Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
KLA Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
An analysis of the valuation ratios from September 2020 through March 2026 reveals a cyclical pattern characterized by an initial period of volatility, a valuation trough in late 2022, and a subsequent aggressive expansion in multiples through early 2026.
- Price to Earnings (P/E) and Price to Operating Profit (P/OP)
- Both the P/E and P/OP ratios exhibit highly correlated trajectories. After reaching a peak of 33.15 (P/E) and 26.27 (P/OP) in December 2020, these multiples declined steadily to reach their lowest points in September 2022, with the P/E dropping to 13.89 and the P/OP to 11.55. From 2023 onward, a sustained upward trend is observed, culminating in a significant valuation expansion by March 2026, where the P/E ratio reached 48.96 and the P/OP ratio reached 41.89. This suggests a substantial increase in market premiums assigned to earnings and operating profits over the latter half of the period.
- Price to Sales (P/S)
- The P/S ratio followed a similar U-shaped trend. Following a period of relative stability between 5.14 and 7.80 from 2020 to mid-2021, the ratio contracted to a low of 4.62 in September 2022. A sharp acceleration in the multiple began in late 2023, with the ratio climbing from 8.38 in December 2023 to 17.46 by March 2026. This indicates that the market is valuing each dollar of revenue significantly more highly at the end of the observed period than at the beginning.
- Price to Book Value (P/BV)
- The P/BV ratio shows a general long-term increase, though it is marked by a distinct volatility spike in June 2022, where the ratio surged to 40.04. Aside from this anomaly, the ratio trended from a range of 11.09 to 15.98 in 2020-2021 toward a higher baseline. In the final quarters of the analysis, the ratio expanded consistently, ending at 39.22 in March 2026. This trajectory indicates an increasing premium over the accounting book value of the company.
The synchronization across all four valuation metrics suggests a systemic re-rating of the stock. The transition from the valuation lows of late 2022 to the highs of early 2026 reflects a shift toward significantly more aggressive valuation multiples across earnings, sales, and book value.
AI Ask an analyst for more
Price to Earnings (P/E)
KLA Corp., historical P/E calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,275,210 | 1,310,766,110 | 1,313,923,380 | 1,319,613,700 | 1,322,414,300 | 1,328,867,460 | 1,337,597,780 | 1,344,250,220 | 1,346,399,510 | 1,352,336,510 | 1,359,323,160 | 1,367,200,740 | 1,371,989,020 | 1,384,797,640 | 1,417,183,270 | 1,418,037,760 | 1,492,350,490 | 1,507,153,430 | 1,516,221,650 | 1,527,371,570 | 1,532,817,830 | 1,540,746,510 | 1,544,598,170 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Net income attributable to KLA (in thousands) | 1,200,990) | 1,145,682) | 1,121,040) | 1,202,849) | 1,088,416) | 824,527) | 945,851) | 836,446) | 601,541) | 582,534) | 741,375) | 684,654) | 697,837) | 978,795) | 1,025,991) | 805,374) | 730,572) | 717,444) | 1,068,417) | 632,978) | 567,496) | 457,251) | 420,567) | |||||||
