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. | Marvell Technology Inc. | Micron Technology Inc. | NVIDIA Corp. | Qualcomm Inc. | Texas Instruments Inc. | Semiconductors & Semiconductor Equipment | Information Technology | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||||||||||||
| Current share price (P) | $185.60 | ||||||||||||||||
| No. shares of common stock outstanding | 1,306,546,783 | ||||||||||||||||
| Growth rate (g) | 66.91% | ||||||||||||||||
| Earnings per share (EPS) | $3.70 | ||||||||||||||||
| Next year expected EPS | $6.17 | ||||||||||||||||
| Operating profit per share | $4.33 | ||||||||||||||||
| Sales per share | $10.39 | ||||||||||||||||
| Book value per share (BVPS) | $4.86 | ||||||||||||||||
| Valuation Ratios (Price Multiples) | |||||||||||||||||
| Price to earnings (P/E) | 50.20 | 179.84 | 77.42 | 51.57 | 73.63 | — | 52.99 | 73.42 | 134.46 | 46.24 | 32.10 | 47.19 | 83.52 | 54.47 | |||
| Price to next year expected earnings | 30.07 | 171.82 | 76.21 | 38.09 | 74.24 | — | 36.03 | 76.21 | 124.02 | 30.83 | 24.43 | 42.45 | 74.71 | 43.38 | |||
| Price-earnings-growth (PEG) | 0.75 | 38.52 | 48.87 | 1.46 | — | — | 1.13 | — | 15.97 | 0.93 | 1.02 | 4.22 | 7.08 | 2.13 | |||
| Price to operating profit (P/OP) | 42.84 | 211.05 | 59.86 | 43.53 | 66.82 | — | 46.95 | 148.18 | 117.52 | 42.58 | 14.40 | 39.19 | 72.52 | 45.44 | |||
| Price to sales (P/S) | 17.86 | 22.51 | 15.93 | 12.72 | 26.65 | 9.14 | 16.57 | 23.92 | 30.72 | 25.71 | 4.02 | 13.35 | 25.03 | 13.98 | |||
| Price to book value (P/BV) | 38.19 | 12.38 | 5.19 | 17.68 | 20.95 | 4.23 | 30.87 | 13.70 | 21.20 | 35.30 | 8.39 | 14.50 | 22.35 | 18.73 | |||
Based on: 10-K (reporting date: 2026-06-30).
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: 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).
The valuation multiples exhibit a general upward trajectory over the analyzed period, characterized by a significant expansion in price multiples toward the end of the sequence. A common trough is observed across most ratios in June 2022, followed by a period of recovery and a sharp acceleration in valuation premiums by June 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- These two metrics demonstrate a highly correlated movement. Both ratios declined to their lowest points in June 2022, with the P/E ratio dropping to 16.89 and the P/OP ratio to 15.36. Following this period, there was a sustained increase, culminating in a substantial spike in June 2026, where the P/E ratio reached 52.26 and the P/OP ratio reached 44.60. This suggests a significant increase in the market's willingness to pay a premium for each unit of earnings and operating profit over time.
- Price to Sales (P/S)
- The P/S ratio followed a similar pattern of a 2022 dip (6.09) followed by consistent growth. The ratio expanded steadily from June 2023 (6.47) through June 2025 (9.93), before nearly doubling to 18.59 in June 2026. This indicates an aggressive expansion in valuation relative to revenue generation.
- Price to Book Value (P/BV)
- Unlike the other multiples, the P/BV ratio exhibited significant volatility and a divergent trend in 2022, spiking to 40.04 while other ratios were declining. After this peak, the ratio normalized to a range between 23.25 and 28.08 from 2023 to 2025, before rising again to 39.76 in June 2026. This volatility suggests fluctuations in the equity base or significant changes in the market's assessment of the company's asset value relative to its share price.
Overall, the data indicates a transition from a more conservative valuation environment in 2022 to a highly premium valuation by 2026. The simultaneous surge in P/E, P/OP, and P/S ratios in the final year of the data suggests an expectation of high future growth or a significant increase in market sentiment.
