation
- A sustained bullish trend is evident in the share price, which rose from 20.29 US$ in 2020 to 91.48 US$ by 2025. This represents a substantial increase in market value, with the most aggressive growth occurring between 2023 and 2025.
- Earnings Per Share (EPS) Performance
- Earnings grew steadily from 0.78 US$ in 2020 to a peak of 2.48 US$ in 2023. A contraction was observed in 2024, where EPS declined to 2.05 US$, before recovering strongly to reach a period high of 3.08 US$ in 2025.
- Price-to-Earnings (P/E) Ratio Volatility
- The P/E ratio exhibited significant variance. After remaining stable around 25.9 in 2020 and 2021, the ratio declined to a low of 16.89 in 2022. A sharp increase followed, peaking at 34.24 in 2024. This 2024 peak is particularly notable as it occurred simultaneously with a dip in EPS and a rise in share price, suggesting that market valuation became decoupled from immediate earnings performance during that period. By 2025, the ratio moderated to 29.72 as earnings growth accelerated to catch up with the share price.
Overall, the analysis reveals a company experiencing strong capital appreciation. While earnings have generally trended upward, the fluctuations in the P/E ratio indicate shifting market sentiment and varying levels of premium applied to the stock relative to its actual earnings output.
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Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | 1,554,614,440 | |
| Selected Financial Data (US$) | |||||||
| Income from operations (in thousands) | 4,775,127) | 3,346,210) | 3,994,696) | 3,654,181) | 2,488,480) | 1,502,201) | |
| Operating profit per share2 | 3.62 | 2.49 | 2.92 | 2.58 | 1.63 | 0.97 | |
| Share price1, 3 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | 20.29 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 25.28 | 28.26 | 16.99 | 15.36 | 21.69 | 21.00 | |
| Benchmarks | |||||||
| P/OP Ratio, Competitors5 | |||||||
| Advanced Micro Devices Inc. | 88.36 | 95.53 | 675.69 | 100.42 | 39.48 | — | |
| Analog Devices Inc. | 42.08 | 53.48 | 23.53 | 26.16 | 56.12 | 33.76 | |
| Applied Materials Inc. | 24.80 | 17.52 | 17.58 | 11.35 | 18.85 | 18.50 | |
| Broadcom Inc. | 61.37 | 76.87 | 31.96 | 16.33 | 30.78 | 44.04 | |
| Intel Corp. | — | — | 1,984.43 | 49.91 | 10.06 | — | |
| Lam Research Corp. | 21.88 | 24.29 | 16.79 | 11.79 | 18.34 | 20.40 | |
| Micron Technology Inc. | 21.58 | 86.94 | — | 5.93 | 12.48 | 19.51 | |
| NVIDIA Corp. | 39.33 | 51.16 | 136.19 | 66.12 | 75.08 | — | |
| Qualcomm Inc. | 15.58 | 19.08 | 15.85 | 7.95 | 15.84 | 23.32 | |
| Texas Instruments Inc. | 33.37 | 30.49 | 19.75 | 16.29 | 17.67 | — | |
| P/OP Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | 41.03 | 54.98 | 44.62 | 21.30 | 22.09 | — | |
| P/OP Ratio, Industry | |||||||
| Information Technology | 33.94 | 35.16 | 30.06 | 22.85 | 26.22 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 4,775,127,000 ÷ 1,319,613,700 = 3.62
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 91.48 ÷ 3.62 = 25.28
5 Click competitor name to see calculations.
The financial data reveals a strong upward trajectory in share price and operating profit per share over the analyzed six-year period, accompanied by significant fluctuations in the valuation multiple.
- Share Price and Operating Profit Trends
- A consistent increase in share price is observed, rising from 20.29 in 2020 to 91.48 in 2025. During the same interval, operating profit per share grew from 0.97 to 3.62. While the general trend for operating profit is positive, a temporary contraction occurred in 2024, where profit per share declined to 2.49 from the previous year's 2.92.