| Earnings per share (EPS)2 | 3.58 | 3.48 | 3.22 | 3.08 | 2.79 | 2.41 | 2.22 | 2.05 | 1.94 | 2.00 | 2.28 | 2.48 | 2.56 | 2.56 | 2.31 | 2.34 | 2.11 | 1.98 | 1.80 | 1.36 | 1.21 | 0.89 | 0.84 | |||||||
| Share price1, 3 | 175.04 | 142.79 | 120.87 | 91.48 | 67.63 | 73.82 | 66.62 | 70.35 | 70.63 | 59.94 | 45.79 | 49.65 | 38.65 | 39.94 | 32.15 | 39.57 | 31.93 | 36.67 | 35.53 | 35.34 | 31.54 | 29.42 | 19.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/E ratio4 | 48.96 | 41.06 | 37.48 | 29.72 | 24.20 | 30.58 | 30.04 | 34.24 | 36.43 | 29.95 | 20.06 | 20.04 | 15.12 | 15.62 | 13.89 | 16.89 | 15.13 | 18.51 | 19.76 | 25.97 | 26.04 | 33.15 | 23.60 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 137.18 | 75.29 | 126.23 | 93.41 | 73.07 | 110.61 | 132.06 | 172.70 | 208.95 | 317.27 | 839.13 | — | 332.75 | 96.16 | 41.59 | 50.59 | 47.48 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 58.51 | 62.47 | 54.43 | 61.53 | 57.43 | 76.64 | 66.48 | 68.22 | 55.68 | 34.12 | 27.14 | 23.57 | 23.96 | 28.93 | 31.21 | 46.35 | 50.61 | 68.72 | 68.31 | 35.88 | 36.19 | 41.93 | |||||||
| Applied Materials Inc. | — | 39.88 | 37.44 | 29.37 | 18.64 | 19.06 | 22.54 | 19.20 | 22.15 | 24.70 | 23.55 | 19.63 | 18.50 | 17.61 | 14.79 | 13.55 | 13.59 | 14.82 | 17.99 | 22.05 | 22.54 | 28.42 | 27.11 | |||||||
| Broadcom Inc. | — | 63.64 | 64.76 | 67.63 | 92.18 | 92.09 | 90.66 | 175.56 | 145.09 | 76.08 | 50.29 | 36.78 | 25.96 | 24.11 | 20.92 | 20.70 | 21.10 | 26.03 | 31.86 | 40.73 | 35.19 | 42.12 | 50.39 | |||||||
| Intel Corp. | — | — | — | — | 897.15 | — | — | — | — | 94.20 | 33.38 | 109.27 | — | — | — | 14.54 | 9.02 | 7.80 | 7.24 | — | — | — | — | |||||||
| Lam Research Corp. | 48.20 | 49.88 | 32.79 | 24.09 | 19.61 | 24.23 | 23.93 | 27.05 | 33.64 | 32.06 | 19.89 | 19.26 | 14.05 | 12.60 | 10.51 | 13.77 | 13.97 | 17.91 | 18.12 | 21.03 | 26.30 | 24.88 | 18.97 | |||||||
| Micron Technology Inc. | — | 20.78 | 23.49 | 24.69 | 22.65 | 22.66 | 25.00 | 145.72 | — | — | — | — | — | 43.16 | 8.72 | 6.62 | 5.97 | 9.80 | 14.54 | 13.38 | 21.84 | 32.41 | 28.88 | |||||||
| NVIDIA Corp. | 45.69 | 50.96 | 42.84 | 43.95 | 56.64 | 58.13 | 66.31 | 56.68 | 65.31 | 112.05 | 200.72 | 131.70 | 63.65 | 48.55 | 49.72 | 68.08 | 97.36 | 73.53 | 73.45 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 16.57 | 29.61 | 34.74 | 14.82 | 14.76 | 18.43 | 18.95 | 23.14 | 21.84 | 21.35 | 17.07 | 16.75 | 11.92 | 12.87 | 9.75 | 13.40 | 13.56 | 21.24 | 17.15 | 17.46 | 19.20 | 27.40 | |||||||
| Texas Instruments Inc. | — | — | 47.00 | 40.19 | 31.02 | 34.52 | 30.23 | 34.72 | 37.07 | 34.08 | 26.94 | 22.24 | 18.13 | 20.79 | 18.08 | 18.88 | 16.05 | 18.27 | 19.01 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
EPS
= (Net income attributable to KLAQ3 2026
+ Net income attributable to KLAQ2 2026
+ Net income attributable to KLAQ1 2026
+ Net income attributable to KLAQ4 2025)
÷ No. shares of common stock outstanding
= (1,200,990,000 + 1,145,682,000 + 1,121,040,000 + 1,202,849,000)
÷ 1,306,275,210 = 3.58
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/E ratio = Share price ÷ EPS
= 175.04 ÷ 3.58 = 48.96
5 Click competitor name to see calculations.
The financial trajectory from September 2020 through March 2026 reflects a significant expansion in market valuation relative to earnings, characterized by three distinct phases of P/E ratio movement.