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Price to Earnings (P/E)
KLA Corp., historical P/E calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | |
| Selected Financial Data (US$) | |||||||
| Net income attributable to KLA (in thousands) | 4,830,771) | 4,061,643) | 2,761,896) | 3,387,277) | 3,321,807) | 2,078,292) | |
| Earnings per share (EPS)2 | 3.70 | 3.08 | 2.05 | 2.48 | 2.34 | 1.36 | |
| Share price1, 3 | 193.22 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | |
| Valuation Ratio | |||||||
| P/E ratio4 | 52.26 | 29.72 | 34.24 | 20.04 | 16.89 | 25.97 | |
| 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 | |
| Applied Materials Inc. | — | 29.37 | 19.20 | 19.63 | 13.55 | 22.05 | |
| Broadcom Inc. | — | 67.63 | 175.56 | 36.78 | 20.70 | 40.73 | |
| Intel Corp. | — | — | — | 109.27 | 14.54 | 9.85 | |
| Lam Research Corp. | 53.62 | 24.09 | 27.05 | 19.26 | 13.77 | 21.03 | |
| Marvell Technology Inc. | 29.61 | — | — | — | — | — | |
| Micron Technology Inc. | — | 24.69 | 145.72 | — | 6.62 | 13.38 | |
| NVIDIA Corp. | 39.58 | 43.95 | 56.68 | 131.70 | 68.08 | 78.54 | |
| Qualcomm Inc. | — | 34.74 | 18.95 | 17.07 | 9.75 | 17.15 | |
| Texas Instruments Inc. | — | 40.19 | 34.72 | 22.24 | 18.88 | 20.38 | |
| P/E Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 47.92 | 81.32 | 49.31 | 23.72 | 24.87 | |
| P/E Ratio, Industry | |||||||
| Information Technology | — | 40.70 | 45.43 | 36.13 | 26.99 | 29.70 | |
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).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
EPS = Net income attributable to KLA ÷ No. shares of common stock outstanding
= 4,830,771,000 ÷ 1,306,546,783 = 3.70
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2026 Calculation
P/E ratio = Share price ÷ EPS
= 193.22 ÷ 3.70 = 52.26
5 Click competitor name to see calculations.
The financial data indicates a significant expansion in valuation multiples and a strong upward trajectory in share price over the analyzed six-year period. While earnings have grown, the growth in the share price has outpaced earnings growth, leading to a substantial increase in the Price-to-Earnings (P/E) ratio by the end of the period.
- Share Price Evolution
- A consistent and accelerating increase in share price is observed, rising from 35.34 US$ in June 2021 to 193.22 US$ by June 2026. The most pronounced growth occurred between June 2025 and June 2026, where the price more than doubled, indicating a period of intense market appreciation.
- Earnings Per Share (EPS) Trends
- Earnings per share demonstrated a general upward trend, growing from 1.36 US$ in 2021 to 3.70 US$ in 2026. However, this growth was not linear; a notable contraction occurred in June 2024, where EPS declined to 2.05 US$ from 2.48 US$ the previous year, before recovering and reaching peak levels in the final two years.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio exhibited significant volatility and an overall expansion. An initial decline from 25.97 in 2021 to 16.89 in 2022 suggests a period where earnings growth exceeded price appreciation. This was followed by a sharp increase to 34.24 in 2024, a spike driven by the simultaneous increase in share price and a decrease in EPS. After a brief correction to 29.72 in 2025, the ratio surged to 52.26 by June 2026, reflecting a high valuation premium relative to current earnings.
- Correlation Between Price and Earnings
- The relationship between share price and earnings shifted from a valuation based on fundamental growth to one driven by higher multiples. Between 2021 and 2023, the P/E remained relatively moderate. From 2024 onward, the divergence between the accelerating share price and the more modest growth in EPS resulted in a steep escalation of the P/E ratio, suggesting that market expectations for future growth have become the primary driver of the stock's valuation.
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Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | |
| Selected Financial Data (US$) | |||||||
| Income from operations (in thousands) | 5,660,780) | 4,775,127) | 3,346,210) | 3,994,696) | 3,654,181) | 2,488,480) | |
| Operating profit per share2 | 4.33 | 3.62 | 2.49 | 2.92 | 2.58 | 1.63 | |
| Share price1, 3 | 193.22 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | |
| Valuation Ratio | |||||||
| P/OP ratio4 | 44.60 | 25.28 | 28.26 | 16.99 | 15.36 | 21.69 | |
| 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 | |
| Applied Materials Inc. | — | 24.80 | 17.52 | 17.58 | 11.35 | 18.85 | |
| Broadcom Inc. | — | 61.37 | 76.87 | 31.96 | 16.33 | 30.78 | |
| Intel Corp. | — | — | — | 1,984.43 | 49.91 | 10.06 | |
| Lam Research Corp. | 47.51 | 21.88 | 24.29 | 16.79 | 11.79 | 18.34 | |
| Marvell Technology Inc. | 59.77 | — | — | 147.29 | — | — | |
| Micron Technology Inc. | — | 21.58 | 86.94 | — | 5.93 | 12.48 | |
| NVIDIA Corp. | 36.45 | 39.33 | 51.16 | 136.19 | 66.12 | 75.08 | |
| Qualcomm Inc. | — | 15.58 | 19.08 | 15.85 | 7.95 | 15.84 | |
| Texas Instruments Inc. | — | 33.37 | 30.49 | 19.75 | 16.29 | 17.67 | |
| P/OP Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 41.60 | 56.26 | 45.10 | 22.05 | 22.59 | |
| P/OP Ratio, Industry | |||||||
| Information Technology | — | 33.95 | 35.16 | 30.04 | 22.89 | 26.21 | |
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).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
Operating profit per share = Income from operations ÷ No. shares of common stock outstanding