- P/OP Ratio Analysis
- The Price to Operating Profit (P/OP) ratio exhibited three distinct phases. Between 2020 and 2021, the ratio remained stable near 21.00. A period of valuation contraction followed in 2022 and 2023, with the ratio dropping to a low of 15.36. A sharp expansion occurred in 2024, with the ratio peaking at 28.26, indicating that the share price increased substantially despite a decline in operating profit.
- Recent Valuation Adjustments
- In 2025, the P/OP ratio moderated to 25.28. This decline in the multiple was driven by a significant recovery in operating profit per share, which reached a period high of 3.62, effectively absorbing some of the share price appreciation and bringing the valuation into closer alignment with fundamental earnings growth.
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Price to Sales (P/S)
KLA Corp., historical P/S calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | 1,554,614,440 | |
| Selected Financial Data (US$) | |||||||
| Revenues (in thousands) | 12,156,162) | 9,812,247) | 10,496,056) | 9,211,883) | 6,918,734) | 5,806,424) | |
| Sales per share2 | 9.21 | 7.30 | 7.68 | 6.50 | 4.53 | 3.73 | |
| Share price1, 3 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | 20.29 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 9.93 | 9.64 | 6.47 | 6.09 | 7.80 | 5.43 | |
| Benchmarks | |||||||
| P/S Ratio, Competitors5 | |||||||
| Advanced Micro Devices Inc. | 9.42 | 7.04 | 11.95 | 5.38 | 8.76 | — | |
| Analog Devices Inc. | 11.20 | 11.53 | 7.31 | 7.14 | 12.98 | 9.03 | |
| Applied Materials Inc. | 7.25 | 5.07 | 5.08 | 3.43 | 5.63 | 4.69 | |
| Broadcom Inc. | 24.48 | 20.07 | 14.46 | 7.00 | 9.55 | 7.40 | |
| Intel Corp. | 4.26 | 1.58 | 3.40 | 1.85 | 2.48 | — | |
| Lam Research Corp. | 7.00 | 6.95 | 4.99 | 3.68 | 5.62 | 5.43 | |
| Micron Technology Inc. | 5.64 | 4.51 | 4.94 | 1.87 | 2.83 | 2.73 | |
| NVIDIA Corp. | 24.55 | 27.69 | 21.33 | 24.67 | 20.41 | — | |
| Qualcomm Inc. | 4.35 | 4.93 | 3.45 | 2.85 | 4.62 | 6.20 | |
| Texas Instruments Inc. | 11.37 | 10.65 | 8.26 | 8.25 | 8.63 | — | |
| P/S Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | 14.41 | 11.74 | 8.26 | 5.82 | 6.25 | — | |
| P/S Ratio, Industry | |||||||
| Information Technology | 10.47 | 9.33 | 7.33 | 6.01 | 6.99 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 12,156,162,000 ÷ 1,319,613,700 = 9.21
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 91.48 ÷ 9.21 = 9.93
5 Click competitor name to see calculations.
The valuation trajectory between June 30, 2020, and June 30, 2025, is characterized by a significant expansion in the price-to-sales (P/S) multiple, driven by a rapid increase in share price that outpaced the growth rate of sales per share.
- Share Price Evolution
- A consistent upward trend in share price is observed, rising from 20.29 in 2020 to 91.48 by 2025. The most pronounced acceleration occurred between 2023 and 2025, where the price increased from 49.65 to 91.48, reflecting a substantial increase in market valuation over the final two years of the period.
- Sales per Share Performance
- Sales per share demonstrated overall growth, moving from 3.73 in 2020 to 9.21 in 2025. While the general trend is positive, a temporary contraction was noted in 2024, with sales per share declining to 7.30 from 7.68 in the preceding year, followed by a strong recovery in 2025.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio exhibited volatility between 2020 and 2023, peaking at 7.80 in 2021 before compressing to 6.09 in 2022 and slightly recovering to 6.47 in 2023. A sharp expansion occurred in 2024 and 2025, with the ratio climbing to 9.64 and 9.93, respectively. The increase in the P/S ratio during 2024 is particularly significant because it occurred simultaneously with a decline in sales per share, indicating that the market increased the premium paid for each dollar of revenue regardless of the temporary dip in sales performance.