- Share Price Evolution
- The share price exhibits a strong long-term upward trend, increasing from 19.72 US$ to 175.04 US$. Growth remained relatively moderate between 2020 and 2022, followed by a period of acceleration starting in late 2023. The most aggressive gains occurred in the final year of the period, specifically between September 2025 and March 2026.
- Earnings per Share (EPS) Trends
- Earnings per share grew steadily from 0.84 US$ in September 2020, reaching an initial peak of 2.56 US$ in March 2023. A temporary contraction was observed between September 2023 and March 2024, with EPS dipping to a low of 1.94 US$. Subsequent to this decline, earnings resumed a consistent upward trajectory, concluding at 3.58 US$ in March 2026.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio experienced substantial volatility. After an initial peak of 33.15 in December 2020, the ratio underwent a period of sustained compression, reaching a minimum of 13.89 in September 2022. From December 2022 onward, the ratio entered a prolonged expansionary phase, climbing to 48.96 by March 2026. This suggests a shift in market sentiment, where investors increasingly attributed a higher premium to future earnings potential.
The divergence observed in the latter portion of the period indicates that the surge in share price was driven more significantly by valuation expansion than by proportional increases in earnings per share.
AI Ask an analyst for more
Price to Operating Profit (P/OP)
KLA Corp., historical P/OP calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,275,210 | 1,310,766,110 | 1,313,923,380 | 1,319,613,700 | 1,322,414,300 | 1,328,867,460 | 1,337,597,780 | 1,344,250,220 | 1,346,399,510 | 1,352,336,510 | 1,359,323,160 | 1,367,200,740 | 1,371,989,020 | 1,384,797,640 | 1,417,183,270 | 1,418,037,760 | 1,492,350,490 | 1,507,153,430 | 1,516,221,650 | 1,527,371,570 | 1,532,817,830 | 1,540,746,510 | 1,544,598,170 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Income from operations (in thousands) | 1,407,509) | 1,362,146) | 1,337,177) | 1,351,760) | 1,300,392) | 1,003,052) | 1,119,923) | 977,319) | 736,367) | 733,318) | 899,206) | 824,221) | 860,593) | 1,199,179) | 1,110,703) | 974,516) | 894,907) | 965,958) | 818,800) | 719,780) | 672,147) | 570,164) | 526,389) | |||||||
| Operating profit per share2 | 4.18 | 4.08 | 3.80 | 3.62 | 3.33 | 2.89 | 2.67 | 2.49 | 2.37 | 2.45 | 2.78 | 2.92 | 3.02 | 3.02 | 2.78 | 2.58 | 2.28 | 2.11 | 1.83 | 1.63 | 1.45 | 1.12 | 1.05 | |||||||
| Share price1, 3 | 175.04 | 142.79 | 120.87 | 91.48 | 67.63 | 73.82 | 66.62 | 70.35 | 70.63 | 59.94 | 45.79 | 49.65 | 38.65 | 39.94 | 32.15 | 39.57 | 31.93 | 36.67 | 35.53 | 35.34 | 31.54 | 29.42 | 19.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/OP ratio4 | 41.89 | 34.97 | 31.81 | 25.28 | 20.32 | 25.57 | 24.98 | 28.26 | 29.78 | 24.43 | 16.45 | 16.99 | 12.79 | 13.23 | 11.55 | 15.36 | 14.02 | 17.40 | 19.37 | 21.69 | 21.76 | 26.27 | 18.82 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 157.45 | 88.36 | 148.35 | 116.77 | 60.95 | 95.53 | 175.89 | 268.47 | 400.66 | 675.69 | — | — | 782.37 | 100.42 | 36.08 | 43.60 | 40.92 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 46.83 | 49.18 | 42.08 | 47.12 | 47.16 | 61.84 | 53.48 | 53.84 | 46.99 | 29.30 | 23.53 | 20.61 | 20.41 | 24.53 | 26.16 | 38.46 | 41.74 | 55.30 | 56.12 | 29.71 | 30.29 | 34.90 | |||||||