= 5,660,780,000 ÷ 1,306,546,783 = 4.33
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 193.22 ÷ 4.33 = 44.60
5 Click competitor name to see calculations.
The valuation of the equity exhibits a pattern of significant multiple expansion, particularly in the latter half of the analyzed period. While both share price and operating profit per share generally trended upward, the growth in market valuation substantially outpaced the growth in underlying operating profitability.
- Share Price Trajectory
- A consistent and accelerating upward trend is observed, with the price increasing from 35.34 US$ in 2021 to 193.22 US$ by 2026. The most pronounced growth occurred between 2025 and 2026, where the price more than doubled.
- Operating Profit per Share Performance
- Operating profit per share grew from 1.63 US$ in 2021 to 4.33 US$ in 2026. This growth was not linear, as a contraction occurred in 2024, with profit declining to 2.49 US$ from the 2.92 US$ recorded in 2023, before recovering in the subsequent years.
- Price to Operating Profit (P/OP) Analysis
- The P/OP ratio underwent a period of volatility and subsequent expansion. After an initial decrease from 21.69 in 2021 to a low of 15.36 in 2022, the ratio shifted upward sharply starting in 2024. The ratio rose to 28.26 in 2024 and reached a peak of 44.60 by 2026. This expansion indicates that the market is attributing a significantly higher premium to operating profits over time, suggesting increased investor expectations for future growth.
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Price to Sales (P/S)
KLA Corp., historical P/S calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | |
| Selected Financial Data (US$) | |||||||
| Revenues (in thousands) | 13,579,476) | 12,156,162) | 9,812,247) | 10,496,056) | 9,211,883) | 6,918,734) | |
| Sales per share2 | 10.39 | 9.21 | 7.30 | 7.68 | 6.50 | 4.53 | |
| Share price1, 3 | 193.22 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | |
| Valuation Ratio | |||||||
| P/S ratio4 | 18.59 | 9.93 | 9.64 | 6.47 | 6.09 | 7.80 | |
| 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 | |
| Applied Materials Inc. | — | 7.25 | 5.07 | 5.08 | 3.43 | 5.63 | |
| Broadcom Inc. | — | 24.48 | 20.07 | 14.46 | 7.00 | 9.55 | |
| Intel Corp. | — | 4.26 | 1.58 | 3.40 | 1.85 | 2.48 | |
| Lam Research Corp. | 16.77 | 7.00 | 6.95 | 4.99 | 3.68 | 5.62 | |
| Marvell Technology Inc. | 9.65 | 10.49 | 10.63 | 5.92 | 12.40 | 10.92 | |
| Micron Technology Inc. | — | 5.64 | 4.51 | 4.94 | 1.87 | 2.83 | |
| NVIDIA Corp. | 22.01 | 24.55 | 27.69 | 21.33 | 24.67 | 20.41 | |
| Qualcomm Inc. | — | 4.35 | 4.93 | 3.45 | 2.85 | 4.62 | |
| Texas Instruments Inc. | — | 11.37 | 10.65 | 8.26 | 8.25 | 8.63 | |
| P/S Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 14.36 | 11.73 | 8.21 | 5.92 | 6.30 | |
| P/S Ratio, Industry | |||||||
| Information Technology | — | 10.44 | 9.30 | 7.31 | 6.01 | 6.97 | |
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).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
Sales per share = Revenues ÷ No. shares of common stock outstanding
= 13,579,476,000 ÷ 1,306,546,783 = 10.39
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 193.22 ÷ 10.39 = 18.59
5 Click competitor name to see calculations.
The analysis of valuation metrics reveals a substantial expansion in the market valuation of the company relative to its revenue generation. While both share price and sales per share exhibit an overall upward trajectory over the observed period, the rate of increase in the share price has significantly exceeded the growth in sales per share, resulting in a sharp rise in the Price-to-Sales (P/S) ratio.
- Share Price Evolution
- The share price demonstrated consistent growth from US$ 35.34 in June 2021 to US$ 91.48 in June 2025. A significant acceleration is observed between June 2025 and June 2026, where the price more than doubled to reach US$ 193.22.