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Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation, comparison to benchmarks
| Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2020 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | 1,554,614,440 | |
| Selected Financial Data (US$) | |||||||
| Total KLA stockholders’ equity (in thousands) | 4,692,453) | 3,368,328) | 2,919,753) | 1,401,351) | 3,377,554) | 2,665,424) | |
| Book value per share (BVPS)2 | 3.56 | 2.51 | 2.14 | 0.99 | 2.21 | 1.71 | |
| Share price1, 3 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | 20.29 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 25.73 | 28.08 | 23.25 | 40.04 | 15.98 | 11.83 | |
| Benchmarks | |||||||
| P/BV Ratio, Competitors5 | |||||||
| Advanced Micro Devices Inc. | 5.18 | 3.15 | 4.85 | 2.32 | 19.21 | — | |
| Analog Devices Inc. | 3.65 | 3.09 | 2.53 | 2.35 | 2.50 | 4.22 | |
| Applied Materials Inc. | 10.07 | 7.25 | 8.23 | 7.25 | 10.60 | 7.63 | |
| Broadcom Inc. | 19.24 | 15.29 | 21.59 | 10.23 | 10.50 | 7.40 | |
| Intel Corp. | 1.97 | 0.85 | 1.75 | 1.15 | 2.05 | — | |
| Lam Research Corp. | 13.09 | 12.13 | 10.58 | 10.10 | 13.64 | 10.55 | |
| Micron Technology Inc. | 3.89 | 2.51 | 1.74 | 1.15 | 1.79 | 1.50 | |
| NVIDIA Corp. | 40.38 | 39.25 | 26.03 | 24.95 | 20.14 | — | |
| Qualcomm Inc. | 9.08 | 7.31 | 5.72 | 7.00 | 15.59 | 24.00 | |
| Texas Instruments Inc. | 12.35 | 9.86 | 8.57 | 11.33 | 11.87 | — | |
| P/BV Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | 13.05 | 9.25 | 6.44 | 5.18 | 6.24 | — | |
| P/BV Ratio, Industry | |||||||
| Information Technology | 14.12 | 13.28 | 11.48 | 10.44 | 12.51 | — | |
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).
1 Data adjusted for splits and stock dividends.
2 2025 Calculation
BVPS = Total KLA stockholders’ equity ÷ No. shares of common stock outstanding
= 4,692,453,000 ÷ 1,319,613,700 = 3.56
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 91.48 ÷ 3.56 = 25.73
5 Click competitor name to see calculations.
The valuation trajectory of KLA Corp. indicates a substantial expansion in market premiums relative to the company's accounting equity from 2020 to 2025. While the share price maintained a consistent and aggressive upward trend, the book value per share exhibited volatility, resulting in a Price to Book Value (P/BV) ratio that remained elevated throughout the period.
- Share Price Appreciation
- A continuous upward trajectory is observed in the share price, which rose from $20.29 in June 2020 to $91.48 by June 2025. This consistent growth reflects strong market confidence and an increasing valuation of the company's equity.
- Book Value per Share (BVPS) Volatility
- The BVPS demonstrated significant fluctuation, most notably a sharp decline in June 2022 to $0.99 from $2.21 in June 2021. Following this trough, the BVPS recovered steadily, increasing to $2.14 in 2023 and reaching $3.56 by June 2025.
- P/BV Ratio Analysis
- The P/BV ratio experienced a dramatic spike in June 2022, peaking at 40.04. This surge was the result of the convergence of a rising share price and a contracting book value. From 2023 to 2025, the ratio stabilized within a range of 23.25 to 28.08. The sustained high multiple suggests that the market values the company significantly above its tangible accounting net worth, a pattern often associated with high-growth technology firms possessing substantial intangible assets or high return-on-equity expectations.
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