| Applied Materials Inc. | — | 40.89 | 36.94 | 24.80 | 14.77 | 15.46 | 17.71 | 17.52 | 21.18 | 23.58 | 22.03 | 17.58 | 15.53 | 14.65 | 12.26 | 11.35 | 11.57 | 12.68 | 15.55 | 18.85 | 19.43 | 23.98 | 22.70 | |||||||
| Broadcom Inc. | — | 56.98 | 58.20 | 61.37 | 77.21 | 58.02 | 51.77 | 76.87 | 56.53 | 59.46 | 41.23 | 31.96 | 22.57 | 20.66 | 17.32 | 16.33 | 16.17 | 20.04 | 24.51 | 30.78 | 27.21 | 30.43 | 35.86 | |||||||
| Intel Corp. | — | — | — | — | — | — | — | — | — | — | 275.84 | 1,984.43 | — | — | — | 49.91 | 14.19 | 10.76 | 8.87 | — | — | — | — | |||||||
| Lam Research Corp. | 43.53 | 44.64 | 29.46 | 21.88 | 17.28 | 21.76 | 21.55 | 24.29 | 30.42 | 28.60 | 17.56 | 16.79 | 11.92 | 10.68 | 8.94 | 11.79 | 12.15 | 15.75 | 15.79 | 18.34 | 23.20 | 21.56 | 15.98 | |||||||
| Micron Technology Inc. | — | 17.83 | 20.37 | 21.58 | 18.46 | 17.11 | 21.07 | 86.94 | — | — | — | — | — | 34.54 | 7.86 | 5.93 | 5.31 | 8.90 | 13.31 | 12.48 | 20.11 | 29.00 | 25.85 | |||||||
| NVIDIA Corp. | 41.16 | 45.98 | 38.17 | 39.33 | 50.30 | 51.71 | 59.17 | 51.16 | 59.84 | 107.15 | 213.98 | 136.19 | 63.84 | 46.92 | 47.25 | 66.12 | 93.15 | 71.25 | 70.98 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 14.48 | 13.06 | 15.58 | 14.28 | 14.20 | 18.18 | 19.08 | 22.65 | 21.54 | 20.09 | 15.85 | 14.36 | 9.90 | 10.47 | 7.95 | 11.41 | 11.80 | 19.06 | 15.84 | 15.54 | 17.26 | 23.79 | |||||||
| Texas Instruments Inc. | — | — | 38.76 | 33.37 | 26.40 | 29.91 | 26.77 | 30.49 | 32.74 | 30.38 | 23.82 | 19.75 | 16.15 | 18.24 | 15.69 | 16.29 | 13.69 | 15.53 | 16.30 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Operating profit per share
= (Income from operationsQ3 2026
+ Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025)
÷ No. shares of common stock outstanding
= (1,407,509,000 + 1,362,146,000 + 1,337,177,000 + 1,351,760,000)
÷ 1,306,275,210 = 4.18
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 175.04 ÷ 4.18 = 41.89
5 Click competitor name to see calculations.
The valuation trajectory of the common stock exhibits a transition from a period of multiple compression to a phase of aggressive expansion. While both share price and operating profit per share increased over the long term, the rate of share price appreciation significantly outpaced the growth in operating efficiency, particularly in the latter half of the observed period.
- Share Price Dynamics
- The share price demonstrates a strong upward trend, rising from 19.72 in September 2020 to 175.04 by March 2026. Growth was relatively steady through 2021 and 2022, followed by a period of accelerated growth starting in late 2023. A notable surge is observed between December 2024 and March 2026, where the price moved from 73.82 to 175.04.
- Operating Profit per Share Performance
- Operating profit per share grew consistently from 1.05 in September 2020 to a peak of 3.02 in December 2022 and March 2023. A slight contraction occurred between June 2023 and March 2024, with a low of 2.37. Following this dip, a recovery phase ensued, leading to a terminal value of 4.18 in March 2026.
- Price to Operating Profit (P/OP) Ratio Trends
- The P/OP ratio experienced three distinct phases. First, a period of fluctuation occurred between September 2020 and September 2021, with the ratio peaking at 26.27. Second, a compression phase took place from December 2021 to September 2022, where the ratio declined to a minimum of 11.55, suggesting that operating profit growth was exceeding the growth in share price. Third, a substantial expansion phase began in mid-2023, with the ratio climbing steadily from 16.99 to 41.89 by March 2026.