- Sales per Share Performance
- Revenue per share increased from US$ 4.53 in 2021 to US$ 10.39 in 2026. This growth was generally positive, although a slight contraction occurred in June 2024, when sales per share declined from US$ 7.68 to US$ 7.30 before resuming an upward trend.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio experienced an initial decline, reaching a minimum of 6.09 in June 2022. Following this trough, the ratio entered a period of steady increase, reaching 9.64 in 2024 and 9.93 in 2025. The most pronounced expansion occurred in June 2026, with the ratio surging to 18.59.
The divergence between the P/S ratio in 2021 (7.80) and 2026 (18.59) indicates a fundamental shift in the valuation multiple. The disproportionate increase in the share price relative to the steady growth in sales suggests that market sentiment shifted toward significantly higher growth expectations or a higher premium on the company's revenue streams toward the end of the period.
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Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation, comparison to benchmarks
| Jun 30, 2026 | Jun 30, 2025 | Jun 30, 2024 | Jun 30, 2023 | Jun 30, 2022 | Jun 30, 2021 | ||
|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,546,783 | 1,319,613,700 | 1,344,250,220 | 1,367,200,740 | 1,418,037,760 | 1,527,371,570 | |
| Selected Financial Data (US$) | |||||||
| Total KLA stockholders’ equity (in thousands) | 6,349,820) | 4,692,453) | 3,368,328) | 2,919,753) | 1,401,351) | 3,377,554) | |
| Book value per share (BVPS)2 | 4.86 | 3.56 | 2.51 | 2.14 | 0.99 | 2.21 | |
| Share price1, 3 | 193.22 | 91.48 | 70.35 | 49.65 | 39.57 | 35.34 | |
| Valuation Ratio | |||||||
| P/BV ratio4 | 39.76 | 25.73 | 28.08 | 23.25 | 40.04 | 15.98 | |
| 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 | |
| Applied Materials Inc. | — | 10.07 | 7.25 | 8.23 | 7.25 | 10.60 | |
| Broadcom Inc. | — | 19.24 | 15.29 | 21.59 | 10.23 | 10.50 | |
| Intel Corp. | — | 1.97 | 0.85 | 1.75 | 1.15 | 2.05 | |
| Lam Research Corp. | 31.24 | 13.09 | 12.13 | 10.58 | 10.10 | 13.64 | |
| Marvell Technology Inc. | 5.53 | 4.51 | 3.95 | 2.24 | 3.52 | 3.84 | |
| Micron Technology Inc. | — | 3.89 | 2.51 | 1.74 | 1.15 | 1.79 | |
| NVIDIA Corp. | 30.21 | 40.38 | 39.25 | 26.03 | 24.95 | 20.14 | |
| Qualcomm Inc. | — | 9.08 | 7.31 | 5.72 | 7.00 | 15.59 | |
| Texas Instruments Inc. | — | 12.35 | 9.86 | 8.57 | 11.33 | 11.87 | |
| P/BV Ratio, Sector | |||||||
| Semiconductors & Semiconductor Equipment | — | 12.82 | 9.07 | 6.26 | 5.10 | 6.17 | |
| P/BV Ratio, Industry | |||||||
| Information Technology | — | 13.99 | 13.09 | 11.29 | 10.25 | 12.35 | |
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).
1 Data adjusted for splits and stock dividends.
2 2026 Calculation
BVPS = Total KLA stockholders’ equity ÷ No. shares of common stock outstanding
= 6,349,820,000 ÷ 1,306,546,783 = 4.86
3 Closing price as at the filing date of KLA Corp. Annual Report.
4 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 193.22 ÷ 4.86 = 39.76
5 Click competitor name to see calculations.
The valuation metrics from June 30, 2021, through June 30, 2026, reveal a significant expansion in market valuation relative to the accounting value of the company. While both the share price and the book value per share show an overall upward trajectory, the growth in market price has substantially outpaced the growth in equity, resulting in a high and volatile price-to-book multiple.
- Share Price Trends
- A consistent and accelerating increase in share price is observed, moving from 35.34 in 2021 to 193.22 by 2026. The most aggressive growth phase occurs between 2025 and 2026, where the share price more than doubles in a single year.
- Book Value per Share (BVPS) Performance
- The book value per share experienced a notable contraction in 2022, dropping to 0.99 from 2.21 in the previous year. Following this decline, a steady recovery trend is evident, with BVPS increasing every year from 2023 onward to reach a period high of 4.86 in 2026.
- Price to Book Value (P/BV) Interpretation
- The P/BV ratio exhibits significant fluctuations, reflecting divergent movements between market price and book value. A sharp peak of 40.04 occurred in 2022, primarily driven by the decline in BVPS. A period of relative stabilization followed between 2023 and 2025, with the ratio oscillating between 23.25 and 28.08. By 2026, the ratio climbed again to 39.76, indicating that the market is attributing a substantial premium to the company's assets.
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