The divergence between the P/OP ratio and the operating profit per share in the final years suggests a significant increase in market optimism or a change in the valuation premium assigned to the stock. The rise in the ratio from 11.55 in 2022 to 41.89 in 2026 indicates that investors are paying substantially more for each unit of operating profit than they were at the start of the period.
AI Ask an analyst for more
Price to Sales (P/S)
KLA Corp., historical P/S calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,275,210 | 1,310,766,110 | 1,313,923,380 | 1,319,613,700 | 1,322,414,300 | 1,328,867,460 | 1,337,597,780 | 1,344,250,220 | 1,346,399,510 | 1,352,336,510 | 1,359,323,160 | 1,367,200,740 | 1,371,989,020 | 1,384,797,640 | 1,417,183,270 | 1,418,037,760 | 1,492,350,490 | 1,507,153,430 | 1,516,221,650 | 1,527,371,570 | 1,532,817,830 | 1,540,746,510 | 1,544,598,170 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Revenues (in thousands) | 3,415,078) | 3,297,146) | 3,209,696) | 3,174,741) | 3,063,029) | 3,076,851) | 2,841,541) | 2,568,735) | 2,359,830) | 2,486,726) | 2,396,956) | 2,355,137) | 2,432,608) | 2,983,887) | 2,724,424) | 2,486,739) | 2,288,676) | 2,352,630) | 2,083,838) | 1,925,471) | 1,803,773) | 1,650,870) | 1,538,620) | |||||||
| Sales per share2 | 10.03 | 9.72 | 9.53 | 9.21 | 8.73 | 8.16 | 7.67 | 7.30 | 7.13 | 7.15 | 7.48 | 7.68 | 7.75 | 7.57 | 6.95 | 6.50 | 5.80 | 5.42 | 4.92 | 4.53 | 4.21 | 3.94 | 3.84 | |||||||
| Share price1, 3 | 175.04 | 142.79 | 120.87 | 91.48 | 67.63 | 73.82 | 66.62 | 70.35 | 70.63 | 59.94 | 45.79 | 49.65 | 38.65 | 39.94 | 32.15 | 39.57 | 31.93 | 36.67 | 35.53 | 35.34 | 31.54 | 29.42 | 19.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/S ratio4 | 17.46 | 14.69 | 12.68 | 9.93 | 7.74 | 9.04 | 8.69 | 9.64 | 9.91 | 8.38 | 6.12 | 6.47 | 4.99 | 5.28 | 4.62 | 6.09 | 5.51 | 6.77 | 7.22 | 7.80 | 7.49 | 7.46 | 5.14 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 18.35 | 9.42 | 13.03 | 8.94 | 5.86 | 7.04 | 9.93 | 10.05 | 10.23 | 11.95 | 7.89 | 8.08 | 5.70 | 5.38 | 4.14 | 7.34 | 8.54 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 15.22 | 14.38 | 11.20 | 11.60 | 10.71 | 12.84 | 11.53 | 11.64 | 11.39 | 8.30 | 7.31 | 6.89 | 6.75 | 7.89 | 7.14 | 7.88 | 8.52 | 10.43 | 12.98 | 9.38 | 9.11 | 10.06 | |||||||
| Applied Materials Inc. | — | 11.69 | 10.40 | 7.25 | 4.45 | 4.59 | 5.17 | 5.07 | 6.15 | 6.81 | 6.36 | 5.08 | 4.49 | 4.29 | 3.63 | 3.43 | 3.59 | 4.03 | 4.88 | 5.63 | 5.53 | 6.35 | 5.74 | |||||||
| Broadcom Inc. | — | 24.72 | 23.68 | 24.48 | 29.12 | 20.85 | 16.75 | 20.07 | 15.79 | 18.34 | 15.05 | 14.46 | 10.15 | 9.33 | 7.66 | 7.00 | 6.54 | 7.49 | 8.42 | 9.55 | 7.66 | 7.56 | 7.46 | |||||||
| Intel Corp. | — | — | 7.72 | 4.26 | 3.32 | 1.87 | 1.65 | 1.58 | 1.84 | 1.67 | 2.46 | 3.40 | 2.83 | 2.85 | 2.30 | 1.85 | 1.73 | 2.03 | 2.29 | — | — | — | — | |||||||
| Lam Research Corp. | 14.91 | 15.07 | 9.72 | 7.00 | 5.33 | 6.42 | 6.23 | 6.95 | 8.53 | 7.75 | 4.99 | 4.99 | 3.66 | 3.39 | 2.83 | 3.68 | 3.79 | 4.98 | 4.91 | 5.62 | 6.86 | 6.18 | 4.48 | |||||||
| Micron Technology Inc. | — | 8.62 | 6.61 | 5.64 | 4.17 | 3.38 | 3.34 | 4.51 | 6.86 | 6.64 | 5.83 | 4.94 | 3.88 | 3.02 | 1.99 | 1.87 | 1.83 | 2.84 | 3.62 | 2.83 | 3.54 | 4.41 | 3.93 | |||||||
| NVIDIA Corp. | 24.22 | 26.71 | 22.15 | 24.55 | 31.54 | 31.99 | 35.41 | 27.69 | 27.49 | 35.40 | 37.18 | 21.33 | 13.27 | 12.64 | 15.92 | 24.67 | 32.92 | 23.77 | 20.32 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 3.70 | 3.54 | 4.35 | 3.97 | 3.85 | 4.78 | 4.93 | 5.40 | 5.03 | 4.57 | 3.45 | 3.74 | 3.06 | 3.53 | 2.85 | 4.09 | 3.85 | 5.89 | 4.62 | 4.93 | 5.24 | 6.91 | |||||||
| Texas Instruments Inc. | — | — | 13.68 | 11.37 | 9.06 | 10.43 | 9.18 | 10.65 | 11.71 | 11.25 | 9.47 | 8.26 | 7.11 | 8.49 | 7.65 | 8.25 | 7.10 | 8.00 | 8.24 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
Sales per share
= (RevenuesQ3 2026
+ RevenuesQ2 2026
+ RevenuesQ1 2026
+ RevenuesQ4 2025)
÷ No. shares of common stock outstanding
= (3,415,078,000 + 3,297,146,000 + 3,209,696,000 + 3,174,741,000)
÷ 1,306,275,210 = 10.03
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/S ratio = Share price ÷ Sales per share
= 175.04 ÷ 10.03 = 17.46
5 Click competitor name to see calculations.
The Price-to-Sales (P/S) ratio exhibits a long-term upward trajectory characterized by an initial period of moderate growth, a mid-term correction, and a subsequent phase of aggressive valuation expansion. While sales per share have grown consistently throughout the period, the growth in share price has significantly outpaced revenue growth in the latter half of the timeline, leading to a substantial increase in the P/S multiple.
- Price-to-Sales (P/S) Ratio Trends
- The P/S ratio began at 5.14 in September 2020, reaching an early peak of 7.80 in June 2021. A corrective phase followed, during which the ratio declined to a period low of 4.62 by September 2022. From late 2022 onward, a sustained upward trend emerged, with the ratio ascending to 9.91 by March 2024 and accelerating sharply to reach 17.46 by March 2026. This trajectory indicates a significant increase in the market premium attributed to the company's revenue.
- Sales per Share Analysis
- Sales per share demonstrate a consistent and steady growth pattern over the analyzed timeframe. Starting at 3.84 in September 2020, the metric rose incrementally to 10.03 by March 2026. This represents a robust and stable increase in fundamental revenue generation per share, suggesting a strong underlying growth in business operations.
- Share Price Correlation
- The share price experienced moderate volatility and growth between September 2020 and December 2023, moving from 19.72 to 59.94. However, starting in 2024, an accelerated growth phase occurred, with the price climbing from 70.63 in December 2023 to 175.04 by March 2026. The divergence between the linear growth of sales per share and the exponential growth of the share price is the primary driver for the expansion of the P/S ratio toward the end of the period.
AI Ask an analyst for more
Price to Book Value (P/BV)
KLA Corp., historical P/BV calculation (quarterly data)
| Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 1,306,275,210 | 1,310,766,110 | 1,313,923,380 | 1,319,613,700 | 1,322,414,300 | 1,328,867,460 | 1,337,597,780 | 1,344,250,220 | 1,346,399,510 | 1,352,336,510 | 1,359,323,160 | 1,367,200,740 | 1,371,989,020 | 1,384,797,640 | 1,417,183,270 | 1,418,037,760 | 1,492,350,490 | 1,507,153,430 | 1,516,221,650 | 1,527,371,570 | 1,532,817,830 | 1,540,746,510 | 1,544,598,170 | |||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| Total KLA stockholders’ equity (in thousands) | 5,830,495) | 5,465,731) | 4,985,071) | 4,692,453) | 4,004,739) | 3,584,549) | 3,559,714) | 3,368,328) | 3,094,885) | 3,043,711) | 2,990,217) | 2,919,753) | 2,682,781) | 2,603,260) | 2,102,074) | 1,401,351) | 4,080,307) | 4,048,527) | 3,860,930) | 3,377,554) | 3,114,856) | 2,935,182) | 2,747,184) | |||||||
| Book value per share (BVPS)2 | 4.46 | 4.17 | 3.79 | 3.56 | 3.03 | 2.70 | 2.66 | 2.51 | 2.30 | 2.25 | 2.20 | 2.14 | 1.96 | 1.88 | 1.48 | 0.99 | 2.73 | 2.69 | 2.55 | 2.21 | 2.03 | 1.91 | 1.78 | |||||||
| Share price1, 3 | 175.04 | 142.79 | 120.87 | 91.48 | 67.63 | 73.82 | 66.62 | 70.35 | 70.63 | 59.94 | 45.79 | 49.65 | 38.65 | 39.94 | 32.15 | 39.57 | 31.93 | 36.67 | 35.53 | 35.34 | 31.54 | 29.42 | 19.72 | |||||||
| Valuation Ratio | ||||||||||||||||||||||||||||||
| P/BV ratio4 | 39.22 | 34.24 | 31.86 | 25.73 | 22.33 | 27.37 | 25.03 | 28.08 | 30.73 | 26.63 | 20.82 | 23.25 | 19.77 | 21.25 | 21.67 | 40.04 | 11.68 | 13.65 | 13.95 | 15.98 | 15.52 | 15.44 | 11.09 | |||||||
| Benchmarks | ||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||||
| Advanced Micro Devices Inc. | — | — | 10.66 | 5.18 | 6.86 | 4.44 | 2.81 | 3.15 | 4.23 | 4.14 | 4.15 | 4.85 | 3.18 | 3.20 | 2.40 | 2.32 | 1.73 | 2.87 | 2.91 | — | — | — | — | |||||||
| Analog Devices Inc. | — | 5.75 | 5.00 | 3.65 | 3.53 | 3.00 | 3.42 | 3.09 | 3.21 | 3.38 | 2.70 | 2.53 | 2.46 | 2.41 | 2.72 | 2.35 | 2.39 | 2.24 | 2.35 | 2.50 | 4.98 | 4.64 | 4.88 | |||||||
| Applied Materials Inc. | — | 14.19 | 13.51 | 10.07 | 6.53 | 6.79 | 7.68 | 7.25 | 8.76 | 9.92 | 9.67 | 8.23 | 7.90 | 8.09 | 7.11 | 7.25 | 7.48 | 8.65 | 9.91 | 10.60 | 9.92 | 10.50 | 9.11 | |||||||
| Broadcom Inc. | — | 21.28 | 20.25 | 19.24 | 23.82 | 17.09 | 13.09 | 15.29 | 11.26 | 11.17 | 8.32 | 21.59 | 16.31 | 14.86 | 11.31 | 10.23 | 9.93 | 10.71 | 10.45 | 10.50 | 8.35 | 8.07 | 7.68 | |||||||
| Intel Corp. | — | — | 3.72 | 1.97 | 1.67 | 1.01 | 0.88 | 0.85 | 1.01 | 0.80 | 1.28 | 1.75 | 1.47 | 1.53 | 1.32 | 1.15 | 1.20 | 1.47 | 1.73 | — | — | — | — | |||||||
| Lam Research Corp. | 30.55 | 30.55 | 18.69 | 13.09 | 9.61 | 11.81 | 11.46 | 12.13 | 15.14 | 13.49 | 9.82 | 10.58 | 8.22 | 7.78 | 6.88 | 10.10 | 10.52 | 12.70 | 13.28 | 13.64 | 16.94 | 13.40 | 9.14 | |||||||
| Micron Technology Inc. | — | 6.91 | 4.76 | 3.89 | 2.78 | 2.18 | 2.07 | 2.51 | 3.32 | 2.77 | 2.20 | 1.74 | 1.55 | 1.47 | 1.09 | 1.15 | 1.20 | 1.85 | 2.33 | 1.79 | 2.13 | 2.55 | 2.17 | |||||||
| NVIDIA Corp. | 38.12 | 44.07 | 39.23 | 40.38 | 54.22 | 52.98 | 57.48 | 39.25 | 37.08 | 42.07 | 39.24 | 26.03 | 17.76 | 15.75 | 17.87 | 24.95 | 33.57 | 24.61 | 20.84 | — | — | — | — | |||||||
| Qualcomm Inc. | — | 6.03 | 6.89 | 9.08 | 6.31 | 5.88 | 7.24 | 7.31 | 8.17 | 7.48 | 7.19 | 5.72 | 6.98 | 6.38 | 8.05 | 7.00 | 10.74 | 11.35 | 18.72 | 15.59 | 19.65 | 20.75 | 24.98 | |||||||
| Texas Instruments Inc. | — | — | 15.03 | 12.35 | 9.41 | 10.61 | 8.98 | 9.86 | 10.66 | 10.52 | 9.37 | 8.57 | 7.74 | 10.03 | 9.79 | 11.33 | 9.88 | 11.12 | 11.14 | — | — | — | — | |||||||
Based on: 10-Q (reporting date: 2026-03-31), 10-Q (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-K (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-Q (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-K (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-Q (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-K (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-K (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-K (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30).
1 Data adjusted for splits and stock dividends.
2 Q3 2026 Calculation
BVPS = Total KLA stockholders’ equity ÷ No. shares of common stock outstanding
= 5,830,495,000 ÷ 1,306,275,210 = 4.46
3 Closing price as at the filing date of KLA Corp. Quarterly or Annual Report.
4 Q3 2026 Calculation
P/BV ratio = Share price ÷ BVPS
= 175.04 ÷ 4.46 = 39.22
5 Click competitor name to see calculations.
The Price to Book Value (P/BV) analysis reveals a long-term trend of valuation expansion, characterized by a significant increase in the premium the market assigns to the company's net assets. The ratio transitioned from a baseline of approximately 11.09 to 15.98 in 2020-2021 to a much higher regime, ending at 39.22 by March 2026.
- Share Price Performance
- An aggressive upward trajectory in share price is observed over the analyzed period. The price rose from 19.72 in September 2020 to 175.04 by March 2026. Growth remained steady through 2023 and 2024, followed by a period of rapid acceleration starting in late 2024, where the share price nearly doubled between December 2024 and March 2026.
- Book Value per Share (BVPS) Trends
- The book value per share demonstrated a general increase from 1.78 to 4.46, although the growth was not linear. A notable anomaly occurred in June 2022, when BVPS fell sharply to 0.99. Following this contraction, a consistent recovery was observed, with BVPS steadily climbing back to 2.70 by December 2024 and continuing upward to 4.46 by the end of the period.
- P/BV Ratio Volatility and Interpretation
- The P/BV ratio experienced extreme volatility in mid-2022, peaking at 40.04. This spike was primarily driven by the sharp decline in book value rather than a corresponding surge in share price. After a period of stabilization between 19.77 and 30.73 from 2023 through 2024, the ratio climbed again from 22.33 in March 2025 to 39.22 in March 2026. This indicates that share price appreciation significantly outpaced the growth of book value in the final phase of the data, resulting in a heightened valuation multiple.
AI Ask an analyst for more